Victory Capital Management Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Victory Capital Management Inc. reported 2,381 stock positions worth $175.6 billion. Its top holding was Nvidia (NVDA) at 4.1% of the portfolio, followed by Microsoft (MSFT, 3.6%) and Apple (AAPL, 3.4%). Compared with Q3 2025, it opened 119 new positions, sold out of 113, added to 1,179 and reduced 1,047. The biggest buy was Eli Lilly (LLY, shares +16%) and the biggest sale Qualcomm (QCOM, shares −15%).
- Most Recent 13F
- Q2 2026
- Location
- San Antonio, TX
- CIK
- 0001040188
- Portfolio Value
- $175.6B (Q4 2025)
- SEC Filing
- 0001040188-26-000013 ↗ filed Feb 13, 2026
Holdings Value
Holdings 2,381 stocks · $175.6B
| NVDA Nvidia Corp. | 4.15% | 39,067,050 | $7.3B | Add +11.4% |
| MSFT Microsoft Corp. | 3.59% | 13,047,023 | $6.3B | Add +12.0% |
| AAPL Apple Inc. | 3.45% | 22,254,786 | $6.1B | Add +14.2% |
| AMZN Amazon.com Inc. | 3.21% | 24,448,590 | $5.6B | Add +26.8% |
| GOOGL Alphabet Inc. Class A | 2.24% | 12,585,134 | $3.9B | Add +16.0% |
| LLY Eli Lilly & Co. | 1.64% | 2,683,391 | $2.9B | Add +16.2% |
| V Visa Inc. Class A | 1.30% | 6,508,089 | $2.3B | Add +48.2% |
| GOOG Alphabet Inc. Class C | 1.17% | 6,521,467 | $2.0B | Reduce -9.4% |
| AVGO Broadcom Inc. | 1.11% | 5,651,908 | $2.0B | Reduce -7.1% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 1.00% | 31,923,927 | $1.8B | Add +92.2% |
| CSCO Cisco Systems Inc. | 0.93% | 21,102,912 | $1.6B | Add +15.7% |
| TFC Truist Financial Corp. | 0.90% | 31,964,393 | $1.6B | Add +7.5% |
| MLM Martin Marietta Materials | 0.87% | 2,448,928 | $1.5B | Add +51.8% |
| VRTX Vertex Pharmaceuticals Inc. | 0.87% | 3,356,766 | $1.5B | Add +49.4% |
| UPS United Parcel Service Class B | 0.78% | 13,818,314 | $1.4B | Add +72.9% |
| AMD Advanced Micro Devices | 0.77% | 6,351,656 | $1.4B | Reduce -28.7% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.77% | 4,582,818 | $1.4B | Add +26.3% |
| LH Labcorp Holdings Inc. | 0.77% | 5,356,825 | $1.3B | Add +103.1% |
| META Meta Platforms Inc. Class A | 0.76% | 2,017,012 | $1.3B | Reduce -1.3% |
| SNPS Synopsys Inc. | 0.73% | 2,730,643 | $1.3B | Reduce -3.3% |
| PWR Quanta Services Inc. | 0.70% | 2,915,440 | $1.2B | Add +35.2% |
| NRG NRG Energy Inc. | 0.70% | 7,676,513 | $1.2B | Add +178.2% |
| BJ Bj's Wholesale Club Holdings filed as BJS WHSL CLUB HLDGS INC | 0.66% | 12,930,288 | $1.2B | Add +57.2% |
| APH Amphenol Corp. Class A | 0.65% | 8,462,907 | $1.1B | Add +15.2% |
| UBER Uber Technologies Inc. | 0.63% | 13,637,558 | $1.1B | Add +16.7% |
| FCX Freeport-McMoran Inc. | 0.50% | 17,366,596 | $882.0M | Add +28.9% |
| JNJ Johnson & Johnson | 0.50% | 4,204,386 | $870.1M | Reduce -8.5% |
| TSLA Tesla Inc. | 0.49% | 1,922,239 | $864.5M | Reduce -0.8% |
| MA Mastercard Inc. Class A | 0.49% | 1,498,716 | $855.6M | Reduce -20.7% |
| MCHP Microchip Technology Inc. | 0.49% | 13,375,920 | $852.3M | Add +11.4% |
| ISRG Intuitive Surgical Inc. | 0.48% | 1,483,780 | $840.4M | Reduce -23.6% |
| JPM JPMorgan Chase & Co. | 0.46% | 2,527,003 | $814.3M | Add +7.0% |
| AMAT Applied Materials Inc. | 0.45% | 3,099,085 | $796.4M | Add +15.5% |
| RRX Regal Rexnord Corp. | 0.45% | 5,658,365 | $794.0M | Add +42.6% |
| EME Emcor Group Inc. | 0.44% | 1,276,966 | $781.2M | Add +34.5% |
| BKNG Booking Holdings Inc. | 0.44% | 144,630 | $774.8M | Reduce -33.0% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.44% | 5,031,485 | $772.9M | Add +17.6% |
| GS Goldman Sachs Group Inc. | 0.44% | 874,254 | $768.5M | Add +0.8% |
| CEG Constellation Energy | 0.44% | 2,170,936 | $766.9M | Add +460.8% |
| INTU Intuit Inc. | 0.43% | 1,139,587 | $754.9M | Add +8.1% |
| APO Apollo Global Management Inc. | 0.42% | 5,089,631 | $736.8M | Add +47.4% |
| AEP American Electric Power | 0.41% | 6,316,688 | $728.4M | Add +17.4% |
| HD Home Depot Inc. | 0.41% | 2,092,445 | $720.0M | Add +3.5% |
| UITB Victoryshares Core Intermedi | 0.40% | 14,850,508 | $703.2M | Add +0.8% |
| PINS Pinterest Inc. Class A | 0.40% | 26,808,870 | $694.1M | Add +30.5% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.39% | 6,087,317 | $692.6M | Add +11.1% |
| KLAC KLA Corp. | 0.39% | 558,600 | $678.8M | Add +15.3% |
| ADBE Adobe Inc. | 0.38% | 1,916,802 | $670.9M | Add +42.9% |
| NFLX Netflix Inc. | 0.37% | 6,943,971 | $651.1M | Add +22.7% |
| HBAN Huntington Bancshares Inc. | 0.37% | 37,412,989 | $649.1M | Add +9.3% |
| ES Eversource Energy | 0.37% | 9,546,217 | $642.7M | Add +61.8% |
| EXPE Expedia Group Inc. | 0.35% | 2,197,716 | $622.6M | Reduce -23.7% |
| RF Regions Financial Corp. | 0.35% | 22,836,163 | $618.9M | Add +68.9% |
| ORLY O'reilly Automotive Inc. | 0.35% | 6,722,278 | $613.1M | Add +24.1% |
| GEV GE Vernova Inc. | 0.35% | 930,735 | $608.3M | Reduce -18.3% |
| NOW ServiceNow Inc. | 0.34% | 3,868,025 | $592.6M | Reduce -25.1% |
| STT State Street Corp. | 0.34% | 4,559,546 | $588.2M | Add +30.8% |
| ICE Intercontinental Exchange Inc. | 0.33% | 3,602,921 | $583.5M | Add +29.2% |
| CTRA Coterra Energy Inc. | 0.33% | 21,986,795 | $578.7M | Add +1.9% |
| NEM Newmont Corp. | 0.33% | 5,746,707 | $573.8M | Add +16.7% |
| MTZ Mastec Inc. | 0.33% | 2,637,451 | $573.3M | Add +178.6% |
| CRM Salesforce Inc. | 0.33% | 2,157,044 | $571.4M | Reduce -4.8% |
| QCOM Qualcomm Inc. | 0.32% | 3,317,433 | $567.4M | Reduce -14.7% |
| CME Cme Group Inc. | 0.32% | 2,049,649 | $559.7M | Add +746.4% |
| LOW Lowe's Cos Inc. | 0.32% | 2,320,570 | $559.6M | Add +12.8% |
| LNT Alliant Energy Corp. | 0.32% | 8,578,743 | $557.7M | Reduce -6.0% |
| CAH Cardinal Health Inc. | 0.32% | 2,698,189 | $554.5M | Add +18.1% |
| ROST Ross Stores Inc. | 0.31% | 3,028,237 | $545.5M | Add +21.6% |
| CMS CMS Energy Corp. | 0.29% | 7,386,713 | $516.6M | Reduce -1.2% |
| DVN Devon Energy Corp. | 0.29% | 13,916,979 | $509.8M | Add +17.5% |
| PEP Pepsico Inc. | 0.29% | 3,547,303 | $509.1M | Add +37.0% |
| MRK Merck & Co. Inc. | 0.29% | 4,808,527 | $506.1M | Add +1.6% |
| USB US Bancorp | 0.29% | 9,480,254 | $505.9M | Add +63.2% |
| PFE Pfizer Inc. | 0.28% | 19,796,365 | $492.9M | Add +22.3% |
| XOM Exxon Mobil Corp. | 0.28% | 4,092,737 | $492.5M | Reduce -19.7% |
| PKG Packaging Corp. of America | 0.27% | 2,309,412 | $476.3M | Add +29.2% |
| KEYS Keysight Technologies Inc. | 0.27% | 2,304,835 | $468.3M | Reduce -23.7% |
| TMO Thermo Fisher Scientific Inc. | 0.26% | 775,407 | $449.3M | Reduce -7.6% |
| UBND Victoryshares Core Plus Bond | 0.26% | 20,358,908 | $447.9M | Add +30.9% |
| RJF Raymond James Financial Inc. | 0.25% | 2,785,857 | $447.4M | Add +0.8% |
| LNG Cheniere Energy Inc. | 0.25% | 2,279,078 | $443.0M | Add +12.5% |
| BMY Bristol-Myers Squibb Co. | 0.25% | 8,204,416 | $442.5M | Add +102.1% |
| CSX CSX Corp. | 0.25% | 12,082,610 | $438.0M | Reduce -1.5% |
| HIG Hartford Insurance Group Inc. | 0.24% | 3,075,791 | $423.8M | Reduce -3.1% |
| MSI Motorola Solutions Inc. | 0.24% | 1,092,018 | $418.6M | Reduce -9.3% |
| HOLX Hologic Inc. | 0.24% | 5,609,912 | $417.9M | Add +2.6% |
| WTW Willis Towers Watson PLC | 0.24% | 1,263,205 | $415.1M | Reduce -4.8% |
| LECO Lincoln Electric Holdings | 0.24% | 1,726,698 | $413.8M | Reduce -6.7% |
| WFC Wells Fargo & Co. | 0.23% | 4,416,260 | $411.6M | Add +40.7% |
| MKSI MKS Inc. | 0.23% | 2,562,399 | $409.5M | Reduce -28.5% |
| ELS Equity Lifestyle Properties | 0.23% | 6,661,686 | $403.8M | Reduce -2.4% |
| TSM Taiwan Semiconductor-SP ADR | 0.23% | 1,327,921 | $403.5M | Add +470.7% |
| LAMR Lamar Advertising Co. Class A | 0.23% | 3,131,989 | $396.4M | Reduce -0.8% |
| PFGC Performance Food Group Co. | 0.22% | 4,370,995 | $393.0M | Reduce -11.7% |
| TRMB Trimble Inc. | 0.22% | 4,962,879 | $388.8M | Reduce -3.2% |
| AFG American Financial Group Inc. | 0.22% | 2,803,850 | $383.2M | Reduce -5.4% |
| XYL Xylem Inc. | 0.22% | 2,800,517 | $381.4M | Reduce -0.8% |
| CASY Casey's General Stores Inc. | 0.22% | 688,920 | $380.8M | Reduce -12.9% |
| IQV Iqvia Holdings Inc. | 0.22% | 1,675,479 | $377.7M | Add +2628.1% |
| NNN NNN REIT Inc. | 0.21% | 9,494,190 | $376.3M | Reduce -3.9% |
Other holdings (40): bonds, preferreds, convertibles and warrants · $1.6B (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| ENVISTA HOLDINGS CORP (NVST 1.75 08/15/28) | NOTE 1.750% 8/1 · principal | 94,869,000 | $91.0M | Reduce -1.0% |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | 69,123,000 | $89.8M | Add +18.3% |
| APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) | SER A MAND CNV | 1,177,404 | $88.9M | Reduce -1.4% |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 69,783 | $87.4M | Reduce -2.0% |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | 81,058,000 | $84.1M | Reduce -4.8% |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 67,987 | $82.4M | Reduce -2.6% |
| KKR & CO INC (KKR 6.25 03/01/28 D) | 6.25 CON SER D | 1,428,020 | $74.0M | Add +3.2% |
| VENTAS REALTY LP (VTR 3.75 06/01/26) | NOTE 3.750% 6/0 · principal | 51,884,000 | $73.4M | Reduce -5.3% |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | NOTE 4.125% 4/1 · principal | 68,947,000 | $71.1M | Reduce -1.5% |
| MERITAGE HOMES CORP (MTH 1.75 05/15/28) | NOTE 1.750% 5/1 · principal | 70,123,000 | $69.0M | Add +7.0% |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | 75,128,000 | $67.4M | Add +1.2% |
| EXPEDIA GROUP INC (EXPE 0 02/15/26) | NOTE 2/1 · principal | 58,607,000 | $65.5M | Reduce -22.4% |
| ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) | 6.75 SE B PFD | 1,270,979 | $64.1M | Add +7.3% |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | 55,987,000 | $61.4M | Reduce -1.1% |
| NEXTERA ENERGY INC (NEE 7.299 06/01/27) | UNIT 06/01/2027 | 1,135,192 | $58.8M | Reduce -1.3% |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | 49,218,000 | $49.0M | Reduce -4.6% |
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | 46,030,000 | $47.4M | Add +18.2% |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | 39,654,000 | $35.6M | Reduce -3.4% |
| WEC ENERGY GROUP INC (WEC 4.375 06/01/29) | NOTE 4.375% 6/0 · principal | 29,715,000 | $34.7M | Add +133.5% |
| NEXTERA ENERGY INC (NEE 7.234 11/01/27) | UNIT 11/01/2027 | 675,749 | $32.9M | Reduce -8.0% |
| SOUTHERN CO (SO 4.5 06/15/27) | NOTE 4.500% 6/1 · principal | 29,777,000 | $31.8M | Add +944.8% |
| ALLIANT ENERGY CORP (LNT 3.875 03/15/26) | NOTE 3.875% 3/1 · principal | 29,949,000 | $31.2M | Reduce -7.4% |
| CMS ENERGY CORP (CMS 3.375 05/01/28) | NOTE 3.375% 5/0 · principal | 28,939,000 | $31.0M | Add +5.9% |
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | 24,091,000 | $23.8M | Reduce -1.6% |
| CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) | NOTE 4.250% 8/1 · principal | 21,300,000 | $23.4M | No change |
| SOUTHERN CO (SO 7.125 12/15/28 A) | UNIT 12/15/2028 | 450,000 | $22.7M | New |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | 15,000,000 | $17.9M | Reduce -3.4% |
| BIOMARIN PHARMACEUTICAL (BMRN 1.25 05/15/27) | NOTE 1.250% 5/1 · principal | 18,095,000 | $17.3M | Reduce -3.3% |
| EVERGY INC (EVRG 4.5 12/15/27) | NOTE 4.500%12/1 · principal | 13,941,000 | $17.0M | Reduce -2.9% |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | 232,256 | $16.0M | Reduce -2.6% |
| ALBEMARLE CORP (ALB 7.25 03/01/27) | 7.25% DEP SHS A | 211,150 | $12.5M | Reduce -3.0% |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | 13,166,000 | $12.1M | Reduce -2.2% |
| BLOCK INC (XYZ 0.25 11/01/27) | NOTE 0.250%11/0 · principal | 12,480,000 | $11.5M | No change |
| WEC ENERGY GROUP INC (WEC 4.375 06/01/27) | NOTE 4.375% 6/0 · principal | 9,910,000 | $11.2M | Add +25.3% |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 5,396,000 | $5.5M | Reduce -3.1% |
| REDWOOD TRUST INC (RWT 7.75 06/15/27) | NOTE 7.750% 6/1 · principal | 32,458 | $179K | Reduce -99.9% |
| BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27) | NOTE 5.500% 3/1 · principal | 90,000 | $89K | Reduce -97.9% |
| LIVE NATION ENTERTAINMEN (LYV 2.875 01/15/30) | NOTE 2.875% 1/1 · principal | 555 | $79K | New |
| NUVB.WS Nuvation Bio Inc. -CW27 | *W EXP 02/10/202 | 20,381 | $7K | No change |
| PENNYMAC CORP (PMT 5.5 03/15/26) | NOTE 5.500% 3/1 · principal | 4 | $55 | Reduce -100.0% |
Total filed on the 13F, all lines: $177.2B.
Portfolio Sells Q3 2025 → Q4 2025
| QCOM Qualcomm Inc. | Reduce -14.7% | 0.32% | −6.10 |
| ORCL Oracle Corp. | Reduce -75.4% | 0.13% | −0.65 |
| JNJ Johnson & Johnson | Reduce -8.5% | 0.50% | −0.25 |
| PANW Palo Alto Networks Inc. | Reduce -53.6% | 0.12% | −0.18 |
| PFG Principal Financial Group | Reduce -84.8% | 0.03% | −0.16 |
| TRU Transunion | Reduce -97.6% | 0.00% | −0.16 |
| MA Mastercard Inc. Class A | Reduce -20.7% | 0.49% | −0.14 |
| G Genpact Ltd. | Reduce -97.2% | 0.00% | −0.13 |
| META Meta Platforms Inc. Class A | Reduce -1.3% | 0.76% | −0.13 |
| FNF Fidelity National Financial | Reduce -36.7% | 0.15% | −0.13 |
| BBWI Bath & Body Works Inc. | Reduce -88.5% | 0.01% | −0.12 |
| ANET Arista Networks Inc. | Reduce -46.2% | 0.10% | −0.11 |
| GNRC Generac Holdings Inc. | Reduce -37.0% | 0.10% | −0.11 |
| AXTA Axalta Coating Systems Ltd. | Reduce -97.6% | 0.00% | −0.10 |
| SBAC SBA Communications Corp. | Reduce -96.1% | 0.00% | −0.10 |
| VRT Vertiv Holdings Co. Class A | Reduce -52.2% | 0.09% | −0.09 |
| WLK Westlake Corp. | Reduce -61.1% | 0.05% | −0.08 |
| CHRD Chord Energy Corp. | Reduce -36.8% | 0.11% | −0.08 |
| PFGC Performance Food Group Co. | Reduce -11.7% | 0.22% | −0.08 |
| GLW Corning Inc. | Reduce -50.8% | 0.08% | −0.08 |
| IWS iShares Russell Mid-Cap Valu | Reduce -98.7% | 0.00% | −0.08 |
| CF CF Industries Holdings Inc. | Reduce -13.1% | 0.19% | −0.07 |
| AVGO Broadcom Inc. | Reduce -7.1% | 1.11% | −0.07 |
| CCK Crown Holdings Inc. | Reduce -32.8% | 0.15% | −0.07 |
| FNV Franco-Nevada Corp. | Reduce -24.5% | 0.14% | −0.07 |
| CART Maplebear Inc. | Reduce -89.2% | 0.01% | −0.07 |
| GEV GE Vernova Inc. | Reduce -18.3% | 0.35% | −0.07 |
| ELV Elevance Health Inc. | Reduce -72.3% | 0.03% | −0.06 |
| EOG EOG Resources Inc. | Reduce -39.6% | 0.07% | −0.06 |
| COP Conocophillips | Reduce -44.1% | 0.07% | −0.06 |
| AMD Advanced Micro Devices | Reduce -28.7% | 0.77% | −0.06 |
| XOM Exxon Mobil Corp. | Reduce -19.7% | 0.28% | −0.06 |
| SEE Sealed Air Corp. | Reduce -96.0% | 0.00% | −0.06 |
| BKR Baker Hughes Co. | Reduce -12.8% | 0.20% | −0.05 |
| DGX Quest Diagnostics Inc. | Reduce -9.3% | 0.21% | −0.05 |
| IVV iShares Core S&P 500 ETF | Reduce -37.1% | 0.09% | −0.05 |
| MSI Motorola Solutions Inc. | Reduce -9.3% | 0.24% | −0.05 |
| SNX TD Synnex Corp. | Reduce -68.7% | 0.02% | −0.05 |
| CCJ Cameco Corp. | Reduce -43.0% | 0.07% | −0.05 |
| SNDK Sandisk Corp. | Reduce -84.8% | 0.02% | −0.05 |
| CASY Casey's General Stores Inc. | Reduce -12.9% | 0.22% | −0.05 |
| TSEM Tower Semiconductor Ltd. | Reduce -85.6% | 0.01% | −0.05 |
| LNT Alliant Energy Corp. | Reduce -6.0% | 0.32% | −0.05 |
| HRL Hormel Foods Corp. | Reduce -72.0% | 0.02% | −0.05 |
| KEYS Keysight Technologies Inc. | Reduce -23.7% | 0.27% | −0.05 |
| WD Walker & Dunlop Inc. | Reduce -98.6% | 0.00% | −0.05 |
| QGEN Qiagen N.V. | Sold out | 0.00% | −0.04 |
| LULU Lululemon Athletica Inc. | Reduce -81.3% | 0.01% | −0.04 |
| UNF Unifirst Corp. | Reduce -98.5% | 0.00% | −0.04 |
| VVV Valvoline Inc. | Reduce -83.5% | 0.01% | −0.04 |
Portfolio Buys Q3 2025 → Q4 2025
| LLY Eli Lilly & Co. | Add +16.2% | 1.64% | +0.73 |
| GOOGL Alphabet Inc. Class A | Add +16.0% | 2.24% | +0.69 |
| AMZN Amazon.com Inc. | Add +26.8% | 3.21% | +0.69 |
| AAPL Apple Inc. | Add +14.2% | 3.45% | +0.61 |
| NVDA Nvidia Corp. | Add +11.4% | 4.15% | +0.51 |
| BAC Bank of America Corp. | Add +92.2% | 1.00% | +0.49 |
| V Visa Inc. Class A | Add +48.2% | 1.30% | +0.45 |
| NRG NRG Energy Inc. | Add +178.2% | 0.70% | +0.43 |
| VRTX Vertex Pharmaceuticals Inc. | Add +49.4% | 0.87% | +0.40 |
| UPS United Parcel Service Class B | Add +72.9% | 0.78% | +0.39 |
| CEG Constellation Energy | Add +460.8% | 0.44% | +0.36 |
| LH Labcorp Holdings Inc. | Add +103.1% | 0.77% | +0.32 |
| CME Cme Group Inc. | Add +746.4% | 0.32% | +0.28 |
| MLM Martin Marietta Materials | Add +51.8% | 0.87% | +0.27 |
| BJ Bj's Wholesale Club Holdings | Add +57.2% | 0.66% | +0.21 |
| IQV Iqvia Holdings Inc. | Add +2628.1% | 0.22% | +0.21 |
| MTZ Mastec Inc. | Add +178.6% | 0.33% | +0.21 |
| TSM Taiwan Semiconductor-SP ADR | Add +470.7% | 0.23% | +0.19 |
| FCX Freeport-McMoran Inc. | Add +28.9% | 0.50% | +0.19 |
| CSCO Cisco Systems Inc. | Add +15.7% | 0.93% | +0.18 |
| PWR Quanta Services Inc. | Add +35.2% | 0.70% | +0.17 |
| IBM Intl Business Machines Corp. | Add +26.3% | 0.77% | +0.17 |
| MSFT Microsoft Corp. | Add +12.0% | 3.59% | +0.17 |
| ADM Archer-Daniels-Midland Co. | Add +831.3% | 0.18% | +0.16 |
| BLD Topbuild Corp. | Add +464.5% | 0.18% | +0.15 |
| APO Apollo Global Management Inc. | Add +47.4% | 0.42% | +0.15 |
| BMY Bristol-Myers Squibb Co. | Add +102.1% | 0.25% | +0.14 |
| RF Regions Financial Corp. | Add +68.9% | 0.35% | +0.14 |
| EXE Expand Energy Corp. | Add +192.0% | 0.21% | +0.14 |
| AMAT Applied Materials Inc. | Add +15.5% | 0.45% | +0.13 |
| USB US Bancorp | Add +63.2% | 0.29% | +0.12 |
| RRX Regal Rexnord Corp. | Add +42.6% | 0.45% | +0.12 |
| WMB Williams Cos Inc. | Add +295.7% | 0.15% | +0.11 |
| CAH Cardinal Health Inc. | Add +18.1% | 0.32% | +0.11 |
| EME Emcor Group Inc. | Add +34.5% | 0.44% | +0.11 |
| ADBE Adobe Inc. | Add +42.9% | 0.38% | +0.10 |
| AMGN Amgen Inc. | Add +71.9% | 0.21% | +0.10 |
| TFC Truist Financial Corp. | Add +7.5% | 0.90% | +0.09 |
| CCL Carnival Corp. | Add +1619.1% | 0.09% | +0.08 |
| APH Amphenol Corp. Class A | Add +15.2% | 0.65% | +0.08 |
| NEM Newmont Corp. | Add +16.7% | 0.33% | +0.08 |
| WFC Wells Fargo & Co. | Add +40.7% | 0.23% | +0.08 |
| CFG Citizens Financial Group | Add +89.4% | 0.16% | +0.08 |
| KLAC KLA Corp. | Add +15.3% | 0.39% | +0.08 |
| CRL Charles River Laboratories | Add +9938.8% | 0.08% | +0.08 |
| PEP Pepsico Inc. | Add +37.0% | 0.29% | +0.08 |
| AEP American Electric Power | Add +17.4% | 0.41% | +0.06 |
| B Barrick Mining Corp. | Add +4.5% | 0.16% | +0.06 |
| ROST Ross Stores Inc. | Add +21.6% | 0.31% | +0.06 |
| TJX TJX Companies Inc. | Add +17.6% | 0.44% | +0.06 |
Notes & Other Activity Q3 2025 → Q4 2025
| ENVISTA HOLDINGS CORP (NVST 1.75 08/15/28) | NOTE 1.750% 8/1 · principal | Reduce -1.0% | 94,869,000 | $91.0M |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | Add +18.3% | 69,123,000 | $89.8M |
| APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) | SER A MAND CNV | Reduce -1.4% | 1,177,404 | $88.9M |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | Reduce -2.0% | 69,783 | $87.4M |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | Reduce -4.8% | 81,058,000 | $84.1M |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | Reduce -2.6% | 67,987 | $82.4M |
| KKR & CO INC (KKR 6.25 03/01/28 D) | 6.25 CON SER D | Add +3.2% | 1,428,020 | $74.0M |
| VENTAS REALTY LP (VTR 3.75 06/01/26) | NOTE 3.750% 6/0 · principal | Reduce -5.3% | 51,884,000 | $73.4M |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | NOTE 4.125% 4/1 · principal | Reduce -1.5% | 68,947,000 | $71.1M |
| MERITAGE HOMES CORP (MTH 1.75 05/15/28) | NOTE 1.750% 5/1 · principal | Add +7.0% | 70,123,000 | $69.0M |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | Add +1.2% | 75,128,000 | $67.4M |
| EXPEDIA GROUP INC (EXPE 0 02/15/26) | NOTE 2/1 · principal | Reduce -22.4% | 58,607,000 | $65.5M |
| ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) | 6.75 SE B PFD | Add +7.3% | 1,270,979 | $64.1M |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | Reduce -1.1% | 55,987,000 | $61.4M |
| NEXTERA ENERGY INC (NEE 7.299 06/01/27) | UNIT 06/01/2027 | Reduce -1.3% | 1,135,192 | $58.8M |
| SOUTHERN CO (SO 3.875 12/15/25) | NOTE 3.875%12/1 · principal | Sold out | 46,408,000 | $52.3Mbefore exit |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | Reduce -4.6% | 49,218,000 | $49.0M |
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | Add +18.2% | 46,030,000 | $47.4M |
| NEW MOUNTAIN FINANCE COR (NMFC 7.5 10/15/25) | NOTE 7.500%10/1 · principal | Sold out | 36,670,000 | $36.7Mbefore exit |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | Reduce -3.4% | 39,654,000 | $35.6M |
| WEC ENERGY GROUP INC (WEC 4.375 06/01/29) | NOTE 4.375% 6/0 · principal | Add +133.5% | 29,715,000 | $34.7M |
| NEXTERA ENERGY INC (NEE 7.234 11/01/27) | UNIT 11/01/2027 | Reduce -8.0% | 675,749 | $32.9M |
| SOUTHERN CO (SO 4.5 06/15/27) | NOTE 4.500% 6/1 · principal | Add +944.8% | 29,777,000 | $31.8M |
| ALLIANT ENERGY CORP (LNT 3.875 03/15/26) | NOTE 3.875% 3/1 · principal | Reduce -7.4% | 29,949,000 | $31.2M |
| CMS ENERGY CORP (CMS 3.375 05/01/28) | NOTE 3.375% 5/0 · principal | Add +5.9% | 28,939,000 | $31.0M |
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | Reduce -1.6% | 24,091,000 | $23.8M |
| SOUTHERN CO (SO 7.125 12/15/28 A) | UNIT 12/15/2028 | New | 450,000 | $22.7M |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | Reduce -3.4% | 15,000,000 | $17.9M |
| BIOMARIN PHARMACEUTICAL (BMRN 1.25 05/15/27) | NOTE 1.250% 5/1 · principal | Reduce -3.3% | 18,095,000 | $17.3M |
| EVERGY INC (EVRG 4.5 12/15/27) | NOTE 4.500%12/1 · principal | Reduce -2.9% | 13,941,000 | $17.0M |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | Reduce -2.6% | 232,256 | $16.0M |
| CAPITAL SOUTHWEST CORP (CSWC 5.125 11/15/29) | NOTE 5.125%11/1 · principal | Sold out | 13,235,000 | $13.2Mbefore exit |
| DEXCOM INC (DXCM 0.25 11/15/25) | NOTE 0.250%11/1 · principal | Sold out | 12,695,000 | $12.6Mbefore exit |
| ALBEMARLE CORP (ALB 7.25 03/01/27) | 7.25% DEP SHS A | Reduce -3.0% | 211,150 | $12.5M |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | Reduce -2.2% | 13,166,000 | $12.1M |
| WEC ENERGY GROUP INC (WEC 4.375 06/01/27) | NOTE 4.375% 6/0 · principal | Add +25.3% | 9,910,000 | $11.2M |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | Reduce -3.1% | 5,396,000 | $5.5M |
| REDWOOD TRUST INC (RWT 7.75 06/15/27) | NOTE 7.750% 6/1 · principal | Reduce -99.9% | 32,458 | $179K |
| BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27) | NOTE 5.500% 3/1 · principal | Reduce -97.9% | 90,000 | $89K |
| LIVE NATION ENTERTAINMEN (LYV 2.875 01/15/30) | NOTE 2.875% 1/1 · principal | New | 555 | $79K |
| PENNYMAC CORP (PMT 5.5 03/15/26) | NOTE 5.500% 3/1 · principal | Reduce -100.0% | 4 | $55 |
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 |