Alerus Financial NA

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Alerus Financial NA reported 157 stock positions worth $1.4 billion. Its top holding was Vanguard S&P 500 ETF (VOO) at 10.7% of the portfolio, followed by Dimensional World Ex US Core (DFAX, 7.1%) and iShares Core U.S. Aggregate (AGG, 5.8%). Compared with Q2 2024, it opened 8 new positions, sold out of 7, added to 21 and reduced 108. The biggest buy was a new position in Constellation Energy (CEG) and the biggest sale Alphabet Class A (GOOGL, shares −23%).

Most Recent 13F
Q2 2026
Location
GRAND FORKS, ND
CIK
0000919458
Portfolio Value
$1.4B (Q3 2024)
SEC Filing
0000919458-24-000005 ↗ filed Nov 14, 2024

Holdings Value

0$500.0M$1.0B$1.5B$2.0B$2.5B Q1 2024: $1.3B Q1 2024 Q2 2024: $1.3B Q2 2024 Q3 2024: $1.4B $1.4B Q3 2024 Q4 2024: $1.3B Q4 2024 Q1 2025: $1.2B Q1 2025 Q2 2025: $1.4B Q2 2025 Q3 2025: $2.0B Q3 2025 Q4 2025: $2.0B Q4 2025 Q1 2026: $2.0B Q1 2026 Q2 2026: $2.3B Q2 2026

Holdings 157 stocks · $1.4B
VOO Vanguard S&P 500 ETF 10.72% 276,782 $146.0M Reduce -3.4%
DFAX Dimensional World Ex US Core 7.11% 3,589,080 $96.9M Reduce -7.6%
AGG iShares Core U.S. Aggregate 5.77% 776,338 $78.6M Reduce -3.9%
IXUS iShares Core Intl Stock ETF 5.70% 1,068,877 $77.6M Reduce -1.5%
AAPL Apple Inc. 4.12% 240,849 $56.1M Reduce -3.5%
MSFT Microsoft Corp. 3.73% 118,188 $50.9M Reduce -3.1%
ALRS Alerus Financial Corp. 3.57% 2,124,723 $48.6M Reduce -0.5%
NVDA Nvidia Corp. 3.42% 383,649 $46.6M Reduce -7.1%
IWR iShares Russell Mid-Cap ETF 2.59% 399,888 $35.2M Reduce -4.5%
VCLT Vanguard Long-Term Corp. Bond 2.37% 398,266 $32.4M Add +0.5%
AVGO Broadcom Inc. 2.24% 176,743 $30.5M Reduce -6.8%
JPM JPMorgan Chase & Co. 1.77% 114,618 $24.2M Reduce -3.1%
AMZN Amazon.com Inc. 1.77% 129,536 $24.1M Reduce -10.3%
GOOGL Alphabet Inc. Class A 1.61% 132,415 $22.0M Reduce -22.6%
LLY Eli Lilly & Co. 1.33% 20,507 $18.2M Reduce -5.9%
ETN Eaton Corp. PLC 1.32% 54,070 $17.9M Reduce -4.6%
META Meta Platforms Inc. Class A 1.19% 28,401 $16.3M Reduce -14.8%
XOM Exxon Mobil Corp. 1.13% 130,870 $15.3M Reduce -3.0%
BRK.B Berkshire Hathaway Inc. Class B 1.09% 32,128 $14.8M Reduce -4.4%
AAAU Goldman Sachs Physical Gold 1.01% 528,228 $13.7M No change
TSLA Tesla Inc. 0.88% 45,922 $12.0M Add +16.0%
SO The Southern Co. 0.79% 119,026 $10.7M Reduce -9.0%
FITB Fifth Third Bancorp 0.77% 243,325 $10.4M Reduce -2.9%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.72% 44,286 $9.8M Reduce -15.8%
HEI Heico Corp. 0.71% 36,867 $9.6M Reduce -5.1%
CDNS Cadence Design SYS Inc. 0.70% 35,202 $9.5M Reduce -0.8%
PH Parker Hannifin Corp. 0.70% 15,086 $9.5M Reduce -16.8%
BBY Best Buy Co. Inc. 0.69% 91,621 $9.5M Reduce -1.2%
ABBV Abbvie Inc. 0.69% 47,465 $9.4M Reduce -1.1%
CLX Clorox Company 0.69% 57,492 $9.4M Reduce -2.6%
MET Metlife Inc. 0.69% 113,181 $9.3M Reduce -1.0%
T AT&T Inc. 0.67% 414,149 $9.1M Reduce -1.1%
TLT iShares 20+ Year Treasury BD 0.66% 92,342 $9.1M Add +1.1%
DLR Digital Realty Trust Inc. 0.66% 55,756 $9.0M Reduce -3.2%
UL Unilever PLC 0.65% 137,001 $8.9M Reduce -5.1%
COR Cencora Inc. 0.63% 38,336 $8.6M Reduce -2.1%
JNJ Johnson & Johnson 0.63% 53,127 $8.6M Add +84.3%
CVX Chevron Corp. 0.62% 57,625 $8.5M Add +0.1%
TTWO Take-Two Interactive Softwre 0.62% 54,637 $8.4M Reduce -1.7%
BSX Boston Scientific Corp. 0.60% 97,607 $8.2M Reduce -3.8%
XLE SS Energy Select Sector 0.59% 91,853 $8.1M Reduce -21.6%
SPGI S&P Global Inc. 0.59% 15,601 $8.1M Reduce -3.7%
HPE Hewlett Packard Enterprise 0.59% 391,946 $8.0M Add +0.8%
GE General Electric filed as GE AEROSPACE 0.58% 42,197 $8.0M Reduce -1.4%
WFC Wells Fargo & Co. 0.58% 138,712 $7.8M Reduce -4.8%
ZTS Zoetis Inc. 0.51% 35,813 $7.0M Reduce -8.9%
VZ Verizon Communications Inc. 0.51% 154,028 $6.9M Reduce -0.6%
ICLR Icon PLC 0.51% 24,020 $6.9M Reduce -3.4%
CEG Constellation Energy 0.51% 26,494 $6.9M New
QSR Restaurant Brands Intern 0.49% 92,417 $6.7M Add +1.1%
NFLX Netflix Inc. 0.48% 9,158 $6.5M Reduce -0.1%
MMM 3M Co. 0.46% 46,099 $6.3M Reduce -27.8%
STX Seagate Technology Holdings 0.45% 55,853 $6.1M Reduce -25.3%
HAS Hasbro Inc. 0.45% 84,512 $6.1M Reduce -1.2%
WMT Walmart Inc. 0.45% 75,516 $6.1M Reduce -6.1%
CSCO Cisco Systems Inc. 0.44% 112,210 $6.0M Add +1887.1%
TMO Thermo Fisher Scientific Inc. 0.43% 9,547 $5.9M Add +12.4%
MRK Merck & Co. Inc. 0.43% 51,918 $5.9M Add +0.4%
XLB SS Materials Select Sector 0.41% 58,061 $5.6M Reduce -0.3%
WDC Western Digital Corp. 0.40% 79,075 $5.4M Reduce -5.5%
WSO Watsco Inc. 0.39% 10,838 $5.3M Reduce -0.8%
XLF SS Financial Select Sector 0.39% 116,641 $5.3M New
TGT Target Corp. 0.39% 33,876 $5.3M Reduce -4.2%
MU Micron Technology Inc. 0.39% 50,743 $5.3M Reduce -4.1%
ICE Intercontinental Exchange Inc. 0.38% 32,536 $5.2M Reduce -4.5%
XLP SS Consumer Staples Sel Sect 0.37% 60,478 $5.0M Reduce -1.9%
VRT Vertiv Holdings Co. Class A 0.37% 50,347 $5.0M Add +155.5%
XLI SS Industrial Select Sector 0.35% 35,067 $4.7M Reduce -20.8%
DOW Dow Inc. 0.33% 81,729 $4.5M Reduce -3.8%
KVUE Kenvue Inc. 0.32% 191,345 $4.4M Add +0.3%
V Visa Inc. Class A 0.32% 15,795 $4.3M Reduce -66.9%
MA Mastercard Inc. Class A 0.31% 8,485 $4.2M Add +1510.1%
ORCL Oracle Corp. 0.30% 24,082 $4.1M Reduce -5.7%
UNH Unitedhealth Group Inc. 0.30% 7,011 $4.1M Reduce -3.4%
MRSH Marsh & McLennan Cos 0.30% 18,353 $4.1M Reduce -5.0%
PG The Procter & Gamble Co. 0.30% 23,611 $4.1M Reduce -1.1%
ATR Aptargroup Inc. 0.29% 24,790 $4.0M Reduce -29.3%
AIZ Assurant Inc. 0.26% 18,115 $3.6M Reduce -1.0%
UNP Union Pacific Corp. 0.26% 14,323 $3.5M Reduce -1.4%
ACGL Arch Capital Group Ltd. 0.25% 30,436 $3.4M Add +0.5%
XBI SS SPDR S&P Biotech ETF 0.25% 34,314 $3.4M Reduce -1.0%
XLU St Sr Utl SL SE SPDR ETF-Usd 0.24% 40,479 $3.3M Add +51.0%
NOW ServiceNow Inc. 0.23% 3,537 $3.2M Add +925.2%
CMG Chipotle Mexican Grill Inc. 0.23% 53,682 $3.1M New
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.22% 10,674 $3.0M Reduce -4.6%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.22% 31,205 $3.0M New
CP Canadian Pacific Kansas City 0.22% 34,457 $2.9M Reduce -5.5%
IVV iShares Core S&P 500 ETF 0.20% 4,816 $2.8M Reduce -0.0%
XLY SS Consumer Disc Select Sect 0.19% 13,110 $2.6M New
SHOP Shopify Inc. Class A 0.19% 32,455 $2.6M Reduce -24.6%
LNG Cheniere Energy Inc. 0.19% 14,170 $2.5M Reduce -7.2%
IYR iShares US Real Estate ETF 0.19% 24,800 $2.5M Add +20.9%
PANW Palo Alto Networks Inc. 0.18% 7,195 $2.5M Reduce -3.7%
CYBR Cyberark Software Ltd./Israel 0.18% 8,408 $2.5M Add +1.5%
HD Home Depot Inc. 0.17% 5,654 $2.3M Reduce -1.3%
IVW iShares S&P 500 Growth ETF 0.16% 22,464 $2.2M No change
M Macy's Inc. 0.16% 136,664 $2.1M New
FCX Freeport-McMoran Inc. 0.15% 40,297 $2.0M Add +315.0%
UPS United Parcel Service Class B 0.13% 13,192 $1.8M Add +2.3%
ISRG Intuitive Surgical Inc. 0.13% 3,492 $1.7M Reduce -6.3%
ORLY O'reilly Automotive Inc. 0.12% 1,410 $1.6M Reduce -4.1%
Z Zillow Group Inc. Class C 0.12% 25,114 $1.6M Reduce -72.8%
VV Vngrd Mrgstr LRG-Cap ETF-Usd 0.11% 5,705 $1.5M No change
ECL Ecolab Inc. 0.10% 5,348 $1.4M Reduce -11.6%
KO The Coca-Cola Co. 0.10% 18,801 $1.4M Reduce -1.1%
SPY SS SPDR S&P 500 ETF Trust-US 0.08% 1,918 $1.1M Reduce -0.4%
TXN Texas Instruments Inc. 0.08% 5,198 $1.1M No change
ACN Accenture PLC Class A 0.07% 2,803 $991K Reduce -68.2%
AXP American Express Co. 0.07% 3,505 $951K Reduce -1.3%
EQIX Equinix Inc. 0.07% 1,055 $936K Reduce -9.3%
DE Deere & Co. 0.07% 2,223 $928K Reduce -11.5%
LULU Lululemon Athletica Inc. 0.07% 3,264 $886K Reduce -22.5%
VCIT Vanguard Int-Term Corporate 0.06% 10,192 $854K Reduce -9.5%
OMC Omnicom Group 0.06% 8,108 $838K Reduce -4.6%
IWM iShares Russell 2000 ETF 0.06% 3,666 $810K Reduce -1.8%
WCC Wesco International Inc. 0.06% 4,628 $777K Reduce -34.5%
IJH iShares Core S&P Midcap ETF 0.06% 12,350 $770K No change
OKTA Okta Inc. 0.05% 9,559 $711K Reduce -32.6%
COST Costco Wholesale Corp. 0.05% 799 $708K Reduce -2.4%
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.05% 2,628 $693K Reduce -51.1%
IJK iShares S&P Mid-Cap 400 Grow 0.05% 6,784 $624K No change
LIN Linde PLC 0.04% 1,286 $613K Reduce -71.9%
DHR Danaher Corp. 0.04% 2,195 $610K Reduce -8.5%
EFG iShares MSCI Eafe Growth ETF 0.04% 5,300 $571K No change
IEF iShares 7-10 Year Treasury B 0.04% 5,594 $549K Reduce -5.2%
AMD Advanced Micro Devices 0.04% 3,010 $494K Reduce -3.4%
CB Chubb Ltd. 0.04% 1,703 $491K Reduce -7.1%
QCOM Qualcomm Inc. 0.04% 2,852 $485K Reduce -0.5%
NSC Norfolk Southern Corp. 0.03% 1,910 $475K No change
USB US Bancorp 0.03% 10,199 $466K Reduce -1.0%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.03% 11,734 $466K Reduce -1.7%
CENTA Central Garden and Pet Co. Class A 0.03% 14,425 $453K No change
XLK SS Technology Select Sector 0.03% 1,984 $448K Reduce -14.0%
DVY iShares Select Dividend ETF 0.03% 3,304 $446K No change
IJR iShares Core S&P Small-Cap E 0.03% 3,773 $441K No change
MDT Medtronic PLC 0.03% 4,606 $415K Reduce -0.0%
MS Morgan Stanley 0.03% 3,402 $355K No change
ADBE Adobe Inc. 0.02% 651 $337K No change
BG Bunge Global SA 0.02% 3,347 $323K No change
XCEM Columbia Em Core Ex-China 0.02% 9,439 $308K Reduce -95.1%
ABT Abbott Laboratories 0.02% 2,520 $287K Reduce -9.3%
BX Blackstone Inc. 0.02% 1,872 $287K Reduce -58.1%
EMR Emerson Electric Co. 0.02% 2,558 $280K No change
CAT Caterpillar Inc. 0.02% 710 $278K Reduce -4.8%
XLV SS Health Care Select Sector 0.02% 1,756 $270K Reduce -90.4%
LOW Lowe's Cos Inc. 0.02% 965 $261K Reduce -1.2%
PRU Prudential Financial Inc. 0.02% 2,139 $259K Reduce -16.8%
SYK Stryker Corp. 0.02% 669 $242K Reduce -9.3%
SCCO Southern Copper Corp. 0.02% 2,031 $235K Add +0.5%
INTC Intel Corp. 0.02% 9,336 $219K Reduce -95.0%
IBB iShares Biotechnology ETF 0.01% 1,405 $205K New
LMT Lockheed Martin Corp. 0.01% 346 $202K New
SNAP Snap Inc. Class A 0.01% 16,630 $178K No change
WRAP Wrap Technologies Inc. 0.01% 97,760 $147K No change
GLUCOTRACK INC 0.00% 13,855 $33K No change
BWEN Broadwind Inc. 0.00% 13,239 $30K No change
OXSQ Oxford Square Capital Corp. 0.00% 10,000 $28K No change

Portfolio Sells Q2 2024 → Q3 2024
GOOGL Alphabet Inc. Class A Reduce -22.6% 1.61% −0.72
V Visa Inc. Class A Reduce -66.9% 0.32% −0.62
XCEM Columbia Em Core Ex-China Reduce -95.1% 0.02% −0.44
INTC Intel Corp. Reduce -95.0% 0.02% −0.42
NVDA Nvidia Corp. Reduce -7.1% 3.42% −0.39
MSFT Microsoft Corp. Reduce -3.1% 3.73% −0.34
AMZN Amazon.com Inc. Reduce -10.3% 1.77% −0.31
DFAX Dimensional World Ex US Core Reduce -7.6% 7.11% −0.27
ULTA Ulta Beauty Inc. Sold out 0.00% −0.21
XLE SS Energy Select Sector Reduce -21.6% 0.59% −0.21
Z Zillow Group Inc. Class C Reduce -72.8% 0.12% −0.20
HUBS HubSpot Inc. Sold out 0.00% −0.20
XLV SS Health Care Select Sector Reduce -90.4% 0.02% −0.18
LLY Eli Lilly & Co. Reduce -5.9% 1.33% −0.14
MU Micron Technology Inc. Reduce -4.1% 0.39% −0.13
STX Seagate Technology Holdings Reduce -25.3% 0.45% −0.13
ACN Accenture PLC Class A Reduce -68.2% 0.07% −0.13
CDNS Cadence Design SYS Inc. Reduce -0.8% 0.70% −0.12
LIN Linde PLC Reduce -71.9% 0.04% −0.11
AGG iShares Core U.S. Aggregate Reduce -3.9% 5.77% −0.09
ATR Aptargroup Inc. Reduce -29.3% 0.29% −0.08
WDC Western Digital Corp. Reduce -5.5% 0.40% −0.08
ICLR Icon PLC Reduce -3.4% 0.51% −0.08
WFC Wells Fargo & Co. Reduce -4.8% 0.58% −0.07
META Meta Platforms Inc. Class A Reduce -14.8% 1.19% −0.06
XLI SS Industrial Select Sector Reduce -20.8% 0.35% −0.05
OKTA Okta Inc. Reduce -32.6% 0.05% −0.05
VO Vngrd Mrngstr MD-Cap ETF-Usd Reduce -51.1% 0.05% −0.05
BRK.A Berkshire Hathaway Inc. Class A Sold out 0.00% −0.05
NKE Nike Inc. Class B Sold out 0.00% −0.04
BUD Anheuser-Busch Inbev-SPN ADR Sold out 0.00% −0.04
AVGO Broadcom Inc. Reduce -6.8% 2.24% −0.04
XOM Exxon Mobil Corp. Reduce -3.0% 1.13% −0.04
TTWO Take-Two Interactive Softwre Reduce -1.7% 0.62% −0.03
LULU Lululemon Athletica Inc. Reduce -22.5% 0.07% −0.03
WCC Wesco International Inc. Reduce -34.5% 0.06% −0.03
COR Cencora Inc. Reduce -2.1% 0.63% −0.03
MMM 3M Co. Reduce -27.8% 0.46% −0.03
SHOP Shopify Inc. Class A Reduce -24.6% 0.19% −0.02
ELV Elevance Health Inc. Sold out 0.00% −0.02
BX Blackstone Inc. Reduce -58.1% 0.02% −0.02
GOOG Alphabet Inc. Class C Sold out 0.00% −0.02
JPM JPMorgan Chase & Co. Reduce -3.1% 1.77% −0.01
ETN Eaton Corp. PLC Reduce -4.6% 1.32% −0.01
LNG Cheniere Energy Inc. Reduce -7.2% 0.19% −0.01
DOW Dow Inc. Reduce -3.8% 0.33% −0.01
PANW Palo Alto Networks Inc. Reduce -3.7% 0.18% −0.01
ECL Ecolab Inc. Reduce -11.6% 0.10% −0.01
QCOM Qualcomm Inc. Reduce -0.5% 0.04% −0.01
XLK SS Technology Select Sector Reduce -14.0% 0.03% −0.01

Portfolio Buys Q2 2024 → Q3 2024
CEG Constellation Energy New 0.51% +0.51
CSCO Cisco Systems Inc. Add +1887.1% 0.44% +0.42
XLF SS Financial Select Sector New 0.39% +0.39
JNJ Johnson & Johnson Add +84.3% 0.63% +0.32
TSLA Tesla Inc. Add +16.0% 0.88% +0.30
MA Mastercard Inc. Class A Add +1510.1% 0.31% +0.29
VRT Vertiv Holdings Co. Class A Add +155.5% 0.37% +0.24
CMG Chipotle Mexican Grill Inc. New 0.23% +0.23
DIS The Walt Disney Co. New 0.22% +0.22
NOW ServiceNow Inc. Add +925.2% 0.23% +0.21
XLY SS Consumer Disc Select Sect New 0.19% +0.19
M Macy's Inc. New 0.16% +0.16
VCLT Vanguard Long-Term Corp. Bond Add +0.5% 2.37% +0.13
FCX Freeport-McMoran Inc. Add +315.0% 0.15% +0.11
XLU St Sr Utl SL SE SPDR ETF-Usd Add +51.0% 0.24% +0.10
TMO Thermo Fisher Scientific Inc. Add +12.4% 0.43% +0.08
KVUE Kenvue Inc. Add +0.3% 0.32% +0.07
IYR iShares US Real Estate ETF Add +20.9% 0.19% +0.05
TLT iShares 20+ Year Treasury BD Add +1.1% 0.66% +0.04
ACGL Arch Capital Group Ltd. Add +0.5% 0.25% +0.02
IBB iShares Biotechnology ETF New 0.01% +0.01
LMT Lockheed Martin Corp. New 0.01% +0.01
CYBR Cyberark Software Ltd./Israel Add +1.5% 0.18% +0.01
QSR Restaurant Brands Intern Add +1.1% 0.49% +0.01
SCCO Southern Copper Corp. Add +0.5% 0.02% +0.00
UPS United Parcel Service Class B Add +2.3% 0.13% +0.00
HPE Hewlett Packard Enterprise Add +0.8% 0.59% −0.03
MRK Merck & Co. Inc. Add +0.4% 0.43% −0.05
CVX Chevron Corp. Add +0.1% 0.62% −0.05

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 504$2.3BVOO, DFAX, IWR, IXUS, VCRB
Q1 2026 508$2.0BVOO, DFAX, IWR, VCRB, IXUS
Q4 2025 506$2.0BVOO, DFAX, IWR, IXUS, VCRB
Q3 2025 531$2.0BVOO, DFAX, IXUS, VCRB, NVDA
Q2 2025 508$1.4BVOO, DFAX, IXUS, AGG, NVDA
Q1 2025 160$1.2BVOO, DFAX, AGG, IXUS, AAPL
Q4 2024 157$1.3BVOO, DFAX, AGG, IXUS, AAPL
Q3 2024 157$1.4BVOO, DFAX, AGG, IXUS, AAPL
Q2 2024 156$1.3BVOO, DFAX, AGG, IXUS, MSFT
Q1 2024 161$1.3BVOO, DFAX, AGG, IXUS, MSFT