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

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

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
IUSB Ishr CR Unvrse Usd BD ETF-Ui 0.02% 12,003 $554K Add +1.4%
VOO Vanguard S&P 500 ETF 0.02% 898 $537K Reduce -36.6%
CMI Cummins Inc. 0.02% 812 $437K New
SYK Stryker Corp. 0.02% 1,255 $412K Reduce -7.4%
IWV iShares Russell 3000 ETF 0.02% 1,050 $389K No change
LVS Las Vegas Sands Corp. 0.01% 6,462 $348K Reduce -96.9%
APO Apollo Global Management Inc. 0.01% 3,020 $336K Reduce -6.6%
TSLA Tesla Inc. 0.01% 890 $331K No change
BDX Becton Dickinson and Co. 0.01% 2,072 $326K Reduce -98.0%
IJR iShares Core S&P Small-Cap E 0.01% 2,616 $325K Reduce -21.9%
VXUS Vanguard Total Intl Stock 0.01% 4,152 $320K Reduce -20.3%
DE Deere & Co. 0.01% 566 $319K Reduce -16.0%
BSV Vanguard Short-Term Bond ETF 0.01% 4,000 $314K No change
ABT Abbott Laboratories 0.01% 2,978 $306K Reduce -9.2%
SPY SS SPDR S&P 500 ETF Trust-US 0.01% 442 $287K Reduce -65.6%
MGK Vngrd Mrgstr MG CP GR ETF-Ui 0.01% 780 $287K No change
MGC Vngrd Mrngstr MG Cap ETF-Usd 0.01% 1,204 $285K Add +22.1%
NYF iShares New York Muni Bond E 0.01% 5,071 $269K Add +2.6%
ORCL Oracle Corp. 0.01% 1,725 $254K Add +6.2%
NEE Nextera Energy Inc. 0.01% 2,687 $250K New
LRCX Lam Research Corp. 0.01% 1,050 $224K New
EQIX Equinix Inc. 0.01% 223 $219K New
BRK.B Berkshire Hathaway Inc. Class B 0.01% 454 $218K Reduce -19.2%
CB Chubb Ltd. 0.01% 665 $217K New
LLY Eli Lilly & Co. 0.01% 232 $213K Reduce -17.7%
XOM Exxon Mobil Corp. 0.01% 1,213 $206K New

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

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