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

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 Q1 2025 Q2 2025: $2.2B Q2 2025 Q3 2025: $2.4B $2.4B Q3 2025 Q4 2025: $2.4B Q4 2025 Q1 2026: $2.3B Q1 2026 Q2 2026: $2.4B Q2 2026

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
MS Morgan Stanley 0.02% 3,427 $545K No change
VOO Vanguard S&P 500 ETF 0.02% 851 $521K Add +5.7%
SYK Stryker Corp. 0.02% 1,355 $501K No change
ORCL Oracle Corp. 0.02% 1,625 $457K Reduce -10.9%
APO Apollo Global Management Inc. 0.02% 3,232 $431K No change
ABT Abbott Laboratories 0.02% 3,028 $406K No change
IJR iShares Core S&P Small-Cap E 0.02% 3,350 $398K No change
TSLA Tesla Inc. 0.02% 880 $391K No change
VXUS Vanguard Total Intl Stock 0.02% 5,212 $383K New
IWV iShares Russell 3000 ETF 0.01% 900 $341K No change
MGK Vngrd Mrgstr MG CP GR ETF-Ui 0.01% 780 $314K No change
VCIT Vanguard Int-Term Corporate 0.01% 3,650 $307K Reduce -2.7%
IWF iShares Russell 1000 Growth 0.01% 633 $297K No change
DE Deere & Co. 0.01% 614 $281K No change
BRK.B Berkshire Hathaway Inc. Class B 0.01% 554 $279K No change
IGSB iShares 1-5Y Inv Grade Corp. 0.01% 4,975 $264K Add +0.2%
NYF iShares New York Muni Bond E 0.01% 4,941 $264K No change
SPY SS SPDR S&P 500 ETF Trust-US 0.01% 388 $258K No change
MGC Vngrd Mrngstr MG Cap ETF-Usd 0.01% 986 $241K No change
PG The Procter & Gamble Co. 0.01% 1,516 $233K New
LLY Eli Lilly & Co. 0.01% 282 $215K No change
EQIX Equinix Inc. 0.01% 258 $202K 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

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