VICTORY CAPITAL MANAGEMENT INC
Long book
$155.15B
Q1 2026
Positions
2384
Top-10 weight
19%
concentration
Last quarter
+13.5%
SPY +14.8%
Turnover
8%
of book per quarter
Strategy in plain words
auto-generated from filingsVICTORY CAPITAL MANAGEMENT INC is a mechanically diversified allocator, running a $155.15B US long book across 2384 positions.
The portfolio is broadly diversified across 2384 positions (top 10 only 19%). The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: NVIDIA CORP, APPLE INC, MICROSOFT CORP, AMAZON.COM INC, ALPHABET INC-CL A.
Over the last 9 quarters its long book ran on average 0.9pp per quarter behind the S&P 500, beating the index in 4 of 9 quarters. Its holdings are mechanical (indexing / client flows), so position changes carry no stock-picking signal.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-0.3%
Q2 2024
+7.4%
Q3 2024
-0.1%
Q4 2024
-3.8%
Q1 2025
+6.9%
Q2 2025
+6.9%
Q3 2025
+2.7%
Q4 2025
-1.2%
Q1 2026
+13.5%
Sector allocation
Technology 29%
Industrials 14%
Financials 11%
Consumer discretionary 10%
Healthcare 9%
Services media 6%
Utilities 5%
Other 5%
Long book by quarter
What does VICTORY CAPITAL own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| NVDA NVIDIA CORP | Technology | 32.8M | $5.72B | 3.7% | -16.1% |
| AAPL APPLE INC | Technology | 18.7M | $4.75B | 3.1% | -15.9% |
| MSFT MICROSOFT CORP | Technology | 10.7M | $3.97B | 2.6% | -17.9% |
| AMZN AMAZON.COM INC | Consumer discretionary | 17.0M | $3.53B | 2.3% | -30.6% |
| GOOGL ALPHABET INC-CL A | Technology | 9.9M | $2.85B | 1.8% | -21.3% |
| LLY ELI LILLY & CO | Healthcare | 1.9M | $1.72B | 1.1% | -30.4% |
| GOOG ALPHABET INC-CL C | Technology | 5.8M | $1.66B | 1.1% | -11.3% |
| AVGO BROADCOM INC | Technology | 5.2M | $1.59B | 1.0% | -8.9% |
| V VISA INC-CLASS A SHARES | Services media | 4.9M | $1.48B | 1.0% | -24.6% |
| META META PLATFORMS INC-CLASS A | Technology | 2.6M | $1.48B | 1.0% | +28.1% |
| BAC BANK OF AMERICA CORP | Financials | 25.4M | $1.24B | 0.8% | -20.4% |
| TFC TRUIST FINANCIAL CORP | Financials | 26.9M | $1.24B | 0.8% | -15.7% |
| LH LABCORP HOLDINGS INC | Healthcare | 4.6M | $1.23B | 0.8% | -13.6% |
| CSCO CISCO SYSTEMS INC | Technology | 15.2M | $1.18B | 0.8% | -27.7% |
| BJ BJ'S WHOLESALE CLUB HOLDINGS | Consumer discretionary | 11.3M | $1.11B | 0.7% | -13.0% |
| UPS UNITED PARCEL SERVICE-CL B | Industrials | 11.0M | $1.09B | 0.7% | -20.1% |
| NRG NRG ENERGY INC | Utilities | 7.2M | $1.05B | 0.7% | -6.7% |
| AMD ADVANCED MICRO DEVICES | Technology | 5.1M | $1.04B | 0.7% | -19.8% |
| SNPS SYNOPSYS INC | Technology | 2.5M | $1.01B | 0.6% | -7.0% |
| MLM MARTIN MARIETTA MATERIALS | Materials | 1.6M | $963.8M | 0.6% | -33.1% |
| UBER UBER TECHNOLOGIES INC | Services media | 12.6M | $907.3M | 0.6% | -7.5% |
| NFLX NETFLIX INC | Services media | 9.3M | $893.6M | 0.6% | +33.8% |
| VRTX VERTEX PHARMACEUTICALS INC | Healthcare | 1.9M | $843.3M | 0.5% | -43.7% |
| JNJ JOHNSON & JOHNSON | Healthcare | 3.4M | $838.2M | 0.5% | -18.4% |
| ACN ACCENTURE PLC-CL A | Services media | 4.1M | $820.0M | 0.5% | +262.2% |
| APH AMPHENOL CORP-CL A | Technology | 6.4M | $814.0M | 0.5% | -23.9% |
| NOW SERVICENOW INC | Technology | 7.6M | $797.6M | 0.5% | +97.2% |
| RRX REGAL REXNORD CORP | Industrials | 4.2M | $782.2M | 0.5% | -26.2% |
| TSLA TESLA INC | Industrials | 2.0M | $761.7M | 0.5% | +6.6% |
| MCHP MICROCHIP TECHNOLOGY INC | Technology | 11.7M | $756.8M | 0.5% | -12.4% |
| IBM INTL BUSINESS MACHINES CORP | Technology | 3.0M | $731.4M | 0.5% | -34.2% |
| ASML ASML HOLDING NV-NY REG SHS | Industrials | 546.4K | $721.8M | 0.5% | +329.7% |
| PWR QUANTA SERVICES INC | Industrials | 1.3M | $711.7M | 0.5% | -55.5% |
| JPM JPMORGAN CHASE & CO | Financials | 2.4M | $710.6M | 0.5% | -4.4% |
| TJX TJX COMPANIES INC | Consumer discretionary | 4.2M | $672.5M | 0.4% | -16.3% |
| BKNG BOOKING HOLDINGS INC | Industrials | 158.3K | $666.8M | 0.4% | +9.5% |
| FCX FREEPORT-MCMORAN INC | Materials | 11.2M | $657.2M | 0.4% | -35.6% |
| CEG CONSTELLATION ENERGY | Utilities | 2.3M | $651.7M | 0.4% | +7.5% |
| ADBE ADOBE INC | Technology | 2.6M | $628.7M | 0.4% | +34.9% |
| MA MASTERCARD INC - A | Services media | 1.2M | $617.9M | 0.4% | -17.5% |
| ISRG INTUITIVE SURGICAL INC | Healthcare | 1.3M | $599.1M | 0.4% | -12.4% |
| XOM EXXON MOBIL CORP | Energy | 3.5M | $594.5M | 0.4% | -14.4% |
| HD HOME DEPOT INC | Consumer discretionary | 1.8M | $590.9M | 0.4% | -14.1% |
| USFD US FOODS HOLDING CORP | Consumer discretionary | 6.1M | $560.4M | 0.4% | +26.2% |
| KLAC KLA CORP | Other | 380.6K | $560.3M | 0.4% | -31.9% |
| BMY BRISTOL-MYERS SQUIBB CO | Healthcare | 9.2M | $555.0M | 0.4% | +11.5% |
| EME EMCOR GROUP INC | Industrials | 751.0K | $554.5M | 0.4% | -41.2% |
| LOW LOWE'S COS INC | Consumer discretionary | 2.3M | $550.6M | 0.4% | +0.4% |
| ROST ROSS STORES INC | Consumer discretionary | 2.5M | $547.0M | 0.4% | -16.6% |
| AMAT APPLIED MATERIALS INC | Technology | 1.6M | $542.1M | 0.3% | -48.8% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 2565 | $156.12B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 2583 | $177.20B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 12, 2025 | 2579 | $171.01B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 13, 2025 | 3239 | $155.07B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 2, 2025 | 2748 | $97.74B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 6, 2025 | 2746 | $101.73B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 5, 2024 | 2765 | $103.81B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 5, 2024 | 2753 | $99.75B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 3, 2024 | 2753 | $102.43B | canonical | SEC ↗ |
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