Violich Capital Portfolio Changes: Third Quarter 2026 Analysis

According to the latest filing from Violich Capital Management, Inc., the investment firm's portfolio saw several noteworthy changes during the third quarter of 2026, ending on September 30th. The overall portfolio value remained substantial, reflecting the firm's continued focus on established and growth-oriented technology and communication stocks.

Key activities this quarter involved significant reductions in holdings. The largest decrease was observed in Alphabet Inc.'s Class C shares (GOOG). The fund sold approximately 7,945 shares, representing a 2.39% reduction in its stake, which now accounts for 11.95% of the portfolio. Similarly, the Class A shares (GOOGL) experienced a reduction of 6,370 shares, a 1.99% decrease, maintaining their allocation at 11.67%. Microsoft Corp (MSFT) also saw a reduction, with the fund selling 3,706 shares, a 2.09% decrease, bringing its stake down slightly from previous levels.

Apple Inc (AAPL) was another major position reduced during Q3. The fund sold 6,940 shares, leading to a 3.31% decrease in its allocation, which now stands at 7.29%. Lam Research Corp (LRCX) maintained its position unchanged, while other holdings like Visa Inc (V) and Costco Wholesale Corp (COST) also saw slight reductions, though their allocations remained relatively stable at 5.11% and 4.43% respectively.

Conversely, the portfolio saw new purchases and increases in certain areas. A significant new position was established in Alerian MLP ETF (AMLP), adding 20,025 shares for a total gain of approximately $18.4 million, boosting its allocation to 1.98%. The fund also initiated a position in PureCycle Technologies Inc (PCT) with a purchase of 73,800 shares, albeit a small allocation of 0.04%. Nvidia Corp (NVDA) saw a substantial increase, with the fund acquiring 6,100 shares, pushing its allocation up by 0.42% to a total of $3.9 million invested.

Other notable changes include a reduction in Amazon Inc (AMZN) shares, a decrease in Oracle Corp (ORCL) holdings, and adjustments in consumer and healthcare stocks like Coca-Cola Co (KO) and Johnson & Johnson (JNJ). The fund sold shares in KO and JNJ, while exiting positions in smaller holdings like Wesdome Gold Mines Ltd (WDOFF) and Kenvue Inc (KVUE). The position in Nike Inc (NKE) also decreased.

Overall, the portfolio maintained its diversification across Technology, Communication Services, and Financial Services, but saw active management through strategic sales and the initiation of a new position in the energy sector via the Alerian MLP ETF. The fund also demonstrated continued activity in exiting positions, as evidenced by the position change count of 72 and the presence of both large buys and large sells.