US Bancorp \de\
Reported US equity positions for Q1 2026 — $82.4B across 8,265 positions.
| Holding | Reported value | Share of portfolio | Shares |
|---|---|---|---|
| AGG iShares Core U.S. Aggregate Bond ETF | $4.2B | 5.1% | 42,548,783 |
| IVV iShares Core S&P 500 ETF | $3.8B | 4.6% | 5,820,684 |
| SCHX Schwab U.S. Large-Cap ETF | $3.7B | 4.5% | 145,061,220 |
| IEFA iShares Core MSCI EAFE ETF | $3.2B | 3.9% | 35,665,870 |
| SPY State Street SPDR S&P 500 ETF Trust | $2.7B | 3.3% | 4,167,187 |
| AAPL Apple Inc. | $2.6B | 3.1% | 10,134,565 |
| IEMG iShares Core MSCI Emerging Markets ETF | $2.1B | 2.5% | 29,529,985 |
| MSFT Microsoft Corporation | $2.0B | 2.4% | 5,452,330 |
| GOOGL Alphabet Inc. | $1.7B | 2.1% | 5,956,171 |
| VO Vanguard Morningstar Mid-Cap ETF | $1.6B | 1.9% | 5,414,562 |
| NVDA NVIDIA Corporation | $1.4B | 1.7% | 8,066,216 |
| IWR iShares Russell Mid-Cap ETF | $1.3B | 1.5% | 12,921,085 |
| LLY Eli Lilly and Company | $1.2B | 1.5% | 1,357,610 |
| AMZN Amazon.com, Inc. | $1.2B | 1.5% | 5,885,390 |
| GOVT iShares U.S. Treasury Bond ETF | $1.2B | 1.5% | 46,829,856 |
| EFV iShares MSCI EAFE Value ETF | $1.0B | 1.3% | 13,973,824 |
| JPM JP Morgan Chase & Co. | $1.0B | 1.3% | 3,519,784 |
| IWM iShares Russell 2000 Index Fund | $859.5M | 1.0% | 3,465,632 |
| IXUS iShares Core MSCI Total International Stock ETF | $843.9M | 1.0% | 9,757,608 |
| VEA Vanguard FTSE Developed Markets ETF | $769.4M | 0.9% | 11,530,530 |
| QQQ Invesco QQQ Trust, Series 1 | $765.1M | 0.9% | 1,325,658 |
| SCHH Schwab U.S. REIT ETF | $723.7M | 0.9% | 33,676,678 |
| EFA iShares MSCI EAFE ETF | $692.8M | 0.8% | 7,132,417 |
| WMT Walmart Inc. | $681.3M | 0.8% | 5,481,909 |
| VTI Vanguard Morningstar Total Stock Market ETF | $655.7M | 0.8% | 2,115,013 |
| VT Vanguard Total World Stock Index ETF | $629.2M | 0.8% | 4,548,650 |
| BRK.A Berkshire Hathaway Inc. | $618.3M | 0.8% | 861 |
| JNJ Johnson & Johnson | $609.2M | 0.7% | 2,492,186 |
| IJR iShares Core S&P Small-Cap ETF | $604.3M | 0.7% | 4,860,873 |
| MDY State Street SPDR S&P MIDCAP 400 ETF Trust | $598.2M | 0.7% | 969,958 |
| META Meta Platforms, Inc. | $597.3M | 0.7% | 1,043,963 |
| VTWO Vanguard Russell 2000 ETF | $576.8M | 0.7% | 5,758,210 |
| XOM ExxonMobil Holdings Corporation | $561.8M | 0.7% | 3,311,157 |
| BRK.B Berkshire Hathaway Inc. | $560.4M | 0.7% | 1,169,415 |
| MUB iShares National Muni Bond ETF | $555.4M | 0.7% | 5,232,551 |
| GOOG Alphabet Inc. - Class C Capital Stock | $527.3M | 0.6% | 1,838,309 |
| COST Costco Wholesale Corporation | $510.7M | 0.6% | 512,520 |
| ABBV AbbVie Inc. | $506.5M | 0.6% | 2,328,944 |
| VNQ Vanguard Real Estate ETF | $493.2M | 0.6% | 5,521,305 |
| PG The Procter & Gamble Company | $486.7M | 0.6% | 3,369,675 |
| HD The Home Depot, Inc. | $435.5M | 0.5% | 1,324,230 |
| CVX Chevron Corporation | $431.0M | 0.5% | 2,082,917 |
| MA Mastercard Incorporated | $429.4M | 0.5% | 859,438 |
| PCAR PACCAR Inc. | $416.1M | 0.5% | 3,602,745 |
| IWF iShares Russell 1000 Growth Fund | $407.7M | 0.5% | 956,059 |
| AVGO Broadcom Inc. | $388.7M | 0.5% | 1,255,793 |
| MPC Marathon Petroleum Corporation | $378.1M | 0.5% | 1,548,556 |
| XLK State Street Technology Select Sector SPDR ETF | $366.0M | 0.4% | 2,753,674 |
| USB U.S. Bancorp | $361.8M | 0.4% | 6,956,748 |
| GLD SPDR Gold Shares | $357.7M | 0.4% | 831,210 |
| VWO Vanguard FTSE Emerging Markets ETF | $344.7M | 0.4% | 6,366,278 |
| BAC Bank of America Corporation | $342.8M | 0.4% | 7,032,228 |
| IJH iShares Core S&P Mid-Cap ETF | $342.8M | 0.4% | 5,076,431 |
| CAT Caterpillar, Inc. | $339.7M | 0.4% | 479,485 |
| MMM 3M Company | $321.7M | 0.4% | 2,215,294 |
| IWB iShares Russell 1000 ETF | $318.1M | 0.4% | 892,182 |
| KO The Coca-Cola Company | $315.5M | 0.4% | 4,148,299 |
| SCHF Schwab International Equity ETF | $312.4M | 0.4% | 12,623,820 |
| IWS iShares Russell Mid-Cap Value ETF | $296.5M | 0.4% | 2,034,314 |
| MU Micron Technology, Inc. | $289.2M | 0.4% | 856,148 |
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 |
|---|---|---|---|---|
| IVV iShares Core S&P 500 ETF | Add | $3.8B | $3.9B | +2% |
| SCHX Schwab U.S. Large-Cap ETF | Trim | $3.7B | $5.4B | -28% |
| IEFA iShares Core MSCI EAFE ETF | Add | $3.2B | $3.1B | +2% |
| SPY State Street SPDR S&P 500 ETF Trust | Trim | $2.7B | $2.9B | -2% |
| AAPL Apple Inc. | Trim | $2.6B | $2.8B | -1% |
| IEMG iShares Core MSCI Emerging Markets ETF | Add | $2.1B | $1.9B | +2% |
| GOOGL Alphabet Inc. | Trim | $1.7B | $1.9B | -1% |
| VO Vanguard Morningstar Mid-Cap ETF | Add | $1.6B | $1.5B | +7% |
| AMZN Amazon.com, Inc. | Add | $1.2B | $1.3B | +2% |
| EFV iShares MSCI EAFE Value ETF | Trim | $1.0B | $1.0B | -2% |
| JPM JP Morgan Chase & Co. | Trim | $1.0B | $1.2B | -2% |
| IWM iShares Russell 2000 Index Fund | Add | $859.5M | $568.5M | +50% |
| IXUS iShares Core MSCI Total International Stock ETF | Trim | $843.9M | $957.6M | -14% |
| VEA Vanguard FTSE Developed Markets ETF | Add | $769.4M | $712.9M | +1% |
| QQQ Invesco QQQ Trust, Series 1 | Trim | $765.1M | $839.5M | -3% |
| SCHH Schwab U.S. REIT ETF | Add | $723.7M | $684.2M | +3% |
| WMT Walmart Inc. | Trim | $681.3M | $624.1M | -2% |
| VTI Vanguard Morningstar Total Stock Market ETF | Add | $655.7M | $697.2M | +2% |
| VT Vanguard Total World Stock Index ETF | Add | $629.2M | $597.8M | +7% |
| MDY State Street SPDR S&P MIDCAP 400 ETF Trust | Trim | $598.2M | $591.6M | -1% |
| META Meta Platforms, Inc. | Add | $597.3M | $668.5M | +3% |
| VTWO Vanguard Russell 2000 ETF | Add | $576.8M | $523.5M | +9% |
| XOM ExxonMobil Holdings Corporation | Trim | $561.8M | $407.9M | -2% |
| GOOG Alphabet Inc. - Class C Capital Stock | Trim | $527.3M | $596.9M | -3% |
| COST Costco Wholesale Corporation | Trim | $510.7M | $446.7M | -1% |
| ABBV AbbVie Inc. | Trim | $506.5M | $538.8M | -1% |
| VNQ Vanguard Real Estate ETF | Add | $493.2M | $453.8M | +8% |
| PG The Procter & Gamble Company | Trim | $486.7M | $509.7M | -5% |
| HD The Home Depot, Inc. | Trim | $435.5M | $469.9M | -3% |
| CVX Chevron Corporation | Trim | $431.0M | $325.2M | -2% |
| MA Mastercard Incorporated | Trim | $429.4M | $503.0M | -2% |
| IWF iShares Russell 1000 Growth Fund | Trim | $407.7M | $462.9M | -2% |
| MPC Marathon Petroleum Corporation | Trim | $378.1M | $261.3M | -4% |
| USB U.S. Bancorp | Trim | $361.8M | $378.6M | -2% |
| VWO Vanguard FTSE Emerging Markets ETF | Trim | $344.7M | $402.7M | -15% |
| CAT Caterpillar, Inc. | Trim | $339.7M | $281.2M | -2% |
| MMM 3M Company | Trim | $321.7M | $360.0M | -1% |
| IWB iShares Russell 1000 ETF | Add | $318.1M | $289.8M | +15% |
| SCHF Schwab International Equity ETF | Trim | $312.4M | $335.0M | -9% |
| IWS iShares Russell Mid-Cap Value ETF | Trim | $296.5M | $294.8M | -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.