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Livermore
Livermore
ZHEN

Alerus Financial NA

SEC CIK
0000919458
Latest filing
Aug 13, 2026

The latest 13F from Alerus Financial NA covers Q2 2026 (filed Aug 13, 2026): 506 long positions worth $2.29B. The top 10 holdings make up 59.3% of the portfolio, and the largest is Vanguard S&P 500 ETF at 22.5%. Livermore has 22 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
21
Est. +$18.3M
Added
129
Est. +$96.6M
Reduced
127
Est. −$114.4M
Sold out
25
Est. −$3.71M

Top 5 holdings

Share of this quarter's portfolio value

  1. Vanguard S&P 500 ETF922908363
    22.5%$515.0M
  2. Dimensional World Ex U.S. Core Equity 2 ETF25434V880
    13.5%$308.3M
  3. iShares Russell Midcap ETF464287499
    4.8%$108.7M
  4. iShares Core MSCI Total International Stock ETF46432F834
    3.5%$80.7M
  5. Vanguard Malvern FDS922020748
    3.2%$74.3M

Biggest buys

New and added positions, by estimated amount bought

  1. IMNMImmunome Inc.
    +$8.12MNewHistory
  2. iShares Tr464288687
    +$4.87MNew
  3. XOMExxonMobil Holdings Corp
    +$3.17MAddedHistory
  4. JNJJohnson & Johnson
    +$3.09MAddedHistory
  5. AMDAdvanced Micro Devices Inc
    +$3.06MAddedHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. MUMicron Technology Inc
    +0.98 pp0.5% → 1.5%History
  2. IMNMImmunome Inc.
    +0.36 pp0.0% → 0.4%History
  3. AMDAdvanced Micro Devices Inc
    +0.33 pp0.1% → 0.5%History
  4. CSCOCisco Systems, Inc.
    +0.24 pp0.6% → 0.9%History
  5. iShares Tr464288687
    +0.21 pp0.0% → 0.2%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. Vanguard Scottsdale FDS92206C409
    −$18.0MReduced
  2. Vanguard S&P 500 ETF922908363
    −$6.00MReduced
  3. HPEHewlett Packard Enterprise Co
    −$5.00MReducedHistory
  4. ALRSAlerus Financial Corp
    −$3.91MReducedHistory
  5. WDCWestern Digital Corp
    −$2.84MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. Vanguard Scottsdale FDS92206C409
    −0.92 pp1.1% → 0.2%
  2. Dimensional World Ex U.S. Core Equity 2 ETF25434V880
    −0.67 pp14.2% → 13.5%
  3. MSFTMicrosoft Corp
    −0.24 pp1.9% → 1.7%History
  4. AAAUGoldman Sachs Physical Gold ETF
    −0.21 pp0.7% → 0.5%History
  5. Vanguard Scottsdale FDS92206C813
    −0.18 pp1.5% → 1.3%

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$2.29B
+$266.3M (+13.2%) vs. prior quarter
Positions
506
−4 vs. prior quarter
Top 10 concentration
59.3%
Top 10 as share of value
Turnover
5.3%
Q2 2026, one quarter
Average holding period
18.1 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $2.29B (Q2 2026)

Q1 2021: $948.6MQ2 2021: $991.6MQ3 2021: $1.10BQ4 2021: $1.23BQ1 2022: $1.17BQ2 2022: $1.08BQ3 2022: $1.01BQ4 2022: $1.09BQ1 2023: $1.12BQ2 2023: $1.18BQ3 2023: $1.13BQ4 2023: $1.23BQ1 2024: $1.32BQ2 2024: $1.34BQ3 2024: $1.36BQ4 2024: $1.31BQ1 2025: $1.25BQ2 2025: $1.39BQ3 2025: $1.97BQ4 2025: $2.04BQ1 2026: $2.02BQ2 2026: $2.29B
Q1 2021Q2 2026
13F filings of Alerus Financial NA by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 13, 2026506$2.29BVanguard S&P 500 ETFDimensional World Ex U.S. Core Equity 2 ETFiShares Russell Midcap ETFvs. Q1 2026SEC
Q1 2026May 12, 2026510$2.02BVanguard S&P 500 ETFDimensional World Ex U.S. Core Equity 2 ETFiShares Russell Midcap ETFvs. Q4 2025SEC
Q4 2025Feb 13, 2026508$2.04BVanguard S&P 500 ETFDimensional World Ex U.S. Core Equity 2 ETFiShares Russell Midcap ETFvs. Q3 2025SEC
Q3 2025Nov 10, 2025533$1.97BVanguard S&P 500 ETFDimensional World Ex U.S. Core Equity 2 ETFiShares Core MSCI Total International Stock ETFvs. Q2 2025SEC
Q2 2025Aug 13, 2025510$1.39BVanguard S&P 500 ETFDimensional World Ex U.S. Core Equity 2 ETFiShares Core MSCI Total International Stock ETFvs. Q1 2025SEC
Q1 2025May 13, 2025160$1.25BVanguard S&P 500 ETFDimensional World Ex U.S. Core Equity 2 ETFiShares Core U.S. Aggregate Bond ETFvs. Q4 2024SEC
Q4 2024Feb 12, 2025157$1.31BVanguard S&P 500 ETFDimensional World Ex U.S. Core Equity 2 ETFiShares Core U.S. Aggregate Bond ETFvs. Q3 2024SEC
Q3 2024Nov 14, 2024157$1.36BVanguard S&P 500 ETFDimensional World Ex U.S. Core Equity 2 ETFiShares Core U.S. Aggregate Bond ETFvs. Q2 2024SEC
Q2 2024Aug 8, 2024156$1.34BVanguard S&P 500 ETFDimensional World Ex U.S. Core Equity 2 ETFiShares Core U.S. Aggregate Bond ETFvs. Q1 2024SEC
Q1 2024May 13, 2024161$1.32BVanguard S&P 500 ETFDimensional World Ex U.S. Core Equity 2 ETFiShares Core U.S. Aggregate Bond ETFvs. Q4 2023SEC
Q4 2023Feb 12, 2024150$1.23BVanguard S&P 500 ETFDimensional World Ex U.S. Core Equity 2 ETFiShares Core U.S. Aggregate Bond ETFvs. Q3 2023SEC
Q3 2023Nov 14, 2023152$1.13BVanguard S&P 500 ETFDimensional World Ex U.S. Core Equity 2 ETFiShares Core U.S. Aggregate Bond ETFvs. Q2 2023SEC
Q2 2023Aug 14, 2023157$1.18BVanguard S&P 500 ETFDimensional World Ex U.S. Core Equity 2 ETFiShares Core U.S. Aggregate Bond ETFvs. Q1 2023SEC
Q1 2023May 15, 2023163$1.12BVanguard S&P 500 ETFDimensional World Ex U.S. Core Equity 2 ETFiShares Core U.S. Aggregate Bond ETFvs. Q4 2022SEC
Q4 2022Feb 14, 2023164$1.09BVanguard S&P 500 ETFDimensional World Ex U.S. Core Equity 2 ETFiShares Core U.S. Aggregate Bond ETFvs. Q3 2022SEC
Q3 2022Nov 14, 2022150$1.01BVanguard S&P 500 ETFDimensional World Ex U.S. Core Equity 2 ETFiShares Core U.S. Aggregate Bond ETFvs. Q2 2022SEC
Q2 2022Aug 12, 2022164$1.08BVanguard S&P 500 ETFiShares Core MSCI Total International Stock ETFiShares Core U.S. Aggregate Bond ETFvs. Q1 2022SEC
Q1 2022May 13, 2022178$1.17BDimensional World Ex U.S. Core Equity 2 ETFVanguard S&P 500 ETFiShares Core U.S. Aggregate Bond ETFvs. Q4 2021SEC
Q4 2021Feb 14, 2022183$1.23BDimensional World Ex U.S. Core Equity 2 ETFVanguard S&P 500 ETFiShares Core U.S. Aggregate Bond ETFvs. Q3 2021SEC
Q3 2021Nov 12, 2021181$1.10BDimensional World Ex U.S. Core Equity 2 ETFiShares Core U.S. Aggregate Bond ETFVanguard S&P 500 ETFvs. Q2 2021SEC
Q2 2021Aug 11, 2021190$991.6MVanguard S&P 500 ETFiShares Core U.S. Aggregate Bond ETFALRSvs. Q1 2021SEC
Q1 2021May 13, 2021184$948.6MVanguard S&P 500 ETFiShares Core U.S. Aggregate Bond ETFALRS–SEC