# Davidson Investment Advisors, Inc.

> Davidson Investment Advisors, Inc. is an SEC-registered investment advisory firm in Great Falls, MT, registered since 1975, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated December 15, 2025.

- CRD: 110552
- Filed as: DAVIDSON INVESTMENT ADVISORS, INC.
- Also doing business as: CAPRIN ASSET MANAGEMENT, A DIVISION OF DAVIDSON INVESTMENT ADVISORS
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Great Falls, MT
- Filing period: October 2026
- Form ADV filing dated: December 15, 2025
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/110552
- AdvisorCensus page: https://advisorcensus.com/firm/davidson-investment-advisors-inc-great-falls-mt-110552

## Quick answers

**How is Davidson Investment Advisors, Inc. compensated?**
On its Form ADV (Item 5.E, October 2026), Davidson Investment Advisors, Inc. reports these compensation arrangements: a percentage of assets under its management. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Davidson Investment Advisors, Inc. located?**
Davidson Investment Advisors, Inc.'s principal office is in Great Falls, MT, according to its Form ADV; the January 2026 filing also lists 6 other offices (Schedule D, Section 1.F).

**Is Davidson Investment Advisors, Inc. registered with the SEC or a state?**
Davidson Investment Advisors, Inc. is an SEC-registered investment advisory firm, registered since 1975. Status as filed: Approved. CRD 110552.

**How much does Davidson Investment Advisors, Inc. manage?**
Davidson Investment Advisors, Inc. reports $5,200,170,370 in regulatory assets under management in its Form ADV filing dated December 15, 2025 (99% discretionary).

**How have Davidson Investment Advisors, Inc.'s assets and staff changed since 2021?**
In the Form ADV data for Davidson Investment Advisors, Inc.: Regulatory assets under management: $2,039,755,431 in the October 2021 data and $5,200,170,370 in the October 2026 data, up 155%. Total employees: 23 in October 2021 and 31 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Davidson Investment Advisors, Inc. serve?**
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (3,125); high net worth individuals (966); charitable organizations (131).

**Which custodians does Davidson Investment Advisors, Inc. use?**
Davidson Investment Advisors, Inc.'s most recent Form ADV filing (Schedule D, Section 5.K(3)) lists D.A. Davidson & Co. (affiliated with the firm), D.A. Davidson Trust Services, Inc. (affiliated with the firm) and First Clearing, LLC as custodians holding 10% or more of its separately managed account assets.

**Does Davidson Investment Advisors, Inc. report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/110552

**What changed in Davidson Investment Advisors, Inc.'s recent Form ADV filings?**
In the January 2026 filing data: Registered or notice-filed in SD.

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management

### Custodians (Schedule D, Section 5.K(3))
- D.A. Davidson & Co. (affiliated with the firm)
- D.A. Davidson Trust Services, Inc. (affiliated with the firm)
- First Clearing, LLC

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $5,200,170,370
- Discretionary: $5,162,502,250
- Non-discretionary: $37,668,120

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 3,125 | $1,299,147,004 |
| High net worth individuals | 966 | $2,303,054,104 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 1 | $148,002,497 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 4 | $74,675,193 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 36 | $78,350,012 |
| Charitable organizations | 131 | $769,042,096 |
| State or municipal government entities (including government pension plans) | 37 | $142,684,339 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 8 | $39,587,321 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 99 | $345,627,804 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for investment companies (and business development companies)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 1975 (51 years)
- Employees: 31 total, 13 performing advisory functions
- Wrap fee program participation: Yes
- States registered or notice-filed: AK, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, KS, KY, MA, MD, ME, MI, MN, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, SC, SD, TN, TX, UT, VA, WA, WI, WV, WY
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the January 2026 filing
- Bozeman, MT
- Carlsbad, CA
- Denver, CO
- Richmond, VA
- Seattle, WA
- Spokane, WA

### Websites listed on Form ADV (Item 1.I)
- [caprinbonds.com](https://caprinbonds.com)
- [dadavidson.com](https://dadavidson.com)
- [dadavidson.com/INDIVIDUALS/DAVIDSON-INVESTMENT-ADVISORS](https://dadavidson.com/INDIVIDUALS/DAVIDSON-INVESTMENT-ADVISORS)
- [davidsoncompanies.com](https://davidsoncompanies.com)
- [davidsoninvestmentadvisors.com](https://davidsoninvestmentadvisors.com)
- [davidsonmutualfunds.com](https://davidsonmutualfunds.com)

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $2,039,755,431 | 23 | February 10, 2021 |
| October 2022 | $2,489,292,610 | 23 | December 22, 2021 |
| October 2023 | $3,983,537,292 | 32 | March 30, 2023 |
| October 2024 | $4,497,592,543 | 27 | April 25, 2024 |
| October 2025 | $4,812,943,447 | 31 | December 20, 2024 |
| October 2026 | $5,200,170,370 | 31 | December 15, 2025 |

Regulatory assets under management: $2,039,755,431 in the October 2021 data and $5,200,170,370 in the October 2026 data, up 155%.
Total employees: 23 in October 2021 and 31 in October 2026.

## Changes in the filing (last 12 months)

### January 2026
- Registered or notice-filed in SD.

### December 2025
- Employees performing advisory functions went from 12 to 13.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Davidson Investment Advisors, Inc. (CRD 110552): Form ADV filing data as of October 2026.