Twenty-one thousand trades, and not one purchase price. Here is the part you can use.
There is nothing here you can trade.
in the filing
stocks
disclosed
on arrival
You cannot see what he paid, because the form does not report prices — only a range like "somewhere between $15,001 and $50,000." You cannot act on the timing, because the trades happened across 2025 and the document only became public in late June 2026. By the time anyone reads it, every trade in it is between eight and nineteen months old.
So when a headline says "Trump just bought X" — he didn't. The paperwork arrived; the trade is ancient. This is a compliance record, not a signal, and it was never designed to be one.
What follows is the only part worth your time: what the account structure tells you, the one day that actually mattered, and a test you can reuse on filings that are timely.
Eighty-three percent is rebalancing noise.
The two starred bands are 83% of every trade in the filing. Only 83 trades all year reached $1,000,001 — four tenths of one percent. Skip straight to those.
| Account | Trades | Names | Dates | What it is |
|---|---|---|---|---|
| ★ #7 | 10,311 | 1,529 | 55 | 48% of the filing on its own |
| #8 | 3,972 | 725 | 31 | Small lots; holds the cash |
| ★ #6 | 2,130 | 458 | 40 | Every $5M+ equity buy is here |
| #1 | 1,757 | 526 | 13 | Only 13 dates — big rebalances |
| #5 | 1,657 | 224 | 22 | High turnover, short name list |
| #4 | 720 | 365 | 27 | Cash management |
| #2 / #3 | 369 ea | 191 ea | 8 ea | Identical twins — one order, two sleeves |
Nobody picks 1,529 stocks. Account #7 alone carries half the filing, and #2 and #3 are byte-identical. This is a model allocating, not a person deciding. If you only read one sleeve, read #6 — it is where the conviction-sized trades live.
What was actually held at year end.
| Company | Sector | Held at 31 Dec 25 | Largest single trade in 2025 | Mkt cap | P/E |
|---|---|---|---|---|---|
| Microsoft★MSFT | Cloud | $5M–25M | $5,000,001 – $25,000,000 | $3.59T | 26.9 |
| Meta Platforms★META | Ads | $5M–25M | $1,000,001 – $5,000,000 | $1.40T | 20.7 |
| Broadcom★AVGO | Semis | $5M–25M | $1,000,001 – $5,000,000 | $1.75T | 61.3 |
| Apple★AAPL | Consumer tech | $5M–25M | $5,000,001 – $25,000,000 | $4.51T | 35.5 |
| NVIDIA★NVDA | Semis | $5M–25M | $5,000,001 – $25,000,000 | $5.20T | 32.9 |
| ComcastCMCSA | Cable/media | $1M–5M | $500,001 – $1,000,000 | $95.3B | 8.7 |
| NetflixNFLX | Streaming | $1M–5M | $1,000,001 – $5,000,000 | $331.4B | 25.1 |
| ExxonMobilXOM | Oil & gas | $1M–5M | $500,001 – $1,000,000 | $678.9B | 21.3 |
| ChevronCVX | Oil & gas | $1M–5M | $500,001 – $1,000,000 | $402.7B | 19.7 |
| UnitedHealthUNH | Managed care | $1M–5M | $1,000,001 – $5,000,000 | $350.2B | 25.1 |
| Duke EnergyDUK | Utility | $1M–5M | $1,000,001 – $5,000,000 | $93.5B | 18.0 |
| AbbVieABBV | Pharma | $1M–5M | $500,001 – $1,000,000 | $468.2B | 74.9 |
| PalantirPLTR | AI software | $1M–5M | $500,001 – $1,000,000 | $432.4B | 153.9 |
| BoeingBA | Aero/defense | $1M–5M | $500,001 – $1,000,000 | $169.3B | 79.9 |
| QualcommQCOM | Semis | $1M–5M | $250,001 – $500,000 | $171.7B | 18.7 |
| MicronMU | Memory | $1M–5M | $250,001 – $500,000 | $1.09T | 21.8 |
| IntelINTC | Semis | $1M–5M | $250,001 – $500,000 | $473.3B | n/a |
| Lockheed MartinLMT | Defense | $1M–5M | $250,001 – $500,000 | $130.1B | 20.8 |
| Adv. Micro DevicesAMD | Semis | $1M–5M | $500,001 – $1,000,000 | $772.6B | 120.8 |
| Applied MaterialsAMAT | Semi equip | $1M–5M | $250,001 – $500,000 | $390.7B | 42.5 |
| PepsiCoPEP | Staples | $500k–1M | $250,001 – $500,000 | $195.8B | 18.8 |
| AmgenAMGN | Biotech | $500k–1M | $250,001 – $500,000 | $237.5B | 27.3 |
| Gilead SciencesGILD | Biopharma | $500k–1M | $250,001 – $500,000 | $181.2B | n/a |
| PfizerPFE | Pharma | $500k–1M | $250,001 – $500,000 | $160.0B | 36.9 |
| AppLovinAPP | Adtech | $500k–1M | $1,000,001 – $5,000,000 | $102.3B | 23.5 |
| Texas InstrumentsTXN | Semis | $500k–1M | $500,001 – $1,000,000 | $241.4B | 40.2 |
| StarbucksSBUX | Restaurants | $250k–500k | $500,001 – $1,000,000 | $122.1B | 61.5 |
| ConocoPhillipsCOP | Oil E&P | $250k–500k | $250,001 – $500,000 | $162.0B | 17.9 |
| RegeneronREGN | Biotech | $250k–500k | $250,001 – $500,000 | $83.3B | 20.6 |
| NewmontNEM | Gold | $250k–500k | $250,001 – $500,000 | $138.3B | 16.7 |
| Freeport-McMoRanFCX | Copper | $250k–500k | $100,001 – $250,000 | $110.1B | 37.6 |
| Howmet AerospaceHWM | Aero parts | $250k–500k | $100,001 – $250,000 | $108.4B | 58.6 |
| General DynamicsGD | Defense | $250k–500k | $250,001 – $500,000 | $103.8B | 23.4 |
| NucorNUE | Steel | $250k–500k | $100,001 – $250,000 | $55.3B | 19.5 |
| EOG ResourcesEOG | Shale E&P | $100k–250k | $250,001 – $500,000 | $80.3B | 12.0 |
| Devon EnergyDVN | Shale E&P | $100k–250k | $100,001 – $250,000 | $56.5B | 10.5 |
| L3HarrisLHX | Defense | $100k–250k | $100,001 – $250,000 | $49.7B | 27.0 |
| Steel DynamicsSTLD | Steel | $100k–250k | $100,001 – $250,000 | $32.8B | 20.8 |
| Axon EnterpriseAXON | Public safety | $50k–100k | $100,001 – $250,000 | $51.0B | 261.1 |
| CoinbaseCOIN | Crypto | $15k–50k | $250,001 – $500,000 | $49.2B | n/a |
| Blue Owl CapitalOWL | Alt manager | $1k–15k | $1,000,001 – $5,000,000 | $18.2B | 97.8 |
| Strategy IncMSTR | Bitcoin treasury | $1k–15k | $15,001 – $50,000 | $45.8B | n/a |
| Kratos DefenseKTOS | Drones | <$1k | $1,000,001 – $5,000,000 | $10.7B | 347.3 |
Sorted by year-end holding, from Part 6 — a position, not a flow. The five starred names are the only ones held at $5M+. Kratos is the lesson: thirteen trades in 2025 including a $1–5M sale on 31 December, and a year-end holding of under $1,000. The position was closed. Trade counts would never have told you. Crypto exposure is trivial — Coinbase ends at $15–50k, Strategy at $1–15k.
Every timing story here dies on the base rate.
| Sector basket | Hit rate on random dates | Verdict |
|---|---|---|
| ★ Pharma | 100.0% | Meaningless |
| ★ Big tech | 100.0% | Meaningless |
| ★ Crypto | 100.0% | Meaningless |
| ★ Nuclear | 100.0% | Meaningless |
| ★ Metals | 100.0% | Meaningless |
| Drones | 96.3% | Meaningless |
| Alt managers | 96.1% | Meaningless |
2,000 random dates per basket, ±14-day window. Every calendar day of 2025 — 365 of 365 — sits within fourteen days of a trade date. No date you could pick would look "far from" trading. Median gap: two days.
Two apparent hits run backwards. The 12 May drug-pricing order is negative for pharma — the accounts bought Pfizer, Merck, Amgen, AbbVie, Bristol and Lilly around it. The 19 September H-1B charge hits big tech — they were buying Microsoft, Alphabet and Amazon in the three days prior. Front-running looks like selling into bad news. This is a calendar.
Four things. Trading this filing is not one.
Not financial advice — please do your own research.
Want to see my full portfolio and when I'm buying?
Join the Discord to find out! →Primary: Donald J. Trump, OGE Form 278e Annual Report for calendar year 2025, 927 pages, OGE Received 6/29/2026. Part 7 (Transactions), pages 159–845, parsed in full — 21,285 rows via pdfplumber word-coordinate reconstruction, validated against the filing's own sequential row numbering. Part 6 (Other Assets and Income), pages 7–158 — 6,099 holding lines. Reviewing official comment quoted verbatim from page 1, initialled DJB, dated 6/30/26. An earlier flat-text pass recovered only 6,558 rows because the PDF renders description and amount columns as separate text blocks on most pages.
Market data via stockanalysis.com at the close of 21 August 2026 — roughly eight months after the final transaction in the filing. Four names are loss-making on a trailing basis. Netflix reflects its ten-for-one split of 17 November 2025; Exxon now files as ExxonMobil Holdings after a 2026 one-for-one redomiciliation.
Calculated, not disclosed: all counts, band distributions, account splits, per-ticker aggregates and holding ranks are computed from the parsed filing. The base-rate test draws 2,000 random dates per sector basket from 1 Jan – 31 Dec 2025 and measures the share producing at least one transaction in that basket within ±14 days.
Stated as absent: the filing discloses no purchase or sale prices, no share counts and no Part 7 position sizes — only bracketed ranges. It contains no reference to a blind trust or qualified diversified trust, and never identifies who placed any order. That the accounts are managed under a discretionary mandate is inferred from the trading pattern and is not stated in the document. The reviewing official confirms late fees were paid for transactions not previously reported on 278-Ts but does not say how many, which, or by how long.