BTC Capital Management, Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 15, 2026), BTC Capital Management, Inc. reported 207 stock positions worth $1.4 billion. Its top holding was Nvidia (NVDA) at 4.6% of the portfolio, followed by Vanguard Total Bond Market (BND, 4.5%) and Microsoft (MSFT, 4.0%). Compared with Q3 2025, it opened 13 new positions, sold out of 8, added to 84 and reduced 81. The biggest buy was Alphabet Class A (GOOGL, shares +2%) and the biggest sale Walmart (WMT, shares −51%).
- Most Recent 13F
- Q2 2026
- Location
- DES MOINES, IA
- CIK
- 0001611848
- Portfolio Value
- $1.4B (Q4 2025)
- SEC Filing
- 0001611848-26-000003 ↗ filed Jan 15, 2026
Holdings Value
Holdings 207 stocks · $1.4B
| NVDA Nvidia Corp. | 4.56% | 350,002 | $65.3M | Reduce -0.1% |
| BND Vanguard Total Bond Market | 4.48% | 871,735 | $64.2M | Add +6.1% |
| MSFT Microsoft Corp. | 4.04% | 119,630 | $57.9M | Add +3.8% |
| AAPL Apple Inc. | 3.95% | 208,149 | $56.6M | Reduce -1.7% |
| GOOGL Alphabet Inc. Class A | 3.34% | 152,652 | $47.8M | Add +1.6% |
| EFA iShares MSCI Eafe ETF | 3.33% | 496,778 | $47.7M | Add +0.4% |
| IWF iShares Russell 1000 Growth | 2.88% | 87,202 | $41.3M | Reduce -2.1% |
| AVGO Broadcom Inc. | 2.61% | 107,861 | $37.3M | Reduce -0.3% |
| AMZN Amazon.com Inc. | 2.27% | 140,896 | $32.6M | Add +0.8% |
| META Meta Platforms Inc. Class A | 2.18% | 47,202 | $31.2M | Reduce -1.2% |
| VUG Vanguard Mrngstar GR ETF-Sui | 2.04% | 59,784 | $29.2M | Reduce -0.2% |
| WMT Walmart Inc. | 1.93% | 248,096 | $27.7M | Reduce -50.6% |
| IWB iShares Russell 1000 ETF | 1.92% | 73,831 | $27.6M | Add +0.7% |
| XOM Exxon Mobil Corp. | 1.81% | 215,152 | $25.9M | Reduce -0.3% |
| JPM JPMorgan Chase & Co. | 1.74% | 77,156 | $24.9M | Reduce -1.6% |
| IWD iShares Russell 1000 Value E | 1.67% | 113,949 | $24.0M | Add +19.7% |
| VWO Vanguard Ftse Emerging Marke | 1.37% | 364,948 | $19.6M | Add +0.9% |
| MS Morgan Stanley | 1.33% | 106,950 | $19.0M | Reduce -3.7% |
| IWM iShares Russell 2000 ETF | 1.32% | 76,813 | $18.9M | Reduce -0.8% |
| JNJ Johnson & Johnson | 1.32% | 91,064 | $18.9M | Reduce -5.4% |
| IVV iShares Core S&P 500 ETF | 1.30% | 27,140 | $18.6M | Add +1.4% |
| CRWD CrowdStrike Holdings Inc. Class A | 1.23% | 37,641 | $17.7M | Reduce -7.9% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 1.17% | 109,114 | $16.8M | Reduce -3.6% |
| ABBV Abbvie Inc. | 1.15% | 71,916 | $16.4M | Reduce -1.1% |
| GILD Gilead Sciences Inc. | 1.01% | 117,947 | $14.5M | Reduce -0.8% |
| MA Mastercard Inc. Class A | 1.00% | 25,179 | $14.4M | Reduce -2.1% |
| STLD Steel Dynamics Inc. | 0.96% | 81,204 | $13.8M | Reduce -8.2% |
| WFC Wells Fargo & Co. | 0.95% | 146,048 | $13.6M | Reduce -49.8% |
| PG The Procter & Gamble Co. | 0.91% | 91,380 | $13.1M | Add +5.3% |
| VOO Vanguard S&P 500 ETF | 0.87% | 19,522 | $12.4M | No change |
| TSLA Tesla Inc. | 0.86% | 27,368 | $12.3M | Reduce -5.3% |
| LLY Eli Lilly & Co. | 0.85% | 11,372 | $12.2M | Reduce -1.8% |
| FAST Fastenal Co. | 0.82% | 291,868 | $11.7M | Reduce -2.7% |
| NSC Norfolk Southern Corp. | 0.79% | 39,175 | $11.3M | Reduce -2.1% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.78% | 58,512 | $11.2M | Add +2.5% |
| ORLY O'reilly Automotive Inc. | 0.74% | 115,596 | $10.6M | Reduce -2.3% |
| MUB iShares National Muni Bond E | 0.71% | 94,677 | $10.1M | Add +15.5% |
| DE Deere & Co. | 0.70% | 21,629 | $10.1M | Reduce -3.9% |
| INTU Intuit Inc. | 0.70% | 15,142 | $10.0M | Reduce -2.1% |
| NEE Nextera Energy Inc. | 0.69% | 122,823 | $9.9M | Reduce -2.9% |
| UHS Universal Health Services-B | 0.64% | 42,199 | $9.2M | Add +161.3% |
| GM General Motors Co. | 0.62% | 109,751 | $8.9M | Reduce -8.0% |
| ORCL Oracle Corp. | 0.61% | 45,104 | $8.8M | Reduce -0.5% |
| PLD Prologis Inc. | 0.60% | 67,688 | $8.7M | Reduce -5.5% |
| MAR Marriott International Class A | 0.59% | 27,114 | $8.4M | Reduce -4.6% |
| LHX L3HARRIS Technologies Inc. | 0.57% | 27,869 | $8.2M | Reduce -6.5% |
| JAZZ Jazz Pharmaceuticals PLC | 0.56% | 47,548 | $8.1M | Reduce -8.1% |
| ETN Eaton Corp. PLC | 0.56% | 25,258 | $8.1M | Reduce -5.6% |
| ICE Intercontinental Exchange Inc. | 0.56% | 49,463 | $8.0M | Reduce -4.1% |
| QQQ Invesco QQQ Trust Series 1 | 0.55% | 12,833 | $7.9M | Add +0.3% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.53% | 11,227 | $7.7M | No change |
| GS Goldman Sachs Group Inc. | 0.53% | 8,684 | $7.6M | Reduce -6.5% |
| XEL Xcel Energy Inc. | 0.52% | 101,448 | $7.5M | Reduce -52.9% |
| IVW iShares S&P 500 Growth ETF | 0.52% | 60,650 | $7.5M | Add +12.9% |
| STX Seagate Technology Holdings | 0.51% | 26,615 | $7.3M | Reduce -2.9% |
| PH Parker Hannifin Corp. | 0.51% | 8,221 | $7.2M | Reduce -6.7% |
| LOW Lowe's Cos Inc. | 0.50% | 29,684 | $7.2M | Reduce -2.0% |
| APH Amphenol Corp. Class A | 0.49% | 51,609 | $7.0M | Add +516.6% |
| TMUS T-Mobile US Inc. | 0.49% | 34,231 | $7.0M | Reduce -1.2% |
| COF Capital One Financial Corp. | 0.48% | 28,518 | $6.9M | Reduce -5.9% |
| SYF Synchrony Financial | 0.48% | 81,907 | $6.8M | Add +8.2% |
| AMP Ameriprise Financial Inc. | 0.46% | 13,559 | $6.6M | Add +18.8% |
| UNM Unum Group | 0.46% | 85,415 | $6.6M | Add +5.5% |
| SPGI S&P Global Inc. | 0.46% | 12,628 | $6.6M | Reduce -2.2% |
| IWV iShares Russell 3000 ETF | 0.45% | 16,691 | $6.5M | Reduce -5.0% |
| HD Home Depot Inc. | 0.44% | 18,348 | $6.3M | Add +23.7% |
| BN Brookfield Corp. | 0.44% | 136,111 | $6.3M | Reduce -5.6% |
| ALL Allstate Corp. | 0.42% | 28,794 | $6.0M | Reduce -5.0% |
| NFLX Netflix Inc. | 0.41% | 62,976 | $5.9M | Add +0.7% |
| ADBE Adobe Inc. | 0.41% | 16,853 | $5.9M | Reduce -7.3% |
| LDOS Leidos Holdings Inc. | 0.41% | 32,669 | $5.9M | Reduce -1.4% |
| OTIS Otis Worldwide Corp. | 0.40% | 65,693 | $5.7M | Reduce -5.7% |
| VTI VG Morningstar TS MKT ETF-US | 0.40% | 16,958 | $5.7M | No change |
| SNA Snap-on Inc. | 0.39% | 16,329 | $5.6M | Add +7.5% |
| SSNC Ss&c Technologies Holdings | 0.38% | 62,055 | $5.4M | Add +8.7% |
| WM Waste Management Inc. | 0.37% | 24,226 | $5.3M | Reduce -53.7% |
| MDT Medtronic PLC | 0.36% | 54,178 | $5.2M | Add +5.8% |
| HON Honeywell International Inc. | 0.36% | 26,255 | $5.1M | Add +23.0% |
| BSX Boston Scientific Corp. | 0.36% | 53,460 | $5.1M | Reduce -7.0% |
| CFG Citizens Financial Group | 0.35% | 85,439 | $5.0M | Add +5.8% |
| COST Costco Wholesale Corp. | 0.34% | 5,646 | $4.9M | Reduce -7.7% |
| ETR Entergy Corp. | 0.32% | 49,581 | $4.6M | Add +10.5% |
| IWR iShares Russell Mid-Cap ETF | 0.32% | 47,200 | $4.5M | Add +3.2% |
| GD General Dynamics Corp. | 0.28% | 12,076 | $4.1M | Add +10.5% |
| IVE iShares S&P 500 Value ETF | 0.28% | 19,037 | $4.0M | No change |
| BNL Broadstone Net Lease Inc. | 0.28% | 230,553 | $4.0M | Add +3.0% |
| INVH Invitation Homes Inc. | 0.27% | 137,942 | $3.8M | Add +4.3% |
| STT State Street Corp. | 0.26% | 28,916 | $3.7M | Add +11.3% |
| OUT Outfront Media Inc. | 0.25% | 150,526 | $3.6M | New |
| AKRE Akre Focus ETF filed as PROFESIONALLY MANAGED PORTFO | 0.25% | 55,115 | $3.6M | New |
| CTRA Coterra Energy Inc. | 0.25% | 135,233 | $3.6M | Add +12.7% |
| EQH Equitable Holdings Inc. | 0.24% | 72,552 | $3.5M | Reduce -1.5% |
| VEA Vanguard Ftse Developed ETF | 0.23% | 53,551 | $3.3M | No change |
| D Dominion Energy Inc. | 0.23% | 56,247 | $3.3M | Add +12.8% |
| CWI State Street SPDR MSCI Acwi | 0.23% | 91,457 | $3.3M | Add +2.1% |
| VGK Vanguard Ftse Europe ETF | 0.22% | 38,428 | $3.2M | Add +12.8% |
| UL Unilever PLC-Sponsored ADR | 0.22% | 48,318 | $3.2M | Add +5.9% |
| PSX Phillips 66 | 0.21% | 23,457 | $3.0M | New |
| RIO Rio Tinto PLC-Spon ADR | 0.19% | 34,211 | $2.7M | Reduce -0.3% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.19% | 10,526 | $2.7M | No change |
Portfolio Sells Q3 2025 → Q4 2025
| WMT Walmart Inc. | Reduce -50.6% | 1.93% | −1.65 |
| WFC Wells Fargo & Co. | Reduce -49.8% | 0.95% | −0.73 |
| XEL Xcel Energy Inc. | Reduce -52.9% | 0.52% | −0.68 |
| WM Waste Management Inc. | Reduce -53.7% | 0.37% | −0.42 |
| PINS Pinterest Inc. Class A | Sold out | 0.00% | −0.41 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Reduce -63.9% | 0.19% | −0.33 |
| ORCL Oracle Corp. | Reduce -0.5% | 0.61% | −0.27 |
| META Meta Platforms Inc. Class A | Reduce -1.2% | 2.18% | −0.25 |
| FAST Fastenal Co. | Reduce -2.7% | 0.82% | −0.20 |
| CNH CNH Industrial NV | Sold out | 0.00% | −0.20 |
| TTE Totalenergies SE -Spon ADR | Sold out | 0.00% | −0.18 |
| VZ Verizon Communications Inc. | Reduce -44.3% | 0.19% | −0.17 |
| CRWD CrowdStrike Holdings Inc. Class A | Reduce -7.9% | 1.23% | −0.15 |
| ORLY O'reilly Automotive Inc. | Reduce -2.3% | 0.74% | −0.14 |
| ETN Eaton Corp. PLC | Reduce -5.6% | 0.56% | −0.13 |
| IBN Icici Bank Ltd.-Spon ADR | Sold out | 0.00% | −0.09 |
| VPL Vanguard Ftse Pacific ETF | Reduce -48.9% | 0.10% | −0.09 |
| TMUS T-Mobile US Inc. | Reduce -1.2% | 0.49% | −0.09 |
| AMGN Amgen Inc. | Reduce -38.1% | 0.16% | −0.06 |
| LHX L3HARRIS Technologies Inc. | Reduce -6.5% | 0.57% | −0.06 |
| SMFG Sumitomo Mitsui-Spons ADR | Reduce -35.0% | 0.16% | −0.05 |
| COST Costco Wholesale Corp. | Reduce -7.7% | 0.34% | −0.05 |
| HCC Warrior Met Coal Inc. | Reduce -62.9% | 0.05% | −0.04 |
| NSC Norfolk Southern Corp. | Reduce -2.1% | 0.79% | −0.04 |
| ICE Intercontinental Exchange Inc. | Reduce -4.1% | 0.56% | −0.04 |
| OTIS Otis Worldwide Corp. | Reduce -5.7% | 0.40% | −0.04 |
| KD Kyndryl Holdings Inc. | Sold out | 0.00% | −0.04 |
| BAC Bank of America Corp. | Reduce -49.2% | 0.04% | −0.03 |
| BSX Boston Scientific Corp. | Reduce -7.0% | 0.36% | −0.03 |
| SMBC Southern Missouri Bancorp | Sold out | 0.00% | −0.03 |
| ADBE Adobe Inc. | Reduce -7.3% | 0.41% | −0.03 |
| ALL Allstate Corp. | Reduce -5.0% | 0.42% | −0.03 |
| FISV Fiserv Inc. | Sold out | 0.00% | −0.03 |
| TSLA Tesla Inc. | Reduce -5.3% | 0.86% | −0.03 |
| INTU Intuit Inc. | Reduce -2.1% | 0.70% | −0.03 |
| LOW Lowe's Cos Inc. | Reduce -2.0% | 0.50% | −0.03 |
| IX Orix - Sponsored ADR | Reduce -22.3% | 0.17% | −0.02 |
| SHEL Shell PLC-ADR | Reduce -19.6% | 0.12% | −0.02 |
| HIW Highwoods Properties Inc. | Sold out | 0.00% | −0.02 |
| LDOS Leidos Holdings Inc. | Reduce -1.4% | 0.41% | −0.02 |
| BN Brookfield Corp. | Reduce -5.6% | 0.44% | −0.02 |
| EQH Equitable Holdings Inc. | Reduce -1.5% | 0.24% | −0.02 |
| ABBV Abbvie Inc. | Reduce -1.1% | 1.15% | −0.02 |
| ASML ASML Holding NV-NY Reg SHS | Reduce -23.8% | 0.07% | −0.01 |
| IWV iShares Russell 3000 ETF | Reduce -5.0% | 0.45% | −0.01 |
| ANIP Ani Pharmaceuticals Inc. | Reduce -5.9% | 0.04% | −0.01 |
| LGND Ligand Pharmaceuticals | Reduce -28.5% | 0.03% | −0.01 |
| DE Deere & Co. | Reduce -3.9% | 0.70% | −0.01 |
| MA Mastercard Inc. Class A | Reduce -2.1% | 1.00% | −0.01 |
| ICF iShares Select U.S. REIT ETF | Reduce -1.0% | 0.06% | −0.00 |
Portfolio Buys Q3 2025 → Q4 2025
| GOOGL Alphabet Inc. Class A | Add +1.6% | 3.34% | +0.81 |
| APH Amphenol Corp. Class A | Add +516.6% | 0.49% | +0.42 |
| UHS Universal Health Services-B | Add +161.3% | 0.64% | +0.41 |
| IWD iShares Russell 1000 Value E | Add +19.7% | 1.67% | +0.34 |
| BND Vanguard Total Bond Market | Add +6.1% | 4.48% | +0.26 |
| OUT Outfront Media Inc. | New | 0.25% | +0.25 |
| AKRE Akre Focus ETF | New | 0.25% | +0.25 |
| PSX Phillips 66 | New | 0.21% | +0.21 |
| AMZN Amazon.com Inc. | Add +0.8% | 2.27% | +0.15 |
| EFA iShares MSCI Eafe ETF | Add +0.4% | 3.33% | +0.14 |
| BCS Barclays PLC-Spons ADR | New | 0.14% | +0.14 |
| LYG Lloyds Banking Group PLC-ADR | New | 0.13% | +0.13 |
| SYF Synchrony Financial | Add +8.2% | 0.48% | +0.11 |
| MUB iShares National Muni Bond E | Add +15.5% | 0.71% | +0.11 |
| AMP Ameriprise Financial Inc. | Add +18.8% | 0.46% | +0.08 |
| IWB iShares Russell 1000 ETF | Add +0.7% | 1.92% | +0.07 |
| IVW iShares S&P 500 Growth ETF | Add +12.9% | 0.52% | +0.07 |
| IVV iShares Core S&P 500 ETF | Add +1.4% | 1.30% | +0.06 |
| CTRA Coterra Energy Inc. | Add +12.7% | 0.25% | +0.05 |
| STT State Street Corp. | Add +11.3% | 0.26% | +0.05 |
| CFG Citizens Financial Group | Add +5.8% | 0.35% | +0.05 |
| HON Honeywell International Inc. | Add +23.0% | 0.36% | +0.05 |
| VTV Vanguard Mrngstr Val ETF-Aui | Add +2.5% | 0.78% | +0.04 |
| GVI iShares Intermediate Governm | New | 0.04% | +0.04 |
| MGC Vngrd Mrngstr MG Cap ETF-Usd | New | 0.04% | +0.04 |
| VGK Vanguard Ftse Europe ETF | Add +12.8% | 0.22% | +0.04 |
| ETR Entergy Corp. | Add +10.5% | 0.32% | +0.03 |
| SANM Sanmina Corp. | New | 0.03% | +0.03 |
| AMG Affiliated Managers Group | New | 0.03% | +0.03 |
| ISRG Intuitive Surgical Inc. | Add +19.3% | 0.09% | +0.03 |
| SNA Snap-on Inc. | Add +7.5% | 0.39% | +0.03 |
| SSNC Ss&c Technologies Holdings | Add +8.7% | 0.38% | +0.03 |
| DAL Delta Air Lines Inc. | Add +16.9% | 0.09% | +0.03 |
| UNM Unum Group | Add +5.5% | 0.46% | +0.03 |
| MDT Medtronic PLC | Add +5.8% | 0.36% | +0.03 |
| GD General Dynamics Corp. | Add +10.5% | 0.28% | +0.03 |
| SAP Sap SE-Sponsored ADR | Add +30.6% | 0.15% | +0.03 |
| HD Home Depot Inc. | Add +23.7% | 0.44% | +0.03 |
| SUB iShares Short-Term National | New | 0.02% | +0.02 |
| ALLY Ally Financial Inc. | Add +18.5% | 0.08% | +0.02 |
| EQIX Equinix Inc. | Add +39.5% | 0.08% | +0.02 |
| GWW WW Grainger Inc. | New | 0.02% | +0.02 |
| QQQ Invesco QQQ Trust Series 1 | Add +0.3% | 0.55% | +0.02 |
| D Dominion Energy Inc. | Add +12.8% | 0.23% | +0.02 |
| AMAT Applied Materials Inc. | Add +0.4% | 0.08% | +0.02 |
| VWO Vanguard Ftse Emerging Marke | Add +0.9% | 1.37% | +0.02 |
| ABT Abbott Laboratories | New | 0.02% | +0.02 |
| PGR Progressive Corp. | Add +26.2% | 0.11% | +0.02 |
| AMT American Tower Corp. | Add +32.1% | 0.08% | +0.02 |
| SNY Sanofi-ADR | Add +11.2% | 0.11% | +0.01 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 207 | $1.6B | NVDA, BND, AAPL, MSFT, GOOGL |
| Q1 2026 | 207 | $1.5B | BND, NVDA, AAPL, GOOGL, MSFT |
| Q4 2025 | 207 | $1.4B | NVDA, BND, MSFT, AAPL, GOOGL |
| Q3 2025 | 202 | $1.4B | NVDA, BND, MSFT, AAPL, WMT |
| Q2 2025 | 201 | $1.2B | BND, MSFT, NVDA, EFA, AAPL |
| Q1 2025 | 202 | $1.1B | BND, AAPL, MSFT, EFA, NVDA |
| Q4 2024 | 199 | $1.1B | BND, AAPL, MSFT, NVDA, EFA |
| Q3 2024 | 210 | $1.1B | BND, AAPL, MSFT, NVDA, EFA |
| Q2 2024 | 210 | $1.1B | BND, MSFT, AAPL, NVDA, IWF |
| Q1 2024 | 225 | $1.1B | BND, MSFT, AAPL, EFA, IWF |