# EDGAR Filing Document

**Accession Number:** 0001417889
**File Stem:** 0001417889-23-000001
**Filing Date:** 2023-1
**Character Count:** 12770
**Document Hash:** 8dd93d638824d0f4f46e0b8826dd9fc3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001417889-23-000001.hdr.sgml**: 20230126

**ACCESSION NUMBER**: 0001417889-23-000001

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230126

**DATE AS OF CHANGE**: 20230126

**EFFECTIVENESS DATE**: 20230126

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Vision Capital Management, Inc.
- **CENTRAL INDEX KEY:** 0001417889
- **IRS NUMBER:** 931270204
- **STATE OF INCORPORATION:** OR
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-12686
- **FILM NUMBER:** 23556972

**BUSINESS ADDRESS:**
- **STREET 1:** 4380 SW MACADAM AVE #350
- **CITY:** PORTLAND
- **STATE:** OR
- **ZIP:** 97239
- **BUSINESS PHONE:** 503-221-5656

**MAIL ADDRESS:**
- **STREET 1:** 4380 SW MACADAM AVE #350
- **CITY:** PORTLAND
- **STATE:** OR
- **ZIP:** 97239

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Vision Capital Management Inc.<br>**Address:** 4380 SW MACADAM AVE #350<br>PORTLAND, OR 97239

**Form 13F File Number:** 028-12686

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** MICHELLE ELDRIDGE<br>**Title:** SR. COMPLIANCE OFFICER<br>**Phone:** 971-371-3446

**Signature, Place, and Date of Signing:**

MICHELLE ELDRIDGE  PORTLAND, OR  01-26-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 94

**Form 13F Information Table Value Total:** $523292891

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ISHARES TR | CORE S ETF | 464287200 |  | 48026550 | 125001 | SH |  | SOLE |  | 0 | 0 | 125001 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 41260554 | 983096 | SH |  | SOLE |  | 0 | 0 | 983096 |
| APPLE INC | COM | 037833100 |  | 29183225 | 224607 | SH |  | SOLE |  | 0 | 0 | 224607 |
| ISHARES TR | CORE S SCP ETF | 464287804 |  | 20776829 | 219535 | SH |  | SOLE |  | 0 | 0 | 219535 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 17158891 | 440197 | SH |  | SOLE |  | 0 | 0 | 440197 |
| MICROSOFT CORP | COM | 594918104 |  | 16762163 | 69895 | SH |  | SOLE |  | 0 | 0 | 69895 |
| ISHARES TR | CORE MSCI INTL | 46435G326 |  | 15211669 | 271734 | SH |  | SOLE |  | 0 | 0 | 271734 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 14352727 | 162674 | SH |  | SOLE |  | 0 | 0 | 162674 |
| VANGUARD INDEX FDS | SML CP GRW ETF | 922908595 |  | 14028375 | 69953 | SH |  | SOLE |  | 0 | 0 | 69953 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 |  | 12902381 | 373009 | SH |  | SOLE |  | 0 | 0 | 373009 |
| ISHARES TR | IBOXX INV CP ETF | 464287242 |  | 12776596 | 121186 | SH |  | SOLE |  | 0 | 0 | 121186 |
| ISHARES TR | CORE S MCP ETF | 464287507 |  | 11419591 | 47210 | SH |  | SOLE |  | 0 | 0 | 47210 |
| NIKE INC | CL B | 654106103 |  | 10265222 | 87729 | SH |  | SOLE |  | 0 | 0 | 87729 |
| AMGEN INC | COM | 031162100 |  | 10098294 | 38449 | SH |  | SOLE |  | 0 | 0 | 38449 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 9976183 | 42035 | SH |  | SOLE |  | 0 | 0 | 42035 |
| STARBUCKS CORP | COM | 855244109 |  | 9644796 | 97226 | SH |  | SOLE |  | 0 | 0 | 97226 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 9511128 | 53842 | SH |  | SOLE |  | 0 | 0 | 53842 |
| HONEYWELL INTL INC | COM | 438516106 |  | 9097915 | 42454 | SH |  | SOLE |  | 0 | 0 | 42454 |
| AMAZON COM INC | COM | 023135106 |  | 9024960 | 107440 | SH |  | SOLE |  | 0 | 0 | 107440 |
| VISA INC | COM CL A | 92826C839 |  | 8340953 | 40147 | SH |  | SOLE |  | 0 | 0 | 40147 |
| SCHWAB STRATEGIC TR | INTL EQTY ETF | 808524805 |  | 8088768 | 251126 | SH |  | SOLE |  | 0 | 0 | 251126 |
| U HAUL HOLDING COMPANY | COM SER N | 023586506 |  | 8087228 | 147094 | SH |  | SOLE |  | 0 | 0 | 147094 |
| DISCOVER FINL SVCS | COM | 254709108 |  | 7982181 | 81592 | SH |  | SOLE |  | 0 | 0 | 81592 |
| CVS HEALTH CORP | COM | 126650100 |  | 7296031 | 78292 | SH |  | SOLE |  | 0 | 0 | 78292 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 7079020 | 84677 | SH |  | SOLE |  | 0 | 0 | 84677 |
| IQVIA HLDGS INC | COM | 46266C105 |  | 7067681 | 34495 | SH |  | SOLE |  | 0 | 0 | 34495 |
| BROADRIDGE FINL SOLUTIONS IN | COM | 11133T103 |  | 6963359 | 51915 | SH |  | SOLE |  | 0 | 0 | 51915 |
| SCHLUMBERGER LTD | COM STK | 806857108 |  | 6479833 | 121209 | SH |  | SOLE |  | 0 | 0 | 121209 |
| SPDR INDEX SHS FDS | PORTFOLIO EMG MK | 78463X509 |  | 6012926 | 182431 | SH |  | SOLE |  | 0 | 0 | 182431 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 5864199 | 12846 | SH |  | SOLE |  | 0 | 0 | 12846 |
| LAUDER ESTEE COS INC | CL A | 518439104 |  | 5761859 | 23223 | SH |  | SOLE |  | 0 | 0 | 23223 |
| ZOETIS INC | CL A | 98978V103 |  | 5758682 | 39295 | SH |  | SOLE |  | 0 | 0 | 39295 |
| DISNEY WALT CO | COM | 254687106 |  | 5667704 | 65236 | SH |  | SOLE |  | 0 | 0 | 65236 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 5465796 | 15557 | SH |  | SOLE |  | 0 | 0 | 15557 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 5289453 | 30427 | SH |  | SOLE |  | 0 | 0 | 30427 |
| WATSCO INC | COM | 942622200 |  | 4996978 | 20036 | SH |  | SOLE |  | 0 | 0 | 20036 |
| ADOBE SYSTEMS INCORPORATED | COM | 00724F101 |  | 4700988 | 13969 | SH |  | SOLE |  | 0 | 0 | 13969 |
| ILLUMINA INC | COM | 452327109 |  | 4370351 | 21614 | SH |  | SOLE |  | 0 | 0 | 21614 |
| LOWES COS INC | COM | 548661107 |  | 4350605 | 21836 | SH |  | SOLE |  | 0 | 0 | 21836 |
| HF SINCLAIR CORP | COM | 403949100 |  | 3562664 | 68658 | SH |  | SOLE |  | 0 | 0 | 68658 |
| NVR INC | COM | 62944T105 |  | 2809061 | 609 | SH |  | SOLE |  | 0 | 0 | 609 |
| CARMAX INC | COM | 143130102 |  | 2750340 | 45169 | SH |  | SOLE |  | 0 | 0 | 45169 |
| SCHWAB STRATEGIC TR | US SML CAP ETF | 808524607 |  | 2700073 | 66652 | SH |  | SOLE |  | 0 | 0 | 66652 |
| LILLY ELI  CO | COM | 532457108 |  | 2681607 | 7330 | SH |  | SOLE |  | 0 | 0 | 7330 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 2647624 | 15185 | SH |  | SOLE |  | 0 | 0 | 15185 |
| ISHARES TR | RUS MD CP GR ETF | 464287481 |  | 2646943 | 31662 | SH |  | SOLE |  | 0 | 0 | 31662 |
| QUALCOMM INC | COM | 747525103 |  | 2585569 | 23518 | SH |  | SOLE |  | 0 | 0 | 23518 |
| ISHARES TR | ESG AW MSCI EAFE | 46435G516 |  | 2514555 | 38250 | SH |  | SOLE |  | 0 | 0 | 38250 |
| F5 INC | COM | 315616102 |  | 2475691 | 17251 | SH |  | SOLE |  | 0 | 0 | 17251 |
| ISHARES TR | 7-10 YR TRSY BD | 464287440 |  | 2460876 | 25693 | SH |  | SOLE |  | 0 | 0 | 25693 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 2378867 | 16278 | SH |  | SOLE |  | 0 | 0 | 16278 |
| COGNIZANT TECHNOLOGY SOLUTIO | CL A | 192446102 |  | 2259643 | 39511 | SH |  | SOLE |  | 0 | 0 | 39511 |
| ISHARES TR | ESG AWR MSCI USA | 46435G425 |  | 2177312 | 25691 | SH |  | SOLE |  | 0 | 0 | 25691 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 2076277 | 29153 | SH |  | SOLE |  | 0 | 0 | 29153 |
| CISCO SYS INC | COM | 17275R102 |  | 2072340 | 43500 | SH |  | SOLE |  | 0 | 0 | 43500 |
| PINTEREST INC | CL A | 72352L106 |  | 2050665 | 84459 | SH |  | SOLE |  | 0 | 0 | 84459 |
| BANK AMERICA CORP | COM | 060505104 |  | 2009125 | 60662 | SH |  | SOLE |  | 0 | 0 | 60662 |
| SALESFORCE INC | COM | 79466L302 |  | 1960741 | 14788 | SH |  | SOLE |  | 0 | 0 | 14788 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 1951134 | 7312 | SH |  | SOLE |  | 0 | 0 | 7312 |
| ISHARES TR | ESG AWARE MSCI | 46435U663 |  | 1928938 | 58666 | SH |  | SOLE |  | 0 | 0 | 58666 |
| TFS FINL CORP | COM | 87240R107 |  | 1841094 | 127765 | SH |  | SOLE |  | 0 | 0 | 127765 |
| SCHWAB STRATEGIC TR | US MID-CAP ETF | 808524508 |  | 1623913 | 24751 | SH |  | SOLE |  | 0 | 0 | 24751 |
| C H ROBINSON WORLDWIDE INC | COM NEW | 12541W209 |  | 1590123 | 17367 | SH |  | SOLE |  | 0 | 0 | 17367 |
| U HAUL HOLDING COMPANY | COM | 023586100 |  | 1467492 | 24381 | SH |  | SOLE |  | 0 | 0 | 24381 |
| SCHWAB STRATEGIC TR | US LRG CAP ETF | 808524201 |  | 1420825 | 31469 | SH |  | SOLE |  | 0 | 0 | 31469 |
| WILLIAMS SONOMA INC | COM | 969904101 |  | 1405768 | 12233 | SH |  | SOLE |  | 0 | 0 | 12233 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 1350820 | 4373 | SH |  | SOLE |  | 0 | 0 | 4373 |
| SYSCO CORP | COM | 871829107 |  | 1306607 | 17091 | SH |  | SOLE |  | 0 | 0 | 17091 |
| ISHARES TR | ESG AWRE USD ETF | 46435G193 |  | 1295775 | 58113 | SH |  | SOLE |  | 0 | 0 | 58113 |
| ISHARES TR | RUS 1000 ETF | 464287622 |  | 1068178 | 5074 | SH |  | SOLE |  | 0 | 0 | 5074 |
| V F CORP | COM | 918204108 |  | 1045839 | 37879 | SH |  | SOLE |  | 0 | 0 | 37879 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 1013439 | 11805 | SH |  | SOLE |  | 0 | 0 | 11805 |
| ISHARES INC | ESG AWR MSCI EM | 46434G863 |  | 817273 | 27179 | SH |  | SOLE |  | 0 | 0 | 27179 |
| CHEVRON CORP NEW | COM | 166764100 |  | 813090 | 4530 | SH |  | SOLE |  | 0 | 0 | 4530 |
| TEXAS INSTRS INC | COM | 882508104 |  | 812882 | 4920 | SH |  | SOLE |  | 0 | 0 | 4920 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 797350 | 5946 | SH |  | SOLE |  | 0 | 0 | 5946 |
| HOME DEPOT INC | COM | 437076102 |  | 503165 | 1593 | SH |  | SOLE |  | 0 | 0 | 1593 |
| US BANCORP DEL | COM NEW | 902973304 |  | 428730 | 9831 | SH |  | SOLE |  | 0 | 0 | 9831 |
| SCHWAB STRATEGIC TR | INT-TRM U.S TRES | 808524854 |  | 425741 | 8648 | SH |  | SOLE |  | 0 | 0 | 8648 |
| PEPSICO INC | COM | 713448108 |  | 389283 | 2155 | SH |  | SOLE |  | 0 | 0 | 2155 |
| NEW RELIC INC | COM | 64829B100 |  | 360885 | 6393 | SH |  | SOLE |  | 0 | 0 | 6393 |
| VANGUARD INDEX FDS | GROWTH ETF | 922908736 |  | 347369 | 1630 | SH |  | SOLE |  | 0 | 0 | 1630 |
| COCA COLA CO | COM | 191216100 |  | 342731 | 5388 | SH |  | SOLE |  | 0 | 0 | 5388 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 |  | 338998 | 1847 | SH |  | SOLE |  | 0 | 0 | 1847 |
| ISHARES TR | MORNINGSTAR GRWT | 464287119 |  | 328103 | 6740 | SH |  | SOLE |  | 0 | 0 | 6740 |
| AMER STATES WTR CO | COM | 029899101 |  | 298104 | 3221 | SH |  | SOLE |  | 0 | 0 | 3221 |
| VANGUARD SCOTTSDALE FDS | INT-TERM CORP | 92206C870 |  | 293763 | 3790 | SH |  | SOLE |  | 0 | 0 | 3790 |
| UNION PAC CORP | COM | 907818108 |  | 278095 | 1343 | SH |  | SOLE |  | 0 | 0 | 1343 |
| TESLA INC | COM | 88160R101 |  | 266315 | 2162 | SH |  | SOLE |  | 0 | 0 | 2162 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 265024 | 693 | SH |  | SOLE |  | 0 | 0 | 693 |
| VANGUARD INTL EQUITY INDEX F | ALLWRLD EX US | 922042775 |  | 255965 | 5105 | SH |  | SOLE |  | 0 | 0 | 5105 |
| MARRIOTT INTL INC NEW | CL A | 571903202 |  | 249986 | 1679 | SH |  | SOLE |  | 0 | 0 | 1679 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 235075 | 2131 | SH |  | SOLE |  | 0 | 0 | 2131 |
| FIRST SOLAR INC | COM | 336433107 |  | 212402 | 1418 | SH |  | SOLE |  | 0 | 0 | 1418 |

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