Abstract:
U.S. President Trump’s latest investment account disclosure shows that his securities investment portfolio conducted more than 1,100 transactions in July, involving various types of assets such as technology stocks, defense stocks, ETFs, and bonds, with the largest reductions in Microsoft and Amazon. According to the latest financial disclosure, there were 1,156 securities sales and purchases in July, with a total amount of approximately US$79 million to US$270 million based on the reporting range. Among them, the buying amount was at least US$43.6 million, and the selling amount was at least US$35.6 million, indicating that its investment portfolio had undergone extensive adjustments that month.
Microsoft and Amazon become the biggest targets for reduction of positions
The largest deals in July were concentrated in Microsoft and Amazon.
Disclosure documents show that on July 20, accounts under Trump’s name sold Microsoft shares worth US$5 million to US$25 million and Amazon stocks worth US$5 million to US$25 million respectively, which were the two largest transactions that month.
However, this is not a complete exit from the relevant position. Three days later, on July 23, the account bought another $100,000 to $250,000 in Microsoft shares, and at the same time bought $1,001 to $15,000 in Amazon shares.
Tech stock transactions on the same day also included the sale of $1 million to $5 million of Oracle stock, while buying $500,000 to $1 million of Nvidia stock.
In addition, its investment portfolio also bought $1 million to $5 million of Intuit, Marvell Technology, Salesforce and Church & Dwight stocks that day, and bought $250,000 to $500,000 of Axon Enterprises shares.
Overall, July 20 was not a simple reduction of technology stock positions, but closer to a large-scale reallocation: while reducing holdings of Microsoft, Amazon and Oracle in large amounts, while increasing positions in companies such as Nvidia, Marvel Technology and Salesforce.
Buy SpaceX and repeatedly trade Tesla
Accounts under Trump’s name also traded a number of assets related to Elon Musk’s companies in July.
Disclosure documents show that on July 10, the account bought SpaceX shares for US$15,000 to US$50,000, and then sold US$1,001 to US$15,000 on July 17. Previous disclosure documents also showed that his account purchased $15,000 to $50,000 in SpaceX shares on June 23.
SpaceX went public in June this year. It currently undertakes U.S. defense and NASA-related businesses and owns artificial intelligence company xAI.
As for Tesla, the account under Trump’s name previously bought US$100,000 to US$250,000 in stocks on June 15, and another US$15,000 to US$50,000 the next day. After that, he sold a total of approximately US$131,000 to US$365,000 in Tesla shares through four transactions, and then bought another US$100,000 to US$250,000 on July 27.
These transactions show that the operation of its investment portfolio on Musk-related assets is not a one-way increase or decrease in holdings, but multiple adjustments to positions in a relatively short period of time.
ETF holdings also experienced large-scale rotation
In addition to individual stocks, Trump’s account also made large-scale adjustments to ETFs in July.
On July 8, its investment portfolio purchased SPDR Bloomberg International Treasury Bond ETF, Fidelity MSCI Communication Services Index ETF, Vanguard Short-Term Bond ETF and Vanguard Dividend Appreciation ETF from US$1 million to US$5 million respectively.
On the same day, the account sold $1 million to $5 million of iShares U.S. Treasury Bond ETF, Communication Services Select Sector SPDR ETF and iShares International Treasury Bond ETF.
Judging from these transactions, its account has clearly changed positions within bonds and communication services ETFs, and it is not a simple increase or decrease in the overall exposure of a certain type of asset.
Also increase allocations to municipal bonds and other bonds
Bonds were also an important part of July's portfolio rebalancing.
Disclosure documents show that accounts under Trump’s name purchased two Miami-Dade County Aviation Revenue Bonds in Florida, a St. Louis County School District bond in Missouri, and a Main Street Natural Gas bond worth between US$1 million and US$5 million respectively.
This means that the adjustment of Trump’s assets is not limited to the stock market, but also covers stocks, ETFs, municipal bonds and other fixed income assets.
Monthly transaction volume exceeds 1,000 transactions continuously
Such high-frequency portfolio adjustments have occurred continuously.
Data disclosed in June showed that Trump’s account conducted 1,051 transactions that month, with a total amount of approximately US$78.1 million to US$263.1 million, also involving stocks, bonds, and ETFs.
And its 2025 financial disclosure shows that the assets held in eight investment accounts are worth at least US$858 million, and more than 21,000 securities transactions were recorded throughout the year. By comparison, Trump disclosed only 86 stock trades in 2017, his first year as president.
Thus, July’s 1,156 transactions continued the high level of activity in investment accounts that characterized his second term.
The White House says the investment portfolio is independently managed by a third party
Since Trump is also the president of the United States, some of his investment targets involve companies that have contractual or regulatory relationships with the U.S. government, and these transactions continue to attract attention from the outside world.
For example, on July 20, his account sold $250,000 to $500,000 in Northrop Grumman stock. Trump signed an executive order that day involving defense supply chain requirements. However, public disclosure documents did not show the specific time when the transaction was executed, nor did it specify who made the investment decision.
The White House stated that Trump’s stock and bond portfolios are independently managed by third-party financial institutions, and that neither Trump nor his family can direct, influence, or participate in decisions about when and how the portfolio buys and sells assets.
Therefore, what can be confirmed from public disclosures is that these transactions were conducted in accounts under Trump's name, but the existing disclosures cannot identify the specific investment decision-maker for each transaction.
Generally speaking, Trump's investment portfolio underwent a wide-ranging round of asset reallocation in July: on the one hand, he significantly reduced his holdings of stocks such as Microsoft, Amazon, and Oracle; on the other hand, he purchased technology stocks such as Nvidia and Marvell Technology, and continued to adjust his holdings in SpaceX, Tesla, and multiple ETFs and bonds.
The 1,156 transactions and the highest monthly transaction size of US$270 million also show that its investment portfolio still maintains a high frequency of adjustment.
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