UNITED SERVICES AUTOMOBILE ASSOCIATION
Long book
$850.6M
Q1 2026
Positions
14
Top-10 weight
99%
concentration
Last quarter
+1.9%
SPY +14.8%
Turnover
30%
of book per quarter
Strategy in plain words
auto-generated from filingsUNITED SERVICES AUTOMOBILE ASSOCIATION is a wealth-management firm allocating client money, specialised in healthcare (100% of the long book), running a $850.6M US long book across 14 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: ISHARES CORE U.S. AGGREGATE, VANGUARD S&P 500 ETF, ISHARES SH DBA ETF USD INC, VANGUARD TOTAL INTL STOCK, VANGUARD S/T CORP BOND ETF.
Over the last 9 quarters its long book ran on average 2.2pp 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
+1.8%
Q2 2024
+7.1%
Q3 2024
-1.3%
Q4 2024
+0.3%
Q1 2025
+6.2%
Q2 2025
+3.7%
Q3 2025
+1.4%
Q4 2025
-0.2%
Q1 2026
+1.9%
Sector allocation
Healthcare 100%
Long book by quarter
What does UNITED SERVICES own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| RANI RANI THERAPEUTICS HOLDINGS-A | Healthcare | 302.7K | $222K | 0.0% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 13, 2026 | 14 | $850.6M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 4, 2026 | 22 | $1.58B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 22 | $1.43B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 15, 2025 | 21 | $962.6M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 16, 2025 | 1070 | $3.25B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 11, 2025 | 390 | $3.07B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 15, 2024 | 380 | $3.92B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 7, 2024 | 452 | $3.95B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 446 | $4.07B | canonical | SEC ↗ |