DAVIDSON INVESTMENT ADVISORS

CIK 0001140771 · Q1 2026

13F Equity AUM

$2.4B

+1.6% QoQ

Positions

141

+22 QoQ

AUM Rank

#1,594

Top 13%

Skill Alpha (FF)

-0.2%/yr^ns

No Clear Edge

Rank #2,617 · Top 32%

vs S&P -3.9%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 23.2%Top 10: 34.3%Top 20: 47.9%

IXUS7.5%

GOOG4.3%

AMZN4.0%

MSFT3.8%

AAPL3.7%

TSM2.9%

NVDA2.4%

RTX2.0%

META2.0%

H1.7%

Others (131)65.8%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Technology23.9%

Financial Services21.6%

Healthcare11.1%

Industrials9.0%

Consumer Cyclical8.8%

Communication Services8.8%

Real Estate3.7%

Energy3.6%

Other9.5%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 141Median: 0.61%Avg: 0.71%

0–0.5%

64(6.9%)

0.5–1%

45(32.5%)

1–3%

27(37.4%)

3–5%

4(15.7%)

5%+

1(7.5%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 138Unique: 3vs 20 funds

1.9%Low

141

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

BANK OF AMERICA CORP /DE/

2.9%

2.6%

2.8%

4.6%

3.3%

3.2%

VANGUARD CAPITAL MANAGEMENT LLC

3.2%

GEODE CAPITAL MANAGEMENT, LLC

VANGUARD PORTFOLIO MANAGEMENT LLC

3.6%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New23Increased43Decreased68Exited1

New Positions

AZN0.9%

+115K

TMO0.8%

+40K

PANW0.7%

+107K

UNH0.7%

+32K

CP0.6%

+188K

APTV0.6%

+242K

MU0.6%

+158K

GBCI0.6%

+300K

IFF0.4%

+122K

EXE0.4%

+81K

Increased

BRBR0.5%

+441K(+147%)

SARO0.6%

+159K(+36%)

EQT0.7%

+67K(+36%)

IXUS7.5%

+54K(+3%)

CMCSA0.6%

+49K(+10%)

CI1.1%

+38K(+61%)

NVDA2.4%

+36K(+12%)

MSFT3.8%

+35K(+16%)

AMZN4.0%

+28K(+6%)

DT0.7%

+25K(+6%)

Decreased

AGNC1.6%

-274,386(-6%)

LVS0.0%

-202,932(-97%)

TRVC1.5%

-114,277(-26%)

BDX0.0%

-103,765(-98%)

SLAB0.5%

-93,240(-64%)

WMT1.1%

-57,291(-20%)

AVGO1.3%

-42,934(-30%)

CSCO1.0%

-29,388(-8%)

LH1.5%

-22,459(-14%)

GIL1.0%

-18,261(-4%)

Exited

SOLS

-112,904

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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