Victory Capital Management Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Victory Capital Management Inc. reported 2,373 stock positions worth $169.3 billion. Its top holding was Qualcomm (QCOM) at 6.4% of the portfolio, followed by Nvidia (NVDA, 3.6%) and Microsoft (MSFT, 3.4%). Compared with Q2 2025, it opened 94 new positions, sold out of 155, added to 919 and reduced 1,335. The biggest buy was Qualcomm (QCOM, shares +39%) and the biggest sale Teck Resources Ltd.-CLS B (TECK, shares −89%).
- Most Recent 13F
- Q2 2026
- Location
- San Antonio, TX
- CIK
- 0001040188
- Portfolio Value
- $169.3B (Q3 2025)
- SEC Filing
- 0001040188-25-000097 ↗ filed Nov 12, 2025
Holdings Value
Holdings 2,373 stocks · $169.3B
| QCOM Qualcomm Inc. | 6.42% | 3,887,577 | $10.9B | Add +39.0% |
| NVDA Nvidia Corp. | 3.64% | 35,067,622 | $6.2B | Add +4.2% |
| MSFT Microsoft Corp. | 3.43% | 11,647,983 | $5.8B | Add +4.1% |
| AAPL Apple Inc. | 2.83% | 19,484,972 | $4.8B | Add +2.5% |
| AMZN Amazon.com Inc. | 2.53% | 19,277,047 | $4.3B | Reduce -1.6% |
| GOOGL Alphabet Inc. Class A | 1.55% | 10,845,653 | $2.6B | Add +3.3% |
| AVGO Broadcom Inc. | 1.19% | 6,082,630 | $2.0B | Reduce -5.9% |
| GOOG Alphabet Inc. Class C | 1.04% | 7,199,593 | $1.8B | Reduce -1.4% |
| LLY Eli Lilly & Co. | 0.92% | 2,309,006 | $1.6B | Add +47.6% |
| META Meta Platforms Inc. Class A | 0.89% | 2,042,469 | $1.5B | Reduce -5.1% |
| V Visa Inc. Class A | 0.85% | 4,391,626 | $1.4B | Add +13.9% |
| AMD Advanced Micro Devices | 0.83% | 8,910,031 | $1.4B | Reduce -2.0% |
| TFC Truist Financial Corp. | 0.80% | 29,738,105 | $1.4B | Reduce -5.9% |
| ORCL Oracle Corp. | 0.78% | 4,822,433 | $1.3B | Reduce -29.0% |
| CSCO Cisco Systems Inc. | 0.74% | 18,235,392 | $1.3B | Add +6.3% |
| JNJ Johnson & Johnson | 0.74% | 4,594,658 | $1.3B | Add +9.0% |
| UBER Uber Technologies Inc. | 0.70% | 11,688,896 | $1.2B | Reduce -24.6% |
| MA Mastercard Inc. Class A | 0.63% | 1,889,977 | $1.1B | Reduce -4.5% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.60% | 3,627,939 | $1.0B | Add +2.9% |
| SNPS Synopsys Inc. | 0.60% | 2,824,349 | $1.0B | Add +238.8% |
| MLM Martin Marietta Materials | 0.60% | 1,612,808 | $1.0B | Reduce -1.9% |
| ES Eversource Energy | 0.57% | 5,900,662 | $970.7M | Add +9.4% |
| APH Amphenol Corp. Class A | 0.57% | 7,346,876 | $963.1M | Reduce -14.2% |
| PWR Quanta Services Inc. | 0.53% | 2,156,578 | $893.1M | Add +8.8% |
| TSLA Tesla Inc. | 0.51% | 1,936,986 | $861.4M | Reduce -0.3% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.51% | 16,607,775 | $856.3M | Add +7.1% |
| HD Home Depot Inc. | 0.50% | 2,020,798 | $842.2M | Reduce -2.9% |
| MCHP Microchip Technology Inc. | 0.48% | 12,006,088 | $806.8M | Add +11.3% |
| VRTX Vertex Pharmaceuticals Inc. | 0.47% | 2,247,566 | $787.3M | Add +4.3% |
| BJ Bj's Wholesale Club Holdings filed as BJS WHSL CLUB HLDGS INC | 0.45% | 8,225,865 | $768.7M | Add +60.1% |
| LH Labcorp Holdings Inc. | 0.45% | 2,637,350 | $756.9M | Add +20.0% |
| JPM JPMorgan Chase & Co. | 0.44% | 2,361,837 | $745.0M | Add +2.8% |
| BKNG Booking Holdings Inc. | 0.43% | 215,871 | $722.2M | Add +61.6% |
| INTU Intuit Inc. | 0.41% | 1,054,331 | $701.2M | Add +2.6% |
| GEV GE Vernova Inc. | 0.41% | 1,139,115 | $700.1M | Reduce -5.5% |
| UITB Victoryshares Core Intermedi | 0.41% | 14,727,145 | $699.8M | No change |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.41% | 5,481,126 | $694.8M | Add +0.3% |
| GS Goldman Sachs Group Inc. | 0.41% | 867,023 | $690.2M | Reduce -20.2% |
| PINS Pinterest Inc. Class A | 0.41% | 20,550,242 | $685.9M | Add +18.5% |
| NFLX Netflix Inc. | 0.40% | 565,747 | $678.3M | Reduce -3.8% |
| UPS United Parcel Service Class B | 0.39% | 7,991,490 | $667.1M | Add +10.5% |
| STT State Street Corp. | 0.39% | 3,485,372 | $652.7M | Reduce -25.6% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.38% | 4,279,296 | $646.9M | Reduce -9.8% |
| NOW ServiceNow Inc. | 0.37% | 1,033,496 | $630.9M | Add +49.3% |
| EXPE Expedia Group Inc. | 0.36% | 2,881,088 | $615.8M | Reduce -20.4% |
| LNT Alliant Energy Corp. | 0.36% | 9,122,867 | $615.0M | Reduce -8.6% |
| ORLY O'reilly Automotive Inc. | 0.35% | 5,416,407 | $600.7M | Reduce -12.2% |
| AEP American Electric Power | 0.35% | 5,379,342 | $595.2M | Add +105.6% |
| HBAN Huntington Bancshares Inc. | 0.35% | 34,230,988 | $594.1M | Add +15.7% |
| ISRG Intuitive Surgical Inc. | 0.34% | 1,941,310 | $581.9M | Add +41.3% |
| XOM Exxon Mobil Corp. | 0.34% | 5,094,061 | $574.4M | Add +12.5% |
| EME Emcor Group Inc. | 0.34% | 949,360 | $572.4M | Add +48.8% |
| RRX Regal Rexnord Corp. | 0.33% | 3,968,101 | $567.0M | Add +138.4% |
| CRM Salesforce Inc. | 0.33% | 2,266,063 | $551.9M | Reduce -6.2% |
| AMAT Applied Materials Inc. | 0.32% | 2,683,635 | $549.2M | Reduce -15.7% |
| CMS CMS Energy Corp. | 0.32% | 7,477,821 | $547.8M | Add +45.2% |
| FE Firstenergy Corp. | 0.32% | 3,528,747 | $541.9M | Add +104.3% |
| KEYS Keysight Technologies Inc. | 0.31% | 3,021,463 | $528.5M | Add +8.5% |
| FCX Freeport-McMoran Inc. | 0.31% | 13,471,724 | $528.0M | Reduce -30.9% |
| KLAC KLA Corp. | 0.31% | 484,292 | $522.1M | Reduce -16.7% |
| LOW Lowe's Cos Inc. | 0.31% | 2,058,086 | $517.2M | Add +207.2% |
| PFGC Performance Food Group Co. | 0.30% | 4,948,654 | $514.9M | Reduce -20.5% |
| CTRA Coterra Energy Inc. | 0.30% | 21,581,809 | $510.4M | Add +2.5% |
| PANW Palo Alto Networks Inc. | 0.30% | 2,467,692 | $502.3M | Add +108.3% |
| MSI Motorola Solutions Inc. | 0.29% | 1,203,661 | $490.3M | Add +56.6% |
| RJF Raymond James Financial Inc. | 0.28% | 2,764,001 | $477.1M | Reduce -2.6% |
| LNG Cheniere Energy Inc. | 0.28% | 2,025,609 | $475.6M | Add +21.6% |
| ICE Intercontinental Exchange Inc. | 0.28% | 2,788,241 | $475.0M | Reduce -13.9% |
| FNF Fidelity National Financial | 0.28% | 7,849,769 | $474.8M | Reduce -11.9% |
| ADBE Adobe Inc. | 0.28% | 1,341,410 | $469.5M | Add +112.6% |
| APO Apollo Global Management Inc. | 0.27% | 3,452,906 | $459.9M | Add +46.0% |
| WTW Willis Towers Watson PLC | 0.27% | 1,327,034 | $458.4M | Reduce -15.6% |
| CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC | 0.27% | 5,013,846 | $449.7M | Add +10.6% |
| CASY Casey's General Stores Inc. | 0.26% | 791,415 | $447.4M | Add +35.4% |
| NRG NRG Energy Inc. | 0.26% | 2,759,860 | $446.8M | Reduce -23.4% |
| DGX Quest Diagnostics Inc. | 0.26% | 2,343,974 | $446.7M | Reduce -16.6% |
| MKSI MKS Inc. | 0.26% | 3,582,216 | $443.4M | Reduce -7.3% |
| LECO Lincoln Electric Holdings | 0.26% | 1,850,816 | $436.5M | Add +4.1% |
| CSX CSX Corp. | 0.26% | 12,264,537 | $435.5M | Add +648.4% |
| AFG American Financial Group Inc. | 0.26% | 2,963,942 | $431.9M | Add +12.8% |
| BKR Baker Hughes Co. | 0.25% | 8,827,769 | $430.1M | Reduce -22.8% |
| HIG Hartford Insurance Group Inc. | 0.25% | 3,175,377 | $423.6M | Reduce -8.1% |
| ROST Ross Stores Inc. | 0.25% | 2,489,530 | $423.1M | Reduce -37.6% |
| NNN NNN REIT Inc. | 0.25% | 9,876,747 | $420.5M | Add +4.3% |
| TRMB Trimble Inc. | 0.25% | 5,125,866 | $418.5M | Reduce -7.6% |
| XYL Xylem Inc. | 0.25% | 2,823,411 | $416.5M | Reduce -2.0% |
| DVN Devon Energy Corp. | 0.25% | 11,845,958 | $415.3M | Add +5.0% |
| NEM Newmont Corp. | 0.24% | 4,925,237 | $414.3M | Add +33.8% |
| ELS Equity Lifestyle Properties | 0.24% | 6,823,626 | $414.2M | Add +32.5% |
| PFE Pfizer Inc. | 0.24% | 16,186,751 | $413.4M | Add +7.1% |
| MRK Merck & Co. Inc. | 0.23% | 4,733,323 | $397.3M | Add +6.8% |
| USFD US Foods Holding Corp. | 0.23% | 5,123,674 | $392.6M | Reduce -38.3% |
| PKG Packaging Corp. of America | 0.23% | 1,788,060 | $389.7M | Add +21.2% |
| LAMR Lamar Advertising Co. Class A | 0.23% | 3,157,478 | $386.5M | Reduce -2.3% |
| AWK American Water Works Co. Inc. | 0.22% | 2,736,206 | $380.9M | Reduce -11.8% |
| PLTR Palantir Technologies Inc. Class A | 0.22% | 2,070,499 | $377.7M | Add +12.1% |
| CCK Crown Holdings Inc. | 0.22% | 3,908,912 | $377.6M | Reduce -19.2% |
| HOLX Hologic Inc. | 0.22% | 5,470,045 | $369.2M | Reduce -0.5% |
| PEP Pepsico Inc. | 0.21% | 2,589,053 | $363.6M | Add +14.3% |
| RPM RPM International Inc. | 0.21% | 3,072,551 | $362.2M | Add +9.3% |
Other holdings (42): bonds, preferreds, convertibles and warrants · $1.7B (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 71,210 | $91.1M | Reduce -1.1% |
| ENVISTA HOLDINGS CORP (NVST 1.75 08/15/28) | NOTE 1.750% 8/1 · principal | 95,855,000 | $90.4M | Reduce -1.8% |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | 85,098,000 | $86.3M | Reduce -3.8% |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 69,788 | $86.1M | Reduce -2.6% |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | 58,449,000 | $86.0M | Add +1.1% |
| APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) | SER A MAND CNV | 1,194,437 | $83.9M | Reduce -2.0% |
| EXPEDIA GROUP INC (EXPE 0 02/15/26) | NOTE 2/1 · principal | 75,559,000 | $76.2M | Reduce -15.0% |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | NOTE 4.125% 4/1 · principal | 70,023,000 | $75.1M | Reduce -1.8% |
| KKR & CO INC (KKR 6.25 03/01/28 D) | 6.25 CON SER D | 1,384,320 | $72.5M | Add +15.1% |
| VENTAS REALTY LP (VTR 3.75 06/01/26) | NOTE 3.750% 6/0 · principal | 54,777,000 | $70.6M | Add +0.8% |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | 74,258,000 | $67.9M | Reduce -1.4% |
| MERITAGE HOMES CORP (MTH 1.75 05/15/28) | NOTE 1.750% 5/1 · principal | 65,567,000 | $67.1M | Add +13.1% |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | 56,618,000 | $64.7M | Reduce -1.4% |
| ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) | 6.75 SE B PFD | 1,184,647 | $58.9M | Reduce -1.8% |
| NEXTERA ENERGY INC (NEE 7.299 06/01/27) | UNIT 06/01/2027 | 1,150,206 | $57.4M | Add +143.1% |
| SOUTHERN CO (SO 3.875 12/15/25) | NOTE 3.875%12/1 · principal | 46,408,000 | $52.3M | Reduce -2.8% |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | 51,610,000 | $51.7M | Reduce -1.5% |
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | 38,931,000 | $44.4M | Add +106.7% |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | 41,029,000 | $37.2M | Reduce -0.9% |
| NEW MOUNTAIN FINANCE COR (NMFC 7.5 10/15/25) | NOTE 7.500%10/1 · principal | 36,670,000 | $36.7M | Reduce -3.0% |
| ALLIANT ENERGY CORP (LNT 3.875 03/15/26) | NOTE 3.875% 3/1 · principal | 32,358,000 | $34.8M | Reduce -1.6% |
| NEXTERA ENERGY INC (NEE 7.234 11/01/27) | UNIT 11/01/2027 | 734,072 | $34.5M | Add +143.9% |
| CMS ENERGY CORP (CMS 3.375 05/01/28) | NOTE 3.375% 5/0 · principal | 27,316,000 | $29.9M | Reduce -2.3% |
| REDWOOD TRUST INC (RWT 7.75 06/15/27) | NOTE 7.750% 6/1 · principal | 24,685,100 | $25.4M | Add +205.4% |
| CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) | NOTE 4.250% 8/1 · principal | 21,300,000 | $23.6M | No change |
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | 24,493,000 | $23.0M | Reduce -1.9% |
| EVERGY INC (EVRG 4.5 12/15/27) | NOTE 4.500%12/1 · principal | 14,357,000 | $18.0M | Reduce -3.9% |
| BIOMARIN PHARMACEUTICAL (BMRN 1.25 05/15/27) | NOTE 1.250% 5/1 · principal | 18,702,000 | $17.7M | Reduce -2.9% |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | 15,531,000 | $17.7M | Reduce -2.4% |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | 238,506 | $16.6M | Reduce -2.4% |
| WEC ENERGY GROUP INC (WEC 4.375 06/01/29) | NOTE 4.375% 6/0 · principal | 12,724,000 | $15.6M | Add +98.5% |
| CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29) | NOTE 5.125%11/1 · principal | 13,235,000 | $13.2M | New |
| DEXCOM INC (DXCM 0.25 11/15/25) | NOTE 0.250%11/1 · principal | 12,695,000 | $12.6M | Reduce -2.0% |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | 13,459,000 | $12.3M | Reduce -3.7% |
| BLOCK INC (XYZ 0.25 11/01/27) | NOTE 0.250%11/0 · principal | 12,480,000 | $11.4M | No change |
| WEC ENERGY GROUP INC (WEC 4.375 06/01/27) | NOTE 4.375% 6/0 · principal | 7,910,000 | $9.5M | Add +46.2% |
| ALBEMARLE CORP (ALB 7.25 03/01/27) | 7.25% DEP SHS A | 217,609 | $8.2M | Reduce -6.3% |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 5,571,000 | $6.1M | Reduce -3.2% |
| PENNYMAC CORP (PMT 5.5 03/15/26) | NOTE 5.500% 3/1 · principal | 4,895,000 | $4.9M | Add +192.8% |
| BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27) | NOTE 5.500% 3/1 · principal | 4,230,000 | $4.2M | Reduce -41.5% |
| SOUTHERN CO (SO 4.5 06/15/27) | NOTE 4.500% 6/1 · principal | 2,850,000 | $3.2M | Reduce -5.0% |
| NUVB.WS Nuvation Bio Inc. -CW27 | *W EXP 02/10/202 | 20,381 | $4K | No change |
Total filed on the 13F, all lines: $171.0B.
Portfolio Sells Q2 2025 → Q3 2025
| TECK Teck Resources Ltd.-CLS B | Reduce -88.8% | 0.03% | −0.28 |
| AMZN Amazon.com Inc. | Reduce -1.6% | 2.53% | −0.28 |
| ASML ASML Holding NV-NY Reg SHS | Reduce -81.3% | 0.07% | −0.26 |
| FCX Freeport-McMoran Inc. | Reduce -30.9% | 0.31% | −0.25 |
| ETN Eaton Corp. PLC | Reduce -64.6% | 0.12% | −0.25 |
| UBER Uber Technologies Inc. | Reduce -24.6% | 0.70% | −0.24 |
| ORCL Oracle Corp. | Reduce -29.0% | 0.78% | −0.20 |
| USFD US Foods Holding Corp. | Reduce -38.3% | 0.23% | −0.18 |
| CART Maplebear Inc. | Reduce -59.7% | 0.08% | −0.18 |
| USB US Bancorp | Reduce -49.7% | 0.17% | −0.18 |
| VRT Vertiv Holdings Co. Class A | Reduce -53.4% | 0.18% | −0.18 |
| ACN Accenture PLC Class A | Reduce -36.5% | 0.16% | −0.18 |
| CRH CRH PLC | Reduce -92.7% | 0.02% | −0.17 |
| JBHT Hunt (jb) Transprt SVCS Inc. | Reduce -93.8% | 0.01% | −0.17 |
| PRMB Primo Brands Corp. | Reduce -98.3% | 0.00% | −0.16 |
| ADSK Autodesk Inc. | Reduce -60.1% | 0.09% | −0.16 |
| PGR Progressive Corp. | Reduce -68.5% | 0.06% | −0.15 |
| COO The Cooper Cos Inc. | Reduce -97.4% | 0.00% | −0.15 |
| G Genpact Ltd. | Reduce -46.4% | 0.13% | −0.15 |
| META Meta Platforms Inc. Class A | Reduce -5.1% | 0.89% | −0.15 |
| SBAC SBA Communications Corp. | Reduce -44.6% | 0.10% | −0.15 |
| UNH Unitedhealth Group Inc. | Reduce -62.3% | 0.09% | −0.15 |
| ZTS Zoetis Inc. | Reduce -88.1% | 0.02% | −0.14 |
| AVY Avery Dennison Corp. | Reduce -89.5% | 0.01% | −0.14 |
| KKR KKR & Co. Inc. | Reduce -36.0% | 0.18% | −0.14 |
| GPK Graphic Packaging Holding Co. | Reduce -74.1% | 0.04% | −0.13 |
| BBWI Bath & Body Works Inc. | Reduce -34.7% | 0.13% | −0.13 |
| PLNT Planet Fitness Inc. Class A | Reduce -83.3% | 0.02% | −0.11 |
| AKAM Akamai Technologies Inc. | Reduce -44.5% | 0.10% | −0.11 |
| NFLX Netflix Inc. | Reduce -3.8% | 0.40% | −0.11 |
| AXTA Axalta Coating Systems Ltd. | Reduce -44.4% | 0.10% | −0.11 |
| CPT Camden Property Trust | Reduce -23.4% | 0.21% | −0.11 |
| NRG NRG Energy Inc. | Reduce -23.4% | 0.26% | −0.11 |
| APTV Aptiv PLC | Reduce -74.9% | 0.04% | −0.11 |
| ICE Intercontinental Exchange Inc. | Reduce -13.9% | 0.28% | −0.11 |
| CRM Salesforce Inc. | Reduce -6.2% | 0.33% | −0.10 |
| CCK Crown Holdings Inc. | Reduce -19.2% | 0.22% | −0.10 |
| RTX RTX Corp. | Reduce -67.4% | 0.05% | −0.10 |
| TFC Truist Financial Corp. | Reduce -5.9% | 0.80% | −0.10 |
| GS Goldman Sachs Group Inc. | Reduce -20.2% | 0.41% | −0.10 |
| MA Mastercard Inc. Class A | Reduce -4.5% | 0.63% | −0.10 |
| PB Prosperity Bancshares Inc. | Reduce -68.2% | 0.04% | −0.09 |
| GLOB Globant SA | Reduce -99.7% | 0.00% | −0.09 |
| ROST Ross Stores Inc. | Reduce -37.6% | 0.25% | −0.08 |
| AMGN Amgen Inc. | Reduce -34.9% | 0.11% | −0.07 |
| LVS Las Vegas Sands Corp. | Reduce -91.6% | 0.01% | −0.07 |
| KDP Keurig Dr Pepper Inc. | Reduce -46.7% | 0.04% | −0.07 |
| FOXA Fox Corp. Class A | Reduce -78.0% | 0.02% | −0.07 |
| MIDD Middleby Corp. | Reduce -25.0% | 0.11% | −0.07 |
| RL Ralph Lauren Corp. | Reduce -50.1% | 0.07% | −0.07 |
Portfolio Buys Q2 2025 → Q3 2025
| QCOM Qualcomm Inc. | Add +39.0% | 6.42% | +6.13 |
| ES Eversource Energy | Add +9.4% | 0.57% | +0.35 |
| GOOGL Alphabet Inc. Class A | Add +3.3% | 1.55% | +0.34 |
| JNJ Johnson & Johnson | Add +9.0% | 0.74% | +0.32 |
| SNPS Synopsys Inc. | Add +238.8% | 0.60% | +0.32 |
| AAPL Apple Inc. | Add +2.5% | 2.83% | +0.28 |
| FE Firstenergy Corp. | Add +104.3% | 0.32% | +0.27 |
| CSX CSX Corp. | Add +648.4% | 0.26% | +0.22 |
| LOW Lowe's Cos Inc. | Add +207.2% | 0.31% | +0.21 |
| LHX L3HARRIS Technologies Inc. | Add +1053.9% | 0.21% | +0.20 |
| NVDA Nvidia Corp. | Add +4.2% | 3.64% | +0.18 |
| RRX Regal Rexnord Corp. | Add +138.4% | 0.33% | +0.18 |
| AEP American Electric Power | Add +105.6% | 0.35% | +0.17 |
| PANW Palo Alto Networks Inc. | Add +108.3% | 0.30% | +0.14 |
| TSCO Tractor Supply Company | Add +719.1% | 0.15% | +0.13 |
| LLY Eli Lilly & Co. | Add +47.6% | 0.92% | +0.12 |
| ADBE Adobe Inc. | Add +112.6% | 0.28% | +0.12 |
| MTZ Mastec Inc. | Add +9550.9% | 0.12% | +0.12 |
| EL Estee Lauder Companies Class A | Add +3181.4% | 0.12% | +0.12 |
| EME Emcor Group Inc. | Add +48.8% | 0.34% | +0.11 |
| AZO AutoZone Inc. | Add +401.2% | 0.13% | +0.11 |
| NEM Newmont Corp. | Add +33.8% | 0.24% | +0.10 |
| BLDR Builders Firstsource Inc. | Add +235.1% | 0.14% | +0.09 |
| BJ Bj's Wholesale Club Holdings | Add +60.1% | 0.45% | +0.09 |
| CMS CMS Energy Corp. | Add +45.2% | 0.32% | +0.09 |
| APP AppLovin Corp. Class A | Add +0.3% | 0.18% | +0.08 |
| TXRH Texas Roadhouse Inc. | Add +770.6% | 0.10% | +0.08 |
| MSI Motorola Solutions Inc. | Add +56.6% | 0.29% | +0.08 |
| RF Regions Financial Corp. | Add +52.9% | 0.21% | +0.07 |
| LH Labcorp Holdings Inc. | Add +20.0% | 0.45% | +0.07 |
| GM General Motors Co. | Add +270.3% | 0.09% | +0.07 |
| CASY Casey's General Stores Inc. | Add +35.4% | 0.26% | +0.07 |
| DELL Dell Technologies -C | Add +706.3% | 0.08% | +0.07 |
| MOH Molina Healthcare Inc. | Add +344.3% | 0.11% | +0.07 |
| PLTR Palantir Technologies Inc. Class A | Add +12.1% | 0.22% | +0.06 |
| DCI Donaldson Co. Inc. | Add +6069.9% | 0.06% | +0.06 |
| CCJ Cameco Corp. | Add +75.8% | 0.12% | +0.06 |
| WSM Williams-Sonoma Inc. | Add +307.7% | 0.07% | +0.05 |
| FFIV F5 Inc. | Add +422.7% | 0.07% | +0.05 |
| TOL Toll Brothers Inc. | Add +209.8% | 0.07% | +0.05 |
| APO Apollo Global Management Inc. | Add +46.0% | 0.27% | +0.05 |
| VNT Vontier Corp. | Add +4958.4% | 0.05% | +0.05 |
| IFLO VS Intl Free Cash Flow ETF | Add +739.8% | 0.06% | +0.05 |
| GRIN Victoryshares Intl FR CSH FL | Add +745.9% | 0.06% | +0.05 |
| PKG Packaging Corp. of America | Add +21.2% | 0.23% | +0.05 |
| EXE Expand Energy Corp. | Add +288.2% | 0.07% | +0.05 |
| IGM iShares Expanded Tech Sector | New | 0.05% | +0.05 |
| SNA Snap-on Inc. | Add +345.9% | 0.06% | +0.04 |
| PWR Quanta Services Inc. | Add +8.8% | 0.53% | +0.04 |
| SNX TD Synnex Corp. | Add +123.6% | 0.07% | +0.04 |
Notes & Other Activity Q2 2025 → Q3 2025
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | Reduce -1.1% | 71,210 | $91.1M |
| ENVISTA HOLDINGS CORP (NVST 1.75 08/15/28) | NOTE 1.750% 8/1 · principal | Reduce -1.8% | 95,855,000 | $90.4M |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | Reduce -3.8% | 85,098,000 | $86.3M |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | Reduce -2.6% | 69,788 | $86.1M |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | Add +1.1% | 58,449,000 | $86.0M |
| APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) | SER A MAND CNV | Reduce -2.0% | 1,194,437 | $83.9M |
| EXPEDIA GROUP INC (EXPE 0 02/15/26) | NOTE 2/1 · principal | Reduce -15.0% | 75,559,000 | $76.2M |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | NOTE 4.125% 4/1 · principal | Reduce -1.8% | 70,023,000 | $75.1M |
| KKR & CO INC (KKR 6.25 03/01/28 D) | 6.25 CON SER D | Add +15.1% | 1,384,320 | $72.5M |
| VENTAS REALTY LP (VTR 3.75 06/01/26) | NOTE 3.750% 6/0 · principal | Add +0.8% | 54,777,000 | $70.6M |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | Reduce -1.4% | 74,258,000 | $67.9M |
| MERITAGE HOMES CORP (MTH 1.75 05/15/28) | NOTE 1.750% 5/1 · principal | Add +13.1% | 65,567,000 | $67.1M |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | Reduce -1.4% | 56,618,000 | $64.7M |
| ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) | 6.75 SE B PFD | Reduce -1.8% | 1,184,647 | $58.9M |
| NEXTERA ENERGY INC (NEE 7.299 06/01/27) | UNIT 06/01/2027 | Add +143.1% | 1,150,206 | $57.4M |
| SOUTHERN CO (SO 3.875 12/15/25) | NOTE 3.875%12/1 · principal | Reduce -2.8% | 46,408,000 | $52.3M |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | Reduce -1.5% | 51,610,000 | $51.7M |
| NEXTERA ENERGY INC (NEE 6.926 09/01/25) | UNIT 09/01/2025 | Sold out | 1,278,272 | $50.8Mbefore exit |
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | Add +106.7% | 38,931,000 | $44.4M |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | Reduce -0.9% | 41,029,000 | $37.2M |
| NEW MOUNTAIN FINANCE COR (NMFC 7.5 10/15/25) | NOTE 7.500%10/1 · principal | Reduce -3.0% | 36,670,000 | $36.7M |
| ALLIANT ENERGY CORP (LNT 3.875 03/15/26) | NOTE 3.875% 3/1 · principal | Reduce -1.6% | 32,358,000 | $34.8M |
| NEXTERA ENERGY INC (NEE 7.234 11/01/27) | UNIT 11/01/2027 | Add +143.9% | 734,072 | $34.5M |
| CMS ENERGY CORP (CMS 3.375 05/01/28) | NOTE 3.375% 5/0 · principal | Reduce -2.3% | 27,316,000 | $29.9M |
| REDWOOD TRUST INC (RWT 7.75 06/15/27) | NOTE 7.750% 6/1 · principal | Add +205.4% | 24,685,100 | $25.4M |
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | Reduce -1.9% | 24,493,000 | $23.0M |
| MIDDLEBY CORP (MIDD 1 09/01/25) | NOTE 1.000% 9/0 · principal | Sold out | 18,733,000 | $21.0Mbefore exit |
| PARSONS CORP (PSN 0.25 08/15/25) | NOTE 0.250% 8/1 · principal | Sold out | 13,120,000 | $20.9Mbefore exit |
| EVERGY INC (EVRG 4.5 12/15/27) | NOTE 4.500%12/1 · principal | Reduce -3.9% | 14,357,000 | $18.0M |
| BIOMARIN PHARMACEUTICAL (BMRN 1.25 05/15/27) | NOTE 1.250% 5/1 · principal | Reduce -2.9% | 18,702,000 | $17.7M |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | Reduce -2.4% | 15,531,000 | $17.7M |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | Reduce -2.4% | 238,506 | $16.6M |
| WEC ENERGY GROUP INC (WEC 4.375 06/01/29) | NOTE 4.375% 6/0 · principal | Add +98.5% | 12,724,000 | $15.6M |
| CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29) | NOTE 5.125%11/1 · principal | New | 13,235,000 | $13.2M |
| DEXCOM INC (DXCM 0.25 11/15/25) | NOTE 0.250%11/1 · principal | Reduce -2.0% | 12,695,000 | $12.6M |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | Reduce -3.7% | 13,459,000 | $12.3M |
| WEC ENERGY GROUP INC (WEC 4.375 06/01/27) | NOTE 4.375% 6/0 · principal | Add +46.2% | 7,910,000 | $9.5M |
| ALBEMARLE CORP (ALB 7.25 03/01/27) | 7.25% DEP SHS A | Reduce -6.3% | 217,609 | $8.2M |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | Reduce -3.2% | 5,571,000 | $6.1M |
| PENNYMAC CORP (PMT 5.5 03/15/26) | NOTE 5.500% 3/1 · principal | Add +192.8% | 4,895,000 | $4.9M |
| BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27) | NOTE 5.500% 3/1 · principal | Reduce -41.5% | 4,230,000 | $4.2M |
| SOUTHERN CO (SO 4.5 06/15/27) | NOTE 4.500% 6/1 · principal | Reduce -5.0% | 2,850,000 | $3.2M |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 2,441 | $176.8B | NVDA, AAPL, MSFT, GOOGL, AMZN |
| Q1 2026 | 2,373 | $154.7B | NVDA, AAPL, MSFT, AMZN, GOOGL |
| Q4 2025 | 2,381 | $175.6B | NVDA, MSFT, AAPL, AMZN, GOOGL |
| Q3 2025 | 2,373 | $169.3B | QCOM, NVDA, MSFT, AAPL, AMZN |
| Q2 2025 | 2,434 | $153.4B | MSFT, NVDA, AMZN, AAPL, GOOGL |
| Q1 2025 | 2,428 | $96.1B | AAPL, NVDA, MSFT, AMZN, META |
| Q4 2024 | 2,425 | $100.1B | AAPL, NVDA, MSFT, AMZN, META |
| Q3 2024 | 2,440 | $102.2B | AAPL, MSFT, NVDA, META, AMZN |
| Q2 2024 | 2,433 | $98.1B | MSFT, NVDA, AAPL, AMZN, META |
| Q1 2024 | 2,434 | $100.7B | MSFT, NVDA, AAPL, AMZN, META |