VICTORY CAPITAL MANAGEMENT INC
Q3 2025 Form 13-F

SAN ANTONIO, TEXAS
CIK 0001040188 · CRD 106189 · SEC-registered investment adviser
Consolidated report · includes 4 managers since Q4 2015
$171.0B Reported Value Total

VICTORY CAPITAL MANAGEMENT INC. reports 2,566 total accounts under management (AUM). There are 2,566 discretionary accounts valued at $152,291,202,954, 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
$171.0B
Quarter over quarter
+6.5%
Holdings
2,383
Top-10 concentration
24.2%

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
Q2 2025
Q4 2025
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Q3 2025 13F filing summary

Period of report September 30, 2025
Filed November 12, 2025
Form 13F-HR
Reported value $171.0B
Positions 2,383
Change in reported value +10.3%
New positions 100
Exited positions 163
Position turnover 10.3%
Top-10 concentration 24.2%

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 · Q3 2025

# Holding Reported value % of portfolio
1 QCOM QUALCOMM INC $10.9B 6.36%
2 NVDA NVIDIA CORPORATION $6.2B 3.61%
3 MSFT MICROSOFT CORP $5.8B 3.39%
4 AAPL APPLE INC $4.8B 2.8%
5 AMZN AMAZON COM INC $4.3B 2.5%
6 GOOGL ALPHABET INC $2.6B 1.54%
7 AVGO BROADCOM INC $2.0B 1.17%
8 GOOG ALPHABET INC $1.8B 1.03%
9 LLY ELI LILLY & CO $1.6B 0.91%
10 META META PLATFORMS INC $1.5B 0.88%
11 V VISA INC $1.4B 0.84%
12 AMD ADVANCED MICRO DEVICES INC $1.4B 0.83%
13 TFC TRUIST FINL CORP $1.4B 0.79%
14 ORCL ORACLE CORP $1.3B 0.77%
15 CSCO CISCO SYS INC $1.3B 0.74%
16 JNJ JOHNSON & JOHNSON $1.3B 0.73%
17 UBER UBER TECHNOLOGIES INC $1.2B 0.69%
18 MA MASTERCARD INCORPORATED $1.1B 0.62%
19 IBM INTERNATIONAL BUSINESS MACHS $1.0B 0.6%
20 SNPS SYNOPSYS INC $1.0B 0.59%

Values as reported on the Q3 2025 Form 13F. Every position is in the holdings table below.

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