ALERUS FINANCIAL NA

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CIK 919458

13F portfolio (2026-Q1)

$2.0B

Positions

510

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2025-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 →

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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 (2026-Q1)

Holdings

510

Top 5

48.6%

Top 10

60.2%

Effective N

12.5

HHI

0.080

This quarter

54 new · 0 exit →

By sector

Unclassified55.3%

Information Technology15.0%

Financials8.8%

Consumer Discretionary4.9%

Communication Services4.1%

Health Care3.3%

Industrials2.7%

Utilities1.7%

Other4.2%

By market cap

Unknown55.6%

Mega (>$200B)27.1%

Large ($10–200B)14.4%

Small ($300M–2B)2.7%

Mid ($2–10B)0.2%

Micro (<$300M)0.0%

By region

Other55.3%

North America44.4%

Europe0.3%

Asia-Pacific0.0%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	55.83%	133
Semiconductors & Semiconductor Equipment	6.31%	15
Banks	5.67%	21
Technology Hardware & Equipment	4.98%	20
Software	3.23%	15
Specialty Retail	2.89%	21
Pharmaceuticals & Biotechnology	2.59%	20
Software & IT Services	2.49%	7
Utilities	1.67%	27
Oil, Gas & Consumable Fuels	1.64%	13
Machinery	1.48%	13
Chemicals	1.10%	19
Insurance	1.09%	17
Diversified Telecommunication Services	1.07%	4
Capital Markets	1.00%	17
Health Care Equipment & Supplies	0.92%	12
Automobiles & Components	0.88%	4
Commercial Services & Supplies	0.73%	10
Distributors	0.72%	10
Media & Entertainment	0.51%	8
Electrical Equipment & Components	0.47%	3
Aerospace & Defense	0.45%	9
Equity Real Estate Investment Trusts (REITs)	0.42%	16
Hotels, Restaurants & Leisure	0.26%	12
Tobacco	0.24%	2
Food Products	0.24%	5
Construction Materials	0.21%	4
Leisure Products	0.18%	2
Beverages	0.16%	4
Road & Rail	0.16%	6
Paper & Forest Products	0.10%	3
Metals & Mining	0.05%	8
Transportation Infrastructure	0.05%	3
Food & Staples Retailing	0.05%	2
Professional Services	0.05%	1
Entertainment	0.03%	3
Construction & Engineering	0.02%	4
Communications Equipment	0.02%	2
Health Care Providers & Services	0.02%	2
Airlines	0.01%	4
Textiles, Apparel & Luxury Goods	0.00%	3
Life Sciences Tools & Services	0.00%	3
Marine	0.00%	1
Coal & Consumable Fuels	0.00%	1
Agricultural Products	0.00%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	VOO	VANGUARD INDEX FDS	Unclassified	22.44%
2	DFAX	DIMENSIONAL ETF TRUST	Unclassified	14.15%
3	IWR	ISHARES TR	Unclassified	4.71%
4	VCRB	VANGUARD MALVERN FDS	Unclassified	3.63%
5	IXUS	ISHARES TR	Unclassified	3.63%
6	NVDA	NVIDIA CORP	Information Technology	2.91%
7	ALRS	ALERUS FINANCIAL CORP	Financials	2.63%
8	AAPL	Apple Inc.	Information Technology	2.34%
9	MSFT	MICROSOFT CORP	Information Technology	1.94%
10	AVGO	Broadcom Inc.	Information Technology	1.79%

378/510 names classified · sector 44.7% of weight · industry 44.2% · mkt cap 44.4%; unclassified names shown, never dropped.

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

top 5/sector, rest → “Other” · 40 quarters

Information TechnologyMSFT, AAPL, NVDA, AVGO, GE · other

FinancialsALRS, JPM, V, BRK.B, WFC · other

Consumer DiscretionaryAMZN, LOW, TSLA, WMT, AAP · other

Communication ServicesGOOGL, META, T, VZ, DIS · other

Health CareJNJ, PFE, MRK, LLY, ABT · other

IndustrialsETN, ACN, HON, BA, EXPE · other

MaterialsPG, NKE, CLX, BHP, RIO · other

Consumer StaplesPM, CVS, KO, PEP, BUD · other

EnergyXOM, CVX, SLB, HAL, EOG · other

UtilitiesSO, DUK, LNG, CMS, VST · other

Real EstateAMT, DLR, PLD, EQIX, VICI · other

UnclassifiedVOO, AGG, DFAX, IWM, IXUS · 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: 44.7% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2026-Q1), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

Only 43% of book weight classified — the grid is NOT representative of the whole book.

holdings, colored by sector (330 classified)ALERUS FINANCIAL NA centroid (Large Core)

Information TechnologyFinancialsConsumer DiscretionaryCommunication ServicesHealth CareIndustrialsUtilitiesEnergyMaterialsConsumer StaplesReal Estate

Style box summary for ALERUS FINANCIAL NA: centroid Large Core. Heaviest cells: Large Growth 16.8%, Large Core 9.8%, Large Value 7.1%.

Classified: 43.5% of book weight (330/510 names) · unclassified 56.5%: VOO, DFAX, IWR, VCRB, IXUS, VCLT, VCSH, VTWO, AAAU, BRK.B +170 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· 510 positions (2026-Q1) · largest first · Δ vs 2025-Q4

#	Security	Shares	Value	Weight	Δ QoQ
1	VOOVANGUARD INDEX FDS	758,535	$453M	22.4%	HOLD
2	DFAXDIMENSIONAL ETF TRUST	8,416,314	$286M	14.2%	HOLD
3	IWRISHARES TR	979,450	$95M	4.7%	HOLD
4	VCRBVANGUARD MALVERN FDS	948,779	$73M	3.6%	HOLD
5	IXUSISHARES TR	845,846	$73M	3.6%	TRIM −5%
6	NVDANVIDIA CORPORATION	337,090	$59M	2.9%	HOLD
7	ALRSALERUS FINL CORP	2,241,741	$53M	2.6%	TRIM −2%
8	AAPLAPPLE INC	186,327	$47M	2.3%	HOLD
9	MSFTMICROSOFT CORP	105,808	$39M	1.9%	HOLD
10	AVGOBROADCOM INC	116,661	$36M	1.8%	TRIM −3%
11	GOOGLALPHABET INC	116,527	$34M	1.7%	TRIM −3%
12	VCLTVANGUARD SCOTTSDALE FDS	408,354	$31M	1.5%	ADD 4%
13	AMZNAMAZON COM INC	121,075	$25M	1.2%	HOLD
14	VCSHVANGUARD SCOTTSDALE FDS	272,285	$22M	1.1%	ADD 7%
15	XOMEXXON MOBIL CORP	121,871	$21M	1.0%	ADD 4%
16	JPMJPMORGAN CHASE & CO	67,359	$20M	1.0%	HOLD
17	TSLATESLA INC	45,206	$17M	0.8%	TRIM −4%
18	LLYELI LILLY & CO	18,122	$17M	0.8%	TRIM −8%
19	VTWOVANGUARD SCOTTSDALE FDS	161,753	$16M	0.8%	TRIM −3%
20	METAMETA PLATFORMS INC	27,293	$16M	0.8%	HOLD
21	JNJJOHNSON & JOHNSON	62,506	$15M	0.8%	ADD 9%
22	AAAUGOLDMAN SACHS PHYSICAL GOLD	306,513	$14M	0.7%	HOLD
23	CSCOCISCO SYS INC	160,198	$12M	0.6%	ADD 18%
24	VZVERIZON COMMUNICATIONS INC	239,532	$12M	0.6%	ADD 10%
25	WMTWALMART INC	90,513	$11M	0.6%	HOLD
26	BRK.BBERKSHIRE HATHAWAY INC DEL	23,107	$11M	0.5%	ADD 5%
27	ETNEATON CORP PLC	30,676	$11M	0.5%	TRIM −15%
28	TLTISHARES TR	124,161	$11M	0.5%	ADD 5%
29	SOSOUTHERN CO	109,897	$11M	0.5%	TRIM −26%
30	IBMINTERNATIONAL BUSINESS MACHS	43,174	$10M	0.5%	TRIM −4%
31	HPEHEWLETT PACKARD ENTERPRISE C	420,433	$10M	0.5%	TRIM −17%
32	MUMICRON TECHNOLOGY INC	28,573	$10M	0.5%	TRIM −2%
33	ABBVABBVIE INC	44,234	$10M	0.5%	ADD 11%
34	PHPARKER-HANNIFIN CORP	9,995	$9M	0.4%	TRIM −3%
35	GEGE AEROSPACE	30,563	$9M	0.4%	TRIM −11%
36	TAT&T INC	296,694	$9M	0.4%	TRIM −8%
37	CVXCHEVRON CORP NEW	41,183	$9M	0.4%	ADD 5%
38	VRTVERTIV HOLDINGS CO	33,946	$9M	0.4%	TRIM −22%
39	UNHUNITEDHEALTH GROUP INC	30,448	$8M	0.4%	TRIM −4%
40	NFLXNETFLIX INC	81,792	$8M	0.4%	ADD 4%
41	CORCENCORA INC	24,110	$8M	0.4%	TRIM −10%
42	HDHOME DEPOT INC	21,914	$7M	0.4%	ADD 17%
43	WFCWELLS FARGO CO NEW	88,554	$7M	0.3%	TRIM −3%
44	TFCTRUIST FINL CORP	152,297	$7M	0.3%	TRIM −12%
45	TTWOTAKE-TWO INTERACTIVE SOFTWAR	33,636	$7M	0.3%	TRIM −11%
46	MRKMERCK & CO INC	53,203	$6M	0.3%	ADD 35%
47	CDNSCADENCE DESIGN SYSTEM INC	22,502	$6M	0.3%	TRIM −17%
48	CATCATERPILLAR INC	8,662	$6M	0.3%	TRIM −12%
49	PGPROCTER AND GAMBLE CO	42,390	$6M	0.3%	ADD 30%
50	LNGCheniere Energy, Inc	20,679	$6M	0.3%	TRIM −21%
51	ULUNILEVER PLC	102,522	$6M	0.3%	NEW
52	DLRDIGITAL RLTY TR INC	30,720	$6M	0.3%	TRIM −29%
53	MAMASTERCARD INCORPORATED	10,932	$5M	0.3%	HOLD
54	ICEINTERCONTINENTAL EXCHANGE IN	33,943	$5M	0.3%	TRIM −13%
55	PRUPRUDENTIAL FINL INC	52,766	$5M	0.3%	TRIM −17%
56	HEIHEICO CORP NEW	18,713	$5M	0.3%	TRIM −15%
57	MMM3M CO	35,136	$5M	0.3%	TRIM −21%
58	COFCAPITAL ONE FINL CORP	27,896	$5M	0.3%	HOLD
59	ISRGINTUITIVE SURGICAL INC	11,003	$5M	0.3%	TRIM −14%
60	LNTALLIANT ENERGY CORP	68,413	$5M	0.2%	TRIM −27%
61	XLESELECT SECTOR SPDR TR	79,535	$5M	0.2%	TRIM −21%
62	BSXBOSTON SCIENTIFIC CORP	77,034	$5M	0.2%	TRIM −9%
63	XLUSELECT SECTOR SPDR TR	105,287	$5M	0.2%	TRIM −19%
64	SHOPSHOPIFY INC	39,251	$5M	0.2%	TRIM −12%
65	BACBANK AMERICA CORP	94,204	$5M	0.2%	ADD 45%
66	BNYBANK NEW YORK MELLON CORP	37,416	$4M	0.2%	TRIM −16%
67	STXSEAGATE TECHNOLOGY HLDNGS PL	11,098	$4M	0.2%	HOLD
68	WSOWATSCO INC	11,939	$4M	0.2%	TRIM −4%
69	TMOTHERMO FISHER SCIENTIFIC INC	8,659	$4M	0.2%	TRIM −5%
70	COSTCOSTCO WHSL CORP NEW	4,264	$4M	0.2%	ADD 10%
71	BBYBest Buy Company, Inc.	65,963	$4M	0.2%	TRIM −13%
72	SCHWSCHWAB CHARLES CORP	45,018	$4M	0.2%	TRIM −24%
73	VVISA INC	13,427	$4M	0.2%	ADD 41%
74	MLMMARTIN MARIETTA MATLS INC	6,833	$4M	0.2%	TRIM −17%
75	ROKROCKWELL AUTOMATION INC	10,597	$4M	0.2%	TRIM −28%
76	ORCLORACLE CORP	25,584	$4M	0.2%	ADD 11%
77	PMPHILIP MORRIS INTL INC	22,640	$4M	0.2%	HOLD
78	BLKBLACKROCK INC	3,742	$4M	0.2%	TRIM −21%
79	HASHASBRO INC	37,994	$4M	0.2%	TRIM −21%
80	URIUNITED RENTALS INC	4,651	$3M	0.2%	TRIM −25%
81	PFGPRINCIPAL FINANCIAL GROUP IN	37,347	$3M	0.2%	TRIM −34%
82	VTIVANGUARD INDEX FDS	10,263	$3M	0.2%	HOLD
83	MDTMEDTRONIC PLC	37,961	$3M	0.2%	TRIM −30%
84	AMATAPPLIED MATLS INC	9,548	$3M	0.2%	TRIM −21%
85	FITBFIFTH THIRD BANCORP	69,263	$3M	0.2%	HOLD
86	CCITIGROUP INC	27,660	$3M	0.2%	HOLD
87	IVVISHARES TR	4,750	$3M	0.2%	HOLD
88	WDCWESTERN DIGITAL CORP	11,102	$3M	0.1%	TRIM −33%
89	PANWPALO ALTO NETWORKS INC	18,458	$3M	0.1%	ADD 28%
90	SJMSMUCKER J M CO	29,839	$3M	0.1%	TRIM −32%
91	XLPSELECT SECTOR SPDR TR	34,831	$3M	0.1%	TRIM −20%
92	MCDMCDONALDS CORP	8,892	$3M	0.1%	ADD 66%
93	KOCOCA COLA CO	36,297	$3M	0.1%	ADD 95%
94	AMDADVANCED MICRO DEVICES INC	12,997	$3M	0.1%	ADD 355%
95	MSMORGAN STANLEY	15,463	$3M	0.1%	TRIM −11%
96	SMGSCOTTS MIRACLE-GRO CO	40,701	$2M	0.1%	TRIM −36%
97	FASTFASTENAL CO	51,453	$2M	0.1%	TRIM −28%
98	NXPINXP SEMICONDUCTORS N V	11,644	$2M	0.1%	TRIM −19%
99	IVWISHARES TR	20,229	$2M	0.1%	TRIM −8%
100	XLBSELECT SECTOR SPDR TR	43,485	$2M	0.1%	TRIM −22%
101	BXBLACKSTONE INC	18,340	$2M	0.1%	TRIM −28%
102	MCHPMICROCHIP TECHNOLOGY INC.	31,080	$2M	0.1%	ADD 36%
103	NOWSERVICENOW INC	18,564	$2M	0.1%	TRIM −36%
104	VCITVANGUARD SCOTTSDALE FDS	22,700	$2M	0.1%	TRIM −43%
105	UPSUNITED PARCEL SERVICE INC	19,077	$2M	0.1%	ADD 30%
106	DOWDOW HLDGS INC	44,127	$2M	0.1%	ADD 4260%
107	EOGEOG RES INC	12,201	$2M	0.1%	ADD 1934%
108	QQQINVESCO QQQ TR	3,020	$2M	0.1%	HOLD
109	METMETLIFE INC	24,589	$2M	0.1%	ADD 4%
110	VVVANGUARD INDEX FDS	5,705	$2M	0.1%	HOLD
111	ORLYOREILLY AUTOMOTIVE INC	18,318	$2M	0.1%	TRIM −28%
112	RTXRTX CORPORATION	8,675	$2M	0.1%	ADD 2042%
113	STTSTATE STR CORP	13,195	$2M	0.1%	TRIM −32%
114	LINLINDE PLC	3,315	$2M	0.1%	TRIM −28%
115	DDDUPONT DE NEMOURS INC	33,786	$2M	0.1%	TRIM −37%
116	TXNTEXAS INSTRS INC	7,940	$2M	0.1%	ADD 203%
117	COPCONOCOPHILLIPS	11,596	$2M	0.1%	ADD 659%
118	DEDEERE & CO	2,711	$2M	0.1%	ADD 26%
119	SPYSTATE STR SPDR S&P 500 ETF T	2,244	$1M	0.1%	HOLD
120	PLTRPALANTIR TECHNOLOGIES INC	9,944	$1M	0.1%	ADD 1612%
121	LMTLOCKHEED MARTIN CORP	2,358	$1M	0.1%	ADD 678%
122	VTRVENTAS INC	16,698	$1M	0.1%	TRIM −20%
123	PFEPFIZER INC	48,583	$1M	0.1%	ADD 2708%
124	KMIKINDER MORGAN INC DEL	40,453	$1M	0.1%	NEW
125	CMCSACOMCAST CORP NEW	47,077	$1M	0.1%	ADD 12798%
126	CEGCONSTELLATION ENERGY CORP	4,554	$1M	0.1%	TRIM −12%
127	USBUS BANCORP	24,158	$1M	0.1%	ADD 237%
128	ARMARM HOLDINGS PLC	8,256	$1M	0.1%	TRIM −59%
129	MOALTRIA GROUP INC	18,194	$1M	0.1%	ADD 1126%
130	BMYBRISTOL-MYERS SQUIBB CO	19,760	$1M	0.1%	NEW
131	ACNACCENTURE PLC IRELAND	6,038	$1M	0.1%	ADD 146%
132	EIXEDISON INTL	16,275	$1M	0.1%	NEW
133	BSCQINVESCO EXCH TRD SLF IDX FD	60,829	$1M	0.1%	ADD 26%
134	TGTTARGET CORP	9,749	$1M	0.1%	ADD 3432%
135	OMCOMNICOM GROUP INC	15,446	$1M	0.1%	ADD 544%
136	GILDGILEAD SCIENCES INC	8,331	$1M	0.1%	ADD 28628%
137	KVUEKENVUE INC	64,256	$1M	0.1%	ADD 898%
138	LRCXLAM RESEARCH CORP	5,179	$1M	0.1%	ADD 524%
139	SWSMURFIT WESTROCK PLC	27,168	$1M	0.1%	NEW
140	OKEONEOK INC NEW	11,932	$1M	0.1%	ADD 5227%
141	FEFIRSTENERGY CORP	21,112	$1M	0.1%	NEW
142	TMUST-MOBILE US INC	5,004	$1M	0.1%	NEW
143	EVRGEVERGY INC	12,755	$1M	0.1%	NEW
144	DRIDARDEN RESTAURANTS INC	5,291	$1M	0.1%	NEW
145	KHCKRAFT HEINZ CO	45,838	$1M	0.1%	NEW
146	AXPAMERICAN EXPRESS CO	3,407	$1M	0.1%	HOLD
147	WCCWESCO INTL INC	3,756	$1M	0.1%	HOLD
148	CVSCVS HEALTH CORP	13,956	$1M	0.0%	ADD 15581%
149	SBUXSTARBUCKS CORP	11,133	$997,405	0.0%	ADD 2602%
150	ESEVERSOURCE ENERGY	14,250	$987,240	0.0%	NEW
151	SNASNAP ON INC	2,685	$975,246	0.0%	ADD 19079%
152	MTBM & T BK CORP	4,684	$968,276	0.0%	ADD 21191%
153	KEYKEYCORP	48,194	$966,290	0.0%	ADD 2175%
154	GISGENERAL MILLS INC	25,833	$961,504	0.0%	NEW
155	PAYXPAYCHEX INC	10,430	$960,812	0.0%	NEW
156	DDOMINION ENERGY INC	15,353	$949,122	0.0%	NEW
157	IPINTERNATIONAL PAPER CO	26,128	$932,770	0.0%	NEW
158	TROWPRICE T ROWE GROUP INC	9,957	$897,524	0.0%	ADD 9857%
159	GSGOLDMAN SACHS GROUP INC	1,037	$877,292	0.0%	ADD 227%
160	IWMISHARES TR	3,522	$873,456	0.0%	HOLD
161	FFORD MTR CO	75,562	$871,985	0.0%	ADD 2639%
162	IJHISHARES TR	12,425	$839,060	0.0%	HOLD
163	NEENEXTERA ENERGY INC	8,828	$819,945	0.0%	ADD 534%
164	GOOGALPHABET INC	2,841	$814,969	0.0%	ADD 153%
165	HPQHP INC	42,002	$806,858	0.0%	NEW
166	VOVANGUARD INDEX FDS	2,784	$799,509	0.0%	ADD 11%
167	OTTROTTER TAIL CORP	9,028	$792,388	0.0%	HOLD
168	DUKDUKE ENERGY CORP NEW	5,748	$752,643	0.0%	ADD 398%
169	GPCGENUINE PARTS CO	7,103	$751,142	0.0%	ADD 118283%
170	DVYISHARES TR	4,948	$749,177	0.0%	HOLD
171	CMTCORE MOLDING TECHNOLOGIES IN	32,809	$734,922	0.0%	TRIM −3%
172	IJKISHARES TR	6,787	$682,908	0.0%	HOLD
173	BRBSBLUE RIDGE BANKSHARES INC VA	151,148	$634,822	0.0%	TRIM −19%
174	LLOEWS CORP	5,911	$630,940	0.0%	NEW
175	DHRDANAHER CORP DEL	3,291	$623,974	0.0%	HOLD
176	CRMSALESFORCE INC	3,305	$616,944	0.0%	ADD 15638%
177	EFGISHARES TR	5,326	$593,157	0.0%	HOLD
178	DISDISNEY WALT CO	6,145	$592,255	0.0%	ADD 844%
179	MRSHMARSH & MCLENNAN COS INC	3,268	$566,835	0.0%	TRIM −19%
180	LOWLOWES COS INC	2,386	$563,764	0.0%	ADD 167%
181	HONHONEYWELL INTL INC	2,457	$555,356	0.0%	ADD 398%
182	ECLECOLAB INC	2,085	$554,652	0.0%	ADD 91%
183	BKNGBOOKING HOLDINGS INC	131	$551,552	0.0%	ADD 1210%
184	HIGHARTFORD INSURANCE GROUP INC	3,996	$540,379	0.0%	ADD 7440%
185	NSCNORFOLK SOUTHN CORP	1,805	$518,035	0.0%	HOLD
186	ADIANALOG DEVICES INC	1,569	$499,162	0.0%	ADD 3923%
187	GEVGE VERNOVA INC	542	$473,112	0.0%	ADD 59%
188	IJRISHARES TR	3,791	$471,259	0.0%	HOLD
189	CENTACENTRAL GARDEN & PET CO	14,425	$467,659	0.0%	HOLD
190	OKTAOKTA INC	5,904	$464,704	0.0%	TRIM −11%
191	TRVTRAVELERS COMPANIES INC	1,590	$463,771	0.0%	NEW
192	OREALTY INCOME CORP	7,401	$452,793	0.0%	NEW
193	APHAMPHENOL CORP	3,553	$448,922	0.0%	ADD 16819%
194	PGRPROGRESSIVE CORP	2,235	$443,066	0.0%	ADD 6108%
195	CBCHUBB LIMITED	1,311	$427,294	0.0%	TRIM −3%
196	CPCANADIAN PACIFIC KANSAS CITY	5,195	$408,639	0.0%	ADD 353%
197	AGGISHARES TR	3,930	$390,131	0.0%	ADD 17764%
198	XELXCEL ENERGY INC	4,854	$385,602	0.0%	HOLD
199	WELLWELLTOWER INC	1,923	$380,196	0.0%	NEW
200	INTCINTEL CORP	8,579	$378,591	0.0%	ADD 27%

showing the top 200 by weight

Position trends· top 15 holdings · shares held over 6 quarters

green added · red trimmed

Security

2024-Q4

2025-Q1

2025-Q2

2025-Q3

2025-Q4

2026-Q1

Latest value

VOOVANGUARD INDEX FDS

263K

260K

253K

748K

754K

759K

$453M

DFAXDIMENSIONAL ETF TRUST

3.5M

8.4M

$286M

IWRISHARES TR

396K

393K

385K

375K

963K

979K

$95M

VCRBVANGUARD MALVERN FDS

—

911K

937K

949K

$73M

IXUSISHARES TR

1.1M

953K

910K

893K

846K

$73M

NVDANVIDIA CORPORATION

352K

346K

349K

343K

339K

337K

$59M

ALRSALERUS FINL CORP

2.1M

2.2M

2.3M

2.2M

$53M

AAPLAPPLE INC

213K

208K

202K

190K

186K

$47M

MSFTMICROSOFT CORP

113K

108K

105K

106K

$39M

AVGOBROADCOM INC

170K

156K

145K

137K

121K

117K

$36M

GOOGLALPHABET INC

124K

134K

127K

124K

121K

117K

$34M

VCLTVANGUARD SCOTTSDALE FDS

406K

410K

414K

391K

408K

$31M

AMZNAMAZON COM INC

122K

116K

119K

120K

122K

121K

$25M

VCSHVANGUARD SCOTTSDALE FDS

—

254K

272K

$22M

XOMEXXON MOBIL CORP

130K

115K

116K

122K

117K

122K

$21M

Shares reported each quarter by the largest current holdings. Green = added vs the prior filing of that name, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.

☆ALERUS FINANCIAL NA

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

Exposures · what this manager owns, by sector & size (2026-Q1)

By sector

By market cap

By region

By industry group GICS — finer than sector

Top holdings

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

Style box · size × value-growth placement of the reported book (2026-Q1), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

Contribution holdings-based, any period

Holdings· 510 positions (2026-Q1) · largest first · Δ vs 2025-Q4

Position trends· top 15 holdings · shares held over 6 quarters

Related· where to look next

ALERUS FINANCIAL NA