Alerus Financial NA
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 10, 2025), Alerus Financial NA reported 531 stock positions worth $2.0 billion. Its top holding was Vanguard S&P 500 ETF (VOO) at 23.3% of the portfolio, followed by Dimensional World Ex US Core (DFAX, 13.4%) and iShares Core Intl Stock ETF (IXUS, 3.8%). Compared with Q2 2025, it opened 67 new positions, sold out of 44, added to 113 and reduced 119. The biggest buy was Vanguard S&P 500 ETF (VOO, shares +196%) and the biggest sale iShares Core U.S. Aggregate (AGG, shares −100%).
- Most Recent 13F
- Q2 2026
- Location
- GRAND FORKS, ND
- CIK
- 0000919458
- Portfolio Value
- $2.0B (Q3 2025)
- SEC Filing
- 0000919458-25-000007 ↗ filed Nov 10, 2025
Holdings Value
Holdings 531 stocks · $2.0B
| VOO Vanguard S&P 500 ETF | 23.32% | 748,392 | $458.3M | Add +196.4% |
| DFAX Dimensional World Ex US Core | 13.38% | 8,380,637 | $263.0M | Add +136.9% |
| IXUS iShares Core Intl Stock ETF | 3.82% | 910,055 | $75.2M | Reduce -4.5% |
| VCRB Vanguard Core Bond ETF | 3.64% | 911,317 | $71.5M | New |
| NVDA Nvidia Corp. | 3.25% | 342,640 | $63.9M | Reduce -1.9% |
| MSFT Microsoft Corp. | 2.76% | 104,872 | $54.3M | Reduce -2.9% |
| ALRS Alerus Financial Corp. | 2.61% | 2,315,436 | $51.3M | Add +6.4% |
| AAPL Apple Inc. | 2.46% | 190,092 | $48.4M | Reduce -5.7% |
| AVGO Broadcom Inc. | 2.30% | 137,190 | $45.3M | Reduce -5.2% |
| IWR iShares Russell Mid-Cap ETF | 1.84% | 374,711 | $36.2M | Reduce -2.6% |
| VCLT Vanguard Long-Term Corp. Bond | 1.64% | 414,197 | $32.2M | Add +1.1% |
| GOOGL Alphabet Inc. Class A | 1.54% | 124,416 | $30.2M | Reduce -2.1% |
| AMZN Amazon.com Inc. | 1.34% | 120,303 | $26.4M | Add +1.3% |
| JPM JPMorgan Chase & Co. | 1.32% | 82,145 | $25.9M | Add +1.9% |
| TSLA Tesla Inc. | 1.10% | 48,468 | $21.6M | Add +0.5% |
| META Meta Platforms Inc. Class A | 0.98% | 26,122 | $19.2M | Add +1.5% |
| ETN Eaton Corp. PLC | 0.91% | 48,050 | $18.0M | Reduce -0.0% |
| VTWO Vanguard Russell 2000 ETF | 0.85% | 170,402 | $16.7M | Reduce -7.3% |
| LLY Eli Lilly & Co. | 0.78% | 20,047 | $15.3M | Add +4.2% |
| SO The Southern Co. | 0.70% | 145,967 | $13.8M | Add +7.5% |
| XOM Exxon Mobil Corp. | 0.70% | 122,253 | $13.8M | Add +5.8% |
| HPE Hewlett Packard Enterprise | 0.67% | 538,621 | $13.2M | Add +35.5% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.64% | 44,371 | $12.5M | Add +4.5% |
| TTWO Take-Two Interactive Softwre | 0.63% | 47,918 | $12.4M | Reduce -1.4% |
| AAAU Goldman Sachs Physical Gold | 0.59% | 306,049 | $11.7M | Reduce -13.0% |
| GE General Electric filed as GE AEROSPACE | 0.56% | 36,416 | $11.0M | Reduce -4.5% |
| UL Unilever PLC | 0.55% | 183,979 | $10.9M | Add +5.0% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.54% | 21,281 | $10.7M | Add +0.6% |
| JNJ Johnson & Johnson | 0.54% | 56,893 | $10.5M | Add +4.9% |
| CDNS Cadence Design SYS Inc. | 0.53% | 29,678 | $10.4M | Reduce -8.6% |
| ABBV Abbvie Inc. | 0.53% | 44,646 | $10.3M | Add +5.7% |
| VCIT Vanguard Int-Term Corporate | 0.52% | 121,533 | $10.2M | Add +1538.1% |
| TLT iShares 20+ Year Treasury BD | 0.51% | 111,333 | $9.9M | Add +4.8% |
| COR Cencora Inc. | 0.51% | 31,808 | $9.9M | Reduce -0.9% |
| PH Parker Hannifin Corp. | 0.50% | 13,001 | $9.9M | Add +0.2% |
| WMT Walmart Inc. | 0.47% | 89,806 | $9.3M | Add +28.6% |
| CSCO Cisco Systems Inc. | 0.47% | 134,455 | $9.2M | Add +3.2% |
| T AT&T Inc. | 0.46% | 320,327 | $9.0M | Add +4.9% |
| NFLX Netflix Inc. | 0.44% | 7,152 | $8.6M | Reduce -5.4% |
| BSX Boston Scientific Corp. | 0.42% | 84,795 | $8.3M | Reduce -0.3% |
| DLR Digital Realty Trust Inc. | 0.39% | 44,530 | $7.7M | Reduce -0.6% |
| WFC Wells Fargo & Co. | 0.39% | 91,334 | $7.7M | Reduce -9.4% |
| TFC Truist Financial Corp. | 0.38% | 164,428 | $7.5M | Add +6.9% |
| BBY Best Buy Co. Inc. | 0.37% | 97,303 | $7.4M | Reduce -0.7% |
| HEI Heico Corp. | 0.37% | 22,423 | $7.2M | Reduce -3.1% |
| VRT Vertiv Holdings Co. Class A | 0.36% | 47,384 | $7.1M | Reduce -4.9% |
| VZ Verizon Communications Inc. | 0.35% | 156,690 | $6.9M | Add +7.0% |
| MMM 3M Co. | 0.34% | 43,508 | $6.8M | Add +4.5% |
| WDC Western Digital Corp. | 0.34% | 55,955 | $6.7M | Reduce -19.4% |
| SJM The JM Smucker Co. filed as SMUCKER J M CO | 0.34% | 61,209 | $6.6M | New |
| ICE Intercontinental Exchange Inc. | 0.33% | 38,898 | $6.6M | Add +54.0% |
| MA Mastercard Inc. Class A | 0.33% | 11,335 | $6.4M | Add +2.4% |
| ORCL Oracle Corp. | 0.33% | 22,855 | $6.4M | Add +0.1% |
| HAS Hasbro Inc. | 0.32% | 83,294 | $6.3M | Add +2.4% |
| PRU Prudential Financial Inc. | 0.32% | 59,690 | $6.2M | Add +3.5% |
| BX Blackstone Inc. | 0.31% | 36,030 | $6.2M | Add +1.2% |
| LNT Alliant Energy Corp. | 0.31% | 90,023 | $6.1M | Add +6.6% |
| URI United Rentals Inc. | 0.31% | 6,350 | $6.1M | Reduce -2.9% |
| ISRG Intuitive Surgical Inc. | 0.30% | 13,227 | $5.9M | Add +3.3% |
| COF Capital One Financial Corp. | 0.30% | 27,812 | $5.9M | Add +1.1% |
| LNG Cheniere Energy Inc. | 0.30% | 24,833 | $5.8M | Reduce -0.1% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.29% | 65,532 | $5.7M | Add +3.9% |
| ROK Rockwell Automation Inc. | 0.28% | 15,941 | $5.6M | Reduce -5.0% |
| UNH Unitedhealth Group Inc. | 0.28% | 15,812 | $5.5M | Reduce -20.4% |
| NOW ServiceNow Inc. | 0.28% | 5,882 | $5.4M | Add +3.1% |
| MLM Martin Marietta Materials | 0.26% | 8,226 | $5.2M | Add +0.9% |
| MU Micron Technology Inc. | 0.26% | 30,115 | $5.0M | Reduce -29.2% |
| SCHW Schwab (charles) Corp. | 0.24% | 48,683 | $4.6M | Add +2.0% |
| XLE SS Energy Select Sector | 0.24% | 51,810 | $4.6M | Reduce -3.5% |
| CVX Chevron Corp. | 0.23% | 29,735 | $4.6M | Add +3.4% |
| MS Morgan Stanley | 0.23% | 28,287 | $4.5M | Add +0.8% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.23% | 41,030 | $4.5M | Add +1.4% |
| PFG Principal Financial Group | 0.22% | 53,265 | $4.4M | Add +7.3% |
| WSO Watsco Inc. | 0.22% | 10,889 | $4.4M | Add +6.2% |
| IJH iShares Core S&P Midcap ETF | 0.22% | 65,321 | $4.3M | Add +428.4% |
| MKC McCormick & Co.-Non VTG SHRS | 0.21% | 60,775 | $4.1M | Add +8.1% |
| SHOP Shopify Inc. Class A | 0.20% | 26,512 | $3.9M | Reduce -8.3% |
| CYBR Cyberark Software Ltd./Israel | 0.20% | 8,109 | $3.9M | Reduce -1.3% |
| STT State Street Corp. | 0.20% | 33,401 | $3.9M | Add +2.0% |
| MDT Medtronic PLC | 0.19% | 38,603 | $3.7M | Add +4.8% |
| SCHD Schwab US DVD Equity ETF | 0.19% | 134,585 | $3.7M | Add +11831.3% |
| STX Seagate Technology Holdings | 0.18% | 15,265 | $3.6M | Reduce -6.1% |
| FAST Fastenal Co. | 0.17% | 69,770 | $3.4M | Add +3.5% |
| V Visa Inc. Class A | 0.17% | 9,894 | $3.4M | Reduce -1.4% |
| DD Dupont DE Nemours Inc. | 0.17% | 42,645 | $3.3M | Add +2.5% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.17% | 64,355 | $3.3M | Reduce -25.0% |
| NXPI NXP Semiconductors NV | 0.16% | 14,060 | $3.2M | New |
| IVV iShares Core S&P 500 ETF | 0.16% | 4,767 | $3.2M | Add +0.4% |
| FITB Fifth Third Bancorp | 0.16% | 70,684 | $3.1M | Reduce -2.2% |
| MRSH Marsh & McLennan Cos | 0.16% | 15,388 | $3.1M | Reduce -0.9% |
| MET Metlife Inc. | 0.15% | 36,670 | $3.0M | Reduce -1.1% |
| SPGI S&P Global Inc. | 0.15% | 6,141 | $3.0M | Reduce -46.1% |
| PANW Palo Alto Networks Inc. | 0.15% | 14,450 | $2.9M | Add +0.5% |
| COST Costco Wholesale Corp. | 0.14% | 3,060 | $2.8M | Add +1.0% |
| CMG Chipotle Mexican Grill Inc. | 0.14% | 71,387 | $2.8M | Reduce -16.8% |
| VTI VG Morningstar TS MKT ETF-US | 0.14% | 8,482 | $2.8M | Reduce -0.1% |
| ORLY O'reilly Automotive Inc. | 0.14% | 25,546 | $2.8M | Add +2.9% |
| CLX Clorox Company | 0.14% | 22,234 | $2.7M | Reduce -18.4% |
| IVW iShares S&P 500 Growth ETF | 0.14% | 22,512 | $2.7M | No change |
| LIN Linde PLC | 0.13% | 5,398 | $2.6M | Add +1.4% |
Other holdings (2): bonds, preferreds, convertibles and warrants · $38K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 30 | $38K | No change |
| HTZWW Hertz Global Hldgs Inc. -CW51 | *W EXP 06/30/205 | 13 | $48 | No change |
Total filed on the 13F, all lines: $2.0B.
Portfolio Sells Q2 2025 → Q3 2025
| AGG iShares Core U.S. Aggregate | Reduce -99.8% | 0.01% | −5.29 |
| IXUS iShares Core Intl Stock ETF | Reduce -4.5% | 3.82% | −1.48 |
| MSFT Microsoft Corp. | Reduce -2.9% | 2.76% | −1.11 |
| NVDA Nvidia Corp. | Reduce -1.9% | 3.25% | −0.72 |
| IWR iShares Russell Mid-Cap ETF | Reduce -2.6% | 1.84% | −0.71 |
| AVGO Broadcom Inc. | Reduce -5.2% | 2.30% | −0.57 |
| KVUE Kenvue Inc. | Reduce -98.3% | 0.01% | −0.56 |
| XLK SS Technology Select Sector | Reduce -96.3% | 0.02% | −0.54 |
| AAPL Apple Inc. | Reduce -5.7% | 2.46% | −0.52 |
| ETN Eaton Corp. PLC | Reduce -0.0% | 0.91% | −0.32 |
| VTWO Vanguard Russell 2000 ETF | Reduce -7.3% | 0.85% | −0.31 |
| NFLX Netflix Inc. | Reduce -5.4% | 0.44% | −0.29 |
| SPGI S&P Global Inc. | Reduce -46.1% | 0.15% | −0.28 |
| BSX Boston Scientific Corp. | Reduce -0.3% | 0.42% | −0.24 |
| AAAU Goldman Sachs Physical Gold | Reduce -13.0% | 0.59% | −0.23 |
| TTWO Take-Two Interactive Softwre | Reduce -1.4% | 0.63% | −0.22 |
| CMG Chipotle Mexican Grill Inc. | Reduce -16.8% | 0.14% | −0.20 |
| WFC Wells Fargo & Co. | Reduce -9.4% | 0.39% | −0.19 |
| CDNS Cadence Design SYS Inc. | Reduce -8.6% | 0.53% | −0.19 |
| COR Cencora Inc. | Reduce -0.9% | 0.51% | −0.19 |
| HEI Heico Corp. | Reduce -3.1% | 0.37% | −0.18 |
| DLR Digital Realty Trust Inc. | Reduce -0.6% | 0.39% | −0.17 |
| UNH Unitedhealth Group Inc. | Reduce -20.4% | 0.28% | −0.17 |
| GE General Electric | Reduce -4.5% | 0.56% | −0.15 |
| LNG Cheniere Energy Inc. | Reduce -0.1% | 0.30% | −0.14 |
| BAC Bank of America Corp. | Reduce -25.0% | 0.17% | −0.12 |
| XLF SS Financial Select Sector | Reduce -38.6% | 0.10% | −0.12 |
| MU Micron Technology Inc. | Reduce -29.2% | 0.26% | −0.12 |
| ROK Rockwell Automation Inc. | Reduce -5.0% | 0.28% | −0.12 |
| BBY Best Buy Co. Inc. | Reduce -0.7% | 0.37% | −0.10 |
| VRT Vertiv Holdings Co. Class A | Reduce -4.9% | 0.36% | −0.10 |
| CLX Clorox Company | Reduce -18.4% | 0.14% | −0.10 |
| XLE SS Energy Select Sector | Reduce -3.5% | 0.24% | −0.09 |
| MRSH Marsh & McLennan Cos | Reduce -0.9% | 0.16% | −0.09 |
| V Visa Inc. Class A | Reduce -1.4% | 0.17% | −0.08 |
| GOOGL Alphabet Inc. Class A | Reduce -2.1% | 1.54% | −0.07 |
| KKR KKR & Co. Inc. | Reduce -6.4% | 0.12% | −0.06 |
| MET Metlife Inc. | Reduce -1.1% | 0.15% | −0.06 |
| FITB Fifth Third Bancorp | Reduce -2.2% | 0.16% | −0.05 |
| XLB SS Materials Select Sector | Reduce -0.5% | 0.12% | −0.05 |
| LULU Lululemon Athletica Inc. | Reduce -77.3% | 0.01% | −0.05 |
| UPS United Parcel Service Class B | Reduce -6.3% | 0.06% | −0.05 |
| URI United Rentals Inc. | Reduce -2.9% | 0.31% | −0.05 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -0.1% | 0.14% | −0.04 |
| CYBR Cyberark Software Ltd./Israel | Reduce -1.3% | 0.20% | −0.04 |
| SHOP Shopify Inc. Class A | Reduce -8.3% | 0.20% | −0.04 |
| CEG Constellation Energy | Reduce -1.2% | 0.09% | −0.04 |
| HD Home Depot Inc. | Reduce -1.7% | 0.11% | −0.03 |
| KO The Coca-Cola Co. | Reduce -0.5% | 0.06% | −0.03 |
| ATR Aptargroup Inc. | Reduce -17.1% | 0.03% | −0.03 |
Portfolio Buys Q2 2025 → Q3 2025
| VOO Vanguard S&P 500 ETF | Add +196.4% | 23.32% | +12.99 |
| DFAX Dimensional World Ex US Core | Add +136.9% | 13.38% | +5.90 |
| VCRB Vanguard Core Bond ETF | New | 3.64% | +3.64 |
| VCIT Vanguard Int-Term Corporate | Add +1538.1% | 0.52% | +0.48 |
| SJM The JM Smucker Co. | New | 0.34% | +0.34 |
| SCHD Schwab US DVD Equity ETF | Add +11831.3% | 0.19% | +0.18 |
| NXPI NXP Semiconductors NV | New | 0.16% | +0.16 |
| IJH iShares Core S&P Midcap ETF | Add +428.4% | 0.22% | +0.16 |
| AMAT Applied Materials Inc. | Add +3029.8% | 0.13% | +0.13 |
| ARM Arm Holdings PLC-ADR | New | 0.11% | +0.11 |
| C Citigroup Inc. | Add +588.4% | 0.12% | +0.10 |
| MCD McDonald's Corp. | Add +1078.5% | 0.11% | +0.10 |
| HPE Hewlett Packard Enterprise | Add +35.5% | 0.67% | +0.09 |
| TMO Thermo Fisher Scientific Inc. | Add +149.2% | 0.13% | +0.07 |
| JMTG Mortgage-Backed Securities | New | 0.06% | +0.06 |
| IEMG iShares Core MSCI Emerging | Add +18124.5% | 0.06% | +0.06 |
| HBAN Huntington Bancshares Inc. | Add +1853.1% | 0.05% | +0.04 |
| VIOG Vanguard S&P SM Cap 600 GRW | New | 0.04% | +0.04 |
| BSCP Invesco Bulletshares 2025 CB | Add +197.5% | 0.03% | +0.02 |
| XLRE SS Real Estate Select Sector | New | 0.01% | +0.01 |
| BSCQ Invesco Bulletshares 2026 CB | Add +87.5% | 0.05% | +0.01 |
| RXL Proshares Ultra Health Care | New | 0.01% | +0.01 |
| WRAP Wrap Technologies Inc. | New | 0.01% | +0.01 |
| FXE Invesco Currencyshares Euro | New | 0.01% | +0.01 |
| MINT PIMCO Enhanced Short Maturit | New | 0.01% | +0.01 |
| APO Apollo Global Management Inc. | New | 0.01% | +0.01 |
| RDIV Invesco S&P Ultra Dividend | New | 0.01% | +0.01 |
| IWY iShares Russell Top 200 Grow | Add +333.9% | 0.01% | +0.01 |
| FNDX Schwab Fndmntl US LRG Co. ETF | Add +2850.0% | 0.01% | +0.00 |
| AZN Astrazeneca PLC-Spons ADR | Add +201.1% | 0.01% | +0.00 |
| VB Vanguard Most SM-Cap ETF-Usd | Add +127.8% | 0.01% | +0.00 |
| ITOT iShares Core S&P Total U.S. | New | 0.00% | +0.00 |
| CAT Caterpillar Inc. | Add +36.3% | 0.02% | +0.00 |
| VIG Vanguard Dividend Apprec ETF | New | 0.00% | +0.00 |
| IEFA iShares Core MSCI Eafe ETF | Add +541.9% | 0.00% | +0.00 |
| DAL Delta Air Lines Inc. | New | 0.00% | +0.00 |
| AVDV Avantis Intl S/C Value ETF | New | 0.00% | +0.00 |
| PRFZ Inv Rafi US 1500 SM-Usd Inc. | New | 0.00% | +0.00 |
| MO Altria Group Inc. | Add +125.2% | 0.01% | +0.00 |
| ET Energy Transfer LP | New | 0.00% | +0.00 |
| EMB iShares JP Morgan Usd Emergi | Add +7133.3% | 0.00% | +0.00 |
| FXO First Trust Financial Alphad | New | 0.00% | +0.00 |
| RAL Ralliant Corp. | New | 0.00% | +0.00 |
| GCTK Glucotrack Inc. | New | 0.00% | +0.00 |
| F Ford Motor Co. | Add +4576.3% | 0.00% | +0.00 |
| SLV iShares Silver Trust | New | 0.00% | +0.00 |
| VIGI Vanguard Int Div App Indx FD | New | 0.00% | +0.00 |
| COP Conocophillips | Add +64.7% | 0.01% | +0.00 |
| MDY State Street SPDR S&P Midcap | New | 0.00% | +0.00 |
| GOOG Alphabet Inc. Class C | Add +12.7% | 0.01% | +0.00 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 504 | $2.3B | VOO, DFAX, IWR, IXUS, VCRB |
| Q1 2026 | 508 | $2.0B | VOO, DFAX, IWR, VCRB, IXUS |
| Q4 2025 | 506 | $2.0B | VOO, DFAX, IWR, IXUS, VCRB |
| Q3 2025 | 531 | $2.0B | VOO, DFAX, IXUS, VCRB, NVDA |
| Q2 2025 | 508 | $1.4B | VOO, DFAX, IXUS, AGG, NVDA |
| Q1 2025 | 160 | $1.2B | VOO, DFAX, AGG, IXUS, AAPL |
| Q4 2024 | 157 | $1.3B | VOO, DFAX, AGG, IXUS, AAPL |
| Q3 2024 | 157 | $1.4B | VOO, DFAX, AGG, IXUS, AAPL |
| Q2 2024 | 156 | $1.3B | VOO, DFAX, AGG, IXUS, MSFT |
| Q1 2024 | 161 | $1.3B | VOO, DFAX, AGG, IXUS, MSFT |