VC
Victory Capital Management Inc 13F Portfolio Snapshot & Holdings (Q2 2026)
Victory Capital Management IncCIK: 0001040188
Diversified strategyMomentum follower
Total reported value
$178.3B
Reporting period: 2026-06-30 · Number of holdings: 2638
VICTORY CAPITAL MANAGEMENT INC disclosed 2638 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $178.3B and a quarterly turnover rate of 29.9%.
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Personality snowflake
- Concentration
- 2.68
- Portfolio Stability
- 29.86
- Momentum
- 85.89
- Sector conviction
- 47.27
- Diversification
- 100
- Sizing Uniformity
- 60.42
Victory Capital Management Inc's disclosed holdings carry a Herfindahl concentration index of 0.007 — mathematically equivalent to about 149 equally-sized positions, well below its 2638 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 3.96), 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 AMD
-15.1% $1.5B
Add MU
+3.4% $902.4M
Trim TFC
-41.7% -$456.0M
Add LLY
+14.7% $851.5M
Add KLAC
+917.6% $608.1M
Add GOOGL
+6.4% $918.4M
Holdings Map
New buyAddUnchangedTrim
Institutional Game-State Analysis
Core Intent
Victory Capital's latest quarter shows a clear net-add bias, with capital rotation concentrated into information technology (now ~31% of mapped value), including active adds to NVDA, GOOGL, MU, and KLAC. The trims of AMD and AMAT appear modest—both still gained weight—suggesting the sell-down was either limited or offset by price appreciation, leaving the fund's semiconductor exposure effectively larger, not smaller.
Macro & Fundamentals
The flow pattern lines up with continued market enthusiasm for AI infrastructure: memory (MU), chip design (NVDA), and semi-cap equipment (KLAC, AMAT) all received attention, while LLY's add points to a defensive-growth offset. This is an inference from limited positional data, not a confirmed causal claim—the moves could equally reflect benchmark-tracking or tax/risk management rather than deliberate sector calls.
Blind Spots / Risks
The most concrete risk in this book is the heavy single-sector tilt: at 31% information technology with a low HHI (0.0067) but high concentration in correlated AI names, a de-rating in that theme could hit the portfolio harder than the diversification score (100) alone would suggest. Additionally, missing share-change percentages for the top moves limits our ability to distinguish active conviction from price-driven weight drift.
This narrative is produced by AI from this institution's Form 13F filings, as disclosed on SEC EDGAR, and describes past activity only. It is informational, not investment advice. View the original 2026-06-30 Form 13F filing on SEC.gov
Top 10 holdings by weight
Full holdings list this quarter
Showing top 200 holdings (of 2638 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 3.91% | +0.25% | +6.31% | |
| 2 | AAPL | Apple Inc | Stock-Tech | 3.04% | — | +0.22% | |
| 3 | MSFT | Microsoft CORP | Stock-Tech | 2.35% | -0.19% | +4.84% | |
| 4 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 2.11% | +0.29% | +6.41% | |
| 5 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 2.10% | -0.16% | -7.16% | |
| 6 | LLY | Eli Lilly & Co | Stock-Healthcare | 1.44% | +0.34% | +14.71% | |
| 7 | AMD | Advanced Micro Devices | Stock-Tech | 1.41% | +0.75% | -15.08% | |
| 8 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 1.22% | +0.16% | +6.87% | |
| 9 | AVGO | Broadcom Inc | Stock-Tech | 1.18% | +0.16% | +7.86% | |
| 10 | BAC | Bank Of America CORP | Stock-Financials | 1.00% | +0.21% | +23.78% | |
| 11 | META | Meta Platforms Inc-class A | Stock-Comm Services | 0.91% | -0.04% | +11.35% | |
| 12 | UPS | United Parcel Service-cl B | Stock-Industrials | 0.86% | +0.16% | +29.07% | |
| 13 | CSCO | Cisco Systems Inc | Stock-Tech | 0.84% | +0.08% | -16.05% | |
| 14 | V | Visa Inc-class A Shares | Stock-Financials | 0.82% | -0.13% | -13.29% | |
| 15 | NRG | Nrg Energy Inc | Stock-Utilities | 0.78% | +0.11% | +32.92% | |
| 16 | LH | Labcorp Holdings Inc | Stock-Healthcare | 0.76% | -0.03% | +4.55% | |
| 17 | TSLA | Tesla Inc | Stock-Consumer Disc | 0.75% | +0.26% | +56.16% | |
| 18 | SNPS | Synopsys Inc | Stock-Tech | 0.72% | +0.08% | +12.62% | |
| 19 | MU | Micron Technology Inc | Stock-Tech | 0.71% | +0.48% | +3.41% | |
| 20 | KLAC | Kla CORP | Stock-Tech | 0.66% | +0.30% | +917.65% | |
| 21 | AMAT | Applied Materials Inc | Stock-Tech | 0.64% | +0.29% | -1.03% | |
| 22 | APH | Amphenol Corp-cl A | Stock-Tech | 0.62% | +0.10% | -3.42% | |
| 23 | VRTX | Vertex Pharmaceuticals Inc | Stock-Healthcare | 0.61% | +0.07% | +15.07% | |
| 24 | RRX | Regal Rexnord CORP | Stock-Industrials | 0.60% | +0.10% | +7.35% | |
| 25 | MLM | Martin Marietta Materials | Stock-Materials | 0.58% | -0.04% | +8.94% | |
| 26 | FCX | Freeport-mcmoran Inc | Stock-Materials | 0.58% | +0.16% | +45.96% | |
| 27 | UBER | Uber Technologies Inc | Stock-Industrials | 0.54% | -0.04% | +6.38% | |
| 28 | ASML | ASML Holding N.V. | Stock-Tech | 0.53% | +0.07% | -12.88% | |
| 29 | MCHP | Microchip Technology Inc | Stock-Tech | 0.50% | +0.02% | -16.28% | |
| 30 | GEV | GE Vernova Inc | Stock-Industrials | 0.47% | +0.16% | +28.92% | |
| 31 | BJ | Bj's Wholesale Club Holdings | Stock-Consumer Staples | 0.46% | -0.25% | -15.77% | |
| 32 | CEG | Constellation Energy | Stock-Utilities | 0.45% | +0.03% | +38.57% | |
| 33 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.45% | -0.01% | +1.36% | |
| 34 | TFC | Truist Financial CORP | Stock-Financials | 0.44% | -0.35% | -41.71% | |
| 35 | STT | State Street CORP | Stock-Financials | 0.43% | +0.27% | +128.48% | |
| 36 | BKNG | Booking Holdings Inc | Stock-Consumer Disc | 0.42% | -0.01% | +2566.15% | |
| 37 | ADBE | Adobe Inc | Stock-Tech | 0.40% | — | +34.95% | |
| 38 | NOW | Servicenow Inc | Stock-Tech | 0.40% | -0.11% | -6.09% | |
| 39 | SNDK | Sandisk CORP | Stock-Tech | 0.40% | +0.24% | -22.86% | |
| 40 | NFLX | Netflix Inc | Stock-Comm Services | 0.39% | -0.18% | +5.86% | |
| 41 | DVN | Devon Energy CORP | Stock-Energy | 0.39% | +0.10% | +86.07% | |
| 42 | UITB | Victoryshares Core Intermedi | ETF-Other | 0.39% | -0.06% | — | |
| 43 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.37% | -0.17% | -23.57% | |
| 44 | XOM | Exxon Mobil CORP | Stock-Energy | 0.37% | -0.01% | +38.84% | |
| 45 | GS | Goldman Sachs Group Inc | Stock-Financials | 0.37% | +0.04% | +6.27% | |
| 46 | QCOM | Qualcomm Inc | Stock-Tech | 0.37% | +0.15% | +37.17% | |
| 47 | TJX | Tjx Companies Inc | Stock-Consumer Disc | 0.36% | -0.07% | +0.99% | |
| 48 | ACN | Accenture plc | Stock-Tech | 0.36% | -0.17% | +23.96% | |
| 49 | IBM | Intl Business Machines CORP | Stock-Tech | 0.35% | -0.12% | -26.66% | |
| 50 | ES | Eversource Energy | Stock-Utilities | 0.35% | +0.03% | +16.88% |
1–50 of 200
Portfolio Performance
Performance for Q3 2026
+3.4%
Performance Last 4 Quarters
+22.3%
- Stdev
- +13%
- Beta
- +0.94
- Alpha
- -2.1%
- Max Drawdown
- -11.1%
- Annualized Perf
- +17%
- Batting Avg vs S&P
- +41.7%
- Sortino
- +2.44
- Stutzer
- +0.38
- Treynor
- +0.18
- Sterling
- +1.01
- Calmar
- +1.53
- Information Ratio
- -0.73
- Tracking Error
- +4.6%
- Stdev Down
- +6.8%
- Winning Months %
- +72.2%
- Losing Months %
- +27.8%
- Best 12 Months
- +31.5%
- Worst 12 Months
- +1.6%
- Efficiency Ratio
- +0.51
- Sharpe
- +1.28
- Stdev Sectors
- +7.8%
- Skewness
- -0.05
- Kurtosis
- -0.4
- Upside Potential
- +4.08
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 2638 | $178.3B | 30 | ||
| 2026 Q1 | 2565 | $156.1B | 34 | ||
| 2025 Q4 | 2583 | $177.2B | 33 | ||
| 2025 Q3 | 2579 | $171.0B | 64 | ||
| 2025 Q2 | 3239 | $155.1B | 0 | ||
| 2025 Q1 | 2748 | $97.7B | 100 | ||
| 2024 Q4 | 2746 | $101.7B | 0 | ||
| 2024 Q3 | 2765 | $103.8B | 0 | ||
| 2024 Q2 | 2753 | $99.8B | 0 | ||
| 2024 Q1 | 2753 | $102.4B | 0 | ||
| 2023 Q4 | 2823 | $95.1B | 0 | ||
| 2023 Q3 | 2805 | $87.0B | 0 | ||
| 2023 Q2 | 2799 | $90.9B | 0 | ||
| 2023 Q1 | 2874 | $89.0B | 0 | ||
| 2022 Q4 | 2863 | $86.9B | 0 | ||
| 2022 Q3 | 2979 | $85.7B | 0 | ||
| 2022 Q2 | 2972 | $87.8B | 0 | ||
| 2022 Q1 | 3003 | $100.0B | 0 | ||
| 2021 Q4 | 3052 | $108.7B | 0 | ||
| 2021 Q3 | 3058 | $102.1B | 0 | ||
| 2021 Q2 | 3030 | $104.2B | 97 | ||
| 2021 Q1 | 3043 | $97.6B | 25 | ||
| 2020 Q4 | 2837 | $89.8B | 26 | ||
| 2020 Q3 | 2787 | $77.9B | 23 | ||
| 2020 Q2 | 2796 | $73.8B | 36 | ||
| 2020 Q1 | 4040 | $59.6B | 43 | ||
| 2019 Q4 | 2932 | $82.4B | 23 | ||
| 2019 Q3 | 4099 | $77.7B | 61 | ||
| 2019 Q2 | 2136 | $49.6B | 30 | ||
| 2019 Q1 | 2087 | $44.0B | 31 | ||
| 2018 Q4 | 2197 | $39.8B | 33 | ||
| 2018 Q3 | 3147 | $48.5B | 29 | ||
| 2018 Q2 | 3213 | $47.0B | 27 | ||
| 2018 Q1 | 2217 | $45.8B | 26 | ||
| 2017 Q4 | 2203 | $47.5B | 28 | ||
| 2017 Q3 | 2127 | $44.5B | 27 | ||
| 2017 Q2 | 2118 | $42.7B | 27 | ||
| 2017 Q1 | 2108 | $42.0B | 30 | ||
| 2016 Q4 | 2339 | $39.6B | 38 | ||
| 2016 Q3 | 2107 | $35.7B | 55 | ||
| 2016 Q2 | 2970 | $25.0B | 32 | ||
| 2016 Q1 | 2919 | $24.2B | 32 | ||
| 2015 Q4 | 2722 | $24.1B | 33 | ||
| 2015 Q3 | 3039 | $24.3B | 32 | ||
| 2015 Q2 | 2859 | $27.0B | 51 | ||
| 2015 Q1 | 1851 | $27.8B | 52 | ||
| 2014 Q4 | 1929 | $27.1B | 95 | ||
| 2014 Q3 | 1225 | $13.3B | 26 | ||
| 2014 Q2 | 1191 | $14.7B | 29 | ||
| 2014 Q1 | 1233 | $14.7B | 33 | ||
| 2013 Q4 | 1256 | $14.2B | 30 | ||
| 2013 Q3 | 1927 | $13.9B | 0 |
* This report is exclusively curated by the AlphaSMO team. AlphaSMO is the web's most authoritative 13F / Inside Trader database, delivering precise insider trading and institutional holdings insights.
Holding changes this quarter
Victory Capital Management Inc's most significant position changes for 2026-06-30: Sold out: Coterra Energy Inc (CTRA); New buy: ; Sold out: Dupont De Nemours Inc (6D8); New buy: GLOBALFOUNDRIES Inc. (GFS); Sold out: Honeywell International Inc (HON).
Showing top 200 changes by size (of 2590 total)
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | AMD | Advanced Micro Devices | +0.8% | -15.08% | Trim |
| 2 | MU | Micron Technology Inc | +0.5% | +3.41% | Add |
| 3 | LLY | Eli Lilly & Co | +0.3% | +14.71% | Add |
| 4 | KLAC | Kla CORP | +0.3% | +917.65% | Add |
| 5 | GOOGL | Alphabet Inc-cl A | +0.3% | +6.41% | Add |
| 6 | AMAT | Applied Materials Inc | +0.3% | -1.03% | Trim |
| 7 | STT | State Street CORP | +0.3% | +128.48% | Add |
| 8 | TSLA | Tesla Inc | +0.3% | +56.16% | Add |
| 9 | NVDA | Nvidia CORP | +0.3% | +6.31% | Add |
| 10 | SNDK | Sandisk CORP | +0.2% | -22.86% | Trim |
| 11 | BAC | Bank Of America CORP | +0.2% | +23.78% | Add |
| 12 | ARMK | Aramark | +0.2% | +13504.52% | Add |
| 13 | ✓ | +0.2% | NEW | New buy | |
| 14 | INTC | Intel CORP | +0.2% | +0.18% | Add |
| 15 | CR | Crane Co | +0.2% | +15074.55% | Add |
| 16 | GOOG | Alphabet Inc-cl C | +0.2% | +6.87% | Add |
| 17 | AVGO | Broadcom Inc | +0.2% | +7.86% | Add |
| 18 | UPS | United Parcel Service-cl B | +0.2% | +29.07% | Add |
| 19 | FCX | Freeport-mcmoran Inc | +0.2% | +45.96% | Add |
| 20 | GEV | GE Vernova Inc | +0.2% | +28.92% | Add |
| 21 | HAL | Halliburton Co | +0.2% | +963.78% | Add |
| 22 | QCOM | Qualcomm Inc | +0.2% | +37.17% | Add |
| 23 | CNC | Centene CORP | +0.2% | +97.98% | Add |
| 24 | HBAN | Huntington Bancshares Inc | +0.1% | +107.78% | Add |
| 25 | GLW | Corning Inc | +0.1% | +85.08% | Add |
| 26 | GFS | GLOBALFOUNDRIES Inc. | +0.1% | NEW | New buy |
| 27 | LRCX | Lam Research CORP | +0.1% | -7.00% | Trim |
| 28 | CHRW | C.h. Robinson Worldwide Inc | +0.1% | +286.16% | Add |
| 29 | NRG | Nrg Energy Inc | +0.1% | +32.92% | Add |
| 30 | BA | Boeing Co/the | +0.1% | +81.06% | Add |
| 31 | RRX | Regal Rexnord CORP | +0.1% | +7.35% | Add |
| 32 | APH | Amphenol Corp-cl A | +0.1% | -3.42% | Trim |
| 33 | DVN | Devon Energy CORP | +0.1% | +86.07% | Add |
| 34 | OKTA | Okta Inc | +0.1% | +57.29% | Add |
| 35 | PANW | Palo Alto Networks Inc | +0.1% | -3.41% | Trim |
| 36 | ROK | Rockwell Automation Inc | +0.1% | +23.08% | Add |
| 37 | COKE | Coca-cola Consolidated Inc | +0.1% | +694.46% | Add |
| 38 | IPGP | Ipg Photonics CORP | +0.1% | +32558.52% | Add |
| 39 | CSCO | Cisco Systems Inc | +0.1% | -16.05% | Trim |
| 40 | SNPS | Synopsys Inc | +0.1% | +12.62% | Add |
| 41 | TMUS | T-mobile US Inc | +0.1% | +91.45% | Add |
| 42 | ELV | Elevance Health Inc | +0.1% | +135.06% | Add |
| 43 | EOG | Eog Resources Inc | +0.1% | +122.97% | Add |
| 44 | MPC | Marathon Petroleum CORP | +0.1% | +140.42% | Add |
| 45 | AMCR | Amcor plc | +0.1% | +940.59% | Add |
| 46 | VST | Vistra CORP | +0.1% | +853.13% | Add |
| 47 | VRTX | Vertex Pharmaceuticals Inc | +0.1% | +15.07% | Add |
| 48 | ASML | ASML Holding N.V. | +0.1% | -12.88% | Trim |
| 49 | MOH | Molina Healthcare Inc | +0.1% | -4.35% | Trim |
| 50 | CAH | Cardinal Health Inc | +0.1% | +42.60% | Add |
1–50 of 200
Filing History
Related 13F Filing Analysis
- VICTORY CAPITAL MANAGEMENT INC2026-Q1
Victory trims MSFT; INTU value falls despite add
Aug 2, 2026⏱ 3 minMSFTAMZNNVDAAAPLRead →
FAQ
What is Victory Capital Management Inc and what type of investor is it?
Victory Capital Management Inc 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 (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $178.3B, spread across 2638 disclosed positions.
What are Victory Capital Management Inc's largest equity positions?
Based on the latest 13F filing, Victory Capital Management Inc's top holdings by market value are:
1. Nvidia CORP (NVDA) — $7.0B (3.9%)
2. Apple Inc (AAPL) — $5.4B (3.0%)
3. Microsoft CORP (MSFT) — $4.2B (2.4%)
4. Alphabet Inc-cl A (GOOGL) — $3.8B (2.1%)
5. Amazon.com Inc (AMZN) — $3.8B (2.1%)
What changes did Victory Capital Management Inc make in its most recent portfolio filing?
In the latest reported quarter, Victory Capital Management Inc made 200 notable position adjustments: 8 new positions were initiated, 112 existing holdings were added to, 73 positions were partially reduced, and 7 were completely exited. The largest of these moves: Sold out: Coterra Energy Inc (CTRA); New buy: ; Sold out: Dupont De Nemours Inc (6D8); New buy: GLOBALFOUNDRIES Inc. (GFS); Sold out: Honeywell International Inc (HON)
What sectors does Victory Capital Management Inc focus on?
Victory Capital Management Inc is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 31.4%
• Industrials: 12.0%
• Financials: 11.1%
• Health Care: 10.1%
• Consumer Discretionary: 9.9%
• Communication Services: 6.9%
Investment Profile
Victory Capital Management Inc returned an annualized 17.0% over the trailing 36 months — underperforming the S&P 500 by 2.1 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.94 (roughly in line with the market) and a 42% quarterly batting average against the index.
Its portfolio is broadly diversified and moderately active, with 31.4% of the portfolio concentrated in Information Technology.
Its turnover score has risen from 0 to 30 over the past 4 quarters — a shift toward more active trading.
It has added to its MU position over the past two quarters (+$1.0B, now $1.3B), while trimming V over the same stretch (-$823.2M, still holding $1.5B).
Peer Institutions
Institutions with a similar AUM
SA
SG Americas Securities, LLC
CIK 0001313360
Total reported value
$178.7B
3,333 stks
2026-06-30
Concentration8.0
Portfolio Stability91.3
Sector conviction76.7
AUM within 0.2% of this institution
View detail
CP
California Public Employees Retirement System
CIK 0000919079
Total reported value
$177.4B
1,061 stks
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Concentration11.6
Portfolio Stability26.8
Sector conviction61.1
AUM within 0.5% of this institution
View detail
MU
Mitsubishi UFJ Asset Management Co., Ltd.
CIK 0001466546
Total reported value
$180.4B
1,659 stks
2026-06-30
Concentration6.7
Portfolio Stability24.7
Sector conviction56.3
AUM within 1.2% of this institution
View detail
Similar Holdings Style
Institutions with overlapping top holdings
AD
Adams Diversified Equity Fund, Inc.
CIK 0000002230
Total reported value
$3.3B
103 stks
2026-06-30
Concentration10.2
Portfolio Stability38.4
Sector conviction62.8
Also holds Nvidia CORP as its largest position
View detail
FA
Fred Alger Management, LLC
CIK 0000003520
Total reported value
$30.0B
505 stks
2026-06-30
Concentration15.7
Portfolio Stability42.3
Sector conviction93.4
Also holds Nvidia CORP as its largest position
View detail
JC
Jpmorgan Chase & Co
CIK 0000019617
Total reported value
$1.8T
34,064 stks
2026-06-30
Concentration3.7
Portfolio Stability31.3
Sector conviction60.5
Also holds Nvidia CORP as its largest position
View detail
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Developer Access
Access Victory Capital Management Inc's institutional profile programmatically:
REST API
curl https://alphasmo.com/api/v1/institutions/victory-capital-management-incCLI
npx alphasmo institutions get victory-capital-management-inc