UNITED SERVICES AUTOMOBILE ASSOCIATION

United Services Automobile Association's Q1 2026 13F is a $851M, 14-position ETF-only portfolio whose defining feature is an extreme fixed-income allocation — AGG (iShares Core U.S. Aggregate Bond, $667.7M, 78.5% of AUM, -$204.0M, -22.9% shares) dominates so thoroughly that the entire equity sleeve is just 20.2% of AUM, making this one of the most bond-heavy institutional portfolios in this dataset. The quarter's signal is a coordinated risk-off rotation: the fund sold six equity-and-international positions entirely — VEU ($124.3M, Vanguard FTSE All-World ex-US), UITB ($114.7M, VictoryShares Intermediate Treasury), SPAB ($91.6M, SPDR Portfolio Aggregate), VYM ($48.2M, Vanguard High Dividend Yield), VTI ($4.4M, Vanguard Total Stock Market), and VIG ($1.9M, Vanguard Dividend Appreciation) — for a combined $384.9M in redeployed capital, while reducing AGG by $204.0M and cutting across the equity sleeve (VOO -$98.8M, -61.9%; VXF -$36.4M, -77.3%; IVW -$2.9M, -34.3%; VCSH/VCIT/VCLT/BND each -$1.2-1.5M, -7-10%). The sole increases were VXUS ($3.0M, +14.4% shares) and TIP ($0.7M, +24.2% shares). The AUM dropped from $1.58B in Q4 2025 to $851M in Q1 2026 — a $727M decline that explains most of the AGG and equity reductions as proportional scaling rather than strategic sells. The one genuine strategic signal is the complete liquidation of VEU (international equity) and UITB (intermediate Treasury) alongside the reduction in AGG — a triple reduction in broad fixed-income-and-international exposure that is consistent with a manager moving to a shorter-duration, higher-quality, US-only fixed-income core while eliminating the equity-and-international sleeves entirely. At a 77.50 whaleScore on $851M with 14 positions, this is best read as an insurance-company general-account portfolio in a substantial delevering-and-de-risking cycle, where the Q1 activity reflects both AUM-driven proportional reductions and a deliberate move away from international and equity risk.