COMMERCE BANK
Long book
$20.65B
Q1 2026
Positions
1310
Top-10 weight
29%
concentration
Last quarter
+12.3%
SPY +14.8%
Turnover
13%
of book per quarter
Strategy in plain words
auto-generated from filingsCOMMERCE BANK is a mechanically diversified allocator, running a $20.65B US long book across 1310 positions.
The portfolio is moderately concentrated (top 10 ≈ 29% of the book). Turnover is modest: positions are typically held for years. Current anchor positions: APPLE INC, NVIDIA CORP, MICROSOFT CORP, ALPHABET INC-CL A, AMAZON.COM INC.
Over the last 9 quarters its long book ran on average 0.6pp per quarter behind the S&P 500, beating the index in 3 of 9 quarters. Its holdings are mechanical (indexing / client flows), so position changes carry no stock-picking signal.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+2.9%
Q2 2024
+6.2%
Q3 2024
+1.8%
Q4 2024
-3.7%
Q1 2025
+9.2%
Q2 2025
+7.5%
Q3 2025
+1.7%
Q4 2025
-3.0%
Q1 2026
+12.3%
Sector allocation
Technology 37%
Financials 13%
Industrials 12%
Consumer discretionary 11%
Healthcare 7%
Utilities 5%
Services media 4%
Other 3%
Long book by quarter
What does COMMERCE BANK own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| AAPL APPLE INC | Technology | 4.3M | $1.10B | 5.3% | +13.4% |
| NVDA NVIDIA CORP | Technology | 5.1M | $897.2M | 4.3% | +9.0% |
| MSFT MICROSOFT CORP | Technology | 2.2M | $800.4M | 3.9% | +12.0% |
| GOOGL ALPHABET INC-CL A | Technology | 2.7M | $774.6M | 3.8% | +3.3% |
| AMZN AMAZON.COM INC | Consumer discretionary | 2.6M | $544.5M | 2.6% | +13.2% |
| AVGO BROADCOM INC | Technology | 1.5M | $459.0M | 2.2% | +19.8% |
| JPM JPMORGAN CHASE & CO | Financials | 1.4M | $397.3M | 1.9% | +14.3% |
| CBSH COMMERCE BANCSHARES INC | Financials | 7.0M | $344.9M | 1.7% | +23.8% |
| XOM EXXON MOBIL CORP | Energy | 1.7M | $283.3M | 1.4% | +9.9% |
| JNJ JOHNSON & JOHNSON | Healthcare | 971.9K | $237.6M | 1.2% | +11.2% |
| META META PLATFORMS INC-CLASS A | Technology | 414.2K | $237.0M | 1.1% | +14.3% |
| GOOG ALPHABET INC-CL C | Technology | 787.9K | $226.0M | 1.1% | +53.7% |
| MS MORGAN STANLEY | Financials | 1.3M | $211.6M | 1.0% | +10.9% |
| V VISA INC-CLASS A SHARES | Services media | 695.2K | $210.1M | 1.0% | +6.5% |
| PG PROCTER & GAMBLE CO/THE | Other | 1.5M | $209.6M | 1.0% | +9.2% |
| CAT CATERPILLAR INC | Industrials | 259.5K | $183.8M | 0.9% | +23.0% |
| LLY ELI LILLY & CO | Healthcare | 191.2K | $175.9M | 0.9% | +8.9% |
| UPS UNITED PARCEL SERVICE-CL B | Industrials | 1.7M | $171.5M | 0.8% | +6572.2% |
| MCD MCDONALD'S CORP | Consumer discretionary | 520.6K | $161.8M | 0.8% | +5.9% |
| WMT WALMART INC | Consumer discretionary | 1.2M | $154.2M | 0.7% | +14.0% |
| MRK MERCK & CO. INC. | Healthcare | 1.2M | $142.9M | 0.7% | +27.4% |
| NEE NEXTERA ENERGY INC | Utilities | 1.5M | $140.3M | 0.7% | +30.3% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 281.1K | $134.7M | 0.7% | +15.9% |
| NVT NVENT ELECTRIC PLC | Industrials | 1.1M | $131.0M | 0.6% | -0.5% |
| TMO THERMO FISHER SCIENTIFIC INC | Other | 263.4K | $129.5M | 0.6% | +13.4% |
| PH PARKER HANNIFIN CORP | Industrials | 144.1K | $129.0M | 0.6% | -0.5% |
| LOW LOWE'S COS INC | Consumer discretionary | 536.9K | $126.9M | 0.6% | +9.3% |
| RTX RTX CORP | Industrials | 648.7K | $125.1M | 0.6% | +28.1% |
| CVX CHEVRON CORP | Energy | 604.0K | $125.0M | 0.6% | +9.4% |
| UNP UNION PACIFIC CORP | Industrials | 514.8K | $124.9M | 0.6% | +8.0% |
| MCK MCKESSON CORP | Consumer discretionary | 139.4K | $120.7M | 0.6% | +0.7% |
| NOC NORTHROP GRUMMAN CORP | Technology | 175.7K | $119.9M | 0.6% | +10.3% |
| ABBV ABBVIE INC | Healthcare | 545.1K | $118.5M | 0.6% | +17.4% |
| COST COSTCO WHOLESALE CORP | Consumer discretionary | 117.0K | $116.6M | 0.6% | +4.5% |
| PEP PEPSICO INC | Consumer staples | 676.9K | $105.1M | 0.5% | +3.4% |
| HD HOME DEPOT INC | Consumer discretionary | 305.6K | $100.5M | 0.5% | +40.1% |
| LMT LOCKHEED MARTIN CORP | Industrials | 164.4K | $99.4M | 0.5% | +12.6% |
| TMUS T-MOBILE US INC | Communications | 471.2K | $99.0M | 0.5% | -4.2% |
| ET ENERGY TRANSFER LP | Utilities | 5.0M | $97.1M | 0.5% | +0.7% |
| HON HONEYWELL INTERNATIONAL INC | Industrials | 425.0K | $96.1M | 0.5% | +31.1% |
| PANW PALO ALTO NETWORKS INC | Technology | 585.1K | $93.8M | 0.5% | +18.7% |
| AEP AMERICAN ELECTRIC POWER | Utilities | 715.4K | $93.8M | 0.5% | +3.8% |
| AMGN AMGEN INC | Healthcare | 259.9K | $91.4M | 0.4% | +16.2% |
| MSI MOTOROLA SOLUTIONS INC | Technology | 202.8K | $88.0M | 0.4% | +1.1% |
| MA MASTERCARD INC - A | Services media | 175.0K | $87.4M | 0.4% | +40.4% |
| TEL TE CONNECTIVITY PLC | Consumer discretionary | 414.4K | $86.6M | 0.4% | +10.3% |
| COF CAPITAL ONE FINANCIAL CORP | Financials | 424.2K | $77.4M | 0.4% | +7.3% |
| EMR EMERSON ELECTRIC CO | Industrials | 569.2K | $74.6M | 0.4% | +14.8% |
| USFD US FOODS HOLDING CORP | Consumer discretionary | 761.8K | $70.2M | 0.3% | -0.3% |
| CSCO CISCO SYSTEMS INC | Technology | 898.6K | $69.7M | 0.3% | +32.7% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 11, 2026 | 2449 | $20.65B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 2383 | $18.11B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 12, 2025 | 2391 | $17.97B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 7, 2025 | 2347 | $16.94B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 8, 2025 | 2334 | $15.67B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 13, 2025 | 2363 | $16.22B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 8, 2024 | 2429 | $16.32B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 12, 2024 | 2403 | $15.44B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 3, 2024 | 2405 | $15.12B | canonical | SEC ↗ |
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