Victory Capital Q1 2026 Preview: The $177B Portfolio’s Biggest New Push Was Not Just Nvidia
Victory Capital kept mega-cap tech on top in Q4 2025, but the sharper signal was in the secondary moves: large increases in Netflix, Constellation Energy, TSMC and new positions like IQVIA. The next filing will show whether that diversification continues.
VICTORY CAPITAL MANAGEMENT INC finished Q4 2025 with a filing that still began with familiar names like NVDA, MSFT, AAPL, and AMZN. But the more useful signal is what came next: very large increases in NFLX, CEG, and TSM, plus new positions such as IQV. That is enough to make Victory one of the better “broadening under the hood” watchlists going into May 15, 2026.
TL;DR
- The top still looked conventional: NVDA, MSFT, and AMZN stayed prominent.
- The growth broadening mattered: NFLX surged in share count and became harder to ignore.
- Power and infrastructure showed up: CEG was one of the biggest relative increases.
- Semiconductor exposure widened: TSM also jumped sharply.
- Q1 watch: does Victory keep widening beyond the obvious mega-cap leaders?
VICTORY CAPITAL MANAGEMENT INC Top Holdings — 2025Q4 ($M)
Why This Filing Matters
Victory matters because it shows what a large diversified manager does after the first wave of AI winners has already worked. The answer in Q4 2025 was not to abandon those leaders. It was to widen the expression through names like NFLX, CEG, and TSM.
Visible Signals In The Latest Filing
| Position | Value | Weight | Why it matters |
|---|---|---|---|
| NVDA | $7.29B | 4.61% | Nvidia remained the largest disclosed position, keeping Victory plugged into the market’s main leadership trade. |
| AMZN | $5.64B | 3.57% | Amazon stayed one of the biggest liquid growth positions in the book. |
| NFLX | $651.1M | 0.41% | Netflix was one of the sharpest share increases and signals more than simple index hugging. |
| CEG | $766.9M | 0.48% | Constellation Energy shows the manager was willing to chase power-and-AI infrastructure rather than just software. |
| TSM | $403.5M | 0.26% | TSMC gave the filing a more explicit semiconductor manufacturing angle alongside U.S. mega-caps. |
VICTORY CAPITAL MANAGEMENT INC Top 5 vs Rest Concentration — 2025Q4
What Q4 2025 Set Up
That is what makes the next filing interesting. If the portfolio simply keeps NVDA on top, there is nothing new to learn. But if the secondary moves keep growing, Victory will start to look like a cleaner read on where large active capital wants the next ring of exposure around the mega-cap core.
VICTORY CAPITAL MANAGEMENT INC AUM History
Questions For Q1 2026
Does Netflix stay elevated?
If NFLX holds or grows again, the move becomes a durable position change rather than a quarter-end tactical rebalance.
Was Constellation a one-quarter AI-power trade?
If CEG remains large, Victory is likely treating electricity infrastructure as a real follow-on theme to the data-center buildout.
How important is TSMC now?
If TSM keeps gaining, the semiconductor story broadens from platform owners to the manufacturing side too.
Bottom Line
Victory Capital’s next filing matters because Q4 2025 hinted at a broader growth playbook. If the follow-up keeps the same secondary winners rising alongside NVDA and AMZN, the message is clear: the manager still likes the leaders, but it wants a wider way to own the theme.
Q&A
When is Victory Capital’s next 13F due?
Victory Capital’s next 13F is due on May 15, 2026.
What was most notable in Q4 2025?
Big relative increases in Netflix, Constellation Energy and TSMC were the most notable moves.
Why does that matter?
Because it suggests the manager is broadening exposure beyond the obvious AI mega-cap winners rather than simply sitting still.
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