Total reported value
$156.1B
Reporting period: 2026-03-31 · Number of holdings: 2565
VICTORY CAPITAL MANAGEMENT INC disclosed 2565 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $156.1B and a quarterly turnover rate of 33.6%.
Browse other institutions with over $100B AUMBrowse other institutions starting with "V"
Trim MSFT
-17.9% -$2.3B
Trim AMZN
-30.6% -$2.1B
Trim LLY
-30.4% -$1.2B
Trim NVDA
-16.1% -$1.6B
Trim GOOGL
-21.3% -$1.1B
Add ASML
+329.7% $585.7M
Victory Capital is executing an explicit 'Sell the Winners' rotation, dismantling its overweight in the Magnificent Seven and GLP-1 complex (LLY, VRTX) to redistribute capital across its massive 2,410-name tail. This is a tactical de-risking against factor exhaustion, not alpha hunting—a deliberate preemption of the narrow leadership regime breaking down.
The portfolio is structurally short 'Concentration Premium' and long 'Market Breadth'. By systematically trimming the highest conviction names from 4%+ weights down toward 2%, Victory is pricing in a mean-reversion regime where the AI/GLP-1 winners fail to sustain their earnings dominance over the broader market. The opposing thesis—still the base case for the consensus—is that these secular winners are still in their capital deployment phase and will continue to command a scarcity premium, making this rotation a premature surrender of upside.
**Liquidity Sequencing Trap**. Victory sold its most liquid, highest-volume names (NVDA, MSFT, AAPL, AMZN) to fund a sweep into the 99% tail of the portfolio. The structural vulnerability is that during a market shock or margin event, the tail holdings exhibit tighter liquidity and higher beta correlation to the downside, creating a reflexive lock-up. They have swapped single-name concentration risk for a broad liquidity mismatch that cannot be reversed without taking massive slippage in the small and mid-cap names.
This narrative is produced by AI from publicly available filings and describes past activity only — it is informational, not investment advice.
Showing top 2410 holdings (of 2565 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 3.66% | -0.45% | -16.08% | |
| 2 | AAPL | Apple INC | Stock-Tech | 3.04% | -0.37% | -15.94% | |
| 3 | MSFT | Microsoft CORP | Stock-Tech | 2.54% | -1.02% | -17.89% | |
| 4 | AMZN | Amazon.com INC | Stock-Consumer Disc | 2.26% | -0.92% | -30.64% | |
| 5 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 1.82% | -0.40% | -21.31% | |
| 6 | LLY | Eli Lilly & Co | Stock-Healthcare | 1.10% | -0.53% | -30.43% | |
| 7 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 1.06% | -0.09% | -11.30% | |
| 8 | AVGO | Broadcom INC | Stock-Tech | 1.02% | -0.08% | -8.88% | |
| 9 | V | Visa Inc-class A Shares | Stock-Financials | 0.95% | -0.34% | -24.63% | |
| 10 | META | Meta Platforms Inc-class A | Stock-Comm Services | 0.95% | — | +28.15% | |
| 11 | BAC | Bank Of America CORP | Stock-Financials | 0.79% | -0.20% | -20.43% | |
| 12 | TFC | Truist Financial CORP | Stock-Financials | 0.79% | -0.10% | -15.73% | |
| 13 | LH | Labcorp Holdings INC | Stock-Healthcare | 0.79% | — | -13.62% | |
| 14 | CSCO | Cisco Systems INC | Stock-Tech | 0.76% | -0.16% | -27.74% | |
| 15 | BJ | Bj's Wholesale Club Holdings | Stock-Consumer Staples | 0.71% | — | -12.96% | |
| 16 | UPS | United Parcel Service-cl B | Stock-Industrials | 0.70% | -0.07% | -20.10% | |
| 17 | NRG | Nrg Energy INC | Stock-Utilities | 0.67% | — | -6.65% | |
| 18 | AMD | Advanced Micro Devices | Stock-Tech | 0.66% | -0.11% | -19.80% | |
| 19 | SNPS | Synopsys INC | Stock-Tech | 0.65% | -0.08% | -6.99% | |
| 20 | MLM | Martin Marietta Materials | Stock-Materials | 0.62% | -0.24% | -33.15% | |
| 21 | UBER | Uber Technologies INC | Stock-Industrials | 0.58% | — | -7.51% | |
| 22 | NFLX | Netflix INC | Stock-Comm Services | 0.57% | +0.20% | +33.84% | |
| 23 | VRTX | Vertex Pharmaceuticals INC | Stock-Healthcare | 0.54% | -0.32% | -43.74% | |
| 24 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.54% | — | -18.44% | |
| 25 | ACN | Accenture plc | Stock-Tech | 0.53% | +0.36% | +262.22% | |
| 26 | APH | Amphenol Corp-cl A | Stock-Tech | 0.52% | -0.13% | -23.88% | |
| 27 | NOW | Servicenow INC | Stock-Tech | 0.51% | — | +97.22% | |
| 28 | RRX | Regal Rexnord CORP | Stock-Industrials | 0.50% | — | -26.18% | |
| 29 | TSLA | Tesla INC | Stock-Consumer Disc | 0.49% | — | +6.59% | |
| 30 | MCHP | Microchip Technology INC | Stock-Tech | 0.48% | — | -12.43% | |
| 31 | IBM | Intl Business Machines CORP | Stock-Tech | 0.47% | -0.30% | -34.16% | |
| 32 | ASML | ASML Holding N.V. | Stock-Tech | 0.46% | +0.38% | +329.71% | |
| 33 | PWR | Quanta Services INC | Stock-Industrials | 0.46% | -0.23% | -55.54% | |
| 34 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.46% | — | -4.41% | |
| 35 | UITB | Victoryshares Core Intermedi | ETF-Other | 0.45% | — | — | |
| 36 | TJX | Tjx Companies INC | Stock-Consumer Disc | 0.43% | — | -16.31% | |
| 37 | BKNG | Booking Holdings INC | Stock-Consumer Disc | 0.43% | — | +9.46% | |
| 38 | FCX | Freeport-mcmoran INC | Stock-Materials | 0.42% | — | -35.62% | |
| 39 | CEG | Constellation Energy | Stock-Utilities | 0.42% | — | +7.49% | |
| 40 | ADBE | Adobe INC | Stock-Tech | 0.40% | — | +34.93% | |
| 41 | MA | Mastercard INC - A | Stock-Financials | 0.40% | -0.08% | -17.49% | |
| 42 | ISRG | Intuitive Surgical INC | Stock-Healthcare | 0.38% | -0.09% | -12.42% | |
| 43 | XOM | Exxon Mobil CORP | Stock-Energy | 0.38% | — | -14.39% | |
| 44 | HD | Home Depot INC | Stock-Consumer Disc | 0.38% | — | -14.14% | |
| 45 | USFD | US Foods Holding CORP | Stock-Consumer Staples | 0.36% | — | +26.19% | |
| 46 | KLAC | Kla CORP | Stock-Tech | 0.36% | — | -31.87% | |
| 47 | BMY | Bristol-myers Squibb Co | Stock-Healthcare | 0.36% | — | +11.54% | |
| 48 | EME | Emcor Group INC | Stock-Industrials | 0.36% | — | -41.18% | |
| 49 | LOW | Lowe's Cos INC | Stock-Consumer Disc | 0.35% | — | +0.42% | |
| 50 | ROST | Ross Stores INC | Stock-Consumer Disc | 0.35% | — | -16.62% |
Performance for Q3 2026
+3.2%
Performance Last 4 Quarters
+23.7%
Based on 73% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 2565 | $156.1B | 34 | |
| 2025-12-31 | 2583 | $177.2B | 33 | |
| 2025-09-30 | 2579 | $171.0B | 64 | |
| 2025-06-30 | 3239 | $155.1B | 0 | |
| 2025-03-31 | 2748 | $97.7B | 100 | |
| 2024-12-31 | 2746 | $101.7B | 0 | |
| 2024-09-30 | 2765 | $103.8B | 0 | |
| 2024-06-30 | 2753 | $99.8B | 0 | |
| 2024-03-31 | 2753 | $102.4B | 0 | |
| 2023-12-31 | 2823 | $95.1B | 0 | |
| 2023-09-30 | 2805 | $87.0B | 0 | |
| 2023-06-30 | 2799 | $90.9B | 0 | |
| 2023-03-31 | 2874 | $89.0B | 0 | |
| 2022-12-31 | 2863 | $86.9B | 0 | |
| 2022-09-30 | 2979 | $85.7B | 0 | |
| 2022-06-30 | 2972 | $87.8B | 0 | |
| 2022-03-31 | 3003 | $100.0B | 0 | |
| 2021-12-31 | 3052 | $108.7B | 0 | |
| 2021-09-30 | 3058 | $102.1B | 0 | |
| 2021-06-30 | 3030 | $104.2B | 97 | |
| 2021-03-31 | 3043 | $97.6B | 25 | |
| 2020-12-31 | 2837 | $89.8B | 26 | |
| 2020-09-30 | 2787 | $77.9B | 23 | |
| 2020-06-30 | 2796 | $73.8B | 36 | |
| 2020-03-31 | 4040 | $59.6B | 43 | |
| 2019-12-31 | 2932 | $82.4B | 23 | |
| 2019-09-30 | 4099 | $77.7B | 61 | |
| 2019-06-30 | 2136 | $49.6B | 30 | |
| 2019-03-31 | 2087 | $44.0B | 31 | |
| 2018-12-31 | 2197 | $39.8B | 33 | |
| 2018-09-30 | 3147 | $48.5B | 29 | |
| 2018-06-30 | 3213 | $47.0B | 27 | |
| 2018-03-31 | 2217 | $45.8B | 26 | |
| 2017-12-31 | 2203 | $47.5B | 28 | |
| 2017-09-30 | 2127 | $44.5B | 27 | |
| 2017-06-30 | 2118 | $42.7B | 27 | |
| 2017-03-31 | 2108 | $42.0B | 30 | |
| 2016-12-31 | 2339 | $39.6B | 38 | |
| 2016-09-30 | 2107 | $35.7B | 55 | |
| 2016-06-30 | 2970 | $25.0B | 32 | |
| 2016-03-31 | 2919 | $24.2B | 32 | |
| 2015-12-31 | 2722 | $24.1B | 33 | |
| 2015-09-30 | 3039 | $24.3B | 32 | |
| 2015-06-30 | 2859 | $27.0B | 51 | |
| 2015-03-31 | 1851 | $27.8B | 52 | |
| 2014-12-31 | 1929 | $27.1B | 95 | |
| 2014-09-30 | 1225 | $13.3B | 26 | |
| 2014-06-30 | 1191 | $14.7B | 29 | |
| 2014-03-31 | 1233 | $14.7B | 33 | |
| 2013-12-31 | 1256 | $14.2B | 30 | |
| 2013-09-30 | 1927 | $13.9B | 0 |
Victory Capital Management INC's most significant position changes for 2026-03-31: New buy: BW LPG Limited (BWLP); Trim: Microsoft CORP (MSFT) — shares -17.89%; Trim: Amazon.com INC (AMZN) — shares -30.64%; Trim: Eli Lilly & Co (LLY) — shares -30.43%; Trim: Nvidia CORP (NVDA) — shares -16.08%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | ASML | ASML Holding N.V. | +0.4% | +329.71% | Add |
| 2 | ACN | Accenture plc | +0.4% | +262.22% | Add |
| 3 | CRH | CRH plc | +0.2% | +1805.68% | Add |
| 4 | WMT | Walmart INC | +0.2% | +107.35% | Add |
| 5 | NFLX | Netflix INC | +0.2% | +33.84% | Add |
| 6 | IEX | Idex CORP | +0.2% | +6890.04% | Add |
| 7 | 6D8 | Dupont De Nemours INC | +0.2% | +4275.39% | Add |
| 8 | TTC | Toro Co | +0.2% | +20402.25% | Add |
| 9 | ETN | Eaton Corporation plc | +0.2% | +133.14% | Add |
| 10 | CACI | Caci International INC -cl A | +0.2% | +428.92% | Add |
| 11 | SLB | Slb LTD | +0.2% | +109.88% | Add |
| 12 | RVTY | Revvity INC | +0.2% | +1108.18% | Add |
| 13 | SPOT | Spotify Technology S.A. | +0.2% | +1000.86% | Add |
| 14 | UPS | United Parcel Service-cl B | -0.1% | -20.10% | Trim |
| 15 | AVGO | Broadcom INC | -0.1% | -8.88% | Trim |
| 16 | SNPS | Synopsys INC | -0.1% | -6.99% | Trim |
| 17 | MA | Mastercard INC - A | -0.1% | -17.49% | Trim |
| 18 | GOOG | Alphabet Inc-cl C | -0.1% | -11.30% | Trim |
| 19 | ISRG | Intuitive Surgical INC | -0.1% | -12.42% | Trim |
| 20 | TFC | Truist Financial CORP | -0.1% | -15.73% | Trim |
| 21 | AMAT | Applied Materials INC | -0.1% | -48.82% | Trim |
| 22 | GS | Goldman Sachs Group INC | -0.1% | -29.44% | Trim |
| 23 | INTU | Intuit INC | -0.1% | +5.47% | Add |
| 24 | AMD | Advanced Micro Devices | -0.1% | -19.80% | Trim |
| 25 | PINS | Pinterest Inc- Class A | -0.1% | -14.68% | Trim |
| 26 | CAH | Cardinal Health INC | -0.1% | -48.60% | Trim |
| 27 | APH | Amphenol Corp-cl A | -0.1% | -23.88% | Trim |
| 28 | CME | Cme Group INC | -0.1% | -52.97% | Trim |
| 29 | CSCO | Cisco Systems INC | -0.2% | -27.74% | Trim |
| 30 | AEP | American Electric Power | -0.2% | -53.43% | Trim |
| 31 | DIS | Walt Disney Co/the | -0.2% | -42.41% | Trim |
| 32 | STT | State Street CORP | -0.2% | -56.78% | Trim |
| 33 | TXT | Textron INC | -0.2% | -85.11% | Trim |
| 34 | BAC | Bank Of America CORP | -0.2% | -20.43% | Trim |
| 35 | PFGC | Performance Food Group Co | -0.2% | -91.13% | Trim |
| 36 | PWR | Quanta Services INC | -0.2% | -55.54% | Trim |
| 37 | MLM | Martin Marietta Materials | -0.2% | -33.15% | Trim |
| 38 | HBAN | Huntington Bancshares INC | -0.2% | -64.71% | Trim |
| 39 | HO1 | Hologic INC | -0.2% | -98.91% | Trim |
| 40 | APO | Apollo Global Management INC | -0.3% | -58.37% | Trim |
| 41 | IBM | Intl Business Machines CORP | -0.3% | -34.16% | Trim |
| 42 | VRTX | Vertex Pharmaceuticals INC | -0.3% | -43.74% | Trim |
| 43 | V | Visa Inc-class A Shares | -0.3% | -24.63% | Trim |
| 44 | AAPL | Apple INC | -0.4% | -15.94% | Trim |
| 45 | GOOGL | Alphabet Inc-cl A | -0.4% | -21.31% | Trim |
| 46 | NVDA | Nvidia CORP | -0.5% | -16.08% | Trim |
| 47 | LLY | Eli Lilly & Co | -0.5% | -30.43% | Trim |
| 48 | AMZN | Amazon.com INC | -0.9% | -30.64% | Trim |
| 49 | MSFT | Microsoft CORP | -1% | -17.89% | Trim |
| 50 | BWLP | BW LPG Limited | — | NEW | New buy |
Institutions with a similar AUM
CIK 0001283718
Total reported value
$155.0B
1,680 stks
2026-03-31
AUM within 0.7% of this institution
CIK 0001475365
Total reported value
$154.5B
1,047 stks
2026-03-31
AUM within 1.1% of this institution
CIK 0001141802
Total reported value
$162.4B
4,113 stks
2026-03-31
AUM within 4.0% of this institution
Institutions with overlapping top holdings
CIK 0000002230
Total reported value
$2.8B
99 stks
2026-03-31
5 of the top 5 holdings overlap, including Nvidia CORP
CIK 0000038777
Total reported value
$408.3B
14,782 stks
2026-03-31
5 of the top 5 holdings overlap, including Nvidia CORP
CIK 0000073124
Total reported value
$756.6B
19,864 stks
2026-03-31
5 of the top 5 holdings overlap, including Nvidia CORP