Bell Bank

CIK 0001002672 · Q1 2026

13F Equity AUM

$2.4B

+0.8% QoQ

Positions

188

-6 QoQ

AUM Rank

#1,630

Top 13%

Skill Alpha (FF)

-1.5%/yr^ns

No Clear Edge

Rank #4,521 · Top 55%

vs S&P -6.7%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 52.2%Top 10: 70.1%Top 20: 79.7%

IEFA13.6%

VTV13.5%

VUG11.3%

NDQ8.8%

RSP5.0%

VTI4.6%

SPYV4.2%

VOO3.8%

AGG2.8%

BILS2.5%

Others (178)29.9%

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

Sector Allocation

Financial Services78.8%

Technology6.1%

Healthcare3.0%

Consumer Defensive2.6%

Communication Services2.4%

Energy2.3%

Other4.8%

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

Position Sizing

Positions: 188Median: 0.04%Avg: 0.53%

0–0.5%

160(15.9%)

0.5–1%

14(8.3%)

1–3%

6(10.9%)

3–5%

4(17.6%)

5%+

4(47.2%)

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

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Portfolio Overlap

Shared: 187Unique: 1vs 20 funds

2.6%Low

188

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

3.6%

BANK OF AMERICA CORP /DE/

3.8%

6.1%

4.2%

VANGUARD CAPITAL MANAGEMENT LLC

3.6%

GEODE CAPITAL MANAGEMENT, LLC

3.5%

VANGUARD PORTFOLIO MANAGEMENT LLC

4.3%

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

New9Increased78Decreased76Exited15

New Positions

BX0.3%

+53K

AWM0.2%

+102K

BXSL0.2%

+233K

GIS0.2%

+141K

ESGD0.0%

+5K

SUSA0.0%

+4K

ITOT0.0%

+2K

BIIB0.0%

+1K

MSI0.0%

+522

Increased

JAAA1.0%

+239K(+100%)

SPYV4.2%

+172K(+11%)

IEFA13.6%

+94K(+3%)

KMB0.4%

+54K(+107%)

VMBS1.8%

+53K(+6%)

BILS2.5%

+51K(+9%)

AGG2.8%

+40K(+7%)

CMG0.1%

+31K(+213%)

UBER0.1%

+29K(+1155%)

PFE0.6%

+27K(+6%)

Decreased

USB0.0%

-165,669(-96%)

VYM0.1%

-97,373(-91%)

BIL1.4%

-72,757(-16%)

SCHD0.1%

-36,255(-35%)

DOW0.4%

-31,757(-13%)

CAG0.2%

-30,577(-8%)

RIO0.6%

-20,417(-12%)

FTNT0.0%

-20,168(-88%)

ARCC0.4%

-17,242(-3%)

VGSH0.0%

-16,681(-56%)

Exited

-519,395

-15,497

-5,970

-1,720

-225

-1,200

-304

-3,962

-710

-2,563

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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