Davidson Investment Advisors
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 8, 2026), Davidson Investment Advisors reported 126 stock positions worth $2.3 billion. Its top holding was iShares Core Intl Stock ETF (IXUS) at 7.9% of the portfolio, followed by Alphabet Class C (GOOG, 4.5%) and Amazon.com (AMZN, 4.2%). Compared with Q4 2025, it opened 12 new positions, sold out of 5, added to 41 and reduced 66. The biggest buy was a new position in Thermo Fisher Scientific (TMO) and the biggest sale an exit from Fortinet (FTNT).
- Most Recent 13F
- Q2 2026
- Location
- GREAT FALLS, MT
- CIK
- 0001140771
- Portfolio Value
- $2.3B (Q1 2026)
- SEC Filing
- 0001140771-26-000004 ↗ filed May 8, 2026
Holdings Value
Holdings 126 stocks · $2.3B
| IXUS iShares Core Intl Stock ETF | 7.93% | 2,121,117 | $183.8M | Add +2.6% |
| GOOG Alphabet Inc. Class C | 4.49% | 362,452 | $104.0M | Reduce -3.8% |
| AMZN Amazon.com Inc. | 4.17% | 464,063 | $96.7M | Add +6.5% |
| MSFT Microsoft Corp. | 3.98% | 249,295 | $92.3M | Add +16.1% |
| AAPL Apple Inc. | 3.87% | 353,718 | $89.8M | Reduce -3.1% |
| TSM Taiwan Semiconductor-SP ADR | 3.05% | 209,443 | $70.8M | Reduce -3.3% |
| NVDA Nvidia Corp. | 2.55% | 339,293 | $59.2M | Add +11.7% |
| RTX RTX Corp. | 2.11% | 253,910 | $49.0M | Reduce -5.8% |
| META Meta Platforms Inc. Class A | 2.09% | 84,793 | $48.5M | Add +5.5% |
| H Hyatt Hotels Corp. Class A | 1.82% | 293,504 | $42.2M | Add +7.7% |
| SRE Sempra | 1.78% | 425,434 | $41.3M | Reduce -2.5% |
| AGNC AGNC Investment Corp. | 1.74% | 4,023,889 | $40.4M | Reduce -6.4% |
| LH Labcorp Holdings Inc. | 1.58% | 137,008 | $36.6M | Reduce -14.1% |
| C Citigroup Inc. | 1.55% | 317,539 | $36.0M | Reduce -26.5% |
| AVGO Broadcom Inc. | 1.36% | 101,965 | $31.6M | Reduce -29.6% |
| MDT Medtronic PLC | 1.36% | 363,700 | $31.5M | Reduce -2.8% |
| VFMO Vanguard US Momentum Factor | 1.31% | 153,518 | $30.3M | Add +4.7% |
| ETN Eaton Corp. PLC | 1.27% | 82,133 | $29.4M | Reduce -1.1% |
| WMT Walmart Inc. | 1.21% | 224,876 | $27.9M | Reduce -20.3% |
| CVX Chevron Corp. | 1.19% | 133,618 | $27.6M | Reduce -2.0% |
| GS Goldman Sachs Group Inc. | 1.18% | 32,327 | $27.3M | Reduce -3.9% |
| ADI Analog Devices Inc. | 1.17% | 85,428 | $27.2M | Reduce -4.7% |
| CI The Cigna Group | 1.15% | 99,869 | $26.6M | Add +61.2% |
| FDX FedEx Corp. | 1.14% | 74,340 | $26.5M | Reduce -14.1% |
| V Visa Inc. Class A | 1.14% | 87,255 | $26.4M | Reduce -3.5% |
| HON Honeywell International Inc. | 1.12% | 114,519 | $25.9M | Reduce -3.0% |
| NFLX Netflix Inc. | 1.09% | 263,912 | $25.4M | Reduce -3.2% |
| EUSA iShares MSCI USA Equal Weigh | 1.09% | 248,620 | $25.3M | Add +6.0% |
| CSCO Cisco Systems Inc. | 1.09% | 324,766 | $25.2M | Reduce -8.3% |
| ANET Arista Networks Inc. | 1.06% | 200,192 | $24.6M | Reduce -3.9% |
| GIL Gildan Activewear Inc. | 1.06% | 439,622 | $24.5M | Reduce -4.0% |
| EOG EOG Resources Inc. | 1.04% | 167,294 | $24.2M | Add +3.1% |
| VRTX Vertex Pharmaceuticals Inc. | 0.99% | 51,222 | $22.9M | Reduce -20.3% |
| OTIS Otis Worldwide Corp. | 0.98% | 295,674 | $22.8M | Add +2.5% |
| AZN Astrazeneca PLC | 0.98% | 115,341 | $22.7M | Reduce -3.9% |
| SCHW Schwab (charles) Corp. | 0.96% | 235,934 | $22.2M | Reduce -2.0% |
| HD Home Depot Inc. | 0.92% | 64,932 | $21.4M | Add +1.8% |
| BA The Boeing Co. | 0.88% | 102,657 | $20.4M | Reduce -1.2% |
| TMUS T-Mobile US Inc. | 0.88% | 97,193 | $20.4M | Reduce -0.0% |
| CTVA Corteva Inc. | 0.88% | 243,812 | $20.4M | Reduce -3.3% |
| TMO Thermo Fisher Scientific Inc. | 0.85% | 39,886 | $19.6M | New |
| VTEB Vanguard Tax-Exempt Bond ETF | 0.84% | 391,387 | $19.5M | Add +5.2% |
| PM Philip Morris International | 0.82% | 115,594 | $19.1M | Reduce -1.0% |
| EXC Exelon Corp. | 0.82% | 387,723 | $19.0M | Reduce -3.7% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.81% | 386,768 | $18.9M | Reduce -2.2% |
| ITM Vaneck Intermediate Muni ETF | 0.81% | 404,367 | $18.8M | Add +4.6% |
| ICE Intercontinental Exchange Inc. | 0.81% | 119,361 | $18.8M | Reduce -1.2% |
| STZ Constellation Brands Inc. Class A | 0.80% | 123,417 | $18.5M | Add +5.6% |
| QCOM Qualcomm Inc. | 0.79% | 142,297 | $18.3M | Add +18.4% |
| INTU Intuit Inc. | 0.78% | 41,730 | $18.0M | Reduce -4.1% |
| BMY Bristol-Myers Squibb Co. | 0.77% | 293,103 | $17.8M | Reduce -2.1% |
| CVS CVS Health Corp. | 0.76% | 246,079 | $17.7M | Reduce -1.9% |
| PANW Palo Alto Networks Inc. | 0.74% | 106,518 | $17.1M | New |
| TRNO Terreno Realty Corp. | 0.73% | 274,864 | $16.9M | Reduce -0.8% |
| PGR Progressive Corp. | 0.72% | 83,945 | $16.6M | Reduce -0.7% |
| CUBE Cubesmart | 0.71% | 447,155 | $16.4M | Add +5.0% |
| LOW Lowe's Cos Inc. | 0.70% | 69,123 | $16.3M | Add +1.7% |
| PFE Pfizer Inc. | 0.70% | 578,456 | $16.2M | Add +3.7% |
| DT Dynatrace Inc. | 0.70% | 439,026 | $16.2M | Add +6.0% |
| CRM Salesforce Inc. | 0.70% | 86,883 | $16.2M | Add +2.1% |
| ELAN Elanco Animal Health Inc. | 0.69% | 670,447 | $16.0M | Reduce -1.5% |
| FIBK First Interstate Bancsys-A | 0.69% | 480,242 | $16.0M | Reduce -0.3% |
| EQT Eqt Corp. | 0.69% | 251,123 | $16.0M | Add +36.2% |
| TRMB Trimble Inc. | 0.68% | 241,074 | $15.7M | Reduce -0.9% |
| CMCSA Comcast Corp. Class A | 0.68% | 546,879 | $15.7M | Add +9.8% |
| SARO Standardaero Inc. | 0.68% | 607,047 | $15.7M | Add +35.6% |
| CPT Camden Property Trust | 0.67% | 158,880 | $15.5M | Add +1.2% |
| CP Canadian Pacific Kansas City | 0.64% | 188,472 | $14.8M | New |
| GBCI Glacier Bancorp Inc. | 0.58% | 299,582 | $13.4M | New |
| FUL H.B. Fuller Co. filed as FULLER H B CO | 0.56% | 209,434 | $12.9M | Add +2.7% |
| LIN Linde PLC | 0.53% | 24,798 | $12.3M | Add +7.7% |
| PYPL PayPal Holdings Inc. | 0.52% | 266,564 | $12.1M | Add +4.8% |
| BRBR Bellring Brands Inc. | 0.52% | 741,961 | $11.9M | Add +146.8% |
| FANG Diamondback Energy Inc. | 0.49% | 57,022 | $11.3M | Reduce -1.4% |
| JMST JPM Ultra-Short Muni Income filed as J P MORGAN EXCHANGE TRADED F | 0.48% | 216,831 | $11.1M | Add +7.6% |
| SLAB Silicon Laboratories Inc. | 0.47% | 52,517 | $10.9M | Reduce -64.0% |
| DGRO iShares Core Dividend Growth | 0.42% | 140,115 | $9.8M | Add +3.4% |
| WAFD Wafd Inc. | 0.41% | 302,048 | $9.5M | Reduce -3.3% |
| EXE Expand Energy Corp. | 0.38% | 81,025 | $8.9M | New |
| VYM Vanguard High DVD Yield ETF | 0.37% | 58,029 | $8.6M | Reduce -0.2% |
| ITOT iShares Core S&P Total U.S. | 0.31% | 50,274 | $7.2M | Reduce -0.0% |
| ZTS Zoetis Inc. | 0.27% | 53,824 | $6.4M | New |
| VB Vanguard Most SM-Cap ETF-Usd | 0.24% | 20,910 | $5.5M | Reduce -1.1% |
| MUB iShares National Muni Bond E | 0.23% | 49,160 | $5.2M | Reduce -1.4% |
| PFF iShares Preferred & Income S | 0.16% | 121,591 | $3.7M | Add +6.7% |
| SHM SS SPDR N Ice St Muni ETF | 0.10% | 47,358 | $2.3M | Add +14.6% |
| JNJ Johnson & Johnson | 0.07% | 6,831 | $1.7M | Add +13.4% |
| GOOGL Alphabet Inc. Class A | 0.07% | 5,322 | $1.5M | Add +1.0% |
| CMF iShares California Muni Bond | 0.06% | 23,168 | $1.3M | Reduce -1.1% |
| VTI VG Morningstar TS MKT ETF-US | 0.06% | 4,052 | $1.3M | Reduce -11.6% |
| COST Costco Wholesale Corp. | 0.05% | 1,252 | $1.2M | Add +18.7% |
| JPM JPMorgan Chase & Co. | 0.05% | 4,228 | $1.2M | Add +1.8% |
| CAT Caterpillar Inc. | 0.04% | 1,389 | $984K | Reduce -2.8% |
| VTHR Vanguard Russell 3000 | 0.04% | 3,246 | $933K | Reduce -38.6% |
| IDEV iShares Core MSCI Dev MKTS | 0.04% | 10,061 | $841K | Reduce -25.8% |
| GLD SPDR Gold Shares | 0.04% | 1,945 | $837K | No change |
| ABBV Abbvie Inc. | 0.03% | 3,477 | $756K | Reduce -1.4% |
| SO The Southern Co. | 0.03% | 7,300 | $705K | Reduce -8.5% |
| IJH iShares Core S&P Midcap ETF | 0.03% | 9,747 | $658K | No change |
| MS Morgan Stanley | 0.02% | 3,427 | $564K | No change |
Portfolio Sells Q4 2025 → Q1 2026
| FTNT Fortinet Inc. | Sold out | 0.00% | −0.91 |
| BDX Becton Dickinson and Co. | Reduce -98.0% | 0.01% | −0.84 |
| AVGO Broadcom Inc. | Reduce -29.6% | 1.36% | −0.73 |
| NSC Norfolk Southern Corp. | Sold out | 0.00% | −0.66 |
| LVS Las Vegas Sands Corp. | Reduce -96.9% | 0.01% | −0.55 |
| C Citigroup Inc. | Reduce -26.5% | 1.55% | −0.54 |
| GOOG Alphabet Inc. Class C | Reduce -3.8% | 4.49% | −0.43 |
| INTU Intuit Inc. | Reduce -4.1% | 0.78% | −0.42 |
| ADBE Adobe Inc. | Sold out | 0.00% | −0.38 |
| SLAB Silicon Laboratories Inc. | Reduce -64.0% | 0.47% | −0.32 |
| AAPL Apple Inc. | Reduce -3.1% | 3.87% | −0.26 |
| SOLS Solstice Adv Materials Inc. | Sold out | 0.00% | −0.23 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -20.3% | 0.99% | −0.22 |
| V Visa Inc. Class A | Reduce -3.5% | 1.14% | −0.18 |
| AGNC AGNC Investment Corp. | Reduce -6.4% | 1.74% | −0.18 |
| MDT Medtronic PLC | Reduce -2.8% | 1.36% | −0.14 |
| GIL Gildan Activewear Inc. | Reduce -4.0% | 1.06% | −0.13 |
| TRMB Trimble Inc. | Reduce -0.9% | 0.68% | −0.11 |
| WMT Walmart Inc. | Reduce -20.3% | 1.21% | −0.10 |
| BAC Bank of America Corp. | Reduce -2.2% | 0.81% | −0.09 |
| LH Labcorp Holdings Inc. | Reduce -14.1% | 1.58% | −0.09 |
| PGR Progressive Corp. | Reduce -0.7% | 0.72% | −0.08 |
| ANET Arista Networks Inc. | Reduce -3.9% | 1.06% | −0.08 |
| CVS CVS Health Corp. | Reduce -1.9% | 0.76% | −0.07 |
| BA The Boeing Co. | Reduce -1.2% | 0.88% | −0.06 |
| GS Goldman Sachs Group Inc. | Reduce -3.9% | 1.18% | −0.05 |
| CSCO Cisco Systems Inc. | Reduce -8.3% | 1.09% | −0.05 |
| SCHW Schwab (charles) Corp. | Reduce -2.0% | 0.96% | −0.04 |
| VTHR Vanguard Russell 3000 | Reduce -38.6% | 0.04% | −0.03 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -65.6% | 0.01% | −0.02 |
| IWF iShares Russell 1000 Growth | Sold out | 0.00% | −0.01 |
| VOO Vanguard S&P 500 ETF | Reduce -36.6% | 0.02% | −0.01 |
| IDEV iShares Core MSCI Dev MKTS | Reduce -25.8% | 0.04% | −0.01 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -11.6% | 0.06% | −0.01 |
| WAFD Wafd Inc. | Reduce -3.3% | 0.41% | −0.01 |
| APO Apollo Global Management Inc. | Reduce -6.6% | 0.01% | −0.01 |
| ICE Intercontinental Exchange Inc. | Reduce -1.2% | 0.81% | −0.00 |
| ABT Abbott Laboratories | Reduce -9.2% | 0.01% | −0.00 |
| LLY Eli Lilly & Co. | Reduce -17.7% | 0.01% | −0.00 |
| IJR iShares Core S&P Small-Cap E | Reduce -21.9% | 0.01% | −0.00 |
| VXUS Vanguard Total Intl Stock | Reduce -20.3% | 0.01% | −0.00 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -19.2% | 0.01% | −0.00 |
| ITOT iShares Core S&P Total U.S. | Reduce -0.0% | 0.31% | −0.00 |
| SYK Stryker Corp. | Reduce -7.4% | 0.02% | −0.00 |
| FIBK First Interstate Bancsys-A | Reduce -0.3% | 0.69% | −0.00 |
| ABBV Abbvie Inc. | Reduce -1.4% | 0.03% | −0.00 |
| DE Deere & Co. | Reduce -16.0% | 0.01% | +0.00 |
| CMF iShares California Muni Bond | Reduce -1.1% | 0.06% | +0.00 |
| SO The Southern Co. | Reduce -8.5% | 0.03% | +0.00 |
| MUB iShares National Muni Bond E | Reduce -1.4% | 0.23% | +0.00 |
Portfolio Buys Q4 2025 → Q1 2026
| TMO Thermo Fisher Scientific Inc. | New | 0.85% | +0.85 |
| PANW Palo Alto Networks Inc. | New | 0.74% | +0.74 |
| IXUS iShares Core Intl Stock ETF | Add +2.6% | 7.93% | +0.65 |
| CP Canadian Pacific Kansas City | New | 0.64% | +0.64 |
| GBCI Glacier Bancorp Inc. | New | 0.58% | +0.58 |
| CI The Cigna Group | Add +61.2% | 1.15% | +0.44 |
| EXE Expand Energy Corp. | New | 0.38% | +0.38 |
| EOG EOG Resources Inc. | Add +3.1% | 1.04% | +0.33 |
| EQT Eqt Corp. | Add +36.2% | 0.69% | +0.28 |
| ZTS Zoetis Inc. | New | 0.27% | +0.27 |
| NVDA Nvidia Corp. | Add +11.7% | 2.55% | +0.20 |
| BRBR Bellring Brands Inc. | Add +146.8% | 0.52% | +0.18 |
| SARO Standardaero Inc. | Add +35.6% | 0.68% | +0.14 |
| VFMO Vanguard US Momentum Factor | Add +4.7% | 1.31% | +0.14 |
| STZ Constellation Brands Inc. Class A | Add +5.6% | 0.80% | +0.13 |
| PFE Pfizer Inc. | Add +3.7% | 0.70% | +0.12 |
| LIN Linde PLC | Add +7.7% | 0.53% | +0.12 |
| EUSA iShares MSCI USA Equal Weigh | Add +6.0% | 1.09% | +0.08 |
| CUBE Cubesmart | Add +5.0% | 0.71% | +0.07 |
| VTEB Vanguard Tax-Exempt Bond ETF | Add +5.2% | 0.84% | +0.06 |
| CMCSA Comcast Corp. Class A | Add +9.8% | 0.68% | +0.06 |
| FUL H.B. Fuller Co. | Add +2.7% | 0.56% | +0.05 |
| ITM Vaneck Intermediate Muni ETF | Add +4.6% | 0.81% | +0.05 |
| JMST JPM Ultra-Short Muni Income | Add +7.6% | 0.48% | +0.05 |
| DGRO iShares Core Dividend Growth | Add +3.4% | 0.42% | +0.03 |
| LOW Lowe's Cos Inc. | Add +1.7% | 0.70% | +0.02 |
| JNJ Johnson & Johnson | Add +13.4% | 0.07% | +0.02 |
| CMI Cummins Inc. | New | 0.02% | +0.02 |
| COST Costco Wholesale Corp. | Add +18.7% | 0.05% | +0.02 |
| SHM SS SPDR N Ice St Muni ETF | Add +14.6% | 0.10% | +0.02 |
| PFF iShares Preferred & Income S | Add +6.7% | 0.16% | +0.01 |
| NEE Nextera Energy Inc. | New | 0.01% | +0.01 |
| LRCX Lam Research Corp. | New | 0.01% | +0.01 |
| EQIX Equinix Inc. | New | 0.01% | +0.01 |
| CB Chubb Ltd. | New | 0.01% | +0.01 |
| XOM Exxon Mobil Corp. | New | 0.01% | +0.01 |
| HD Home Depot Inc. | Add +1.8% | 0.92% | +0.01 |
| H Hyatt Hotels Corp. Class A | Add +7.7% | 1.82% | +0.00 |
| MGC Vngrd Mrngstr MG Cap ETF-Usd | Add +22.1% | 0.01% | +0.00 |
| IUSB Ishr CR Unvrse Usd BD ETF-Ui | Add +1.4% | 0.02% | +0.00 |
| NYF iShares New York Muni Bond E | Add +2.6% | 0.01% | +0.00 |
| JPM JPMorgan Chase & Co. | Add +1.8% | 0.05% | −0.00 |
| ORCL Oracle Corp. | Add +6.2% | 0.01% | −0.00 |
| GOOGL Alphabet Inc. Class A | Add +1.0% | 0.07% | −0.00 |
| AMZN Amazon.com Inc. | Add +6.5% | 4.17% | −0.02 |
| DT Dynatrace Inc. | Add +6.0% | 0.70% | −0.05 |
| CPT Camden Property Trust | Add +1.2% | 0.67% | −0.05 |
| QCOM Qualcomm Inc. | Add +18.4% | 0.79% | −0.06 |
| OTIS Otis Worldwide Corp. | Add +2.5% | 0.98% | −0.07 |
| PYPL PayPal Holdings Inc. | Add +4.8% | 0.52% | −0.10 |
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 |