Somerset 13F annual report

Somerset is an investment fund managing more than $113 billion ran by Julie Toelle. There are currently 62 companies in Mrs. Toelle’s portfolio. The largest investments include U.s. Bancorp and C.h. Robinson Worldwide, together worth $16.8 billion.

Limited to 30 biggest holdings

$113 billion Assets Under Management (AUM)

As of 5th August 2024, Somerset’s top holding is 248,784 shares of U.s. Bancorp currently worth over $9.88 billion and making up 8.8% of the portfolio value. In addition, the fund holds 78,986 shares of C.h. Robinson Worldwide worth $6.96 billion. The third-largest holding is Microsoft worth $6.84 billion and the next is Invesco QQQ Trust worth $6.8 billion, with 14,189 shares owned.

Currently, Somerset's portfolio is worth at least $113 billion. The total portfolio value may be much higher due to cash assets that are not publicly disclosed such as fixed income, real estate, or cash equivalents.

Careers at Somerset

The Somerset office and employees reside in Wayzata, Minnesota. According to the last 13-F report filed with the SEC, Julie Toelle serves as the Head of Operations at Somerset.

Recent trades

In the most recent 13F filing, Somerset revealed that it had opened a new position in Dell Technologies Inc and bought 10,005 shares worth $1.38 billion. This means they effectively own approximately 0.1% of the company. Dell Technologies Inc makes up 8.8% of the fund's Technology sector allocation and has decreased its share price by approximately 0.1% in the past year.

The investment fund also strengthened its position in Microsoft by buying 437 additional shares. This makes their stake in Microsoft total 15,299 shares worth $6.84 billion. Microsoft dropped approximately 0.1% in the past year.

On the other hand, there are companies that Somerset is getting rid of from its portfolio. Somerset closed its position in Whirlpool on 12th August 2024. It sold the previously owned 1,951 shares for $233 million. Julie Toelle also disclosed a decreased stake in C.h. Robinson Worldwide by approximately 0.1%. This leaves the value of the investment at $6.96 billion and 78,986 shares.

One of the smallest hedge funds

The two most similar investment funds to Somerset are Klein Pavlis & Peasley Financial, Inc and Marest Capital. They manage $113 billion and $113 billion respectively.


Julie Toelle investment strategy

Somerset’s portfolio is diversified across 12 sectors. Currently, their heaviest sector is Technology — making up 14.0% of the total portfolio value. The fund focuses on investments in the United States as 45.2% of the portfolio companies are based in the United States.

The majority of the companies in the fund’s portfolio are large-cap stocks. Stocks with a size of more than $10 billion in market cap make up 45% of the total holdings value. On the other hand, small-cap stocks make up only 1.6% of the portfolio. The average market cap of the portfolio companies is close to $294 billion.

The complete list of Somerset trades based on 13F SEC filings

These positions were updated on August 12th based on the fund’s latest 13F filing. Quickly find out what the most recently closed or increased positions are.

Security Shares Owned Value Allocation
U.s. Bancorp
No change
248,784
$9,876,725,000 8.76%
C.h. Robinson Worldwide
2.31%
78,986
$6,960,246,000 6.17%
Microsoft Corporation
2.94%
15,299
$6,837,888,000 6.07%
Invesco QQQ Trust
5.49%
14,189
$6,798,092,000 6.03%
3M Co.
No change
57,830
$5,909,648,000 5.24%
Apple Inc
2.34%
27,650
$5,823,643,000 5.17%
Amazon.com Inc.
1.60%
26,474
$5,116,100,000 4.54%
NextEra Energy Inc
0.34%
52,184
$3,695,149,000 3.28%
Schwab Us Large-cap Etf
20.31%
55,927
$3,593,310,000 3.19%
Costco Whls
15.64%
3,960
$3,365,960,000 2.99%
Palo Alto Networks Inc
1.80%
9,509
$3,223,646,000 2.86%
Ishares Dj Us Med Devices
1.03%
54,651
$3,062,642,000 2.72%
Blackstone Group Class A
1.56%
23,316
$2,886,521,000 2.56%
Wells Fargo & Co.
No change
47,629
$2,828,686,000 2.51%
Chevron Corp.
No change
15,513
$2,426,543,000 2.15%
Ishares Dj Us Financial Sector
0.50%
22,995
$2,174,637,000 1.93%
Pimco Enhanced Short Matu
10.13%
21,560
$2,170,014,000 1.93%
First Trust Dj Internet Fund
1.86%
10,568
$2,165,806,000 1.92%
Alphabet Inc
1.51%
10,501
$1,926,093,000 1.71%
Ishares Russell 2000 Growth In
No change
7,040
$1,848,211,000 1.64%
Ishares Sp Mid Cap 400 Gr Etf
24.77%
19,928
$1,755,856,000 1.56%
Ford Motor Co.
3.60%
134,009
$1,680,473,000 1.49%
Eli Lilly & Co.
8.23%
1,751
$1,585,320,000 1.41%
Cheniere Energy Inc.
No change
8,450
$1,477,314,000 1.31%
Texas Instruments Inc.
No change
7,130
$1,386,999,000 1.23%
Dell Technologies Inc
Opened
10,005
$1,379,790,000 1.22%
Abbvie Inc
No change
6,803
$1,166,851,000 1.04%
Exxon Mobil Corp.
No change
9,749
$1,122,305,000 1.00%
Spdr Energy Select Sector
2.85%
12,102
$1,103,097,000 0.98%
Vanguard Small Cap
0.79%
4,767
$1,039,397,000 0.92%
Ishares Dj Us Aerospac & Def
6.10%
7,581
$1,001,071,000 0.89%
NVIDIA Corp
Opened
8,088
$999,192,000 0.89%
Spdr S&p 500 Etf Tr
No change
1,686
$917,555,000 0.81%
Sanmina Sci Corporation
No change
13,711
$908,354,000 0.81%
Lowes Companies Inc
No change
4,006
$883,163,000 0.78%
Travelers Companies Inc.
No change
4,303
$874,972,000 0.78%
Pepsico
No change
5,238
$863,903,000 0.77%
Ecolab, Inc.
1.90%
3,491
$830,858,000 0.74%
Solventum Corp
Opened
14,456
$764,433,000 0.68%
Mcdonalds Corporation
No change
2,544
$648,313,000 0.58%
Cencora Inc.
No change
2,758
$621,377,000 0.55%
Weyerhaeuser Co.
No change
19,777
$561,469,000 0.50%
Schwab Short Term Ustrea
14.48%
10,553
$507,916,000 0.45%
Merck & Co Inc
No change
3,613
$447,289,000 0.40%
Northern Tr Corp
No change
5,000
$419,900,000 0.37%
Ishares Short Maturity Bond
No change
8,152
$410,290,000 0.36%
Fiserv, Inc.
Opened
2,700
$402,408,000 0.36%
Semiconductor Hldrs Tr
Opened
1,372
$357,680,000 0.32%
Target Corp
62.99%
2,396
$354,704,000 0.31%
Stryker Corp.
No change
1,000
$340,250,000 0.30%
S&P Global Inc
No change
750
$334,500,000 0.30%
Schwab Us Small-cap Etf
0.31%
6,539
$310,276,000 0.28%
Salesforce Com
1.49%
1,188
$305,435,000 0.27%
Johnson & Johnson
No change
2,034
$297,289,000 0.26%
Schwab Us Broad Mkt Etf
1.74%
4,333
$272,416,000 0.24%
Procter & Gamble Co.
No change
1,578
$260,244,000 0.23%
Honeywell International Inc
No change
1,207
$257,743,000 0.23%
Ish Msci Kld 400 Social Idx
21.02%
2,476
$257,147,000 0.23%
Chubb Limited
No change
954
$243,346,000 0.22%
Intuitive Surgical Inc
No change
540
$240,219,000 0.21%
Whirlpool Corp.
Closed
1,951
$233,398,000
Invesco S&p 500 Top 50 Etf
No change
5,000
$228,750,000 0.20%
Vanguard Sh-term Inf Etf
76.15%
4,383
$212,751,000 0.19%
Ishares Bitcoin Trust Etf
Closed
5,255
$212,670,000
Paypal Holdings Inco
Closed
3,006
$201,372,000
No transactions found
Showing first 500 out of 65 holdings