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Portfolio (Quarterly) Guide ↗

ALERUS FINANCIAL NA

· CIK 0000919458
13F Portfolio $2.0B AUM 515 positions Filed May 12, 2026 EDGAR ↗ ← All Funds
Q1 2026 Q4 2025 · All 54 New 96 Added 146 Reduced 52 Exited
Page 19 of 26  ·  510 positions
# Ticker Company Sector Shares Value ↓ % Port Chg Shares Chg % Period Price ① Since Period ①
361 CMI CUMMINS INC Industrials 29.0 $16K 0.00% -1.0 -3.3% $538.03 +28.1%
362 SPOT SPOTIFY TECHNOLOGY S A Communication Services 32.0 $16K 0.00% $484.91 -10.6%
363 DIA STATE STR SPDR DOW JONES IND Financial Services 33.0 $15K 0.00% $463.18 +6.9%
364 KR KROGER CO Consumer Defensive 200.0 $14K 0.00% $72.36 -7.9%
365 YUM YUM BRANDS INC Consumer Cyclical 85.0 $13K 0.00% $155.48 -3.0%
366 WAT WATERS CORP Healthcare 44.0 $13K 0.00% NEW $297.80 +11.6%
367 ULTA ULTA BEAUTY INC Consumer Cyclical 25.0 $13K 0.00% $522.72 -6.1%
368 AMGN AMGEN INC Healthcare 37.0 $13K 0.00% -10.0 -21.3% $351.84 -8.3%
369 GSEW GOLDMAN SACHS ETF TR 151.0 $13K 0.00% $84.66 +6.1%
370 MSI MOTOROLA SOLUTIONS INC Technology 29.0 $13K 0.00% $433.97 -8.5%
371 ENVA ENOVA INTL INC Financial Services 92.0 $12K 0.00% $135.83 +21.1%
372 RCL ROYAL CARIBBEAN GROUP Consumer Cyclical 44.0 $12K 0.00% $275.18 -5.5%
373 AEP AMERICAN ELEC PWR CO INC Utilities 86.0 $11K 0.00% $131.08 -3.9%
374 MAIN MAIN STR CAP CORP Financial Services 206.0 $11K 0.00% $52.96 -5.7%
375 GDX VANECK ETF TRUST 116.0 $11K 0.00% -66.0 -36.3% $91.77 -3.4%
376 VEU VANGUARD INTL EQUITY INDEX F 140.0 $11K 0.00% $75.10 +8.6%
377 STZ CONSTELLATION BRANDS INC Consumer Defensive 70.0 $10K 0.00% $150.00 -2.9%
378 UTG REAVES UTIL INCOME FD Financial Services 267.0 $10K 0.00% $39.28 +6.4%
379 PUTNAM ETF TRUST 1,180.0 $10K 0.00% NEW $8.73
380 AME AMETEK INC Industrials 46.0 $10K $214.37 +5.7%
Page 19 of 26  ·  510 positions

Period Price is the implied market price on the last day of the reporting period, calculated as reported value ÷ shares held. It is not the fund's purchase price or cost basis — the fund may have initiated or added to the position at any point during the quarter at a different price. Since Period shows the price change from that quarter-end snapshot to today's last price — it reflects stock movement after the report date, not the fund's actual return.

Sector Allocation
Technology 30.5%
Financial Services 19.7%
Communication Services 10.0%
Healthcare 9.0%
Industrials 9.0%
Consumer Cyclical 7.6%
Energy 4.7%
Consumer Defensive 4.2%
Utilities 2.9%
Basic Materials 1.6%