DI
Davidson Investment Advisors — 13F Portfolio Breakdown & Top Holdings (Q3 2026)
Davidson Investment AdvisorsCIK: 0001140771
Diversified strategyMomentum followerQuality / disciplined sizing
Total reported value
$2.4B
Reporting period: 2026-09-30 · Number of holdings: 122
DAVIDSON INVESTMENT ADVISORS disclosed 122 holdings in its latest 13F filing for the period ending 2026-09-30, with total reported value of $2.4B and a quarterly turnover rate of 18.7%.
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Personality snowflake
- Concentration
- 10.38
- Portfolio Stability
- 18.72
- Momentum
- 100
- Sector conviction
- 54.55
- Diversification
- 100
- Sizing Uniformity
- 85.23
Davidson Investment Advisors's disclosed holdings carry a Herfindahl concentration index of 0.026 — mathematically equivalent to about 39 equally-sized positions, well below its 122 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.48), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govAdd MSFT
-5.4% $27.2M
Trim RTX
-93.1% -$29.0M
New buy DHR
Add META
+4.7% $17.4M
Trim FIBK
-97.1% -$18.0M
Trim EXC
-97.7% -$16.7M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | IXUS | Ishares Core Intl Stock ETF | ETF-Other | 8.32% | +0.04% | -1.22% | |
| 2 | MSFT | Microsoft CORP | Stock-Tech | 4.92% | +1.22% | -5.43% | |
| 3 | AAPL | Apple Inc | Stock-Tech | 4.68% | +0.64% | -1.48% | |
| 4 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 4.65% | -0.15% | -1.60% | |
| 5 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 4.58% | +0.22% | -1.65% | |
| 6 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 3.76% | -0.15% | -1.36% | |
| 7 | NVDA | Nvidia CORP | Stock-Tech | 3.65% | +0.47% | -1.51% | |
| 8 | META | Meta Platforms Inc-class A | Stock-Comm Services | 2.82% | +0.77% | +4.66% | |
| 9 | ETN | Eaton Corporation plc | Stock-Industrials | 2.02% | +0.05% | -0.37% | |
| 10 | H | Hyatt Hotels CORP - Cl A | Stock-Consumer Disc | 1.85% | -0.40% | -1.50% | |
| 11 | AVGO | Broadcom Inc | Stock-Tech | 1.84% | -0.15% | -2.41% | |
| 12 | SRE | Sempra | Stock-Utilities | 1.83% | +0.26% | +35.15% | |
| 13 | LH | Labcorp Holdings Inc | Stock-Healthcare | 1.68% | +0.16% | -1.57% | |
| 14 | VFMO | Vanguard US Momentum Factor | ETF-Other | 1.65% | +0.06% | +11.42% | |
| 15 | ANET | Arista Networks Inc | Stock-Tech | 1.58% | +0.27% | -1.70% | |
| 16 | C | Citigroup Inc | Stock-Financials | 1.53% | -0.19% | -5.73% | |
| 17 | V | Visa Inc-class A Shares | Stock-Financials | 1.51% | +0.08% | -1.52% | |
| 18 | SARO | Standardaero Inc | Stock-Other | 1.44% | +0.55% | +121.09% | |
| 19 | ADI | Analog Devices Inc | Stock-Tech | 1.38% | +0.03% | -0.25% | |
| 20 | CSCO | Cisco Systems Inc | Stock-Tech | 1.32% | -0.10% | -1.19% | |
| 21 | PANW | Palo Alto Networks Inc | Stock-Tech | 1.26% | +0.16% | -3.82% | |
| 22 | AGNC | Agnc Investment CORP | Stock-Real Estate | 1.26% | -0.24% | -1.44% | |
| 23 | EUSA | Ishares Msci USA Equal Weigh | ETF-Other | 1.24% | +0.07% | +5.75% | |
| 24 | TMO | Thermo Fisher Scientific Inc | Stock-Healthcare | 1.08% | +0.29% | -0.53% | |
| 25 | CI | THE Cigna Group | Stock-Healthcare | 1.06% | -0.01% | -1.78% | |
| 26 | CVX | Chevron CORP | Stock-Energy | 1.06% | +0.21% | -1.06% | |
| 27 | ✓ | Stock-Other | 1.05% | +0.57% | +204.52% | ||
| 28 | VRTX | Vertex Pharmaceuticals Inc | Stock-Healthcare | 1.04% | +0.05% | -1.95% | |
| 29 | DT | Dynatrace Inc | Stock-Tech | 1.01% | +0.26% | +0.55% | |
| 30 | PGR | Progressive CORP | Stock-Financials | 0.96% | -0.05% | -1.68% | |
| 31 | GS | Goldman Sachs Group Inc | Stock-Financials | 0.91% | -0.11% | -1.63% | |
| 32 | WMT | Walmart Inc | Stock-Consumer Staples | 0.91% | -0.08% | -1.88% | |
| 33 | QCOM | Qualcomm Inc | Stock-Tech | 0.91% | +0.01% | -0.66% | |
| 34 | CPT | Camden Property Trust | Stock-Real Estate | 0.87% | -0.15% | -2.12% | |
| 35 | BAC | Bank Of America CORP | Stock-Financials | 0.86% | -0.03% | -0.98% | |
| 36 | VTEB | Vanguard Tax-exempt Bond ETF | ETF-Other | 0.85% | — | +4.02% | |
| 37 | EOG | Eog Resources Inc | Stock-Energy | 0.84% | — | -8.78% | |
| 38 | SCHW | Schwab (charles) CORP | Stock-Financials | 0.82% | -0.07% | -14.96% | |
| 39 | TRMB | Trimble Inc | Stock-Tech | 0.79% | +0.10% | +0.30% | |
| 40 | BA | Boeing Co/the | Stock-Industrials | 0.79% | -0.11% | -0.55% | |
| 41 | CRM | Salesforce Inc | Stock-Tech | 0.79% | +0.28% | +2.76% | |
| 42 | DHR | Danaher CORP | Stock-Healthcare | 0.77% | +0.77% | NEW | |
| 43 | ICE | Intercontinental Exchange In | Stock-Financials | 0.75% | +0.15% | -0.58% | |
| 44 | MDT | Medtronic plc | Stock-Healthcare | 0.74% | -0.37% | -41.35% | |
| 45 | TRNO | Terreno Realty CORP | Stock-Real Estate | 0.74% | +0.01% | -0.67% | |
| 46 | CTVA | Corteva Inc | Stock-Materials | 0.73% | -0.07% | -1.72% | |
| 47 | CVS | Cvs Health CORP | Stock-Healthcare | 0.73% | -0.30% | -16.35% | |
| 48 | GIL | Gildan Activewear Inc | Stock-Consumer Disc | 0.73% | -0.15% | -1.67% | |
| 49 | OTIS | Otis Worldwide CORP | Stock-Industrials | 0.73% | -0.04% | +2.88% | |
| 50 | AZN | AstraZeneca PLC | Stock-Healthcare | 0.72% | -0.12% | -1.62% |
1–50 of 122
Portfolio Performance
Performance for Q4 2026
+0.5%
Performance Last 4 Quarters
+11.7%
- Stdev
- +11.3%
- Beta
- +0.87
- Alpha
- -1.2%
- Max Drawdown
- -7.1%
- Annualized Perf
- +19.1%
- Batting Avg vs S&P
- +41.7%
- Sortino
- +3.32
- Stutzer
- +0.47
- Treynor
- +0.21
- Sterling
- +1.24
- Calmar
- +2.68
- Information Ratio
- -1
- Tracking Error
- +4%
- Stdev Down
- +5.5%
- Winning Months %
- +72.2%
- Losing Months %
- +27.8%
- Best 12 Months
- +29.6%
- Worst 12 Months
- +4.6%
- Efficiency Ratio
- +0.66
- Sharpe
- +1.61
- Stdev Sectors
- +9.1%
- Skewness
- -0.05
- Kurtosis
- 0
- Upside Potential
- +4.84
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q3 | 122 | $2.4B | 19 | ||
| 2026 Q2 | 123 | $2.4B | 23 | ||
| 2026 Q1 | 126 | $2.3B | 20 | ||
| 2025 Q4 | 119 | $2.4B | 14 | ||
| 2025 Q3 | 122 | $2.4B | 38 | ||
| 2025 Q2 | 121 | $2.2B | 0 | ||
| 2025 Q1 | 120 | $2.0B | 100 | ||
| 2024 Q4 | 122 | $2.1B | 0 | ||
| 2024 Q3 | 118 | $2.1B | 0 | ||
| 2024 Q2 | 116 | $1.9B | 0 | ||
| 2024 Q1 | 115 | $1.9B | 0 | ||
| 2023 Q4 | 114 | $1.7B | 0 | ||
| 2023 Q3 | 129 | $1.6B | 0 | ||
| 2023 Q2 | 112 | $1.6B | 0 | ||
| 2023 Q1 | 110 | $1.5B | 0 | ||
| 2022 Q4 | 99 | $1.3B | 0 | ||
| 2022 Q3 | 100 | $1.2B | 0 | ||
| 2022 Q2 | 96 | $1.2B | 0 | ||
| 2022 Q1 | 102 | $1.4B | 0 | ||
| 2021 Q4 | 102 | $1.4B | 0 | ||
| 2021 Q3 | 101 | $1.3B | 0 | ||
| 2021 Q2 | 104 | $1.2B | 97 | ||
| 2021 Q1 | 98 | $1.2B | 20 | ||
| 2020 Q4 | 97 | $1.1B | 21 | ||
| 2020 Q3 | 93 | $939.5M | 17 | ||
| 2020 Q2 | 96 | $904.7M | 25 | ||
| 2020 Q1 | 94 | $773.6M | 45 | ||
| 2019 Q4 | 101 | $1.0B | 18 | ||
| 2019 Q3 | 104 | $962.7M | 13 | ||
| 2019 Q2 | 101 | $959.8M | 17 | ||
| 2019 Q1 | 97 | $954.4M | 20 | ||
| 2018 Q4 | 100 | $862.0M | 23 | ||
| 2018 Q3 | 99 | $1.0B | 14 | ||
| 2018 Q2 | 102 | $952.8M | 13 | ||
| 2018 Q1 | 100 | $928.1M | 11 | ||
| 2017 Q4 | 108 | $963.0M | 18 | ||
| 2017 Q3 | 103 | $925.7M | 35 | ||
| 2017 Q2 | 434 | $708.6M | 15 | ||
| 2017 Q1 | 522 | $774.5M | 18 | ||
| 2016 Q4 | 534 | $701.7M | 15 | ||
| 2016 Q3 | 518 | $653.8M | 16 | ||
| 2016 Q2 | 517 | $596.6M | 25 | ||
| 2016 Q1 | 680 | $591.2M | 25 | ||
| 2015 Q4 | 745 | $601.1M | 24 | ||
| 2015 Q3 | 717 | $552.5M | 27 | ||
| 2015 Q2 | 730 | $665.4M | 16 | ||
| 2015 Q1 | 698 | $668.1M | 14 | ||
| 2014 Q4 | 646 | $666.6M | 17 | ||
| 2014 Q3 | 650 | $644.7M | 18 | ||
| 2014 Q2 | 782 | $686.3M | 14 | ||
| 2014 Q1 | 776 | $660.1M | 11 | ||
| 2013 Q4 | 754 | $656.1M | 12 | ||
| 2013 Q3 | 763 | $621.2M | 17 | ||
| 2013 Q2 | 767 | $598.6M | 0 |
Holding changes this quarter
Davidson Investment Advisors's most significant position changes for 2026-09-30: New buy: Danaher CORP (DHR); New buy: Capital One Financial CORP (COF); New buy: Burlington Stores Inc (BURL); Sold out: Infineon Technologies-adr (IFNNY); Sold out: Fedex CORP (FDX).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | MSFT | Microsoft CORP | +1.2% | -5.43% | Trim |
| 2 | DHR | Danaher CORP | +0.8% | NEW | New buy |
| 3 | META | Meta Platforms Inc-class A | +0.8% | +4.66% | Add |
| 4 | AAPL | Apple Inc | +0.6% | -1.48% | Trim |
| 5 | COF | Capital One Financial CORP | +0.6% | NEW | New buy |
| 6 | ✓ | +0.6% | +204.52% | Add | |
| 7 | SARO | Standardaero Inc | +0.6% | +121.09% | Add |
| 8 | BURL | Burlington Stores Inc | +0.5% | NEW | New buy |
| 9 | NVDA | Nvidia CORP | +0.5% | -1.51% | Trim |
| 10 | TMO | Thermo Fisher Scientific Inc | +0.3% | -0.53% | Trim |
| 11 | CRM | Salesforce Inc | +0.3% | +2.76% | Add |
| 12 | ANET | Arista Networks Inc | +0.3% | -1.70% | Trim |
| 13 | DT | Dynatrace Inc | +0.3% | +0.55% | Add |
| 14 | SRE | Sempra | +0.3% | +35.15% | Add |
| 15 | AMZN | Amazon.com Inc | +0.2% | -1.65% | Trim |
| 16 | CVX | Chevron CORP | +0.2% | -1.06% | Trim |
| 17 | ZTS | Zoetis Inc | +0.2% | +52.59% | Add |
| 18 | PANW | Palo Alto Networks Inc | +0.2% | -3.82% | Trim |
| 19 | LH | Labcorp Holdings Inc | +0.2% | -1.57% | Trim |
| 20 | ICE | Intercontinental Exchange In | +0.2% | -0.58% | Trim |
| 21 | PFE | Pfizer Inc | +0.1% | -1.19% | Trim |
| 22 | TRMB | Trimble Inc | +0.1% | +0.30% | Add |
| 23 | V | Visa Inc-class A Shares | +0.1% | -1.52% | Trim |
| 24 | LIN | Linde plc | +0.1% | +22.44% | Add |
| 25 | EUSA | Ishares Msci USA Equal Weigh | +0.1% | +5.75% | Add |
| 26 | BMY | Bristol-myers Squibb Co | +0.1% | -1.61% | Trim |
| 27 | VFMO | Vanguard US Momentum Factor | +0.1% | +11.42% | Add |
| 28 | VRTX | Vertex Pharmaceuticals Inc | +0.1% | -1.95% | Trim |
| 29 | ETN | Eaton Corporation plc | +0.1% | -0.37% | Trim |
| 30 | IXUS | Ishares Core Intl Stock ETF | 0% | -1.22% | Trim |
| 31 | INTU | Intuit Inc | 0% | +1.86% | Add |
| 32 | ADI | Analog Devices Inc | 0% | -0.25% | Trim |
| 33 | VUG | Vanguard Growth ETF | 0% | NEW | New buy |
| 34 | VTHR | Vanguard Russell 3000 | 0% | +31.36% | Add |
| 35 | ITOT | Ishares Core S&p Total U.s. | 0% | +1.00% | Add |
| 36 | ✓ | 0% | NEW | New buy | |
| 37 | QCOM | Qualcomm Inc | 0% | -0.66% | Trim |
| 38 | SPY | Ss Spdr S&p 500 ETF Trust-us | 0% | +67.34% | Add |
| 39 | TRNO | Terreno Realty CORP | 0% | -0.67% | Trim |
| 40 | JNJ | Johnson & Johnson | 0% | +1.88% | Add |
| 41 | ABBV | Abbvie Inc | 0% | +2.55% | Add |
| 42 | JPM | Jpmorgan Chase & Co | 0% | +1.08% | Add |
| 43 | MGK | Vanguard Mega Cap Growth ETF | 0% | — | Unchanged |
| 44 | EOG | Eog Resources Inc | — | -8.78% | Trim |
| 45 | VTEB | Vanguard Tax-exempt Bond ETF | — | +4.02% | Add |
| 46 | SHM | Ss Spdr N Ice St Muni ETF | — | -6.61% | Trim |
| 47 | GOOGL | Alphabet Inc-cl A | — | -2.75% | Trim |
| 48 | JMST | JPM Ultra-short Muni Income | — | -0.19% | Trim |
| 49 | SO | Southern Co/the | — | — | Unchanged |
| 50 | CMF | Ishares California Muni Bond | — | +0.18% | Add |
1–50 of 128
Filing History
FAQ
What is Davidson Investment Advisors and what type of investor is it?
Davidson Investment Advisors is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-09-30), the firm manages a tracked equity portfolio valued at approximately $2.4B, spread across 122 disclosed positions.
What are Davidson Investment Advisors's largest equity positions?
Based on the latest 13F filing, Davidson Investment Advisors's top holdings by market value are:
1. Ishares Core Intl Stock ETF (IXUS) — $199.1M (8.3%)
2. Microsoft CORP (MSFT) — $117.7M (4.9%)
3. Apple Inc (AAPL) — $112.1M (4.7%)
4. Alphabet Inc-cl C (GOOG) — $111.4M (4.7%)
5. Amazon.com Inc (AMZN) — $109.7M (4.6%)
What changes did Davidson Investment Advisors make in its most recent portfolio filing?
In the latest reported quarter, Davidson Investment Advisors made 113 notable position adjustments: 5 new positions were initiated, 30 existing holdings were added to, 72 positions were partially reduced, and 6 were completely exited. The largest of these moves: New buy: Danaher CORP (DHR); New buy: Capital One Financial CORP (COF); New buy: Burlington Stores Inc (BURL); Sold out: Infineon Technologies-adr (IFNNY); Sold out: Fedex CORP (FDX)
What sectors does Davidson Investment Advisors focus on?
Davidson Investment Advisors is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 35.0%
• Health Care: 13.0%
• Communication Services: 11.6%
• Financials: 10.5%
• Consumer Discretionary: 10.3%
• Industrials: 5.4%
Investment Profile
Davidson Investment Advisors returned an annualized 19.1% over the trailing 36 months — underperforming the S&P 500 by 1.2 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.87 (less volatile than the market) and a 42% quarterly batting average against the index.
Its portfolio is broadly diversified and long-term-holding, with 35.0% of the portfolio concentrated in Information Technology.
Its turnover score has fallen from 38 to 19 over the past 4 quarters — a shift toward longer holding periods.
It has added to its NVDA position over the past two quarters (+$28.3M, now $87.5M), while trimming RTX over the same stretch (-$46.9M, still holding $2.1M).
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Developer Access
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