EVERGREEN CAPITAL MANAGEMENT LLC
Q2 2025 Form 13-F

BELLEVUE, WASHINGTON
CIK 0001260824 · CRD 104931 · SEC-registered investment adviser
Consolidated report · includes 4 managers since Q2 2022
$3.3B Reported Value Total

EVERGREEN CAPITAL MANAGEMENT LLC reports 3,147 total accounts under management (AUM). There are 3,125 discretionary accounts valued at $5,116,628,991, and 22 non-discretionary accounts valued at $101,294,216.

Source: Form ADV filed * Note that certain holdings are exempt from Form 13-F reporting, so the AUM totals may be greater than the Form 13-F total.
SEC Registered Discretionary & Non-Discretionary
Private funds (Form ADV)
8 funds · $234.8M gross asset value
Private Equity Fund: $195.2M · Real Estate Fund: $39.6M
Source: Form ADV filed 2026-03-26
Reported value
$3.3B
Quarter over quarter
+5.4%
Holdings
1,126
Top-10 concentration
18.9%

Filing Structure

Reports holdings for

Key People

Form ADV owners & control persons
David Mills Hay
MEMBER
Jeffrey Michael Eulberg
DIRECTOR OF WEALTH MANAGEMENT AND OWNER
Tyler Bradley Hay
MEMBER/CHIEF EXECUTIVE OFFICER
Q1 2025
Q3 2025
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Coverage begins with the second quarter of 2013. Earlier quarters are not shown while their accuracy is being verified.

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Q2 2025 13F filing summary

Period of report June 30, 2025
Filed August 14, 2025
Form 13F-HR
Reported value $3.3B
Positions 1,126
Change in reported value +11.6%
New positions 179
Exited positions 138
Position turnover 25.1%
Top-10 concentration 18.9%

13F filings by quarter

Quarter Positions Value
Q3 2026 13F
Filed Oct 23, 2026
 1,455 $5.7B
Q2 2026 13F
Filed Jul 23, 2026
 1,522 $5.7B
Q1 2026 13F
Filed May 14, 2026
 1,498 $4.6B
Q4 2025 13F
Filed Jan 27, 2026
 1,399 $4.5B
Q3 2025 13F
Filed Oct 28, 2025
 1,302 $4.2B
Q2 2025 13F
Filed Aug 14, 2025
 1,126 $3.3B
Q1 2025 13F
Filed May 15, 2025
 1,085 $3.0B
Q4 2024 13F
Filed Feb 13, 2025
 1,064 $3.1B
Q3 2024 13F
Filed Nov 14, 2024
 1,002 $3.0B
Q2 2024 13F
Filed Aug 14, 2024
 948 $2.8B
Q1 2024 13F
Filed May 15, 2024
 872 $2.6B
Q4 2023 13F
Filed Feb 14, 2024
 843 $2.4B
Q3 2023 13F
Filed Nov 14, 2023
 792 $2.3B
Q2 2023 13F
Filed Aug 14, 2023
 800 $2.4B
Q1 2023 13F
Filed May 15, 2023
 722 $2.2B
Q4 2022 13F
Filed Feb 14, 2023
 673 $2.1B
Q3 2022 13F
Filed Nov 14, 2022
 618 $1.9B
Q2 2022 13F
Filed Aug 15, 2022
 559 $1.9B
Q1 2022 13F
Filed May 16, 2022
 654 $2.5B
Q4 2021 13F
Filed Mar 11, 2022
 634 $2.5B

34 earlier quarters on file — choose one from the quarter menu above.

Top 20 holdings · Q2 2025

# Holding Reported value % of portfolio
1 MSFT MICROSOFT CORP $110.9M 3.33%
2 IEI ISHARES TR $76.0M 2.29%
3 PCAR PACCAR INC $73.8M 2.22%
4 AAPL APPLE INC $71.2M 2.14%
5 NVDA NVIDIA CORPORATION $54.9M 1.65%
6 MTBA SIMPLIFY EXCHANGE TRADED FUN $53.8M 1.62%
7 AMZN AMAZON COM INC $53.7M 1.61%
8 JAAA JANUS DETROIT STR TR $47.9M 1.44%
9 GOOG ALPHABET INC $46.3M 1.39%
10 GOOGL ALPHABET INC $40.3M 1.21%
11 VTEB VANGUARD MUN BD FDS $36.6M 1.1%
12 BINC BLACKROCK ETF TRUST II $34.2M 1.03%
13 VNQ VANGUARD INDEX FDS $32.1M 0.96%
14 DMBS DOUBLELINE ETF TRUST $31.7M 0.95%
15 VTV VANGUARD INDEX FDS $31.6M 0.95%
16 ANGL VANECK ETF TRUST $30.3M 0.91%
17 EPD ENTERPRISE PRODS PARTNERS L $29.5M 0.89%
18 SHY ISHARES TR $29.0M 0.87%
19 JPM JPMORGAN CHASE & CO. $26.7M 0.8%
20 EMLC VANECK ETF TRUST $26.3M 0.79%

Values as reported on the Q2 2025 Form 13F. Every position is in the holdings table below.

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