Institutional Manager · CIK 0001002672

Bell Bank

FARGO, ND · File #028-05106

Latest AUM

$2.34B

Positions

236

Top-10 Concentration

75.7%

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	VANGUARD WHITEHALL FDS	921946406	-613,803	-$88.1M	+$1.9M
ADD	INVESCO EXCHANGE TRADED FD T	IVZ	+296,907	+$56.9M	+$540,363
ADD	VANGUARD INDEX FDS	922908744	+147,668	+$28.2M	+$6.6M
REDUCE	VANGUARD INDEX FDS	922908363	-26,302	-$16.5M	+$2.6M
ADD	VANGUARD INDEX FDS	922908736	+22,343	+$10.9M	+$4.7M
ADD	JANUS DETROIT STR TR	47103U845	+150,450	+$7.6M	-$17,680
EXITED	UNILEVER PLC	904767704	-101,445	-$6.0M	$0
ADD	ISHARES TR	464287226	+55,462	+$5.5M	-$207,532
ADD	KIMBERLY-CLARK CORP	KMB	+50,324	+$5.1M	-$9,146
ADD	SPDR SERIES TRUST	78468R523	+45,542	+$4.5M	-$150,537

Sector Allocation

15.8%$369.7M

4.4%$102.4M

2.4%$55.6M

1.9%$44.5M

Consumer Discretionary

1.7%$40.5M

Communication Services

1.1%$25.9M

1.0%$24.2M

0.8%$18.9M

0.5%$11.5M

0.5%$11.2M

0.3%$6.8M

Filing History

Jan 14, 202613F HOLDINGS REPORTQ/E Dec 2025236 pos · $2.34B
Oct 21, 202513F HOLDINGS REPORTQ/E Sep 2025271 pos · $2.31B
Jul 11, 202513F HOLDINGS REPORTQ/E Jun 2025272 pos · $2.15B
Apr 18, 202513F HOLDINGS REPORTQ/E Mar 2025261 pos · $1.85B
Feb 3, 202513F HOLDINGS REPORTQ/E Dec 2024262 pos · $1.34B
Nov 6, 202413F HOLDINGS REPORTQ/E Sep 2024242 pos · $845.2M
Jul 31, 202413F HOLDINGS REPORTQ/E Jun 2024188 pos · $1.19B
Apr 23, 202413F HOLDINGS REPORTQ/E Mar 2024184 pos · $1.16B
Oct 30, 202313F HOLDINGS REPORTQ/E Dec 2023180 pos · $913.7M

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	ISHARES TR	46432F842	3,456,641	$309.2M	14.23%
2	VANGUARD INDEX FDS	922908744	1,603,924	$306.3M	14.09%
3	VANGUARD INDEX FDS	922908736	590,581	$288.1M	13.25%
4	INVESCO QQQ TR	IVZ	353,528	$217.2M	9.99%
5	INVESCO EXCHANGE TRADED FD T	IVZ	587,425	$112.5M	5.18%
6	VANGUARD INDEX FDS	922908769	333,970	$112.0M	5.15%
7	VANGUARD INDEX FDS	922908363	149,076	$93.5M	4.30%
8	SPDR SERIES TRUST	78464A508	1,580,899	$89.8M	4.13%
9	ISHARES TR	464287226	616,359	$61.6M	2.83%
10	SPDR SERIES TRUST	78468R523	547,335	$54.3M	2.50%
11	SPDR SERIES TRUST	78468R663	441,486	$40.3M	1.86%
12	VANGUARD SCOTTSDALE FDS	92206C771	844,942	$39.8M	1.83%
13	NVIDIA CORPORATION	NVDA	185,480	$34.6M	1.59%
14	MICROSOFT CORP	MSFT	40,043	$19.4M	0.89%
15	SPDR S&P 500 ETF TR	SPY	26,255	$17.9M	0.82%
16	VANGUARD WHITEHALL FDS	921946406	107,334	$15.4M	0.71%
17	APPLE INC	AAPL	55,187	$15.0M	0.69%
18	AMAZON COM INC	AMZN	63,828	$14.7M	0.68%
19	INTERNATIONAL BUSINESS MACHS	INTR	45,913	$13.6M	0.63%
20	RIO TINTO PLC	RTNTF	169,849	$13.6M	0.63%