DAVIDSON INVESTMENT ADVISORS

CIK

1140771

Location

GREAT FALLS, MT

Portfolio Value

Mid $1,830,513,856

Diversification

Diversified

Filing Date

Global Rank

#1,265 / 8,605 ▼ 12 · as of Mar 2026

Top Industry

Semiconductors 11.9%

3Y Alpha vs SPY

-5.8%

Period ended 3 months ago

Filed May 8, 2026 · 2mo

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+51.7%

SPY

+76.5%

Annualised alpha

-6.0%

Max drawdown

−18.3%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

97 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

5.3%

−0.1 pts

Top 5

22.3%

+0.2 pts

Top 10

34.2%

−0.8 pts

HHI

207

Diversified−7

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Technology	29.1%	$533,554,593	17
Healthcare	13.0%	$237,717,894	17
Financial Services	12.0%	$219,716,618	16
Industrials	11.1%	$202,306,534	11
Consumer Cyclical	11.0%	$201,685,201	7
Communication Services	6.1%	$111,532,492	5
Energy	4.8%	$88,191,826	6
Consumer Defensive	4.3%	$78,758,132	5
Utilities	3.3%	$61,299,766	4
Real Estate	2.7%	$49,005,189	4
Basic Materials	2.5%	$45,621,247	3
Unclassified	0.1%	$1,124,364	2

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
BRBR	Bellring Brands, Inc.	+441,328	741,961	$11,938,152
SARO	StandardAero, Inc.	+159,247	607,047	$15,680,024
EQT	EQT Corp	+66,768	251,123	$15,981,467
CMCSA	Comcast Corp	+48,682	546,879	$15,700,896
CI	Cigna Group	+37,905	99,869	$26,640,055
NVDA	Nvidia Corp	+35,612	339,293	$59,172,699
MSFT	Microsoft Corp	+34,537	249,295	$92,281,530
AMZN	Amazon Com Inc	+28,105	464,063	$96,650,401
DT	Dynatrace, Inc.	+24,956	439,026	$16,235,181
QCOM	Qualcomm Inc/De	+22,126	142,297	$18,325,007
H	Hyatt Hotels Corp	+21,083	293,504	$42,202,940
CUBE	CubeSmart	+21,081	447,155	$16,388,230
PFE	Pfizer Inc	+20,649	578,456	$16,243,044
PYPL	PayPal Holdings, Inc.	+12,209	266,564	$12,056,689
OTIS	Otis Worldwide Corp	+7,106	295,674	$22,790,551
STZ	Constellation Brands, Inc.	+6,534	123,417	$18,512,550
FUL	Fuller H B Co	+5,582	209,434	$12,917,889
EOG	Eog Resources Inc	+5,044	167,294	$24,185,693
META	Meta Platforms, Inc.	+4,452	84,793	$48,512,619
CPT	Camden Property Trust	+1,916	158,880	$15,516,220
LIN	Linde PLC	+1,773	24,798	$12,293,856
CRM	Salesforce, Inc.	+1,764	86,883	$16,218,449
HD	Home Depot, Inc.	+1,164	64,932	$21,355,485
LOW	Lowes Companies Inc	+1,159	69,123	$16,332,382
JNJ	Johnson & Johnson	+805	6,831	$1,669,769
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
LVS	Las Vegas Sands Corp	−202,932	6,462	$348,172
C	Citigroup Inc	−114,277	317,539	$36,012,097
BDX	Becton Dickinson & Co	−103,765	2,072	$325,780
SLAB	Silicon Laboratories Inc.	−93,240	52,517	$10,931,413
WMT	Walmart Inc.	−57,291	224,876	$27,947,589
AVGO	Broadcom Inc.	−42,934	101,965	$31,559,187
CSCO	Cisco Systems, Inc.	−29,388	324,766	$25,198,593
LH	Labcorp Holdings Inc.	−22,459	137,008	$36,555,104
GIL	Gildan Activewear Inc.	−18,261	439,622	$24,464,964
RTX	RTX Corp	−15,570	253,910	$48,979,239
EXC	Exelon Corp	−14,797	387,723	$19,006,181
VRTX	Vertex Pharmaceuticals Inc / Ma	−13,005	51,222	$22,872,671
FDX	Fedex Corp	−12,215	74,340	$21,336,360
AAPL	Apple Inc.	−11,461	353,718	$89,770,091
SRE	Sempra	−10,818	425,434	$41,339,421
MDT	Medtronic plc	−10,550	363,700	$31,514,605
ELAN	Elanco Animal Health Inc	−10,420	670,447	$16,043,796
WAFD	Wafd Inc	−10,355	302,048	$9,484,307
NFLX	Netflix Inc	−8,762	263,912	$25,375,138
BAC	Bank Of America Corp /De/	−8,751	386,768	$18,854,940
CTVA	Corteva, Inc.	−8,270	243,812	$20,409,502
ANET	Arista Networks, Inc.	−8,216	200,192	$24,579,573
TSM	Taiwan Semiconductor Manufacturing Co Ltd	−7,195	209,443	$70,781,261
BMY	Bristol Myers Squibb Co	−6,411	293,103	$17,776,696
SCHW	Schwab Charles Corp	−4,896	235,934	$22,173,077
No positions match the current search.

New Positions

Positions the filer opened this quarter

13 positions

Ticker	Company	Shares	Value
AZN	Astrazeneca PLC	115,341	$22,747,552
TMO	Thermo Fisher Scientific Inc.	39,886	$19,605,165
PANW	Palo Alto Networks Inc	106,518	$17,076,965
CP	Canadian Pacific Kansas City Ltd/Cn	188,472	$14,825,207
GBCI	Glacier Bancorp, Inc.	299,582	$13,382,327
EXE	EXPAND ENERGY Corp	81,025	$8,894,924
ZTS	Zoetis Inc.	53,824	$6,362,535
CMI	Cummins Inc	812	$436,872
NEE	Nextera Energy Inc	2,687	$249,568
LRCX	Lam Research Corp	1,050	$224,343
EQIX	Equinix Inc	223	$218,593
CB	Chubb Ltd	665	$216,743
XOM	Exxon Mobil Corp	1,213	$205,797
No positions match the current search.

Sold Out

Positions the filer fully exited

5 positions

Ticker	Company	Shares	Value
AGNC	AGNC Investment Corp.	4,298,275	$46,077,508
FTNT	Fortinet, Inc.	273,952	$21,754,528
NSC	Norfolk Southern Corp	54,626	$15,771,618
ADBE	Adobe Inc.	25,886	$9,059,841
SOLS	Solstice Advanced Materials Inc.	112,904	$5,484,876
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

97 positions · $1,830,513,856 total · as of Mar 31, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Showing 1–50 of 97 positions by value · page 1 of 2

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
AMZN	Amazon Com Inc Consumer Cyclical	Added	464,063	+28,105	$96,650,401	−4.0%	5.28%
MSFT	Microsoft Corp Technology	Added	249,295	+34,537	$92,281,530	−11.1%	5.04%
AAPL	Apple Inc. Technology	Reduced	353,718	-11,461	$89,770,091	−9.6%	4.90%
TSM	Taiwan Semiconductor Manufacturing Co Ltd Technology	Reduced	209,443	-7,195	$70,781,261	+7.5%	3.87%
NVDA	Nvidia Corp Technology	Added	339,293	+35,612	$59,172,699	+4.5%	3.23%
RTX	RTX Corp Industrials	Reduced	253,910	-15,570	$48,979,239	−0.9%	2.68%
META	Meta Platforms, Inc. Communication Services	Added	84,793	+4,452	$48,512,619	−8.5%	2.65%
H	Hyatt Hotels Corp Consumer Cyclical	Added	293,504	+21,083	$42,202,940	−3.4%	2.31%
SRE	Sempra Utilities	Reduced	425,434	-10,818	$41,339,421	+7.3%	2.26%
LH	Labcorp Holdings Inc. Healthcare	Reduced	137,008	-22,459	$36,555,104	−8.6%	2.00%
C	Citigroup Inc Financial Services	Reduced	317,539	-114,277	$36,012,097	−28.5%	1.97%
AVGO	Broadcom Inc. Technology	Reduced	101,965	-42,934	$31,559,187	−37.1%	1.72%
MDT	Medtronic plc Healthcare	Reduced	363,700	-10,550	$31,514,605	−12.3%	1.72%
ETN	Eaton Corp plc Industrials	Reduced	82,133	-933	$29,376,510	+11.0%	1.60%
WMT	Walmart Inc. Consumer Defensive	Reduced	224,876	-57,291	$27,947,589	−11.1%	1.53%
CVX	Chevron Corp Energy	Reduced	133,618	-2,716	$27,645,564	+33.0%	1.51%
GS	Goldman Sachs Group Inc Financial Services	Reduced	32,327	-1,327	$27,348,318	−7.6%	1.49%
ADI	Analog Devices Inc Technology	Reduced	85,428	-4,179	$27,178,063	+11.8%	1.48%
HON	Honeywell International Inc Industrials	Reduced	114,519	-3,538	$27,147,072	+12.4%	1.48%
CI	Cigna Group Healthcare	Added	99,869	+37,905	$26,640,055	+56.2%	1.46%
V	Visa Inc. Financial Services	Reduced	87,255	-3,127	$26,371,951	−16.8%	1.44%
NFLX	Netflix Inc Communication Services	Reduced	263,912	-8,762	$25,375,138	−0.7%	1.39%
CSCO	Cisco Systems, Inc. Technology	Reduced	324,766	-29,388	$25,198,593	−7.6%	1.38%
ANET	Arista Networks, Inc. Technology	Reduced	200,192	-8,216	$24,579,573	−10.0%	1.34%
GIL	Gildan Activewear Inc. Consumer Cyclical	Reduced	439,622	-18,261	$24,464,964	−14.5%	1.34%
EOG	Eog Resources Inc Energy	Added	167,294	+5,044	$24,185,693	+42.0%	1.32%
VRTX	Vertex Pharmaceuticals Inc / Ma Healthcare	Reduced	51,222	-13,005	$22,872,671	−21.4%	1.25%
OTIS	Otis Worldwide Corp Industrials	Added	295,674	+7,106	$22,790,551	−9.6%	1.25%
AZN	Astrazeneca PLC Healthcare	NEW	115,341	NEW	$22,747,552	NEW	1.24%
SCHW	Schwab Charles Corp Financial Services	Reduced	235,934	-4,896	$22,173,077	−7.8%	1.21%
HD	Home Depot, Inc. Consumer Cyclical	Added	64,932	+1,164	$21,355,485	−2.7%	1.17%
FDX	Fedex Corp Industrials	Reduced	74,340	-12,215	$21,336,360	+5.9%	1.17%
BA	Boeing Co Industrials	Reduced	102,657	-1,253	$20,431,822	−9.4%	1.12%
TMUS	T-Mobile US, Inc. Communication Services	Reduced	97,193	-30	$20,413,445	+3.4%	1.12%
CTVA	Corteva, Inc. Basic Materials	Reduced	243,812	-8,270	$20,409,502	+20.8%	1.11%
TMO	Thermo Fisher Scientific Inc. Healthcare	NEW	39,886	NEW	$19,605,165	NEW	1.07%
PM	Philip Morris International Inc. Consumer Defensive	Reduced	115,594	-1,131	$19,112,311	+2.1%	1.04%
EXC	Exelon Corp Utilities	Reduced	387,723	-14,797	$19,006,181	+8.3%	1.04%
BAC	Bank Of America Corp /De/ Financial Services	Reduced	386,768	-8,751	$18,854,940	−13.3%	1.03%
ICE	Intercontinental Exchange, Inc. Financial Services	Reduced	119,361	-1,477	$18,773,098	−4.1%	1.03%
STZ	Constellation Brands, Inc. Consumer Defensive	Added	123,417	+6,534	$18,512,550	+14.8%	1.01%
QCOM	Qualcomm Inc/De Technology	Added	142,297	+22,126	$18,325,007	−10.8%	1.00%
INTU	Intuit Inc. Technology	Reduced	41,730	-1,799	$18,043,217	−37.4%	0.99%
BMY	Bristol Myers Squibb Co Healthcare	Reduced	293,103	-6,411	$17,776,696	+10.0%	0.97%
CVS	CVS HEALTH Corp Healthcare	Reduced	246,079	-4,862	$17,673,393	−11.3%	0.97%
PANW	Palo Alto Networks Inc Technology	NEW	106,518	NEW	$17,076,965	NEW	0.93%
TRNO	Terreno Realty Corp Real Estate	Reduced	274,864	-2,318	$16,882,146	+3.7%	0.92%
PGR	Progressive Corp/Oh/ Financial Services	Reduced	83,945	-568	$16,641,256	−13.5%	0.91%
CUBE	CubeSmart Real Estate	Added	447,155	+21,081	$16,388,230	+6.7%	0.90%
LOW	Lowes Companies Inc Consumer Cyclical	Added	69,123	+1,159	$16,332,382	−0.4%	0.89%