CB

Commerce Bank

Diversified strategyMomentum follower

Total reported value

$20.7B

Reporting period: 2026-03-31 · Number of holdings: 2449

COMMERCE BANK disclosed 2449 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $20.7B and a quarterly turnover rate of 21.9%.

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Personality snowflake

Concentration
5.29
Portfolio Stability
21.91
Momentum/Contrarian
100
Sector conviction
46.08
Diversification
100
Sizing Uniformity
59.58

Recent moves

  • Trim MSFT

    +12.0%　-$133.0M

  • Add UPS

    +6572.2%　$168.9M

  • Trim GOOGL

    +3.3%　-$41.7M

  • Add SPY

    +100.1%　$155.2M

  • Add IVV

    +101.6%　$146.8M

  • Trim AAPL

    +13.4%　$60.3M

Holdings Map

New buyAddUnchangedTrim

Institutional Game-State Analysis

Core Intent

Commerce Bank is aggressively accumulating broad-market beta while pivoting capital into industrial and logistics infrastructure this quarter. The firm actively increases share counts across benchmark ETFs (SPY, IVV), mega-tech leaders (MSFT, GOOG), and cyclical staples (UPS, CAT, XOM)—even as price appreciation compresses weight allocations—confirming a momentum-driven capital rotation favoring established growth over value traps.

Macro & Fundamentals

Embedded in these flows is a conviction that the macro regime favors high-cap productivity plays paired with supply-chain modernization, positioning ahead of potential infrastructure capex cycles and energy reflation. The opposing thesis argues that concentration risk remains hidden beneath a 1,310-stock portfolio; when rate volatility compresses multiple expansion, liquidity will flood out toward mid-caps before bleeding back into mega-caps.

Blind Spots / Risks

The fund’s extreme turnover against a massive holding count creates severe tracking error drag and transaction cost leakage. Structural over-reliance on US-listed mega-cap equities leaves this portfolio fully exposed to domestic valuation mean-reversion, while the weighted average position size masks alpha generation from mid-cap cyclical picks running under radar.

The above is AI-generated from public regulatory filings and summarizes historical data only. It is not investment advice.

Top 10 holdings by weight

Full holdings list this quarter

Showing top 1310 holdings (of 2449 total)

#TickerIssuerAsset SubclassWeightWeight ChangeShares Change4Q Trend
1AAPLApple INCStock-Tech5.31%-0.41%+13.36%
2NVDANvidia CORPStock-Tech4.34%—+8.97%
3MSFTMicrosoft CORPStock-Tech3.88%-1.27%+12.03%
4GOOGLAlphabet Inc-cl AStock-Comm Services3.75%-0.76%+3.29%
5AMZNAmazon.com INCStock-Consumer Disc2.64%—+13.19%
6AVGOBroadcom INCStock-Tech2.22%-0.15%+19.77%
7JPMJpmorgan Chase & CoStock-Financials1.92%—+14.26%
8CBSHCommerce Bancshares INCStock-Financials1.67%+0.03%+23.84%
9SPYSs Spdr S&p 500 ETF Trust-usETF-Large Cap & Growth1.58%+0.64%+100.08%
10IVVIshares Core S&p 500 ETFETF-Large Cap & Growth1.48%+0.60%+101.64%
11IWSIshares Russell Mid-cap ValuETF-Other1.40%—-0.22%
12XOMExxon Mobil CORPStock-Energy1.37%+0.36%+9.85%
13JNJJohnson & JohnsonStock-Healthcare1.15%+0.15%+11.21%
14METAMeta Platforms Inc-class AStock-Comm Services1.15%—+14.30%
15GOOGAlphabet Inc-cl CStock-Comm Services1.09%+0.20%+53.68%
16MSMorgan StanleyStock-Financials1.02%—+10.88%
17VVisa Inc-class A SharesStock-Financials1.02%—+6.47%
18PGProcter & Gamble Co/theStock-Consumer Staples1.01%—+9.25%
19IWPIshares Russell Mid-cap GrowETF-Other1.00%-0.26%-2.56%
20IWFIshares Russell 1000 GrowthETF-Other0.96%—+2.43%
21CATCaterpillar INCStock-Industrials0.89%+0.22%+22.98%
22LLYEli Lilly & CoStock-Healthcare0.85%—+8.92%
23UPSUnited Parcel Service-cl BStock-Industrials0.83%+0.82%+6572.15%
24IWMIshares Russell 2000 ETFETF-Small Cap0.82%+0.20%+50.62%
25MCDMcdonald's CORPStock-Consumer Disc0.78%—+5.92%
26WMTWalmart INCStock-Consumer Staples0.75%+0.08%+13.97%
27IWDIshares Russell 1000 Value EETF-Other0.73%—-2.56%
28IBBIshares Biotechnology ETFETF-Tech0.72%—+6.77%
29IWRIshares Russell Mid-cap ETFETF-Other0.70%—-0.40%
30MRKMerck & Co. INC.Stock-Healthcare0.69%+0.15%+27.36%
31NEENextera Energy INCStock-Utilities0.68%+0.17%+30.27%
32BRK-BBerkshire Hathaway Inc-cl BStock-Other0.65%—+15.92%
33NVTnVent Electric plcStock-Industrials0.63%—-0.51%
34TMOThermo Fisher Scientific INCStock-Healthcare0.63%—+13.37%
35PHParker Hannifin CORPStock-Industrials0.62%—-0.55%
36LOWLowe's Cos INCStock-Consumer Disc0.61%—+9.33%
37RTXRtx CORPStock-Industrials0.61%+0.10%+28.11%
38CVXChevron CORPStock-Energy0.61%+0.14%+9.37%
39UNPUnion Pacific CORPStock-Industrials0.60%—+8.03%
40MCKMckesson CORPStock-Healthcare0.58%—+0.66%
41NOCNorthrop Grumman CORPStock-Industrials0.58%+0.08%+10.32%
42ABBVAbbvie INCStock-Healthcare0.57%—+17.37%
43COSTCostco Wholesale CORPStock-Consumer Staples0.56%—+4.50%
44VOOVanguard S&p 500 ETFETF-Large Cap & Growth0.54%+0.15%+63.97%
45VEAVanguard Ftse Developed ETFETF-Other0.51%+0.05%+24.65%
46PEPPepsico INCStock-Consumer Staples0.51%—+3.43%
47XLBSs Materials Select SectorETF-Other0.49%+0.10%+30.03%
48HDHome Depot INCStock-Consumer Disc0.49%+0.08%+40.11%
49LMTLockheed Martin CORPStock-Industrials0.48%+0.09%+12.59%
50TMUST-mobile US INCStock-Comm Services0.48%—-4.23%
1–50 of 1,310

Holding changes this quarter

Commerce Bank's most significant position changes for 2026-03-31: Add: Microsoft CORP (MSFT) — shares +12.03%; Add: United Parcel Service-cl B (UPS) — shares +6572.15%; Add: Alphabet Inc-cl A (GOOGL) — shares +3.29%; Add: Ss Spdr S&p 500 ETF Trust-us (SPY) — shares +100.08%; Add: Ishares Core S&p 500 ETF (IVV) — shares +101.64%.

Position changes disclosed by Commerce Bank for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#TickerIssuerWeight ChangeShares ChangeAction
1UPSUnited Parcel Service-cl B+0.8%+6572.15%Add
2SPYSs Spdr S&p 500 ETF Trust-us+0.6%+100.08%Add
3IVVIshares Core S&p 500 ETF+0.6%+101.64%Add
4XOMExxon Mobil CORP+0.4%+9.85%Add
5MDYState Street Spdr S&p Midcap+0.3%+430.34%Add
6EFAIshares Msci Eafe ETF+0.2%+146.90%Add
7CATCaterpillar INC+0.2%+22.98%Add
8GOOGAlphabet Inc-cl C+0.2%+53.68%Add
9IWMIshares Russell 2000 ETF+0.2%+50.62%Add
10GEVGE Vernova INC+0.2%+425.60%Add
11NEENextera Energy INC+0.2%+30.27%Add
12IJHIshares Core S&p Midcap ETF+0.2%+252.77%Add
13JNJJohnson & Johnson+0.2%+11.21%Add
14MRKMerck & Co. INC.+0.2%+27.36%Add
15VOOVanguard S&p 500 ETF+0.2%+63.97%Add
16PWRQuanta Services INC+0.2%+595.42%Add
17CVXChevron CORP+0.1%+9.37%Add
18VYMVanguard High Dvd Yield ETF+0.1%+135.54%Add
19TJXTjx Companies INC+0.1%+149.81%Add
20RSPInvesco S&p 500 Equal Weight+0.1%+477.39%Add
21LINLinde plc+0.1%+263.29%Add
22HONHoneywell International INC+0.1%+31.13%Add
23IWLIshares Russell Top 200 ETF+0.1%+103.61%Add
24QQQInvesco Qqq Trust Series 1+0.1%+92.83%Add
25BRK-ABerkshire Hathaway Inc-cl A+0.1%+233.33%Add
26RTXRtx CORP+0.1%+28.11%Add
27XLBSs Materials Select Sector+0.1%+30.03%Add
28IJRIshares Core S&p Small-cap E+0.1%+255.34%Add
29KNXKnight-swift Transportation+0.1%+5618.41%Add
30LMTLockheed Martin CORP+0.1%+12.59%Add
31CAHCardinal Health INC+0.1%+253.55%Add
32WMTWalmart INC+0.1%+13.97%Add
33NOCNorthrop Grumman CORP+0.1%+10.32%Add
34HDHome Depot INC+0.1%+40.11%Add
35TTTrane Technologies plc+0.1%+46.02%Add
36VEAVanguard Ftse Developed ETF+0.1%+24.65%Add
37IWBIshares Russell 1000 ETF+0.1%+33.78%Add
38CBSHCommerce Bancshares INC0%+23.84%Add
39FCNCAFirst Citizens Bcshs -cl A-0.1%-56.11%Trim
40TOSTToast Inc-class A-0.1%-72.65%Trim
41AVGOBroadcom INC-0.2%+19.77%Add
42PLTRPalantir Technologies Inc-a-0.2%-20.23%Trim
43BXBlackstone INC-0.2%-37.58%Trim
44PTCPtc INC-0.2%-60.76%Trim
45NOWServicenow INC-0.2%-28.10%Trim
46JAAAJanus Henderson Aaa Clo ETF-0.3%-42.20%Trim
47IWPIshares Russell Mid-cap Grow-0.3%-2.56%Trim
48AAPLApple INC-0.4%+13.36%Add
49GOOGLAlphabet Inc-cl A-0.8%+3.29%Add
50MSFTMicrosoft CORP-1.3%+12.03%Add

FAQ

What is Commerce Bank and what type of investor is it?
Commerce Bank is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $20.7B, spread across 2449 disclosed positions.
What are Commerce Bank's largest equity positions?
Based on the latest 13F filing, Commerce Bank's top holdings by market value are: 1. Apple INC (AAPL) — $1.1B (5.3%) 2. Nvidia CORP (NVDA) — $897.2M (4.3%) 3. Microsoft CORP (MSFT) — $800.4M (3.9%) 4. Alphabet Inc-cl A (GOOGL) — $774.6M (3.8%) 5. Amazon.com INC (AMZN) — $544.5M (2.6%)
What changes did Commerce Bank make in its most recent portfolio filing?
In the latest reported quarter, Commerce Bank made 50 notable position adjustments: 0 new positions were initiated, 42 existing holdings were added to, 8 positions were partially reduced, and 0 were completely exited. The largest of these moves: Add: Microsoft CORP (MSFT) — shares +12.03%; Add: United Parcel Service-cl B (UPS) — shares +6572.15%; Add: Alphabet Inc-cl A (GOOGL) — shares +3.29%; Add: Ss Spdr S&p 500 ETF Trust-us (SPY) — shares +100.08%; Add: Ishares Core S&p 500 ETF (IVV) — shares +101.64%
What sectors does Commerce Bank focus on?
Commerce Bank is concentrated in the following sectors based on its current disclosed equity portfolio: • Information Technology: 28.5% • Financials: 13.9% • Industrials: 13.7% • Communication Services: 10.0% • Health Care: 9.6% • Consumer Discretionary: 9.0%

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