Davidson Investment Advisors
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 21, 2025), Davidson Investment Advisors reported 122 stock positions worth $2.4 billion. Its top holding was iShares Core Intl Stock ETF (IXUS) at 7.0% of the portfolio, followed by Microsoft (MSFT, 4.7%) and Alphabet Class C (GOOG, 4.6%). Compared with Q2 2025, it opened 4 new positions, sold out of 3, added to 54 and reduced 42. The biggest buy was iShares Core Intl Stock ETF (IXUS, shares +18%) and the biggest sale iShares Core MSCI Dev MKTS (IDEV, shares −93%).
- Most Recent 13F
- Q2 2026
- Location
- GREAT FALLS, MT
- CIK
- 0001140771
- Portfolio Value
- $2.4B (Q3 2025)
- SEC Filing
- 0001140771-25-000008 ↗ filed Oct 21, 2025
Holdings Value
Holdings 122 stocks · $2.4B
| IXUS iShares Core Intl Stock ETF | 7.03% | 2,006,552 | $165.7M | Add +17.9% |
| MSFT Microsoft Corp. | 4.74% | 215,609 | $111.7M | Reduce -0.8% |
| GOOG Alphabet Inc. Class C | 4.65% | 449,877 | $109.6M | Reduce -5.3% |
| AMZN Amazon.com Inc. | 4.06% | 435,893 | $95.7M | Reduce -0.3% |
| AAPL Apple Inc. | 3.92% | 363,142 | $92.5M | Add +0.1% |
| TSM Taiwan Semiconductor-SP ADR | 2.57% | 217,094 | $60.6M | Add +0.2% |
| NVDA Nvidia Corp. | 2.38% | 300,018 | $56.0M | Add +35.0% |
| AVGO Broadcom Inc. | 1.99% | 141,818 | $46.8M | Add +0.6% |
| LH Labcorp Holdings Inc. | 1.95% | 160,103 | $46.0M | Add +0.3% |
| RTX RTX Corp. | 1.94% | 273,867 | $45.8M | Reduce -24.9% |
| C Citigroup Inc. | 1.89% | 437,645 | $44.4M | Reduce -2.5% |
| AGNC AGNC Investment Corp. | 1.78% | 4,295,811 | $42.1M | Add +12.6% |
| HON Honeywell International Inc. | 1.71% | 191,037 | $40.2M | Add +0.1% |
| SRE Sempra | 1.68% | 439,147 | $39.5M | Add +0.1% |
| MDT Medtronic PLC | 1.52% | 376,002 | $35.8M | Add +0.0% |
| NFLX Netflix Inc. | 1.39% | 27,298 | $32.7M | Add +0.3% |
| ETN Eaton Corp. PLC | 1.33% | 83,578 | $31.3M | Add +0.8% |
| V Visa Inc. Class A | 1.31% | 90,112 | $30.8M | Add +0.9% |
| ANET Arista Networks Inc. | 1.28% | 207,190 | $30.2M | Reduce -30.8% |
| INTU Intuit Inc. | 1.26% | 43,627 | $29.8M | Add +0.5% |
| META Meta Platforms Inc. Class A | 1.25% | 39,997 | $29.4M | Add +0.6% |
| WMT Walmart Inc. | 1.23% | 280,996 | $29.0M | Add +0.5% |
| HD Home Depot Inc. | 1.16% | 67,255 | $27.3M | Add +1.0% |
| VFMO Vanguard US Momentum Factor | 1.14% | 139,778 | $26.8M | Add +5.7% |
| GS Goldman Sachs Group Inc. | 1.13% | 33,441 | $26.6M | Reduce -35.3% |
| GIL Gildan Activewear Inc. | 1.12% | 456,503 | $26.4M | Add +0.8% |
| OTIS Otis Worldwide Corp. | 1.12% | 287,918 | $26.3M | Add +60.7% |
| CSCO Cisco Systems Inc. | 1.07% | 367,060 | $25.1M | Reduce -2.9% |
| VRTX Vertex Pharmaceuticals Inc. | 1.04% | 62,421 | $24.4M | Reduce -2.0% |
| TMUS T-Mobile US Inc. | 1.02% | 100,658 | $24.1M | Add +0.8% |
| SCHW Schwab (charles) Corp. | 0.99% | 244,491 | $23.3M | Reduce -1.1% |
| EUSA iShares MSCI USA Equal Weigh | 0.98% | 223,608 | $23.0M | Add +12.9% |
| FTNT Fortinet Inc. | 0.95% | 267,194 | $22.5M | Reduce -2.4% |
| ADI Analog Devices Inc. | 0.94% | 90,400 | $22.2M | Reduce -1.3% |
| CVX Chevron Corp. | 0.93% | 140,583 | $21.8M | Reduce -34.8% |
| DT Dynatrace Inc. | 0.92% | 446,181 | $21.6M | Add +1.4% |
| PGR Progressive Corp. | 0.91% | 86,597 | $21.4M | Add +1.1% |
| APTV Aptiv PLC | 0.90% | 246,675 | $21.3M | Add +1.0% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.88% | 401,546 | $20.7M | Reduce -0.9% |
| CRM Salesforce Inc. | 0.88% | 87,189 | $20.7M | Add +4.2% |
| FDX FedEx Corp. | 0.88% | 87,558 | $20.6M | Add +4.2% |
| BDX Becton Dickinson and Co. | 0.87% | 109,876 | $20.6M | Add +2.8% |
| TRMB Trimble Inc. | 0.87% | 249,898 | $20.4M | Reduce -2.6% |
| QCOM Qualcomm Inc. | 0.85% | 120,421 | $20.0M | Reduce -0.5% |
| EOG EOG Resources Inc. | 0.83% | 174,137 | $19.5M | Add +1.1% |
| SLAB Silicon Laboratories Inc. | 0.82% | 146,926 | $19.3M | Add +0.7% |
| CI The Cigna Group | 0.82% | 66,719 | $19.2M | Add +1.0% |
| CVS CVS Health Corp. | 0.82% | 255,001 | $19.2M | Reduce -0.6% |
| BA The Boeing Co. | 0.80% | 87,546 | $18.9M | Reduce -1.1% |
| CUBE Cubesmart | 0.79% | 460,024 | $18.7M | Add +29.3% |
| AZN Astrazeneca PLC-Spons ADR | 0.78% | 238,596 | $18.3M | Add +0.9% |
| ELAN Elanco Animal Health Inc. | 0.77% | 904,101 | $18.2M | Reduce -1.1% |
| VTEB Vanguard Tax-Exempt Bond ETF | 0.77% | 361,914 | $18.1M | Add +0.2% |
| EXC Exelon Corp. | 0.76% | 398,703 | $17.9M | Add +0.9% |
| PYPL PayPal Holdings Inc. | 0.76% | 267,363 | $17.9M | Reduce -1.5% |
| LOW Lowe's Cos Inc. | 0.75% | 70,698 | $17.8M | Add +0.4% |
| CPT Camden Property Trust | 0.74% | 163,918 | $17.5M | Add +1.5% |
| ITM Vaneck Intermediate Muni ETF | 0.73% | 369,734 | $17.2M | Add +5.6% |
| CTVA Corteva Inc. | 0.72% | 251,940 | $17.0M | Add +0.8% |
| NSC Norfolk Southern Corp. | 0.70% | 55,224 | $16.6M | Reduce -0.7% |
| SO The Southern Co. | 0.69% | 172,167 | $16.3M | Reduce -0.7% |
| TRNO Terreno Realty Corp. | 0.67% | 278,223 | $15.8M | Reduce -0.8% |
| ICE Intercontinental Exchange Inc. | 0.67% | 93,112 | $15.7M | Reduce -0.9% |
| PM Philip Morris International | 0.66% | 95,868 | $15.5M | Reduce -0.8% |
| STZ Constellation Brands Inc. Class A | 0.65% | 114,161 | $15.4M | Reduce -5.7% |
| PFE Pfizer Inc. | 0.64% | 592,531 | $15.1M | Reduce -0.6% |
| LVS Las Vegas Sands Corp. | 0.62% | 269,601 | $14.5M | Reduce -0.8% |
| CMCSA Comcast Corp. Class A | 0.60% | 452,318 | $14.2M | Reduce -1.2% |
| BMY Bristol-Myers Squibb Co. | 0.58% | 303,353 | $13.7M | Add +4.3% |
| JMST JPM Ultra-Short Muni Income filed as J P MORGAN EXCHANGE TRADED F | 0.55% | 252,181 | $12.9M | Add +29.4% |
| FIBK First Interstate Bancsys-A | 0.55% | 403,846 | $12.9M | Reduce -0.8% |
| FUL H.B. Fuller Co. filed as FULLER H B CO | 0.54% | 215,554 | $12.8M | Add +4.2% |
| BRBR Bellring Brands Inc. | 0.46% | 296,775 | $10.8M | Reduce -6.3% |
| H Hyatt Hotels Corp. Class A | 0.42% | 70,390 | $10.0M | New |
| EQT Eqt Corp. | 0.41% | 178,390 | $9.7M | New |
| ADBE Adobe Inc. | 0.41% | 27,402 | $9.7M | Reduce -0.2% |
| LIN Linde PLC | 0.40% | 19,785 | $9.4M | Add +2.6% |
| WAFD Wafd Inc. | 0.40% | 309,140 | $9.4M | Add +1.1% |
| DGRO iShares Core Dividend Growth | 0.39% | 133,335 | $9.1M | Add +10.8% |
| FANG Diamondback Energy Inc. | 0.35% | 57,585 | $8.2M | Reduce -0.3% |
| VYM Vanguard High DVD Yield ETF | 0.35% | 57,911 | $8.2M | Add +2.5% |
| IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA | 0.32% | 122,984 | $7.6M | Reduce -0.7% |
| ITOT iShares Core S&P Total U.S. | 0.31% | 50,196 | $7.3M | Reduce -0.8% |
| MUB iShares National Muni Bond E | 0.24% | 52,707 | $5.6M | Reduce -5.0% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.24% | 21,976 | $5.6M | Reduce -21.6% |
| PFF iShares Preferred & Income S | 0.15% | 112,347 | $3.6M | Add +2.3% |
| SHM SS SPDR N Ice St Muni ETF | 0.12% | 61,025 | $2.9M | Reduce -4.3% |
| VTI VG Morningstar TS MKT ETF-US | 0.07% | 4,672 | $1.5M | No change |
| CMF iShares California Muni Bond | 0.06% | 23,653 | $1.3M | Add +9.6% |
| IDEV iShares Core MSCI Dev MKTS | 0.06% | 16,658 | $1.3M | Reduce -93.4% |
| JPM JPMorgan Chase & Co. | 0.05% | 4,093 | $1.3M | No change |
| GOOGL Alphabet Inc. Class A | 0.05% | 4,920 | $1.2M | Add +4.7% |
| IJH iShares Core S&P Midcap ETF | 0.05% | 17,719 | $1.2M | No change |
| JNJ Johnson & Johnson | 0.05% | 6,099 | $1.1M | Reduce -5.0% |
| COST Costco Wholesale Corp. | 0.03% | 887 | $821K | Add +16.7% |
| VTHR Vanguard Russell 3000 | 0.03% | 2,647 | $779K | Add +9.2% |
| GLD SPDR Gold Shares | 0.03% | 1,945 | $691K | No change |
| ABBV Abbvie Inc. | 0.03% | 2,927 | $678K | Add +2.0% |
| CAT Caterpillar Inc. | 0.03% | 1,299 | $620K | No change |
| IUSB Ishr CR Unvrse Usd BD ETF-Ui | 0.02% | 11,678 | $545K | No change |
Portfolio Sells Q2 2025 → Q3 2025
| IDEV iShares Core MSCI Dev MKTS | Reduce -93.4% | 0.06% | −0.80 |
| GS Goldman Sachs Group Inc. | Reduce -35.3% | 1.13% | −0.52 |
| CVX Chevron Corp. | Reduce -34.8% | 0.93% | −0.46 |
| RTX RTX Corp. | Reduce -24.9% | 1.94% | −0.45 |
| BRBR Bellring Brands Inc. | Reduce -6.3% | 0.46% | −0.37 |
| FTNT Fortinet Inc. | Reduce -2.4% | 0.95% | −0.35 |
| AMZN Amazon.com Inc. | Reduce -0.3% | 4.06% | −0.25 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -2.0% | 1.04% | −0.24 |
| STZ Constellation Brands Inc. Class A | Reduce -5.7% | 0.65% | −0.23 |
| PYPL PayPal Holdings Inc. | Reduce -1.5% | 0.76% | −0.15 |
| CMCSA Comcast Corp. Class A | Reduce -1.2% | 0.60% | −0.13 |
| PM Philip Morris International | Reduce -0.8% | 0.66% | −0.13 |
| MSFT Microsoft Corp. | Reduce -0.8% | 4.74% | −0.12 |
| CSCO Cisco Systems Inc. | Reduce -2.9% | 1.07% | −0.11 |
| ICE Intercontinental Exchange Inc. | Reduce -0.9% | 0.67% | −0.11 |
| ANET Arista Networks Inc. | Reduce -30.8% | 1.28% | −0.10 |
| IFF Intl Flavors & Fragrances | Reduce -0.7% | 0.32% | −0.09 |
| ADBE Adobe Inc. | Reduce -0.2% | 0.41% | −0.07 |
| VB Vanguard Most SM-Cap ETF-Usd | Reduce -21.6% | 0.24% | −0.06 |
| VWO Vanguard Ftse Emerging Marke | Sold out | 0.00% | −0.04 |
| ADI Analog Devices Inc. | Reduce -1.3% | 0.94% | −0.04 |
| TRNO Terreno Realty Corp. | Reduce -0.8% | 0.67% | −0.04 |
| BA The Boeing Co. | Reduce -1.1% | 0.80% | −0.03 |
| SO The Southern Co. | Reduce -0.7% | 0.69% | −0.02 |
| SCHW Schwab (charles) Corp. | Reduce -1.1% | 0.99% | −0.02 |
| MUB iShares National Muni Bond E | Reduce -5.0% | 0.24% | −0.02 |
| QCOM Qualcomm Inc. | Reduce -0.5% | 0.85% | −0.02 |
| SHM SS SPDR N Ice St Muni ETF | Reduce -4.3% | 0.12% | −0.01 |
| TRMB Trimble Inc. | Reduce -2.6% | 0.87% | −0.01 |
| VEA Vanguard Ftse Developed ETF | Sold out | 0.00% | −0.01 |
| MU Micron Technology Inc. | Sold out | 0.00% | −0.01 |
| PFE Pfizer Inc. | Reduce -0.6% | 0.64% | −0.01 |
| FANG Diamondback Energy Inc. | Reduce -0.3% | 0.35% | −0.01 |
| VCIT Vanguard Int-Term Corporate | Reduce -2.7% | 0.01% | −0.00 |
| ORCL Oracle Corp. | Reduce -10.9% | 0.02% | +0.00 |
| ITOT iShares Core S&P Total U.S. | Reduce -0.8% | 0.31% | +0.00 |
| JNJ Johnson & Johnson | Reduce -5.0% | 0.05% | +0.00 |
| BAC Bank of America Corp. | Reduce -0.9% | 0.88% | +0.02 |
| FIBK First Interstate Bancsys-A | Reduce -0.8% | 0.55% | +0.02 |
| CVS CVS Health Corp. | Reduce -0.6% | 0.82% | +0.02 |
| NSC Norfolk Southern Corp. | Reduce -0.7% | 0.70% | +0.06 |
| LVS Las Vegas Sands Corp. | Reduce -0.8% | 0.62% | +0.08 |
| C Citigroup Inc. | Reduce -2.5% | 1.89% | +0.17 |
| ELAN Elanco Animal Health Inc. | Reduce -1.1% | 0.77% | +0.19 |
| GOOG Alphabet Inc. Class C | Reduce -5.3% | 4.65% | +0.86 |
Portfolio Buys Q2 2025 → Q3 2025
| IXUS iShares Core Intl Stock ETF | Add +17.9% | 7.03% | +1.12 |
| NVDA Nvidia Corp. | Add +35.0% | 2.38% | +0.80 |
| AAPL Apple Inc. | Add +0.1% | 3.92% | +0.58 |
| H Hyatt Hotels Corp. Class A | New | 0.42% | +0.42 |
| EQT Eqt Corp. | New | 0.41% | +0.41 |
| TSM Taiwan Semiconductor-SP ADR | Add +0.2% | 2.57% | +0.37 |
| OTIS Otis Worldwide Corp. | Add +60.7% | 1.12% | +0.32 |
| AVGO Broadcom Inc. | Add +0.6% | 1.99% | +0.24 |
| AGNC AGNC Investment Corp. | Add +12.6% | 1.78% | +0.21 |
| SRE Sempra | Add +0.1% | 1.68% | +0.18 |
| APTV Aptiv PLC | Add +1.0% | 0.90% | +0.15 |
| GIL Gildan Activewear Inc. | Add +0.8% | 1.12% | +0.12 |
| CUBE Cubesmart | Add +29.3% | 0.79% | +0.11 |
| VFMO Vanguard US Momentum Factor | Add +5.7% | 1.14% | +0.11 |
| JMST JPM Ultra-Short Muni Income | Add +29.4% | 0.55% | +0.10 |
| EUSA iShares MSCI USA Equal Weigh | Add +12.9% | 0.98% | +0.10 |
| LH Labcorp Holdings Inc. | Add +0.3% | 1.95% | +0.07 |
| HD Home Depot Inc. | Add +1.0% | 1.16% | +0.06 |
| LOW Lowe's Cos Inc. | Add +0.4% | 0.75% | +0.05 |
| MDT Medtronic PLC | Add +0.0% | 1.52% | +0.05 |
| BDX Becton Dickinson and Co. | Add +2.8% | 0.87% | +0.04 |
| DGRO iShares Core Dividend Growth | Add +10.8% | 0.39% | +0.04 |
| AZN Astrazeneca PLC-Spons ADR | Add +0.9% | 0.78% | +0.03 |
| FDX FedEx Corp. | Add +4.2% | 0.88% | +0.02 |
| VXUS Vanguard Total Intl Stock | New | 0.02% | +0.02 |
| ITM Vaneck Intermediate Muni ETF | Add +5.6% | 0.73% | +0.02 |
| GOOGL Alphabet Inc. Class A | Add +4.7% | 0.05% | +0.01 |
| PG The Procter & Gamble Co. | New | 0.01% | +0.01 |
| VYM Vanguard High DVD Yield ETF | Add +2.5% | 0.35% | +0.01 |
| ABBV Abbvie Inc. | Add +2.0% | 0.03% | +0.00 |
| VTHR Vanguard Russell 3000 | Add +9.2% | 0.03% | +0.00 |
| CMF iShares California Muni Bond | Add +9.6% | 0.06% | +0.00 |
| VOO Vanguard S&P 500 ETF | Add +5.7% | 0.02% | +0.00 |
| COST Costco Wholesale Corp. | Add +16.7% | 0.03% | +0.00 |
| IGSB iShares 1-5Y Inv Grade Corp. | Add +0.2% | 0.01% | −0.00 |
| WMT Walmart Inc. | Add +0.5% | 1.23% | −0.00 |
| PFF iShares Preferred & Income S | Add +2.3% | 0.15% | −0.00 |
| ETN Eaton Corp. PLC | Add +0.8% | 1.33% | −0.00 |
| WAFD Wafd Inc. | Add +1.1% | 0.40% | −0.01 |
| LIN Linde PLC | Add +2.6% | 0.40% | −0.01 |
| EXC Exelon Corp. | Add +0.9% | 0.76% | −0.01 |
| FUL H.B. Fuller Co. | Add +4.2% | 0.54% | −0.02 |
| BMY Bristol-Myers Squibb Co. | Add +4.3% | 0.58% | −0.02 |
| VTEB Vanguard Tax-Exempt Bond ETF | Add +0.2% | 0.77% | −0.03 |
| TMUS T-Mobile US Inc. | Add +0.8% | 1.02% | −0.05 |
| META Meta Platforms Inc. Class A | Add +0.6% | 1.25% | −0.07 |
| CPT Camden Property Trust | Add +1.5% | 0.74% | −0.07 |
| EOG EOG Resources Inc. | Add +1.1% | 0.83% | −0.10 |
| CTVA Corteva Inc. | Add +0.8% | 0.72% | −0.11 |
| PGR Progressive Corp. | Add +1.1% | 0.91% | −0.12 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 123 | $2.4B | IXUS, GOOG, AMZN, AAPL, TSM |
| Q1 2026Amended | 126 | $2.3B | IXUS, GOOG, AMZN, MSFT, AAPL |
| Q4 2025 | 119 | $2.4B | IXUS, GOOG, MSFT, AMZN, AAPL |
| Q3 2025 | 122 | $2.4B | IXUS, MSFT, GOOG, AMZN, AAPL |
| Q2 2025 | 121 | $2.2B | IXUS, MSFT, AMZN, GOOG, AAPL |
| Q1 2025 | 120 | $2.0B | IDEV, MSFT, AAPL, AMZN, GOOG |
| Q4 2024 | 122 | $2.1B | GOOG, AMZN, IDEV, AAPL, MSFT |
| Q3 2024 | 118 | $2.1B | IDEV, MSFT, AAPL, AMZN, GOOG |
| Q2 2024 | 116 | $1.9B | IDEV, AMZN, GOOG, MSFT, AAPL |
| Q1 2024 | 115 | $1.9B | IDEV, AMZN, MSFT, GOOG, AAPL |