ALERUS FINANCIAL NA

CIK 0000919458 · Q1 2026

13F Equity AUM

$2.0B

-1.2% QoQ

Positions

470

-5 QoQ

AUM Rank

#1,788

Top 14%

Skill Alpha (FF)

-0.6%/yr^ns

No Clear Edge

Rank #3,051 · Top 37%

vs S&P -4.4%/yr (unadj.)

Quarters Tracked

~9 years

Portfolio Concentration

Top 5: 48.6%Top 10: 60.2%Top 20: 70.9%

VOO22.4%

DFAX14.2%

IWR4.7%

VCRB3.6%

IXUS3.6%

NVDA2.9%

ALRS2.6%

AAPL2.3%

MSFT1.9%

AVGO1.8%

Others (460)39.8%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services63.5%

Technology13.5%

Communication Services4.4%

Industrials4.0%

Healthcare4.0%

Consumer Cyclical3.4%

Energy2.1%

Other5.1%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 470Median: 0.01%Avg: 0.21%

0–0.5%

440(23.2%)

0.5–1%

15(10.1%)

1–3%

10(18.1%)

3–5%

3(12.0%)

5%+

2(36.6%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 463Unique: 7vs 20 funds

6.3%Low

470

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

8.7%

BANK OF AMERICA CORP /DE/

9.6%

9.2%

14.6%

10.6%

10.5%

VANGUARD CAPITAL MANAGEMENT LLC

9.7%

GEODE CAPITAL MANAGEMENT, LLC

9.4%

VANGUARD PORTFOLIO MANAGEMENT LLC

11.1%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New54Increased97Decreased155Exited52

New Positions

UL0.3%

+103K

KMI0.1%

+40K

BMY0.1%

+20K

EIX0.1%

+16K

IP0.1%

+26K

GIS0.1%

+26K

SW0.1%

+27K

TMUS0.1%

+5K

KHC0.1%

+46K

D0.1%

+15K

Increased

F0.0%

+73K(+2639%)

KVUE0.1%

+58K(+898%)

PFE0.1%

+47K(+2708%)

CMCSA0.1%

+47K(+12798%)

KEY0.1%

+46K(+2175%)

DOW0.1%

+43K(+4260%)

BAC0.2%

+29K(+45%)

CSCO0.6%

+24K(+18%)

BAC0.6%

+21K(+10%)

VCSH1.1%

+19K(+7%)

Decreased

SNAP0.0%

-172,606(-93%)

HPE0.5%

-87,919(-17%)

ALRS2.6%

-47,458(-2%)

IXUS3.6%

-47,439(-5%)

SO0.5%

-38,229(-26%)

BRBS0.0%

-35,015(-19%)

EQH0.0%

-29,184(-89%)

T0.4%

-25,445(-8%)

LNT0.2%

-25,165(-27%)

XLU0.2%

-23,925(-19%)

Exited

-6,611

-1,000

-1,817

-4,700

-2,114

-16

-73

-500

-54

-128

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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