VICTORY CAPITAL MANAGEMENT INC
Q4 2025 Form 13-F

SAN ANTONIO, TEXAS
CIK 0001040188 · CRD 106189 · SEC-registered investment adviser
Consolidated report · includes 4 managers since Q4 2015
$177.2B 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
$177.2B
Quarter over quarter
+2.4%
Holdings
2,391
Top-10 concentration
22.7%

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
Q3 2025
Q1 2026
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Q4 2025 13F filing summary

Period of report December 31, 2025
Filed February 13, 2026
Form 13F-HR
Reported value $177.2B
Positions 2,391
Change in reported value +3.6%
New positions 124
Exited positions 119
Position turnover 9.7%
Top-10 concentration 22.7%

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 · Q4 2025

# Holding Reported value % of portfolio
1 NVDA NVIDIA CORPORATION $7.3B 4.11%
2 MSFT MICROSOFT CORP $6.3B 3.56%
3 AAPL APPLE INC $6.1B 3.41%
4 AMZN AMAZON COM INC $5.6B 3.18%
5 GOOGL ALPHABET INC $3.9B 2.22%
6 LLY ELI LILLY & CO $2.9B 1.63%
7 V VISA INC $2.3B 1.29%
8 GOOG ALPHABET INC $2.0B 1.15%
9 AVGO BROADCOM INC $2.0B 1.1%
10 BAC BANK AMERICA CORP $1.8B 0.99%
11 CSCO CISCO SYS INC $1.6B 0.92%
12 TFC TRUIST FINL CORP $1.6B 0.89%
13 MLM MARTIN MARIETTA MATLS INC $1.5B 0.86%
14 VRTX VERTEX PHARMACEUTICALS INC $1.5B 0.86%
15 UPS UNITED PARCEL SERVICE INC $1.4B 0.77%
16 AMD ADVANCED MICRO DEVICES INC $1.4B 0.77%
17 IBM INTERNATIONAL BUSINESS MACHS $1.4B 0.77%
18 LH LABCORP HOLDINGS INC $1.3B 0.76%
19 META META PLATFORMS INC $1.3B 0.75%
20 SNPS SYNOPSYS INC $1.3B 0.72%

Values as reported on the Q4 2025 Form 13F. Every position is in the holdings table below.

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