Institutional Manager · CIK 0001080107

D.A. DAVIDSON & CO.

GREAT FALLS, MT · File #028-07602

Latest AUM

$16.33B

Positions

1,519

Top-10 Concentration

50.7%

Filings

Portfolio Value Over Time

2024-03

2024-06

2024-09

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
REDUCE	ALPHABET INC	GOOG	-338,255	-$1.86B	+$1.78B
REDUCE	AMAZON COM INC	AMZN	-722,236	-$1.62B	+$1.46B
REDUCE	ORACLE CORP	ORCL-PD	-118,605	-$166.2M	+$132.9M
ADD	INVESCO QQQ TR	IVZ	+184,063	+$113.1M	-$10,930
ADD	META PLATFORMS INC	META	+91,866	+$60.6M	-$11,105
REDUCE	VANGUARD INDEX FDS	922908769	-136,741	-$45.8M	+$3.9M
ADD	ISHARES TR	464287226	+232,809	+$23.3M	-$1.7M
REDUCE	RIGETTI COMPUTING INC	RGTIW	-13,821	-$23.1M	+$22.7M
ADD	VANGUARD INDEX FDS	922908744	+106,000	+$20.2M	+$24.6M
ADD	ISHARES TR	46432F834	+227,814	+$19.3M	+$15.7M

Sector Allocation

11.8%$1.92B

6.2%$1.02B

4.6%$749.3M

4.3%$697.8M

Consumer Discretionary

2.6%$425.7M

Energy

1.5%$249.1M

Consumer Staples

1.4%$236.8M

Materials

0.8%$132.8M

Communication Services

0.8%$124.4M

Real Estate

0.3%$48.4M

Utilities

0.3%$43.7M

Filing History

Jan 29, 202613F HOLDINGS REPORTQ/E Dec 20251,519 pos · $16.33B
Oct 22, 202513F HOLDINGS REPORTQ/E Sep 20251,533 pos · $15.63B
Jul 30, 202513F HOLDINGS REPORTQ/E Jun 20251,444 pos · $14.20B
Apr 28, 202513F HOLDINGS REPORTQ/E Mar 20251,406 pos · $12.45B
Jan 31, 202513F HOLDINGS REPORTQ/E Dec 20241,420 pos · $12.29B
Nov 13, 202413F HOLDINGS REPORTQ/E Sep 20241,377 pos · $12.11B
Aug 1, 202413F HOLDINGS REPORTQ/E Jun 20241,366 pos · $11.28B
May 13, 202413F HOLDINGS REPORTQ/E Mar 20241,381 pos · $11.10B
Nov 8, 202313F HOLDINGS REPORTQ/E Dec 20231,331 pos · $9.21B

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	VANGUARD INDEX FDS	922908744	5,564,462	$1.06B	11.23%
2	VANGUARD INDEX FDS	922908736	1,773,369	$865.2M	9.14%
3	ISHARES TR	46432F834	7,848,801	$664.3M	7.02%
4	ISHARES TR	464287226	4,831,227	$482.5M	5.10%
5	MICROSOFT CORP	MSFT	844,062	$408.2M	4.31%
6	APPLE INC	AAPL	1,496,845	$406.9M	4.30%
7	BROADCOM INC	AVGO	731,244	$253.1M	2.67%
8	VANGUARD TAX-MANAGED FDS	921943858	3,630,720	$226.8M	2.40%
9	ISHARES TR	464287630	1,246,342	$225.8M	2.39%
10	SPDR SERIES TRUST	78464A375	6,069,488	$205.2M	2.17%
11	NVIDIA CORPORATION	NVDA	1,084,503	$202.3M	2.14%
12	AMAZON COM INC	AMZN	752,437	$173.7M	1.83%
13	ISHARES TR	464287648	532,522	$172.0M	1.82%
14	ISHARES TR	464287614	362,006	$171.3M	1.81%
15	RTX CORPORATION	RTX	925,047	$169.7M	1.79%
16	VANGUARD INDEX FDS	922908363	264,661	$166.0M	1.75%
17	COSTCO WHSL CORP NEW	22160K105	188,392	$162.5M	1.72%
18	CAPITAL GROUP DIVIDEND VALU	14020W106	3,541,612	$154.6M	1.63%
19	CUMMINS INC	CMI	302,705	$154.5M	1.63%
20	BERKSHIRE HATHAWAY INC DEL	BRK-A	295,371	$148.5M	1.57%