Davidson Investment Advisors provides portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for pooled vehicles, and portfolio management for institutions.
Davidson Investment Advisors reports 4,407 clients. They include 3,125 individual clients, 966 high-net-worth individuals and 131 charitable organizations. Of its assets, 99.3% ($5.16B across 4,275 accounts) are managed with discretion; $37.7M across 132 accounts are not. A wrap fee program the firm both sponsors and manages holds $3.8B.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 71% | 25% |
| High-net-worth individuals | 22% | 44% |
| Investment companies | <1% | 3% |
| Pooled investment vehicles | <1% | 1% |
| Pension and profit-sharing plans | <1% | 2% |
| Other client typesCharitable organizations; State or municipal government entities; Insurance companies; Corporations and other businesses | 6% | 25% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 3,125 | $1.3B | 25.0% | $416K |
| High-net-worth individuals | 966 | $2.3B | 44.3% | $2.38M |
| Investment companies | 1 | $148M | 2.8% | $148M |
| Pooled investment vehicles | 4 | $74.7M | 1.4% | $18.7M |
| Pension and profit-sharing plans | 36 | $78.4M | 1.5% | $2.18M |
| Charitable organizations | 131 | $769M | 14.8% | $5.87M |
| State or municipal government entities | 37 | $143M | 2.7% | $3.86M |
| Insurance companies | 8 | $39.6M | 0.8% | $4.95M |
| Corporations and other businesses | 99 | $346M | 6.6% | $3.49M |
| Total | 4,407 | $5.2B | 100% | $1.18M |
- Clients
- 3,125
- Regulatory AUM
- $1.3B
- AUM share
- 25.0%
- Avg. per client
- $416K
- Clients
- 966
- Regulatory AUM
- $2.3B
- AUM share
- 44.3%
- Avg. per client
- $2.38M
- Clients
- 1
- Regulatory AUM
- $148M
- AUM share
- 2.8%
- Avg. per client
- $148M
- Clients
- 4
- Regulatory AUM
- $74.7M
- AUM share
- 1.4%
- Avg. per client
- $18.7M
- Clients
- 36
- Regulatory AUM
- $78.4M
- AUM share
- 1.5%
- Avg. per client
- $2.18M
- Clients
- 131
- Regulatory AUM
- $769M
- AUM share
- 14.8%
- Avg. per client
- $5.87M
- Clients
- 37
- Regulatory AUM
- $143M
- AUM share
- 2.7%
- Avg. per client
- $3.86M
- Clients
- 8
- Regulatory AUM
- $39.6M
- AUM share
- 0.8%
- Avg. per client
- $4.95M
- Clients
- 99
- Regulatory AUM
- $346M
- AUM share
- 6.6%
- Avg. per client
- $3.49M
Total
- Clients
- 4,407
- Regulatory AUM
- $5.2B
- AUM share
- 100%
- Avg. per client
- $1.18M
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 0
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 0
Davidson Investment Advisors is paid through a percentage of assets under management; its fees and minimums are set out in its brochures on the SEC website.
D.a. Davidson Companies owns 75% or more of Davidson Investment Advisors and is in turn owned by Employee Stock Ownership Plan and Trust (25–50%). The leadership team of Davidson Investment Advisors includes President Andrew Davidson and Chief Operating Officer Heather Kubas. It has 31 employees, 13 of them in advisory roles.
Staff
- 31 employees
- 13 in advisory functions
- 17 state-registered reps
- 11 broker-dealer reps
- Owns 75% or more of Davidson Investment Advisors, Inc.
D.a. Davidson Companies
Control person · since May 1986
- Owns 25% to 50% of D.a. Davidson Companies
Employee Stock Ownership Plan and Trust
since September 2001
- Owns 25% to 50% of Employee Stock Ownership Plan and Trust
D.a. Davidson Trust Company
since September 2001
Davidson Investment Advisors’ regulatory assets grew 2.5× from $2.04B (February 2021) to $5.2B (December 2025); clients rose from 1,948 to 4,407 and employees from 23 to 31. In 2023, Caprin Asset Management ($1.37B in its last filing) joined it.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | StaffEmployees | Offices |
|---|---|---|---|---|
| Dec 2025December 2025 | $5.2B | 4,407 | 31 | 7 |
| Dec 2024December 2024 | $4.81B | 4,203 | 31 | 5 |
| Apr 2024April 2024 | $4.5B | 4,038 | 27 | 6 |
| Mar 2023March 2023 | $3.98B | 3,611 | 32 | 6 |
| Dec 2021December 2021 | $2.49B | 2,125 | 23 | 7 |
| Feb 2021February 2021 | $2.04B | 1,948 | 23 | 7 |
Firms that joined
20231 joined
- Caprin Asset ManagementLast filed AUM $1.37B
Firms whose SEC withdrawal reports a sale to this firm, and deals reported in the press. Teams that moved without selling a registered firm may not appear.
Besides its headquarters, Davidson Investment Advisors has 6 offices, with 7 listed addresses across 5 states.
Montana · 2 listed addresses
- 8 Third Street North, Great FallsHQ
- 1101 E Main St, Bozeman
Washington · 2 listed addresses
- 701 Fifth Avenue, Seattle
- 601 W Main Ave, Spokane
California · 1 listed address
- 1925 Palomar Oaks Way, Carlsbad
Colorado · 1 listed address
- 1550 Market Street, Denver
Virginia · 1 listed address
- 4901 Libbie Mill E BLVD, Richmond
Other business names
Davidson Investment Advisors has reported 1 other business name to the SEC.
- Caprin Asset Management, A Division of Davidson Investment Advisors
Contact and registration details
- Legal name
- Davidson Investment Advisors, Inc.
- Headquarters
- 8 Third Street North, Great Falls, MT 59401-3104
- Website
- Not reported
- Phone
- 406-727-6111
- SEC file
- 801-10883
- Structure
- Delaware corporation
- Fiscal year end
- September
Davidson Investment Advisors’ named custodians for separately managed accounts are D.a. Davidson & Co. ($2.42B, 64%), D.a. Davidson Trust Services ($760M, 20%) and First Clearing ($574M, 15%). Davidson Investment Advisors has custody of client assets.
- D.a. Davidson & Co.D.a. Davidson & Co. · Great Falls, MT · $2.42B64%
- First ClearingFirst Clearing, LLC · St. Louis, MO · $574M15%
- D.a. Davidson Trust ServicesD.a. Davidson Trust Services, Inc. · Great Falls, MT · $760M20%
At year end, Davidson Investment Advisors’ separately managed accounts were mostly in bonds (52%) and stocks (44%). Its reported 13F holdings for the quarter ended 30 June 2026 total $2.45B across 123 positions; the largest are iShares TR (8.3%), Alphabet Inc. (4.8%) and Amazon Com Inc. (4.4%).
What the accounts hold
- Stocks44%
- Funds2%
- Bonds52%
- State and local bonds28%
- U.S. government and agency bonds13%
- Investment grade corporate bonds11%
- Cash2%
How many clients does Davidson Investment Advisors have?
Davidson Investment Advisors has 4,407 clients and manages $5.2 billion for them, as of December 2025. They include 3,125 individual clients, 966 high-net-worth individuals and 131 charitable organizations.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 15 December 2025
What services does Davidson Investment Advisors offer?
Davidson Investment Advisors provides portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for pooled vehicles, and portfolio management for institutions.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
Which custodians does Davidson Investment Advisors use?
Davidson Investment Advisors’ separately managed account assets are held at D.a. Davidson & Co. (Great Falls, MT), with $2.42B, D.a. Davidson Trust Services, Inc. (Great Falls, MT), with $760M and First Clearing, LLC (St. Louis, MO), with $574M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 15 December 2025
How many financial advisors does Davidson Investment Advisors have?
Davidson Investment Advisors has 17 investment adviser representatives registered with state securities authorities, out of 31 employees, and 13 perform investment advisory functions. 11 employees are registered representatives of a broker-dealer and 0 employees are licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does Davidson Investment Advisors invest in?
At the end of its last fiscal year, Davidson Investment Advisors’ separately managed accounts held 44% exchange-traded equities, 28% state and local bonds, 13% U.S. government and agency bonds, 11% investment grade corporate bonds, 2% registered funds (mutual funds, ETFs, BDCs) and 2% cash and equivalents.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Davidson Investment Advisors?
Davidson Investment Advisors is owned through a chain of holding companies by D.a. Davidson Trust Company. Its direct owner is D.a. Davidson Companies (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 15 December 2025
How does Davidson Investment Advisors get paid?
Davidson Investment Advisors is paid through a percentage of assets under management. Its Form ADV lists no commissions or performance-based fees among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
How do I contact Davidson Investment Advisors?
Davidson Investment Advisors’ main office is at 8 Third Street North, Great Falls, MT 59401-3104. Its phone number is 406-727-6111.