1y return+3.7%S&P 500 +20.9%
3y return+27.3%S&P 500 +68.5%
5y return+21.3%S&P 500 +74.5%
10y return+106.2%S&P 500 +256.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since June 30, 2016: $206 against $357 in the S&P 500.2
United Services Automobile AssociationS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| AGGiShares Core U.S. Aggregate Bo | $1.0B | 82.0% | +52.7% |
| VOOVanguard S&P 500 ETF | $63.7M | 5.1% | −1.7% |
| NEARiShares Short Duration Bond Ac | $24.8M | 2.0% | |
| IVViShares Core S&P 500 ETF | $20.5M | 1.7% | New |
| VXUSVanguard Total International S | $18.9M | 1.5% | −8.6% |
| BSVVanguard Short-Term Bond ETF | $17.0M | 1.4% | +52.3% |
| BNDVanguard Total Bond Market ETF | $13.6M | 1.1% | +6.8% |
| VCLTVanguard Long-Term Corporate B | $13.6M | 1.1% | +2.2% |
| VCITVanguard Intermediate-Term Cor | $13.4M | 1.1% | +1.3% |
| VCSHVanguard Short-Term Corporate | $13.4M | 1.1% | |
| VXFVanguard Extended Market ETF | $12.0M | 1.0% | −4.3% |
| IVWiShares S&P 500 Growth ETF | $7.2M | 0.6% | +33.9% |
| TIPiShares TIPS Bond ETF | $4.1M | 0.3% | +11.4% |
| IVEiShares S&P 500 Value ETF | $539K | 0.0% | +213.5% |
| RANIRani Therapeutics Holdings Inc | $230K | 0.0% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| IVWiShares S&P 500 Growth ETF | June 30, 2020 | +165.1% | $7.2M |
| VOOVanguard S&P 500 ETF | June 30, 2020 | +142.3% | $63.7M |
| VXFVanguard Extended Market ETF | June 30, 2020 | +108.1% | $12.0M |
| VXUSVanguard Total International S | June 30, 2020 | +73.9% | $18.9M |
| IVEiShares S&P 500 Value ETF | June 30, 2025 | +16.2% | $539K |
| AGGiShares Core U.S. Aggregate Bo | June 30, 2023 | +1.1% | $1.0B |
| NEARiShares Short Duration Bond Ac | September 30, 2025 | −1.2% | $24.8M |
| VCSHVanguard Short-Term Corporate | June 30, 2020 | −4.4% | $13.4M |
| BSVVanguard Short-Term Bond ETF | June 30, 2020 | −6.3% | $17.0M |
| TIPiShares TIPS Bond ETF | June 30, 2020 | −11.0% | $4.1M |
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +1.3% | +14.8% |
| March 31, 2026 | −0.8% | −4.6% |
| December 31, 2025 | +0.4% | +2.4% |
| September 30, 2025 | +2.7% | +7.8% |
| June 30, 2025 | +5.6% | +10.5% |
| March 31, 2025 | −0.9% | −4.6% |
| December 31, 2024 | −2.1% | +2.1% |
| September 30, 2024 | +6.5% | +5.4% |
| June 30, 2024 | +0.9% | +4.0% |
| March 31, 2024 | +6.5% | +10.0% |
| December 31, 2023 | +8.0% | +11.2% |
| September 30, 2023 | −3.1% | −3.6% |
| June 30, 2023 | +3.8% | +8.3% |
| March 31, 2023 | +2.5% | +7.0% |
| December 31, 2022 | +9.8% | +7.1% |
| September 30, 2022 | −7.0% | −5.3% |
| June 30, 2022 | −12.3% | −16.5% |
| March 31, 2022 | −4.9% | −4.9% |
| December 31, 2021 | +7.4% | +10.7% |
| September 30, 2021 | −2.1% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: United Services Automobile Association Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1021249&type=13F-HR&dateb=&owner=include&count=40CIK 1021249
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1021249/000119312526340017/Filed August 7, 2026 · accession 0001193125-26-340017