President Donald Trump filed a monthly disclosure showing 1,156 securities transactions executed on his behalf in July, with aggregate value ranging from roughly $79 million to $270 million. The volume continues a pattern of unusually heavy portfolio turnover that has marked his second term, dwarfing the 86 stock trades reported during his first year in office back in 2017.
The numbers behind the churn
CNBC's analysis of the filing puts purchases at a minimum of $43.6 million and sales at a minimum of $35.6 million. The widest ranges cluster around July 20, when Microsoft and Amazon were each sold in amounts between $5 million and $25 million. Three days later, the same two names reappear as buys, Microsoft for $100,001 to $250,000, Amazon for $1,001 to $15,000. Oracle was sold for $1 million to $5 million that day, while Nvidia was bought for $500,001 to $1 million.
Defense contractor sale coincides with executive order
Also on July 20, Northrop Grumman was sold for $250,001 to $500,000. That morning Trump signed an executive order tightening supply-chain rules for defense contractors and limiting waivers for critical materials sourced from China and other covered nations. The disclosure does not record the time of the trade or identify the decision-maker.
A broader rotation
The July 20 activity extended well beyond mega-cap tech. Purchases of $1 million to $5 million each were logged in Intuit, Marvell Technology, Salesforce and Church and Dwight. Axon Enterprises, a frequent contractor for Immigration and Customs Enforcement, was bought for $250,000 to $500,000. ETF rotation was active on July 8, with four bond and communication-services funds purchased for $1 million to $5 million apiece while three similar funds were sold in the same range. That session saw ten-year yields climb as oil surged after Trump told reporters at the NATO summit in Turkey that he believed a ceasefire with Iran was over.
The independent-management defense
The White House maintains that third-party advisors run the portfolio without any input from Trump or his family. "President Trump's stock and bond portfolio is independently managed by third-party financial institutions," spokesman Davis Ingle said. "Neither President Trump nor any member of his family has any ability to direct, influence, or provide input regarding how the portfolio is invested or when investments are bought or sold." Recent predecessors have generally divested individual equities or used blind trusts to avoid the appearance of conflict.
Context from the annual filing
The 2025 annual report revealed more than 21,000 trades across eight accounts holding at least $858 million. June's monthly tally came in at 1,051 transactions valued between $78.1 million and $263.1 million. The pace suggests the portfolio is being actively traded at a rate far exceeding anything seen in the first term, even as the broad ranges in the periodic transaction report leave exact positions opaque.