Bell Bank
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 21, 2025), Bell Bank reported 198 stock positions worth $2.3 billion. Its top holding was iShares Core MSCI Eafe ETF (IEFA) at 13.0% of the portfolio, followed by Vanguard Mrngstar GR ETF-Sui (VUG, 11.8%) and Vanguard Mrngstr Val ETF-Aui (VTV, 11.8%). Compared with Q2 2025, it opened 13 new positions, sold out of 13, added to 82 and reduced 73. The biggest buy was Vanguard Mortgage-Backed Sec (VMBS, shares +74%) and the biggest sale SS Spdrb B 3-12M T-Bill ETF (BILS, shares −5%).
- Most Recent 13F
- Q2 2026
- Location
- FARGO, ND
- CIK
- 0001002672
- Portfolio Value
- $2.3B (Q3 2025)
- SEC Filing
- 0001062993-25-016244 ↗ filed Oct 21, 2025
Holdings Value
Holdings 198 stocks · $2.3B
| IEFA iShares Core MSCI Eafe ETF | 13.01% | 3,440,674 | $300.4M | Add +2.3% |
| VUG Vanguard Mrngstar GR ETF-Sui | 11.81% | 568,297 | $272.6M | Reduce -3.1% |
| VTV Vanguard Mrngstr Val ETF-Aui | 11.76% | 1,456,404 | $271.6M | Add +3.4% |
| QQQ Invesco QQQ Trust Series 1 | 9.10% | 350,127 | $210.2M | Reduce -2.1% |
| VTI VG Morningstar TS MKT ETF-US | 4.89% | 343,893 | $112.9M | Reduce -0.6% |
| VOO Vanguard S&P 500 ETF | 4.77% | 179,983 | $110.2M | Reduce -0.7% |
| VYM Vanguard High DVD Yield ETF | 4.40% | 721,199 | $101.7M | Add +1.3% |
| SPYV SS SPDR P S&P 500 Value ETF | 3.77% | 1,571,923 | $87.0M | Add +3.7% |
| AGG iShares Core U.S. Aggregate | 2.44% | 560,906 | $56.2M | Add +5.8% |
| RSP Invesco S&P 500 Equal Weight | 2.39% | 290,541 | $55.1M | Add +1.6% |
| BILS SS Spdrb B 3-12M T-Bill ETF | 2.17% | 502,821 | $50.0M | Reduce -5.2% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 1.75% | 440,112 | $40.4M | Reduce -0.9% |
| VMBS Vanguard Mortgage-Backed Sec | 1.58% | 778,461 | $36.6M | Add +74.3% |
| NVDA Nvidia Corp. | 1.49% | 184,402 | $34.4M | Add +1.2% |
| MSFT Microsoft Corp. | 0.87% | 38,864 | $20.1M | Add +1.0% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.77% | 26,526 | $17.7M | Add +0.3% |
| AAPL Apple Inc. | 0.68% | 61,461 | $15.6M | Reduce -12.0% |
| AMZN Amazon.com Inc. | 0.63% | 66,506 | $14.6M | Add +0.7% |
| META Meta Platforms Inc. Class A | 0.63% | 19,832 | $14.6M | Add +1.8% |
| ABBV Abbvie Inc. | 0.60% | 60,248 | $13.9M | Reduce -15.4% |
| STX Seagate Technology Holdings | 0.58% | 56,353 | $13.3M | Reduce -21.3% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.56% | 45,848 | $12.9M | Add +3.8% |
| CVX Chevron Corp. | 0.55% | 81,300 | $12.6M | Add +8.0% |
| RIO Rio Tinto PLC-Spon ADR | 0.52% | 181,506 | $12.0M | Add +1.7% |
| PFE Pfizer Inc. | 0.50% | 457,094 | $11.6M | Add +5.3% |
| VZ Verizon Communications Inc. | 0.49% | 258,893 | $11.4M | Add +3.7% |
| GOOGL Alphabet Inc. Class A | 0.48% | 45,131 | $11.0M | Add +2.2% |
| ARCC Ares Capital Corp. | 0.47% | 530,194 | $10.8M | Add +5.0% |
| XOM Exxon Mobil Corp. | 0.47% | 95,600 | $10.8M | Add +3.8% |
| UPS United Parcel Service Class B | 0.45% | 124,617 | $10.4M | Add +10.0% |
| CSCO Cisco Systems Inc. | 0.45% | 150,714 | $10.3M | Add +0.7% |
| TRP TC Energy Corp. | 0.44% | 185,855 | $10.1M | Add +1.5% |
| SO The Southern Co. | 0.44% | 106,150 | $10.1M | Add +1.4% |
| ADM Archer-Daniels-Midland Co. | 0.43% | 167,317 | $10.0M | Reduce -3.0% |
| DUK Duke Energy Corp. | 0.42% | 79,284 | $9.8M | Add +0.9% |
| GOOG Alphabet Inc. Class C | 0.41% | 38,677 | $9.4M | Add +3.1% |
| PEP Pepsico Inc. | 0.40% | 65,923 | $9.3M | Add +1.3% |
| HBAN Huntington Bancshares Inc. | 0.39% | 523,737 | $9.0M | Reduce -0.1% |
| KHC The Kraft Heinz Co. | 0.39% | 345,930 | $9.0M | Add +3.6% |
| PRU Prudential Financial Inc. | 0.39% | 86,518 | $9.0M | Add +5.4% |
| T AT&T Inc. | 0.38% | 314,455 | $8.9M | Add +1.8% |
| GILD Gilead Sciences Inc. | 0.38% | 78,585 | $8.7M | Add +1.8% |
| AMGN Amgen Inc. | 0.37% | 30,565 | $8.6M | Add +1.2% |
| USB US Bancorp | 0.37% | 176,144 | $8.5M | Reduce -0.2% |
| GSK GSK PLC-Spon ADR | 0.36% | 192,881 | $8.3M | Add +3.3% |
| HPE Hewlett Packard Enterprise | 0.35% | 326,392 | $8.0M | Reduce -6.6% |
| KMI Kinder Morgan Inc. | 0.33% | 265,198 | $7.5M | Add +4.2% |
| CAG Conagra Brands Inc. | 0.32% | 406,298 | $7.4M | Add +19.4% |
| CCI Crown Castle Inc. | 0.32% | 76,071 | $7.3M | Add +6.5% |
| KMB Kimberly-Clark Corp. | 0.29% | 53,524 | $6.7M | Add +10.7% |
| JPM JPMorgan Chase & Co. | 0.27% | 20,082 | $6.3M | Reduce -3.4% |
| AVGO Broadcom Inc. | 0.27% | 18,922 | $6.2M | Reduce -0.2% |
| UL Unilever PLC | 0.26% | 102,137 | $6.1M | Add +5.9% |
| LYB Lyondellbasell Indu Class A | 0.26% | 122,761 | $6.0M | Add +6.8% |
| VTRS Viatris Inc. | 0.25% | 587,645 | $5.8M | Reduce -0.4% |
| DOW Dow Inc. | 0.25% | 249,306 | $5.7M | Add +13.4% |
| V Visa Inc. Class A | 0.23% | 15,863 | $5.4M | Add +1.3% |
| MCD McDonald's Corp. | 0.23% | 17,466 | $5.3M | Add +34.5% |
| TSLA Tesla Inc. | 0.22% | 11,260 | $5.0M | Reduce -9.6% |
| PG The Procter & Gamble Co. | 0.20% | 29,626 | $4.6M | Add +196.7% |
| JAAA Janus Henderson Aaa Clo ETF | 0.20% | 89,414 | $4.5M | New |
| MA Mastercard Inc. Class A | 0.16% | 6,380 | $3.6M | Add +2.1% |
| EXR Extra Space Storage Inc. | 0.15% | 24,375 | $3.4M | No change |
| TSM Taiwan Semiconductor-SP ADR | 0.14% | 11,346 | $3.2M | Add +22.7% |
| NFLX Netflix Inc. | 0.11% | 2,096 | $2.5M | Reduce -0.3% |
| HD Home Depot Inc. | 0.10% | 5,953 | $2.4M | Add +1.5% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.10% | 4,669 | $2.3M | Add +3.5% |
| INTC Intel Corp. | 0.10% | 67,063 | $2.2M | Reduce -3.3% |
| AFL Aflac Inc. | 0.10% | 20,027 | $2.2M | Reduce 0.0% |
| JEPI JPMorgan Equity Premium Inco | 0.10% | 38,612 | $2.2M | Add +6.1% |
| VEA Vanguard Ftse Developed ETF | 0.09% | 36,005 | $2.2M | Reduce -6.7% |
| ORCL Oracle Corp. | 0.09% | 7,633 | $2.1M | Add +132.4% |
| PSA Public Storage | 0.09% | 7,406 | $2.1M | No change |
| SPHQ Invesco S&P 500 Quality ETF | 0.09% | 29,049 | $2.1M | Add +10.5% |
| WM Waste Management Inc. | 0.09% | 9,559 | $2.1M | Reduce -0.2% |
| COST Costco Wholesale Corp. | 0.09% | 2,240 | $2.1M | Reduce -15.0% |
| WMT Walmart Inc. | 0.09% | 19,979 | $2.1M | Reduce -1.1% |
| LOW Lowe's Cos Inc. | 0.08% | 7,411 | $1.9M | Add +0.5% |
| SCHD Schwab US DVD Equity ETF | 0.08% | 67,943 | $1.9M | Add +69.6% |
| KO The Coca-Cola Co. | 0.08% | 27,364 | $1.8M | Add +2.5% |
| VGSH Vanguard Short-Term Treasury | 0.08% | 29,934 | $1.8M | Add +35.1% |
| DFUS Dimensional US Eq MKT ETF | 0.08% | 24,036 | $1.7M | Reduce -1.7% |
| HEI Heico Corp. | 0.07% | 5,359 | $1.7M | Reduce -0.5% |
| SHV iShares 0-1 Year Treasury Bo | 0.07% | 15,497 | $1.7M | Reduce -9.4% |
| BSV Vanguard Short-Term Bond ETF | 0.07% | 19,647 | $1.6M | Add +35.1% |
| AMD Advanced Micro Devices | 0.07% | 9,309 | $1.5M | Reduce -3.2% |
| FAST Fastenal Co. | 0.06% | 29,851 | $1.5M | Reduce -0.8% |
| IRT Independence Realty Trust Inc. | 0.06% | 88,006 | $1.4M | No change |
| AMAT Applied Materials Inc. | 0.06% | 6,882 | $1.4M | Add +4.8% |
| PLTR Palantir Technologies Inc. Class A | 0.06% | 7,646 | $1.4M | Add +1.0% |
| CRM Salesforce Inc. | 0.06% | 5,763 | $1.4M | Add +2.2% |
| LLY Eli Lilly & Co. | 0.06% | 1,766 | $1.3M | Add +10.7% |
| MMM 3M Co. | 0.06% | 8,460 | $1.3M | Reduce -0.7% |
| SPDW Ste STR SPDR PT DW Eu ETF | 0.06% | 30,318 | $1.3M | Add +44.2% |
| ADI Analog Devices Inc. | 0.06% | 5,216 | $1.3M | Reduce -0.3% |
| UNH Unitedhealth Group Inc. | 0.05% | 3,603 | $1.2M | Reduce -4.0% |
| CAT Caterpillar Inc. | 0.05% | 2,415 | $1.2M | Reduce -3.1% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.05% | 2,319 | $1.1M | Add +4.8% |
| NOW ServiceNow Inc. | 0.05% | 1,205 | $1.1M | No change |
| AXP American Express Co. | 0.05% | 3,333 | $1.1M | No change |
Portfolio Sells Q2 2025 → Q3 2025
| BILS SS Spdrb B 3-12M T-Bill ETF | Reduce -5.2% | 2.17% | −0.29 |
| VUG Vanguard Mrngstar GR ETF-Sui | Reduce -3.1% | 11.81% | −0.18 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Reduce -0.9% | 1.75% | −0.15 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -2.1% | 9.10% | −0.09 |
| ESGV Vanguard ESG US Stock ETF | Reduce -60.4% | 0.03% | −0.04 |
| DE Deere & Co. | Reduce -51.6% | 0.03% | −0.04 |
| HES Hess Corp. | Sold out | 0.00% | −0.04 |
| PECO Phillips Edison & Company Inc. | Sold out | 0.00% | −0.03 |
| COST Costco Wholesale Corp. | Reduce -15.0% | 0.09% | −0.03 |
| QCOM Qualcomm Inc. | Sold out | 0.00% | −0.03 |
| ANSS Ansys Inc. | Sold out | 0.00% | −0.03 |
| TMO Thermo Fisher Scientific Inc. | Reduce -74.8% | 0.01% | −0.03 |
| SUSA iShares ESG Optimized MSCI U | Sold out | 0.00% | −0.03 |
| ITOT iShares Core S&P Total U.S. | Sold out | 0.00% | −0.03 |
| JPST JPMorgan Ultra-Short Income | Reduce -34.2% | 0.04% | −0.03 |
| AAAU Goldman Sachs Physical Gold | Sold out | 0.00% | −0.03 |
| VOO Vanguard S&P 500 ETF | Reduce -0.7% | 4.77% | −0.03 |
| ESGD iShares Trust iShares ESG Aw | Sold out | 0.00% | −0.03 |
| XEL Xcel Energy Inc. | Reduce -62.3% | 0.02% | −0.02 |
| NFLX Netflix Inc. | Reduce -0.3% | 0.11% | −0.02 |
| BND Vanguard Total Bond Market | Sold out | 0.00% | −0.02 |
| HBAN Huntington Bancshares Inc. | Reduce -0.1% | 0.39% | −0.02 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -0.6% | 4.89% | −0.01 |
| SHV iShares 0-1 Year Treasury Bo | Reduce -9.4% | 0.07% | −0.01 |
| MDT Medtronic PLC | Sold out | 0.00% | −0.01 |
| ABBV Abbvie Inc. | Reduce -15.4% | 0.60% | −0.01 |
| OEF iShares S&P 100 ETF | Sold out | 0.00% | −0.01 |
| WM Waste Management Inc. | Reduce -0.2% | 0.09% | −0.01 |
| XLF SS Financial Select Sector | Reduce -16.5% | 0.04% | −0.01 |
| C Citigroup Inc. | Sold out | 0.00% | −0.01 |
| QUAL iShares MSCI USA Quality Fac | Sold out | 0.00% | −0.01 |
| TYL Tyler Technologies Inc. | Reduce -0.8% | 0.04% | −0.01 |
| VEA Vanguard Ftse Developed ETF | Reduce -6.7% | 0.09% | −0.01 |
| XLK SS Technology Select Sector | Reduce -45.0% | 0.01% | −0.01 |
| HEI Heico Corp. | Reduce -0.5% | 0.07% | −0.01 |
| SPGI S&P Global Inc. | Reduce -2.8% | 0.03% | −0.01 |
| TTD Trade Desk Inc./the Class A | Reduce -8.2% | 0.01% | −0.01 |
| JPM JPMorgan Chase & Co. | Reduce -3.4% | 0.27% | −0.01 |
| BMY Bristol-Myers Squibb Co. | Reduce -4.2% | 0.04% | −0.01 |
| HON Honeywell International Inc. | Reduce -5.6% | 0.02% | −0.01 |
| ACN Accenture PLC Class A | Reduce -1.1% | 0.02% | −0.01 |
| IEMG iShares Core MSCI Emerging | Reduce -28.4% | 0.01% | −0.01 |
| CB Chubb Ltd. | Reduce -6.3% | 0.03% | −0.00 |
| SBUX Starbucks Corp. | Reduce -6.8% | 0.02% | −0.00 |
| MCK McKesson Corp. | Reduce -22.7% | 0.01% | −0.00 |
| USB US Bancorp | Reduce -0.2% | 0.37% | −0.00 |
| IWM iShares Russell 2000 ETF | Reduce -29.9% | 0.01% | −0.00 |
| MMM 3M Co. | Reduce -0.7% | 0.06% | −0.00 |
| PFF iShares Preferred & Income S | Reduce -21.0% | 0.01% | −0.00 |
| LMT Lockheed Martin Corp. | Reduce -12.4% | 0.02% | −0.00 |
Portfolio Buys Q2 2025 → Q3 2025
| VMBS Vanguard Mortgage-Backed Sec | Add +74.3% | 1.58% | +0.62 |
| JAAA Janus Henderson Aaa Clo ETF | New | 0.20% | +0.20 |
| VTV Vanguard Mrngstr Val ETF-Aui | Add +3.4% | 11.76% | +0.15 |
| NVDA Nvidia Corp. | Add +1.2% | 1.49% | +0.15 |
| PG The Procter & Gamble Co. | Add +196.7% | 0.20% | +0.12 |
| GOOGL Alphabet Inc. Class A | Add +2.2% | 0.48% | +0.11 |
| GOOG Alphabet Inc. Class C | Add +3.1% | 0.41% | +0.10 |
| SPYV SS SPDR P S&P 500 Value ETF | Add +3.7% | 3.77% | +0.07 |
| ORCL Oracle Corp. | Add +132.4% | 0.09% | +0.06 |
| MCD McDonald's Corp. | Add +34.5% | 0.23% | +0.05 |
| CVX Chevron Corp. | Add +8.0% | 0.55% | +0.04 |
| TSM Taiwan Semiconductor-SP ADR | Add +22.7% | 0.14% | +0.04 |
| RIO Rio Tinto PLC-Spon ADR | Add +1.7% | 0.52% | +0.03 |
| SCHD Schwab US DVD Equity ETF | Add +69.6% | 0.08% | +0.03 |
| GSK GSK PLC-Spon ADR | Add +3.3% | 0.36% | +0.03 |
| PALL Abrdn Physical Palladium SHS | New | 0.02% | +0.02 |
| TRP TC Energy Corp. | Add +1.5% | 0.44% | +0.02 |
| VYMI Vanguard Int High DVD YLD Inc. | New | 0.02% | +0.02 |
| SPDW Ste STR SPDR PT DW Eu ETF | Add +44.2% | 0.06% | +0.02 |
| VGSH Vanguard Short-Term Treasury | Add +35.1% | 0.08% | +0.02 |
| URI United Rentals Inc. | New | 0.02% | +0.02 |
| SYK Stryker Corp. | New | 0.01% | +0.01 |
| PFE Pfizer Inc. | Add +5.3% | 0.50% | +0.01 |
| GLD SPDR Gold Shares | Add +46.4% | 0.04% | +0.01 |
| BSV Vanguard Short-Term Bond ETF | Add +35.1% | 0.07% | +0.01 |
| SLV iShares Silver Trust | Add +96.7% | 0.02% | +0.01 |
| PLTR Palantir Technologies Inc. Class A | Add +1.0% | 0.06% | +0.01 |
| ANET Arista Networks Inc. | Add +1.2% | 0.05% | +0.01 |
| SNPS Synopsys Inc. | New | 0.01% | +0.01 |
| CMI Cummins Inc. | New | 0.01% | +0.01 |
| BWA Borgwarner Inc. | New | 0.01% | +0.01 |
| VMC Vulcan Materials Co. | New | 0.01% | +0.01 |
| TRV The Travelers Cos Inc. | New | 0.01% | +0.01 |
| GS Goldman Sachs Group Inc. | New | 0.01% | +0.01 |
| UBER Uber Technologies Inc. | New | 0.01% | +0.01 |
| WST West Pharmaceutical Services | New | 0.01% | +0.01 |
| AMAT Applied Materials Inc. | Add +4.8% | 0.06% | +0.01 |
| SPHQ Invesco S&P 500 Quality ETF | Add +10.5% | 0.09% | +0.00 |
| LOW Lowe's Cos Inc. | Add +0.5% | 0.08% | +0.00 |
| HD Home Depot Inc. | Add +1.5% | 0.10% | +0.00 |
| XOM Exxon Mobil Corp. | Add +3.8% | 0.47% | +0.00 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +0.3% | 0.77% | +0.00 |
| IWO iShares Russell 2000 Growth | Add +0.0% | 0.04% | +0.00 |
| UNP Union Pacific Corp. | Add +14.1% | 0.02% | +0.00 |
| DD Dupont DE Nemours Inc. | Add +4.7% | 0.02% | +0.00 |
| IWF iShares Russell 1000 Growth | Add +1.2% | 0.03% | +0.00 |
| BLK BlackRock Inc. | Add +0.3% | 0.03% | +0.00 |
| NEE Nextera Energy Inc. | Add +0.8% | 0.04% | +0.00 |
| ECL Ecolab Inc. | Add +9.9% | 0.02% | +0.00 |
| BA The Boeing Co. | Add +9.4% | 0.01% | +0.00 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 195 | $2.6B | VTV, IEFA, VUG, QQQ, RSP |
| Q1 2026 | 188 | $2.4B | IEFA, VTV, VUG, QQQ, RSP |
| Q4 2025 | 194 | $2.3B | IEFA, VTV, VUG, QQQ, RSP |
| Q3 2025 | 198 | $2.3B | IEFA, VUG, VTV, QQQ, VTI |
| Q2 2025 | 198 | $2.1B | IEFA, VUG, VTV, QQQ, VTI |
| Q1 2025 | 186 | $1.9B | IEFA, VTV, VUG, QQQ, VOO |
| Q4 2024 | 190 | $1.3B | IEFA, QQQ, VYM, VOO, SPYV |
| Q3 2024 | 177 | $845.2M | IEFA, QQQ, AGG, VOO, BILS |
| Q2 2024 | 188 | $1.2B | IEFA, QQQ, VYM, VOO, BIL |
| Q1 2024 | 184 | $1.2B | IEFA, QQQ, VYM, VOO, BIL |