United Services Automobile Association

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 16, 2025), United Services Automobile Association reported 1,070 stock positions worth $3.2 billion. Its top holding was iShares MSCI Emr MRK Ex Chna (EMXC) at 9.0% of the portfolio, followed by iShares Core U.S. Aggregate (AGG, 9.0%) and Vanguard S&P 500 ETF (VOO, 4.8%). Compared with Q4 2024, it opened 681 new positions, sold out of 1, added to 50 and reduced 54. The biggest buy was a new position in iShares MSCI Emr MRK Ex Chna (EMXC) and the biggest sale Broadcom (AVGO, shares −75%).

Most Recent 13F
Q2 2026
Location
SAN ANTONIO, TX
CIK
0001021249
Portfolio Value
$3.2B (Q1 2025)
SEC Filing
0000950123-25-005784 ↗ filed May 16, 2025

Holdings Value

0$1.0B$2.0B$3.0B$4.0B$5.0B Q1 2024: $4.1B Q1 2024 Q2 2024: $3.9B Q2 2024 Q3 2024: $3.9B Q3 2024 Q4 2024: $3.1B Q4 2024 Q1 2025: $3.2B $3.2B Q1 2025 Q2 2025: $962.6M Q2 2025 Q3 2025: $1.4B Q3 2025 Q4 2025: $1.6B Q4 2025 Q1 2026: $850.6M Q1 2026 Q2 2026: $1.2B Q2 2026

Holdings 1,070 stocks · $3.2B
EMXC iShares MSCI Emr MRK Ex Chna 9.03% 5,316,622 $293.4M New
AGG iShares Core U.S. Aggregate 8.97% 2,953,780 $291.6M No change
VOO Vanguard S&P 500 ETF 4.76% 302,535 $154.8M Add +48.8%
UITB Victoryshares Core Intermedi 3.50% 2,421,191 $113.7M Add +12.4%
AAPL Apple Inc. 2.34% 348,554 $75.9M Reduce -0.4%
VEU Vanguard Ftse All-World Ex-U 2.22% 1,188,515 $72.1M Add +5.9%
JNJ Johnson & Johnson 2.10% 417,364 $68.3M Reduce -5.9%
XOM Exxon Mobil Corp. 2.07% 571,403 $67.3M Reduce -30.4%
MSFT Microsoft Corp. 2.01% 172,255 $65.3M Add +0.2%
NVDA Nvidia Corp. 1.92% 568,866 $62.4M No change
PG The Procter & Gamble Co. 1.56% 302,674 $50.9M Reduce -12.3%
PEP Pepsico Inc. 1.40% 305,241 $45.6M Reduce -4.8%
CVX Chevron Corp. 1.35% 264,529 $43.9M No change
AMZN Amazon.com Inc. 1.30% 218,783 $42.2M Add +1.3%
UNH Unitedhealth Group Inc. 1.14% 71,940 $37.1M No change
MRK Merck & Co. Inc. 1.07% 390,520 $34.8M No change
VXF Vanguard Extended Market ETF 1.04% 195,936 $33.8M Add +31.3%
VCSH Vanguard S/T Corp. Bond ETF 0.90% 371,886 $29.4M Add +100.0%
VCIT Vanguard Int-Term Corporate 0.90% 358,826 $29.3M Add +100.0%
CNQ Canadian Natural Resources 0.90% 952,807 $29.1M No change
META Meta Platforms Inc. Class A 0.90% 50,473 $29.1M No change
VCLT Vanguard Long-Term Corp. Bond 0.88% 378,700 $28.7M Add +100.0%
VYM Vanguard High DVD Yield ETF 0.86% 215,991 $27.9M Add +2.0%
BSV Vanguard Short-Term Bond ETF 0.85% 353,348 $27.7M Add +46.5%
QCOM Qualcomm Inc. 0.79% 168,061 $25.7M No change
ADP Automatic Data Processing 0.76% 82,621 $24.9M No change
KMB Kimberly-Clark Corp. 0.73% 168,864 $23.8M No change
CL Colgate-Palmolive Co. 0.71% 249,997 $23.2M Reduce -1.2%
BRK.B Berkshire Hathaway Inc. Class B 0.69% 42,426 $22.3M Add +0.3%
LOW Lowe's Cos Inc. 0.69% 97,588 $22.3M No change
CAT Caterpillar Inc. 0.65% 64,017 $21.1M No change
VXUS Vanguard Total Intl Stock 0.63% 328,708 $20.5M Add +99.8%
LLY Eli Lilly & Co. 0.63% 24,729 $20.3M No change
WMT Walmart Inc. 0.62% 237,794 $20.2M Reduce -10.2%
GOOGL Alphabet Inc. Class A 0.62% 130,858 $20.2M Reduce -0.5%
UPS United Parcel Service Class B 0.59% 175,117 $19.2M No change
LMT Lockheed Martin Corp. 0.59% 43,450 $19.2M No change
BND Vanguard Total Bond Market 0.58% 258,912 $19.0M Add +100.0%
GILD Gilead Sciences Inc. 0.57% 166,034 $18.6M Reduce -0.4%
AVGO Broadcom Inc. 0.57% 108,903 $18.4M Reduce -75.2%
GOOG Alphabet Inc. Class C 0.55% 114,318 $17.8M Reduce -0.3%
AXP American Express Co. 0.55% 66,800 $17.7M No change
SBUX Starbucks Corp. 0.54% 180,645 $17.7M No change
ACN Accenture PLC Class A 0.53% 56,615 $17.2M No change
TSLA Tesla Inc. 0.53% 64,752 $17.1M Add +0.9%
VLO Valero Energy Corp. 0.52% 129,685 $17.1M No change
COP Conocophillips 0.51% 162,762 $16.7M No change
MMM 3M Co. 0.50% 112,846 $16.3M Reduce -10.7%
JPM JPMorgan Chase & Co. 0.49% 65,584 $15.9M Reduce -75.3%
V Visa Inc. Class A 0.42% 40,038 $13.7M Add +3.6%
TRUE Truecar Inc. 0.39% 7,962,245 $12.7M No change
BMY Bristol-Myers Squibb Co. 0.39% 209,980 $12.6M Reduce -44.8%
ITW Illinois Tool Works 0.35% 45,523 $11.2M No change
MA Mastercard Inc. Class A 0.32% 19,057 $10.3M No change
COST Costco Wholesale Corp. 0.29% 10,291 $9.6M No change
NFLX Netflix Inc. 0.29% 10,014 $9.4M No change
IVW iShares S&P 500 Growth ETF 0.27% 94,332 $8.7M Add +100.0%
ABBV Abbvie Inc. 0.26% 40,910 $8.4M Reduce -90.9%
YUM Yum! Brands Inc. 0.25% 53,068 $8.3M No change
HD Home Depot Inc. 0.25% 22,945 $8.2M Reduce -88.7%
TGT Target Corp. 0.24% 75,715 $7.8M No change
IMO Imperial Oil Ltd. 0.22% 98,539 $7.0M No change
BBY Best Buy Co. Inc. 0.21% 92,610 $6.7M No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.20% 155,923 $6.4M No change
KO The Coca-Cola Co. 0.20% 90,120 $6.3M No change
MSCI MSCI Inc. 0.19% 11,214 $6.3M No change
CRM Salesforce Inc. 0.19% 22,585 $6.1M No change
AMP Ameriprise Financial Inc. 0.19% 12,503 $6.0M Add +0.5%
OTIS Otis Worldwide Corp. 0.18% 57,371 $5.9M No change
CSCO Cisco Systems Inc. 0.18% 94,250 $5.7M Reduce -90.2%
PM Philip Morris International 0.17% 36,264 $5.6M Reduce -92.8%
HPQ HP Inc. 0.17% 199,976 $5.6M No change
WFC Wells Fargo & Co. 0.17% 78,455 $5.5M No change
ORCL Oracle Corp. 0.16% 37,204 $5.2M Add +0.7%
RY Royal Bank of Canada 0.16% 46,609 $5.2M Add +0.2%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.16% 21,163 $5.2M No change
LIN Linde PLC 0.16% 11,238 $5.2M No change
ABT Abbott Laboratories 0.16% 39,361 $5.1M Reduce -3.2%
MCD McDonald's Corp. 0.16% 16,633 $5.1M No change
GE General Electric filed as GE AEROSPACE 0.16% 25,483 $5.1M No change
VTI VG Morningstar TS MKT ETF-US 0.16% 18,400 $5.1M Reduce -5.2%
MPC Marathon Petroleum Corp. 0.15% 34,133 $4.9M No change
MAS Masco Corp. 0.15% 70,146 $4.8M No change
TIP iShares Tips Bond ETF 0.15% 42,978 $4.8M Add +112.8%
HSY The Hershey Co. 0.15% 27,955 $4.7M No change
EXPD Expeditors Intl Wash Inc. 0.14% 39,041 $4.7M No change
T AT&T Inc. 0.14% 164,613 $4.6M No change
CVE Cenovus Energy Inc. 0.14% 328,989 $4.5M No change
TMO Thermo Fisher Scientific Inc. 0.14% 8,787 $4.4M New
VZ Verizon Communications Inc. 0.14% 97,618 $4.4M No change
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC 0.13% 47,326 $4.3M No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.13% 41,903 $4.1M No change
PLTR Palantir Technologies Inc. Class A 0.13% 47,630 $4.1M Add +2.2%
ISRG Intuitive Surgical Inc. 0.12% 8,212 $4.0M New
GS Goldman Sachs Group Inc. 0.12% 7,407 $4.0M New
RTX RTX Corp. 0.12% 30,280 $4.0M No change
ADBE Adobe Inc. 0.12% 10,255 $4.0M No change
SHOP Shopify Inc. Class A 0.12% 40,327 $3.9M Add +1.0%
INTU Intuit Inc. 0.12% 6,498 $3.9M New
AMD Advanced Micro Devices 0.12% 37,463 $3.9M No change

Show all 1,070 holdings

Portfolio Sells Q4 2024 → Q1 2025
AVGO Broadcom Inc. Reduce -75.2% 0.57% −2.76
ABBV Abbvie Inc. Reduce -90.9% 0.26% −2.35
HD Home Depot Inc. Reduce -88.7% 0.25% −2.31
MO Altria Group Inc. Reduce -97.0% 0.07% −2.18
PM Philip Morris International Reduce -92.8% 0.17% −1.80
CSCO Cisco Systems Inc. Reduce -90.2% 0.18% −1.69
JPM JPMorgan Chase & Co. Reduce -75.3% 0.49% −1.59
XOM Exxon Mobil Corp. Reduce -30.4% 2.07% −0.81
AAPL Apple Inc. Reduce -0.4% 2.34% −0.52
PG The Procter & Gamble Co. Reduce -12.3% 1.56% −0.32
BMY Bristol-Myers Squibb Co. Reduce -44.8% 0.39% −0.31
GOOGL Alphabet Inc. Class A Reduce -0.5% 0.62% −0.19
PEP Pepsico Inc. Reduce -4.8% 1.40% −0.19
GOOG Alphabet Inc. Class C Reduce -0.3% 0.55% −0.16
CLX Clorox Company Reduce -80.6% 0.03% −0.16
WMT Walmart Inc. Reduce -10.2% 0.62% −0.16
NXPI NXP Semiconductors NV Reduce -20.9% 0.11% −0.05
CL Colgate-Palmolive Co. Reduce -1.2% 0.71% −0.04
OC Owens Corning Reduce -1.2% 0.11% −0.03
MMM 3M Co. Reduce -10.7% 0.50% −0.03
VTI VG Morningstar TS MKT ETF-US Reduce -5.2% 0.16% −0.03
EXE Expand Energy Corp. Reduce -65.0% 0.02% −0.03
PBA Pembina Pipeline Corp. Reduce -5.8% 0.02% −0.03
B Barrick Gold Corp. Reduce -1.9% 0.03% −0.03
FITB Fifth Third Bancorp Reduce -62.1% 0.01% −0.02
RBA RB Global Inc. Reduce -1.4% 0.06% −0.01
GM General Motors Co. Reduce -10.9% 0.03% −0.01
ALTM Arcadium Lithium PLC Sold out 0.00% −0.01
VIG Vanguard Dividend Apprec ETF Reduce -8.1% 0.07% −0.01
DOW Dow Inc. Reduce -26.0% 0.01% −0.01
LOGI Logitech International-Reg Reduce -24.5% 0.10% −0.01
USFD US Foods Holding Corp. Reduce -4.9% 0.03% −0.01
GGG Graco Inc. Reduce -8.8% 0.03% −0.00
WBS Webster Financial Corp. Reduce -5.4% 0.02% −0.00
DBX Dropbox Inc. Class A Reduce -7.9% 0.01% −0.00
FHN First Horizon Corp. Reduce -1.4% 0.02% −0.00
VNT Vontier Corp. Reduce -6.4% 0.01% −0.00
FNB FNB Corp. Reduce -5.2% 0.01% −0.00
ALLY Ally Financial Inc. Reduce -8.1% 0.02% −0.00
NOV Nov Inc. Reduce -14.5% 0.01% −0.00
MTG Mgic Investment Corp. Reduce -10.6% 0.01% −0.00
FULT Fulton Financial Corp. Reduce -2.1% 0.01% −0.00
HR Healthcare Realty Trust Inc. Reduce -1.9% 0.01% −0.00
HOMB Home Bancshares Inc. Reduce -3.2% 0.01% −0.00
EXLS Exlservice Holdings Inc. Reduce -4.6% 0.01% −0.00
MAT Mattel Inc. Reduce -4.6% 0.01% −0.00
ORI Old Republic Intl Corp. Reduce -2.7% 0.02% −0.00
EXEL Exelixis Inc. Reduce -2.2% 0.02% +0.00
EQH Equitable Holdings Inc. Reduce -1.1% 0.03% +0.00
MDLZ Mondelez International Inc. Class A Reduce -3.0% 0.06% +0.00

Portfolio Buys Q4 2024 → Q1 2025
EMXC iShares MSCI Emr MRK Ex Chna New 9.03% +9.03
VOO Vanguard S&P 500 ETF Add +48.8% 4.76% +1.19
VCIT Vanguard Int-Term Corporate Add +100.0% 0.90% +0.43
VCSH Vanguard S/T Corp. Bond ETF Add +100.0% 0.90% +0.43
VCLT Vanguard Long-Term Corp. Bond Add +100.0% 0.88% +0.42
VXUS Vanguard Total Intl Stock Add +99.8% 0.63% +0.31
BND Vanguard Total Bond Market Add +100.0% 0.58% +0.28
UITB Victoryshares Core Intermedi Add +12.4% 3.50% +0.27
BSV Vanguard Short-Term Bond ETF Add +46.5% 0.85% +0.24
TMO Thermo Fisher Scientific Inc. New 0.14% +0.14
ISRG Intuitive Surgical Inc. New 0.12% +0.12
GS Goldman Sachs Group Inc. New 0.12% +0.12
INTU Intuit Inc. New 0.12% +0.12
VEU Vanguard Ftse All-World Ex-U Add +5.9% 2.22% +0.12
NOW ServiceNow Inc. New 0.12% +0.12
VXF Vanguard Extended Market ETF Add +31.3% 1.04% +0.12
SPGI S&P Global Inc. New 0.11% +0.11
IVW iShares S&P 500 Growth ETF Add +100.0% 0.27% +0.11
BKNG Booking Holdings Inc. New 0.11% +0.11
BLK BlackRock Inc. New 0.10% +0.10
VRTX Vertex Pharmaceuticals Inc. New 0.09% +0.09
SYK Stryker Corp. New 0.09% +0.09
SPOT Spotify Technology SA New 0.09% +0.09
DE Deere & Co. New 0.08% +0.08
ETN Eaton Corp. PLC New 0.08% +0.08
CB Chubb Ltd. New 0.08% +0.08
TIP iShares Tips Bond ETF Add +112.8% 0.15% +0.08
ELV Elevance Health Inc. New 0.07% +0.07
CI The Cigna Group New 0.07% +0.07
CME Cme Group Inc. New 0.07% +0.07
KLAC KLA Corp. New 0.06% +0.06
CRWD CrowdStrike Holdings Inc. Class A New 0.06% +0.06
AON Aon PLC Class A New 0.06% +0.06
BRK.B Berkshire Hathaway Inc. Class B Add +0.3% 0.69% +0.06
MCK McKesson Corp. New 0.06% +0.06
AJG Arthur J Gallagher & Co. New 0.06% +0.06
GEV GE Vernova Inc. New 0.06% +0.06
ORLY O'reilly Automotive Inc. New 0.06% +0.06
WM Waste Management Inc. New 0.06% +0.06
SHW The Sherwin-Williams Co. New 0.06% +0.06
TDG Transdigm Group Inc. New 0.05% +0.05
EQIX Equinix Inc. New 0.05% +0.05
MCO Moody's Corp. New 0.05% +0.05
PH Parker Hannifin Corp. New 0.05% +0.05
MSI Motorola Solutions Inc. New 0.05% +0.05
TT Trane Technologies PLC New 0.05% +0.05
CDNS Cadence Design SYS Inc. New 0.05% +0.05
CTAS Cintas Corp. New 0.05% +0.05
GD General Dynamics Corp. New 0.05% +0.05
BDX Becton Dickinson and Co. New 0.05% +0.05

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 15$1.2BAGG, VOO, NEAR, IVV, VXUS
Q1 2026 14$850.6MAGG, VOO, NEAR, VXUS, VCSH
Q4 2025 20$1.6BAGG, VOO, VEU, UITB, SPAB
Q3 2025 20$1.4BAGG, VOO, UITB, VEU, VXF
Q2 2025 19$962.6MAGG, UITB, VOO, VEU, VXF
Q1 2025 1,070$3.2BEMXC, AGG, VOO, UITB, AAPL
Q4 2024 390$3.1BAGG, VOO, AVGO, UITB, XOM
Q3 2024 380$3.9BAGG, IEMG, VOO, UITB, XOM
Q2 2024 452$3.9BAGG, IEMG, XOM, UITB, ABBV
Q1 2024 446$4.1BAGG, IEMG, XOM, AVGO, ABBV