D.A. DAVIDSON & CO.

CIK 0001080107 · Q1 2026

13F Equity AUM

$16.5B

+1.0% QoQ

Positions

1,550

+45 QoQ

AUM Rank

#475

Top 4%

Skill Alpha (FF)

-1.1%/yr^ns

No Clear Edge

Rank #3,818 · Top 46%

vs S&P -5.4%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 21.0%Top 10: 28.5%Top 20: 38.6%

VTV6.7%

VUG4.8%

IXUS4.1%

AGG3.1%

AAPL2.3%

MSFT2.0%

IWN1.5%

VEA1.4%

AVGO1.3%

SPIB1.3%

Others (1540)71.5%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services61.5%

Technology10.8%

Industrials6.3%

Healthcare5.0%

Consumer Cyclical3.3%

Consumer Defensive3.1%

Energy2.6%

Communication Services2.4%

Other5.0%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 1550Median: 0.01%Avg: 0.06%

0–0.5%

1507(46.3%)

0.5–1%

29(20.8%)

1–3%

10(14.2%)

3–5%

3(12.0%)

5%+

1(6.7%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 1,497Unique: 53vs 20 funds

20.4%Moderate

1,550

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

27.2%

BANK OF AMERICA CORP /DE/

29.3%

24.1%

31.2%

22.8%

20.6%

VANGUARD CAPITAL MANAGEMENT LLC

19.6%

GEODE CAPITAL MANAGEMENT, LLC

19.2%

VANGUARD PORTFOLIO MANAGEMENT LLC

21.1%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New119Increased795Decreased536Exited74

New Positions

TTAN0.1%

+132K

FIVA0.0%

+180K

XAGG0.0%

+130K

FXZ0.0%

+54K

IBRX0.0%

+558K

ENERGY TRANSFER L P0.0%

+360K

AZN0.0%

+22K

SCHP0.0%

+156K

FICS0.0%

+64K

MIGA0.0%

+31K

Increased

SPIB1.3%

+410K(+7%)

AGG3.1%

+336K(+7%)

BBLU0.0%

+256K(+105%)

FXN0.0%

+240K(+2201%)

CGIC0.1%

+212K(+62%)

FTHI0.4%

+206K(+7%)

EVSD0.1%

+169K(+87%)

NOW0.2%

+165K(+119%)

TNGY0.3%

+153K(+4%)

BPRE0.0%

+145K(+1190%)

Decreased

SCHD0.4%

-274,903(-12%)

SRET0.0%

-220,532(-90%)

VALE0.0%

-151,570(-82%)

HL0.0%

-135,604(-86%)

JPST0.1%

-130,131(-34%)

TCPC0.0%

-122,395(-65%)

SAMT0.0%

-113,243(-56%)

TMSL0.0%

-107,834(-37%)

IQLT0.0%

-92,491(-60%)

CGMS0.0%

-85,722(-38%)

Exited

-27,160

-19,778

-61,528

-20,234

-13,491

-4,676

-146,765

-55,076

-136,333

-28,678

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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