DAVIDSON INVESTMENT ADVISORS

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CIK 1140771

13F portfolio (2026-Q1)

$2.3B

Positions

126

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2025-Q4. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.

Implied return what this book implies · modeled, not advice methodology →

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As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).

Computing…

Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.

Exposures · what this manager owns, by sector & size (2026-Q1)

Holdings

126

Top 5

24.4%

Top 10

36.1%

Effective N

45.3

HHI

0.022

This quarter

13 new · 0 exit →

By sector

Information Technology24.8%

Unclassified14.7%

Financials10.6%

Consumer Discretionary10.0%

Communication Services9.3%

Industrials7.9%

Health Care7.5%

Real Estate3.9%

Other11.3%

By market cap

Mega (>$200B)38.2%

Large ($10–200B)35.9%

Unknown20.6%

Mid ($2–10B)4.8%

Small ($300M–2B)0.5%

By region

North America81.3%

Other14.7%

Asia-Pacific3.1%

Europe1.0%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	14.69%	30
Semiconductors & Semiconductor Equipment	8.61%	5
Technology Hardware & Equipment	8.28%	6
Specialty Retail	7.05%	5
Software & IT Services	6.64%	3
Software	6.17%	5
Aerospace & Defense	4.79%	4
Pharmaceuticals & Biotechnology	4.53%	10
Banks	4.10%	6
Oil, Gas & Consumable Fuels	3.80%	6
Equity Real Estate Investment Trusts (REITs)	3.13%	4
Capital Markets	2.99%	5
Utilities	2.64%	4
Insurance	1.88%	3
Hotels, Restaurants & Leisure	1.84%	2
Media & Entertainment	1.77%	2
Commercial Services & Supplies	1.66%	2
Health Care Providers & Services	1.58%	1
Health Care Equipment & Supplies	1.39%	3
Machinery	1.35%	5
Airlines	1.14%	1
Chemicals	1.09%	2
Textiles, Apparel & Luxury Goods	1.06%	1
Electrical Equipment & Components	0.98%	1
Diversified Telecommunication Services	0.88%	1
Agricultural Products	0.88%	1
Tobacco	0.82%	1
Beverages	0.80%	1
Communications Equipment	0.79%	1
Food & Staples Retailing	0.76%	1
Real Estate Management & Development	0.73%	1
Road & Rail	0.64%	1
Food Products	0.52%	1
Automobiles & Components	0.01%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	IXUS	ISHARES TR	Unclassified	7.93%
2	GOOG	Alphabet Inc.	Communication Services	4.49%
3	AMZN	AMAZON COM INC	Consumer Discretionary	4.17%
4	MSFT	MICROSOFT CORP	Information Technology	3.98%
5	AAPL	Apple Inc.	Information Technology	3.87%
6	TSM	Taiwan Semiconductor Manufacturing Co Ltd	Information Technology	3.05%
7	NVDA	NVIDIA CORP	Information Technology	2.55%
8	RTX	RTX Corp	Industrials	2.11%
9	META	Meta Platforms, Inc.	Communication Services	2.09%
10	H	Hyatt Hotels Corp	Consumer Discretionary	1.82%

97/126 names classified · sector 85.3% of weight · industry 85.3% · mkt cap 79.4%; unclassified names shown, never dropped.

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

top 5/sector, rest → “Other” · 52 quarters

Information TechnologyAAPL, MSFT, CSCO, GE, TSM · other

FinancialsJPM, STT, BAC, MS, WFC · other

Health CareJNJ, PFE, GILD, MDT, LH · other

IndustrialsMMM, HON, RTX, FLS, FIS · other

Consumer DiscretionaryWMT, AMZN, SBUX, GIL, H · other

Communication ServicesGOOG, CMCSA, TMUS, META, GOOGL · other

Consumer StaplesPEP, PM, SFM, CVS, GIS · other

EnergyCVX, SLB, DVN, EOG, XOM · other

Real EstateSTWD, CPT, CUBE, TRNO, AGNC · other

MaterialsMOS, MDU, MLM, FUL, IP · other

UtilitiesSRE, SO, EXC, BKH, CEG · other

UnclassifiedIDEV, IXUS, GOOGLE INC, MBB, IGIB · other

Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 85.3% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2026-Q1), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

holdings, colored by sector (88 classified)DAVIDSON INVESTMENT ADVISORS centroid (Large Core)

Information TechnologyFinancialsCommunication ServicesConsumer DiscretionaryIndustrialsHealth CareEnergyConsumer StaplesUtilitiesReal EstateMaterials

Style box summary for DAVIDSON INVESTMENT ADVISORS: centroid Large Core. Heaviest cells: Large Growth 31.6%, Large Value 13.4%, Large Core 12.6%.

Classified: 75.9% of book weight (88/126 names) · unclassified 24.1%: IXUS, TSM, AGNC, VFMO, EUSA, GIL, AZN, VTEB, ITM, STZ +28 more. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.

Contribution holdings-based, any period

No contribution data for this period.

Holdings· 126 positions (2026-Q1) · largest first · Δ vs 2025-Q4

#	Security	Shares	Value	Weight	Δ QoQ
1	IXUSISHARES TR	2,121,117	$184M	7.9%	ADD 3%
2	GOOGALPHABET INC	362,452	$104M	4.5%	TRIM −4%
3	AMZNAMAZON COM INC	464,063	$97M	4.2%	ADD 6%
4	MSFTMICROSOFT CORP	249,295	$92M	4.0%	ADD 16%
5	AAPLAPPLE INC	353,718	$90M	3.9%	TRIM −3%
6	TSMTAIWAN SEMICONDUCTOR MFG LTD	209,443	$71M	3.1%	TRIM −3%
7	NVDANVIDIA CORPORATION	339,293	$59M	2.6%	ADD 12%
8	RTXRTX CORPORATION	253,910	$49M	2.1%	TRIM −6%
9	METAMETA PLATFORMS INC	84,793	$49M	2.1%	ADD 6%
10	HHYATT HOTELS CORP	293,504	$42M	1.8%	ADD 8%
11	SRESEMPRA	425,434	$41M	1.8%	TRIM −2%
12	AGNCAGNC Investment Corp	4,023,889	$40M	1.7%	TRIM −6%
13	LHLABCORP HOLDINGS INC	137,008	$37M	1.6%	TRIM −14%
14	CCITIGROUP INC	317,539	$36M	1.6%	TRIM −26%
15	AVGOBROADCOM INC	101,965	$32M	1.4%	TRIM −30%
16	MDTMEDTRONIC PLC	363,700	$32M	1.4%	TRIM −3%
17	VFMOVANGUARD WELLINGTON FD	153,518	$30M	1.3%	ADD 5%
18	ETNEATON CORP PLC	82,133	$29M	1.3%	HOLD
19	WMTWALMART INC	224,876	$28M	1.2%	TRIM −20%
20	CVXCHEVRON CORP NEW	133,618	$28M	1.2%	HOLD
21	GSGOLDMAN SACHS GROUP INC	32,327	$27M	1.2%	TRIM −4%
22	ADIANALOG DEVICES INC	85,428	$27M	1.2%	TRIM −5%
23	CITHE CIGNA GROUP	99,869	$27M	1.1%	ADD 61%
24	FDXFEDEX CORP	74,340	$26M	1.1%	TRIM −14%
25	VVISA INC	87,255	$26M	1.1%	TRIM −3%
26	HONHONEYWELL INTL INC	114,519	$26M	1.1%	TRIM −3%
27	NFLXNETFLIX INC	263,912	$25M	1.1%	TRIM −3%
28	EUSAISHARES INC	248,620	$25M	1.1%	ADD 6%
29	CSCOCISCO SYS INC	324,766	$25M	1.1%	TRIM −8%
30	ANETARISTA NETWORKS INC	200,192	$25M	1.1%	TRIM −4%
31	GILGILDAN ACTIVEWEAR INC	439,622	$24M	1.1%	TRIM −4%
32	EOGEOG RES INC	167,294	$24M	1.0%	ADD 3%
33	VRTXVERTEX PHARMACEUTICALS INC	51,222	$23M	1.0%	TRIM −20%
34	OTISOTIS WORLDWIDE CORP	295,674	$23M	1.0%	ADD 2%
35	AZNASTRAZENECA PLC	115,341	$23M	1.0%	NEW
36	SCHWSCHWAB CHARLES CORP	235,934	$22M	1.0%	TRIM −2%
37	HDHOME DEPOT INC	64,932	$21M	0.9%	HOLD
38	BABOEING CO	102,657	$20M	0.9%	HOLD
39	TMUST-MOBILE US INC	97,193	$20M	0.9%	HOLD
40	CTVACORTEVA INC	243,812	$20M	0.9%	TRIM −3%
41	TMOTHERMO FISHER SCIENTIFIC INC	39,886	$20M	0.8%	NEW
42	VTEBVANGUARD MUN BD FDS	391,387	$20M	0.8%	ADD 5%
43	PMPHILIP MORRIS INTL INC	115,594	$19M	0.8%	HOLD
44	EXCEXELON CORP	387,723	$19M	0.8%	TRIM −4%
45	BACBANK AMERICA CORP	386,768	$19M	0.8%	TRIM −2%
46	ITMVANECK ETF TRUST	404,367	$19M	0.8%	ADD 5%
47	ICEINTERCONTINENTAL EXCHANGE IN	119,361	$19M	0.8%	HOLD
48	STZCONSTELLATION BRANDS INC	123,417	$19M	0.8%	ADD 6%
49	QCOMQUALCOMM INC	142,297	$18M	0.8%	ADD 18%
50	INTUINTUIT	41,730	$18M	0.8%	TRIM −4%
51	BMYBRISTOL-MYERS SQUIBB CO	293,103	$18M	0.8%	TRIM −2%
52	CVSCVS HEALTH CORP	246,079	$18M	0.8%	HOLD
53	PANWPALO ALTO NETWORKS INC	106,518	$17M	0.7%	NEW
54	TRNOTERRENO RLTY CORP	274,864	$17M	0.7%	HOLD
55	PGRPROGRESSIVE CORP	83,945	$17M	0.7%	HOLD
56	CUBECUBESMART	447,155	$16M	0.7%	ADD 5%
57	LOWLOWES COS INC	69,123	$16M	0.7%	HOLD
58	PFEPFIZER INC	578,456	$16M	0.7%	ADD 4%
59	DTDYNATRACE INC	439,026	$16M	0.7%	ADD 6%
60	CRMSALESFORCE INC	86,883	$16M	0.7%	ADD 2%
61	ELANELANCO ANIMAL HEALTH INC	670,447	$16M	0.7%	HOLD
62	FIBKFIRST INTST BANCSYSTEM INC	480,242	$16M	0.7%	HOLD
63	EQTEQT CORP	251,123	$16M	0.7%	ADD 36%
64	TRMBTRIMBLE INC	241,074	$16M	0.7%	HOLD
65	CMCSACOMCAST CORP NEW	546,879	$16M	0.7%	ADD 10%
66	SAROSTANDARDAERO INC	607,047	$16M	0.7%	ADD 36%
67	CPTCAMDEN PPTY TR	158,880	$16M	0.7%	HOLD
68	CPCANADIAN PACIFIC KANSAS CITY	188,472	$15M	0.6%	NEW
69	GBCIGLACIER BANCORP INC NEW	299,582	$13M	0.6%	NEW
70	FULFULLER H B CO	209,434	$13M	0.6%	ADD 3%
71	LINLINDE PLC	24,798	$12M	0.5%	ADD 8%
72	PYPLPAYPAL HLDGS INC	266,564	$12M	0.5%	ADD 5%
73	BRBRBELLRING BRANDS INC	741,961	$12M	0.5%	ADD 147%
74	FANGDIAMONDBACK ENERGY INC	57,022	$11M	0.5%	HOLD
75	JMSTJ P MORGAN EXCHANGE TRADED F	216,831	$11M	0.5%	ADD 8%
76	SLABSILICON LABORATORIES INC	52,517	$11M	0.5%	TRIM −64%
77	DGROISHARES CORE DIVIDEND GROWTH ETF	140,115	$10M	0.4%	ADD 3%
78	WAFDWAFD INC	302,048	$9M	0.4%	TRIM −3%
79	EXEEXPAND ENERGY CORPORATION	81,025	$9M	0.4%	NEW
80	VYMVANGUARD WHITEHALL FDS	58,029	$9M	0.4%	HOLD
81	ITOTISHARES TR	50,274	$7M	0.3%	HOLD
82	ZTSZOETIS INC	53,824	$6M	0.3%	NEW
83	VBVANGUARD INDEX FDS	20,910	$5M	0.2%	HOLD
84	MUBISHARES TR	49,160	$5M	0.2%	HOLD
85	PFFISHARES TR	121,591	$4M	0.2%	ADD 7%
86	SHMSPDR SERIES TRUST	47,358	$2M	0.1%	ADD 15%
87	JNJJOHNSON & JOHNSON	6,831	$2M	0.1%	ADD 13%
88	GOOGLALPHABET INC	5,322	$2M	0.1%	HOLD
89	CMFISHARES TR	23,168	$1M	0.1%	HOLD
90	VTIVANGUARD INDEX FDS	4,052	$1M	0.1%	TRIM −12%
91	COSTCOSTCO WHSL CORP NEW	1,252	$1M	0.1%	ADD 19%
92	JPMJPMORGAN CHASE & CO	4,228	$1M	0.1%	HOLD
93	CATCATERPILLAR INC	1,389	$984,051	0.0%	TRIM −3%
94	VTHRVANGUARD SCOTTSDALE FDS	3,246	$933,467	0.0%	TRIM −39%
95	IDEVISHARES TR	10,061	$840,798	0.0%	TRIM −26%
96	GLDSPDR GOLD TR	1,945	$836,914	0.0%	HOLD
97	ABBVABBVIE INC	3,477	$756,213	0.0%	HOLD
98	SOSOUTHERN CO	7,300	$704,596	0.0%	TRIM −8%
99	IJHISHARES TR	9,747	$658,215	0.0%	HOLD
100	MSMORGAN STANLEY	3,427	$563,981	0.0%	HOLD
101	IUSBISHARES TR	12,003	$554,419	0.0%	HOLD
102	VOOVANGUARD INDEX FDS	898	$536,600	0.0%	TRIM −37%
103	CMICUMMINS INC	812	$436,872	0.0%	NEW
104	SYKSTRYKER CORPORATION	1,255	$412,380	0.0%	TRIM −7%
105	IWVISHARES TR	1,050	$389,214	0.0%	HOLD
106	LVSLAS VEGAS SANDS CORP	6,462	$348,173	0.0%	TRIM −97%
107	APOAPOLLO GLOBAL MGMT INC	3,020	$336,488	0.0%	TRIM −7%
108	TSLATESLA INC	890	$330,858	0.0%	HOLD
109	BDXBECTON DICKINSON & CO	2,072	$325,726	0.0%	TRIM −98%
110	IJRISHARES TR	2,616	$325,195	0.0%	TRIM −22%
111	VXUSVANGUARD STAR FDS	4,152	$320,137	0.0%	TRIM −20%
112	DEDEERE & CO	566	$318,828	0.0%	TRIM −16%
113	BSVVANGUARD BD INDEX FDS	4,000	$313,640	0.0%	HOLD
114	ABTABBOTT LABS	2,978	$305,751	0.0%	TRIM −9%
115	SPYSTATE STR SPDR S&P 500 ETF T	442	$287,450	0.0%	TRIM −66%
116	MGKVanguard Mega Cap Growth ETF	780	$286,603	0.0%	HOLD
117	MGCVanguard Mega Cap ETF	1,204	$284,565	0.0%	ADD 22%
118	NYFISHARES TR	5,071	$269,372	0.0%	ADD 3%
119	ORCLORACLE CORP	1,725	$253,765	0.0%	ADD 6%
120	NEENEXTERA ENERGY INC	2,687	$249,569	0.0%	NEW
121	LRCXLAM RESEARCH CORP	1,050	$224,343	0.0%	NEW
122	EQIXEQUINIX INC	223	$218,594	0.0%	NEW
123	BRK.BBERKSHIRE HATHAWAY INC DEL	454	$217,557	0.0%	TRIM −19%
124	CBCHUBB LIMITED	665	$216,743	0.0%	NEW
125	LLYELI LILLY & CO	232	$213,387	0.0%	TRIM −18%
126	XOMEXXON MOBIL CORP	1,213	$205,808	0.0%	NEW

Position trends· top 15 holdings · shares held over 6 quarters

green added · red trimmed

Security

2024-Q4

2025-Q1

2025-Q2

2025-Q3

2025-Q4

2026-Q1

Latest value

IXUSISHARES TR

1.7M

2.0M

2.1M

$184M

GOOGALPHABET INC

526K

472K

475K

450K

377K

362K

$104M

AMZNAMAZON COM INC

452K

416K

437K

436K

464K

$97M

MSFTMICROSOFT CORP

214K

216K

217K

216K

215K

249K

$92M

AAPLAPPLE INC

382K

363K

365K

354K

$90M

TSMTAIWAN SEMICONDUCTOR MFG LTD

96K

181K

217K

209K

$71M

NVDANVIDIA CORPORATION

220K

222K

300K

304K

339K

$59M

RTXRTX CORPORATION

374K

369K

364K

274K

269K

254K

$49M

METAMETA PLATFORMS INC

405

31K

40K

80K

85K

$49M

HHYATT HOTELS CORP

—

70K

272K

294K

$42M

SRESEMPRA

384K

433K

439K

436K

425K

$41M

AGNCAGNC Investment Corp

3.3M

3.4M

3.8M

4.3M

4.0M

$40M

LHLABCORP HOLDINGS INC

159K

160K

159K

137K

$37M

CCITIGROUP INC

435K

448K

449K

438K

432K

318K

$36M

AVGOBROADCOM INC

136K

140K

141K

142K

145K

102K

$32M

Shares reported each quarter by the largest current holdings. Green = added vs the prior filing of that name, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.

☆DAVIDSON INVESTMENT ADVISORS