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Top 5 1st Quarter Trades of UNITED SERVICES AUTOMOBILE ASSOCIATION

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May 13, 2022
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UNITED SERVICES AUTOMOBILE ASSOCIATION recently filed their 13F report for the first quarter of 2022, which ended on 2022-03-31.

The 13F report details which stocks were in a guru’s equity portfolio at the end of the quarter, though investors should note that these filings are limited in scope, containing only a snapshot of long positions in U.S.-listed stocks and American depository receipts as of the quarter’s end. They are not required to include international holdings, short positions or other types of investments. Still, even this limited filing can provide valuable information.

The United Services Automobile Association, or USAA for short, is a financial corporation that was founded in 1922 by a group of Army officers who were forced to self-insure one another when other auto insurance companies believed that they were a high risk group. The company has its headquarters in San Antonio and is one of the pioneers of direct marketing, looking for new clients through the internet or phone. The company switched to this kind of marketing in the 1960s, and, prior to that transition, the company did most of its business through mail. Although the company began by offering auto insurance services, the company would expand its line of services to include homeowner’s and life insurance in the 1960s and brokerage and banking services by the 1980s. The company’s clients were limited to commissioned officers, cadets and midshipmen eligible for cars or in college, students in the Marine Corps or Navy programs, or college graduate officer candidates in the OCS programs of various armed forces programs until 1996, when eligibility was extended to all enlisted personnel in the United States armed forces. Recently between 2009 and 2013, the company also offered restricted membership to civilians that allowed them to utilize USAA’s bank deposit products, investment products, and life insurance, although auto and property insurance products were still not eligible to these clients. USAA currently has a total of over 26,000 employees who look after their 11 million members. The company holds a total of over $130 billion in total assets under management and brings in an estimated net income of over 3.4 billion a year. The company now offers a wide variety of services to eligible members including CDs, credit cards, home mortgages, auto loans, various insurances, mutual funds annuities, bond, and ETF brokerage services, among others, with 19 locations. Some of the mutual funds it offers include the California Money Market Fund, Capital Growth Fund, Cornerstone Conservative Fund, and Extended Market Index Fund.

As of the latest 13F report, the guru’s equity portfolio contained 119 stocks valued at a total of $5,375,000,000. The top holdings were IVV(25.34%), IEFA(14.12%), and IJH(6.24%).

According to GuruFocus data, these were UNITED SERVICES AUTOMOBILE ASSOCIATION’s top five trades of the quarter.

iShares MSCI ACWI Index Fund


The guru sold out of their 1,619,861-share investment in NAS:ACWI. Previously, the stock had a 2.88% weight in the equity portfolio. Shares traded for an average price of $99.63 during the quarter.

On 05/13/2022, iShares MSCI ACWI Index Fund traded for a price of $87.97 per share and a market cap of $17,163,936,000. The stock has returned -8.66% over the past year.

There is insufficient data to calculate the stock’s financial strength and profitability ratings.

In terms of valuation, iShares MSCI ACWI Index Fund has a price-earnings ratio of 17.92 and a price-book ratio of 2.73.

U.S. Bancorp


The guru established a new position worth 785,686 shares in NYSE:USB, giving the stock a 0.78% weight in the equity portfolio. Shares traded for an average price of $57.55 during the quarter.

On 05/13/2022, U.S. Bancorp traded for a price of $48.875 per share and a market cap of $72,192,113,000. The stock has returned -15.40% over the past year.

GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 7 out of 10.

In terms of valuation, U.S. Bancorp has a price-earnings ratio of 10.47, a price-book ratio of 1.63, a price-earnings-to-growth (PEG) ratio of 1.78 and a price-sales ratio of 3.16.

The price-to-GF Value ratio is 0.85, earning the stock a GF Value rank of 9.

Vanguard Total Bond Market ETF


UNITED SERVICES AUTOMOBILE ASSOCIATION reduced their investment in NAS:BND by 439,651 shares. The trade had a 0.63% impact on the equity portfolio. During the quarter, the stock traded for an average price of $81.21.

On 05/13/2022, Vanguard Total Bond Market ETF traded for a price of $76.03 per share and a market cap of $80,813,821,000. The stock has returned -8.02% over the past year.

There is insufficient data to calculate the stock’s financial strength and profitability ratings.

AbbVie Inc


UNITED SERVICES AUTOMOBILE ASSOCIATION reduced their investment in NYSE:ABBV by 278,190 shares. The trade had a 0.63% impact on the equity portfolio. During the quarter, the stock traded for an average price of $145.09.

On 05/13/2022, AbbVie Inc traded for a price of $153.855 per share and a market cap of $270,703,594,000. The stock has returned 38.93% over the past year.

GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 10 out of 10.

In terms of valuation, AbbVie Inc has a price-earnings ratio of 21.30, a price-book ratio of 16.10, a price-earnings-to-growth (PEG) ratio of 1.49, a EV-to-Ebitda ratio of 13.25 and a price-sales ratio of 4.65.

The price-to-GF Value ratio is 1.20, earning the stock a GF Value rank of 3.

Vanguard Short-Term Bond ETF


UNITED SERVICES AUTOMOBILE ASSOCIATION reduced their investment in ARCA:BSV by 405,023 shares. The trade had a 0.55% impact on the equity portfolio. During the quarter, the stock traded for an average price of $79.14.

On 05/13/2022, Vanguard Short-Term Bond ETF traded for a price of $77.1909 per share and a market cap of $37,150,822,000. The stock has returned -4.69% over the past year.

There is insufficient data to calculate the stock’s financial strength and profitability ratings.


Please note, the numbers and facts quoted are as of the writing of this article and may not factor in the latest trading data or company announcements.

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