Firm Reallocates Capital
Mitchell McLeod Pugh & Williams Ramps Up Holdings in International Stocks, Bonds, and Wells Fargo
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Key Points
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For Wells Fargo, the bank’s CFO told Reuters that net interest income is expected to “step up” in the current quarter and reaffirmed the bank’s roughly $50 billion full-year 2026 NII target (signaling stronger underlying earnings power).
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Wells Fargo Advisors’ FiNet unit added a $650 million advisory team from Stifel, and the bank also announced a $1.2 million community wealth grant—moves highlighted as part of its wealth-management momentum and broader community/ESG-facing efforts.
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Mitchell Mcleod Pugh & Williams’ VXUS buy was highly specific: a 19.8% increase to 70,424 shares after purchasing 11,653 additional shares, valuing the position at $5,785,000 and making VXUS its 23rd-largest holding in the portfolio.
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Fidelity Blue Chip Growth ETF (FBCG) was described with current trading/valuation context in the filing coverage: it opened at $59.20, has a reported market cap of about $5.37 billion, a P/E ratio of 29.62, beta of 1.32, and a 12-month range of $45.20 to $64.32.
Alabama wealth manager Mitchell McLeod Pugh & Williams boosted its stake in the Vanguard Total International Stock ETF (VXUS) by 19.8% in Q4, buying 11,653 additional shares to reach a total of 70,424 shares valued at $5,785,000, according to MarketBeat. The move makes VXUS the firm's 23rd-largest holding and signals a clear tilt toward international diversification.
The VXUS purchase was just one piece of a broader rebalancing. The firm — which manages roughly $2.9 billion in assets — also added to small-cap stocks, corporate bonds, and blue-chip growth ETFs, while keeping a meaningful position in Wells Fargo, according to Fintel.
A Sweeping Portfolio Shift Toward International and Bond Exposure
The VXUS buy was the headline move, but Mitchell McLeod Pugh & Williams made several large changes at once. The firm raised its position in the Vanguard Small-Cap ETF (VB) by 11.4%, now holding 52,700 shares, according to Watchlist News. It also added to the Fidelity Blue Chip Growth ETF (FBCG), which trades at a P/E ratio of 29.62 and carries a beta of 1.32 — meaning it moves more than the broader market.
The biggest percentage jump came in a less glamorous corner of the market. The firm increased its Vanguard Intermediate-Term Corporate Bond ETF (VCIT) stake by a stunning 271%, buying 19,746 new shares, according to Ticker Report. That move suggests the firm wants to lock in higher yields on investment-grade corporate debt before the Federal Reserve cuts rates.
Wells Fargo CFO Promises a 'Step Up' in Earnings This Quarter
Mitchell McLeod Pugh & Williams also holds a $2.8 million position in Wells Fargo. The bank gave its investors good news on June 9. CFO Mike Santomassimo told a Morgan Stanley conference that net interest income — the money a bank earns from loans minus what it pays on deposits — is set to rise. "This quarter, you're obviously going to see a step up in NII," Santomassimo said, according to Reuters.
Wells Fargo posted $12.09 billion in NII in Q1 2026, a 5% year-over-year gain, according to PYMNTS. Santomassimo reaffirmed the bank's full-year 2026 NII target of roughly $50 billion. Still, he acknowledged that sticky inflation and fewer Fed rate cuts than expected could shave 3 to 4 basis points off net interest margins.
Wells Fargo Lands $650 Million Advisory Team From Stifel
Beyond the earnings outlook, Wells Fargo is expanding its wealth management arm. On June 8, a 10-person advisory team called Rebich Investments — formerly with Stifel — officially joined Wells Fargo's FiNet independent channel, bringing $650 million in managed assets, according to Barron's. FiNet President John Tyers said the unit added $3 billion in new assets in May alone.
The bank also announced a $1.2 million community grant to Urban Strategies Inc. to support wealth building in four U.S. cities, with individual seed capital grants of up to $50,000, according to PR Newswire. Analysts view the move as part of Wells Fargo's effort to rebuild its public image after years of regulatory scrutiny.
Why Firms Like MMPW Are Rotating Into International Markets Now
Mitchell McLeod Pugh & Williams is not alone in this shift. Multiple institutional investors have added heavily to VXUS and VCIT in recent filings, according to MarketBeat. The trend reflects a broader bet that U.S. large-cap stocks — which dominated returns for years — may cool, while international stocks and corporate bonds offer better value.
The backdrop matters too. The Federal Reserve formally lifted its asset cap on Wells Fargo in March 2026, freeing the bank to grow its loan book past $1 trillion for the first time since 2020, according to Reuters. That regulatory shift has fueled a cluster of bullish bets on WFC from institutional investors — even as the stock sits about 17% below its 52-week high of $97.76.
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