Institutional Manager · CIK 0000036104

US BANCORP \DE\

MINNEAPOLIS, MN · File #028-00551

Latest AUM

$85.35B

Positions

9,649

Top-10 Concentration

47.8%

Filings

Portfolio Value Over Time

2024-03

2024-06

2024-09

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
REDUCE	SPDR S&P MIDCAP 400 ETF TR	MDY	-848,543	-$512.9M	+$7.2M
REDUCE	VANGUARD SCOTTSDALE FDS	92206C664	-2,128,183	-$211.8M	+$3.6M
ADD	DANAHER CORPORATION	235851102	+507,470	+$116.2M	+$70,525
REDUCE	MDU RES GROUP INC	552690109	-1,684,761	-$32.9M	+$2.9M
REDUCE	ISHARES TR	464288521	-317,863	-$18.1M	-$586,760
ADD	ISHARES TR	464287408	+84,193	+$17.9M	+$970,490
REDUCE	ISHARES TR	46432F339	-89,352	-$17.7M	+$783,812
REDUCE	AMERICAN ELEC PWR CO INC	025537101	-151,439	-$17.5M	+$434,363
REDUCE	CINCINNATI FINL CORP	172062101	-80,471	-$13.2M	+$430,217
ADD	ISHARES BITCOIN TRUST ETF	IBIT	+202,298	+$10.0M	-$125,947

Sector Allocation

12.5%$10.71B

5.1%$4.38B

4.2%$3.60B

4.0%$3.39B

Consumer Discretionary

3.4%$2.94B

Consumer Staples

1.8%$1.57B

Energy

1.4%$1.18B

Communication Services

1.2%$993.9M

Materials

0.7%$632.7M

Utilities

0.2%$207.8M

Real Estate

0.1%$114.2M

Filing History

Jan 30, 202613F HOLDINGS REPORTQ/E Dec 20259,649 pos · $85.35B
Nov 12, 202513F HOLDINGS REPORTQ/E Sep 20259,529 pos · $84.38B
Jul 24, 202513F HOLDINGS REPORTQ/E Jun 20259,904 pos · $79.44B
May 8, 202513F HOLDINGS REPORTQ/E Mar 202510,035 pos · $74.85B
Feb 5, 202513F HOLDINGS REPORTQ/E Dec 20249,837 pos · $76.38B
Oct 28, 202413F HOLDINGS REPORTQ/E Sep 20249,691 pos · $77.88B
Aug 7, 202413F HOLDINGS REPORTQ/E Jun 20249,421 pos · $73.36B
May 8, 202413F HOLDINGS REPORTQ/E Mar 20249,080 pos · $71.75B
Nov 3, 202313F HOLDINGS REPORTQ/E Dec 20238,871 pos · $61.19B

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	SCHWAB STRATEGIC TR	808524201	155,402,515	$4.18B	8.99%
2	ISHARES TR	464287226	27,906,003	$2.79B	5.99%
3	ISHARES TR	46432F842	26,175,629	$2.34B	5.03%
4	APPLE INC	AAPL	8,122,452	$2.21B	4.75%
5	SPDR S&P 500 ETF TR	SPY	3,170,518	$2.16B	4.65%
6	MICROSOFT CORP	MSFT	4,368,948	$2.11B	4.54%
7	ISHARES TR	464287200	3,041,440	$2.08B	4.48%
8	ALPHABET INC	GOOG	5,093,934	$1.59B	3.43%
9	ISHARES TR	464287200	2,014,138	$1.38B	2.96%
10	ISHARES INC	46434G103	20,519,675	$1.38B	2.96%
11	NVIDIA CORPORATION	NVDA	6,838,896	$1.28B	2.74%
12	SCHWAB STRATEGIC TR	808524201	45,566,816	$1.23B	2.63%
13	AMAZON COM INC	AMZN	4,919,407	$1.14B	2.44%
14	ELI LILLY & CO	LLY	1,044,481	$1.12B	2.41%
15	ISHARES TR	464287499	11,553,162	$1.11B	2.39%
16	JPMORGAN CHASE & CO.	VYLD	2,883,429	$929.1M	2.00%
17	ISHARES TR	464287226	8,858,427	$884.8M	1.90%
18	VANGUARD INDEX FDS	922908629	2,578,186	$748.3M	1.61%
19	ISHARES TR	464288877	9,895,542	$706.6M	1.52%
20	SPDR S&P 500 ETF TR	SPY	1,019,986	$695.5M	1.49%