Zacks Investment Management
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 12, 2025), Zacks Investment Management reported 691 stock positions worth $11.7 billion. Its top holding was Microsoft (MSFT) at 4.3% of the portfolio, followed by Nvidia (NVDA, 3.8%) and JPMorgan Chase (JPM, 3.0%). Compared with Q1 2025, it opened 138 new positions, sold out of 97, added to 271 and reduced 252. The biggest buy was Nvidia (NVDA, shares +4%) and the biggest sale Unitedhealth (UNH, shares −44%).
- Most Recent 13F
- Q2 2026
- Location
- Chicago, IL
- CIK
- 0001086483
- Portfolio Value
- $11.7B (Q2 2025)
- SEC Filing
- 0001172661-25-003061 ↗ filed Aug 12, 2025
Holdings Value
Holdings 691 stocks · $11.7B
| MSFT Microsoft Corp. | 4.35% | 1,021,261 | $508.0M | Reduce -4.5% |
| NVDA Nvidia Corp. | 3.82% | 2,825,852 | $446.5M | Add +3.7% |
| JPM JPMorgan Chase & Co. | 3.04% | 1,224,100 | $354.9M | Add +0.2% |
| AAPL Apple Inc. | 2.65% | 1,512,558 | $310.3M | Add +2.0% |
| GOOGL Alphabet Inc. Class A | 2.35% | 1,555,800 | $274.2M | Add +30.1% |
| META Meta Platforms Inc. Class A | 2.14% | 338,128 | $249.6M | Add +0.4% |
| AMZN Amazon.com Inc. | 2.05% | 1,090,461 | $239.2M | Add +0.8% |
| WMT Walmart Inc. | 1.70% | 2,026,684 | $198.2M | Add +0.3% |
| AVGO Broadcom Inc. | 1.67% | 706,853 | $194.8M | Add +0.8% |
| PG The Procter & Gamble Co. | 1.65% | 1,210,689 | $192.9M | Reduce -1.2% |
| HD Home Depot Inc. | 1.59% | 507,834 | $186.2M | Reduce -0.3% |
| CAT Caterpillar Inc. | 1.41% | 424,071 | $164.6M | Add +0.7% |
| CSCO Cisco Systems Inc. | 1.39% | 2,349,383 | $163.0M | Add +5.5% |
| XOM Exxon Mobil Corp. | 1.34% | 1,454,320 | $156.8M | Add +1.0% |
| ABBV Abbvie Inc. | 1.30% | 819,799 | $152.2M | Add +0.6% |
| BLK BlackRock Inc. | 1.30% | 144,418 | $151.5M | Add +3.4% |
| PM Philip Morris International | 1.27% | 816,052 | $148.6M | Add +0.7% |
| NFLX Netflix Inc. | 1.25% | 108,957 | $145.9M | Add +0.5% |
| PH Parker Hannifin Corp. | 1.25% | 208,558 | $145.7M | Add +1.0% |
| MET Metlife Inc. | 1.16% | 1,690,837 | $136.0M | Add +0.6% |
| JNJ Johnson & Johnson | 1.15% | 878,258 | $134.2M | Add +0.8% |
| SO The Southern Co. | 1.03% | 1,312,546 | $120.5M | Add +0.9% |
| COP Conocophillips | 0.98% | 1,274,610 | $114.4M | Add +2.6% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.93% | 368,606 | $108.7M | Add +0.8% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.91% | 2,239,401 | $106.0M | Add +0.7% |
| QCOM Qualcomm Inc. | 0.84% | 619,627 | $98.7M | Add +12.5% |
| MCD McDonald's Corp. | 0.83% | 330,220 | $96.5M | Add +0.6% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 0.82% | 299,068 | $95.7M | Add +1.1% |
| PRU Prudential Financial Inc. | 0.79% | 859,711 | $92.4M | Add +1.1% |
| VZ Verizon Communications Inc. | 0.77% | 2,080,894 | $90.0M | Add +2.7% |
| KO The Coca-Cola Co. | 0.76% | 1,261,838 | $89.3M | Add +2.7% |
| TSLA Tesla Inc. | 0.75% | 274,582 | $87.2M | Add +1.0% |
| KMI Kinder Morgan Inc. | 0.75% | 2,966,383 | $87.2M | Add +1.1% |
| LLY Eli Lilly & Co. | 0.73% | 109,454 | $85.3M | Add +0.7% |
| GD General Dynamics Corp. | 0.73% | 292,374 | $85.3M | Add +0.5% |
| T AT&T Inc. | 0.73% | 2,931,574 | $84.8M | Add +8.5% |
| WFC Wells Fargo & Co. | 0.72% | 1,047,500 | $83.9M | Add +0.4% |
| PEP Pepsico Inc. | 0.70% | 616,184 | $81.4M | Add +0.4% |
| AEP American Electric Power | 0.69% | 775,752 | $80.5M | Add +1.1% |
| MRK Merck & Co. Inc. | 0.69% | 1,013,163 | $80.2M | Reduce -0.1% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.68% | 873,199 | $79.6M | Add +1.8% |
| SPOT Spotify Technology SA | 0.66% | 100,839 | $77.4M | Reduce -0.2% |
| EME Emcor Group Inc. | 0.65% | 142,513 | $76.2M | Add +3.7% |
| AGG iShares Core U.S. Aggregate | 0.65% | 761,767 | $75.6M | Reduce -2.3% |
| ABT Abbott Laboratories | 0.64% | 552,883 | $75.2M | Add +0.8% |
| PNC PNC Financial Services Group | 0.64% | 399,642 | $74.5M | Add +1.0% |
| JCI Johnson Controls Internation | 0.58% | 644,754 | $68.1M | Add +1.1% |
| ACN Accenture PLC Class A | 0.57% | 223,077 | $66.7M | Add +105.4% |
| FITB Fifth Third Bancorp | 0.57% | 1,615,228 | $66.4M | Add +0.9% |
| USB US Bancorp | 0.57% | 1,466,785 | $66.4M | Add +0.9% |
| PFE Pfizer Inc. | 0.55% | 2,657,627 | $64.4M | Add +0.6% |
| AXP American Express Co. | 0.54% | 198,600 | $63.3M | Reduce -1.7% |
| DE Deere & Co. | 0.53% | 120,890 | $61.5M | Add +0.1% |
| MMM 3M Co. | 0.53% | 403,367 | $61.4M | Add +0.5% |
| PEG Public Service Enterprise GP | 0.50% | 699,390 | $58.9M | Add +0.9% |
| CSX CSX Corp. | 0.49% | 1,753,751 | $57.2M | Add +0.9% |
| CTAS Cintas Corp. | 0.49% | 256,662 | $57.2M | Add +0.8% |
| ORCL Oracle Corp. | 0.48% | 254,190 | $55.6M | Reduce -1.2% |
| PLD Prologis Inc. | 0.46% | 512,426 | $53.9M | Reduce -0.0% |
| MO Altria Group Inc. | 0.46% | 911,840 | $53.5M | Add +1.5% |
| NSC Norfolk Southern Corp. | 0.45% | 204,160 | $52.3M | Add +0.8% |
| HIG Hartford Insurance Group Inc. | 0.44% | 408,795 | $51.9M | Add +0.5% |
| CI The Cigna Group | 0.44% | 156,343 | $51.7M | Add +19273.4% |
| SNPS Synopsys Inc. | 0.44% | 100,132 | $51.3M | Add +1.2% |
| LMT Lockheed Martin Corp. | 0.44% | 110,128 | $51.0M | Add +0.8% |
| PLTR Palantir Technologies Inc. Class A | 0.43% | 369,823 | $50.4M | Reduce -20.2% |
| CMI Cummins Inc. | 0.43% | 152,003 | $49.8M | Add +0.0% |
| GILD Gilead Sciences Inc. | 0.42% | 447,969 | $49.7M | Add +0.7% |
| MDT Medtronic PLC | 0.42% | 564,908 | $49.2M | Add +0.8% |
| BDX Becton Dickinson and Co. | 0.40% | 271,435 | $46.8M | Add +0.0% |
| CMCSA Comcast Corp. Class A | 0.39% | 1,288,965 | $46.0M | Add +0.1% |
| CAH Cardinal Health Inc. | 0.39% | 272,545 | $45.8M | Add +42.0% |
| RSG Republic Services Inc. | 0.39% | 184,152 | $45.4M | Add +0.6% |
| ADP Automatic Data Processing | 0.38% | 143,920 | $44.4M | Add +0.9% |
| C Citigroup Inc. | 0.38% | 515,256 | $43.9M | Add +1.4% |
| LAMR Lamar Advertising Co. Class A | 0.37% | 352,694 | $42.8M | Add +0.9% |
| MRSH Marsh & McLennan Cos | 0.36% | 194,956 | $42.6M | Add +0.4% |
| APH Amphenol Corp. Class A | 0.36% | 426,614 | $42.1M | Add +341.0% |
| CVX Chevron Corp. | 0.36% | 291,862 | $41.8M | Reduce -0.3% |
| LHX L3HARRIS Technologies Inc. | 0.35% | 164,006 | $41.1M | Add +0.7% |
| AMAT Applied Materials Inc. | 0.34% | 217,420 | $39.8M | Add +0.0% |
| AMP Ameriprise Financial Inc. | 0.34% | 74,454 | $39.7M | Add +0.2% |
| COST Costco Wholesale Corp. | 0.34% | 39,769 | $39.4M | Add +1.4% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.33% | 314,110 | $38.8M | Add +27.4% |
| UNH Unitedhealth Group Inc. | 0.33% | 124,249 | $38.8M | Reduce -44.4% |
| ANET Arista Networks Inc. | 0.31% | 358,547 | $36.7M | Reduce -19.4% |
| CRM Salesforce Inc. | 0.31% | 134,482 | $36.7M | Add +0.8% |
| TMUS T-Mobile US Inc. | 0.31% | 150,257 | $35.8M | Reduce -0.3% |
| WPC WP Carey Inc. | 0.30% | 569,650 | $35.5M | Add +1.3% |
| HBAN Huntington Bancshares Inc. | 0.30% | 2,108,986 | $35.3M | Add +1.1% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.30% | 56,087 | $34.7M | Reduce -7.1% |
| RTX RTX Corp. | 0.29% | 233,232 | $34.1M | Add +0.5% |
| BR Broadridge Financial Solutio | 0.29% | 139,877 | $34.0M | Add +1.1% |
| V Visa Inc. Class A | 0.29% | 95,383 | $33.9M | Add +0.5% |
| DD Dupont DE Nemours Inc. | 0.28% | 481,404 | $33.0M | Add +0.3% |
| RCL Royal Caribbean Cruises Ltd. | 0.28% | 105,184 | $32.9M | Reduce -8.7% |
| MCO Moody's Corp. | 0.28% | 64,798 | $32.5M | Add +0.1% |
| INTU Intuit Inc. | 0.28% | 41,236 | $32.5M | Add +0.1% |
| DHR Danaher Corp. | 0.28% | 162,701 | $32.1M | Add +0.3% |
| CDNS Cadence Design SYS Inc. | 0.27% | 103,796 | $32.0M | Add +0.0% |
Other holdings (1): bonds, preferreds, convertibles and warrants · $79K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| HTZWW Hertz Global Hldgs Inc. -CW51 | *W EXP 06/30/205 | 21,646 | $79K | No change |
Total filed on the 13F, all lines: $11.7B.
Portfolio Sells Q1 2025 → Q2 2025
| UNH Unitedhealth Group Inc. | Reduce -44.4% | 0.33% | −0.76 |
| DOW Dow Inc. | Reduce -98.7% | 0.00% | −0.36 |
| EMN Eastman Chemical Co. | Reduce -98.5% | 0.00% | −0.33 |
| PG The Procter & Gamble Co. | Reduce -1.2% | 1.65% | −0.30 |
| F Ford Motor Co. | Reduce -95.9% | 0.01% | −0.19 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -36.9% | 0.21% | −0.18 |
| MRK Merck & Co. Inc. | Reduce -0.1% | 0.69% | −0.16 |
| HD Home Depot Inc. | Reduce -0.3% | 1.59% | −0.15 |
| CHD Church & Dwight Co. Inc. | Reduce -97.9% | 0.00% | −0.15 |
| OKTA Okta Inc. | Reduce -56.8% | 0.09% | −0.14 |
| DOC Healthpeak Properties Inc. | Reduce -31.2% | 0.15% | −0.13 |
| JLL Jones Lang Lasalle Inc. | Sold out | 0.00% | −0.12 |
| MSI Motorola Solutions Inc. | Reduce -74.5% | 0.04% | −0.12 |
| GPK Graphic Packaging Holding Co. | Sold out | 0.00% | −0.12 |
| CVX Chevron Corp. | Reduce -0.3% | 0.36% | −0.10 |
| OC Owens Corning | Sold out | 0.00% | −0.09 |
| PEN Penumbra Inc. | Sold out | 0.00% | −0.09 |
| PLD Prologis Inc. | Reduce -0.0% | 0.46% | −0.07 |
| AGG iShares Core U.S. Aggregate | Reduce -2.3% | 0.65% | −0.07 |
| FISV Fiserv Inc. | Reduce -0.1% | 0.18% | −0.07 |
| PPC Pilgrim's Pride Corp. | Reduce -77.9% | 0.01% | −0.07 |
| TRGP Targa Resources Corp. | Reduce -96.4% | 0.00% | −0.07 |
| PZZA Papa John's Intl Inc. | Sold out | 0.00% | −0.07 |
| TMUS T-Mobile US Inc. | Reduce -0.3% | 0.31% | −0.07 |
| SEIC Sei Investments Company | Sold out | 0.00% | −0.06 |
| TROW T Rowe Price Group Inc. | Reduce -95.6% | 0.00% | −0.06 |
| AMGN Amgen Inc. | Reduce -1.4% | 0.22% | −0.05 |
| TMO Thermo Fisher Scientific Inc. | Reduce -0.4% | 0.14% | −0.05 |
| FIVN FIVE9 Inc. | Reduce -78.5% | 0.01% | −0.05 |
| UNM Unum Group | Reduce -87.9% | 0.01% | −0.05 |
| BMY Bristol-Myers Squibb Co. | Reduce -0.1% | 0.10% | −0.05 |
| IBKR Interactive Brokers Gro Class A | Reduce -85.0% | 0.01% | −0.04 |
| MASI Masimo Corp. | Reduce -95.4% | 0.00% | −0.04 |
| TAP Molson Coors Beverage Co. Class B | Reduce -72.3% | 0.01% | −0.04 |
| JHG Janus Henderson Group PLC | Sold out | 0.00% | −0.04 |
| MKC McCormick & Co.-Non VTG SHRS | Reduce -94.4% | 0.00% | −0.04 |
| DASH DoorDash Inc. Class A | Reduce -63.0% | 0.03% | −0.03 |
| NCLH Norwegian Cruise Line Holdin | Sold out | 0.00% | −0.03 |
| CBAN Colony Bankcorp | Sold out | 0.00% | −0.03 |
| P Everpure Inc. Class A | Reduce -32.3% | 0.13% | −0.03 |
| MZTI The Marzetti Company | Sold out | 0.00% | −0.03 |
| MUSA Murphy USA Inc. | Reduce -67.5% | 0.01% | −0.03 |
| GAP The Gap Inc. | Reduce -84.3% | 0.01% | −0.03 |
| TWO Two Harbors Investment Corp. | Reduce -69.9% | 0.01% | −0.03 |
| HFWA Heritage Financial Corp. | Sold out | 0.00% | −0.03 |
| CVCO Cavco Industries Inc. | Reduce -68.8% | 0.01% | −0.03 |
| PRA Proassurance Corp. | Reduce -92.7% | 0.00% | −0.03 |
| BAH Booz Allen Hamilton Holdings | Sold out | 0.00% | −0.03 |
| FBND Fidelity Total Bond ETF | Reduce -46.4% | 0.02% | −0.02 |
| LSCC Lattice Semiconductor Corp. | Sold out | 0.00% | −0.02 |
Portfolio Buys Q1 2025 → Q2 2025
| NVDA Nvidia Corp. | Add +3.7% | 3.82% | +1.06 |
| GOOGL Alphabet Inc. Class A | Add +30.1% | 2.35% | +0.62 |
| AVGO Broadcom Inc. | Add +0.8% | 1.67% | +0.57 |
| CI The Cigna Group | Add +19273.4% | 0.44% | +0.44 |
| META Meta Platforms Inc. Class A | Add +0.4% | 2.14% | +0.32 |
| NFLX Netflix Inc. | Add +0.5% | 1.25% | +0.30 |
| APH Amphenol Corp. Class A | Add +341.0% | 0.36% | +0.30 |
| ACN Accenture PLC Class A | Add +105.4% | 0.57% | +0.25 |
| JPM JPMorgan Chase & Co. | Add +0.2% | 3.04% | +0.24 |
| LRCX Lam Research Corp. | Add +2036.7% | 0.19% | +0.18 |
| EME Emcor Group Inc. | Add +3.7% | 0.65% | +0.18 |
| FERG Ferguson Enterprises Inc. | New | 0.17% | +0.17 |
| CAH Cardinal Health Inc. | Add +42.0% | 0.39% | +0.14 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +366.3% | 0.16% | +0.14 |
| AMZN Amazon.com Inc. | Add +0.8% | 2.05% | +0.13 |
| ZS Zscaler Inc. | Add +32.6% | 0.25% | +0.12 |
| LDOS Leidos Holdings Inc. | Add +247.1% | 0.16% | +0.11 |
| CAT Caterpillar Inc. | Add +0.7% | 1.41% | +0.11 |
| CSCO Cisco Systems Inc. | Add +5.5% | 1.39% | +0.11 |
| JCI Johnson Controls Internation | Add +1.1% | 0.58% | +0.11 |
| AAP Advance Auto Parts Inc. | New | 0.09% | +0.09 |
| CARR Carrier Global Corp. | New | 0.09% | +0.09 |
| TSLA Tesla Inc. | Add +1.0% | 0.75% | +0.09 |
| IBM Intl Business Machines Corp. | Add +0.8% | 0.93% | +0.08 |
| PH Parker Hannifin Corp. | Add +1.0% | 1.25% | +0.07 |
| PM Philip Morris International | Add +0.7% | 1.27% | +0.07 |
| MIR Mirion Technologies Inc. | New | 0.07% | +0.07 |
| COR Cencora Inc. | Add +68.7% | 0.16% | +0.06 |
| BLK BlackRock Inc. | Add +3.4% | 1.30% | +0.06 |
| KR Kroger Co. | New | 0.06% | +0.06 |
| QGEN Qiagen N.V. | New | 0.06% | +0.06 |
| QCOM Qualcomm Inc. | Add +12.5% | 0.84% | +0.05 |
| TJX TJX Companies Inc. | Add +27.4% | 0.33% | +0.05 |
| CVNA Carvana Co. | New | 0.05% | +0.05 |
| PEGA Pegasystems Inc. | New | 0.05% | +0.05 |
| AMAT Applied Materials Inc. | Add +0.0% | 0.34% | +0.05 |
| EQT Eqt Corp. | New | 0.05% | +0.05 |
| GS Goldman Sachs Group Inc. | Add +4.0% | 0.24% | +0.05 |
| AMG Affiliated Managers Group | New | 0.04% | +0.04 |
| EVR Evercore Inc. Class A | New | 0.04% | +0.04 |
| SNPS Synopsys Inc. | Add +1.2% | 0.44% | +0.04 |
| INTU Intuit Inc. | Add +0.1% | 0.28% | +0.04 |
| VEEV Veeva Systems Inc. Class A | Add +30.3% | 0.13% | +0.04 |
| BAC Bank of America Corp. | Add +0.7% | 0.91% | +0.04 |
| WMT Walmart Inc. | Add +0.3% | 1.70% | +0.04 |
| CCK Crown Holdings Inc. | New | 0.04% | +0.04 |
| C Citigroup Inc. | Add +1.4% | 0.38% | +0.04 |
| BATRK Atlanta Braves Holdings in-C | New | 0.04% | +0.04 |
| FIX Comfort Systems USA Inc. | Add +67.3% | 0.06% | +0.04 |
| LHX L3HARRIS Technologies Inc. | Add +0.7% | 0.35% | +0.03 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 724 | $14.1B | AAPL, NVDA, GOOGL, MSFT, AVGO |
| Q1 2026 | 706 | $12.5B | NVDA, AAPL, GOOGL, MSFT, CAT |
| Q4 2025 | 723 | $12.7B | NVDA, MSFT, GOOGL, AAPL, JPM |
| Q3 2025 | 738 | $12.6B | NVDA, MSFT, AAPL, JPM, GOOGL |
| Q2 2025 | 691 | $11.7B | MSFT, NVDA, JPM, AAPL, GOOGL |
| Q1 2025 | 650 | $10.7B | MSFT, AAPL, JPM, NVDA, PG |
| Q4 2024 | 664 | $10.8B | MSFT, NVDA, AAPL, JPM, AMZN |
| Q3 2024 | 677 | $11.5B | MSFT, NVDA, AAPL, JPM, PG |
| Q2 2024 | 607 | $8.9B | MSFT, NVDA, JPM, GOOGL, PG |
| Q1 2024 | 628 | $9.4B | MSFT, NVDA, AAPL, JPM, CAT |