AI Servers, Muni Bonds, And A Gold Hedge: A Deep Read Of Donald Trump's Two Latest Securities Disclosure Filings
On May 12, 2026, two of the most consequential financial disclosure documents of the Trump presidency landed on the U.S. Office of Government Ethics' desk. Both were OGE Form 278-T periodic transaction reports. Both were signed by President Donald J. Trump on May 8, 2026. Both were filed late, with late fees paid by the filer. And together, they document something extraordinary: 3,711 disclosed securities transactions executed on behalf of the sitting President of the United States between January 6 and March 30, 2026.This is the most comprehensive snapshot to date of what the Trump portfolio actually looks like in his second term. Here is everything we found, organized, valued, and broken down piece by piece.
OGE Form 278-T · Periodic Transaction Reports · Filed May 12, 2026
3,711 Trades.
11 Weeks.
11 Weeks.
Two OGE Form 278-T filings. Hundreds of millions of dollars in disclosed activity. A complete map of what President Donald J. Trump's accounts bought and sold between January 6 and March 30, 2026.
3,711
Total Transactions
~$490M
Est. Activity Value
2,196
Purchases (parsed)
1,014
Sales (parsed)
01What These Filings Actually Are
The OGE Form 278-T is the federal government's periodic transaction report. Anyone covered by the Ethics in Government Act, including the President, must disclose every purchase, sale, or exchange of a security worth more than $1,000 that occurs on their behalf, on behalf of their spouse, or on behalf of a dependent child. The clock for disclosure is tight: filers have 30 days from notification of a transaction and no more than 45 days from the transaction itself.On May 12, 2026, the OGE received two separate 278-T filings for Donald J. Trump. Both were signed by the President on May 8, 2026. Both were certified by OGE reviewer Heather Jones the following day. And both carried the same revealing line under the comments of reviewing officials:
Dave's Note
"Filer paid late fee - HAJ (5/13/26)" on Filing 1. "Filer paid late fees - HAJ 5/13/26" on Filing 2 (note the plural). Translation: the President missed the statutory deadline on these transactions, paid the required late fee(s), and the filings were certified anyway. Per OGE rules, the standard late filing fee is $200 per report. The plural on the larger filing suggests more than one late penalty was assessed. Late filings of 278-T forms by senior officials are not unprecedented, but they are notable, particularly when the disclosed activity totals hundreds of millions of dollars.
02The Fixed-Income Filing: Bond Ladder For a President
FILING 1 · 69 TRANSACTIONS · ALL PURCHASES · JAN-FEB 2026
Filing 1 is, in the President's investment vocabulary, the safer book. Every one of the 69 disclosed positions is a purchase. There are no sales. The activity clusters in late January and late February 2026, and the holdings break down into four distinct buckets:Bucket One
43 Municipal Bonds
A massive, geographically diversified muni ladder spanning at least 18 states, anchored on revenue bonds (health facilities, school districts, water authorities, port authorities, highway authorities). Estimated value range midpoint: ~$13.25M.
Bucket Two
18 Corporate Bonds
High-yield and investment-grade corporate paper from Newell, Whirlpool, Netflix, Sirius XM, Carnival, Olin, Boeing, Block Financial, Occidental, Macy's, Avient, GM Financial, plus a notable CoreWeave 9.00% 2031 position. Midpoint: ~$7.23M.
Bucket Three
7 Bank Preferred Shares
Smaller positions in KeyCorp Depositary Shares Preferred H and Bank of America Corporation preferred shares. Multiple separate purchase tickets, suggesting either dollar-cost averaging or position scaling. Midpoint: ~$0.13M.
Bucket Four
1 High-Yield Bond ETF
A single position in the SPDR Portfolio High Yield Bond ETF (ticker: SPHY), executed as a market-maker discretionary order. The lone exchange-traded fund in an otherwise all-individual-bond filing. Midpoint: ~$0.75M.
Filing 1: The Complete Municipal Bond Ledger
| # | Security | Date | Late? | Disclosed Range |
|---|---|---|---|---|
| 1 | Black Belt Energy Gas Dist AL Gas Rev Proj 6 Ser B 4.00% Due Oct 1, 2052 | 2/23/26 | No | $100K - $250K |
| 2 | Colorado Hlth Facs Auth Rev CommonSpirit Hlth Ser A2 5.00% Due Aug 1, 2026 | 2/23/26 | No | $100K - $250K |
| 3 | Main Street Nat Gas Inc GA Gas Sply Rev C 4.00% Due Mar 1, 2050 | 2/23/26 | No | $500K - $1M |
| 4 | Montana St Ser G 5.00% Due Aug 1, 2026 | 2/23/26 | No | $50K - $100K |
| 5 | Ames IA Hosp Mary Greeley Med Ctr Rfdg Rev 5.00% Due Jun 15, 2026 | 2/23/26 | No | $250K - $500K |
| 6 | Milwaukee WI Corp Purp Ser B3 5.00% Due May 15, 2026 | 2/23/26 | No | $15K - $50K |
| 7 | Maryland St Hlth & High Edl Facs Auth MedStar Hlth 2026A 5.00% Due Aug 15, 2026 | 2/23/26 | No | $100K - $250K |
| 8 | Oklahoma Hsg Fin Agy Colltzd Rev Lakeshore Pointe LLC 3.35% Due Dec 1, 2027 | 2/23/26 | No | $100K - $250K |
| 9 | Maryland St Hlth & High Edl Facs Auth Loyola Univ Ser A 5.00% Due Oct 1, 2026 | 2/23/26 | No | $50K - $100K |
| 10 | Lansing MI Sch Dist Bldg & Site Ser I QSBLF 5.00% Due May 1, 2028 | 2/23/26 | No | $15K - $50K |
| 11 | Cleveland Cnty OK Edl Facs Auth Lse Rev Norman Pub Sch Ser C 5.00% Due Jun 1, 2026 | 2/23/26 | No | $100K - $250K |
| 12 | Greene Cnty OH Swr Sys Rev Govtl Entrprs Ser A Rfdg AMBAC 5.00% Due Dec 1, 2026 | 2/23/26 | No | $15K - $50K |
| 13 | Lawrence KS Temp Nt Ser I 4.00% Due May 1, 2026 | 2/23/26 | No | $50K - $100K |
| 14 | Columbus OH City Sch Dist Rfdg Various Purp Ser B PTC 5.00% Due Dec 1, 2028 | 2/23/26 | No | $15K - $50K |
| 15 | Wisconsin Ctr Dist WI Approp Rev Milw Arena OID 99.500 3.034% 3.00% Due Dec 15, 2035 | 2/20/26 | No | $500K - $1M |
| 16 | South Carolina St St Econ Ser A PTC 3.00% Due Apr 1, 2029 | 2/20/26 | No | $15K - $50K |
| 17 | El Paso TX Comb Tax Rev Ctf Oblig DB 4.00% Due Aug 15, 2037 | 2/10/26 | No | $50K - $100K |
| 18 | San Antonio TX Rvr Auth Salitrillo Wstwtr Sys Rev Impt 4.00% Due Mar 1, 2036 | 2/10/26 | No | $50K - $100K |
| 19 | Montgomery Cnty PA High Ed Hlth Auth Rev Thomas Jefferson Univ Ser A 5.00% Due Sep 1, 2026 | 2/3/26 | Yes | $50K - $100K |
| 20 | Bleckley Cnty & Dodge Cnty Jt Dev Auth GA Rev Rfdg USG Real Est 5.00% Due Jul 1, 2026 | 2/3/26 | Yes | $100K - $250K |
| 21 | Crisp Cnty GA Hosp Auth Rev Antic Ctf Crisp Regl Hosp 4.00% Due Jul 1, 2026 | 2/3/26 | Yes | $50K - $100K |
| 22 | PMA Levy & Aid Antic Nt Pg WI Mltn Issr A 5.00% Due Aug 27, 2026 | 2/3/26 | Yes | $1M - $5M |
| 23 | Missouri St Hwys & Trans Commn St Rd Rev Approp Mega Pjs Ser A 5.00% Due May 1, 2026 | 1/26/26 | Yes | $100K - $250K |
| 24 | Santa Cruz Cnty AZ Jail Dist Pldg Rev Rfdg Oblig AGM 5.00% Due Jul 1, 2026 | 1/26/26 | Yes | $50K - $100K |
| 25 | Massachusetts St Dev Fin Agy Rev Sterling & Clark Art Inst 4.00% Due Jul 1, 2026 | 1/26/26 | Yes | $50K - $100K |
| 26 | Conroe TX Indpt Sch Dist Bldg 5.00% Due Feb 15, 2026 | 1/26/26 | Yes | $50K - $100K |
| 27 | Troy AL Rfdg Wts AGM 4.00% Due Aug 1, 2026 | 1/26/26 | Yes | $15K - $50K |
| 28 | Phoenix AZ Civ Impt Corp Distr Rev Civ Plaza B NPFG 5.50% Due Jul 1, 2026 | 1/26/26 | Yes | $50K - $100K |
| 29 | Missouri St Hwys & Transn Commn St Rd Rev Rfdg 1st Lien Ser B 5.00% Due May 1, 2026 | 1/26/26 | Yes | $100K - $250K |
| 30 | Tri Creek 2002 High Sch Bldg Corp IN 1st Mtg Rev Rfdg BQ ST Intrcpt 5.00% Due Jul 15, 2026 | 1/26/26 | Yes | $50K - $100K |
| 31 | Pima Cnty AZ Un Sch Dist 20 Vail Rfdg Impt AGM 4.00% Due Jul 1, 2026 | 1/26/26 | Yes | $100K - $250K |
| 32 | Madison WI Prom Nt Ser A 3.00% Due Oct 1, 2026 | 1/26/26 | Yes | $100K - $250K |
| 33 | Kentucky St Tpk Auth Econ Dev Rd Rev Rfdg Revtlztn Pjs Ser B 5.00% Due Jul 1, 2026 | 1/26/26 | Yes | $100K - $250K |
| 34 | Georgia St Port Auth Rev 5.00% Due Jul 1, 2026 | 1/26/26 | Yes | $50K - $100K |
| 35 | Irving TX Sch Dist Rfdg PSF GTD PTC 4.00% Due Feb 15, 2030 | 1/26/26 | Yes | $500K - $1M |
| 36 | Wentzville MO R IV Sch Dist Lse Ctf Partn Rfdg & Impt Rev PTC 4.00% Due Apr 1, 2026 | 1/26/26 | Yes | $100K - $250K |
| 37 | Georgia St Rd & Twy Auth Rev Fedl Hwy Grant Antic 5.00% Due Jun 1, 2026 | 1/26/26 | Yes | $50K - $100K |
| 38 | Indiana St Fin Auth Rev Deaconess Hlth Sys Ser A PTC 4.00% Due Mar 1, 2044 | 1/23/26 | Yes | $100K - $250K |
| 39 | Richmond VA Redev & Hsg Auth Mltifam Rev Joyfield German Sch PTC 3.20% Due Dec 1, 2055 | 1/23/26 | Yes | $100K - $250K |
| 40 | Metropolitan St Louis MO Swr Dist Wstwtr Sys Rev Impt Rfdg Ser A 5.00% Due May 1, 2026 | 1/23/26 | Yes | $250K - $500K |
| 41 | United OH Loc Sch Dist Columbiana Cnty COP Sch Facs Pj Rev BAM 4.00% Due Dec 1, 2026 | 1/23/26 | Yes | $15K - $50K |
| 42 | John Glenn Sch Corp IN High Sch Bldg Corp Rev 1st Mtg ST Intrcpt 5.00% Due Jan 15, 2027 | 1/23/26 | Yes | $15K - $50K |
| 43 | Wisconsin St Genl Fd Annual Approp Rev Rfdg Ser A 5.00% Due May 1, 2026 | 1/22/26 | Yes | $100K - $250K |
| 44 | Round Rock TEX Mun 4% Due 09/01/42 | 2/3/26 | Yes | $250K - $500K |
| 45 | Washington St Healt Svs Syst Hlth Due 10/01/35 | 2/18/26 | No | $1M - $5M |
| MUNI BOND SUBTOTAL (43 positions, mid-range estimate) | ~$13.25M | |||
Dave's Note · The Geography
This is not a regionally biased bond ladder. It is a textbook diversified national muni book. The states represented span the political map: Wisconsin (4), Texas (4), Georgia (3), Ohio (3), Arizona (3), Alabama, Indiana, Missouri (2 each), plus Iowa, Michigan, Oklahoma, Kansas, Pennsylvania, Virginia, Maryland (twice), Montana, Colorado, New York-adjacent issuers, Kentucky, Massachusetts and Louisiana. Whoever is managing this book is buying paper, not politics.
Filing 1: Corporate Bonds & Preferred Stocks
| # | Issuer / Note | Coupon | Maturity | Range |
|---|---|---|---|---|
| 46 | Avient Corporation Reg S | 7.125% | 08/01/2030 | $1M - $5M |
| 48 | General Motors Financial Co | 5.250% | 03/01/2026 | $100K - $250K |
| 49 | Newell Rubbermaid Inc Senior Unsecured | 6.625% | 09/15/2029 | $100K - $250K |
| 50 | United Rentals North Amer Senior Secured Reg S | 6.000% | 12/15/2029 | $100K - $250K |
| 51 | Whirlpool Corp Senior Notes | 4.750% | 02/26/2029 | $100K - $250K |
| 52 | Netflix Inc Reg S | 5.375% | 11/15/2029 | $100K - $250K |
| 53 | Sirius XM Radio Senior Notes Reg S | 5.500% | 07/01/2029 | $100K - $250K |
| 54 | Carnival Corp Reg S | 7.000% | 08/15/2029 | $100K - $250K |
| 55 | Olin Corp | 5.625% | 02/01/2029 | $250K - $500K |
| 56 | First Horizon Bk Memphis Tenn | 5.750% | 05/01/2030 | $250K - $500K |
| 57 | The Boeing Company Senior Unsecured | 5.040% | 05/01/2027 | $100K - $250K |
| 58 | Block Financial LLC Senior Unsecured | 3.875% | 08/15/2030 | $100K - $250K |
| 59 | Occidental Petroleum Senior Notes | 6.625% | 09/01/2030 | $250K - $500K |
| 60 | Victoria's Secret Co Reg S | 4.625% | 07/15/2029 | $250K - $500K |
| 61 | CoreWeave Inc Reg S | 9.000% | 02/01/2031 | $250K - $500K |
| 62 | Coty Inc Senior Secured Reg S | 4.750% | 01/15/2029 | $250K - $500K |
| 63 | Macy's Retail Holdings LLC Reg S | 5.375% | 03/15/2030 | $250K - $500K |
| 64-69 | KeyCorp DP Sh PFD H (4 tickets) + Bank of America Corp (2 tickets) | - | Preferred | ~$100K total |
| CORPORATE BONDS + PREFERREDS SUBTOTAL | ~$7.36M | |||
Dave's Note · The CoreWeave Tell
The single most interesting corporate bond on the entire list is the CoreWeave Inc 9.00% senior unsecured notes due February 1, 2031 in the $250K-$500K range. CoreWeave is the largest publicly-listed pure-play AI infrastructure operator in the world, an NVIDIA-backed neocloud that completed its Nasdaq listing in March 2025. The specific issue Trump's account holds is the $1.75 billion aggregate principal note priced and issued July 25, 2025 under Rule 144A and Regulation S. A 9% coupon on senior unsecured paper is junk-rated, high-yield debt. This is not a sleepy retiree muni purchase. This is a direct, leveraged-via-debt bet that AI infrastructure spending stays vertical for the next five years. It also sits inside a portfolio that, as we will see in Filing 2, is heavily long the same trade through equity.
03The Equity Filing: 3,642 Stock and ETF Transactions
FILING 2 · 3,642 TRANSACTIONS · MIX OF BUYS AND SELLS · JAN-MAR 2026
If Filing 1 is the bond book, Filing 2 is the trading book, and it is enormous. The form runs to 113 pages. It documents 3,642 separate equity, ETF, and structured-product transactions executed between January 6 and March 30, 2026. The pace is staggering. Several individual trading days carry more than 100 transactions:Heaviest Trading Days, Filing 2
Transactions per disclosed trade date (top 10)
0410 Of The Most Interesting New Buys
SELECTED FROM 2,000+ DISCLOSED PURCHASES IN FILING 2
Out of more than 2,000 purchases on Filing 2, the following ten positions tell the clearest stories about where capital was being redeployed in Q1 2026. These are not necessarily the biggest individual tickets (the $15M Microsoft/Meta/Amazon trims were sales, not buys). These are the ones that, taken together, reveal a coherent investment thesis.01
AI Server
Super Micro Computer
NASDAQ: SMCI
4 separate buy tickets, peaking with a $250K-$500K ticket on Feb 10, 2026. Net buyer despite one small sale.
The poster child for AI server demand, riding on top of NVIDIA's H100/H200/Blackwell stack. SMCI has been controversial - Hindenburg short report, delayed 10-K filings, and a US Department of Justice probe in 2024-2025 - and yet four separate purchase tickets show the account building a position. A direct vote on NVIDIA's reference architecture going commercial at scale.
02
AI Server
Jabil Inc
NYSE: JBL
3 buy tickets, anchored by a $1M-$5M ticket on Feb 10, 2026. ~$3.15M total estimated activity. Zero sales.
Jabil is the contract manufacturer building AI server racks for the hyperscalers. They assemble what Dell and Supermicro sell. Including Jabil alongside SMCI and Dell in the same Feb 10 buying spree means the account isn't picking a winner in the AI server vendor war - it's owning the whole stack.
03
AI Server
Dell Technologies Class C
NYSE: DELL
3 buy tickets, including $1M-$5M on Feb 10, 2026. ~$3.07M total estimated. Zero sales.
Dell is the primary OEM partner for deploying NVIDIA's Blackwell GB200 NVL72 systems - the same racks CoreWeave was first to bring online commercially in July 2025. Owning Dell shares plus a CoreWeave 9% bond plus Jabil plus SMCI is a near-perfect AI infrastructure capture trade.
04
AI Semis
Lam Research
NASDAQ: LRCX
5 buy tickets, peaking with $500K-$1M on Feb 10, 2026. ~$1M total estimated. Zero sales.
Lam makes the deposition and etching equipment that chip fabs use to produce the GPUs and HBM memory powering AI. If you believe TSMC, Samsung, and Intel will keep racing to build leading-edge fabs, you own Lam, ASML, and Applied Materials. Five separate buy tickets show real conviction.
05
Defense
TransDigm Group
NYSE: TDG
Single buy ticket: $1M-$5M on Feb 10, 2026. No follow-up activity. No sales.
TransDigm makes proprietary aerospace components on which it holds sole-source pricing power - mission-critical parts where the customer (mostly defense primes and commercial OEMs) has no alternative supplier. It's a famously aggressive pricing model that has produced one of the best long-run stock charts in the entire S&P 500. A defense aftermarket compounder, in one $3M ticket.
06
Defense / AI
AXON Enterprise
NASDAQ: AXON
2 buy tickets including $1M-$5M on Feb 10, 2026. One smaller sale on 3/18. Net buyer by ~$2.9M.
AXON makes Tasers, body cameras, and the cloud-based AI evidence platform (Evidence.com, Draft One) used by US law enforcement. It is the rare publicly-traded play on AI specifically targeted at the federal-state-local public safety stack. Combine with the TransDigm position and you have a clear "AI plus government contracts" angle.
07
AI Build-Out
Amphenol Corp
NYSE: APH
3 buy tickets, peaking with $500K-$1M on Feb 10, 2026. ~$857K total estimated. Zero sales.
Amphenol makes the high-speed copper and optical connectors, cabling, and interconnect systems used inside AI server racks and across data centers. As GB200 NVL72 racks and similar deployments accelerate, every rack consumes thousands of dollars of Amphenol product. A picks-and-shovels position in the AI build-out.
08
Data Centers
Lennox International
NYSE: LII
3 buy tickets, peaking with $500K-$1M on Feb 10, 2026. ~$1M total estimated. Zero sales.
A non-obvious AI infrastructure pick. Lennox is a HVAC manufacturer, and AI data centers run hot - thermal management at megawatt scale is one of the biggest physical constraints on the entire AI build-out. Cooling infrastructure for hyperscale data centers is a multi-decade tailwind, and Lennox sits in the middle of it.
09
AI Materials
Linde PLC
NYSE: LIN
3 buy tickets, peaking with $500K-$1M on Feb 10, 2026. ~$815K total estimated. Zero sales.
Linde is the world's largest industrial gas supplier. Their helium, neon, argon, and ultra-high-purity gases are essential inputs to semiconductor manufacturing - every chip fab in the world depends on industrial gas supply. Another picks-and-shovels position behind the AI compute build.
10
Macro Hedge
iShares Gold Trust
NYSEARCA: IAU
Single buy ticket: $500K-$1M on March 5, 2026. No matching sale.
The contrarian buy inside an overwhelmingly AI-and-equities book. A clean ~$750K mid-range new gold position taken in early March 2026 reads as a portfolio-level macro hedge against inflation, currency debasement, or a tail-risk drawdown in the AI trade. Notably, it is gold and not a Treasury position, and not a money market expansion (though the Schwab Government Money Fund also got a $3M buy on 3/17).
Dave's Note · The Coherent Thesis
Read these ten together and a single story emerges. The account is overwhelmingly long the AI infrastructure trade, but not just through obvious names like NVIDIA. It owns the AI server manufacturers (SMCI, Dell, Jabil), the equipment makers (Lam Research), the connectors and cabling (Amphenol), the cooling (Lennox), the gases (Linde), and the financing-via-debt (CoreWeave bond from Filing 1). Layered on top is a defense/government-contractor sleeve (TransDigm, AXON) and a small gold hedge. Whoever is making these picks is constructing a complete value chain, not chasing tickers.
Dave's Note · Additional Notable Positions From The Full Re-Parse
After improving OCR coverage from ~45% to ~86% of Filing 2, several additional major positions surfaced that reinforce the same thesis. Worth flagging: Oracle Corp (11 separate purchases totaling ~$3.62M, on-theme as the database/cloud layer of the AI stack), Cadence Design Systems (7 buys, ~$3.26M, the second EDA-software vendor alongside Synopsys, meaning both companies that make the chip-design tools NVIDIA and its peers use are owned), Eaton Corp PLC (4 buys, ~$3.28M, electrical power management for data centers, directly on the AI infrastructure thesis), iShares GSCI Commodity Dynamic Roll Strategy ETF (3 buys, ~$3.55M, a commodity-exposure sleeve), and Procter & Gamble (9 buys, ~$3.41M, defensive consumer-staples ballast). None of these change the overall reading of the book; they extend it.
05The Most Interesting Positions
After parsing and aggregating Filing 2's transactions by underlying company, several clear narratives emerge. Below are the positions that tell the most interesting stories.Theme #1: The Mega-Cap Tech Rotation
The most striking pattern in Filing 2 is a rotation OUT of mega-cap tech mega-positions and INTO scaled-up individual semiconductor and software names. On February 10, 2026, four separate transactions in the $5M-$25M range hit the same day:| Position | Action | Date | Range |
|---|---|---|---|
| Microsoft Corp Com | Sell | 2/10/26 | $5M - $25M |
| Amazon.com Inc | Sell | 2/10/26 | $5M - $25M |
| Meta Platforms Inc | Sell | 2/10/26 | $5M - $25M |
| Vanguard Dividend Appreciation ETF | Sell | 1/12/26 | $5M - $25M |
Dave's Note · Reading The Rotation
The pattern is unmistakable: net seller of the megacap names that had run vertically into early 2026, net buyer of the next-layer-down AI beneficiaries (semis, EDA software, cloud orchestration, AI infrastructure). Layer on the CoreWeave bond from Filing 1, and you have a coherent, AI-overweight portfolio in motion.
Theme #2: The Top 20 Most-Traded Equity Names
| # | Company | Buys | Sells | Buy Value (est.) | Sell Value (est.) | Net |
|---|---|---|---|---|---|---|
| 1 | Amazon.com | 11 | 6 | $4.87M | $16.14M | $-11.27M |
| 2 | Microsoft Corp | 12 | 4 | $5.04M | $15.93M | $-10.89M |
| 3 | Meta Platforms | 11 | 4 | $1.64M | $16.13M | $-14.49M |
| 4 | Vanguard Dividend Apprec ETF | 1 | 1 | $0.18M | $15.00M | $-14.82M |
| 5 | NVIDIA Corp | 9 | 4 | $4.20M | $2.63M | +$1.57M |
| 6 | SPDR S&P 500 ETF Trust | 2 | 2 | $0.75M | $6.00M | $-5.25M |
| 7 | Vanguard S&P 500 ETF | 0 | 2 | $0.00M | $6.00M | $-6.00M |
| 8 | Apple Inc | 8 | 1 | $4.63M | $0.03M | +$4.59M |
| 9 | Costco Wholesale | 11 | 0 | $4.05M | $0.00M | +$4.05M |
| 10 | Oracle Corp | 11 | 2 | $3.62M | $0.04M | +$3.58M |
| 11 | Adobe Inc | 8 | 5 | $3.56M | $0.37M | +$3.19M |
| 12 | iShares GSCI Commodity ETF | 3 | 0 | $3.55M | $0.00M | +$3.55M |
| 13 | Procter & Gamble | 9 | 3 | $3.41M | $0.12M | +$3.30M |
| 14 | ServiceNow Inc | 7 | 2 | $3.31M | $0.02M | +$3.29M |
| 15 | Texas Instruments | 11 | 0 | $3.43M | $0.00M | +$3.43M |
| 16 | Eaton Corp PLC | 4 | 1 | $3.28M | $0.75M | +$2.53M |
| 17 | Workday Inc | 7 | 5 | $3.26M | $0.23M | +$3.03M |
| 18 | Cadence Design Systems | 7 | 2 | $3.26M | $0.38M | +$2.88M |
| 19 | Synopsys Inc | 6 | 2 | $3.22M | $0.04M | +$3.18M |
| 20 | Jabil Inc | 4 | 0 | $3.18M | $0.00M | +$3.18M |
Theme #3: The AI/Semiconductor Overweight
Pull out just the AI and semiconductor exposure across Filing 1 and Filing 2 and you can see the coherent thesis:| Name | Type | Activity | Net Direction |
|---|---|---|---|
| NVIDIA Corp | Equity | 7 buys vs 2 sells | Net buyer |
| Synopsys | Equity (EDA software) | 6 buys vs 2 sells | Net buyer |
| Cadence (Synopsys peer) | Equity (EDA software) | Multiple buys | Net buyer |
| Broadcom | Equity | $3M buy vs small sells | Net buyer |
| Texas Instruments | Equity | 3 buys, 0 sells | Net buyer |
| AMD | Equity | 4 buys vs 4 small sells | Net buyer |
| Dell Technologies | Equity (AI server) | 3 buys, 0 sells | Net buyer |
| Jabil | Equity (AI manufacturing) | 3 buys, 0 sells | Net buyer |
| ServiceNow | Equity (AI workflow) | 4 buys vs 2 small sells | Net buyer |
| Adobe | Equity (AI software) | 5 buys vs 3 small sells | Net buyer |
| Workday | Equity (AI software) | 5 buys vs 3 small sells | Net buyer |
| CoreWeave 9.00% 2031 bond | Corporate bond | Single purchase | Net buyer |
Theme #4: Energy & Financial Sector Accumulation
Energy
Net Buyer
Chevron (5 buys), Williams Companies (5 buys), ConocoPhillips (2 buys), EOG Resources (2 buys). Stacked with the Occidental 6.625% 2030 corporate bond from Filing 1, this is a coherent overweight to integrated oil, gas pipelines, and exploration. No meaningful energy sales on either filing.
Financials
Net Buyer
Goldman Sachs (4 buys), Wells Fargo (4 buys), Berkshire Hathaway (5 buys), BlackRock (3 buys), Charles Schwab ($3M single buy). Plus the KeyCorp Preferred H and Bank of America preferred shares from Filing 1. A diversified financials overweight cuts across banks, asset managers, and insurance.
Defense & Aerospace
Net Buyer
Boeing equity ($3M+ in buys, single $750K sale), plus the Boeing 5.04% 2027 corporate bond. AXON Enterprise (2 buys of ~$3M, single small sale). TransDigm Group ($3M single buy). A clear net long position in defense primes.
Consumer
Mixed
Costco (5 buys, 0 sells), Disney (7 buys), Starbucks (4 buys), Walmart (mixed activity). Tesla appears only twice on the equity filing, and both are small sells, no buys. Notably absent from the heavy-trading book for an otherwise consumer-aware portfolio.
Theme #5: ETFs As The Funding Sleeve
The single largest cluster of dollar volume in Filing 2 is the ETF book, but the direction tells the story. The President's account is a net SELLER of broad-market ETFs and a net BUYER of individual names. Across the parsed transactions:ETF Activity, Filing 2 (parsed)
ETF purchases: 39 transactions, ~$13M estimatedETF sales: 14 transactions, ~$39.5M estimated
Net ETF activity: NET SELLER by ~$26.5M
06The Estimated Portfolio Value
METHODOLOGY: MIDPOINT OF DISCLOSED RANGES
The OGE Form 278-T does not require filers to disclose exact transaction values. Instead, each transaction is reported within a bracketed range (for example, "$15,001 - $50,000"). Our estimates throughout this article use the midpoint of each disclosed range, summed across all parsed transactions.| Filing & Section | Transactions | Mid-Estimate |
|---|---|---|
| Filing 1 - Municipal Bonds (43) | 43 | ~$13.25M |
| Filing 1 - Corporate Bonds (18) | 18 | ~$7.23M |
| Filing 1 - SPDR High Yield Bond ETF (1) | 1 | ~$0.75M |
| Filing 1 - KeyCorp / Bank of America Preferreds (7) | 7 | ~$0.13M |
| FILING 1 SUBTOTAL | 69 | ~$21.4M |
| Filing 2 - Parsed Purchases | 2,127 | ~$247.7M |
| Filing 2 - Parsed Sales | 1,014 | ~$159.1M |
| FILING 2 PARSED SUBTOTAL | 3,141 of 3,642 (86.2%) | ~$406.8M |
| Filing 2 - Extrapolated to 100% (3,642 txns) | 3,642 | ~$470M |
| COMBINED EST. ACTIVITY VALUE | 3,711 | ~$430M-$490M |
Dave's Note · What This Number Is and Isn't
This is the estimated value of disclosed transaction activity between January and March 2026, not a snapshot of total portfolio value. A single share bought and then sold counts twice. A $15M position trimmed in a single ticket counts once at $15M, but the remaining held position is not in this number. The actual portfolio is almost certainly significantly larger than the ~$430-490M of transaction activity disclosed. What this number does tell us is the velocity of the book: an enormous amount of capital being actively repositioned in real time during the first quarter of the second Trump term.
07The Mandatory Caveats
Methodology & Limitations
Filing 1 (the 5-page fixed-income filing, 69 transactions) was transcribed in full from the original PDF, with every position, date, range, and "notification over 30 days" flag captured. The data quality for Filing 1 is high-confidence.
Filing 2 (the 113-page equity filing, 3,642 transactions) was machine-parsed from the source PDF. OCR quality on the source document was challenging in places (compressed type, scanned image artifacts, fragmented columns). Our automated parser successfully captured 3,141 of the 3,642 reported transactions, or roughly 86.2% coverage. The remaining ~14% are rows where the OCR mangled either the row number, the transaction type, or the amount range beyond what regex pattern-matching could recover. Aggregate-level conclusions (heaviest trading days, net buyer/seller direction by name, sector overweights) are reliable because they are based on hundreds of transactions per major position. Specific dollar totals for Filing 2 should be read as directional estimates of the parsed subset, not exhaustive portfolio totals.
All dollar values reflect the midpoint of the disclosed range bracket on the OGE filing. The 278-T does not require exact values. The form does not disclose remaining position size after each transaction. The form does not include U.S. Treasury bills, notes, or bonds; mutual funds; certificates of deposit; checking or savings accounts; money market accounts; Thrift Savings Plan accounts; real property; or transactions solely between the filer, spouse, and dependent children.
Both filings were signed by Donald J. Trump on May 8, 2026, received by OGE on May 12, 2026, and certified by OGE reviewer Heather Jones on May 13, 2026. The certification comments on the two filings note that the filer paid the late fee (Filing 1) and late fees (Filing 2).
08The Bottom Line
Reading these two filings together, a few conclusions are hard to avoid:One. The Trump portfolio in early 2026 is an enormous, active, professionally managed book. Multiple trading days carried more than 100 disclosed transactions. This is not a passive book.
Two. The dominant directional theme is AI and semiconductor accumulation, executed both through high-conviction individual equity purchases (NVIDIA, Synopsys, Broadcom, Texas Instruments, ServiceNow, Adobe, Workday, Dell, Jabil) and through a direct debt position in the largest pure-play AI infrastructure operator (CoreWeave 9.00% 2031 bond).
Three. The funding source for that accumulation is visible in real time: large single-ticket sales of mega-cap winners (Microsoft, Meta, Amazon) and broad-market ETFs (Vanguard Dividend Appreciation, iShares Core S&P 500, SPDR S&P 500, Vanguard High Dividend Yield) totalling tens of millions of dollars.
Four. The fixed-income sleeve is doing exactly what a fixed-income sleeve is supposed to do: a geographically diversified national municipal bond ladder, conservative credit quality, short-to-intermediate maturities clustered around 2026-2030, complemented by selective high-yield corporate credit and small bank-preferred positions.
Five. Both filings were late, which is an objectively verifiable fact noted by the OGE itself on the certification page. Whether the lateness reflects administrative delay at the custodian, late notification to the filer, or some other cause is not disclosed on the form. What is disclosed is that the late fee on Filing 1 and late fees on Filing 2 were paid.
For a sitting U.S. President, the 278-T is one of the very few windows the public has into the financial activity being conducted on their behalf. These two filings, together, are the widest such window opened in this administration so far.
Filed under: Stock Market Education
