# DAVIDSON INVESTMENT ADVISORS

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1140771. Source: https://holderbook.com/funds/1140771-davidson-investment-advisors/

- Reported value: $2.4B
- Positions: 123
- Weight of the ten largest: 38.6%
- Filed: 2026-07-21

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| ISHARES TR | [IXUS](https://holderbook.com/stocks/IXUS/) | $202.5M | 2,122,254 | 8.3% | 25 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $117.4M | 332,294 | 4.8% | 31 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $106.7M | 447,774 | 4.4% | 26 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $98.9M | 341,640 | 4.0% | 31 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $95.6M | 200,103 | 3.9% | 7 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $90.6M | 242,760 | 3.7% | 31 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $77.8M | 388,989 | 3.2% | 11 |
| HYATT HOTELS CORP | [H](https://holderbook.com/stocks/H/) | $55.1M | 284,109 | 2.3% | 4 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $50.2M | 89,113 | 2.1% | 7 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $48.6M | 128,579 | 2.0% | 8 |
| EATON CORP PLC | [ETN](https://holderbook.com/stocks/ETN/) | $48.2M | 113,066 | 2.0% | 31 |
| CITIGROUP INC | [C](https://holderbook.com/stocks/C/) | $42.1M | 300,617 | 1.7% | 31 |
| VANGUARD WELLINGTON FD | [VFMO](https://holderbook.com/stocks/VFMO/) | $39.0M | 156,341 | 1.6% | 19 |
| SEMPRA | [SRE](https://holderbook.com/stocks/SRE/) | $38.5M | 414,833 | 1.6% | 31 |
| LABCORP HOLDINGS INC | [LH](https://holderbook.com/stocks/LH/) | $37.2M | 132,898 | 1.5% | 9 |
| AGNC INVT CORP | [AGNC](https://holderbook.com/stocks/AGNC/) | $36.7M | 3,371,067 | 1.5% | 13 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $35.0M | 102,129 | 1.4% | 27 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $34.8M | 296,446 | 1.4% | 31 |
| ANALOG DEVICES INC | [ADI](https://holderbook.com/stocks/ADI/) | $33.1M | 83,377 | 1.4% | 20 |
| ARISTA NETWORKS INC | [ANET](https://holderbook.com/stocks/ANET/) | $32.0M | 188,476 | 1.3% | 7 |
| RTX CORPORATION | [RTX](https://holderbook.com/stocks/RTX/) | $31.1M | 163,898 | 1.3% | 25 |
| ISHARES INC | [EUSA](https://holderbook.com/stocks/EUSA/) | $28.7M | 251,532 | 1.2% | 25 |
| MEDTRONIC PLC | [MDT](https://holderbook.com/stocks/MDT/) | $27.3M | 348,684 | 1.1% | 23 |
| PALO ALTO NETWORKS INC | [PANW](https://holderbook.com/stocks/PANW/) | $26.9M | 78,979 | 1.1% | 2 |
| THE CIGNA GROUP | [CI](https://holderbook.com/stocks/CI/) | $26.3M | 95,348 | 1.1% | 31 |
| CVS HEALTH CORP | [CVS](https://holderbook.com/stocks/CVS/) | $25.3M | 244,542 | 1.0% | 30 |
| CAMDEN PPTY TR | [CPT](https://holderbook.com/stocks/CPT/) | $25.1M | 218,944 | 1.0% | 26 |
| GOLDMAN SACHS GROUP INC | [GS](https://holderbook.com/stocks/GS/) | $24.9M | 24,653 | 1.0% | 24 |
| PROGRESSIVE CORP | [PGR](https://holderbook.com/stocks/PGR/) | $24.7M | 112,873 | 1.0% | 29 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $24.2M | 214,078 | 1.0% | 31 |
| VERTEX PHARMACEUTICALS INC | [VRTX](https://holderbook.com/stocks/VRTX/) | $24.2M | 48,710 | 1.0% | 21 |
| FEDEX FGHT HLDG CO INC | - | $23.0M | 152,374 | 0.9% | 1 |
| BOEING CO | [BA](https://holderbook.com/stocks/BA/) | $22.1M | 102,283 | 0.9% | 17 |
| QUALCOMM INC | [QCOM](https://holderbook.com/stocks/QCOM/) | $22.0M | 119,319 | 0.9% | 9 |
| STANDARDAERO INC | [SARO](https://holderbook.com/stocks/SARO/) | $21.9M | 731,491 | 0.9% | 3 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $21.8M | 383,246 | 0.9% | 31 |
| SCHWAB CHARLES CORP | [SCHW](https://holderbook.com/stocks/SCHW/) | $21.7M | 234,899 | 0.9% | 31 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $21.5M | 61,101 | 0.9% | 31 |
| GILDAN ACTIVEWEAR INC | [GIL](https://holderbook.com/stocks/GIL/) | $21.4M | 415,251 | 0.9% | 31 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $20.9M | 125,820 | 0.9% | 31 |
| VANGUARD MUN BD FDS | [VTEB](https://holderbook.com/stocks/VTEB/) | $20.8M | 411,742 | 0.9% | 14 |
| PHILIP MORRIS INTL INC | [PM](https://holderbook.com/stocks/PM/) | $20.8M | 114,953 | 0.9% | 31 |
| EOG RES INC | [EOG](https://holderbook.com/stocks/EOG/) | $20.6M | 159,172 | 0.8% | 27 |
| ASTRAZENECA PLC | [AZN](https://holderbook.com/stocks/AZN/) | $20.6M | 108,676 | 0.8% | 2 |
| CORTEVA INC | [CTVA](https://holderbook.com/stocks/CTVA/) | $19.5M | 230,036 | 0.8% | 29 |
| VANECK ETF TRUST | [ITM](https://holderbook.com/stocks/ITM/) | $19.3M | 410,872 | 0.8% | 14 |
| THERMO FISHER SCIENTIFIC INC | [TMO](https://holderbook.com/stocks/TMO/) | $19.3M | 38,437 | 0.8% | 2 |
| OTIS WORLDWIDE CORP | [OTIS](https://holderbook.com/stocks/OTIS/) | $18.8M | 262,612 | 0.8% | 25 |
| FIRST INTST BANCSYSTEM INC | [FIBK](https://holderbook.com/stocks/FIBK/) | $18.5M | 478,878 | 0.8% | 20 |
| DYNATRACE INC | [DT](https://holderbook.com/stocks/DT/) | $18.3M | 417,440 | 0.7% | 10 |
| NETFLIX INC | [NFLX](https://holderbook.com/stocks/NFLX/) | $17.8M | 249,653 | 0.7% | 16 |
| TERRENO RLTY CORP | [TRNO](https://holderbook.com/stocks/TRNO/) | $17.8M | 275,086 | 0.7% | 26 |
| EXELON CORP | [EXC](https://holderbook.com/stocks/EXC/) | $17.1M | 366,488 | 0.7% | 25 |
| TRIMBLE INC | [TRMB](https://holderbook.com/stocks/TRMB/) | $17.0M | 331,617 | 0.7% | 18 |
| ISHARES TR | [MTUM](https://holderbook.com/stocks/MTUM/) | $16.8M | 49,002 | 0.7% | 1 |
| ELANCO ANIMAL HEALTH INC | [ELAN](https://holderbook.com/stocks/ELAN/) | $16.5M | 668,594 | 0.7% | 14 |
| CANADIAN PACIFIC KANSAS CITY | [CP](https://holderbook.com/stocks/CP/) | $16.3M | 188,197 | 0.7% | 2 |
| CONSTELLATION BRANDS INC | [STZ](https://holderbook.com/stocks/STZ/) | $16.1M | 115,584 | 0.7% | 14 |
| BRISTOL-MYERS SQUIBB CO | [BMY](https://holderbook.com/stocks/BMY/) | $16.0M | 277,201 | 0.7% | 27 |
| T-MOBILE US INC | [TMUS](https://holderbook.com/stocks/TMUS/) | $15.4M | 91,832 | 0.6% | 27 |
| LOWES COS INC | [LOW](https://holderbook.com/stocks/LOW/) | $15.1M | 68,609 | 0.6% | 6 |
| INTERCONTINENTAL EXCHANGE IN | [ICE](https://holderbook.com/stocks/ICE/) | $14.6M | 118,842 | 0.6% | 8 |
| GLACIER BANCORP INC NEW | [GBCI](https://holderbook.com/stocks/GBCI/) | $14.6M | 283,016 | 0.6% | 2 |
| PFIZER INC | [PFE](https://holderbook.com/stocks/PFE/) | $13.7M | 570,345 | 0.6% | 31 |
| COMCAST CORP NEW | [CMCSA](https://holderbook.com/stocks/CMCSA/) | $13.4M | 546,533 | 0.5% | 31 |
| EQT CORP | [EQT](https://holderbook.com/stocks/EQT/) | $13.3M | 250,007 | 0.5% | 4 |
| LINDE PLC | [LIN](https://holderbook.com/stocks/LIN/) | $12.9M | 24,822 | 0.5% | 5 |
| SALESFORCE INC | [CRM](https://holderbook.com/stocks/CRM/) | $12.5M | 79,958 | 0.5% | 28 |
| HONEYWELL INTL INC | [HON](https://holderbook.com/stocks/HON/) | $12.0M | 53,764 | 0.5% | 1 |
| HONEYWELL AEROSPACE INC | [HONA](https://holderbook.com/stocks/HONA/) | $11.8M | 53,381 | 0.5% | 1 |
| FULLER H B CO | [FUL](https://holderbook.com/stocks/FUL/) | $11.6M | 199,390 | 0.5% | 22 |
| ISHARES TR | [DGRO](https://holderbook.com/stocks/DGRO/) | $11.5M | 151,090 | 0.5% | 20 |
| WAFD INC | [WAFD](https://holderbook.com/stocks/WAFD/) | $10.9M | 282,839 | 0.4% | 10 |
| Infineon Technologies AG | [IFNNY](https://holderbook.com/stocks/IFNNY/) | $10.7M | 114,123 | 0.4% | 1 |
| J P MORGAN EXCHANGE TRADED F | [JMST](https://holderbook.com/stocks/JMST/) | $10.7M | 209,448 | 0.4% | 14 |
| INTUIT | [INTU](https://holderbook.com/stocks/INTU/) | $9.9M | 37,855 | 0.4% | 31 |
| DIAMONDBACK ENERGY INC | [FANG](https://holderbook.com/stocks/FANG/) | $9.8M | 55,568 | 0.4% | 14 |
| ISHARES TR | [ITOT](https://holderbook.com/stocks/ITOT/) | $8.1M | 49,458 | 0.3% | 8 |
| ZOETIS INC | [ZTS](https://holderbook.com/stocks/ZTS/) | $8.0M | 111,868 | 0.3% | 2 |
| BELLRING BRANDS INC | [BRBR](https://holderbook.com/stocks/BRBR/) | $7.9M | 610,859 | 0.3% | 5 |
| EXPAND ENERGY CORPORATION | [EXE](https://holderbook.com/stocks/EXE/) | $6.9M | 75,621 | 0.3% | 2 |
| VANGUARD INDEX FDS | [VB](https://holderbook.com/stocks/VB/) | $6.1M | 20,105 | 0.2% | 22 |
| ISHARES TR | [MUB](https://holderbook.com/stocks/MUB/) | $5.2M | 48,395 | 0.2% | 14 |
| SPDR SERIES TRUST | [SHM](https://holderbook.com/stocks/SHM/) | $2.1M | 43,357 | 0.1% | 14 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $1.8M | 5,096 | 0.1% | 31 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $1.8M | 6,977 | 0.1% | 31 |
| VANGUARD INDEX FDS | [VTI](https://holderbook.com/stocks/VTI/) | $1.5M | 4,052 | 0.1% | 15 |
| ISHARES TR | [CMF](https://holderbook.com/stocks/CMF/) | $1.5M | 25,689 | 0.1% | 14 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $1.5M | 1,389 | 0.1% | 31 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $1.3M | 4,058 | 0.1% | 31 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $1.2M | 1,260 | 0.0% | 23 |
| VANGUARD SCOTTSDALE FDS | [VTHR](https://holderbook.com/stocks/VTHR/) | $1.0M | 3,061 | 0.0% | 5 |
| FEDEX CORP | [FDX](https://holderbook.com/stocks/FDX/) | $851.4K | 2,719 | 0.0% | 31 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $849.8K | 3,377 | 0.0% | 31 |
| ISHARES TR | [IJH](https://holderbook.com/stocks/IJH/) | $751.6K | 9,747 | 0.0% | 7 |
| MORGAN STANLEY | [MS](https://holderbook.com/stocks/MS/) | $716.4K | 3,427 | 0.0% | 31 |
| SOUTHERN CO | [SO](https://holderbook.com/stocks/SO/) | $698.7K | 7,300 | 0.0% | 31 |
| ISHARES TR | [IDEV](https://holderbook.com/stocks/IDEV/) | $633.6K | 7,118 | 0.0% | 22 |
| VANGUARD INDEX FDS | [VOO](https://holderbook.com/stocks/VOO/) | $616.8K | 898 | 0.0% | 13 |
| ISHARES TR | [IUSB](https://holderbook.com/stocks/IUSB/) | $564.7K | 12,237 | 0.0% | 16 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +8.7% | +14.8% | -6.2% | 100% |
| Q1 2026 | -2.5% | -4.6% | +2.1% | 100% |
| Q4 2025 | +2.1% | +2.4% | -0.3% | 100% |
| Q3 2025 | +5.7% | +7.8% | -2.1% | 100% |
| Q2 2025 | +9.0% | +10.5% | -1.4% | 100% |
| Q1 2025 | -3.0% | -4.6% | +1.6% | 100% |
| Q4 2024 | +0.5% | +2.1% | -1.6% | 100% |
| Q3 2024 | +5.2% | +5.4% | -0.2% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $2.4B | 123 |
| Q1 2026 | $2.3B | 126 |
| Q4 2025 | $2.4B | 119 |
| Q3 2025 | $2.4B | 122 |
| Q2 2025 | $2.2B | 121 |
| Q1 2025 | $2.0B | 120 |
| Q4 2024 | $2.1B | 122 |
| Q3 2024 | $2.1B | 118 |
| Q2 2024 | $1.9B | 116 |
| Q1 2024 | $1.9B | 115 |
| Q4 2023 | $1.7B | 114 |
| Q3 2023 | $1.6B | 129 |