UNITED SERVICES AUTOMOBILE ASSOCIATION

UNITED SERVICES AUTOMOBILE ASSOCIATION is an institution, managing $1.4B across 20 long positions as of Q3 2025 with 99% ETF concentration, 95% concentrated in top 10 holdings, and 64% allocation to AGG.

Portfolio Value: $1.4B
Positions: 20
Top Holding: AGG at 63.95%
Last Reported: Q3 2025

Top Holdings

Largest long holdings in UNITED SERVICES AUTOMOBILE ASSOCIATION's portfolio (95% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 iShares Core U.S. Aggregate Bond AGG	ETF ETF	$915.0M	63.95%	+$411.4M Bought	— 9.1M shares	Q4 2022 Held for 2y 11m
2 Vanguard S&P 500 ETF VOO	ETF ETF	$118.5M	8.28%	-$3.8M Sold	— 193.5K shares	≤ Q2 2013 Held for 12y 5m+
3 VictoryShares Core Intermediate Bond UITB	ETF ETF	$115.1M	8.04%	—	— 2.4M shares	Q1 2023 Held for 2y 8m
4 Vanguard FTSE All-World Ex-US ETF VEU	ETF ETF	$78.5M	5.49%	-$5.1M Sold	— 1.1M shares	≤ Q2 2013 Held for 12y 5m+
5 Vanguard Extended Market VXF	ETF ETF	$32.4M	2.27%	+$1.2M Bought	— 154.9K shares	≤ Q2 2013 Held for 12y 5m+
6 Vanguard High Dividend Yield VYM	ETF ETF	$30.0M	2.10%	-$381.8K Sold	— 212.9K shares	≤ Q2 2013 Held for 12y 5m+
7 BlackRock Short Duration Bond NEAR	ETF ETF	$25.1M	1.76%	+$25.1M Bought	— 490.4K shares	Q3 2025 Held for 2 months
8 Vanguard Long-Term Corporate Bond VCLT	ETF ETF	$15.0M	1.05%	+$271.2K Bought	— 192.8K shares	≤ Q2 2013 Held for 12y 5m+
9 Vanguard Intermediate-Term Corporate Bond VCIT	ETF ETF	$14.8M	1.04%	-$184.8K Sold	— 176.2K shares	≤ Q2 2013 Held for 12y 5m+
10 Vanguard Short-Term Corporate Bond VCSH	ETF ETF	$14.7M	1.03%	-$3.0M Sold	— 183.7K shares	≤ Q2 2013 Held for 12y 5m+

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in UNITED SERVICES AUTOMOBILE ASSOCIATION's latest filing

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Market Value

$1.4B

Prior: $962.6M

Q/Q Change

+48.62%

+$468.0M

Net Flows % of MV

+29.12%

Turnover Ratio

16.4%

New Purchases

0 stocks

Added To

8 stocks

+$430.4M

Sold Out Of

0 stocks

Reduced Holdings

7 stocks

-$13.8M

Increased Positions

Position	Shares Δ	Change
1 Vanguard Short-Term Bond BSV	+758.4%	16.7K → 143.0K +$10.0M
2 iShares Core U.S. Aggregate Bond AGG	+81.7%	5.0M → 9.1M +$411.4M
3 Vanguard Total Bond Market BND	+41.74%	129.5K → 183.5K +$4.0M
4 iShares S&P 500 Growth ETF IVW	+33.14%	47.2K → 62.8K +$1.9M
5 iShares TIPS Bond TIP	+11.25%	24.2K → 27.0K +$303.1K

Decreased Positions

Position	Shares Δ	Change
1 Vanguard Total Stock Market VTI	-17.26%	17.3K → 14.3K −$980.2K
2 Vanguard Short-Term Corporate Bond VCSH	-17.05%	221.4K → 183.7K −$3.0M
3 Vanguard Dividend Appreciation VIG	-15.55%	10.9K → 9.2K −$364.7K
4 Vanguard FTSE All-World Ex-US ETF VEU	-6.09%	1.2M → 1.1M −$5.1M
5 Vanguard S&P 500 ETF VOO	-3.13%	199.7K → 193.5K −$3.8M