Generalist · San Antonio, TX
Victory Capital Management
Q3 2025 · compared with Q2 2025
Filed as Victory Capital Management INC
- Software
- $17.5B
- Weight of 13F
- 10.3%
- Names
- 182
- Net bought
- +$1.2B
Filed 12 November 2025 · SEC filing.
2,383 positions in the whole 13F.
Quarters on file
Each quarter on file, back to June 2016 when the filing exists. Net bought is the share change from the previous quarter at that quarter’s close. A split that leaves the dollar value in place counts as flat.
- Q2 2026183 names$15.4B+$1.2B
- Q1 2026182 names$13.5B+$618M
- Q4 2025183 names$16.7B+$2.5B
- Q3 2025182 names$17.5B+$1.2B
- Q2 2025177 names$16.9B+$6.5B
- Q1 2025174 names$7.1B+$303M
- Q4 2024170 names$7.5B+$386M
- Q3 2024165 names$6.9B−$10.4M
- Q2 2024164 names$6.9B+$497M
- Q1 2024161 names$6.3B+$209M
- Q4 2023163 names$5.7B+$153M
- Q3 2023160 names$4.7B−$78.6M
- Q2 2023157 names$5.0B−$76.2M
- Q1 2023159 names$4.5B−$469M
- Q4 2022153 names$4.5B−$178M
- Q3 2022156 names$4.4B+$345M
- Q2 2022148 names$4.8B+$33.4M
- Q1 2022147 names$5.6B−$190M
- Q4 2021153 names$6.9B−$495M
- Q3 2021150 names$7.1B+$83.1M
- Q2 2021140 names$7.0B+$1.6B
- Q1 2021133 names$6.6B+$272M
- Q4 2020121 names$6.8B−$126M
- Q3 2020114 names$6.0B−$119M
- Q2 2020108 names$5.6B−$232M
- Q1 2020127 names$4.3B−$299M
- Q4 2019127 names$5.4B−$248M
- Q3 2019120 names$4.8B+$2.4B
- Q2 201961 names$2.6B+$59.7M
- Q1 201963 names$2.3B−$21.8M
- Q4 201860 names$1.8B−$35.0M
- Q3 201856 names$2.1B+$30.2M
- Q2 201857 names$1.8B−$80.7M
- Q1 201856 names$1.7B−$59.9M
- Q4 201756 names$1.6B+$108M
- Q3 201753 names$1.5B−$36.1M
- Q2 201753 names$1.4B−$132M
- Q1 201752 names$1.4B−$96.6M
- Q4 201652 names$1.4B+$109M
- Q3 201650 names$1.3B+$488M
- Q2 201642 names$632M—
What moved the book
The five software lines with the largest share change this quarter.
Software held
- MicrosoftMSFT11,647,983 shares · 33.2% of their software · price +$239M$5.8B+$230M
- OracleORCL4,822,433 shares · 7.6% of their software · price +$302M$1.3B−$431M
- Uber Technologies, Inc.UBER11,688,896 shares · 6.7% of their software · price +$54.6M$1.2B−$356M
- SynopsysSNPS2,824,349 shares · 5.8% of their software · price −$54.5M$1.0B+$1.0B
- IntuitINTU1,054,331 shares · 4.0% of their software · price −$110M$701M+$21.3M
- ServiceNowNOW1,033,496 shares · 3.6% of their software · price −$111M$631M+$351M
- SalesforceCRM2,266,063 shares · 3.2% of their software · price −$80.9M$552M−$40.6M
- Palo Alto NetworksPANW2,467,692 shares · 2.9% of their software · price −$2.5M$502M+$262M
- AdobeADBE1,341,410 shares · 2.7% of their software · price −$45.8M$469M+$275M
- TrimbleTRMB5,125,866 shares · 2.4% of their software · price +$29.1M$419M−$32.1M
- PalantirPLTR2,070,499 shares · 2.2% of their software · price +$95.5M$378M+$30.5M
- AppLovinAPP421,510 shares · 1.7% of their software · price +$155M$303MFlat
- Check PointCHKP1,450,217 shares · 1.7% of their software · price −$20.8M$300M−$29.0M
- Automatic Data Processing, Inc.ADP694,891 shares · 1.2% of their software · price −$10.4M$204MFlat
- NetApp, Inc.NTAP1,623,541 shares · 1.1% of their software · price +$19.3M$192M−$3.2M
- AkamaiAKAM2,313,276 shares · 1.0% of their software · price −$9.3M$175M−$148M
- AutodeskADSK495,667 shares · 0.9% of their software · price +$4.0M$157M−$231M
- ZoomZM1,740,953 shares · 0.8% of their software · price +$7.9M$144M−$8.9M
- FortinetFTNT1,651,683 shares · 0.8% of their software · price −$35.7M$139M+$9.5M
- CadenceCDNS323,427 shares · 0.7% of their software · price +$13.9M$114M−$1.6M
- F5, Inc.FFIV347,125 shares · 0.6% of their software · price +$10.0M$112M+$82.6M
- NCR Atleos CorporationNATL2,618,784 shares · 0.6% of their software · price +$28.2M$103M−$3.7M
- DatadogDDOG716,926 shares · 0.6% of their software · price +$5.8M$102M−$1.5M
- GoDaddyGDDY735,452 shares · 0.6% of their software · price −$31.8M$101M+$101M
- CrowdStrikeCRWD201,043 shares · 0.6% of their software · price −$3.8M$98.6M−$1.0M
- SS&CSSNC1,106,545 shares · 0.6% of their software · price +$6.6M$98.2M−$952K
- CloudflareNET414,700 shares · 0.5% of their software · price +$7.8M$89.0M−$3.1M
- SnowflakeSNOW389,786 shares · 0.5% of their software · price +$694K$87.9M−$6.7M
- ShopifySHOP543,226 shares · 0.5% of their software · price +$18.1M$80.7M+$762K
- DoximityDOCS1,096,965 shares · 0.5% of their software · price +$13.0M$80.2M+$56.5M
- Lyft, Inc.LYFT3,580,564 shares · 0.5% of their software · price +$22.4M$78.8M+$46.7M
- DocuSignDOCU1,036,230 shares · 0.4% of their software · price −$6.0M$74.7M−$1.4M
- VeriskVRSK243,915 shares · 0.4% of their software · price −$14.6M$61.3M−$5.5M
- Strategy IncMSTR188,454 shares · 0.3% of their software · price −$15.5M$60.7M+$1.7M
- TwilioTWLO592,085 shares · 0.3% of their software · price −$14.4M$59.3M+$68.4M
- OktaOKTA641,382 shares · 0.3% of their software · price −$5.3M$58.8M+$57.1M
- VeevaVEEV188,879 shares · 0.3% of their software · price +$1.9M$56.3M−$1.4M
- Paychex, Inc.PAYX417,087 shares · 0.3% of their software · price −$7.8M$52.9M+$16.1M
- EVERTEC, Inc.EVTC1,506,326 shares · 0.3% of their software · price −$3.4M$50.9M−$10.4M
- WorkdayWDAY188,426 shares · 0.3% of their software$45.4M−$646K
- ZscalerZS143,397 shares · 0.2% of their software · price −$2.0M$43.0M+$5.2M
- Fiserv, Inc.FISV331,993 shares · 0.2% of their software · price −$14.4M$42.8M−$35.1M
- Roper Technologies, Inc.ROP84,305 shares · 0.2% of their software · price −$5.7M$42.0M−$840K
- Amdocs LimitedDOX503,211 shares · 0.2% of their software · price −$4.6M$41.3MFlat
- Euronet Worldwide, Inc.EEFT466,001 shares · 0.2% of their software · price −$6.3M$40.9M−$5.1M
- The Trade DeskTTD823,756 shares · 0.2% of their software · price −$18.9M$40.4M−$27.8M
- HubSpotHUBS81,649 shares · 0.2% of their software · price −$7.3M$38.2M−$9.9M
- Gen DigitalGEN1,245,887 shares · 0.2% of their software · price −$1.3M$35.4M+$6.0M
- Corpay, Inc.CPAY109,600 shares · 0.2% of their software · price −$4.8M$31.6M−$8.0M
- VaronisVRNS516,670 shares · 0.2% of their software · price +$3.5M$29.7M−$5.6M
- ACI WorldwideACIW555,076 shares · 0.2% of their software · price +$3.8M$29.3M−$6.0M
- ToastTOST777,861 shares · 0.2% of their software · price −$6.1M$28.4M+$23.3M
- CoStarCSGP327,557 shares · 0.2% of their software · price +$1.3M$27.6M−$667K
- BroadridgeBR110,699 shares · 0.2% of their software · price −$538K$26.4M−$1.7M
- Fair IsaacFICO16,510 shares · 0.1% of their software · price −$5.5M$24.7M−$30.0M
- DropboxDBX797,760 shares · 0.1% of their software · price +$1.3M$24.1M+$983K
- AtlassianTEAM150,017 shares · 0.1% of their software · price −$6.5M$24.0M−$2.2M
- MongoDBMDB72,923 shares · 0.1% of their software · price +$7.3M$22.6M−$1.3M
- CommvaultCVLT118,284 shares · 0.1% of their software · price +$1.7M$22.3M+$3.4M
- Q2QTWO295,677 shares · 0.1% of their software · price −$6.3M$21.4M−$4.4M
- VeriSign, Inc.VRSN70,669 shares · 0.1% of their software · price −$652K$19.8M−$2.6M
- Payoneer Global Inc.PAYO3,187,045 shares · 0.1% of their software · price −$2.5M$19.3M−$4.7M
- Life360, Inc.LIF166,762 shares · 0.1% of their software · price +$6.8M$17.7M−$5.0M
- ProcorePCOR241,293 shares · 0.1% of their software · price +$1.1M$17.6M−$2.3M
- NutanixNTNX231,304 shares · 0.1% of their software$17.2M+$1.1M
- Sportradar Group AGSRAD637,751 shares · 0.1% of their software · price −$753K$17.2MNew · +$17.9M
- SamsaraIOT435,486 shares · 0.1% of their software · price −$1.1M$16.2M+$1.1M
- BoxBOX486,295 shares · 0.1% of their software · price −$924K$15.7M−$2.4M
- PTCPTC75,490 shares · 0.1% of their software · price +$2.3M$15.3M−$2.1M
- WaystarWAY398,512 shares · 0.1% of their software · price −$1.2M$15.1M+$695K
- Tyler TechnologiesTYL27,816 shares · 0.1% of their software · price −$1.9M$14.6M−$662K
- InterDigital, Inc.IDCC41,721 shares · 0.1% of their software · price +$5.0M$14.4M+$4.5M
- Clear Secure, Inc.YOU417,673 shares · 0.1% of their software · price +$2.3M$13.9M−$897K
- JFrogFROG291,355 shares · 0.1% of their software · price +$1.0M$13.8MNew · +$12.8M
- DynatraceDT265,704 shares · 0.1% of their software · price −$1.8M$12.9M−$2.9M
- Block, Inc.XYZ172,825 shares · 0.1% of their software · price +$750K$12.5MFlat
- DuolingoDUOL38,485 shares · 0.1% of their software · price −$3.4M$12.4M−$721K
- ServiceTitanTTAN122,093 shares · 0.1% of their software · price −$775K$12.3M−$2.2M
- KlaviyoKVYO433,950 shares · 0.1% of their software · price −$2.6M$12.0M+$2.2M
- AvePointAVPT717,888 shares · 0.1% of their software · price −$3.1M$10.8M+$1.2M
- PaycomPAYC50,934 shares · 0.1% of their software · price −$1.2M$10.6M+$2.0M
- Bitdeer Technologies GroupBTDR614,600 shares · 0.1% of their software · price +$3.4M$10.5M−$537K
- NICENICE71,993 shares · 0.1% of their software · price −$1.7M$10.4M+$687K
- FreshworksFRSH875,758 shares · 0.1% of their software · price −$2.7M$10.3M−$2.4M
- NetScout Systems, Inc.NTCT397,705 shares · 0.1% of their software$10.3M+$3.5M
- CoreWeave, Inc.CRWV74,772 shares · 0.1% of their software · price −$2.0M$10.2M+$1.4M
- PegasystemsPEGA170,089 shares · 0.1% of their software · price +$573K$9.8MFlat
- PaylocityPCTY56,141 shares · 0.1% of their software · price −$1.2M$8.9M−$8.1M
- PhreesiaPHR374,820 shares · 0.1% of their software · price −$1.9M$8.8M−$2.0M
- A10 Networks, Inc.ATEN467,367 shares · 0.0% of their software · price −$561K$8.5M+$1.0M
- Clearwater AnalyticsCWAN455,251 shares · 0.0% of their software$8.2M—
- GitLabGTLB181,677 shares · 0.0% of their software$8.2M−$6.5M
- Upbound Group, Inc.UPBD339,145 shares · 0.0% of their software$8.0MFlat
- Manhattan AssociatesMANH38,083 shares · 0.0% of their software$7.8M+$2.1M
- GuidewireGWRE31,871 shares · 0.0% of their software$7.3M+$1.7M
- Bentley SystemsBSY136,889 shares · 0.0% of their software$7.0M+$1.9M
- ElasticESTC82,842 shares · 0.0% of their software$7.0M+$3.3M
- AppFolioAPPF24,270 shares · 0.0% of their software · price +$1.1M$6.7M−$8.7M
- BrazeBRZE224,753 shares · 0.0% of their software$6.4M−$2.6M
- RingCentralRNG222,198 shares · 0.0% of their software$6.3MFlat
- ZoomInfoZI523,801 shares · 0.0% of their software$5.7M—
- Alight, Inc.ALIT1,614,122 shares · 0.0% of their software · price −$3.9M$5.3M+$2.7M
- FactSetFDS17,557 shares · 0.0% of their software · price −$2.8M$5.0M−$2.1M
- CourseraCOUR335,529 shares · 0.0% of their software · price +$990K$3.9M+$1.5M
- QualysQLYS28,876 shares · 0.0% of their software$3.8MFlat
- Shift4 Payments, Inc.FOUR47,805 shares · 0.0% of their software · price −$1.0M$3.7M−$5.8M
- Adeia Inc.ADEA204,409 shares · 0.0% of their software · price +$544K$3.4MFlat
- i3 Verticals, Inc.IIIV104,573 shares · 0.0% of their software · price +$521K$3.4M+$953K
- ePlus inc.PLUS47,694 shares · 0.0% of their software$3.4M−$3.6M
- UiPathPATH248,942 shares · 0.0% of their software$3.3M+$2.6M
- WixWIX18,329 shares · 0.0% of their software$3.3M+$534K
- Rubrik, Inc.RBRK39,212 shares · 0.0% of their software$3.2M+$731K
- TeradataTDC142,247 shares · 0.0% of their software$3.1MFlat
- BILLBILL56,998 shares · 0.0% of their software$3.0MFlat
- ProgressPRGS62,282 shares · 0.0% of their software · price −$1.2M$2.7M+$1.1M
- LiveRamp Holdings, Inc.RAMP95,973 shares · 0.0% of their software · price −$566K$2.6M+$847K
- UnityU54,563 shares · 0.0% of their software · price +$864K$2.2MFlat
- Consensus Cloud Solutions, Inc.CCSI73,083 shares · 0.0% of their software$2.1MFlat
- AlkamiALKT85,975 shares · 0.0% of their software$2.1M+$815K
- Intapp, Inc.INTA51,702 shares · 0.0% of their software · price −$554K$2.1M−$2.6M
- TenableTENB71,179 shares · 0.0% of their software$2.1M+$1.9M
- MorningstarMORN8,769 shares · 0.0% of their software · price −$718K$2.0M−$2.8M
- Rapid7RPD106,455 shares · 0.0% of their software$2.0M+$805K
- PagerDutyPD118,128 shares · 0.0% of their software$2.0MFlat
- GigaCloud Technology Inc.GCT68,099 shares · 0.0% of their software · price +$587K$1.9M−$533K
- Dave Inc.DAVE9,698 shares · 0.0% of their software · price −$670K$1.9MFlat
- SprinklrCXM246,626 shares · 0.0% of their software$1.9M+$1.4M
- BlackbaudBLKB28,100 shares · 0.0% of their software$1.8M+$1.4M
- DoubleVerifyDV149,911 shares · 0.0% of their software$1.8M+$1.3M
- OneSpan Inc.OSPN94,165 shares · 0.0% of their software$1.5MFlat
- Ibotta, Inc.IBTA51,854 shares · 0.0% of their software$1.4M+$1.0M
- monday.comMNDY7,380 shares · 0.0% of their software · price −$891K$1.4M−$12.8M
- Ribbon Communications Inc.RBBN354,626 shares · 0.0% of their software$1.3M−$548K
- CCC Intelligent Solutions Holdings Inc.CCC146,319 shares · 0.0% of their software$1.3MFlat
- Donnelley Financial Solutions, Inc.DFIN20,802 shares · 0.0% of their software$1.1M−$782K
- MagniteMGNI46,301 shares · 0.0% of their software$1.0MFlat
- PDF Solutions, Inc.PDFS37,600 shares · 0.0% of their software$971KFlat
- Alarm.com Holdings, Inc.ALRM17,352 shares · 0.0% of their software$921KFlat
- BlackLineBL16,938 shares · 0.0% of their software$899KFlat
- Agilysys, Inc.AGYS8,414 shares · 0.0% of their software$886KFlat
- PagSeguro Digital Ltd.PAGS83,304 shares · 0.0% of their software$833KFlat
- WEX Inc.WEX5,166 shares · 0.0% of their software$814KFlat
- Immersion CorporationIMMR109,990 shares · 0.0% of their software$807K−$1.6M
- YextYEXT92,735 shares · 0.0% of their software$790KFlat
- SemrushSEMR104,084 shares · 0.0% of their software$737K—
- DigitalOceanDOCN20,671 shares · 0.0% of their software$706KFlat
- SoundHound AI, Inc.SOUN41,977 shares · 0.0% of their software$675K−$1.7M
- OpenTextOTEX17,728 shares · 0.0% of their software$663KNew · +$518K
- SentinelOneS34,813 shares · 0.0% of their software$613KFlat
- PubMaticPUBM73,825 shares · 0.0% of their software$611KFlat
- SPS CommerceSPSC5,750 shares · 0.0% of their software$599KFlat
- Core Scientific, Inc.CORZ32,813 shares · 0.0% of their software$589K−$5.0M
- Calix, Inc.CALX8,861 shares · 0.0% of their software$544KFlat
- N-ableNABL66,934 shares · 0.0% of their software$522KFlat
- WorkivaWK5,715 shares · 0.0% of their software$492KFlat
- Definitive HealthcareDH108,240 shares · 0.0% of their software$439KFlat
- Zeta GlobalZETA21,861 shares · 0.0% of their software$434KFlat
- DescartesDSGX4,548 shares · 0.0% of their software$429KNew · Flat
- Commerce.com, Inc.CMRC85,411 shares · 0.0% of their software$426KNew · Flat
- Bandwidth Inc.BAND25,280 shares · 0.0% of their software$421KFlat
- Rimini Street, Inc.RMNI83,642 shares · 0.0% of their software$391KNew · Flat
- Mitek Systems, Inc.MITK39,760 shares · 0.0% of their software$388KFlat
- StoneCo Ltd.STNE20,113 shares · 0.0% of their software$380KNew · Flat
- Expensify, Inc.EXFY191,764 shares · 0.0% of their software$355KFlat
- nCinoNCNO12,305 shares · 0.0% of their software$334KFlat
- Remitly Global, Inc.RELY19,070 shares · 0.0% of their software$311KFlat
- C3.aiAI14,421 shares · 0.0% of their software$250KFlat
- Diebold Nixdorf, IncorporatedDBD4,143 shares · 0.0% of their software$236KFlat
- Cellebrite DI Ltd.CLBT12,545 shares · 0.0% of their software$232KFlat
- CertaraCERT17,297 shares · 0.0% of their software$211K−$2.4M
- Five9FIVN8,656 shares · 0.0% of their software$209KFlat
- VertexVERX8,354 shares · 0.0% of their software$207KFlat
- FlywireFLYW13,070 shares · 0.0% of their software$177KFlat
- FastlyFSLY15,362 shares · 0.0% of their software$131KFlat
- Sabre CorporationSABR55,995 shares · 0.0% of their software$102KFlat
- Blend Labs, Inc.BLND22,631 shares · 0.0% of their software$83KFlat
- PowerFleet, Inc.AIOT14,412 shares · 0.0% of their software$76KFlat
- Digital TurbineAPPS10,776 shares · 0.0% of their software$69KFlat
- AI Financial CorporationAIFC12,429 shares · 0.0% of their software$33KNew · Flat
- 8x8EGHT15,014 shares · 0.0% of their software$32K—
- SmartRent, Inc.SMRT18,509 shares · 0.0% of their software$26KFlat
- Rekor Systems, Inc.REKR13,801 shares · 0.0% of their software$22KFlat