COMMERCE BANK

Key Holdings

The portfolio is heavily anchored in large-cap technology giants, with the "Magnificent Seven" dominating the top ranks. Microsoft (MSFT) is the largest holding at $1.00 billion (5.59% of the portfolio), followed closely by Apple (AAPL) at $981.61 million (5.46%) and NVIDIA (NVDA) at $897.46 million (4.99%). Together, these three positions account for over 16% of the total assets, signaling a strong conviction in the technology sector's continued growth.

Beyond pure tech, the top 10 holdings reveal a preference for quality and market leadership. Alphabet (GOOGL) and Amazon (AMZN) hold the 4th and 5th spots, respectively. Notably, Commerce Bancshares (CBSH), the filer's parent company, is the 8th largest holding at $316.20 million (1.76%). This position likely reflects proprietary capital or a strategic investment in the bank's own stock. Additionally, the presence of ETFs like IWS (iShares Russell Midcap Value) in the top 10 underscores a strategy of using passive funds to capture market exposure in specific segments (mid-cap value) alongside active stock picks.