Alerus Financial NA

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Alerus Financial NA reported 508 stock positions worth $1.4 billion. Its top holding was Vanguard S&P 500 ETF (VOO) at 10.3% of the portfolio, followed by Dimensional World Ex US Core (DFAX, 7.5%) and iShares Core Intl Stock ETF (IXUS, 5.3%). Compared with Q1 2025, it opened 350 new positions, sold out of 2, added to 52 and reduced 93. The biggest buy was a new position in Vanguard Russell 2000 ETF (VTWO) and the biggest sale iShares Core U.S. Aggregate (AGG, shares −4%).

Most Recent 13F
Q2 2026
Location
GRAND FORKS, ND
CIK
0000919458
Portfolio Value
$1.4B (Q2 2025)
SEC Filing
0000919458-25-000003 ↗ filed Aug 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 Q1 2025 Q2 2025: $1.4B $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 508 stocks · $1.4B
VOO Vanguard S&P 500 ETF 10.33% 252,519 $143.4M Reduce -3.0%
DFAX Dimensional World Ex US Core 7.48% 3,538,198 $103.9M Add +0.1%
IXUS iShares Core Intl Stock ETF 5.31% 953,094 $73.7M Reduce -10.8%
AGG iShares Core U.S. Aggregate 5.29% 740,794 $73.5M Reduce -4.1%
NVDA Nvidia Corp. 3.97% 349,220 $55.2M Add +0.9%
MSFT Microsoft Corp. 3.87% 108,006 $53.7M Add +0.1%
ALRS Alerus Financial Corp. 3.39% 2,175,784 $47.1M Add +1.4%
AAPL Apple Inc. 2.98% 201,565 $41.4M Reduce -3.1%
AVGO Broadcom Inc. 2.87% 144,651 $39.9M Reduce -7.2%
IWR iShares Russell Mid-Cap ETF 2.55% 384,562 $35.4M Reduce -2.0%
VCLT Vanguard Long-Term Corp. Bond 2.24% 409,515 $31.1M Add +1.0%
AMZN Amazon.com Inc. 1.88% 118,817 $26.1M Add +2.4%
JPM JPMorgan Chase & Co. 1.68% 80,627 $23.4M Reduce -4.0%
GOOGL Alphabet Inc. Class A 1.61% 127,094 $22.4M Reduce -5.3%
META Meta Platforms Inc. Class A 1.37% 25,746 $19.0M Add +5.5%
ETN Eaton Corp. PLC 1.24% 48,071 $17.2M Reduce -5.8%
VTWO Vanguard Russell 2000 ETF 1.15% 183,869 $16.0M New
TSLA Tesla Inc. 1.10% 48,242 $15.3M Reduce -0.2%
LLY Eli Lilly & Co. 1.08% 19,231 $15.0M Reduce -0.6%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.90% 42,457 $12.5M Reduce -7.4%
SO The Southern Co. 0.90% 135,782 $12.5M Add +1.4%
XOM Exxon Mobil Corp. 0.90% 115,513 $12.5M Add +0.7%
TTWO Take-Two Interactive Softwre 0.85% 48,625 $11.8M Reduce -1.6%
AAAU Goldman Sachs Physical Gold 0.83% 351,739 $11.5M No change
UL Unilever PLC 0.77% 175,230 $10.7M Reduce -3.9%
BRK.B Berkshire Hathaway Inc. Class B 0.74% 21,160 $10.3M Add +2.8%
NFLX Netflix Inc. 0.73% 7,557 $10.1M Reduce -10.9%
CDNS Cadence Design SYS Inc. 0.72% 32,479 $10.0M Reduce -4.3%
GE General Electric filed as GE AEROSPACE 0.71% 38,119 $9.8M Reduce -1.9%
COR Cencora Inc. 0.69% 32,092 $9.6M Reduce -0.0%
TLT iShares 20+ Year Treasury BD 0.68% 106,205 $9.4M Add +4.8%
BSX Boston Scientific Corp. 0.66% 85,086 $9.1M Reduce -0.5%
PH Parker Hannifin Corp. 0.65% 12,972 $9.1M Add +8.3%
CSCO Cisco Systems Inc. 0.65% 130,262 $9.0M Reduce -8.7%
T AT&T Inc. 0.64% 305,370 $8.8M Reduce -25.6%
JNJ Johnson & Johnson 0.60% 54,234 $8.3M Reduce -3.4%
HPE Hewlett Packard Enterprise 0.59% 397,451 $8.1M Add +0.0%
WFC Wells Fargo & Co. 0.58% 100,869 $8.1M Add +1.4%
ABBV Abbvie Inc. 0.56% 42,241 $7.8M Reduce -14.6%
DLR Digital Realty Trust Inc. 0.56% 44,808 $7.8M Reduce -2.4%
KVUE Kenvue Inc. 0.56% 372,741 $7.8M Add +23.9%
XLK SS Technology Select Sector 0.56% 30,755 $7.8M Add +2790.5%
HEI Heico Corp. 0.55% 23,133 $7.6M Reduce -2.4%
ISRG Intuitive Surgical Inc. 0.50% 12,807 $7.0M Add +0.9%
WMT Walmart Inc. 0.49% 69,831 $6.8M Reduce -1.1%
TFC Truist Financial Corp. 0.48% 153,849 $6.6M Add +7.7%
BBY Best Buy Co. Inc. 0.47% 97,957 $6.6M Add +1.8%
VRT Vertiv Holdings Co. Class A 0.46% 49,839 $6.4M Reduce -0.6%
MMM 3M Co. 0.46% 41,649 $6.3M Reduce -12.0%
VZ Verizon Communications Inc. 0.46% 146,387 $6.3M Reduce -8.7%
MA Mastercard Inc. Class A 0.45% 11,071 $6.2M Add +0.9%
UNH Unitedhealth Group Inc. 0.45% 19,863 $6.2M Add +34.1%
PRU Prudential Financial Inc. 0.45% 57,654 $6.2M Add +13.1%
LNG Cheniere Energy Inc. 0.44% 24,868 $6.1M Add +87.6%
HAS Hasbro Inc. 0.43% 81,368 $6.0M Reduce -9.4%
SPGI S&P Global Inc. 0.43% 11,391 $6.0M Reduce -0.5%
NOW ServiceNow Inc. 0.42% 5,703 $5.9M Add +1.1%
COF Capital One Financial Corp. 0.42% 27,497 $5.9M Add +0.1%
ROK Rockwell Automation Inc. 0.40% 16,786 $5.6M Reduce -10.2%
BX Blackstone Inc. 0.38% 35,600 $5.3M Reduce -0.5%
MU Micron Technology Inc. 0.38% 42,532 $5.2M Reduce -11.6%
XLU St Sr Utl SL SE SPDR ETF-Usd 0.37% 63,076 $5.2M Add +1177.9%
LNT Alliant Energy Corp. 0.37% 84,450 $5.1M New
ORCL Oracle Corp. 0.36% 22,820 $5.0M Add +0.5%
URI United Rentals Inc. 0.35% 6,537 $4.9M Reduce -3.5%
CMG Chipotle Mexican Grill Inc. 0.35% 85,826 $4.8M Add +48.0%
ICE Intercontinental Exchange Inc. 0.33% 25,259 $4.6M Reduce -0.5%
XLE SS Energy Select Sector 0.33% 53,660 $4.6M Reduce -35.6%
WSO Watsco Inc. 0.33% 10,251 $4.5M Reduce -7.0%
MLM Martin Marietta Materials 0.32% 8,149 $4.5M Reduce -21.3%
WDC Western Digital Corp. 0.32% 69,440 $4.4M Reduce -3.9%
SCHW Schwab (charles) Corp. 0.31% 47,712 $4.4M Add +97.1%
MKC McCormick & Co.-Non VTG SHRS 0.31% 56,231 $4.3M Add +3.4%
CVX Chevron Corp. 0.30% 28,762 $4.1M Reduce -36.4%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.29% 85,807 $4.1M Add +2.4%
MS Morgan Stanley 0.28% 28,068 $4.0M Reduce -0.1%
PFG Principal Financial Group 0.28% 49,657 $3.9M Add +1.0%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.27% 40,475 $3.7M Reduce -1.9%
V Visa Inc. Class A 0.26% 10,033 $3.6M Reduce -1.7%
STT State Street Corp. 0.25% 32,750 $3.5M Reduce -0.5%
MRSH Marsh & McLennan Cos 0.24% 15,533 $3.4M Reduce -0.4%
CYBR Cyberark Software Ltd./Israel 0.24% 8,219 $3.3M Add +1.8%
SHOP Shopify Inc. Class A 0.24% 28,928 $3.3M Reduce -0.9%
CLX Clorox Company 0.24% 27,246 $3.3M Reduce -36.7%
MDT Medtronic PLC 0.23% 36,852 $3.2M Add +3.1%
XLF SS Financial Select Sector 0.22% 58,385 $3.1M Add +48.9%
COST Costco Wholesale Corp. 0.22% 3,030 $3.0M Add +1.8%
MET Metlife Inc. 0.21% 37,093 $3.0M Reduce -1.7%
FITB Fifth Third Bancorp 0.21% 72,299 $3.0M Reduce -3.6%
IVV iShares Core S&P 500 ETF 0.21% 4,747 $2.9M Add +0.4%
PANW Palo Alto Networks Inc. 0.21% 14,373 $2.9M Add +3.5%
DD Dupont DE Nemours Inc. 0.21% 41,613 $2.9M Add +2.1%
FAST Fastenal Co. 0.20% 67,406 $2.8M New
EQH Equitable Holdings Inc. 0.19% 47,246 $2.7M Add +1.5%
VTI VG Morningstar TS MKT ETF-US 0.19% 8,494 $2.6M New
LIN Linde PLC 0.18% 5,325 $2.5M Reduce -8.8%
KKR KKR & Co. Inc. 0.18% 18,674 $2.5M Add +3.1%
IVW iShares S&P 500 Growth ETF 0.18% 22,512 $2.5M Add +0.2%
XLB SS Materials Select Sector 0.17% 26,882 $2.4M Reduce -0.4%
STX Seagate Technology Holdings 0.17% 16,263 $2.3M Reduce -1.5%

Show all 508 holdings

Other holdings (2): bonds, preferreds, convertibles and warrants · $36K (not counted above)
SecurityClassShares / PrincipalValueChange
BANK OF AMERICA CORP (BAC 7.25 PERP L) 7.25%CNV PFD L 30$36KNew
HTZWW Hertz Global Hldgs Inc. -CW51 *W EXP 06/30/205 13$48New

Total filed on the 13F, all lines: $1.4B.

Portfolio Sells Q1 2025 → Q2 2025
AGG iShares Core U.S. Aggregate Reduce -4.1% 5.29% −0.83
AAPL Apple Inc. Reduce -3.1% 2.98% −0.72
IXUS iShares Core Intl Stock ETF Reduce -10.8% 5.31% −0.66
VST Vistra Corp. Reduce -99.3% 0.01% −0.57
VOO Vanguard S&P 500 ETF Reduce -3.0% 10.33% −0.38
CVX Chevron Corp. Reduce -36.4% 0.30% −0.31
XLE SS Energy Select Sector Reduce -35.6% 0.33% −0.30
T AT&T Inc. Reduce -25.6% 0.64% −0.29
CLX Clorox Company Reduce -36.7% 0.24% −0.27
UNP Union Pacific Corp. Reduce -97.5% 0.01% −0.27
ABBV Abbvie Inc. Reduce -14.6% 0.56% −0.26
MCHP Microchip Technology Inc. Reduce -74.8% 0.11% −0.23
WING Wingstop Inc. Reduce -99.3% 0.00% −0.21
LLY Eli Lilly & Co. Reduce -0.6% 1.08% −0.20
NDAQ Nasdaq Inc. Reduce -99.3% 0.00% −0.16
HD Home Depot Inc. Reduce -46.4% 0.14% −0.15
JNJ Johnson & Johnson Reduce -3.4% 0.60% −0.15
IWR iShares Russell Mid-Cap ETF Reduce -2.0% 2.55% −0.13
VZ Verizon Communications Inc. Reduce -8.7% 0.46% −0.13
WSO Watsco Inc. Reduce -7.0% 0.33% −0.12
CEG Constellation Energy Reduce -62.4% 0.13% −0.11
MMM 3M Co. Reduce -12.0% 0.46% −0.10
UL Unilever PLC Reduce -3.9% 0.77% −0.10
SNDK Sandisk Corp. Reduce -98.7% 0.00% −0.08
MLM Martin Marietta Materials Reduce -21.3% 0.32% −0.07
LPLA LPL Financial Holdings Inc. Reduce -99.6% 0.00% −0.06
MRSH Marsh & McLennan Cos Reduce -0.4% 0.24% −0.06
CSCO Cisco Systems Inc. Reduce -8.7% 0.65% −0.05
GOOGL Alphabet Inc. Class A Reduce -5.3% 1.61% −0.05
LIN Linde PLC Reduce -8.8% 0.18% −0.04
SPGI S&P Global Inc. Reduce -0.5% 0.43% −0.03
BSX Boston Scientific Corp. Reduce -0.5% 0.66% −0.03
TMO Thermo Fisher Scientific Inc. Reduce -9.3% 0.06% −0.03
V Visa Inc. Class A Reduce -1.7% 0.26% −0.03
MET Metlife Inc. Reduce -1.7% 0.21% −0.03
IAU iShares Gold Trust Reduce -99.8% 0.00% −0.03
COR Cencora Inc. Reduce -0.0% 0.69% −0.02
FITB Fifth Third Bancorp Reduce -3.6% 0.21% −0.02
LULU Lululemon Athletica Inc. Reduce -4.5% 0.05% −0.02
TXN Texas Instruments Inc. Reduce -27.5% 0.05% −0.02
BX Blackstone Inc. Reduce -0.5% 0.38% −0.02
ICE Intercontinental Exchange Inc. Reduce -0.5% 0.33% −0.02
MRK Merck & Co. Inc. Reduce -2.9% 0.06% −0.02
XLB SS Materials Select Sector Reduce -0.4% 0.17% −0.02
WRAP Wrap Technologies Inc. Sold out 0.00% −0.01
KO The Coca-Cola Co. Reduce -0.1% 0.10% −0.01
DHR Danaher Corp. Reduce -3.5% 0.06% −0.01
BNY Bank of New York Mellon Corp. Reduce -1.9% 0.27% −0.01
IBM Intl Business Machines Corp. Reduce -7.4% 0.90% −0.01
VCIT Vanguard Int-Term Corporate Reduce -12.5% 0.04% −0.01

Portfolio Buys Q1 2025 → Q2 2025
VTWO Vanguard Russell 2000 ETF New 1.15% +1.15
NVDA Nvidia Corp. Add +0.9% 3.97% +0.97
MSFT Microsoft Corp. Add +0.1% 3.87% +0.63
XLK SS Technology Select Sector Add +2790.5% 0.56% +0.54
LNT Alliant Energy Corp. New 0.37% +0.37
XLU St Sr Utl SL SE SPDR ETF-Usd Add +1177.9% 0.37% +0.34
META Meta Platforms Inc. Class A Add +5.5% 1.37% +0.24
ALRS Alerus Financial Corp. Add +1.4% 3.39% +0.22
FAST Fastenal Co. New 0.20% +0.20
LNG Cheniere Energy Inc. Add +87.6% 0.44% +0.19
VTI VG Morningstar TS MKT ETF-US New 0.19% +0.19
SCHW Schwab (charles) Corp. Add +97.1% 0.31% +0.16
QQQ Invesco QQQ Trust Series 1 New 0.12% +0.12
CMG Chipotle Mexican Grill Inc. Add +48.0% 0.35% +0.11
AMZN Amazon.com Inc. Add +2.4% 1.88% +0.11
ORCL Oracle Corp. Add +0.5% 0.36% +0.10
HPE Hewlett Packard Enterprise Add +0.0% 0.59% +0.09
PH Parker Hannifin Corp. Add +8.3% 0.65% +0.07
DFAX Dimensional World Ex US Core Add +0.1% 7.48% +0.07
XLF SS Financial Select Sector Add +48.9% 0.22% +0.06
NOW ServiceNow Inc. Add +1.1% 0.42% +0.06
BRBS Blue Ridge Bankshares Inc. New 0.05% +0.05
CMT Core Molding Technologies Inc. New 0.04% +0.04
OTTR Otter Tail Corp. New 0.04% +0.04
COF Capital One Financial Corp. Add +0.1% 0.42% +0.03
IBIT iShares Bitcoin Trust ETF New 0.03% +0.03
CYBR Cyberark Software Ltd./Israel Add +1.8% 0.24% +0.02
PANW Palo Alto Networks Inc. Add +3.5% 0.21% +0.02
PM Philip Morris International New 0.02% +0.02
GS Goldman Sachs Group Inc. New 0.02% +0.02
BSCP Invesco Bulletshares 2025 CB New 0.02% +0.02
DFEB FT Vest U.S. Equity Deep Buf New 0.02% +0.02
RY Royal Bank of Canada New 0.02% +0.02
SCCO Southern Copper Corp. New 0.02% +0.02
VYM Vanguard High DVD Yield ETF New 0.01% +0.01
IVE iShares S&P 500 Value ETF New 0.01% +0.01
GOOG Alphabet Inc. Class C New 0.01% +0.01
EXPE Expedia Group Inc. New 0.01% +0.01
MCD McDonald's Corp. New 0.01% +0.01
BAC Bank of America Corp. Add +2.4% 0.29% +0.01
IBB iShares Biotechnology ETF New 0.01% +0.01
DUK Duke Energy Corp. New 0.01% +0.01
GEV GE Vernova Inc. New 0.01% +0.01
INTC Intel Corp. New 0.01% +0.01
EFA iShares MSCI Eafe ETF New 0.01% +0.01
IVW iShares S&P 500 Growth ETF Add +0.2% 0.18% +0.01
KKR KKR & Co. Inc. Add +3.1% 0.18% +0.01
IJJ iShares S&P Mid-Cap 400 Valu New 0.01% +0.01
IJT iShares S&P Small-Cap 600 GR New 0.01% +0.01
CHRW C.H. Robinson Worldwide Inc. New 0.01% +0.01

Notes & Other Activity Q1 2025 → Q2 2025
BANK OF AMERICA CORP (BAC 7.25 PERP L) 7.25%CNV PFD L New 30 $36K
HTZWW Hertz Global Hldgs Inc. -CW51 *W EXP 06/30/205 New 13 $48

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

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