VICTORY CAPITAL MANAGEMENT INC
Q1 2025 Form 13-F

SAN ANTONIO, TEXAS
CIK 0001040188 · CRD 106189 · SEC-registered investment adviser
Consolidated report · includes 4 managers since Q4 2015
$97.7B 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
$97.7B
Quarter over quarter
-4.3%
Holdings
2,439
Top-10 concentration
13.1%

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
Q4 2024
Q2 2025
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Q1 2025 13F filing summary

Period of report March 31, 2025
Filed May 02, 2025
Form 13F-HR
Reported value $97.7B
Positions 2,439
Change in reported value -3.9%
New positions 88
Exited positions 87
Position turnover 6.9%
Top-10 concentration 13.1%

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 · Q1 2025

# Holding Reported value % of portfolio
1 AAPL APPLE INC $2.5B 2.55%
2 NVDA NVIDIA CORPORATION $2.1B 2.16%
3 MSFT MICROSOFT CORP $2.1B 2.15%
4 AMZN AMAZON COM INC $1.3B 1.38%
5 META META PLATFORMS INC $1.2B 1.19%
6 UITB VICTORY PORTFOLIOS II $848.3M 0.87%
7 GOOG ALPHABET INC $843.7M 0.86%
8 LNT ALLIANT ENERGY CORP $681.5M 0.7%
9 AVGO BROADCOM INC $633.7M 0.65%
10 USFD US FOODS HLDG CORP $626.3M 0.64%
11 JPM JPMORGAN CHASE & CO. $607.4M 0.62%
12 EXPE EXPEDIA GROUP INC $569.1M 0.58%
13 GOOGL ALPHABET INC $556.4M 0.57%
14 HIG HARTFORD INSURANCE GROUP INC $551.8M 0.56%
15 CTRA COTERRA ENERGY INC $544.1M 0.56%
16 LLY ELI LILLY & CO $541.7M 0.55%
17 FNT FIDELITY NATIONAL FINANCIAL $534.6M 0.55%
18 CPT CAMDEN PPTY TR $530.9M 0.54%
19 DGX QUEST DIAGNOSTICS INC $530.2M 0.54%
20 XOM EXXON MOBIL CORP $505.4M 0.52%

Values as reported on the Q1 2025 Form 13F. Every position is in the holdings table below.

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