VICTORY CAPITAL MANAGEMENT INC
Q2 2025 Form 13-F

SAN ANTONIO, TEXAS
CIK 0001040188 · CRD 106189 · SEC-registered investment adviser
Consolidated report · includes 4 managers since Q4 2015
$155.1B Reported Value Total

VICTORY CAPITAL MANAGEMENT INC. reports 2,566 total accounts under management (AUM). There are 2,566 discretionary accounts valued at $152,291,000,000, and 0 non-discretionary accounts.

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
Firm Brochure (Part 2A) Client Relationship Summary (Form CRS)
Private funds (Form ADV)
26 funds · $2.0B gross asset value
Hedge Fund: $1.3B · Private Equity Fund: $617.9M · Other: $96.8M
Source: Form ADV filed 2026-10-15
Reported value
$155.1B
Quarter over quarter
+6.3%
Holdings
2,445
Top-10 concentration
18.5%

Filing Structure

Reports holdings for

Holdings reported by

Key People

Form ADV owners & control persons
David Craig Brown
CHIEF EXECUTIVE OFFICER, CHAIRMAN, DIRECTOR
Nina Gupta
CHIEF LEGAL OFFICER, SECRETARY, DIRECTOR
Charles B Mathes
CHIEF COMPLIANCE OFFICER
Q1 2025
Q3 2025
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Q2 2025 13F filing summary

Period of report June 30, 2025
Filed August 13, 2025
Form 13F-HR
Reported value $155.1B
Positions 2,445
Change in reported value +58.7%
New positions 116
Exited positions 108
Position turnover 8.8%
Top-10 concentration 18.5%

13F filings by quarter

Quarter Positions Value
Q3 2026 13F
Filed Nov 10, 2026
 2,530 $178.8B
Q2 2026 13F
Filed Aug 7, 2026
 2,456 $178.3B
Q1 2026 13F
Filed May 15, 2026
 2,384 $156.1B
Q4 2025 13F
Filed Feb 13, 2026
 2,391 $177.2B
Q3 2025 13F
Filed Nov 12, 2025
 2,383 $171.0B
Q2 2025 13F
Filed Aug 13, 2025
 2,445 $155.1B
Q1 2025 13F
Filed May 2, 2025
 2,439 $97.7B
Q4 2024 13F
Filed Feb 6, 2025
 2,436 $101.7B
Q3 2024 13F
Filed Nov 5, 2024
 2,448 $103.8B
Q2 2024 13F
Filed Aug 5, 2024
 2,440 $99.8B
Q1 2024 13F
Filed May 3, 2024
 2,440 $102.4B
Q4 2023 13F
Filed Feb 5, 2024
 2,506 $95.1B
Q3 2023 13F
Filed Nov 6, 2023
 2,487 $87.0B
Q2 2023 13F
Filed Jul 27, 2023
 2,483 $90.9B
Q1 2023 13F
Filed May 2, 2023
 2,560 $89.0B
Q4 2022 13F
Filed Feb 9, 2023
 2,556 $86.9B
Q3 2022 13F
Filed Nov 2, 2022
 2,668 $85.7B
Q2 2022 13F
Filed Aug 1, 2022
 2,664 $87.8B
Q1 2022 13F
Filed May 4, 2022
 2,689 $100.0B
Q4 2021 13F
Filed Feb 7, 2022
 2,712 $108.7B

33 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 $5.6B 3.58%
2 NVDA NVIDIA CORPORATION $5.3B 3.42%
3 AMZN AMAZON COM INC $4.3B 2.77%
4 AAPL APPLE INC $3.9B 2.53%
5 GOOGL ALPHABET INC $1.9B 1.2%
6 AVGO BROADCOM INC $1.8B 1.14%
7 META META PLATFORMS INC $1.6B 1.02%
8 ORCL ORACLE CORP $1.5B 0.97%
9 UBER UBER TECHNOLOGIES INC $1.4B 0.93%
10 TFC TRUIST FINL CORP $1.4B 0.89%
11 V VISA INC $1.4B 0.88%
12 GOOG ALPHABET INC $1.3B 0.84%
13 AMD ADVANCED MICRO DEVICES INC $1.3B 0.83%
14 LLY ELI LILLY & CO $1.2B 0.79%
15 CSCO CISCO SYS INC $1.2B 0.76%
16 MA MASTERCARD INCORPORATED $1.1B 0.72%
17 IBM INTERNATIONAL BUSINESS MACHS $1.0B 0.66%
18 VRTX VERTEX PHARMACEUTICALS INC $967.8M 0.62%
19 MLM MARTIN MARIETTA MATLS INC $910.2M 0.59%
20 FCX FREEPORT-MCMORAN INC $869.2M 0.56%

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

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