Ameriprise Financial 13F Portfolio

The biggest dollar add is not a single stock but a factor call: ISHARES Russell 1000 Value (IWD) is up +625.2% in shares with about $1.81B of fresh capital. That is a blunt statement that after a 20.29% quarter, Ameriprise wants more of the cheap, boring half of the market in the mix.

They are also leaning into broad U.S. beta via S&P 500 trackers. ISHARES Core S&P 500 (IVV) and Vanguard S&P 500 (VOO) each absorbed roughly $0.47–0.71B more, while SPY and QQQ nudged higher – a clear willingness to own the index rather than chase every incremental mega-cap breakout.

Within single names, the adds are surgical rather than thematic drift:

• Apple: +10.6% shares, a $1.42B add, even after a roughly +279.3% gain vs cost — that is not risk pare, that is pressing what they see as a durable platform, not a fad.
• Micron: +31.9% shares and about $1.21B more says they want AI memory and storage, not just GPUs; they are moving down the stack to the bottlenecks.
• Arista Networks: +27.6% in shares, with a roughly $470.9M add, highlights conviction that AI data center bandwidth is still underpriced.
• Chevron and UnitedHealth got meaningful boosts, indicating a taste for cash-generative defensives (integrated energy, managed care) to sit opposite the growthy tech sleeve.

The through-line: they are adding where business models sit on structural rails — core platforms, essential infrastructure, and diversified ETFs — rather than reaching for the next AI story stock.

If the biggest buys were about stabilizing the ship, the biggest sells were about taking victory laps in the most cyclical corners of the AI build-out and trimming energy beta. The poster child is Marvell: shares are down -56.4%, bleeding about $3.50B off the position. That is a brutal size cut for a company that is still thematically in the sweet spot.

The pattern continues across semi equipment:

• Applied Materials: -28.5% in shares, about $1.84B taken off the table.
• Lam Research: -16.6% in shares, roughly $1.50B out.
• KLA and Western Digital: -18.7% and -41.2% in shares, with $0.50B and $1.52B, respectively, freed up.

These were all held for six quarters, all showing triple- to four-digit percentage gains vs cost, and all now being harvested aggressively. In other words, Ameriprise is treating the tools and components vendors as trading capital, not core holdings.

Energy shows the same logic. Bloom Energy is cut -20.8%, pulling out roughly $1.44B despite eye-watering gains vs cost, and Exxon Mobil is down -23.8% in shares with about $0.63B coming out. They are not abandoning the space – Chevron was actually increased – but they clearly prefer the more integrated, cash-return story over speculative or duration-heavy plays.

Even within the cloud and megacap complex they are subtly trimming: Microsoft, Alphabet (both share classes), Cisco, Johnson & Johnson, Procter & Gamble, and Wells Fargo all give up small chunks. Those are classic funding trades: high-gain, high-liquidity names lightened just enough to pay for the ETF and AI-infrastructure adds without changing the strategic exposure.

On the surface, Ameriprise still looks like a tech fund – technology is 53.13% of the disclosed book. But underneath, the mix is tilting from idiosyncratic chip bets toward an AI-plus-diversifiers barbell.

Tech’s weight dipped about 2.3 points quarter-on-quarter even as they added Apple, Micron, Broadcom, TSMC, Arista, Palo Alto Networks, and a tech sector ETF (XLK). The slack came from heavy trims to more cyclical chip and equipment names, so the quality and durability of the tech exposure actually improved even as the headline weight fell.

Around that core, they are deliberately thickening the shock absorbers:

• Unclassified ETFs (S&P 500, QQQ, value/growth, Treasuries) rose from 9.91% to 11.66% — the fastest-growing “sector” in the book.
• Health care climbed from 6.41% to 6.87% with modest adds to Eli Lilly, AbbVie, Merck, and especially UnitedHealth, giving them exposure to drugs, vaccines, and managed care.
• Real-world financials edged up from 8.41% to 8.64% through JPMorgan, Bank of America, Morgan Stanley, BNY Mellon, and Chubb, while payments (Visa, Mastercard) — mislabeled as real estate in the data — moved from 2.92% to 3.35%.

Energy slipped from 5.93% to 5.28% as they rotated away from Exxon and Bloom Energy into Chevron. Consumer exposure is roughly flat at 7.26%, but the mix is subtly more defensive: Walmart, TJX, and Procter & Gamble outweigh the e-commerce swing of Amazon, which they trimmed.

Taken together, this is not a manager second-guessing the AI supercycle; this is a manager trying to own it in a way that can survive a regime shift. The continued commitment to NVIDIA, Apple, Micron, Broadcom, TSMC, and Arista, plus a steady QQQ and XLK position, says they still expect data-center and device spending to compound for years.

The shift is in how they want to take that ride. They are rotating capital out of the most cyclical, capital-intensive layers of the stack and into what looks like a permanent core of dominant platforms and infrastructure, buffered by broad S&P 500 and value ETFs. That makes the portfolio less fragile to a single-stock or single-subsector air pocket without giving up the growth engine that has driven a 29.93% annualized three-year return.

The rising health care and payments stakes hint at the next chapter: a more balanced book anchored by secular compounders in drugs, insurance, and transaction networks. Layer in a growing bank sleeve and a chunk of intermediate Treasuries via IEF, and you get a clear message: Ameriprise is preparing for more volatility without calling the top on U.S. equities or AI.

If the AI trade overshoots and snaps back, this positioning should allow them to buy when others are forced sellers – with cash raised from trims to the exuberant parts of the cycle and a larger base of liquid ETFs to rebalance from.