# ALERUS FINANCIAL NA

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 919458. Source: https://holderbook.com/funds/919458-alerus-financial-na/

- Reported value: $2.3B
- Positions: 506
- Weight of the ten largest: 59.3%
- Filed: 2026-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| VANGUARD INDEX FDS | [VOO](https://holderbook.com/stocks/VOO/) | $515.0M | 749,797 | 22.5% | 31 |
| DIMENSIONAL ETF TRUST | [DFAX](https://holderbook.com/stocks/DFAX/) | $308.3M | 8,368,617 | 13.5% | 20 |
| ISHARES TR | [IWR](https://holderbook.com/stocks/IWR/) | $108.7M | 985,225 | 4.8% | 31 |
| ISHARES TR | [IXUS](https://holderbook.com/stocks/IXUS/) | $80.7M | 845,112 | 3.5% | 17 |
| VANGUARD MALVERN FDS | [VCRB](https://holderbook.com/stocks/VCRB/) | $74.3M | 961,921 | 3.2% | 4 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $66.8M | 333,736 | 2.9% | 31 |
| ALERUS FINL CORP | [ALRS](https://holderbook.com/stocks/ALRS/) | $65.8M | 2,116,173 | 2.9% | 27 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $54.3M | 187,822 | 2.4% | 31 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $41.5M | 109,906 | 1.8% | 31 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $40.9M | 114,403 | 1.8% | 31 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $38.9M | 104,258 | 1.7% | 31 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $33.4M | 28,945 | 1.5% | 11 |
| VANGUARD SCOTTSDALE FDS | [VCLT](https://holderbook.com/stocks/VCLT/) | $30.4M | 403,549 | 1.3% | 26 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $27.8M | 116,785 | 1.2% | 31 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $22.7M | 69,378 | 1.0% | 31 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $20.1M | 16,766 | 0.9% | 25 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $19.8M | 145,045 | 0.9% | 23 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $19.7M | 167,430 | 0.9% | 31 |
| VANGUARD SCOTTSDALE FDS | [VTWO](https://holderbook.com/stocks/VTWO/) | $19.0M | 156,705 | 0.8% | 5 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $19.0M | 74,659 | 0.8% | 31 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $17.9M | 42,569 | 0.8% | 22 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $15.5M | 27,462 | 0.7% | 31 |
| HEWLETT PACKARD ENTERPRISE C | [HPE](https://holderbook.com/stocks/HPE/) | $14.0M | 309,551 | 0.6% | 9 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $12.3M | 29,498 | 0.5% | 31 |
| INTERNATIONAL BUSINESS MACHS | [IBM](https://holderbook.com/stocks/IBM/) | $12.1M | 43,153 | 0.5% | 31 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $12.1M | 48,063 | 0.5% | 19 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $12.0M | 23,929 | 0.5% | 31 |
| EATON CORP PLC | [ETN](https://holderbook.com/stocks/ETN/) | $11.5M | 26,931 | 0.5% | 31 |
| GOLDMAN SACHS PHYSICAL GOLD | [AAAU](https://holderbook.com/stocks/AAAU/) | $11.1M | 281,513 | 0.5% | 11 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $10.7M | 94,815 | 0.5% | 15 |
| ADVANCED MICRO DEVICES INC | [AMD](https://holderbook.com/stocks/AMD/) | $10.6M | 18,269 | 0.5% | 19 |
| GE AEROSPACE | [GE](https://holderbook.com/stocks/GE/) | $10.3M | 27,561 | 0.5% | 10 |
| ISHARES TR | [TLT](https://holderbook.com/stocks/TLT/) | $9.9M | 114,239 | 0.4% | 10 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $9.8M | 232,335 | 0.4% | 31 |
| PARKER-HANNIFIN CORP | [PH](https://holderbook.com/stocks/PH/) | $9.5M | 9,688 | 0.4% | 12 |
| VERTIV HOLDINGS CO | [VRT](https://holderbook.com/stocks/VRT/) | $9.2M | 27,354 | 0.4% | 9 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $8.6M | 24,373 | 0.4% | 31 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $8.4M | 50,687 | 0.4% | 31 |
| SEAGATE TECHNOLOGY HLDNGS PL | [STX](https://holderbook.com/stocks/STX/) | $8.2M | 8,549 | 0.4% | 21 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $8.2M | 64,144 | 0.4% | 31 |
| IMMUNOME INC | [IMNM](https://holderbook.com/stocks/IMNM/) | $8.1M | 383,421 | 0.4% | 1 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $8.1M | 7,613 | 0.4% | 15 |
| SOUTHERN CO | [SO](https://holderbook.com/stocks/SO/) | $7.9M | 82,226 | 0.3% | 31 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $7.5M | 51,322 | 0.3% | 31 |
| WELLS FARGO & CO | [WFC](https://holderbook.com/stocks/WFC/) | $7.1M | 85,965 | 0.3% | 31 |
| TAKE-TWO INTERACTIVE SOFTWAR | [TTWO](https://holderbook.com/stocks/TTWO/) | $7.1M | 28,299 | 0.3% | 31 |
| CADENCE DESIGN SYSTEM INC | [CDNS](https://holderbook.com/stocks/CDNS/) | $6.9M | 18,424 | 0.3% | 15 |
| TRUIST FINL CORP | [TFC](https://holderbook.com/stocks/TFC/) | $6.6M | 133,410 | 0.3% | 6 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $6.4M | 112,533 | 0.3% | 31 |
| AT&T INC | [T](https://holderbook.com/stocks/T/) | $6.4M | 307,722 | 0.3% | 31 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $6.3M | 8,710 | 0.3% | 5 |
| NETFLIX INC | [NFLX](https://holderbook.com/stocks/NFLX/) | $6.1M | 85,867 | 0.3% | 17 |
| CENCORA INC | [COR](https://holderbook.com/stocks/COR/) | $5.8M | 20,422 | 0.3% | 15 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $5.6M | 69,351 | 0.2% | 31 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $5.5M | 10,803 | 0.2% | 23 |
| HEICO CORP NEW | [HEI](https://holderbook.com/stocks/HEI/) | $5.4M | 15,300 | 0.2% | 14 |
| PRUDENTIAL FINL INC | [PRU](https://holderbook.com/stocks/PRU/) | $5.4M | 49,708 | 0.2% | 31 |
| BEST BUY INC | [BBY](https://holderbook.com/stocks/BBY/) | $5.2M | 68,910 | 0.2% | 16 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $5.2M | 15,238 | 0.2% | 31 |
| LAM RESEARCH CORP | [LRCX](https://holderbook.com/stocks/LRCX/) | $5.2M | 12,042 | 0.2% | 5 |
| CAPITAL ONE FINL CORP | [COF](https://holderbook.com/stocks/COF/) | $4.9M | 24,581 | 0.2% | 6 |
| ISHARES TR | [PFF](https://holderbook.com/stocks/PFF/) | $4.9M | 159,753 | 0.2% | 1 |
| WATSCO INC | [WSO](https://holderbook.com/stocks/WSO/) | $4.8M | 11,460 | 0.2% | 14 |
| PHILIP MORRIS INTL INC | [PM](https://holderbook.com/stocks/PM/) | $4.5M | 24,910 | 0.2% | 5 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $4.4M | 4,749 | 0.2% | 28 |
| UNILEVER PLC | [UL](https://holderbook.com/stocks/UL/) | $4.4M | 73,426 | 0.2% | 2 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $4.4M | 29,929 | 0.2% | 15 |
| WESTERN DIGITAL CORP | [WDC](https://holderbook.com/stocks/WDC/) | $4.3M | 6,662 | 0.2% | 23 |
| DIGITAL RLTY TR INC | [DLR](https://holderbook.com/stocks/DLR/) | $4.1M | 22,720 | 0.2% | 10 |
| BANK OF NY MELLON CORP | [BNY](https://holderbook.com/stocks/BNY/) | $4.1M | 28,103 | 0.2% | 7 |
| MICROCHIP TECHNOLOGY INC. | [MCHP](https://holderbook.com/stocks/MCHP/) | $4.1M | 44,514 | 0.2% | 7 |
| 3M CO | [MMM](https://holderbook.com/stocks/MMM/) | $4.0M | 24,989 | 0.2% | 12 |
| THERMO FISHER SCIENTIFIC INC | [TMO](https://holderbook.com/stocks/TMO/) | $4.0M | 7,899 | 0.2% | 31 |
| FIFTH THIRD BANCORP | [FITB](https://holderbook.com/stocks/FITB/) | $3.9M | 69,262 | 0.2% | 14 |
| CHENIERE ENERGY INC | [LNG](https://holderbook.com/stocks/LNG/) | $3.8M | 16,051 | 0.2% | 19 |
| TEXAS INSTRS INC | [TXN](https://holderbook.com/stocks/TXN/) | $3.8M | 12,857 | 0.2% | 31 |
| UNITED RENTALS INC | [URI](https://holderbook.com/stocks/URI/) | $3.8M | 3,377 | 0.2% | 7 |
| VANGUARD INDEX FDS | [VTI](https://holderbook.com/stocks/VTI/) | $3.8M | 10,263 | 0.2% | 5 |
| ALLIANT ENERGY CORP | [LNT](https://holderbook.com/stocks/LNT/) | $3.7M | 48,262 | 0.2% | 5 |
| ROCKWELL AUTOMATION INC | [ROK](https://holderbook.com/stocks/ROK/) | $3.6M | 7,357 | 0.2% | 7 |
| CITIGROUP INC | [C](https://holderbook.com/stocks/C/) | $3.6M | 26,018 | 0.2% | 7 |
| PALO ALTO NETWORKS INC | [PANW](https://holderbook.com/stocks/PANW/) | $3.6M | 10,461 | 0.2% | 9 |
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $3.6M | 4,749 | 0.2% | 31 |
| SHOPIFY INC | [SHOP](https://holderbook.com/stocks/SHOP/) | $3.5M | 30,585 | 0.2% | 16 |
| VANGUARD SCOTTSDALE FDS | [VCSH](https://holderbook.com/stocks/VCSH/) | $3.5M | 43,906 | 0.2% | 3 |
| INTERCONTINENTAL EXCHANGE IN | [ICE](https://holderbook.com/stocks/ICE/) | $3.4M | 27,989 | 0.2% | 30 |
| INTUITIVE SURGICAL INC | [ISRG](https://holderbook.com/stocks/ISRG/) | $3.3M | 8,294 | 0.1% | 30 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $3.2M | 11,996 | 0.1% | 5 |
| SELECT SECTOR SPDR TR | [XLE](https://holderbook.com/stocks/XLE/) | $3.2M | 60,389 | 0.1% | 25 |
| RTX CORPORATION | [RTX](https://holderbook.com/stocks/RTX/) | $3.1M | 16,539 | 0.1% | 5 |
| KRAFT HEINZ CO | [KHC](https://holderbook.com/stocks/KHC/) | $3.0M | 124,969 | 0.1% | 2 |
| CVS HEALTH CORP | [CVS](https://holderbook.com/stocks/CVS/) | $2.9M | 28,067 | 0.1% | 5 |
| SCHWAB CHARLES CORP | [SCHW](https://holderbook.com/stocks/SCHW/) | $2.9M | 31,269 | 0.1% | 6 |
| SELECT SECTOR SPDR TR | [XLU](https://holderbook.com/stocks/XLU/) | $2.9M | 63,471 | 0.1% | 10 |
| US BANCORP | [USB](https://holderbook.com/stocks/USB/) | $2.8M | 47,139 | 0.1% | 31 |
| MARTIN MARIETTA MATLS INC | [MLM](https://holderbook.com/stocks/MLM/) | $2.8M | 4,896 | 0.1% | 6 |
| ISHARES TR | [IVW](https://holderbook.com/stocks/IVW/) | $2.8M | 20,229 | 0.1% | 31 |
| EOG RES INC | [EOG](https://holderbook.com/stocks/EOG/) | $2.7M | 21,048 | 0.1% | 5 |
| UNITED PARCEL SVCS INC | [UPS](https://holderbook.com/stocks/UPS/) | $2.7M | 24,902 | 0.1% | 9 |
| PALANTIR TECHNOLOGIES INC | [PLTR](https://holderbook.com/stocks/PLTR/) | $2.7M | 22,940 | 0.1% | 5 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +13.5% | +14.8% | -1.3% | 100% |
| Q1 2026 | -2.1% | -4.6% | +2.6% | 100% |
| Q4 2025 | +2.4% | +2.4% | +0.0% | 100% |
| Q3 2025 | +7.6% | +7.8% | -0.2% | 100% |
| Q2 2025 | +11.9% | +10.5% | +1.5% | 100% |
| Q1 2025 | -2.8% | -4.6% | +1.8% | 100% |
| Q4 2024 | -0.4% | +2.1% | -2.6% | 100% |
| Q3 2024 | +6.3% | +5.4% | +0.9% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $2.3B | 506 |
| Q1 2026 | $2.0B | 510 |
| Q4 2025 | $2.0B | 508 |
| Q3 2025 | $2.0B | 533 |
| Q2 2025 | $1.4B | 510 |
| Q1 2025 | $1.2B | 160 |
| Q4 2024 | $1.3B | 157 |
| Q3 2024 | $1.4B | 157 |
| Q2 2024 | $1.3B | 156 |
| Q1 2024 | $1.3B | 161 |
| Q4 2023 | $1.2B | 150 |
| Q3 2023 | $1.1B | 152 |