US Bancorp De 13F Portfolio

Look at the biggest adds and the message is clear: incremental dollars went straight into diversified beta, with a modest side of AI infrastructure.

• SCHX (Schwab U.S. Large-Cap) was lifted by +18.7%, a roughly $799.1M add, cementing it as the single largest position at 5.53%. That is a statement that the U.S. large-cap index itself is the house view.
• IVV (S&P 500) was boosted +13.1%, adding about $570.3M; SPY also ticked higher. Running multiple S&P-like sleeves is more about liquidity and operational flexibility than a nuanced macro call.
• VO (Vanguard Mid-Cap) rose +5.5%, a ~$95.8M add, reinforcing a barbell within core U.S. – large and mid, but less emphasis on the riskiest small-cap tail.
• IXUS and IEFA together saw fresh money (IXUS up +19.4%, about $180.6M; IEFA up modestly). That’s an incremental nod to international developed diversification, but still via broad, low‑tracking‑error vehicles.
• On the single-stock side, NVIDIA and Meta were both notably topped up (NVDA +2.2%, ~$35.0M; META +5.9%, ~$34.6M). Those are not speculative entries; they’re adds to long-held, massively profitable winners the fund is content to let run.

Rising conviction, in short, sits with the indices and with a handful of scale AI and cloud platforms that already dominate the benchmarks.

The funding leg of the quarter is just as telling: this is a clean-up of riskier or lower-conviction wrappers, not a repudiation of any sector.

• IWM (Russell 2000) was hammered, down -38.6% in shares and roughly $401.5M in value. That’s the sharpest expression of a step back from small-cap risk, especially the most volatile, rate-sensitive corners.
• AGG (core U.S. aggregate bond) was cut -7.2%, freeing about $303.9M even though the position still sits at 4.27%. With AGG showing a slight loss versus their average cost, they’re accepting modest pain to re-risk into equities.
• VEA and VNQ were both trimmed (VEA -9.7%, about -$79.7M; VNQ -8.9%, about -$47.3M), hinting at some skepticism around ex‑U.S. developed and listed real estate as efficient uses of risk right now.
• Micron’s -10.2% cut (roughly -$100.8M) stands out among single names: in an otherwise pro‑AI stance, they’re trimming a high‑beta memory name after enormous gains, while leaving NVIDIA and Broadcom on the field.
• Smaller reductions in QQQ, VTI, and various style/small-cap ETFs suggest a general consolidation: fewer overlapping beta sleeves, more size in the preferred ones.

Nothing here screams “sector call”; this looks like housekeeping — pulling back from thinly compensated volatility and simplifying the toolkit.

On the surface, sector weights barely moved: technology dipped from 20.78% to 20.52%, consumer from 6.46% to 6.37%, health care from 5.42% to 5.35%. The real story is that the Unclassified bucket — i.e., broad ETFs — inched higher to 62.91%, and those ETFs themselves are heavily tech- and growth-laden.

The trims line up tightly with the bar chart: tiny step-downs in energy (via XOM), industrials (CAT), and financials (JPM) are all marginal. The real de‑risking is factor-based: less small-cap (IWM, IJR, MDY), less REIT exposure (VNQ, SCHH partly offsetting), and a notch less rate sensitivity from AGG.

By contrast, they added to broad developed ex‑U.S. (IEFA, IXUS) and kept emerging markets (IEMG) roughly stable despite a minor trim. That hints at a view that non‑U.S. equities are useful diversifiers, but not worth a bold overweight.

Within tech, the weight stability masks a quality upgrade: slight reductions in Micron and AMD, incremental adds to NVIDIA, Broadcom, Meta, Microsoft, and Alphabet. The sector chart won’t show it, but the risk profile inside the technology sleeve is migrating toward cash‑rich, platform‑type compounders.

Put together, this quarter reads like a portfolio architect who believes the next phase of returns will come from owning the major indices, not from clever tilts. The fund is rebuilding around scalable, benchmark-like exposures and letting mega-cap platforms deliver the growth inside those wrappers.

Pulling capital from small caps and aggregate bonds into SCHX, IVV, and VO says they see better risk/reward in equity beta than in duration or lower-quality U.S. cyclicals. The modest but real adds to international developed ETFs show they’re not betting on U.S. exceptionalism alone, yet they’re in no rush to make dramatic regional calls.

The tech stance is particularly telling: they are not chasing new AI narratives; they are reinforcing existing, high‑margin winners and trimming the most volatile semis. If markets stay supportive, this structure should participate robustly in upside with less blow‑up risk from concentrated single-stock bets.

Investors watching US Bancorp De’s book should expect more of the same: incremental rebalancing around a broad equity core, tweaks at the factor level, and only measured moves in individual names. The message this quarter is almost old-fashioned — size the beta right, and let compounding do the hard work.