Alerus Financial NA

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 13, 2025), Alerus Financial NA reported 160 stock positions worth $1.2 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, 7.4%) and iShares Core U.S. Aggregate (AGG, 6.1%). Compared with Q4 2024, it opened 15 new positions, sold out of 13, added to 48 and reduced 74. The biggest buy was a new position in Truist Financial (TFC) and the biggest sale Broadcom (AVGO, shares −8%).

Most Recent 13F
Q2 2026
Location
GRAND FORKS, ND
CIK
0000919458
Portfolio Value
$1.2B (Q1 2025)
SEC Filing
0000919458-25-000002 ↗ filed May 13, 2025

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 Q3 2024 Q4 2024: $1.3B Q4 2024 Q1 2025: $1.2B $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 160 stocks · $1.2B
VOO Vanguard S&P 500 ETF 10.71% 260,216 $133.7M Reduce -1.1%
DFAX Dimensional World Ex US Core 7.42% 3,535,218 $92.6M Reduce -0.4%
AGG iShares Core U.S. Aggregate 6.12% 772,570 $76.4M Reduce -2.2%
IXUS iShares Core Intl Stock ETF 5.97% 1,068,381 $74.6M Reduce -3.9%
AAPL Apple Inc. 3.70% 208,012 $46.2M Reduce -2.4%
MSFT Microsoft Corp. 3.24% 107,842 $40.5M Reduce -4.6%
ALRS Alerus Financial Corp. 3.17% 2,145,669 $39.6M Add +0.7%
NVDA Nvidia Corp. 3.00% 346,228 $37.5M Reduce -1.8%
IWR iShares Russell Mid-Cap ETF 2.67% 392,589 $33.4M Reduce -0.7%
VCLT Vanguard Long-Term Corp. Bond 2.46% 405,604 $30.8M Reduce -0.1%
AVGO Broadcom Inc. 2.09% 155,842 $26.1M Reduce -8.2%
AMZN Amazon.com Inc. 1.77% 116,013 $22.1M Reduce -5.1%
GOOGL Alphabet Inc. Class A 1.66% 134,266 $20.8M Add +8.6%
JPM JPMorgan Chase & Co. 1.65% 84,019 $20.6M Add +11.8%
LLY Eli Lilly & Co. 1.28% 19,345 $16.0M Reduce -0.3%
META Meta Platforms Inc. Class A 1.13% 24,394 $14.1M Reduce -4.9%
ETN Eaton Corp. PLC 1.11% 51,027 $13.9M Reduce -6.0%
XOM Exxon Mobil Corp. 1.09% 114,720 $13.6M Reduce -12.0%
TSLA Tesla Inc. 1.00% 48,338 $12.5M Add +15.2%
SO The Southern Co. 0.99% 133,891 $12.3M Add +12.4%
T AT&T Inc. 0.93% 410,155 $11.6M Add +1.9%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.91% 45,837 $11.4M Add +3.9%
BRK.B Berkshire Hathaway Inc. Class B 0.88% 20,594 $11.0M Reduce -16.7%
AAAU Goldman Sachs Physical Gold 0.87% 351,739 $10.9M Reduce -8.8%
UL Unilever PLC 0.87% 182,308 $10.9M Add +33.2%
ABBV Abbvie Inc. 0.83% 49,449 $10.4M Add +2.8%
TTWO Take-Two Interactive Softwre 0.82% 49,395 $10.2M Reduce -4.8%
JNJ Johnson & Johnson 0.75% 56,124 $9.3M Add +3.6%
TLT iShares 20+ Year Treasury BD 0.74% 101,379 $9.2M Add +4.0%
COR Cencora Inc. 0.71% 32,105 $8.9M Reduce -5.3%
CSCO Cisco Systems Inc. 0.70% 142,626 $8.8M Add +22.6%
CDNS Cadence Design SYS Inc. 0.69% 33,927 $8.6M Add +0.7%
BSX Boston Scientific Corp. 0.69% 85,499 $8.6M Reduce -5.4%
NFLX Netflix Inc. 0.63% 8,479 $7.9M Reduce -2.8%
XLE SS Energy Select Sector 0.62% 83,339 $7.8M Reduce -18.2%
GE General Electric filed as GE AEROSPACE 0.62% 38,852 $7.8M Reduce -1.8%
UNH Unitedhealth Group Inc. 0.62% 14,809 $7.8M Reduce -1.9%
CVX Chevron Corp. 0.61% 45,218 $7.6M Reduce -22.4%
PH Parker Hannifin Corp. 0.58% 11,972 $7.3M Reduce -12.5%
VZ Verizon Communications Inc. 0.58% 160,322 $7.3M Add +3.0%
VST Vistra Corp. 0.58% 61,676 $7.2M Add +89.1%
KVUE Kenvue Inc. 0.58% 300,770 $7.2M Add +4.4%
WFC Wells Fargo & Co. 0.57% 99,522 $7.1M Add +1.1%
BBY Best Buy Co. Inc. 0.57% 96,208 $7.1M Add +4.3%
MMM 3M Co. 0.56% 47,320 $6.9M Add +2.0%
DLR Digital Realty Trust Inc. 0.53% 45,897 $6.6M Reduce -10.6%
TFC Truist Financial Corp. 0.52% 142,894 $6.6M New
CLX Clorox Company 0.51% 43,044 $6.3M Reduce -23.2%
HEI Heico Corp. 0.51% 23,693 $6.3M Reduce -7.3%
ISRG Intuitive Surgical Inc. 0.50% 12,696 $6.3M Add +31.2%
WMT Walmart Inc. 0.50% 70,598 $6.2M Reduce -0.2%
HPE Hewlett Packard Enterprise 0.49% 397,350 $6.1M Add +1.5%
MA Mastercard Inc. Class A 0.48% 10,969 $6.0M Add +0.1%
SPGI S&P Global Inc. 0.47% 11,445 $5.8M Reduce -15.6%
PRU Prudential Financial Inc. 0.46% 50,958 $5.7M Add +2211.0%
WSO Watsco Inc. 0.45% 11,021 $5.6M Add +3.2%
HAS Hasbro Inc. 0.44% 89,785 $5.5M Add +4.1%
BX Blackstone Inc. 0.40% 35,777 $5.0M Add +1824.5%
MLM Martin Marietta Materials 0.40% 10,357 $5.0M New
COF Capital One Financial Corp. 0.39% 27,472 $4.9M New
ROK Rockwell Automation Inc. 0.39% 18,695 $4.8M Reduce -2.3%
NOW ServiceNow Inc. 0.36% 5,639 $4.5M Add +15.8%
MKC McCormick & Co.-Non VTG SHRS 0.36% 54,386 $4.5M Add +87.6%
ICE Intercontinental Exchange Inc. 0.35% 25,372 $4.4M Add +0.3%
MCHP Microchip Technology Inc. 0.35% 89,617 $4.3M Add +161.1%
URI United Rentals Inc. 0.34% 6,773 $4.2M Add +77.7%
MU Micron Technology Inc. 0.33% 48,121 $4.2M Add +1.6%
PFG Principal Financial Group 0.33% 49,170 $4.1M New
MRSH Marsh & McLennan Cos 0.30% 15,600 $3.8M Reduce -6.4%
HD Home Depot Inc. 0.30% 10,084 $3.7M Add +81.8%
VRT Vertiv Holdings Co. Class A 0.29% 50,128 $3.6M Add +15.1%
V Visa Inc. Class A 0.29% 10,203 $3.6M Reduce -24.7%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.28% 83,820 $3.5M Reduce -22.6%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.28% 41,243 $3.5M Add +110.8%
UNP Union Pacific Corp. 0.28% 14,592 $3.4M Add +2.1%
MS Morgan Stanley 0.26% 28,098 $3.3M Add +730.3%
MDT Medtronic PLC 0.26% 35,755 $3.2M Add +5.3%
ORCL Oracle Corp. 0.25% 22,715 $3.2M Add +0.1%
LNG Cheniere Energy Inc. 0.25% 13,256 $3.1M Add +1.7%
CEG Constellation Energy 0.24% 15,133 $3.1M Reduce -14.8%
DD Dupont DE Nemours Inc. 0.24% 40,763 $3.0M Add +7.9%
MET Metlife Inc. 0.24% 37,747 $3.0M Reduce -66.5%
STT State Street Corp. 0.24% 32,903 $2.9M New
FITB Fifth Third Bancorp 0.24% 74,999 $2.9M Reduce -67.7%
WDC Western Digital Corp. 0.23% 72,287 $2.9M Reduce -3.1%
CMG Chipotle Mexican Grill Inc. 0.23% 57,979 $2.9M Reduce -0.9%
COST Costco Wholesale Corp. 0.23% 2,978 $2.8M Add +272.3%
SHOP Shopify Inc. Class A 0.22% 29,195 $2.8M Reduce -3.1%
CYBR Cyberark Software Ltd./Israel 0.22% 8,074 $2.7M Add +1.5%
LIN Linde PLC 0.22% 5,841 $2.7M Reduce -0.3%
IVV iShares Core S&P 500 ETF 0.21% 4,730 $2.7M Reduce -1.7%
WING Wingstop Inc. 0.21% 11,710 $2.6M New
EQH Equitable Holdings Inc. 0.19% 46,560 $2.4M New
PANW Palo Alto Networks Inc. 0.19% 13,891 $2.4M Add +1.4%
ORLY O'reilly Automotive Inc. 0.19% 1,646 $2.4M Add +7.9%
XLB SS Materials Select Sector 0.19% 26,979 $2.3M Reduce -52.4%
KKR KKR & Co. Inc. 0.17% 18,108 $2.1M New
IVW iShares S&P 500 Growth ETF 0.17% 22,464 $2.1M No change
NDAQ Nasdaq Inc. 0.16% 27,155 $2.1M New
XLF SS Financial Select Sector 0.16% 39,217 $2.0M Reduce -74.1%
SCHW Schwab (charles) Corp. 0.15% 24,208 $1.9M New
VV Vngrd Mrgstr LRG-Cap ETF-Usd 0.12% 5,705 $1.5M No change
UPS United Parcel Service Class B 0.12% 13,274 $1.5M Reduce -1.7%
STX Seagate Technology Holdings 0.11% 16,505 $1.4M Reduce -71.1%
VTR Ventas Inc. 0.11% 19,607 $1.3M New
KO The Coca-Cola Co. 0.11% 18,767 $1.3M No change
QSR Restaurant Brands Intern 0.09% 17,599 $1.2M Reduce -81.7%
TMO Thermo Fisher Scientific Inc. 0.09% 2,296 $1.1M Reduce -3.9%
SPY SS SPDR S&P 500 ETF Trust-US 0.09% 1,951 $1.1M No change
DE Deere & Co. 0.08% 2,179 $1.0M Reduce -0.1%
SNDK Sandisk Corp. 0.08% 21,191 $1.0M Reduce -14.7%
AXP American Express Co. 0.07% 3,473 $934K No change
LULU Lululemon Athletica Inc. 0.07% 3,301 $934K Add +10.3%
OKTA Okta Inc. 0.07% 8,873 $934K Reduce -2.5%
MRK Merck & Co. Inc. 0.07% 10,100 $907K Reduce -2.2%
DHR Danaher Corp. 0.07% 4,353 $892K Reduce -0.9%
TXN Texas Instruments Inc. 0.07% 4,881 $877K Reduce -1.7%
ATR Aptargroup Inc. 0.07% 5,623 $834K Reduce -75.8%
ACN Accenture PLC Class A 0.07% 2,662 $831K Reduce -1.3%
LPLA LPL Financial Holdings Inc. 0.06% 2,422 $792K New
IWM iShares Russell 2000 ETF 0.06% 3,645 $727K No change
IJH iShares Core S&P Midcap ETF 0.06% 12,350 $721K No change
VCIT Vanguard Int-Term Corporate 0.06% 8,483 $694K Reduce -8.5%
EQIX Equinix Inc. 0.05% 838 $683K Reduce -5.2%
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.05% 2,510 $649K Reduce -4.8%
WCC Wesco International Inc. 0.05% 4,061 $631K Reduce -5.4%
OMC Omnicom Group 0.05% 7,353 $610K Reduce -3.2%
IJK iShares S&P Mid-Cap 400 Grow 0.05% 6,790 $565K No change
EFG iShares MSCI Eafe Growth ETF 0.04% 5,300 $530K No change
IEF iShares 7-10 Year Treasury B 0.04% 5,464 $521K Reduce -1.7%
CENTA Central Garden and Pet Co. Class A 0.04% 14,425 $472K No change
CB Chubb Ltd. 0.04% 1,525 $461K No change
NSC Norfolk Southern Corp. 0.04% 1,904 $451K No change
DVY iShares Select Dividend ETF 0.04% 3,304 $444K No change
QCOM Qualcomm Inc. 0.04% 2,852 $438K No change
BSCQ Invesco Bulletshares 2026 CB 0.04% 22,470 $438K Add +39.9%
IJR iShares Core S&P Small-Cap E 0.03% 3,797 $397K No change
XLU St Sr Utl SL SE SPDR ETF-Usd 0.03% 4,936 $389K Reduce -17.0%
USB US Bancorp 0.03% 8,310 $351K Reduce -18.3%
PG The Procter & Gamble Co. 0.03% 2,046 $349K Reduce -95.2%
FCX Freeport-McMoran Inc. 0.03% 8,745 $331K Reduce -32.2%
IAU iShares Gold Trust 0.03% 5,565 $328K New
C Citigroup Inc. 0.03% 4,601 $327K Reduce -11.2%
ABT Abbott Laboratories 0.02% 2,312 $307K No change
AMD Advanced Micro Devices 0.02% 2,890 $297K Reduce -3.4%
XEL Xcel Energy Inc. 0.02% 3,961 $280K New
ECL Ecolab Inc. 0.02% 1,102 $279K Reduce -79.1%
EMR Emerson Electric Co. 0.02% 2,467 $270K Reduce -2.2%
SYK Stryker Corp. 0.02% 665 $248K No change
CP Canadian Pacific Kansas City 0.02% 3,507 $246K Reduce -12.4%
CAT Caterpillar Inc. 0.02% 684 $226K Reduce -2.8%
LOW Lowe's Cos Inc. 0.02% 965 $225K No change
XLK SS Technology Select Sector 0.02% 1,064 $220K No change
ADBE Adobe Inc. 0.02% 556 $213K Reduce -12.4%
XLV SS Health Care Select Sector 0.02% 1,422 $208K New
ALE Allete Inc. 0.02% 3,111 $204K No change
WRAP Wrap Technologies Inc. 0.01% 97,760 $167K No change
GLUCOTRACK INC 0.00% 300,000 $52K Add +2065.3%
OXSQ Oxford Square Capital Corp. 0.00% 10,000 $26K No change
BWEN Broadwind Inc. 0.00% 13,239 $19K No change

Portfolio Sells Q4 2024 → Q1 2025
AVGO Broadcom Inc. Reduce -8.2% 2.09% −0.92
NVDA Nvidia Corp. Reduce -1.8% 3.00% −0.62
PG The Procter & Gamble Co. Reduce -95.2% 0.03% −0.52
FITB Fifth Third Bancorp Reduce -67.7% 0.24% −0.52
MET Metlife Inc. Reduce -66.5% 0.24% −0.46
MSFT Microsoft Corp. Reduce -4.6% 3.24% −0.41
XLF SS Financial Select Sector Reduce -74.1% 0.16% −0.40
QSR Restaurant Brands Intern Reduce -81.7% 0.09% −0.39
AAPL Apple Inc. Reduce -2.4% 3.70% −0.39
XLY SS Consumer Disc Select Sect Sold out 0.00% −0.36
TGT Target Corp. Sold out 0.00% −0.36
PGR Progressive Corp. Sold out 0.00% −0.32
ZTS Zoetis Inc. Sold out 0.00% −0.31
AMZN Amazon.com Inc. Reduce -5.1% 1.77% −0.29
DIS The Walt Disney Co. Sold out 0.00% −0.27
ETN Eaton Corp. PLC Reduce -6.0% 1.11% −0.27
STX Seagate Technology Holdings Reduce -71.1% 0.11% −0.27
ACGL Arch Capital Group Ltd. Sold out 0.00% −0.26
ATR Aptargroup Inc. Reduce -75.8% 0.07% −0.21
CLX Clorox Company Reduce -23.2% 0.51% −0.19
XLP SS Consumer Staples Sel Sect Sold out 0.00% −0.18
XLB SS Materials Select Sector Reduce -52.4% 0.19% −0.18
DLR Digital Realty Trust Inc. Reduce -10.6% 0.53% −0.17
VOO Vanguard S&P 500 ETF Reduce -1.1% 10.71% −0.16
IYR iShares US Real Estate ETF Sold out 0.00% −0.11
WDC Western Digital Corp. Reduce -3.1% 0.23% −0.11
BAC Bank of America Corp. Reduce -22.6% 0.28% −0.08
PH Parker Hannifin Corp. Reduce -12.5% 0.58% −0.08
ECL Ecolab Inc. Reduce -79.1% 0.02% −0.07
MTB M & T Bank Corp. Sold out 0.00% −0.07
ALL Allstate Corp. Sold out 0.00% −0.07
CEG Constellation Energy Reduce -14.8% 0.24% −0.06
SPGI S&P Global Inc. Reduce -15.6% 0.47% −0.05
XLE SS Energy Select Sector Reduce -18.2% 0.62% −0.04
V Visa Inc. Class A Reduce -24.7% 0.29% −0.04
CVX Chevron Corp. Reduce -22.4% 0.61% −0.04
CMG Chipotle Mexican Grill Inc. Reduce -0.9% 0.23% −0.04
ROK Rockwell Automation Inc. Reduce -2.3% 0.39% −0.03
META Meta Platforms Inc. Class A Reduce -4.9% 1.13% −0.02
SHOP Shopify Inc. Class A Reduce -3.1% 0.22% −0.02
BG Bunge Global SA Sold out 0.00% −0.02
GOOG Alphabet Inc. Class C Sold out 0.00% −0.02
EXPE Expedia Group Inc. Sold out 0.00% −0.02
UPS United Parcel Service Class B Reduce -1.7% 0.12% −0.01
FCX Freeport-McMoran Inc. Reduce -32.2% 0.03% −0.01
SNDK Sandisk Corp. Reduce -14.7% 0.08% −0.01
USB US Bancorp Reduce -18.3% 0.03% −0.01
EQIX Equinix Inc. Reduce -5.2% 0.05% −0.01
WCC Wesco International Inc. Reduce -5.4% 0.05% −0.01
ACN Accenture PLC Class A Reduce -1.3% 0.07% −0.01

Portfolio Buys Q4 2024 → Q1 2025
TFC Truist Financial Corp. New 0.52% +0.52
PRU Prudential Financial Inc. Add +2211.0% 0.46% +0.44
MLM Martin Marietta Materials New 0.40% +0.40
COF Capital One Financial Corp. New 0.39% +0.39
BX Blackstone Inc. Add +1824.5% 0.40% +0.38
PFG Principal Financial Group New 0.33% +0.33
UL Unilever PLC Add +33.2% 0.87% +0.27
JPM JPMorgan Chase & Co. Add +11.8% 1.65% +0.27
STT State Street Corp. New 0.24% +0.24
VST Vistra Corp. Add +89.1% 0.58% +0.24
SO The Southern Co. Add +12.4% 0.99% +0.23
MS Morgan Stanley Add +730.3% 0.26% +0.23
T AT&T Inc. Add +1.9% 0.93% +0.23
WING Wingstop Inc. New 0.21% +0.21
MCHP Microchip Technology Inc. Add +161.1% 0.35% +0.20
EQH Equitable Holdings Inc. New 0.19% +0.19
MKC McCormick & Co.-Non VTG SHRS Add +87.6% 0.36% +0.19
CSCO Cisco Systems Inc. Add +22.6% 0.70% +0.18
ABBV Abbvie Inc. Add +2.8% 0.83% +0.18
IBM Intl Business Machines Corp. Add +3.9% 0.91% +0.17
COST Costco Wholesale Corp. Add +272.3% 0.23% +0.17
KKR KKR & Co. Inc. New 0.17% +0.17
NDAQ Nasdaq Inc. New 0.16% +0.16
BNY Bank of New York Mellon Corp. Add +110.8% 0.28% +0.16
SCHW Schwab (charles) Corp. New 0.15% +0.15
JNJ Johnson & Johnson Add +3.6% 0.75% +0.15
URI United Rentals Inc. Add +77.7% 0.34% +0.13
HD Home Depot Inc. Add +81.8% 0.30% +0.13
ISRG Intuitive Surgical Inc. Add +31.2% 0.50% +0.12
VTR Ventas Inc. New 0.11% +0.11
KVUE Kenvue Inc. Add +4.4% 0.58% +0.11
VZ Verizon Communications Inc. Add +3.0% 0.58% +0.11
MMM 3M Co. Add +2.0% 0.56% +0.10
TLT iShares 20+ Year Treasury BD Add +4.0% 0.74% +0.09
HAS Hasbro Inc. Add +4.1% 0.44% +0.07
LPLA LPL Financial Holdings Inc. New 0.06% +0.06
ICE Intercontinental Exchange Inc. Add +0.3% 0.35% +0.06
WSO Watsco Inc. Add +3.2% 0.45% +0.06
ORLY O'reilly Automotive Inc. Add +7.9% 0.19% +0.05
MDT Medtronic PLC Add +5.3% 0.26% +0.05
WFC Wells Fargo & Co. Add +1.1% 0.57% +0.04
MA Mastercard Inc. Class A Add +0.1% 0.48% +0.04
ALRS Alerus Financial Corp. Add +0.7% 3.17% +0.03
LNG Cheniere Energy Inc. Add +1.7% 0.25% +0.03
MU Micron Technology Inc. Add +1.6% 0.33% +0.03
UNP Union Pacific Corp. Add +2.1% 0.28% +0.03
IAU iShares Gold Trust New 0.03% +0.03
DD Dupont DE Nemours Inc. Add +7.9% 0.24% +0.02
XEL Xcel Energy Inc. New 0.02% +0.02
XLV SS Health Care Select Sector New 0.02% +0.02

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