BECKER CAPITAL MANAGEMENT INC

Portland, OR · CIK 799004 · 13F filing filed 2025-08-14

SEC-registered investment adviser since 1977 · corporation

Assets managed$5.7bn
Staff42 · 20 in investment roles
Main clients (by assets)High net worth individuals 62%, Charities 26%, Companies 3%
Private funds1 · $13.3m gross assets
Form ADV · 2026-03-31SEC adviser record

Legal entityBECKER CAPITAL MANAGEMENT, INC. (US)

$3.2bn reported value +5.8% vs Q1 2025

278positions

29.7%in top 10

13 new 65 added 141 reduced 9 sold out vs Q1 2025

Also in the report of:

Dorsey & Whitney Trust CO LLC – $7.6m of shares are in both reports

Shares in two reports are counted once in each security's totals.

Holdings, Q2 2025

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	MICROSOFT CORP COM MSFT	MSFT	361,555	$179.8m5.60%	5.60%	Reduced -908	-908 -0.2%
2	APPLE INC COM AAPL	AAPL	628,239	$128.9m4.02%	4.02%	Reduced -24.3k	-24,256 -3.7%
3	JPMORGAN CHASE & CO COM JPM	JPM	374,702	$108.6m3.39%	3.39%	Reduced -2.8k	-2,801 -0.7%
4	VANGUARD INDEX FDS GROWTH ETF VUG	VUG	239,068	$104.9m3.27%	3.27%	Added +14.6k	+14,587 6.5%
5	EMBRAER S.A. SPONSORED ADS EMBJ	EMBJ	1,496,693	$85.2m2.65%	2.65%	Reduced -44.5k	-44,523 -2.9%
6	VANGUARD INDEX FDS TOTAL STK MKT VTI	VTI	265,307	$80.9m2.52%	2.52%	Reduced -7.4k	-7,361 -2.7%
7	SCHWAB CHARLES CORP COM SCHW	SCHW	755,839	$69.0m2.15%	2.15%	Reduced -347	-347 -0.1%
8	ISHARES TR MSCI EAFE ETF EFA	EFA	757,211	$67.7m2.11%	2.11%	Added +37.6k	+37,649 5.2%
9	WALMART INC COM WMT	WMT	667,285	$65.2m2.03%	2.03%	Reduced -5.2k	-5,174 -0.8%
10	GOLDMAN SACHS GROUP INC COM GS	GS	87,360	$61.8m1.93%	1.93%	Reduced -345	-345 -0.4%
11	AMAZON COM INC COM AMZN	AMZN	272,084	$59.7m1.86%	1.86%	Added +23.2k	+23,201 9.3%
12	MCKESSON CORP COM MCK	MCK	80,958	$59.4m1.85%	1.85%	Reduced -3.0k	-2,990 -3.6%
13	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	92,609	$57.4m1.79%	1.79%	Reduced -638	-638 -0.7%
14	RTX CORPORATION COM RTX	RTX	371,017	$54.2m1.69%	1.69%	Reduced -9.0k	-8,970 -2.4%
15	BLACKROCK INC COM BLK	BLK	50,449	$52.9m1.65%	1.65%	Reduced -20	-20 -0.0%
16	NVIDIA CORPORATION COM NVDA	NVDA	326,766	$51.6m1.61%	1.61%	Added +167.4k	+167,395 105.0%
17	SAP SE SPON ADR SAP	SAP	169,738	$51.6m1.61%	1.61%	Reduced -2.0k	-1,965 -1.1%
18	CISCO SYS INC COM CSCO	CSCO	706,534	$49.0m1.53%	1.53%	Reduced -6.1k	-6,096 -0.9%
19	ISHARES TR CORE S&P SCP ETF IJR	IJR	414,585	$45.3m1.41%	1.41%	Reduced -154.4k	-154,449 -27.1%
20	QUALCOMM INC COM QCOM	QCOM	279,048	$44.4m1.39%	1.39%	Added +3.1k	+3,143 1.1%
21	JOHNSON & JOHNSON COM JNJ	JNJ	260,197	$39.7m1.24%	1.24%	Added +5.1k	+5,068 2.0%
22	ALPHABET INC CAP STK CL A GOOGL	GOOGL	224,868	$39.6m1.24%	1.24%	Reduced -6.6k	-6,585 -2.9%
23	ALLSTATE CORP COM ALL	ALL	193,366	$39.1m1.22%	1.22%	Reduced -1.2k	-1,172 -0.6%
24	CHEVRON CORP NEW COM CVX	CVX	248,707	$35.6m1.11%	1.11%	Added +8.8k	+8,809 3.7%
25	SALESFORCE INC COM CRM	CRM	129,397	$35.3m1.10%	1.10%	Reduced -1.5k	-1,483 -1.1%
26	SYSCO CORP COM SYY	SYY	462,590	$35.0m1.09%	1.09%	Reduced -11.6k	-11,561 -2.4%
27	NEWMONT CORP COM NEM	NEM	579,424	$33.8m1.05%	1.05%	Reduced -98.3k	-98,317 -14.5%
28	HOME DEPOT INC COM HD	HD	91,667	$33.6m1.05%	1.05%	Reduced -150	-150 -0.2%
29	AIR PRODS & CHEMS INC COM APD	APD	116,321	$32.8m1.02%	1.02%	Added +1.1k	+1,143 1.0%
30	PROCTER AND GAMBLE CO COM PG	PG	204,835	$32.6m1.02%	1.02%	Added +1.9k	+1,928 0.9%
31	FIRSTENERGY CORP COM FE	FE	806,771	$32.5m1.01%	1.01%	Added +14.2k	+14,194 1.8%
32	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	64,714	$31.4m0.98%	0.98%	Added +198	+198 0.3%
33	DISNEY WALT CO COM DIS	DIS	242,975	$30.1m0.94%	0.94%	Added +1.1k	+1,090 0.5%
34	FLEX LTD ORD FLEX	FLEX	601,828	$30.0m0.94%	0.94%	Reduced -26.5k	-26,510 -4.2%
35	KINDER MORGAN INC DEL COM KMI	KMI	1,005,961	$29.6m0.92%	0.92%	Reduced -13.1k	-13,050 -1.3%
36	AUTOZONE INC COM AZO	AZO	7,953	$29.5m0.92%	0.92%	Reduced -7	-7 -0.1%
37	CARRIER GLOBAL CORPORATION COM CARR	CARR	403,170	$29.5m0.92%	0.92%	Added +7.9k	+7,901 2.0%
38	VANGUARD INDEX FDS REAL ESTATE ETF VNQ	VNQ	315,178	$28.1m0.87%	0.87%	Added +1.8k	+1,847 0.6%
39	SANOFI SPONSORED ADR SNY	SNY	568,400	$27.5m0.86%	0.86%	Added +11.2k	+11,192 2.0%
40	COSTCO WHSL CORP NEW COM COST	COST	26,510	$26.2m0.82%	0.82%	Reduced -154	-154 -0.6%
41	ASTRAZENECA PLC SPONSORED ADR SPONSORED ADR		373,347	$26.1m0.81%	0.81%	Reduced -7.8k	-7,770 -2.0%
42	US BANCORP DEL COM NEW USB	USB	545,790	$25.0m0.78%	0.78%	Reduced -9.9k	-9,943 -1.8%
43	AMGEN INC COM AMGN	AMGN	89,218	$24.9m0.78%	0.78%	Reduced -79	-79 -0.1%
44	META PLATFORMS INC CL A META	META	33,395	$24.6m0.77%	0.77%	Added +9.1k	+9,065 37.3%
45	VERIZON COMMUNICATIONS INC COM VZ	VZ	569,144	$24.6m0.77%	0.77%	Reduced -273.6k	-273,553 -32.5%
46	CHUBB LIMITED COM CB	CB	83,927	$24.4m0.76%	0.76%	Added +2.0k	+2,017 2.5%
47	ISHARES INC CORE MSCI EMKT IEMG	IEMG	406,219	$24.4m0.76%	0.76%	Reduced -19.1k	-19,087 -4.5%
48	PAYPAL HLDGS INC COM PYPL	PYPL	327,364	$24.3m0.76%	0.76%	Added +792	+792 0.2%
49	GENERAL DYNAMICS CORP COM GD	GD	83,379	$24.3m0.76%	0.76%	Reduced -17	-17 -0.0%
50	MERCK & CO INC COM MRK	MRK	303,925	$24.3m0.76%	0.76%	Reduced -4.2k	-4,218 -1.4%
51	BAKER HUGHES COMPANY CL A BKR	BKR	606,814	$23.3m0.73%	0.73%	Added +391	+391 0.1%
52	VISA INC COM CL A V	V	63,499	$22.5m0.70%	0.70%	Added +275	+275 0.4%
53	EATON CORP PLC SHS ETN	ETN	62,594	$22.3m0.70%	0.70%	Added +6.1k	+6,054 10.7%
54	KONINKLIJKE PHILIPS N V NY REGIS SHS NEW PHG	PHG	911,455	$21.9m0.68%	0.68%	Reduced -1.9k	-1,872 -0.2%
55	SOUTHERN CO COM SO	SO	234,052	$21.5m0.67%	0.67%	Added +11.7k	+11,734 5.3%
56	NIKE INC CL B NKE	NKE	276,109	$19.7m0.61%	0.61%	Reduced -154.0k	-153,979 -35.8%
57	INTEL CORP COM INTC	INTC	870,578	$19.5m0.61%	0.61%	Added +2.0k	+2,007 0.2%
58	HONEYWELL INTL INC COM COM		83,460	$19.4m0.61%	0.61%	Added +4.6k	+4,617 5.9%
59	METHANEX CORP COM MEOH	MEOH	563,609	$18.7m0.58%	0.58%	Added +16.9k	+16,933 3.1%
60	KROGER CO COM KR	KR	256,290	$18.4m0.57%	0.57%	Reduced -4.5k	-4,525 -1.7%
61	CIENA CORP COM NEW CIEN	CIEN	222,978	$18.1m0.57%	0.57%	Reduced -18.8k	-18,819 -7.8%
62	DIAGEO PLC SPON ADR NEW DEO	DEO	176,816	$17.8m0.56%	0.56%	Reduced -3.0k	-3,032 -1.7%
63	TE CONNECTIVITY PLC ORD SHS TEL	TEL	105,021	$17.7m0.55%	0.55%	Reduced -5.2k	-5,234 -4.8%
64	ELI LILLY & CO COM LLY	LLY	20,324	$15.8m0.49%	0.49%	Added +16.0k	+16,022 372.4%
65	TIMKEN CO COM TKR	TKR	213,805	$15.5m0.48%	0.48%	Reduced -10.8k	-10,802 -4.8%
66	ISHARES TR CORE MSCI EAFE IEFA	IEFA	185,444	$15.5m0.48%	0.48%	Added +9.6k	+9,571 5.4%
67	ISHARES TR CORE S&P500 ETF IVV	IVV	24,803	$15.4m0.48%	0.48%	Reduced -134	-134 -0.5%
68	BAXTER INTL INC COM BAX	BAX	500,823	$15.3m0.48%	0.48%	Reduced -11.4k	-11,446 -2.2%
69	SHELL PLC SPON ADS SHEL	SHEL	214,758	$15.1m0.47%	0.47%	Reduced -1.5k	-1,482 -0.7%
70	BLACKSTONE INC COM BX	BX	91,881	$13.7m0.43%	0.43%	Reduced -420	-420 -0.5%
71	REALTY INCOME CORP COM O	O	231,068	$13.3m0.41%	0.41%	Reduced -5.3k	-5,291 -2.2%
72	MOLINA HEALTHCARE INC COM MOH	MOH	43,496	$13.0m0.40%	0.40%	Added +480	+480 1.1%
73	ACCENTURE PLC IRELAND SHS CLASS A ACN	ACN	42,811	$12.8m0.40%	0.40%	Reduced -1.4k	-1,432 -3.2%
74	QUEST DIAGNOSTICS INC COM DGX	DGX	65,252	$11.7m0.37%	0.37%	Reduced -954	-954 -1.4%
75	EMERSON ELEC CO COM EMR	EMR	86,437	$11.5m0.36%	0.36%	Reduced -17.0k	-16,985 -16.4%
76	BANK AMERICA CORP COM BAC	BAC	235,317	$11.1m0.35%	0.35%	Reduced -4.6k	-4,577 -1.9%
77	ISHARES TR ESG SELECT SCRE XVV	XVV	226,954	$10.8m0.34%	0.34%	Reduced -3.6k	-3,570 -1.6%
78	EXXON MOBIL CORP COM XOM	XOM	98,632	$10.6m0.33%	0.33%	Added +798	+798 0.8%
79	ECOLAB INC COM ECL	ECL	37,316	$10.1m0.31%	0.31%	Reduced -3.7k	-3,663 -8.9%
80	GROCERY OUTLET HLDG CORP COM GO	GO	776,285	$9.6m0.30%	0.30%	Reduced -1.0m	-1,016,246 -56.7%
81	PFIZER INC COM PFE	PFE	379,966	$9.2m0.29%	0.29%	Reduced -534.0k	-534,034 -58.4%
82	BROADCOM INC COM AVGO	AVGO	32,667	$9.0m0.28%	0.28%	Reduced -281	-281 -0.8%
83	VANGUARD TAX-MANAGED FDS VAN FTSE DEV MKT VEA	VEA	147,208	$8.4m0.26%	0.26%	Reduced -8.5k	-8,456 -5.4%
84	BECTON DICKINSON & CO COM BDX	BDX	48,269	$8.3m0.26%	0.26%	Added +25	+25 0.1%
85	BROOKFIELD RENEWABLE CORP CL A EX SUB VTG BEPC	BEPC	248,190	$8.1m0.25%	0.25%	Added +1.5k	+1,455 0.6%
86	MORGAN STANLEY COM NEW MS	MS	56,748	$8.0m0.25%	0.25%	Reduced -1.3k	-1,348 -2.3%
87	ISHARES TR RUSSELL 2000 ETF IWM	IWM	34,840	$7.5m0.23%	0.23%	Reduced -404	-404 -1.1%
88	MICROCHIP TECHNOLOGY INC. COM MCHP	MCHP	98,024	$6.9m0.21%	0.21%	New
89	VANGUARD INDEX FDS S&P 500 ETF SHS VOO	VOO	12,047	$6.9m0.21%	0.21%	Added +1.3k	+1,325 12.4%
90	SPDR GOLD TR GOLD SHS GLD	GLD	22,442	$6.8m0.21%	0.21%	Added +100	+100 0.5%
91	STARBUCKS CORP COM SBUX	SBUX	72,289	$6.6m0.21%	0.21%	Reduced -7.7k	-7,734 -9.7%
92	ISHARES TR S&P MC 400VL ETF IJJ	IJJ	48,804	$6.0m0.19%	0.19%	Unchanged
93	ADOBE INC COM ADBE	ADBE	15,258	$5.9m0.18%	0.18%	Reduced -942	-942 -5.8%
94	VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF VGK	VGK	73,425	$5.7m0.18%	0.18%	Reduced -1.5k	-1,470 -2.0%
95	TELEFLEX INCORPORATED COM TFX	TFX	47,953	$5.7m0.18%	0.18%	Reduced -40.1k	-40,089 -45.5%
96	WASTE MGMT INC DEL COM WM	WM	24,285	$5.6m0.17%	0.17%	Added +2.3k	+2,339 10.7%
97	UNION PAC CORP COM UNP	UNP	22,957	$5.3m0.16%	0.16%	Reduced -316	-316 -1.4%
98	BLACKBAUD INC COM BLKB	BLKB	80,800	$5.2m0.16%	0.16%	Reduced -12.1k	-12,133 -13.1%
99	UNILEVER PLC SPON ADR NEW SPON ADR NEW		79,380	$4.9m0.15%	0.15%	Reduced -4.9k	-4,927 -5.8%
100	LAMB WESTON HLDGS INC COM LW	LW	91,375	$4.7m0.15%	0.15%	Reduced -12.4k	-12,351 -11.9%

Sold out since Q1 2025

Security	Ticker	Shares held before	Value then
WAFD INC WAFD	WAFD	11,752	$335.9k11.8k shares
C H ROBINSON WORLDWIDE INC CHRW	CHRW	2,822	$290.7k2.8k shares
AMERICAN HEALTHCARE REIT INC AHR	AHR	9,381	$286.6k9.4k shares
CONOCOPHILLIPS COP	COP	2,328	$244.5k2.3k shares
VANGUARD SCOTTSDALE FDS VTWO	VTWO	2,805	$226.2k2.8k shares
FEDEX CORP FDX	FDX	911	$223.4k911 shares
VANGUARD MUN BD FDS VTEB	VTEB	4,475	$222.1k4.5k shares
VICTORY PORTFOLIOS II CDC	CDC	3,120	$205.0k3.1k shares
OTIS WORLDWIDE CORP OTIS	OTIS	1,944	$200.7k1.9k shares