VICTORY CAPITAL MANAGEMENT INC

San Antonio, TX · CIK 1040188 · 13F filing filed 2026-08-07

SEC-registered investment adviser since 1994 · corporation

Assets managed$282.7bn
Staff699 · 170 in investment roles
Main clients (by assets)Mutual funds and ETFs 71%, Private funds 18%, Companies 3%
Private funds20 (2 hedge) · $1.9bn gross assets
Websitepioneerinvestments.com
Form ADV · 2026-09-30SEC adviser record

Legal entityVICTORY CAPITAL MANAGEMENT INC. (US)
Part of VICTORY CAPITAL HOLDINGS, INC. (US)

$178.3bn reported value +14.2% vs Q1 2026

2,482positions

19.8%in top 10

180 new 1,293 added 964 reduced 108 sold out vs Q1 2026

This report includes the holdings of 4 other managers that share the investment decisions:

Brighthouse Investment Advisers, LLC – reports through this filing
JACKSON NATIONAL ASSET MANAGEMENT, LLC – reports through this filing
Northern Trust Investments, Inc – reports through this filing
VOYA INVESTMENTS, LLC – reports through this filing

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

Holdings, Q2 2026

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	NVIDIA CORPORATION COM NVDA	NVDA	34,853,857	$7.0bn3.91%	3.91%	Added +2.1m	+2,067,844 6.3%
2	APPLE INC COM AAPL	AAPL	18,748,292	$5.4bn3.04%	3.04%	Added +41.7k	+41,663 0.2%
3	MICROSOFT CORP COM MSFT	MSFT	11,231,028	$4.2bn2.35%	2.35%	Added +518.1k	+518,115 4.8%
4	ALPHABET INC CAP STK CL A GOOGL	GOOGL	10,538,377	$3.8bn2.11%	2.11%	Added +635.3k	+635,266 6.4%
5	AMAZON COM INC COM AMZN	AMZN	15,743,243	$3.8bn2.10%	2.10%	Reduced -1.2m	-1,214,175 -7.2%
6	ELI LILLY & CO COM LLY	LLY	2,141,447	$2.6bn1.44%	1.44%	Added +274.6k	+274,593 14.7%
7	ADVANCED MICRO DEVICES INC COM AMD	AMD	4,325,880	$2.5bn1.41%	1.41%	Reduced -768.3k	-768,316 -15.1%
8	ALPHABET INC CAP STK CL C GOOG	GOOG	6,181,965	$2.2bn1.22%	1.22%	Added +397.2k	+397,214 6.9%
9	BROADCOM INC COM AVGO	AVGO	5,555,094	$2.1bn1.18%	1.18%	Added +404.9k	+404,861 7.9%
10	BANK AMERICA CORP COM BAC	BAC	31,441,932	$1.8bn1.00%	1.00%	Added +6.0m	+6,041,176 23.8%
11	META PLATFORMS INC CL A META	META	2,877,996	$1.6bn0.91%	0.91%	Added +293.3k	+293,294 11.3%
12	UNITED PARCEL SERVICE INC CL B UPS	UPS	14,251,075	$1.5bn0.86%	0.86%	Added +3.2m	+3,210,102 29.1%
13	CISCO SYS INC COM CSCO	CSCO	12,802,148	$1.5bn0.84%	0.84%	Reduced -2.4m	-2,447,688 -16.1%
14	VISA INC COM CL A V	V	4,253,298	$1.5bn0.82%	0.82%	Reduced -652.0k	-651,981 -13.3%
15	NRG ENERGY INC COM NEW NRG	NRG	9,524,776	$1.4bn0.78%	0.78%	Added +2.4m	+2,359,071 32.9%
16	LABCORP HOLDINGS INC COM SHS LH	LH	4,837,573	$1.4bn0.76%	0.76%	Added +210.4k	+210,447 4.5%
17	TESLA INC COM TSLA	TSLA	3,199,616	$1.3bn0.75%	0.75%	Added +1.2m	+1,150,666 56.2%
18	SYNOPSYS INC COM SNPS	SNPS	2,860,290	$1.3bn0.72%	0.72%	Added +320.5k	+320,452 12.6%
19	MICRON TECHNOLOGY INC COM MU	MU	1,090,355	$1.3bn0.71%	0.71%	Added +36.0k	+35,978 3.4%
20	KLA CORP COM NEW KLAC	KLAC	3,872,736	$1.2bn0.66%	0.66%	Added +67.2k	+67,166 1.8%
21	APPLIED MATLS INC COM AMAT	AMAT	1,569,763	$1.1bn0.64%	0.64%	Reduced -16.4k	-16,352 -1.0%
22	AMPHENOL CORP CL A APH	APH	6,221,795	$1.1bn0.62%	0.62%	Reduced -220.2k	-220,241 -3.4%
23	VERTEX PHARMACEUTICALS INC COM VRTX	VRTX	2,173,152	$1.1bn0.61%	0.61%	Added +284.6k	+284,631 15.1%
24	REGAL REXNORD CORPORATION COM RRX	RRX	4,484,153	$1.1bn0.60%	0.60%	Added +307.0k	+307,035 7.3%
25	MARTIN MARIETTA MATLS INC COM MLM	MLM	1,783,432	$1.0bn0.58%	0.58%	Added +146.3k	+146,285 8.9%
26	FREEPORT-MCMORAN INC CL B FCX	FCX	16,319,528	$1.0bn0.58%	0.58%	Added +5.1m	+5,138,850 46.0%
27	UBER TECHNOLOGIES INC COM UBER	UBER	13,418,234	$968.3m0.54%	0.54%	Added +804.5k	+804,537 6.4%
28	ASML HOLDING N V N Y REGISTRY SHS ASML	ASML	476,010	$947.1m0.53%	0.53%	Reduced -70.4k	-70,394 -12.9%
29	MICROCHIP TECHNOLOGY INC. COM MCHP	MCHP	9,806,001	$894.3m0.50%	0.50%	Reduced -1.9m	-1,907,121 -16.3%
30	GE VERNOVA INC COM GEV	GEV	709,173	$833.2m0.47%	0.47%	Added +159.1k	+159,098 28.9%
31	BJS WHSL CLUB HLDGS INC COM BJ	BJ	9,479,369	$826.8m0.46%	0.46%	Reduced -1.8m	-1,774,812 -15.8%
32	CONSTELLATION ENERGY CORP COM CEG	CEG	3,233,698	$803.2m0.45%	0.45%	Added +900.1k	+900,066 38.6%
33	JPMORGAN CHASE & CO COM JPM	JPM	2,448,359	$801.4m0.45%	0.45%	Added +32.8k	+32,780 1.4%
34	TRUIST FINL CORP COM TFC	TFC	15,702,067	$782.3m0.44%	0.44%	Reduced -11.2m	-11,234,382 -41.7%
35	STATE STR CORP COM STT	STT	4,502,183	$763.6m0.43%	0.43%	Added +2.5m	+2,531,667 128.5%
36	BOOKING HOLDINGS INC COM BKNG	BKNG	4,220,949	$752.4m0.42%	0.42%	Added +263.0k	+263,049 6.7%
37	ADOBE INC COM ADBE	ADBE	3,490,203	$715.6m0.40%	0.40%	Added +903.8k	+903,821 35.0%
38	SERVICENOW INC COM NOW	NOW	7,163,661	$711.2m0.40%	0.40%	Reduced -464.9k	-464,858 -6.1%
39	SANDISK CORP COM SNDK	SNDK	310,668	$706.4m0.40%	0.40%	Reduced -92.0k	-92,046 -22.9%
40	NETFLIX INC COM NFLX	NFLX	9,838,548	$702.5m0.39%	0.39%	Added +544.7k	+544,683 5.9%
41	DEVON ENERGY CORP NEW COM DVN	DVN	16,992,378	$702.1m0.39%	0.39%	Added +7.9m	+7,860,036 86.1%
42	VICTORY PORTFOLIOS II CORE INTERMEDIAT UITB	UITB	14,850,508	$695.6m0.39%	0.39%	Unchanged
43	JOHNSON & JOHNSON COM JNJ	JNJ	2,620,929	$665.6m0.37%	0.37%	Reduced -808.1k	-808,076 -23.6%
44	EXXON MOBIL CORP COM XOM	XOM	4,864,844	$665.1m0.37%	0.37%	Added +1.4m	+1,361,037 38.8%
45	GOLDMAN SACHS GROUP INC COM GS	GS	655,492	$663.0m0.37%	0.37%	Added +38.7k	+38,659 6.3%
46	QUALCOMM INC COM QCOM	QCOM	3,576,365	$660.9m0.37%	0.37%	Added +969.2k	+969,180 37.2%
47	TJX COS INC NEW COM TJX	TJX	4,252,665	$644.3m0.36%	0.36%	Added +41.9k	+41,865 1.0%
48	ACCENTURE PLC IRELAND SHS CLASS A ACN	ACN	5,126,038	$637.9m0.36%	0.36%	Added +990.9k	+990,859 24.0%
49	INTERNATIONAL BUSINESS MACHS COM IBM	IBM	2,212,859	$622.3m0.35%	0.35%	Reduced -804.5k	-804,489 -26.7%
50	EVERSOURCE ENERGY COM ES	ES	8,553,991	$618.2m0.35%	0.35%	Added +1.2m	+1,235,547 16.9%
51	LAM RESEARCH CORP COM NEW LRCX	LRCX	1,412,598	$612.1m0.34%	0.34%	Reduced -106.3k	-106,313 -7.0%
52	MASTERCARD INCORPORATED CL A MA	MA	1,177,116	$604.6m0.34%	0.34%	Reduced -59.4k	-59,417 -4.8%
53	SALESFORCE INC COM CRM	CRM	3,793,799	$594.3m0.33%	0.33%	Added +1.3m	+1,330,717 54.0%
54	BRISTOL-MYERS SQUIBB CO COM BMY	BMY	10,168,924	$585.9m0.33%	0.33%	Added +1.0m	+1,017,713 11.1%
55	EATON CORP PLC SHS ETN	ETN	1,334,139	$568.5m0.32%	0.32%	Added +141.8k	+141,817 11.9%
56	US FOODS HLDG CORP COM USFD	USFD	5,443,787	$556.6m0.31%	0.31%	Reduced -634.1k	-634,059 -10.4%
57	T-MOBILE US INC COM TMUS	TMUS	3,317,538	$556.5m0.31%	0.31%	Added +1.6m	+1,584,650 91.5%
58	LOWES COS INC COM LOW	LOW	2,503,145	$551.9m0.31%	0.31%	Added +172.9k	+172,938 7.4%
59	NEWMONT CORP COM NEM	NEM	5,747,167	$536.8m0.30%	0.30%	Added +917.4k	+917,415 19.0%
60	ROSS STORES INC COM ROST	ROST	2,520,493	$536.5m0.30%	0.30%	Reduced -4.5k	-4,532 -0.2%
61	MERCK & CO INC COM MRK	MRK	4,143,885	$532.5m0.30%	0.30%	Added +354.1k	+354,128 9.3%
62	REGIONS FINANCIAL CORP NEW COM RF	RF	17,357,535	$524.2m0.29%	0.29%	Added +2.1m	+2,093,493 13.7%
63	INTUITIVE SURGICAL INC COM NEW ISRG	ISRG	1,300,881	$517.4m0.29%	0.29%	Added +1.4k	+1,439 0.1%
64	QUANTA SVCS INC COM PWR	PWR	715,821	$515.4m0.29%	0.29%	Reduced -580.5k	-580,477 -44.8%
65	CATERPILLAR INC COM CAT	CAT	481,112	$512.3m0.29%	0.29%	Reduced -29.4k	-29,400 -5.8%
66	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM	TSM	1,065,259	$508.7m0.29%	0.29%	Added +52.9k	+52,864 5.2%
67	CMS ENERGY CORP COM CMS	CMS	6,595,840	$504.6m0.28%	0.28%	Reduced -243.4k	-243,422 -3.6%
68	MASTEC INC COM MTZ	MTZ	1,210,079	$503.5m0.28%	0.28%	Reduced -382.4k	-382,444 -24.0%
69	VICTORY PORTFOLIOS II CORE PLUS BD ETF UBND	UBND	22,967,672	$499.0m0.28%	0.28%	Unchanged
70	EXPAND ENERGY CORPORATION COM EXE	EXE	5,396,426	$492.1m0.28%	0.28%	Added +635.7k	+635,677 13.3%
71	ALLIANT ENERGY CORP COM LNT	LNT	6,442,409	$491.5m0.28%	0.28%	Reduced -796.5k	-796,455 -11.0%
72	KEYSIGHT TECHNOLOGIES INC COM KEYS	KEYS	1,399,463	$489.9m0.27%	0.27%	Reduced -81.8k	-81,828 -5.5%
73	ANALOG DEVICES INC COM ADI	ADI	1,230,737	$488.8m0.27%	0.27%	Added +230.5k	+230,549 23.1%
74	EMCOR GROUP INC COM EME	EME	587,535	$487.6m0.27%	0.27%	Reduced -163.5k	-163,515 -21.8%
75	HUNTINGTON BANCSHARES INC COM HBAN	HBAN	27,430,517	$486.3m0.27%	0.27%	Added +14.2m	+14,228,593 107.8%
76	WILLIAMS COS INC COM WMB	WMB	6,488,650	$482.4m0.27%	0.27%	Added +1.9m	+1,908,241 41.7%
77	CARDINAL HEALTH INC COM CAH	CAH	1,977,579	$469.8m0.26%	0.26%	Added +590.7k	+590,745 42.6%
78	INTEL CORP COM INTC	INTC	3,357,740	$468.8m0.26%	0.26%	Added +5.9k	+5,894 0.2%
79	US BANCORP DEL COM NEW USB	USB	7,640,353	$461.5m0.26%	0.26%	Added +339.6k	+339,614 4.7%
80	ROCKWELL AUTOMATION INC COM ROK	ROK	931,970	$461.4m0.26%	0.26%	Added +174.8k	+174,787 23.1%
81	TEXAS INSTRS INC COM TXN	TXN	1,539,539	$458.9m0.26%	0.26%	Reduced -64.3k	-64,335 -4.0%
82	MOTOROLA SOLUTIONS INC COM NEW MSI	MSI	1,097,734	$455.9m0.26%	0.26%	Added +215.9k	+215,924 24.5%
83	PINTEREST INC CL A PINS	PINS	21,678,049	$455.9m0.26%	0.26%	Reduced -1.2m	-1,195,072 -5.2%
84	MOLINA HEALTHCARE INC COM MOH	MOH	1,980,615	$453.0m0.25%	0.25%	Reduced -90.1k	-90,084 -4.3%
85	BOEING CO COM BA	BA	2,054,226	$444.7m0.25%	0.25%	Added +919.6k	+919,643 81.1%
86	CRH PLC ORD CRH	CRH	4,117,862	$440.6m0.25%	0.25%	Reduced -130.5k	-130,491 -3.1%
87	PACKAGING CORP AMER COM PKG	PKG	1,831,180	$436.3m0.24%	0.24%	Reduced -192.9k	-192,938 -9.5%
88	WALMART INC COM WMT	WMT	3,839,127	$434.8m0.24%	0.24%	Reduced -285.1k	-285,096 -6.9%
89	EXPEDIA GROUP INC COM NEW EXPE	EXPE	1,698,444	$434.6m0.24%	0.24%	Reduced -216.8k	-216,759 -11.3%
90	CSX CORP COM CSX	CSX	9,066,745	$430.9m0.24%	0.24%	Reduced -2.3m	-2,319,875 -20.4%
91	SHOPIFY INC CL A SUB VTG SHS SHOP	SHOP	3,722,361	$425.0m0.24%	0.24%	Added +1.2m	+1,175,751 46.2%
92	RPM INTL INC COM RPM	RPM	3,823,468	$425.0m0.24%	0.24%	Reduced -65.8k	-65,789 -1.7%
93	CARRIER GLOBAL CORPORATION COM CARR	CARR	5,716,732	$419.3m0.24%	0.24%	Reduced -224.4k	-224,393 -3.8%
94	OREILLY AUTOMOTIVE INC COM ORLY	ORLY	4,454,128	$410.2m0.23%	0.23%	Reduced -176.9k	-176,907 -3.8%
95	HUBBELL INC COM HUBB	HUBB	779,296	$407.7m0.23%	0.23%	Added +69.3k	+69,268 9.8%
96	REVVITY INC COM RVTY	RVTY	3,645,905	$405.6m0.23%	0.23%	Added +273.3k	+273,278 8.1%
97	VICTORY PORTFOLIOS II VICT FR GROW ETF GFLW	GFLW	11,660,479	$399.8m0.22%	0.22%	Added +70.0k	+70,000 0.6%
98	ABBVIE INC COM ABBV	ABBV	1,581,740	$398.0m0.22%	0.22%	Added +57.8k	+57,751 3.8%
99	CAMDEN PPTY TR SH BEN INT CPT	CPT	3,471,862	$397.5m0.22%	0.22%	Added +524.3k	+524,252 17.8%
100	CHENIERE ENERGY INC COM NEW LNG	LNG	1,649,269	$394.2m0.22%	0.22%	Added +502.1k	+502,115 43.8%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
COTERRA ENERGY INC CTRA	CTRA	10,182,314	$357.8m10.2m shares
DUPONT DE NEMOURS INC DWDP	DWDP	2,093,726	$287.7m2.1m shares
HONEYWELL INTL INC		432,474	$195.5m432.5k shares
CARNIVAL CORP		5,974,744	$154.6m6.0m shares
FRANCO NEV CORP FNV	FNV	483,580	$119.5m483.6k shares
SELECT SECTOR SPDR TR XLP	XLP	983,502	$80.6m983.5k shares
VENTAS RLTY LTD PARTNERSHIP VTR 3.75 06.01.26	VTR 3.75 06.01.26	50,044,500	$74.4m50.0m shares
VIAD CORP PRSU	PRSU	1,342,780	$49.2m1.3m shares
AMERICAN WTR CAP CORP AWK 3.625 06.15.26	AWK 3.625 06.15.26	48,813,000	$48.7m48.8m shares
AMCOR PLC AMCR	AMCR	1,090,825	$43.4m1.1m shares
SUNBELT RENTALS HOLDINGS INC SUNB	SUNB	798,977	$38.0m799.0k shares
FLEX LNG LTD FLNG	FLNG	372,073	$24.4m372.1k shares
VANGUARD SCOTTSDALE FDS VCIT	VCIT	284,556	$23.5m284.6k shares
ISHARES INC EEMA	EEMA	220,202	$21.1m220.2k shares
SILA REALTY TRUST INC		868,267	$20.6m868.3k shares
VANGUARD INTL EQUITY INDEX F VGK	VGK	224,119	$18.5m224.1k shares
THOMSON REUTERS CORP		192,299	$17.3m192.3k shares
SPORTRADAR GROUP AG SRAD	SRAD	916,357	$15.3m916.4k shares
DUKE ENERGY CORP NEW DUK 4.125 04.15.26	DUK 4.125 04.15.26	10,869,000	$12.0m10.9m shares
ISHARES TR EFA	EFA	110,484	$10.7m110.5k shares
BIRKENSTOCK HOLDING PLC BIRK	BIRK	257,752	$9.2m257.8k shares
UBS GROUP AG UBS	UBS	294,057	$9.0m294.1k shares
ENACT HLDGS INC ACT	ACT	214,523	$8.8m214.5k shares
BROOKFIELD INFRASTRUCTURE CO BIPC	BIPC	208,953	$8.3m209.0k shares
ASCENDIS PHARMA A/S		30,770	$7.0m30.8k shares

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
ANGEL OAK MORTGAGE REIT INC AOMR · 13G · filed 2025-10-28	AOMR	6.1%≈ $13.1m	new	13G	2025-10-28
BANNER CORP BANR · 13G · filed 2025-08-08	BANR	5.6%≈ $129.2m	no change	13G	2025-08-08
GENPACT LIMITED G · 13G · filed 2025-01-28	G	5.6%≈ $271.0m	new	13G	2025-01-28
BOWHEAD SPECIALTY HLDGS INC BOW · 13G · filed 2026-07-24	BOW	5.4%≈ $53.0m	new	13G	2026-07-24
APOGEE ENTERPRISES INC APOG · 13G · filed 2025-01-28	APOG	5.3%≈ $52.9m	new	13G	2025-01-28
VIRTUS INVT PARTNERS INC VRTS · 13G · filed 2026-07-24	VRTS	5.0%≈ $48.2m	new	13G	2026-07-24