Alerus Investment Advisors Corp

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CIK 1541895

13F portfolio (2016-Q1)

$575M

Positions

287

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2015-Q4. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.

Implied return what this book implies · modeled, not advice methodology →

Open in PORT →

As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).

Computing…

Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.

Exposures · what this manager owns, by sector & size (2016-Q1)

Holdings

280

Top 5

28.7%

Top 10

39.2%

Effective N

35.1

HHI

0.029

This quarter

130 new · 0 exit →

By sector

Unclassified54.9%

Information Technology9.1%

Financials8.1%

Communication Services6.3%

Health Care5.1%

Consumer Staples4.8%

Consumer Discretionary4.6%

Energy2.4%

Other4.6%

By market cap

Unknown55.1%

Large ($10–200B)24.1%

Mega (>$200B)20.7%

Mid ($2–10B)0.0%

Small ($300M–2B)0.0%

By region

Other54.9%

North America45.1%

Europe0.0%

Asia-Pacific0.0%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	54.86%	120
Software & IT Services	3.81%	7
Banks	3.79%	10
Pharmaceuticals & Biotechnology	3.39%	12
Oil, Gas & Consumable Fuels	2.41%	4
Software	2.38%	3
Technology Hardware & Equipment	2.35%	7
Insurance	2.21%	8
Diversified Telecommunication Services	2.18%	2
Electrical Equipment & Components	2.13%	2
Beverages	1.97%	4
Specialty Retail	1.92%	11
Health Care Equipment & Supplies	1.74%	6
Capital Markets	1.42%	5
Commercial Services & Supplies	1.36%	8
Chemicals	1.36%	6
Distributors	1.33%	6
Hotels, Restaurants & Leisure	1.33%	3
Food & Staples Retailing	1.27%	2
Aerospace & Defense	1.23%	3
Media & Entertainment	0.89%	4
Utilities	0.86%	13
Tobacco	0.82%	2
Communications Equipment	0.79%	2
Food Products	0.75%	4
Entertainment	0.61%	1
Semiconductors & Semiconductor Equipment	0.31%	5
Machinery	0.24%	4
Road & Rail	0.24%	2
Metals & Mining	0.04%	2
Health Care Providers & Services	0.00%	5
Paper & Forest Products	0.00%	2
Equity Real Estate Investment Trusts (REITs)	0.00%	2
Leisure Products	0.00%	1
Textiles, Apparel & Luxury Goods	0.00%	1
Transportation Infrastructure	0.00%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	VOO	VANGUARD INDEX FDS	Unclassified	10.48%
2	AGG	ISHARES TR	Unclassified	7.96%
3	IWM	ISHARES TR	Unclassified	4.03%
4	VONE	Vanguard Russell 1000 ETF	Unclassified	3.36%
5	SPY	STATE STR SPDR S&P 500 ETF T	Unclassified	2.89%
6		Apple Computer	Unclassified	2.79%
7	VNQ	VANGUARD INDEX FDS	Unclassified	2.14%
8	GE	GENERAL ELECTRIC CO	Information Technology	1.86%
9	IWR	ISHARES TR	Unclassified	1.85%
10	GOOGL	Alphabet Inc.	Communication Services	1.83%

161/280 names classified · sector 45.1% of weight · industry 45.1% · mkt cap 44.9%; unclassified names shown, never dropped.

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

top 5/sector, rest → “Other” · 12 quarters

Information TechnologyMSFT, GE, AAPL, CTSH, ORCL · other

FinancialsJPM, WFC, PRU, AXP, ICE · other

Health CareJNJ, PFE, MDT, ABT, BDX · other

Consumer StaplesPEP, CVS, PM, KO, MDLZ · other

EnergyXOM, CVX, HAL, SLB, SU · other

Communication ServicesCMCSA, DIS, VZ, T, GOOGL · other

Consumer DiscretionarySBUX, MCD, LOW, WMT, TGT · other

IndustrialsHON, ETN, NSC, ACN, BA · other

MaterialsPG, NKE, ECL, CF, CL · other

UtilitiesED, SO, DUK, NEE, XEL · other

Real EstateMAA, SUI, WELL

UnclassifiedVOO, AGG, SPY, IWM, ST JUDE MED INC · other

Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 45.1% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2016-Q1), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

Only 45% of book weight classified — the grid is NOT representative of the whole book.

holdings, colored by sector (147 classified)Alerus Investment Advisors Corp centroid (Large Core)

Information TechnologyFinancialsCommunication ServicesHealth CareConsumer StaplesConsumer DiscretionaryEnergyIndustrialsMaterialsUtilitiesReal Estate

Style box summary for Alerus Investment Advisors Corp: centroid Large Core. Heaviest cells: Large Value 19.2%, Large Core 9.5%, Large Growth 9.4%.

Classified: 44.9% of book weight (147/216 names) · unclassified 55.1%: , VOO, AGG, IWM, VONE, SPY, VNQ, IWR, VO, XLU +59 more. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.

Contribution holdings-based, any period

No contribution data for this period.

Holdings· 287 positions (2016-Q1) · largest first · Δ vs 2015-Q4

#	Security	Shares	Value	Weight	Δ QoQ
1	VOOVANGUARD INDEX FDS	319,580	$60M	10.5%	TRIM −10%
2	AGGISHARES TR	412,934	$46M	8.0%	TRIM −31%
3	IWMISHARES TR	209,447	$23M	4.0%	TRIM −24%
4	VONEVanguard Russell 1000 ETF	204,864	$19M	3.4%	ADD 115%
5	SPYSTATE STR SPDR S&P 500 ETF T	80,788	$17M	2.9%	ADD 20%
6	Apple Computer	147,041	$16M	2.8%	ADD 7%
7	VNQVANGUARD INDEX FDS	146,550	$12M	2.1%	TRIM −17%
8	GEGENERAL ELECTRIC CO	336,433	$11M	1.9%	ADD 15%
9	IWRISHARES TR	65,321	$11M	1.9%	ADD 4%
10	GOOGLALPHABET INC	13,763	$11M	1.8%	NEW
11	JNJJOHNSON & JOHNSON	94,051	$10M	1.8%	TRIM −3%
12	VOVANGUARD INDEX FDS	82,659	$10M	1.7%	TRIM −10%
13	XLUSELECT SECTOR SPDR TR	183,961	$9M	1.6%	HOLD
14	MSFTMICROSOFT CORP	162,371	$9M	1.6%	HOLD
15	VCITVANGUARD SCOTTSDALE FDS	92,682	$8M	1.4%	TRIM −11%
16	CVSCVS HEALTH CORP	70,455	$7M	1.3%	ADD 34%
17	IBBISHARES TR	27,921	$7M	1.3%	ADD 6%
18	HONHONEYWELL INTL INC	62,983	$7M	1.2%	ADD 15%
19	JPMJPMORGAN CHASE & CO	119,156	$7M	1.2%	ADD 4%
20	IEFISHARES TR	63,623	$7M	1.2%	TRIM −23%
21	PRICELINE COM INC	5,356	$7M	1.2%	HOLD
22	LOWLOWES COS INC	90,966	$7M	1.2%	ADD 32%
23	VZVERIZON COMMUNICATIONS INC	126,532	$7M	1.2%	TRIM −7%
24	CTSHCOGNIZANT TECHNOLOGY SOLUTIO	106,482	$7M	1.2%	ADD 8%
25	Berkshire Hathaway Inc	46,043	$7M	1.1%	TRIM −5%
26	XOMEXXON MOBIL CORP	76,423	$6M	1.1%	HOLD
27	MDTMEDTRONIC PLC	84,548	$6M	1.1%	HOLD
28	PEPPEPSICO INC	61,556	$6M	1.1%	HOLD
29	UNHUNITEDHEALTH GROUP INC	46,044	$6M	1.0%	ADD 66%
30	PFEPFIZER INC	196,049	$6M	1.0%	ADD 13%
31	TAT&T INC	145,764	$6M	1.0%	ADD 3%
32	BLKBLACKROCK INC	16,534	$6M	1.0%	TRIM −49%
33	CSCOCISCO SYS INC	186,742	$5M	0.9%	ADD 7%
34	CMCSACOMCAST CORP NEW	83,820	$5M	0.9%	TRIM −25%
35	KOCOCA COLA CO	107,841	$5M	0.9%	ADD 10%
36	PGPROCTER AND GAMBLE CO	60,206	$5M	0.9%	HOLD
37	METAMETA PLATFORMS INC	41,671	$5M	0.8%	ADD 147%
38	ORCLORACLE CORP	115,403	$5M	0.8%	HOLD
39	PMPHILIP MORRIS INTL INC	48,057	$5M	0.8%	TRIM −21%
40	Boeing Co	36,132	$5M	0.8%	ADD 5%
41	QCOMQUALCOMM INC	89,214	$5M	0.8%	ADD 10%
42	DHRDANAHER CORP DEL	47,320	$4M	0.8%	ADD 27%
43	CAHCARDINAL HEALTH INC	52,350	$4M	0.7%	ADD 34%
44	E M C CORP MASS	155,208	$4M	0.7%	ADD 10%
45	CVXCHEVRON CORP NEW	42,555	$4M	0.7%	ADD 38%
46	MYLAN NV	86,874	$4M	0.7%	ADD 31%
47	ACNACCENTURE PLC IRELAND	34,497	$4M	0.7%	HOLD
48	PRUPRUDENTIAL FINL INC	54,563	$4M	0.7%	ADD 6%
49	VVISA INC	51,253	$4M	0.7%	ADD 3%
50	Becton, Dickinson and Company	25,322	$4M	0.7%	TRIM −28%
51	ZBHZIMMER BIOMET HOLDINGS INC	34,355	$4M	0.6%	ADD 7%
52	DISDISNEY WALT CO	35,314	$4M	0.6%	TRIM −12%
53	ALLERGAN PLC	12,687	$3M	0.6%	TRIM −5%
54	CELGENE CORP	33,631	$3M	0.6%	ADD 18%
55	Intrcontinentalexchange	14,041	$3M	0.6%	TRIM −8%
56	FFIVF5 INC	30,616	$3M	0.6%	TRIM −3%
57	CCITIGROUP INC	74,094	$3M	0.5%	ADD 4%
58	VYMVANGUARD WHITEHALL FDS	44,103	$3M	0.5%	ADD 4%
59	IEOISHARES TR	57,717	$3M	0.5%	ADD 7%
60	IVVISHARES TR	14,296	$3M	0.5%	HOLD
61	SBUXSTARBUCKS CORP	48,247	$3M	0.5%	HOLD
62	MCKMCKESSON CORP	18,181	$3M	0.5%	ADD 9%
63	AXPAmerican Express Co	46,098	$3M	0.5%	HOLD
64	METMETLIFE INC	63,898	$3M	0.5%	ADD 6%
65	MARMARRIOTT INTL INC NEW	38,451	$3M	0.5%	NEW
66	USBUS BANCORP	64,988	$3M	0.5%	ADD 4%
67	CMECME GROUP INC	26,253	$3M	0.4%	HOLD
68	STTSTATE STR CORP	43,087	$3M	0.4%	ADD 7%
69	EXPRESS SCRIPTS HLDG CO	33,356	$2M	0.4%	TRIM −36%
70	WFCWELLS FARGO CO NEW	105,939	$2M	0.4%	ADD 13%
71	MCDMCDONALDS CORP	16,023	$2M	0.4%	ADD 3%
72	TWENTY FIRST CENTY FOX INC	70,660	$2M	0.3%	ADD 4%
73	HDHOME DEPOT INC	14,456	$2M	0.3%	HOLD
74	NKENIKE INC	29,196	$2M	0.3%	TRIM −2%
75	INTCINTEL CORP	54,843	$2M	0.3%	ADD 7%
76	GISGENERAL MILLS INC	27,740	$2M	0.3%	ADD 8%
77	SOSOUTHERN CO	33,947	$2M	0.3%	ADD 37%
78	HALHALLIBURTON CO	48,628	$2M	0.3%	ADD 3%
79	SLBSCHLUMBERGER LTD	23,070	$2M	0.3%	TRIM −2%
80	DUKDUKE ENERGY CORP NEW	19,781	$2M	0.3%	ADD 26%
81	MDLZMONDELEZ INTL INC	39,669	$2M	0.3%	TRIM −46%
82	EMREMERSON ELEC CO	28,948	$2M	0.3%	ADD 3%
83	ABBVABBVIE INC	26,958	$2M	0.3%	NEW
84	RYROYAL BK CDA	26,666	$2M	0.3%	ADD 6%
85	DKSDICKS SPORTING GOODS INC	32,699	$2M	0.3%	TRIM −56%
86	MRKMERCK & CO INC	28,561	$2M	0.3%	HOLD
87	MONSANTO CO NEW	16,691	$1M	0.3%	TRIM −39%
88	IGSBISHARES TR	13,216	$1M	0.2%	TRIM −6%
89	ETNEATON CORP PLC	21,638	$1M	0.2%	TRIM −71%
90	UPSUNITED PARCEL SERVICE INC	12,778	$1M	0.2%	ADD 23%
91	BNDVANGUARD BD INDEX FDS	12,148	$1M	0.2%	TRIM −28%
92	KHCKRAFT HEINZ CO	12,143	$954,000	0.2%	ADD 2%
93	TOTALENERGIES SE	21,009	$954,000	0.2%	ADD 16%
94	NORDSTROM INC	15,316	$876,000	0.2%	TRIM −69%
95	EFAISHARES TR	15,278	$873,000	0.2%	TRIM −4%
96	IJHISHARES TR	5,821	$839,000	0.1%	TRIM −5%
97	EDCONSOLIDATED EDISON INC	10,778	$826,000	0.1%	TRIM −55%
98	DVYISHARES TR	9,840	$804,000	0.1%	TRIM −3%
99	EEMISHARES TR	23,106	$791,000	0.1%	ADD 476%
100	ECLECOLAB INC	6,600	$736,000	0.1%	HOLD
101	ISHARES TR	28,318	$727,000	0.1%	HOLD
102	DBEUDBX ETF TR	28,000	$691,000	0.1%	NEW
103	VBRVANGUARD INDEX FDS	6,355	$647,000	0.1%	TRIM −5%
104	VBKVANGUARD INDEX FDS	4,968	$591,000	0.1%	TRIM −6%
105	VEAVANGUARD TAX-MANAGED FDS	14,021	$503,000	0.1%	HOLD
106	GWWWW GRAINGER INC	2,082	$486,000	0.1%	HOLD
107	LQDISHARES TR	4,077	$484,000	0.1%	TRIM −5%
108	IBMINTERNATIONAL BUSINESS MACHS	3,157	$478,000	0.1%	TRIM −52%
109	GILDGILEAD SCIENCES INC	4,798	$441,000	0.1%	ADD 3%
110	MUBISHARES TR	3,874	$433,000	0.1%	HOLD
111	NEENEXTERA ENERGY INC	3,509	$415,000	0.1%	ADD 4%
112	TJXTJX COS INC NEW	5,205	$407,000	0.1%	HOLD
113	ISHARES INC	13,911	$342,000	0.1%	NEW
114	VBVANGUARD INDEX FDS	3,014	$336,000	0.1%	ADD 5%
115	VWOVANGUARD INTL EQUITY INDEX F	9,219	$319,000	0.1%	HOLD
116	CLCOLGATE PALMOLIVE CO	4,331	$306,000	0.1%	HOLD
117	IVWISHARES TR	2,434	$282,000	0.0%	HOLD
118	IGOVISHARES TR	2,797	$272,000	0.0%	HOLD
119	HYGISHARES TR	3,182	$260,000	0.0%	TRIM −8%
120	ROSTROSS STORES INC	4,448	$258,000	0.0%	HOLD
121	XELXCEL ENERGY INC	5,868	$245,000	0.0%	HOLD
122	NUENUCOR CORP	4,899	$232,000	0.0%	NEW
123	IVEISHARES TR	2,524	$227,000	0.0%	HOLD
124	SCZISHARES TR	3,515	$175,000	0.0%	ADD 13%
125	KMIKINDER MORGAN INC DEL	5,314	$95,000	0.0%	HOLD
126	SPECTRA ENERGY PARTNERS LP	1,694	$82,000	0.0%	HOLD
127	PUBLIC STORAGE CL A	2,965	$80,000	0.0%	HOLD
128	SCE TRUST II	3,160	$80,000	0.0%	HOLD
129	State Street Corp 6 percent Pfd	2,955	$78,000	0.0%	HOLD
130	Allstate 6.625	2,805	$77,000	0.0%	NEW
131	BEMIS INC	1,461	$76,000	0.0%	NEW
132	EMBISHARES TR	685	$76,000	0.0%	HOLD
133	General Elec Cap Corp Pfd Ser	2,425	$63,000	0.0%	HOLD
134	AFLAC INC 5.5 Per cent	2,225	$57,000	0.0%	NEW
135	DU PONT E I DE NEMOURS & CO	759	$48,000	0.0%	TRIM −87%
136	RWRSPDR SERIES TRUST	463	$44,000	0.0%	HOLD
137	XLESELECT SECTOR SPDR TR	710	$44,000	0.0%	HOLD
138	BB&T CORP	1,600	$42,000	0.0%	NEW
139	GENERAL ELECTRIC CAPITAL 4.875	1,600	$42,000	0.0%	HOLD
140	SCE TR I TR PREF SECS 1.40625 PFD	1,600	$41,000	0.0%	HOLD
141	ICEINTERCONTINENTAL EXCHANGE IN	165	$39,000	0.0%	ADD 3%
142	WMTWALMART INC	565	$39,000	0.0%	HOLD
143	ELDWISDOMTREE TR	1,007	$37,000	0.0%	TRIM −30%
144	AOKISHARES TR	1,000	$32,000	0.0%	HOLD
145	USALIBERTY ALL STAR EQUITY FD	6,346	$32,000	0.0%	ADD 3%
146	DGSWISDOMTREE TR	785	$30,000	0.0%	HOLD
147	ABB LTD	1,360	$26,000	0.0%	HOLD
148	DEMWISDOMTREE TR	658	$23,000	0.0%	HOLD
149	MBBISHARES TR	200	$22,000	0.0%	NEW
150	ISHARES	730	$20,000	0.0%	HOLD
151	IEUSISHARES TR	282	$13,000	0.0%	HOLD
152	SHYISHARES TR	143	$12,000	0.0%	NEW
153	Birmingham Bloomfield Bancshares	1,250	$11,000	0.0%	NEW
154	POWERSHARES QQQ TRUST	100	$11,000	0.0%	HOLD
155	TIPISHARES TR	86	$10,000	0.0%	HOLD
156	SPDR Bloomberg Barclays High Yie	294	$10,000	0.0%	HOLD
157	NVSNOVARTIS AG	127	$9,000	0.0%	TRIM −98%
158	Adams Express Co	564	$7,000	0.0%	HOLD
159	PDTHANCOCK JOHN PREM DIVID FD	405	$6,000	0.0%	HOLD
160	ISHARES TR	234	$6,000	0.0%	HOLD
161	VEUVANGUARD INTL EQUITY INDEX F	136	$6,000	0.0%	HOLD
162	HEQJOHN HANCOCK DIVERSIFIED INC	325	$5,000	0.0%	HOLD
163	NUSTAR ENERGY LP	1,145	$5,000	0.0%	HOLD
164	TSMTAIWAN SEMICONDUCTOR MFG LTD	182	$5,000	0.0%	NEW
165	AEGON 8.00. 2042 Notes Called	1,600	$4,000	0.0%	NEW
166	GOOGALPHABET INC	5	$4,000	0.0%	NEW
167	ADIANALOG DEVICES INC	64	$4,000	0.0%	NEW
168	CNICANADIAN NATL RY CO	64	$4,000	0.0%	NEW
169	COSTCOSTCO WHSL CORP NEW	26	$4,000	0.0%	NEW
170	GOVTISHARES TR	168	$4,000	0.0%	NEW
171	NOCNORTHROP GRUMMAN CORP	19	$4,000	0.0%	NEW
172	RAYTHEON CO	35	$4,000	0.0%	NEW
173	AAGIYAIA GROUP LTD SPONSORED ADR	130	$3,000	0.0%	NEW
174	ADBEADOBE INC	40	$3,000	0.0%	NEW
175	CORCENCORA INC	29	$3,000	0.0%	NEW
176	BUDANHEUSER BUSCH INBEV SA/NV	28	$3,000	0.0%	NEW
177	BMYBRISTOL-MYERS SQUIBB CO	46	$3,000	0.0%	NEW
178	CLXCLOROX CO DEL	24	$3,000	0.0%	NEW
179	FASTFASTENAL CO	69	$3,000	0.0%	NEW
180	ITWILLINOIS TOOL WKS INC	25	$3,000	0.0%	NEW
181	ELLAUDER ESTEE COS INC	30	$3,000	0.0%	NEW
182	REYNOLDS AMERICAN INC	54	$3,000	0.0%	NEW
183	SPARTAN MTRS INC	742	$3,000	0.0%	HOLD
184	ULTIMATE SOFTWARE GROUP INC	16	$3,000	0.0%	NEW
185	APHAMPHENOL CORP	40	$2,000	0.0%	NEW
186	AMATAPPLIED MATLS INC	79	$2,000	0.0%	NEW
187	ATHENAHEALTH INC	15	$2,000	0.0%	NEW
188	ADPAUTOMATIC DATA PROCESSING IN	24	$2,000	0.0%	NEW
189	AVYAVERY DENNISON CORP	24	$2,000	0.0%	NEW
190	BAYERISCHE MOTOREN WERKE A G ADR	50	$2,000	0.0%	NEW
191	BEACON ROOFING SUPPLY INC	54	$2,000	0.0%	NEW
192	BSXBOSTON SCIENTIFIC CORP	91	$2,000	0.0%	NEW
193	BRBROADRIDGE FINL SOLUTIONS IN	41	$2,000	0.0%	NEW
194	BF.BBROWN FORMAN CORP	25	$2,000	0.0%	NEW
195	CSLLYCSL LIMITED ADR	44	$2,000	0.0%	NEW
196	CHECHEMED CORP NEW	14	$2,000	0.0%	NEW
197	CSGPCOSTAR GROUP INC	13	$2,000	0.0%	NEW
198	DDOMINION ENERGY INC	30	$2,000	0.0%	NEW
199	FAFFIRST AMERN FINL CORP	64	$2,000	0.0%	NEW
200	GPCGENUINE PARTS CO	19	$2,000	0.0%	NEW

showing the top 200 by weight

☆Alerus Investment Advisors Corp