VICTORY CAPITAL MANAGEMENT INC

Victory Capital Management reported $156.1B across 2,565 holdings for Q1 2026, down sharply from $177.2B. The quarter was defined by broad reduction: every top megacap was cut hard — Microsoft (-$2.3B), Amazon (-$2.1B), NVIDIA (-$1.6B), Apple (-$1.3B) and Eli Lilly (-$1.2B). With 33 positions decreased against only six increased, Victory pared risk across the board, redeploying selectively into new stakes in ServiceNow ($798M), Quanta Services ($712M) and Intuitive Surgical ($599M).