Bell Bank
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 14, 2026), Bell Bank reported 194 stock positions worth $2.3 billion. Its top holding was iShares Core MSCI Eafe ETF (IEFA) at 13.2% of the portfolio, followed by Vanguard Mrngstr Val ETF-Aui (VTV, 13.1%) and Vanguard Mrngstar GR ETF-Sui (VUG, 12.3%). Compared with Q3 2025, it opened 10 new positions, sold out of 14, added to 53 and reduced 91. The biggest buy was Invesco S&P 500 Equal Weight (RSP, shares +102%) and the biggest sale Vanguard High DVD Yield ETF (VYM, shares −85%).
- Most Recent 13F
- Q2 2026
- Location
- FARGO, ND
- CIK
- 0001002672
- Portfolio Value
- $2.3B (Q4 2025)
- SEC Filing
- 0001062993-26-000244 ↗ filed Jan 14, 2026
Holdings Value
Holdings 194 stocks · $2.3B
| IEFA iShares Core MSCI Eafe ETF | 13.22% | 3,456,934 | $309.3M | Add +0.5% |
| VTV Vanguard Mrngstr Val ETF-Aui | 13.09% | 1,604,085 | $306.4M | Add +10.1% |
| VUG Vanguard Mrngstar GR ETF-Sui | 12.31% | 590,640 | $288.1M | Add +3.9% |
| QQQ Invesco QQQ Trust Series 1 | 9.28% | 353,558 | $217.2M | Add +1.0% |
| RSP Invesco S&P 500 Equal Weight | 4.81% | 587,480 | $112.5M | Add +102.2% |
| VTI VG Morningstar TS MKT ETF-US | 4.79% | 333,970 | $112.0M | Reduce -2.9% |
| VOO Vanguard S&P 500 ETF | 4.00% | 149,089 | $93.5M | Reduce -17.2% |
| SPYV SS SPDR P S&P 500 Value ETF | 3.84% | 1,581,036 | $89.8M | Add +0.6% |
| AGG iShares Core U.S. Aggregate | 2.63% | 616,369 | $61.6M | Add +9.9% |
| BILS SS Spdrb B 3-12M T-Bill ETF | 2.32% | 547,342 | $54.3M | Add +8.8% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 1.72% | 441,486 | $40.3M | Add +0.3% |
| VMBS Vanguard Mortgage-Backed Sec | 1.70% | 844,957 | $39.8M | Add +8.5% |
| NVDA Nvidia Corp. | 1.48% | 185,480 | $34.6M | Add +0.6% |
| MSFT Microsoft Corp. | 0.83% | 40,043 | $19.4M | Add +3.0% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.77% | 26,255 | $17.9M | Reduce -1.0% |
| VYM Vanguard High DVD Yield ETF | 0.66% | 107,334 | $15.4M | Reduce -85.1% |
| AAPL Apple Inc. | 0.64% | 55,187 | $15.0M | Reduce -10.2% |
| AMZN Amazon.com Inc. | 0.63% | 63,828 | $14.7M | Reduce -4.0% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.58% | 45,962 | $13.6M | Add +0.3% |
| RIO Rio Tinto PLC-Spon ADR | 0.58% | 170,052 | $13.6M | Reduce -6.3% |
| STX Seagate Technology Holdings | 0.58% | 49,368 | $13.6M | Reduce -12.4% |
| META Meta Platforms Inc. Class A | 0.57% | 20,186 | $13.3M | Add +1.8% |
| GOOGL Alphabet Inc. Class A | 0.56% | 42,056 | $13.2M | Reduce -6.8% |
| CVX Chevron Corp. | 0.54% | 83,123 | $12.7M | Add +2.2% |
| ABBV Abbvie Inc. | 0.52% | 52,915 | $12.1M | Reduce -12.2% |
| JAAA Janus Henderson Aaa Clo ETF | 0.52% | 238,849 | $12.1M | Add +167.1% |
| XOM Exxon Mobil Corp. | 0.49% | 96,099 | $11.6M | Add +0.5% |
| CSCO Cisco Systems Inc. | 0.49% | 148,953 | $11.5M | Reduce -1.2% |
| UPS United Parcel Service Class B | 0.49% | 115,625 | $11.5M | Reduce -7.2% |
| SO The Southern Co. | 0.48% | 127,901 | $11.2M | Add +20.5% |
| PFE Pfizer Inc. | 0.47% | 445,650 | $11.1M | Reduce -2.5% |
| GOOG Alphabet Inc. Class C | 0.47% | 34,955 | $11.0M | Reduce -9.6% |
| ARCC Ares Capital Corp. | 0.46% | 534,586 | $10.8M | Add +0.8% |
| VZ Verizon Communications Inc. | 0.45% | 259,383 | $10.6M | Add +0.2% |
| TRP TC Energy Corp. | 0.43% | 184,972 | $10.2M | Reduce -0.5% |
| AMGN Amgen Inc. | 0.42% | 29,962 | $9.8M | Reduce -2.0% |
| PRU Prudential Financial Inc. | 0.41% | 85,432 | $9.6M | Reduce -1.3% |
| GILD Gilead Sciences Inc. | 0.40% | 76,577 | $9.4M | Reduce -2.6% |
| PEP Pepsico Inc. | 0.40% | 65,356 | $9.4M | Reduce -0.9% |
| ADM Archer-Daniels-Midland Co. | 0.40% | 161,149 | $9.3M | Reduce -3.7% |
| USB US Bancorp | 0.40% | 173,472 | $9.3M | Reduce -1.5% |
| DUK Duke Energy Corp. | 0.39% | 77,541 | $9.1M | Reduce -2.2% |
| GSK GSK PLC-Spon ADR | 0.39% | 184,200 | $9.0M | Reduce -4.5% |
| HBAN Huntington Bancshares Inc. | 0.39% | 519,395 | $9.0M | Reduce -0.8% |
| T AT&T Inc. | 0.35% | 327,243 | $8.1M | Add +4.1% |
| KHC The Kraft Heinz Co. | 0.35% | 334,524 | $8.1M | Reduce -3.3% |
| HPE Hewlett Packard Enterprise | 0.34% | 326,718 | $7.8M | Add +0.1% |
| KMI Kinder Morgan Inc. | 0.31% | 265,786 | $7.3M | Add +0.2% |
| AVGO Broadcom Inc. | 0.29% | 19,900 | $6.9M | Add +5.2% |
| VTRS Viatris Inc. | 0.29% | 552,650 | $6.9M | Reduce -6.0% |
| CCI Crown Castle Inc. | 0.28% | 73,049 | $6.5M | Reduce -4.0% |
| JPM JPMorgan Chase & Co. | 0.28% | 20,132 | $6.5M | Add +0.3% |
| CAG Conagra Brands Inc. | 0.28% | 373,277 | $6.5M | Reduce -8.1% |
| V Visa Inc. Class A | 0.25% | 16,803 | $5.9M | Add +5.9% |
| DOW Dow Inc. | 0.25% | 246,954 | $5.8M | Reduce -0.9% |
| LYB Lyondellbasell Indu Class A | 0.23% | 123,703 | $5.4M | Add +0.8% |
| KMB Kimberly-Clark Corp. | 0.22% | 50,771 | $5.1M | Reduce -5.1% |
| TSLA Tesla Inc. | 0.21% | 11,031 | $5.0M | Reduce -2.0% |
| PG The Procter & Gamble Co. | 0.18% | 29,523 | $4.2M | Reduce -0.3% |
| TSM Taiwan Semiconductor-SP ADR | 0.17% | 12,943 | $3.9M | Add +14.1% |
| MA Mastercard Inc. Class A | 0.16% | 6,447 | $3.7M | Add +1.1% |
| MCD McDonald's Corp. | 0.14% | 11,021 | $3.4M | Reduce -36.9% |
| SCHD Schwab US DVD Equity ETF | 0.12% | 104,155 | $2.9M | Add +53.3% |
| LLY Eli Lilly & Co. | 0.11% | 2,308 | $2.5M | Add +30.7% |
| JEPI JPMorgan Equity Premium Inco | 0.10% | 42,447 | $2.4M | Add +9.9% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.10% | 4,674 | $2.3M | Add +0.1% |
| WMT Walmart Inc. | 0.10% | 20,968 | $2.3M | Add +5.0% |
| SPHQ Invesco S&P 500 Quality ETF | 0.10% | 30,216 | $2.3M | Add +4.0% |
| VEA Vanguard Ftse Developed ETF | 0.10% | 36,005 | $2.2M | No change |
| SPDW Ste STR SPDR PT DW Eu ETF | 0.09% | 49,351 | $2.2M | Add +62.8% |
| LOW Lowe's Cos Inc. | 0.09% | 8,786 | $2.1M | Add +18.6% |
| HD Home Depot Inc. | 0.09% | 6,080 | $2.1M | Add +2.1% |
| COST Costco Wholesale Corp. | 0.09% | 2,395 | $2.1M | Add +6.9% |
| AMD Advanced Micro Devices | 0.09% | 9,499 | $2.0M | Add +2.0% |
| NFLX Netflix Inc. | 0.09% | 21,296 | $2.0M | Add +1.6% |
| KO The Coca-Cola Co. | 0.08% | 27,791 | $1.9M | Add +1.6% |
| HSY The Hershey Co. | 0.08% | 10,299 | $1.9M | New |
| FTNT Fortinet Inc. | 0.08% | 23,014 | $1.8M | Add +93.5% |
| DFUS Dimensional US Eq MKT ETF | 0.08% | 23,914 | $1.8M | Reduce -0.5% |
| VGSH Vanguard Short-Term Treasury | 0.08% | 29,934 | $1.8M | No change |
| AMAT Applied Materials Inc. | 0.07% | 6,800 | $1.7M | Reduce -1.2% |
| SHV iShares 0-1 Year Treasury Bo | 0.07% | 15,497 | $1.7M | No change |
| HEI Heico Corp. | 0.07% | 4,819 | $1.6M | Reduce -10.1% |
| BSV Vanguard Short-Term Bond ETF | 0.07% | 19,647 | $1.5M | No change |
| IRT Independence Realty Trust Inc. | 0.07% | 88,006 | $1.5M | No change |
| ORCL Oracle Corp. | 0.06% | 7,475 | $1.5M | Reduce -2.1% |
| CRM Salesforce Inc. | 0.06% | 5,431 | $1.4M | Reduce -5.8% |
| PLTR Palantir Technologies Inc. Class A | 0.06% | 7,646 | $1.4M | No change |
| ADI Analog Devices Inc. | 0.06% | 4,932 | $1.3M | Reduce -5.4% |
| AXP American Express Co. | 0.06% | 3,583 | $1.3M | Add +7.5% |
| MMM 3M Co. | 0.05% | 7,797 | $1.2M | Reduce -7.8% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.05% | 20,365 | $1.1M | Add +3.8% |
| CAT Caterpillar Inc. | 0.05% | 1,920 | $1.1M | Reduce -20.5% |
| JNJ Johnson & Johnson | 0.05% | 5,157 | $1.1M | Reduce -4.1% |
| MU Micron Technology Inc. | 0.04% | 3,657 | $1.0M | Reduce -1.7% |
| UNH Unitedhealth Group Inc. | 0.04% | 3,145 | $1.0M | Reduce -12.7% |
| ANET Arista Networks Inc. | 0.04% | 7,857 | $1.0M | Add +4.7% |
| FAST Fastenal Co. | 0.04% | 25,476 | $1.0M | Reduce -14.7% |
| VGT Vanguard Info Tech ETF | 0.04% | 1,281 | $966K | No change |
| PH Parker Hannifin Corp. | 0.04% | 1,096 | $963K | No change |
Portfolio Sells Q3 2025 → Q4 2025
| VYM Vanguard High DVD Yield ETF | Reduce -85.1% | 0.66% | −3.74 |
| VOO Vanguard S&P 500 ETF | Reduce -17.2% | 4.00% | −0.78 |
| UL Unilever PLC | Sold out | 0.00% | −0.26 |
| EXR Extra Space Storage Inc. | Sold out | 0.00% | −0.15 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -2.9% | 4.79% | −0.10 |
| AFL Aflac Inc. | Sold out | 0.00% | −0.10 |
| PSA Public Storage | Sold out | 0.00% | −0.09 |
| WM Waste Management Inc. | Sold out | 0.00% | −0.09 |
| ABBV Abbvie Inc. | Reduce -12.2% | 0.52% | −0.09 |
| MCD McDonald's Corp. | Reduce -36.9% | 0.14% | −0.09 |
| INTC Intel Corp. | Reduce -80.0% | 0.02% | −0.08 |
| KMB Kimberly-Clark Corp. | Reduce -5.1% | 0.22% | −0.07 |
| CAG Conagra Brands Inc. | Reduce -8.1% | 0.28% | −0.05 |
| KHC The Kraft Heinz Co. | Reduce -3.3% | 0.35% | −0.04 |
| CCI Crown Castle Inc. | Reduce -4.0% | 0.28% | −0.04 |
| ADM Archer-Daniels-Midland Co. | Reduce -3.7% | 0.40% | −0.04 |
| AAPL Apple Inc. | Reduce -10.2% | 0.64% | −0.04 |
| DUK Duke Energy Corp. | Reduce -2.2% | 0.39% | −0.04 |
| CSGP Costar Group Inc. | Reduce -69.0% | 0.01% | −0.04 |
| ORCL Oracle Corp. | Reduce -2.1% | 0.06% | −0.03 |
| PFE Pfizer Inc. | Reduce -2.5% | 0.47% | −0.03 |
| BMY Bristol-Myers Squibb Co. | Reduce -78.0% | 0.01% | −0.03 |
| PALL Abrdn Physical Palladium SHS | Sold out | 0.00% | −0.02 |
| SLV iShares Silver Trust | Sold out | 0.00% | −0.02 |
| JPST JPMorgan Ultra-Short Income | Reduce -51.9% | 0.02% | −0.02 |
| CRWD CrowdStrike Holdings Inc. Class A | Reduce -39.0% | 0.03% | −0.02 |
| FAST Fastenal Co. | Reduce -14.7% | 0.04% | −0.02 |
| PG The Procter & Gamble Co. | Reduce -0.3% | 0.18% | −0.02 |
| CTVA Corteva Inc. | Sold out | 0.00% | −0.02 |
| DD Dupont DE Nemours Inc. | Sold out | 0.00% | −0.02 |
| CMCSA Comcast Corp. Class A | Sold out | 0.00% | −0.01 |
| SNPS Synopsys Inc. | Sold out | 0.00% | −0.01 |
| MSI Motorola Solutions Inc. | Sold out | 0.00% | −0.01 |
| NOW ServiceNow Inc. | Reduce -4.2% | 0.04% | −0.01 |
| UNH Unitedhealth Group Inc. | Reduce -12.7% | 0.04% | −0.01 |
| TTD Trade Desk Inc./the Class A | Sold out | 0.00% | −0.01 |
| GLD SPDR Gold Shares | Reduce -30.2% | 0.03% | −0.01 |
| HEI Heico Corp. | Reduce -10.1% | 0.07% | −0.01 |
| TYL Tyler Technologies Inc. | Reduce -2.8% | 0.03% | −0.01 |
| HBAN Huntington Bancshares Inc. | Reduce -0.8% | 0.39% | −0.01 |
| MDY State Street SPDR S&P Midcap | Reduce -17.6% | 0.02% | −0.01 |
| TSLA Tesla Inc. | Reduce -2.0% | 0.21% | −0.00 |
| VEEV Veeva Systems Inc. Class A | Reduce -6.1% | 0.01% | −0.00 |
| ALL Allstate Corp. | Reduce -6.4% | 0.04% | −0.00 |
| TXN Texas Instruments Inc. | Reduce -11.3% | 0.02% | −0.00 |
| LMT Lockheed Martin Corp. | Reduce -14.9% | 0.02% | −0.00 |
| MMM 3M Co. | Reduce -7.8% | 0.05% | −0.00 |
| NXPI NXP Semiconductors NV | Reduce -7.9% | 0.02% | −0.00 |
| TRP TC Energy Corp. | Reduce -0.5% | 0.43% | −0.00 |
| AMZN Amazon.com Inc. | Reduce -4.0% | 0.63% | −0.00 |
Portfolio Buys Q3 2025 → Q4 2025
| RSP Invesco S&P 500 Equal Weight | Add +102.2% | 4.81% | +2.42 |
| VTV Vanguard Mrngstr Val ETF-Aui | Add +10.1% | 13.09% | +1.33 |
| VUG Vanguard Mrngstar GR ETF-Sui | Add +3.9% | 12.31% | +0.51 |
| JAAA Janus Henderson Aaa Clo ETF | Add +167.1% | 0.52% | +0.32 |
| IEFA iShares Core MSCI Eafe ETF | Add +0.5% | 13.22% | +0.21 |
| AGG iShares Core U.S. Aggregate | Add +9.9% | 2.63% | +0.20 |
| QQQ Invesco QQQ Trust Series 1 | Add +1.0% | 9.28% | +0.18 |
| BILS SS Spdrb B 3-12M T-Bill ETF | Add +8.8% | 2.32% | +0.15 |
| VMBS Vanguard Mortgage-Backed Sec | Add +8.5% | 1.70% | +0.12 |
| HSY The Hershey Co. | New | 0.08% | +0.08 |
| SPYV SS SPDR P S&P 500 Value ETF | Add +0.6% | 3.84% | +0.07 |
| LLY Eli Lilly & Co. | Add +30.7% | 0.11% | +0.05 |
| SCHD Schwab US DVD Equity ETF | Add +53.3% | 0.12% | +0.04 |
| SO The Southern Co. | Add +20.5% | 0.48% | +0.04 |
| SPDW Ste STR SPDR PT DW Eu ETF | Add +62.8% | 0.09% | +0.04 |
| FTNT Fortinet Inc. | Add +93.5% | 0.08% | +0.03 |
| TSM Taiwan Semiconductor-SP ADR | Add +14.1% | 0.17% | +0.03 |
| XOM Exxon Mobil Corp. | Add +0.5% | 0.49% | +0.03 |
| AVGO Broadcom Inc. | Add +5.2% | 0.29% | +0.02 |
| CMG Chipotle Mexican Grill Inc. | New | 0.02% | +0.02 |
| AMD Advanced Micro Devices | Add +2.0% | 0.09% | +0.02 |
| IBM Intl Business Machines Corp. | Add +0.3% | 0.58% | +0.02 |
| FDL First Trust Morn DVD Lead Inc. | Add +148.5% | 0.03% | +0.02 |
| V Visa Inc. Class A | Add +5.9% | 0.25% | +0.02 |
| WMT Walmart Inc. | Add +5.0% | 0.10% | +0.01 |
| IJH iShares Core S&P Midcap ETF | New | 0.01% | +0.01 |
| TWO RDS SHARED TR | New | 0.01% | +0.01 |
| WFC Wells Fargo & Co. | New | 0.01% | +0.01 |
| LOW Lowe's Cos Inc. | Add +18.6% | 0.09% | +0.01 |
| REGN Regeneron Pharmaceuticals | New | 0.01% | +0.01 |
| FDX FedEx Corp. | New | 0.01% | +0.01 |
| DAL Delta Air Lines Inc. | New | 0.01% | +0.01 |
| AXP American Express Co. | Add +7.5% | 0.06% | +0.01 |
| OEF iShares S&P 100 ETF | New | 0.01% | +0.01 |
| VHT Vanguard Health Care ETF | New | 0.01% | +0.01 |
| JEPI JPMorgan Equity Premium Inco | Add +9.9% | 0.10% | +0.01 |
| SPHQ Invesco S&P 500 Quality ETF | Add +4.0% | 0.10% | +0.00 |
| KO The Coca-Cola Co. | Add +1.6% | 0.08% | +0.00 |
| BAC Bank of America Corp. | Add +3.8% | 0.05% | +0.00 |
| JPM JPMorgan Chase & Co. | Add +0.3% | 0.28% | +0.00 |
| VYMI Vanguard Int High DVD YLD Inc. | Add +4.4% | 0.02% | +0.00 |
| IWR iShares Russell Mid-Cap ETF | Add +6.7% | 0.02% | +0.00 |
| IEMG iShares Core MSCI Emerging | Add +3.8% | 0.01% | +0.00 |
| SYK Stryker Corp. | Add +10.5% | 0.02% | +0.00 |
| MA Mastercard Inc. Class A | Add +1.1% | 0.16% | +0.00 |
| UBER Uber Technologies Inc. | Add +22.9% | 0.01% | +0.00 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +0.1% | 0.10% | −0.00 |
| BLK BlackRock Inc. | Add +4.8% | 0.03% | −0.00 |
| COST Costco Wholesale Corp. | Add +6.9% | 0.09% | −0.00 |
| ANET Arista Networks Inc. | Add +4.7% | 0.04% | −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 |