Commerce Bank
Reported US equity positions for Q1 2026 — $20.7B across 2,449 positions.
| Holding | Reported value | Share of portfolio | Shares |
|---|---|---|---|
| AAPL Apple Inc. | $1.1B | 5.3% | 4,322,486 |
| NVDA NVIDIA Corporation | $897.2M | 4.3% | 5,144,377 |
| MSFT Microsoft Corporation | $800.4M | 3.9% | 2,162,350 |
| GOOGL Alphabet Inc. | $774.6M | 3.8% | 2,693,855 |
| AMZN Amazon.com, Inc. | $544.5M | 2.6% | 2,614,216 |
| AVGO Broadcom Inc. | $459.0M | 2.2% | 1,482,845 |
| JPM JP Morgan Chase & Co. | $397.3M | 1.9% | 1,350,694 |
| CBSH Commerce Bancshares, Inc. | $344.9M | 1.7% | 7,010,289 |
| SPY State Street SPDR S&P 500 ETF Trust | $326.1M | 1.6% | 501,503 |
| IVV iShares Core S&P 500 ETF | $305.9M | 1.5% | 468,370 |
| IWS iShares Russell Mid-Cap Value ETF | $288.6M | 1.4% | 1,980,452 |
| XOM ExxonMobil Holdings Corporation | $283.3M | 1.4% | 1,669,788 |
| JNJ Johnson & Johnson | $237.6M | 1.2% | 971,935 |
| META Meta Platforms, Inc. | $237.0M | 1.1% | 414,189 |
| GOOG Alphabet Inc. - Class C Capital Stock | $226.0M | 1.1% | 787,905 |
| MS Morgan Stanley | $211.6M | 1.0% | 1,286,011 |
| V Visa Inc. | $210.1M | 1.0% | 695,201 |
| PG The Procter & Gamble Company | $209.6M | 1.0% | 1,451,144 |
| IWP iShares Russell Midcap Growth ETF | $207.3M | 1.0% | 1,617,898 |
| IWF iShares Russell 1000 Growth Fund | $198.1M | 1.0% | 464,576 |
| CAT Caterpillar, Inc. | $183.8M | 0.9% | 259,482 |
| LLY Eli Lilly and Company | $175.9M | 0.9% | 191,230 |
| UPS United Parcel Service, Inc. | $171.5M | 0.8% | 1,742,900 |
| IWM iShares Russell 2000 Index Fund | $169.0M | 0.8% | 681,630 |
| MCD McDonald's Corporation | $161.8M | 0.8% | 520,571 |
| WMT Walmart Inc. | $154.2M | 0.7% | 1,240,877 |
| IWD iShares Russell 1000 Value ETF | $151.0M | 0.7% | 706,802 |
| IBB iShares Biotechnology ETF | $148.9M | 0.7% | 881,632 |
| IWR iShares Russell Mid-Cap ETF | $143.7M | 0.7% | 1,477,948 |
| MRK Merck & Company, Inc. Common Stock (new) | $142.9M | 0.7% | 1,188,031 |
| NEE NextEra Energy, Inc. | $140.3M | 0.7% | 1,510,854 |
| BRK.B Berkshire Hathaway Inc. | $134.7M | 0.7% | 281,077 |
| G6700G107 Nvent Elec PLC | $131.0M | 0.6% | 1,107,218 |
| TMO Thermo Fisher Scientific Inc | $129.5M | 0.6% | 263,371 |
| PH Parker-Hannifin Corporation | $129.0M | 0.6% | 144,109 |
| LOW Lowe's Companies, Inc. | $126.9M | 0.6% | 536,943 |
| RTX RTX Corporation | $125.1M | 0.6% | 648,741 |
| CVX Chevron Corporation | $125.0M | 0.6% | 603,977 |
| UNP Union Pacific Corporation | $124.9M | 0.6% | 514,801 |
| MCK McKesson Corporation | $120.7M | 0.6% | 139,447 |
| NOC Northrop Grumman Corporation | $119.9M | 0.6% | 175,672 |
| ABBV AbbVie Inc. | $118.5M | 0.6% | 545,072 |
| COST Costco Wholesale Corporation | $116.6M | 0.6% | 116,977 |
| VOO Vanguard S&P 500 ETF | $110.9M | 0.5% | 185,617 |
| VEA Vanguard FTSE Developed Markets ETF | $105.4M | 0.5% | 1,644,980 |
| PEP PepsiCo, Inc. | $105.1M | 0.5% | 676,923 |
| XLB State Street Materials Select Sector SPDR ETF | $101.8M | 0.5% | 2,036,640 |
| HD The Home Depot, Inc. | $100.5M | 0.5% | 305,580 |
| LMT Lockheed Martin Corporation | $99.4M | 0.5% | 164,409 |
| TMUS T-Mobile US, Inc. | $99.0M | 0.5% | 471,246 |
| ET Energy Transfer LP Common Units | $97.1M | 0.5% | 5,028,697 |
| HONGBP Honeywell Intl INC | $96.1M | 0.5% | 424,999 |
| IWB iShares Russell 1000 ETF | $94.1M | 0.5% | 263,864 |
| PANW Palo Alto Networks, Inc. | $93.8M | 0.5% | 585,099 |
| AEP American Electric Power Company, Inc. | $93.8M | 0.5% | 715,376 |
| AMGN Amgen Inc. | $91.4M | 0.4% | 259,907 |
| VTI Vanguard Morningstar Total Stock Market ETF | $91.4M | 0.4% | 284,975 |
| MSI Motorola Solutions, Inc. | $88.0M | 0.4% | 202,837 |
| MA Mastercard Incorporated | $87.4M | 0.4% | 174,961 |
| MDY State Street SPDR S&P MIDCAP 400 ETF Trust | $87.1M | 0.4% | 141,154 |
Long US equity positions only, as filed. 13F does not cover short positions, cash, bonds or non-US listings, so this is not the whole portfolio.
What changed last quarter
| Holding | Change | Now | Was | Shares |
|---|---|---|---|---|
| AAPL Apple Inc. | Add | $1.1B | $1.0B | +13% |
| NVDA NVIDIA Corporation | Add | $897.2M | $880.5M | +9% |
| MSFT Microsoft Corporation | Add | $800.4M | $933.4M | +12% |
| GOOGL Alphabet Inc. | Add | $774.6M | $816.3M | +3% |
| AMZN Amazon.com, Inc. | Add | $544.5M | $533.1M | +13% |
| AVGO Broadcom Inc. | Add | $459.0M | $428.5M | +20% |
| JPM JP Morgan Chase & Co. | Add | $397.3M | $380.9M | +14% |
| CBSH Commerce Bancshares, Inc. | Add | $344.9M | $296.3M | +24% |
| SPY State Street SPDR S&P 500 ETF Trust | Add | $326.1M | $170.9M | +100% |
| IVV iShares Core S&P 500 ETF | Add | $305.9M | $159.1M | +102% |
| XOM ExxonMobil Holdings Corporation | Add | $283.3M | $182.9M | +10% |
| JNJ Johnson & Johnson | Add | $237.6M | $180.9M | +11% |
| META Meta Platforms, Inc. | Add | $237.0M | $239.2M | +14% |
| GOOG Alphabet Inc. - Class C Capital Stock | Add | $226.0M | $160.9M | +54% |
| MS Morgan Stanley | Add | $211.6M | $205.9M | +11% |
| V Visa Inc. | Add | $210.1M | $229.0M | +6% |
| PG The Procter & Gamble Company | Add | $209.6M | $190.4M | +9% |
| IWP iShares Russell Midcap Growth ETF | Trim | $207.3M | $227.4M | -3% |
| IWF iShares Russell 1000 Growth Fund | Add | $198.1M | $214.7M | +2% |
| CAT Caterpillar, Inc. | Add | $183.8M | $120.9M | +23% |
| LLY Eli Lilly and Company | Add | $175.9M | $188.9M | +9% |
| IWM iShares Russell 2000 Index Fund | Add | $169.0M | $111.4M | +51% |
| MCD McDonald's Corporation | Add | $161.8M | $150.2M | +6% |
| WMT Walmart Inc. | Add | $154.2M | $121.3M | +14% |
| IWD iShares Russell 1000 Value ETF | Trim | $151.0M | $152.6M | -3% |
| IBB iShares Biotechnology ETF | Add | $148.9M | $139.4M | +7% |
| MRK Merck & Company, Inc. Common Stock (new) | Add | $142.9M | $98.2M | +27% |
| NEE NextEra Energy, Inc. | Add | $140.3M | $93.1M | +30% |
| BRK.B Berkshire Hathaway Inc. | Add | $134.7M | $121.9M | +16% |
| TMO Thermo Fisher Scientific Inc | Add | $129.5M | $134.6M | +13% |
| LOW Lowe's Companies, Inc. | Add | $126.9M | $118.4M | +9% |
| RTX RTX Corporation | Add | $125.1M | $92.9M | +28% |
| CVX Chevron Corporation | Add | $125.0M | $84.2M | +9% |
| UNP Union Pacific Corporation | Add | $124.9M | $110.2M | +8% |
| NOC Northrop Grumman Corporation | Add | $119.9M | $90.8M | +10% |
| ABBV AbbVie Inc. | Add | $118.5M | $106.1M | +17% |
| COST Costco Wholesale Corporation | Add | $116.6M | $96.5M | +5% |
| VOO Vanguard S&P 500 ETF | Add | $110.9M | $71.0M | +64% |
| VEA Vanguard FTSE Developed Markets ETF | Add | $105.4M | $82.4M | +25% |
| PEP PepsiCo, Inc. | Add | $105.1M | $93.9M | +3% |
New and exited positions are only shown for managers whose entire filed portfolio fits inside the positions stored here. For a manager filing more than that, a holding leaving the stored set is indistinguishable from a holding being sold, so those are reported as adds and trims only.
What a 13F is
Any institutional manager exercising discretion over more than $100 million in US-listed equities must file a Form 13F with the SEC within 45 days of each quarter end, listing what they held on the last day of that quarter. The threshold was set in 1975 and has never been raised, so the filer population now runs to several thousand.
The four things it does not tell you
- It is stale. A filing describes positions as of quarter end and can arrive 45 days later. A manager who sold everything in week one of the new quarter files the same document as one who held.
- Long US equities only. No short positions, no cash, no bonds, no commodities, no foreign listings. A fund that looks heavily long in a 13F may be hedged in instruments that never appear.
- Not the whole firm. Assets are reported by the entity with discretion, so one manager can file under several CIKs, and the figure here is what that entity reported.
- Confidential treatment exists. A manager can apply to delay disclosing a position while building it. Those holdings appear later, if at all.
Why the biggest filers are not the interesting ones
The largest managers by reported value are index providers — they hold nearly everything, in proportion to the indices they track, because clients asked them to. Reading their filings for conviction is a category error. The filings worth attention are concentrated ones, where a small number of positions make up most of the portfolio, since that reflects a decision rather than a mandate.
The share-of-portfolio column is the one to read for this. A position that is 15% of a fund says something; the same dollar amount at 0.2% of an index tracker does not.
Where this comes from
The SEC's own quarterly Form 13F structured data sets, parsed here rather than bought from a vendor. Holdings are identified in the filings by CUSIP, and the mapping from CUSIP to ticker is the awkward part — that identifier is licensed rather than public, so the mapping is resolved through OpenFIGI and built up over time. Around 95% of reported value currently sits on a resolved ticker; the rest shows its CUSIP.
The rest of the section is on the Markets overview — including insider transactions, which are the same idea at the individual level, and the correlation finder, where each ticker's page carries its institutional ownership.