DOSSIER · 13F-HR · Q2 2026

UNITED SERVICES AUTOMOBILE ASSOCIATION

$1.2B in tracked AUM across 15 positions as of Q2 2026.

US
CIK 0001021249 · last filed Jun 30, 2026
Total AUM
$1.2B
as of Q2 2026
Holdings
15
—
positions
Whale Score
79
79
strong
Activity
—
no data
changes this Q
AI Analysis · Q2 2026

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.

The AGG position is the portfolio's structural anchor and its most consequential trade. AGG fell from $871.6M (55.2% of AUM in Q4) to $667.7M (78.5% in Q1) — a $204.0M and 2,000,933 share reduction (-22.9%). On the surface this looks like a fixed-income reduction; in context it is a proportional scaling. AGG's weight INCREASED from 55.2% to 78.5% even as its dollar value fell, because the overall portfolio shrank by 46% while AGG shrank by only 23%. The manager was not reducing the bond allocation — they were protecting it. Every other sleeve (equity, international, credit) was cut more aggressively than AGG, which means the manager was treating intermediate-duration US investment-grade aggregate bonds as the portfolio's defensive core and letting the riskier sleeves absorb the redemption pressure.

The equity sleeve liquidation is the most strategic signal in the filing and is genuinely informative. The fund sold six positions entirely: VEU (Vanguard FTSE All-World ex-US, $124.3M, 7.9% in Q4) — a broad international-equity ETF covering developed and emerging markets outside the US; UITB (VictoryShares Core Intermediate Treasury, $114.7M, 7.3%) — a US intermediate-duration Treasury ETF that provided duration-and-quality exposure; SPAB (SPDR Portfolio Aggregate, $91.6M, 5.8%) — a competing US aggregate bond ETF to AGG, suggesting a fee-or-tracking consolidation; VYM (Vanguard High Dividend Yield, $48.2M, 3.1%) — a US equity-dividend sleeve; VTI (Vanguard Total Stock Market, $4.4M, 0.3%) — a broad US total-market wrapper; and VIG (Vanguard Dividend Appreciation, $1.9M, 0.1%) — a quality-and-dividend growth equity sleeve. Together these sales total $384.9M and represent the complete elimination of the portfolio's equity-and-international satellite. The manager did not rotate into other equity sleeves — they liquidated the equity sleeve entirely.

Analysis generated by 13F Insight from SEC Form 13F filing data · Q2 2026. Methodology

Quarter at a glance — Q2 2026

Position-change comparison pending.

No quarter-over-quarter changes available.

Top 10 holdings

By portfolio weight as of Q2 2026.

#HoldingValueSharesWeight
01
AGG
iShares Core U.S. Aggregate Bo
$1.0B10.3M82.0%
02
VOO
Vanguard S&P 500 ETF
$64M93K5.1%
03
NEAR
iShares Short Duration Bond Ac
$25M490K2.0%
04
IVV
iShares Core S&P 500 ETF
$20M27K1.7%
05
VXUS
Vanguard Total International S
$19M222K1.5%
06
BSV
Vanguard Short-Term Bond ETF
$17M218K1.4%
07
BND
Vanguard Total Bond Market ETF
$14M186K1.1%
08
VCLT
Vanguard Long-Term Corporate B
$14M181K1.1%
09
VCIT
Vanguard Intermediate-Term Cor
$13M163K1.1%
10
VCSH
Vanguard Short-Term Corporate
$13M170K1.1%

Filing history

2026Q2Jun 30
$1.2B▲ 45.8%
15 positionsView →
2026Q1Mar 31
$851M▼ 46.2%
14 positionsView →
2025Q4Dec 31
$1.6B▲ 10.4%
22 positionsView →
2025Q3Sep 30
$1.4B▲ 48.6%
22 positionsLocked
2025Q2Jun 30
$963M▼ 28.1%
21 positionsLocked
2025Q1Mar 31
$1.3B▼ 56.4%
478 positionsLocked
2024Q4Dec 31
$3.1B▼ 21.8%
390 positionsLocked
2024Q3Sep 30
$3.9B▼ 0.6%
380 positionsLocked
2024Q2Jun 30
$3.9B▼ 3.0%
452 positionsLocked
2024Q1Mar 31
$4.1B▼ 9.8%
446 positionsLocked
2023Q4Dec 31
$4.5B▲ 13.6%
444 positionsLocked
2023Q3Sep 30
$4.0B▲ 13.8%
400 positionsLocked
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