Davidson Investment Advisors

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 30, 2025), Davidson Investment Advisors reported 120 stock positions worth $2.0 billion. Its top holding was iShares Core MSCI Dev MKTS (IDEV) at 5.3% of the portfolio, followed by Microsoft (MSFT, 4.0%) and Apple (AAPL, 4.0%). Compared with Q4 2024, it opened 3 new positions, sold out of 5, added to 59 and reduced 43. The biggest buy was Nvidia (NVDA, shares +4808%) and the biggest sale Alphabet Class C (GOOG, shares −10%).

Most Recent 13F
Q2 2026
Location
GREAT FALLS, MT
CIK
0001140771
Portfolio Value
$2.0B (Q1 2025)
SEC Filing
0001140771-25-000001 ↗ filed Apr 30, 2025

Holdings Value

0$500.0M$1.0B$1.5B$2.0B$2.5B Q1 2024: $1.9B Q1 2024 Q2 2024: $1.9B Q2 2024 Q3 2024: $2.1B Q3 2024 Q4 2024: $2.1B Q4 2024 Q1 2025: $2.0B $2.0B Q1 2025 Q2 2025: $2.2B Q2 2025 Q3 2025: $2.4B Q3 2025 Q4 2025: $2.4B Q4 2025 Q1 2026: $2.3B Q1 2026 Q2 2026: $2.4B Q2 2026

Holdings 120 stocks · $2.0B
IDEV iShares Core MSCI Dev MKTS 5.29% 1,553,920 $107.0M Add +2.2%
MSFT Microsoft Corp. 3.99% 215,516 $80.9M Add +0.9%
AAPL Apple Inc. 3.98% 362,846 $80.6M Reduce -4.9%
AMZN Amazon.com Inc. 3.91% 416,047 $79.2M Reduce -7.9%
GOOG Alphabet Inc. Class C 3.64% 472,365 $73.8M Reduce -10.1%
RTX RTX Corp. 2.41% 368,581 $48.8M Reduce -1.4%
WMT Walmart Inc. 2.39% 551,080 $48.4M Reduce -0.3%
HON Honeywell International Inc. 1.98% 189,566 $40.1M Add +0.1%
LH Labcorp Holdings Inc. 1.82% 158,770 $37.0M Reduce -0.1%
VB Vanguard Most SM-Cap ETF-Usd 1.82% 166,243 $36.9M Add +1.6%
CVX Chevron Corp. 1.77% 214,851 $35.9M Reduce -2.7%
MDT Medtronic PLC 1.66% 373,039 $33.5M Add +3.0%
AGNC AGNC Investment Corp. 1.62% 3,428,281 $32.8M Add +3.0%
C Citigroup Inc. 1.57% 447,928 $31.8M Add +3.0%
V Visa Inc. Class A 1.55% 89,395 $31.3M Add +3.0%
SRE Sempra 1.53% 433,307 $30.9M Add +12.8%
VRTX Vertex Pharmaceuticals Inc. 1.51% 62,883 $30.5M Add +2.8%
TSM Taiwan Semiconductor-SP ADR 1.48% 181,032 $30.1M Add +88.6%
NFLX Netflix Inc. 1.47% 32,015 $29.9M Reduce -17.1%
GS Goldman Sachs Group Inc. 1.39% 51,559 $28.2M Add +2.1%
INTU Intuit Inc. 1.30% 42,987 $26.4M Add +2.5%
TMUS T-Mobile US Inc. 1.30% 98,696 $26.3M Reduce -19.7%
FTNT Fortinet Inc. 1.29% 270,697 $26.1M Add +2.3%
BDX Becton Dickinson and Co. 1.26% 111,416 $25.5M Add +4.3%
HD Home Depot Inc. 1.19% 65,956 $24.2M Add +2.5%
PGR Progressive Corp. 1.19% 84,890 $24.0M Reduce -16.7%
NVDA Nvidia Corp. 1.18% 220,275 $23.9M Add +4808.1%
CSCO Cisco Systems Inc. 1.16% 381,308 $23.5M Reduce -5.1%
AVGO Broadcom Inc. 1.16% 140,055 $23.4M Add +2.9%
ANET Arista Networks Inc. 1.14% 296,875 $23.0M Reduce -1.3%
CRM Salesforce Inc. 1.13% 85,188 $22.9M Add +2.5%
ETN Eaton Corp. PLC 1.10% 81,606 $22.2M Add +52.6%
EOG EOG Resources Inc. 1.08% 170,183 $21.8M Add +2.8%
CI The Cigna Group 1.06% 65,196 $21.4M Add +21.1%
FDX FedEx Corp. 1.03% 85,914 $20.9M Add +2.1%
DT Dynatrace Inc. 1.01% 434,718 $20.5M Add +2.9%
GIL Gildan Activewear Inc. 0.98% 448,005 $19.8M Add +2.4%
CPT Camden Property Trust 0.97% 161,089 $19.7M Add +2.5%
VFMO Vanguard US Momentum Factor 0.95% 127,332 $19.3M Reduce -0.6%
JNJ Johnson & Johnson 0.95% 115,446 $19.1M Reduce -3.2%
SCHW Schwab (charles) Corp. 0.94% 244,208 $19.1M Reduce -5.8%
BMY Bristol-Myers Squibb Co. 0.90% 300,366 $18.3M Add +3.1%
OTIS Otis Worldwide Corp. 0.90% 177,066 $18.3M Add +2.0%
ADI Analog Devices Inc. 0.90% 90,401 $18.2M Add +0.1%
EXC Exelon Corp. 0.89% 391,168 $18.0M Add +3.5%
EUSA iShares MSCI USA Equal Weigh 0.89% 191,947 $18.0M Reduce -5.8%
META Meta Platforms Inc. Class A 0.87% 30,537 $17.6M Add +7440.0%
TRNO Terreno Realty Corp. 0.87% 277,574 $17.5M Reduce -2.2%
PYPL PayPal Holdings Inc. 0.86% 267,962 $17.5M Reduce -0.7%
AZN Astrazeneca PLC-Spons ADR 0.85% 234,231 $17.2M Add +2.8%
VTEB Vanguard Tax-Exempt Bond ETF 0.85% 346,865 $17.2M Add +0.4%
UNH Unitedhealth Group Inc. 0.83% 32,059 $16.8M Add +70.0%
STZ Constellation Brands Inc. Class A 0.83% 91,421 $16.8M Add +5.1%
TRMB Trimble Inc. 0.83% 255,513 $16.8M Reduce -4.3%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.83% 401,382 $16.7M Reduce -7.0%
SLAB Silicon Laboratories Inc. 0.80% 144,502 $16.3M Add +3.4%
ICE Intercontinental Exchange Inc. 0.79% 92,936 $16.0M Add +1.6%
ITM Vaneck Intermediate Muni ETF 0.79% 349,662 $15.9M Add +4.3%
SO The Southern Co. 0.78% 171,508 $15.8M Reduce -23.4%
PM Philip Morris International 0.77% 98,758 $15.7M Reduce -38.9%
CTVA Corteva Inc. 0.77% 246,853 $15.5M Reduce -26.1%
CUBE Cubesmart 0.74% 350,627 $15.0M Add +2.9%
BA The Boeing Co. 0.74% 87,487 $14.9M Add +1.4%
APTV Aptiv PLC 0.71% 242,427 $14.4M Add +11.8%
MU Micron Technology Inc. 0.68% 158,057 $13.7M Add +3.1%
CVS CVS Health Corp. 0.67% 198,833 $13.5M Add +23.2%
NSC Norfolk Southern Corp. 0.64% 54,976 $13.0M Reduce -0.2%
CMCSA Comcast Corp. Class A 0.61% 333,207 $12.3M Reduce -1.1%
FUL H.B. Fuller Co. filed as FULLER H B CO 0.59% 212,118 $11.9M Add +2.6%
FIBK First Interstate Bancsys-A 0.57% 402,384 $11.5M Add +2.0%
ADBE Adobe Inc. 0.51% 27,176 $10.4M Add +0.3%
PFE Pfizer Inc. 0.51% 410,519 $10.4M Add +17.1%
LVS Las Vegas Sands Corp. 0.51% 268,676 $10.4M Reduce -0.4%
QCOM Qualcomm Inc. 0.51% 66,878 $10.3M Add +2246.6%
ELAN Elanco Animal Health Inc. 0.47% 905,889 $9.5M Add +1.0%
IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA 0.47% 122,292 $9.5M Reduce -0.6%
FANG Diamondback Energy Inc. 0.45% 57,090 $9.1M Reduce -0.1%
WAFD Wafd Inc. 0.43% 304,256 $8.7M Add +3.0%
JMST JPM Ultra-Short Muni Income filed as J P MORGAN EXCHANGE TRADED F 0.42% 169,057 $8.6M Add +6.5%
LOW Lowe's Cos Inc. 0.42% 36,281 $8.5M New
DGRO iShares Core Dividend Growth 0.37% 121,521 $7.5M Reduce -7.8%
VYM Vanguard High DVD Yield ETF 0.36% 56,197 $7.2M Reduce -0.3%
ITOT iShares Core S&P Total U.S. 0.31% 50,816 $6.2M Add +5.3%
MUB iShares National Muni Bond E 0.29% 56,625 $6.0M Add +14.6%
SHM SS SPDR N Ice St Muni ETF 0.17% 71,942 $3.4M Reduce -6.5%
PFF iShares Preferred & Income S 0.16% 108,382 $3.3M Add +2.2%
VTI VG Morningstar TS MKT ETF-US 0.06% 4,672 $1.3M Add +22.4%
IJH iShares Core S&P Midcap ETF 0.05% 17,155 $1.0M No change
JPM JPMorgan Chase & Co. 0.05% 4,006 $983K Reduce -9.7%
CMF iShares California Muni Bond 0.04% 15,028 $846K Add +28.8%
VWO Vanguard Ftse Emerging Marke 0.04% 18,470 $836K Reduce -1.1%
COST Costco Wholesale Corp. 0.04% 760 $719K Reduce -1.0%
GOOGL Alphabet Inc. Class A 0.04% 4,618 $714K Reduce -2.8%
ABBV Abbvie Inc. 0.03% 2,869 $601K No change
GLD SPDR Gold Shares 0.03% 1,945 $560K No change
SYK Stryker Corp. 0.02% 1,355 $504K Reduce -2.5%
VOO Vanguard S&P 500 ETF 0.02% 925 $475K Add +30.5%
APO Apollo Global Management Inc. 0.02% 3,232 $443K New
ABT Abbott Laboratories 0.02% 3,028 $402K No change
MS Morgan Stanley 0.02% 3,427 $400K No change
CAT Caterpillar Inc. 0.02% 1,197 $395K No change
IUSB Ishr CR Unvrse Usd BD ETF-Ui 0.02% 8,203 $378K Reduce -0.2%
IJR iShares Core S&P Small-Cap E 0.02% 3,350 $350K Reduce -14.4%
VCIT Vanguard Int-Term Corporate 0.02% 3,750 $307K No change
IXUS iShares Core Intl Stock ETF 0.01% 4,123 $288K Reduce -0.3%
IWV iShares Russell 3000 ETF 0.01% 900 $286K Reduce -26.1%
TSLA Tesla Inc. 0.01% 1,088 $282K Reduce -35.2%
NYF iShares New York Muni Bond E 0.01% 5,203 $274K Add +14.2%
MGK Vngrd Mrgstr MG CP GR ETF-Ui 0.01% 850 $263K No change
IGSB iShares 1-5Y Inv Grade Corp. 0.01% 4,955 $259K No change
ORCL Oracle Corp. 0.01% 1,824 $255K No change
SPY SS SPDR S&P 500 ETF Trust-US 0.01% 434 $243K Add +22.9%
BRK.B Berkshire Hathaway Inc. Class B 0.01% 454 $242K No change
DE Deere & Co. 0.01% 506 $237K No change
IWF iShares Russell 1000 Growth 0.01% 633 $229K No change
MGC Vngrd Mrngstr MG Cap ETF-Usd 0.01% 1,091 $220K No change
COLB Columbia Banking System Inc. 0.01% 8,800 $219K No change
PEP Pepsico Inc. 0.01% 1,450 $217K Reduce -28.2%
EQIX Equinix Inc. 0.01% 258 $210K Reduce -16.2%
EDVR Endeavor Bancorp 0.01% 10,200 $146K New

Portfolio Sells Q4 2024 → Q1 2025
GOOG Alphabet Inc. Class C Reduce -10.1% 3.64% −1.22
AMZN Amazon.com Inc. Reduce -7.9% 3.91% −0.91
AMD Advanced Micro Devices Sold out 0.00% −0.79
AAPL Apple Inc. Reduce -4.9% 3.98% −0.66
ANET Arista Networks Inc. Reduce -1.3% 1.14% −0.48
ALGN Align Technology Inc. Sold out 0.00% −0.46
MOS The Mosaic Co. Sold out 0.00% −0.30
PYPL PayPal Holdings Inc. Reduce -0.7% 0.86% −0.26
NFLX Netflix Inc. Reduce -17.1% 1.47% −0.20
PM Philip Morris International Reduce -38.9% 0.77% −0.17
LVS Las Vegas Sands Corp. Reduce -0.4% 0.51% −0.16
CTVA Corteva Inc. Reduce -26.1% 0.77% −0.16
SO The Southern Co. Reduce -23.4% 0.78% −0.12
BAC Bank of America Corp. Reduce -7.0% 0.83% −0.09
TRMB Trimble Inc. Reduce -4.3% 0.83% −0.09
VFMO Vanguard US Momentum Factor Reduce -0.6% 0.95% −0.07
EUSA iShares MSCI USA Equal Weigh Reduce -5.8% 0.89% −0.06
WMT Walmart Inc. Reduce -0.3% 2.39% −0.04
IFF Intl Flavors & Fragrances Reduce -0.6% 0.47% −0.04
DGRO iShares Core Dividend Growth Reduce -7.8% 0.37% −0.02
GBCI Glacier Bancorp Inc. Sold out 0.00% −0.02
TSLA Tesla Inc. Reduce -35.2% 0.01% −0.02
TMUS T-Mobile US Inc. Reduce -19.7% 1.30% −0.02
PFLC Pacific Financial Corp. Sold out 0.00% −0.02
GOOGL Alphabet Inc. Class A Reduce -2.8% 0.04% −0.01
SHM SS SPDR N Ice St Muni ETF Reduce -6.5% 0.17% −0.01
CMCSA Comcast Corp. Class A Reduce -1.1% 0.61% −0.01
IWV iShares Russell 3000 ETF Reduce -26.1% 0.01% −0.01
IJR iShares Core S&P Small-Cap E Reduce -14.4% 0.02% −0.00
FANG Diamondback Energy Inc. Reduce -0.1% 0.45% −0.00
PEP Pepsico Inc. Reduce -28.2% 0.01% −0.00
EQIX Equinix Inc. Reduce -16.2% 0.01% −0.00
JPM JPMorgan Chase & Co. Reduce -9.7% 0.05% −0.00
PGR Progressive Corp. Reduce -16.7% 1.19% 0.00
IUSB Ishr CR Unvrse Usd BD ETF-Ui Reduce -0.2% 0.02% +0.00
SYK Stryker Corp. Reduce -2.5% 0.02% +0.00
IXUS iShares Core Intl Stock ETF Reduce -0.3% 0.01% +0.00
COST Costco Wholesale Corp. Reduce -1.0% 0.04% +0.00
VWO Vanguard Ftse Emerging Marke Reduce -1.1% 0.04% +0.00
CSCO Cisco Systems Inc. Reduce -5.1% 1.16% +0.01
VYM Vanguard High DVD Yield ETF Reduce -0.3% 0.36% +0.01
SCHW Schwab (charles) Corp. Reduce -5.8% 0.94% +0.01
NSC Norfolk Southern Corp. Reduce -0.2% 0.64% +0.01
TRNO Terreno Realty Corp. Reduce -2.2% 0.87% +0.05
LH Labcorp Holdings Inc. Reduce -0.1% 1.82% +0.05
JNJ Johnson & Johnson Reduce -3.2% 0.95% +0.11
CVX Chevron Corp. Reduce -2.7% 1.77% +0.22
RTX RTX Corp. Reduce -1.4% 2.41% +0.31

Portfolio Buys Q4 2024 → Q1 2025
NVDA Nvidia Corp. Add +4808.1% 1.18% +1.15
META Meta Platforms Inc. Class A Add +7440.0% 0.87% +0.86
TSM Taiwan Semiconductor-SP ADR Add +88.6% 1.48% +0.56
IDEV iShares Core MSCI Dev MKTS Add +2.2% 5.29% +0.52
QCOM Qualcomm Inc. Add +2246.6% 0.51% +0.49
LOW Lowe's Cos Inc. New 0.42% +0.42
UNH Unitedhealth Group Inc. Add +70.0% 0.83% +0.37
CI The Cigna Group Add +21.1% 1.06% +0.34
CVS CVS Health Corp. Add +23.2% 0.67% +0.31
VRTX Vertex Pharmaceuticals Inc. Add +2.8% 1.51% +0.31
MDT Medtronic PLC Add +3.0% 1.66% +0.25
ETN Eaton Corp. PLC Add +52.6% 1.10% +0.23
V Visa Inc. Class A Add +3.0% 1.55% +0.21
EXC Exelon Corp. Add +3.5% 0.89% +0.20
AGNC AGNC Investment Corp. Add +3.0% 1.62% +0.13
ICE Intercontinental Exchange Inc. Add +1.6% 0.79% +0.13
AZN Astrazeneca PLC-Spons ADR Add +2.8% 0.85% +0.12
OTIS Otis Worldwide Corp. Add +2.0% 0.90% +0.12
BMY Bristol-Myers Squibb Co. Add +3.1% 0.90% +0.10
EOG EOG Resources Inc. Add +2.8% 1.08% +0.09
CPT Camden Property Trust Add +2.5% 0.97% +0.09
BDX Becton Dickinson and Co. Add +4.3% 1.26% +0.08
C Citigroup Inc. Add +3.0% 1.57% +0.08
APTV Aptiv PLC Add +11.8% 0.71% +0.08
FTNT Fortinet Inc. Add +2.3% 1.29% +0.07
PFE Pfizer Inc. Add +17.1% 0.51% +0.06
MU Micron Technology Inc. Add +3.1% 0.68% +0.05
MUB iShares National Muni Bond E Add +14.6% 0.29% +0.04
ITM Vaneck Intermediate Muni ETF Add +4.3% 0.79% +0.03
JMST JPM Ultra-Short Muni Income Add +6.5% 0.42% +0.03
CUBE Cubesmart Add +2.9% 0.74% +0.03
INTU Intuit Inc. Add +2.5% 1.30% +0.02
APO Apollo Global Management Inc. New 0.02% +0.02
VTI VG Morningstar TS MKT ETF-US Add +22.4% 0.06% +0.01
CMF iShares California Muni Bond Add +28.8% 0.04% +0.01
VTEB Vanguard Tax-Exempt Bond ETF Add +0.4% 0.85% +0.01
EDVR Endeavor Bancorp New 0.01% +0.01
VOO Vanguard S&P 500 ETF Add +30.5% 0.02% +0.00
ITOT iShares Core S&P Total U.S. Add +5.3% 0.31% +0.00
PFF iShares Preferred & Income S Add +2.2% 0.16% +0.00
SPY SS SPDR S&P 500 ETF Trust-US Add +22.9% 0.01% +0.00
NYF iShares New York Muni Bond E Add +14.2% 0.01% +0.00
BA The Boeing Co. Add +1.4% 0.74% −0.01
GS Goldman Sachs Group Inc. Add +2.1% 1.39% −0.01
GIL Gildan Activewear Inc. Add +2.4% 0.98% −0.02
HD Home Depot Inc. Add +2.5% 1.19% −0.02
ADI Analog Devices Inc. Add +0.1% 0.90% −0.03
WAFD Wafd Inc. Add +3.0% 0.43% −0.03
SLAB Silicon Laboratories Inc. Add +3.4% 0.80% −0.04
FIBK First Interstate Bancsys-A Add +2.0% 0.57% −0.05

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 123$2.4BIXUS, GOOG, AMZN, AAPL, TSM
Q1 2026Amended 126$2.3BIXUS, GOOG, AMZN, MSFT, AAPL
Q4 2025 119$2.4BIXUS, GOOG, MSFT, AMZN, AAPL
Q3 2025 122$2.4BIXUS, MSFT, GOOG, AMZN, AAPL
Q2 2025 121$2.2BIXUS, MSFT, AMZN, GOOG, AAPL
Q1 2025 120$2.0BIDEV, MSFT, AAPL, AMZN, GOOG
Q4 2024 122$2.1BGOOG, AMZN, IDEV, AAPL, MSFT
Q3 2024 118$2.1BIDEV, MSFT, AAPL, AMZN, GOOG
Q2 2024 116$1.9BIDEV, AMZN, GOOG, MSFT, AAPL
Q1 2024 115$1.9BIDEV, AMZN, MSFT, GOOG, AAPL