American Trust's Portfolio Shift
American Trust Rebalances Portfolio, Trimming Growth and Gold While Boosting Dividend Growth
Key Points
American Trust’s trimmed stake in the JPMorgan Active Growth ETF (JGRO) was valued at about $53.355 million and was about 4.5% of its total portfolio—making JGRO its 4th-largest holding, per its SEC 13F.
While American Trust increased DGRO, the iShares Core Dividend Growth ETF made up 5.6% of its investment portfolio and ranked as American Trust’s 3rd-largest holding; American Trust reported owning DGRO worth about $66.711 million after buying an additional 133,917 shares.
Other institutions were making large offsetting moves in AOM: Parallel Advisors LLC increased its position in iShares Core 40/60 Moderate Allocation ETF by 128.7% (to 3,554 shares, about $170,000), according to the same SEC-based reporting.
In iShares Gold Trust (IAU), even as American Trust reduced its stake, multiple funds added exposure—for example, Brighton Jones LLC purchased a new IAU stake worth about $1.864 million during the fourth quarter, and AQR Capital Management LLC increased its holdings by 47.0%.
American Trust Investment Advisors slashed its stake in the JPMorgan Municipal ETF by 89.8% and cut its iShares Gold Trust position by 39.8% in the fourth quarter of 2025, according to SEC filings. The firm now holds just 48,723 shares of the municipal fund and 38,446 shares of gold, signaling a sharp pivot away from both tax-exempt income and inflation hedges.
At the same time, American Trust moved decisively into dividend stocks. It boosted its stake in the iShares Core Dividend Growth ETF by 16.2% to 960,971 shares, worth about $66.7 million. That fund now ranks as the firm's third-largest holding, making up 5.6% of its total portfolio, per MarketBeat.
A Near-Total Exit From Municipal Bonds
The most dramatic move was in the JPMorgan Municipal ETF (JMUB). American Trust cut its position from roughly 477,000 shares down to just 48,723 — an 89.8% reduction. The remaining stake is worth about $2.5 million, per HoldingsChannel. That kind of near-full exit typically signals a firm has lost confidence in a sector entirely.
Municipal bonds tend to lose value when interest rates rise or when tax policy shifts. "The 89.8% reduction in the JPMorgan Municipal ETF is the most striking data point," said Stephen Welch, Senior Analyst at Morningstar. "It indicates a total lack of confidence in the municipal space for the near term, likely due to shifting tax expectations or a preference for higher yields found in corporate dividend growth."
Dividend Growth Rises to Third-Largest Portfolio Slot
While cutting elsewhere, American Trust added 133,917 shares of the iShares Core Dividend Growth ETF (DGRO). Its total position now stands at 960,971 shares, valued at $66.7 million. DGRO climbed to the firm's third-largest holding, just above the JPMorgan Active Growth ETF (JGRO), which slipped to fourth after American Trust trimmed it 9.3% to 574,951 shares worth $53.4 million, according to Fintel.
The swap from growth to dividend growth reflects a classic late-cycle move. Dividend payers tend to have stronger balance sheets and steady cash flows. Firms rotate into them when they expect slower economic growth or steadier interest rates. DGRO now represents 5.6% of American Trust's total portfolio — up from a smaller slice just one quarter prior.
Gold Sellers Face Off Against Buyers Like AQR
American Trust reduced its iShares Gold Trust (IAU) stake by 39.8%, dropping to 38,446 shares worth roughly $800,000. But other institutions moved in the opposite direction during the same quarter. Brighton Jones LLC opened a brand-new IAU position worth about $1.864 million. AQR Capital Management — the quantitative firm led by Cliff Asness — increased its IAU holdings by 47.0%, per MarketBeat.
The split reflects a bigger debate on Wall Street. American Trust's cuts suggest its managers believe inflation has peaked and gold's "fear trade" is fading. AQR's large buy suggests the opposite — that gold remains a key hedge against global debt risks. Both firms made their moves in the same quarter, betting on different outcomes.
Other Firms Take the Other Side of the Balanced-Fund Trade
American Trust also slashed its iShares Core 40/60 Moderate Allocation ETF (AOM) by 74.1%, leaving it with just 25,565 shares. The position is now worth about $1.2 million. But Parallel Advisors LLC went the other way. It increased its AOM stake by 128.7%, bringing its total to 3,554 shares worth about $170,000, according to SEC filings compiled by HoldingsChannel.
Parallel Advisors' move reflects a belief in the traditional 40/60 portfolio — 40% stocks, 60% bonds — as a safe, balanced strategy. American Trust's near-exit from AOM suggests it sees little value in that middle-ground approach right now. The two firms are essentially taking opposite sides of the same bet on how markets will perform heading into 2026.
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