COMMERCE BANK

CIK 0001009076 · Q1 2026

13F Equity AUM

$20.7B

+14.1% QoQ

Positions

1,309

+69 QoQ

AUM Rank

#400

Top 3%

Skill Alpha (FF)

-1.1%/yr^ns

No Clear Edge

Rank #3,897 · Top 47%

vs S&P -4.2%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 19.9%Top 10: 28.8%Top 20: 40.0%

AAPL5.3%

NVDA4.3%

MSFT3.9%

GOOGL3.8%

AMZN2.6%

AVGO2.2%

JPM1.9%

CBSH1.7%

SPY1.6%

IVV1.5%

Others (1299)71.2%

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

Sector Allocation

Financial Services32.5%

Technology22.4%

Industrials10.2%

Communication Services7.7%

Healthcare7.4%

Consumer Cyclical6.9%

Consumer Defensive4.4%

Energy3.7%

Other4.8%

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

Position Sizing

Positions: 1309Median: 0.01%Avg: 0.08%

0–0.5%

1263(42.8%)

0.5–1%

27(18.2%)

1–3%

15(21.7%)

3–5%

3(12.0%)

5%+

1(5.3%)

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

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Portfolio Overlap

Shared: 1,305Unique: 4vs 20 funds

17.9%Moderate

1,309

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

24.6%

BANK OF AMERICA CORP /DE/

27.1%

25.5%

37.6%

27.3%

26.1%

VANGUARD CAPITAL MANAGEMENT LLC

25.1%

GEODE CAPITAL MANAGEMENT, LLC

24.6%

VANGUARD PORTFOLIO MANAGEMENT LLC

28.3%

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

New123Increased731Decreased371Exited53

New Positions

SPLV0.1%

+221K

AVMV0.0%

+124K

CALY0.0%

+668K

CHWY0.0%

+285K

AVIV0.0%

+49K

DFLV0.0%

+118K

QQQM0.0%

+14K

DFSV0.0%

+98K

AVEM0.0%

+50K

AVLV0.0%

+59K

Increased

UPS0.8%

+1.7M(+6572%)

CBSH1.7%

+1.3M(+24%)

IJH0.3%

+554K(+253%)

EFA0.4%

+533K(+147%)

AAPL5.3%

+509K(+13%)

XLB0.5%

+470K(+30%)

CMRC0.0%

+433K(+76%)

NVDA4.3%

+423K(+9%)

NEE0.7%

+351K(+30%)

KNX0.1%

+349K(+5618%)

Decreased

JAAA0.3%

-788,357(-42%)

TOST0.0%

-617,508(-73%)

T0.1%

-517,440(-34%)

GOVT0.1%

-425,171(-31%)

VVV0.1%

-352,600(-48%)

PTC0.1%

-171,218(-61%)

BX0.1%

-118,931(-38%)

NOW0.1%

-117,562(-28%)

GVI0.0%

-108,526(-64%)

UBER0.3%

-86,354(-8%)

Exited

-12,003

-40,157

-26,906

-61,847

-13,924

-20,000

-904

-1,022

-7,929

-4,083

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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