Davidson Investment Advisors

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 27, 2026), Davidson Investment Advisors reported 119 stock positions worth $2.4 billion. Its top holding was iShares Core Intl Stock ETF (IXUS) at 7.3% of the portfolio, followed by Alphabet Class C (GOOG, 4.9%) and Microsoft (MSFT, 4.3%). Compared with Q3 2025, it opened 2 new positions, sold out of 6, added to 54 and reduced 52. The biggest buy was Hyatt Hotels Class A (H, shares +287%) and the biggest sale an exit from Aptiv (APTV).

Most Recent 13F
Q2 2026
Location
GREAT FALLS, MT
CIK
0001140771
Portfolio Value
$2.4B (Q4 2025)
SEC Filing
0001140771-26-000001 ↗ filed Jan 27, 2026

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

Holdings 119 stocks · $2.4B
IXUS iShares Core Intl Stock ETF 7.28% 2,067,533 $175.0M Add +3.0%
GOOG Alphabet Inc. Class C 4.92% 376,668 $118.2M Reduce -16.3%
MSFT Microsoft Corp. 4.32% 214,758 $103.9M Reduce -0.4%
AMZN Amazon.com Inc. 4.19% 435,958 $100.6M Add +0.0%
AAPL Apple Inc. 4.13% 365,179 $99.3M Add +0.6%
TSM Taiwan Semiconductor-SP ADR 2.74% 216,638 $65.8M Reduce -0.2%
NVDA Nvidia Corp. 2.36% 303,681 $56.6M Add +1.2%
META Meta Platforms Inc. Class A 2.21% 80,341 $53.0M Add +100.9%
C Citigroup Inc. 2.10% 431,816 $50.4M Reduce -1.3%
AVGO Broadcom Inc. 2.09% 144,899 $50.1M Add +2.2%
RTX RTX Corp. 2.06% 269,480 $49.4M Reduce -1.6%
AGNC AGNC Investment Corp. 1.92% 4,298,275 $46.1M Add +0.1%
H Hyatt Hotels Corp. Class A 1.82% 272,421 $43.7M Add +287.0%
LH Labcorp Holdings Inc. 1.66% 159,467 $40.0M Reduce -0.4%
SRE Sempra 1.60% 436,252 $38.5M Reduce -0.7%
MDT Medtronic PLC 1.50% 374,250 $36.0M Reduce -0.5%
V Visa Inc. Class A 1.32% 90,382 $31.7M Add +0.3%
WMT Walmart Inc. 1.31% 282,167 $31.4M Add +0.4%
GS Goldman Sachs Group Inc. 1.23% 33,654 $29.6M Add +0.6%
VRTX Vertex Pharmaceuticals Inc. 1.21% 64,227 $29.1M Add +2.9%
INTU Intuit Inc. 1.20% 43,529 $28.8M Reduce -0.2%
GIL Gildan Activewear Inc. 1.19% 457,883 $28.6M Add +0.3%
VFMO Vanguard US Momentum Factor 1.17% 146,589 $28.0M Add +4.9%
ANET Arista Networks Inc. 1.14% 208,408 $27.3M Add +0.6%
CSCO Cisco Systems Inc. 1.14% 354,154 $27.3M Reduce -3.5%
ETN Eaton Corp. PLC 1.10% 83,066 $26.5M Reduce -0.6%
NFLX Netflix Inc. 1.06% 272,674 $25.6M Reduce -0.1%
OTIS Otis Worldwide Corp. 1.05% 288,568 $25.2M Add +0.2%
FDX FedEx Corp. 1.04% 86,555 $25.0M Reduce -1.1%
ADI Analog Devices Inc. 1.01% 89,607 $24.3M Reduce -0.9%
EUSA iShares MSCI USA Equal Weigh 1.01% 234,544 $24.2M Add +4.9%
SCHW Schwab (charles) Corp. 1.00% 240,830 $24.1M Reduce -1.5%
HON Honeywell International Inc. 0.96% 118,057 $23.0M Reduce -38.2%
BA The Boeing Co. 0.94% 103,910 $22.6M Add +18.7%
CRM Salesforce Inc. 0.94% 85,119 $22.5M Reduce -2.4%
AZN Astrazeneca PLC-Spons ADR 0.92% 240,096 $22.1M Add +0.6%
HD Home Depot Inc. 0.91% 63,768 $21.9M Reduce -5.2%
FTNT Fortinet Inc. 0.91% 273,952 $21.8M Add +2.5%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.91% 395,519 $21.8M Reduce -1.5%
CVX Chevron Corp. 0.86% 136,334 $20.8M Reduce -3.0%
QCOM Qualcomm Inc. 0.86% 120,171 $20.6M Reduce -0.2%
BDX Becton Dickinson and Co. 0.85% 105,837 $20.5M Reduce -3.7%
CVS CVS Health Corp. 0.83% 250,941 $19.9M Reduce -1.6%
TMUS T-Mobile US Inc. 0.82% 97,223 $19.7M Reduce -3.4%
ICE Intercontinental Exchange Inc. 0.81% 120,838 $19.6M Add +29.8%
PGR Progressive Corp. 0.80% 84,513 $19.2M Reduce -2.4%
TRMB Trimble Inc. 0.79% 243,309 $19.1M Reduce -2.6%
SLAB Silicon Laboratories Inc. 0.79% 145,757 $19.1M Reduce -0.8%
PM Philip Morris International 0.78% 116,725 $18.7M Add +21.8%
VTEB Vanguard Tax-Exempt Bond ETF 0.78% 371,923 $18.7M Add +2.8%
ITM Vaneck Intermediate Muni ETF 0.76% 386,572 $18.2M Add +4.5%
DT Dynatrace Inc. 0.75% 414,070 $17.9M Reduce -7.2%
EXC Exelon Corp. 0.73% 402,520 $17.5M Add +1.0%
CPT Camden Property Trust 0.72% 156,964 $17.3M Reduce -4.2%
CI The Cigna Group 0.71% 61,964 $17.1M Reduce -7.1%
EOG EOG Resources Inc. 0.71% 162,250 $17.0M Reduce -6.8%
CTVA Corteva Inc. 0.70% 252,082 $16.9M Add +0.1%
FIBK First Interstate Bancsys-A 0.69% 481,538 $16.7M Add +19.2%
LOW Lowe's Cos Inc. 0.68% 67,964 $16.4M Reduce -3.9%
TRNO Terreno Realty Corp. 0.68% 277,182 $16.3M Reduce -0.4%
BMY Bristol-Myers Squibb Co. 0.67% 299,514 $16.2M Reduce -1.3%
STZ Constellation Brands Inc. Class A 0.67% 116,883 $16.1M Add +2.4%
NSC Norfolk Southern Corp. 0.66% 54,626 $15.8M Reduce -1.1%
ELAN Elanco Animal Health Inc. 0.64% 680,867 $15.4M Reduce -24.7%
CUBE Cubesmart 0.64% 426,074 $15.4M Reduce -7.4%
CMCSA Comcast Corp. Class A 0.62% 498,197 $14.9M Add +10.1%
PYPL PayPal Holdings Inc. 0.62% 254,355 $14.8M Reduce -4.9%
PFE Pfizer Inc. 0.58% 557,807 $13.9M Reduce -5.9%
LVS Las Vegas Sands Corp. 0.57% 209,394 $13.6M Reduce -22.3%
SARO Standardaero Inc. 0.53% 447,800 $12.8M New
FUL H.B. Fuller Co. filed as FULLER H B CO 0.50% 203,852 $12.1M Reduce -5.4%
JMST JPM Ultra-Short Muni Income filed as J P MORGAN EXCHANGE TRADED F 0.43% 201,509 $10.3M Reduce -20.1%
WAFD Wafd Inc. 0.42% 312,403 $10.0M Add +1.1%
EQT Eqt Corp. 0.41% 184,355 $9.9M Add +3.3%
LIN Linde PLC 0.41% 23,025 $9.8M Add +16.4%
DGRO iShares Core Dividend Growth 0.39% 135,539 $9.4M Add +1.6%
ADBE Adobe Inc. 0.38% 25,886 $9.1M Reduce -5.5%
FANG Diamondback Energy Inc. 0.36% 57,805 $8.7M Add +0.4%
VYM Vanguard High DVD Yield ETF 0.35% 58,144 $8.3M Add +0.4%
BRBR Bellring Brands Inc. 0.33% 300,633 $8.0M Add +1.3%
ITOT iShares Core S&P Total U.S. 0.31% 50,277 $7.5M Add +0.2%
SOLS Solstice Adv Materials Inc. 0.23% 112,904 $5.5M Add +136.4%
VB Vanguard Most SM-Cap ETF-Usd 0.23% 21,152 $5.5M Reduce -3.8%
MUB iShares National Muni Bond E 0.22% 49,865 $5.3M Reduce -5.4%
PFF iShares Preferred & Income S 0.15% 113,909 $3.5M Add +1.4%
SHM SS SPDR N Ice St Muni ETF 0.08% 41,339 $2.0M Reduce -32.3%
GOOGL Alphabet Inc. Class A 0.07% 5,267 $1.6M Add +7.0%
VTHR Vanguard Russell 3000 0.07% 5,283 $1.6M Add +99.6%
VTI VG Morningstar TS MKT ETF-US 0.06% 4,582 $1.5M Reduce -1.9%
CMF iShares California Muni Bond 0.06% 23,437 $1.3M Reduce -0.9%
JPM JPMorgan Chase & Co. 0.06% 4,152 $1.3M Add +1.4%
JNJ Johnson & Johnson 0.05% 6,026 $1.2M Reduce -1.2%
IDEV iShares Core MSCI Dev MKTS 0.05% 13,559 $1.1M Reduce -18.6%
COST Costco Wholesale Corp. 0.04% 1,055 $910K Add +18.9%
VOO Vanguard S&P 500 ETF 0.04% 1,417 $889K Add +66.5%
SPY SS SPDR S&P 500 ETF Trust-US 0.04% 1,285 $876K Add +231.2%
CAT Caterpillar Inc. 0.03% 1,429 $819K Add +10.0%
ABBV Abbvie Inc. 0.03% 3,527 $806K Add +20.5%
GLD SPDR Gold Shares 0.03% 1,945 $771K No change
SO The Southern Co. 0.03% 7,975 $695K Reduce -95.4%
IJH iShares Core S&P Midcap ETF 0.03% 9,747 $643K Reduce -45.0%
MS Morgan Stanley 0.03% 3,427 $608K No change
IUSB Ishr CR Unvrse Usd BD ETF-Ui 0.02% 11,832 $551K Add +1.3%
SYK Stryker Corp. 0.02% 1,355 $476K No change
APO Apollo Global Management Inc. 0.02% 3,232 $468K No change
ABT Abbott Laboratories 0.02% 3,278 $411K Add +8.3%
IWV iShares Russell 3000 ETF 0.02% 1,050 $406K Add +16.7%
IJR iShares Core S&P Small-Cap E 0.02% 3,350 $403K No change
TSLA Tesla Inc. 0.02% 890 $400K Add +1.1%
VXUS Vanguard Total Intl Stock 0.02% 5,212 $393K No change
IWF iShares Russell 1000 Growth 0.01% 717 $339K Add +13.3%
MGK Vngrd Mrgstr MG CP GR ETF-Ui 0.01% 780 $322K No change
ORCL Oracle Corp. 0.01% 1,625 $317K No change
BSV Vanguard Short-Term Bond ETF 0.01% 4,000 $315K New
DE Deere & Co. 0.01% 674 $314K Add +9.8%
LLY Eli Lilly & Co. 0.01% 282 $303K No change
BRK.B Berkshire Hathaway Inc. Class B 0.01% 562 $282K Add +1.4%
NYF iShares New York Muni Bond E 0.01% 4,941 $264K No change
MGC Vngrd Mrngstr MG Cap ETF-Usd 0.01% 986 $248K No change

Portfolio Sells Q3 2025 → Q4 2025
APTV Aptiv PLC Sold out 0.00% −0.90
HON Honeywell International Inc. Reduce -38.2% 0.96% −0.75
SO The Southern Co. Reduce -95.4% 0.03% −0.66
MSFT Microsoft Corp. Reduce -0.4% 4.32% −0.42
NFLX Netflix Inc. Reduce -0.1% 1.06% −0.33
IFF Intl Flavors & Fragrances Sold out 0.00% −0.32
LH Labcorp Holdings Inc. Reduce -0.4% 1.66% −0.29
HD Home Depot Inc. Reduce -5.2% 0.91% −0.24
ETN Eaton Corp. PLC Reduce -0.6% 1.10% −0.23
TMUS T-Mobile US Inc. Reduce -3.4% 0.82% −0.20
DT Dynatrace Inc. Reduce -7.2% 0.75% −0.17
CUBE Cubesmart Reduce -7.4% 0.64% −0.15
PYPL PayPal Holdings Inc. Reduce -4.9% 0.62% −0.14
ELAN Elanco Animal Health Inc. Reduce -24.7% 0.64% −0.13
EOG EOG Resources Inc. Reduce -6.8% 0.71% −0.12
JMST JPM Ultra-Short Muni Income Reduce -20.1% 0.43% −0.12
PGR Progressive Corp. Reduce -2.4% 0.80% −0.11
CI The Cigna Group Reduce -7.1% 0.71% −0.11
SRE Sempra Reduce -0.7% 1.60% −0.07
TRMB Trimble Inc. Reduce -2.6% 0.79% −0.07
LOW Lowe's Cos Inc. Reduce -3.9% 0.68% −0.07
INTU Intuit Inc. Reduce -0.2% 1.20% −0.06
PFE Pfizer Inc. Reduce -5.9% 0.58% −0.06
CVX Chevron Corp. Reduce -3.0% 0.86% −0.06
LVS Las Vegas Sands Corp. Reduce -22.3% 0.57% −0.05
NSC Norfolk Southern Corp. Reduce -1.1% 0.66% −0.05
SHM SS SPDR N Ice St Muni ETF Reduce -32.3% 0.08% −0.04
FUL H.B. Fuller Co. Reduce -5.4% 0.50% −0.04
ADBE Adobe Inc. Reduce -5.5% 0.38% −0.03
SLAB Silicon Laboratories Inc. Reduce -0.8% 0.79% −0.02
CPT Camden Property Trust Reduce -4.2% 0.72% −0.02
MDT Medtronic PLC Reduce -0.5% 1.50% −0.02
IJH iShares Core S&P Midcap ETF Reduce -45.0% 0.03% −0.02
BDX Becton Dickinson and Co. Reduce -3.7% 0.85% −0.02
MUB iShares National Muni Bond E Reduce -5.4% 0.22% −0.02
VCIT Vanguard Int-Term Corporate Sold out 0.00% −0.01
IGSB iShares 1-5Y Inv Grade Corp. Sold out 0.00% −0.01
IDEV iShares Core MSCI Dev MKTS Reduce -18.6% 0.05% −0.01
VB Vanguard Most SM-Cap ETF-Usd Reduce -3.8% 0.23% −0.01
PG The Procter & Gamble Co. Sold out 0.00% −0.01
EQIX Equinix Inc. Sold out 0.00% −0.01
CMF iShares California Muni Bond Reduce -0.9% 0.06% −0.00
VTI VG Morningstar TS MKT ETF-US Reduce -1.9% 0.06% −0.00
JNJ Johnson & Johnson Reduce -1.2% 0.05% +0.00
QCOM Qualcomm Inc. Reduce -0.2% 0.86% +0.01
TRNO Terreno Realty Corp. Reduce -0.4% 0.68% +0.01
SCHW Schwab (charles) Corp. Reduce -1.5% 1.00% +0.01
CVS CVS Health Corp. Reduce -1.6% 0.83% +0.01
BAC Bank of America Corp. Reduce -1.5% 0.91% +0.03
CRM Salesforce Inc. Reduce -2.4% 0.94% +0.06

Portfolio Buys Q3 2025 → Q4 2025
H Hyatt Hotels Corp. Class A Add +287.0% 1.82% +1.39
META Meta Platforms Inc. Class A Add +100.9% 2.21% +0.96
SARO Standardaero Inc. New 0.53% +0.53
IXUS iShares Core Intl Stock ETF Add +3.0% 7.28% +0.25
AAPL Apple Inc. Add +0.6% 4.13% +0.21
VRTX Vertex Pharmaceuticals Inc. Add +2.9% 1.21% +0.17
ICE Intercontinental Exchange Inc. Add +29.8% 0.81% +0.15
FIBK First Interstate Bancsys-A Add +19.2% 0.69% +0.15
AZN Astrazeneca PLC-Spons ADR Add +0.6% 0.92% +0.14
BA The Boeing Co. Add +18.7% 0.94% +0.14
AGNC AGNC Investment Corp. Add +0.1% 1.92% +0.13
SOLS Solstice Adv Materials Inc. Add +136.4% 0.23% +0.13
AMZN Amazon.com Inc. Add +0.0% 4.19% +0.13
PM Philip Morris International Add +21.8% 0.78% +0.12
AVGO Broadcom Inc. Add +2.2% 2.09% +0.10
GS Goldman Sachs Group Inc. Add +0.6% 1.23% +0.10
WMT Walmart Inc. Add +0.4% 1.31% +0.08
GIL Gildan Activewear Inc. Add +0.3% 1.19% +0.07
VTHR Vanguard Russell 3000 Add +99.6% 0.07% +0.03
EUSA iShares MSCI USA Equal Weigh Add +4.9% 1.01% +0.03
VFMO Vanguard US Momentum Factor Add +4.9% 1.17% +0.03
ITM Vaneck Intermediate Muni ETF Add +4.5% 0.76% +0.03
SPY SS SPDR S&P 500 ETF Trust-US Add +231.2% 0.04% +0.03
WAFD Wafd Inc. Add +1.1% 0.42% +0.02
STZ Constellation Brands Inc. Class A Add +2.4% 0.67% +0.02
GOOGL Alphabet Inc. Class A Add +7.0% 0.07% +0.02
CMCSA Comcast Corp. Class A Add +10.1% 0.62% +0.02
VOO Vanguard S&P 500 ETF Add +66.5% 0.04% +0.01
V Visa Inc. Class A Add +0.3% 1.32% +0.01
BSV Vanguard Short-Term Bond ETF New 0.01% +0.01
FANG Diamondback Energy Inc. Add +0.4% 0.36% +0.01
LIN Linde PLC Add +16.4% 0.41% +0.01
VTEB Vanguard Tax-Exempt Bond ETF Add +2.8% 0.78% +0.01
CAT Caterpillar Inc. Add +10.0% 0.03% +0.01
DGRO iShares Core Dividend Growth Add +1.6% 0.39% +0.01
ABBV Abbvie Inc. Add +20.5% 0.03% +0.00
COST Costco Wholesale Corp. Add +18.9% 0.04% +0.00
IWV iShares Russell 3000 ETF Add +16.7% 0.02% +0.00
IWF iShares Russell 1000 Growth Add +13.3% 0.01% +0.00
DE Deere & Co. Add +9.8% 0.01% +0.00
JPM JPMorgan Chase & Co. Add +1.4% 0.06% +0.00
VYM Vanguard High DVD Yield ETF Add +0.4% 0.35% +0.00
ITOT iShares Core S&P Total U.S. Add +0.2% 0.31% +0.00
TSLA Tesla Inc. Add +1.1% 0.02% 0.00
ABT Abbott Laboratories Add +8.3% 0.02% −0.00
BRK.B Berkshire Hathaway Inc. Class B Add +1.4% 0.01% −0.00
IUSB Ishr CR Unvrse Usd BD ETF-Ui Add +1.3% 0.02% −0.00
EQT Eqt Corp. Add +3.3% 0.41% −0.00
PFF iShares Preferred & Income S Add +1.4% 0.15% −0.00
NVDA Nvidia Corp. Add +1.2% 2.36% −0.02

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