US BANCORP \DE\ — 13F Holdings & Portfolio
CIK 36104 · latest 13F-HR filed 2026-11-05
US BANCORP \DE\ manages $91.97B in 13F-reported U.S. long-equity assets across 8,557 reported positions as of its 2026-09-30 13F-HR filing. Its largest disclosed positions are SCHX (4.05%), AGG (3.02%), IVV (2.95%). Quarter over quarter (versus its 2026-06-30 filing) the fund opened 284 new positions and exited 206; 1,316 existing positions rose in reported value and 1,740 fell.
AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.
Loading holdings…
AUM
$91.97B
Long-equity book
Holdings
8,557
Distinct positions
Period
2026-09-30
Filed 2026-11-05
Q/Q Activity
+284 / −206 / ↑1316 / ↓1740
vs 2026-06-30
Portfolio charts
Latest quarter's book, what changed, and how the portfolio has evolved across filings.
Firm Profile & Key People
As of the firm’s regulatory filing dated Aug 28, 2026.
Assets Under Management
$427.48B
Discretionary
$426.58B
Employees
322
Accounts
2,340
Address
800 NICOLLET MALL
MAIL STOP BC-MN-17UL
MINNEAPOLIS, MN 55402
MAIL STOP BC-MN-17UL
MINNEAPOLIS, MN 55402
Phone
(717) 232-2723
This firm reports 8 disclosure items on its registration.
| Name | Title / Status | Ownership | Type |
|---|---|---|---|
| ERTEL, RICHARD, JUDE Control | DIRECTOR, CHIEF COUNSEL AND SECRETARY since Jan 2011 | Less than 5% | Individual |
| ISAACSON, LISA, ANN Control | CHIEF ADMINISTRATIVE OFFICER since Oct 2024 | Less than 5% | Individual |
| KIRCHHOFF, GREG, RICHARD Control | INTERIM CHIEF COMPLIANCE OFFICER since Aug 2026 | Less than 5% | Individual |
| PALMER, JAMES, DAVID Control | DIRECTOR, CHIEF INVESTMENT OFFICER since Jun 2014 | Less than 5% | Individual |
| STEVENSON, JILL, MICHELE Control | HEAD OF OPERATIONS since Sep 2014 | Less than 5% | Individual |
| THOLE, ERIC, JAMES Control | DIRECTOR, CHIEF EXECUTIVE OFFICER & PRESIDENT since Jun 2014 | Less than 5% | Individual |
| U.S. BANK NATIONAL ASSOCIATION Control | SHAREHOLDER since Mar 2001 | 75% or more | Domestic Entity |
| U.S. BANCORP Control Indirect owner via U.S. BANK NATIONAL ASSOCIATION | SHAREHOLDER since Jul 1958 | 75% or more | Domestic Entity |
Ownership & leadership changes · 10 filings with changes since Mar 30, 2012
From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.
Aug 28, 2026 filing
- No longer listedKARWEJNA, LEO, JOSEPH · CHIEF COMPLIANCE OFFICER · Less than 5% · control person · listed since Mar 2024
- AddedKIRCHHOFF, GREG, RICHARD · INTERIM CHIEF COMPLIANCE OFFICER · Less than 5% · control person
Mar 27, 2026 filing
- No longer listedSCHIEBEL, KENNETH, ERIC · CIO - PUBLIC FUNDS MANAGEMENT AND OCIO STRATEGIES · Less than 5% · control person · listed since Oct 2024
- ChangedPALMER, JAMES, DAVID · title DIRECTOR, CIO - MONEY MARKET FUNDS MANAGEMENT AND CORPORATE FIXED INCOME STRATEGIES → DIRECTOR, CHIEF INVESTMENT OFFICER
- ChangedSTEVENSON, JILL, MICHELE · title HEAD OF OPERATIONS AND MUTUAL FUNDS TREASURER → HEAD OF OPERATIONS
Oct 1, 2024 filing
- AddedISAACSON, LISA, ANN · CHIEF ADMINISTRATIVE OFFICER · Less than 5% · control person
- AddedSCHIEBEL, KENNETH, ERIC · CIO - PUBLIC FUNDS MANAGEMENT AND OCIO STRATEGIES · Less than 5% · control person
- ChangedPALMER, JAMES, DAVID · title DIRECTOR, CHIEF INVESTMENT OFFICER → DIRECTOR, CIO - MONEY MARKET FUNDS MANAGEMENT AND CORPORATE FIXED INCOME STRATEGIES
Mar 29, 2024 filing
- No longer listedBentz, Alyssa, Ann · CHIEF COMPLIANCE OFFICER · Less than 5% · control person · listed since Jul 2021
- AddedKARWEJNA, LEO, JOSEPH · CHIEF COMPLIANCE OFFICER · Less than 5% · control person
Mar 31, 2022 filing
- ChangedSTEVENSON, JILL, MICHELE · title CHIEF OPERATING OFFICER → HEAD OF OPERATIONS AND MUTUAL FUNDS TREASURER
Jul 12, 2021 filing
- No longer listedMAYR, RUTH, MARIE · CHIEF COMPLIANCE OFFICER · Less than 5% · control person · listed since Jan 2011
- AddedBentz, Alyssa, Ann · CHIEF COMPLIANCE OFFICER · Less than 5% · control person
Mar 29, 2016 filing
- ChangedERTEL, RICHARD, JUDE · title DIRECTOR, GENERAL COUNSEL AND SECRETARY → DIRECTOR, CHIEF COUNSEL AND SECRETARY
Mar 31, 2015 filing
- AddedSTEVENSON, JILL, MICHELE · CHIEF OPERATING OFFICER · Less than 5% · control person
Jun 30, 2014 filing
- No longer listedULREY, JOSEPH, MADISON · DIRECTOR, CHIEF EXECUTIVE OFFICER AND PRESIDENT · Less than 5% · control person · listed since Jan 2011
- AddedPALMER, JAMES, DAVID · DIRECTOR, CHIEF INVESTMENT OFFICER · Less than 5% · control person
- ChangedTHOLE, ERIC, JAMES · title DIRECTOR, CHIEF OPERATING OFFICER → DIRECTOR, CHIEF EXECUTIVE OFFICER & PRESIDENT
Mar 28, 2013 filing
- ChangedTHOLE, ERIC, JAMES · title DIRECTOR, HEAD OF OPERATIONS, TECHNOLOGY AND TREASURY → DIRECTOR, CHIEF OPERATING OFFICER
Older changes (1 more filing)
Mar 30, 2012 filing (earliest on record)
- ListedERTEL, RICHARD, JUDE · DIRECTOR, GENERAL COUNSEL AND SECRETARY · Less than 5% · control person
- ListedMAYR, RUTH, MARIE · CHIEF COMPLIANCE OFFICER · Less than 5% · control person
- ListedTHOLE, ERIC, JAMES · DIRECTOR, HEAD OF OPERATIONS, TECHNOLOGY AND TREASURY · Less than 5% · control person
- ListedU.S. BANCORP · SHAREHOLDER · 75% or more · indirect via U.S. BANK NATIONAL ASSOCIATION · control person
- ListedU.S. BANK NATIONAL ASSOCIATION · SHAREHOLDER · 75% or more · control person
- ListedULREY, JOSEPH, MADISON · DIRECTOR, CHIEF EXECUTIVE OFFICER AND PRESIDENT · Less than 5% · control person
Quarter-over-quarter changes
Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.
Top Adds (vs prior quarter)
- MICROSOFT CORP$753.1M +36.6%
- APPLE INC$408.3M +14.0%
- NVIDIA CORPORATION$234.6M +14.2%
- MARATHON PETE CORP$188.0M +49.1%
- META PLATFORMS INC$176.0M +28.3%
Top Trims
- ISHARES TR-$148.5M -42.3%
- CATERPILLAR INC-$124.5M -24.7%
- APPLIED MATLS INC-$123.7M -30.0%
- SCHWAB STRATEGIC TR-$105.9M -26.5%
- HOME DEPOT INC-$97.6M -21.8%
New Positions
- EXXONMOBIL HOLDINGS CORP$524.2M
- SK HYNIX INC$12.7M
- TEVA PHARMACEUTICAL INDS LTD$7.1M
- ONEOK INC NEW$6.8M
- MOBILITY GLOBAL INC$3.0M
Exited Positions
- EXXON MOBIL CORP$446.3M
- ELECTRONIC ARTS INC$17.4M
- ONEOK INC NEW$6.6M
- TEVA PHARMACEUTICAL INDS LTD$5.3M
- DIREXION SHARES ETF TRUST$4.5M
US BANCORP \DE\ Holdings (2026-09-30)
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | SCHWAB STRATEGIC TR | SCHX | 808524201 | $3.73B | 4.05% | 124,202,669 | SH |
| 2 | ISHARES TR | AGG | 464287226 | $2.78B | 3.02% | 29,398,079 | SH |
| 3 | ISHARES TR | IVV | 464287200 | $2.71B | 2.95% | 3,544,998 | SH |
| 4 | ISHARES TR | IEFA | 46432F842 | $2.67B | 2.90% | 27,522,222 | SH |
| 5 | APPLE INC | AAPL | 037833100 | $2.62B | 2.85% | 7,880,187 | SH |
| 6 | STATE STR SPDR S&P 500 ETF T | SPY | 78462F103 | $2.37B | 2.58% | 3,107,436 | SH |
| 7 | MICROSOFT CORP | MSFT | 594918104 | $2.30B | 2.50% | 4,474,851 | SH |
| 8 | ISHARES TR | IVV | 464287200 | $1.96B | 2.13% | 2,559,650 | SH |
| 9 | ISHARES INC | IEMG | 46434G103 | $1.76B | 1.92% | 21,740,223 | SH |
| 10 | ALPHABET INC | GOOGL | 02079K305 | $1.73B | 1.88% | 5,017,181 | SH |
| 11 | NVIDIA CORPORATION | NVDA | 67066G104 | $1.60B | 1.74% | 7,001,808 | SH |
| 12 | ELI LILLY & CO | LLY | 532457108 | $1.47B | 1.60% | 1,268,857 | SH |
| 13 | SCHWAB STRATEGIC TR | SCHX | 808524201 | $1.31B | 1.42% | 43,628,845 | SH |
| 14 | AMAZON COM INC | AMZN | 023135106 | $1.25B | 1.36% | 5,006,230 | SH |
| 15 | ISHARES TR | IWR | 464287499 | $1.22B | 1.32% | 11,413,126 | SH |
| 16 | VANGUARD INDEX FDS | VO | 922908629 | $949.3M | 1.03% | 12,105,232 | SH |
| 17 | JPMORGAN CHASE & CO | JPM | 46625H100 | $922.2M | 1.00% | 2,787,617 | SH |
| 18 | VANGUARD INDEX FDS | VO | 922908629 | $880.8M | 0.96% | 11,231,495 | SH |
| 19 | ISHARES TR | EFV | 464288877 | $832.1M | 0.90% | 10,513,889 | SH |
| 20 | INVESCO QQQ TR | QQQ | 46090E103 | $773.5M | 0.84% | 1,045,592 | SH |
| 21 | STATE STR SPDR S&P 500 ETF T | SPY | 78462F103 | $764.1M | 0.83% | 1,001,977 | SH |
| 22 | ISHARES TR | IXUS | 46432F834 | $754.9M | 0.82% | 7,947,602 | SH |
| 23 | MICRON TECHNOLOGY INC | MU | 595112103 | $721.3M | 0.78% | 677,244 | SH |
| 24 | META PLATFORMS INC | META | 30303M102 | $678.4M | 0.74% | 935,560 | SH |
| 25 | APPLE INC | AAPL | 037833100 | $638.2M | 0.69% | 1,916,490 | SH |
| 26 | VANGUARD TAX-MANAGED FDS | VEA | 921943858 | $606.9M | 0.66% | 8,595,113 | SH |
| 27 | ISHARES TR | AGG | 464287226 | $598.7M | 0.65% | 6,332,549 | SH |
| 28 | ADVANCED MICRO DEVICES INC | AMD | 007903107 | $590.4M | 0.64% | 965,092 | SH |
| 29 | ISHARES TR | IEFA | 46432F842 | $590.3M | 0.64% | 6,092,963 | SH |
| 30 | ISHARES TR | EFA | 464287465 | $560.0M | 0.61% | 5,390,396 | SH |
| 31 | ISHARES TR | IJR | 464287804 | $543.7M | 0.59% | 3,996,394 | SH |
| 32 | VANGUARD INDEX FDS | VTI | 922908769 | $541.4M | 0.59% | 1,446,654 | SH |
| 33 | STATE STR SPDR S&P MIDCAP 40 | MDY | 78467Y107 | $528.7M | 0.57% | 805,147 | SH |
| 34 | SCHWAB STRATEGIC TR | SCHH | 808524847 | $526.4M | 0.57% | 23,882,333 | SH |
| 35 | ISHARES TR | IWM | 464287655 | $511.4M | 0.56% | 1,840,306 | SH |
| 36 | ISHARES TR | AGG | 464287226 | $510.5M | 0.56% | 5,399,797 | SH |
| 37 | BERKSHIRE HATHAWAY INC DEL | BRK.A | 084670108 | $509.5M | 0.55% | 682 | SH |
| 38 | BERKSHIRE HATHAWAY INC DEL | BRK.B | 084670702 | $500.6M | 0.54% | 1,005,368 | SH |
| 39 | MARATHON PETE CORP | MPC | 56585A102 | $480.9M | 0.52% | 1,216,235 | SH |
| 40 | ALPHABET INC | GOOG | 02079K107 | $476.6M | 0.52% | 1,398,637 | SH |
| 41 | JOHNSON & JOHNSON | JNJ | 478160104 | $473.9M | 0.52% | 1,789,970 | SH |
| 42 | WALMART INC | WMT | 931142103 | $467.7M | 0.51% | 4,500,361 | SH |
| 43 | MICROSOFT CORP | MSFT | 594918104 | $462.6M | 0.50% | 901,912 | SH |
| 44 | ABBVIE INC | ABBV | 00287Y109 | $444.2M | 0.48% | 1,698,154 | SH |
| 45 | PALO ALTO NETWORKS INC | PANW | 697435105 | $439.9M | 0.48% | 1,107,179 | SH |
| 46 | ISHARES INC | IEMG | 46434G103 | $435.7M | 0.47% | 5,368,672 | SH |
| 47 | ISHARES TR | MUB | 464288414 | $405.8M | 0.44% | 4,013,515 | SH |
| 48 | COSTCO WHOLESALE CORPORATION | COST | 22160K105 | $397.5M | 0.43% | 436,627 | SH |
| 49 | PACCAR INC | PCAR | 693718108 | $394.6M | 0.43% | 3,593,212 | SH |
| 50 | MASTERCARD INCORPORATED | MA | 57636Q104 | $391.5M | 0.43% | 709,877 | SH |
Filing History
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-09-30 | 2026-11-05 | $91.97B | 8,557 | 0000036104-26-000059 |
| 2026-06-30 | 2026-08-12 | $91.58B | 8,256 | 0000036104-26-000049 |
| 2026-03-31 | 2026-05-15 | $82.39B | 8,287 | 0000036104-26-000026 |
| 2025-12-31 | 2026-01-30 | $85.35B | 9,649 | 0000036104-26-000007 |
| 2025-09-30 | 2025-11-12 | $84.38B | 9,529 | 0000036104-25-000067 |
Filer Information
Address
U.S. BANCORP200 S. SIXTH ST.
MINNEAPOLIS, MN 55402
Phone
(651) 466-3000
Filing Manager
US BANCORP \DE\
MINNEAPOLIS, MN
Signatory
Shari Musselman
Vice President