OLD National's Portfolio Rebalancing
OLD National Bancorp Rebalances Portfolio, Reducing IVW While Significantly Increasing USB and VCSH Holdings
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Key Points
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In addition to OLD National's activity in IVW, several other funds stepped into or increased their IVW positions in the same period, signaling broader interest in the ETF: Strive Financial Group LLC opened a new IVW position in the fourth quarter; Turning Point Benefit Group Inc. bought a new IVW stake in the third quarter; Decker Retirement Planning Inc. established a new IVW position in the fourth quarter; Financial Network Wealth Advisors LLC raised its IVW stake by 174.4% in the fourth quarter; and Darwin Wealth Management LLC opened a new IVW stake in the second quarter.
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OLD National’s new position in Vanguard Short-Term Corporate Bond ETF (VCSH) stands at 443,111 shares, about 0.6% of its portfolio, making VCSH the 21st-largest holding with an estimated value of roughly $35.125 million.
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OLD National’s position in iShares Core MSCI EAFE ETF (IEFA) is 333,156 shares, about 0.5% of the portfolio and the 29th-largest holding, valued at roughly $30.161 million.
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OLD National grew its stake in U.S. Bancorp (USB) by 23.0% to 443,687 shares, after purchasing an additional 83,100 shares, with the stake valued at about $23.076 million.
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Trading context for IVW noted in the period includes it opening at $133.46, with a 50-day moving average of $134.56 and a 200-day moving average of $125.60; IVW has a market cap around $72.33 billion, a price-earnings ratio of 33.33, and a beta of 1.17, with a 12-month range of $107.97 to $141.98.
Old National Bancorp trimmed its stake in the iShares S&P 500 Growth ETF (IVW) by 11.1% in the first quarter, cutting its holding to 86,772 shares worth about $9.8 million. The regional bank shifted that capital toward short-term bonds and U.S. Bancorp stock, signaling a defensive turn as growth valuations stretched higher, according to Defense World.
The moves came as IVW traded with a price-earnings ratio of 33.33 and a beta of 1.17 — meaning it swings harder than the broader market. Old National's total portfolio stood at roughly $5.97 billion across 1,250 holdings, per its April SEC filing.
Old National Bets Big on U.S. Bancorp Shares
While cutting growth exposure, Old National boosted its U.S. Bancorp (USB) stake by 23.0%, buying 83,100 additional shares. The firm now holds 443,687 USB shares worth about $23.1 million, according to Defense World. The timing was notable. The Federal Reserve released its 2026 Dodd-Frank stress test results on June 24, and U.S. Bancorp was among 32 banks to pass.
U.S. Bancorp CEO Gunjan Kedia said after the stress test: "In banking, trust is everything — and it's tested most in times of uncertainty. Our results demonstrate we remain prepared to manage potential industry stress." Days later, the bank signaled a dividend increase from $0.52 to $0.54 per share — a 3.8% raise — according to Nasdaq.
Short-Term Bonds Become a Top-20 Portfolio Holding
Old National expanded its Vanguard Short-Term Corporate Bond ETF (VCSH) stake by 9.2%, reaching 443,111 shares valued at roughly $35.1 million. That makes VCSH the firm's 21st-largest holding, representing about 0.6% of the total portfolio. Short-term corporate bond funds carry low duration risk, meaning they are less sensitive to interest rate swings than longer-dated bonds.
The firm also cut its iShares Core MSCI EAFE ETF (IEFA) position by 7.6% to 333,156 shares, worth about $30.2 million. IEFA tracks large- and mid-cap stocks across developed international markets. That stake now ranks 29th in Old National's portfolio, according to Ticker Report.
Other Managers Are Buying the IVW Growth Dip
Not every fund manager shares Old National's caution on IVW. Financial Network Wealth Advisors LLC raised its IVW stake by 174.4% in the fourth quarter. Strive Financial Group LLC and Decker Retirement Planning Inc. both opened brand-new IVW positions. Darwin Wealth Management LLC and Turning Point Benefit Group Inc. also stepped in with fresh stakes, according to Watchlist News.
IVW's 12-month range runs from $107.97 to $141.98, with a 50-day moving average of $134.56 and a 200-day moving average of $125.60. The ETF carries a market cap of $72.33 billion. The split between sellers like Old National and buyers like Financial Network Wealth Advisors shows real disagreement among professional money managers about where growth stocks go from here.
An Insider Sale Adds a Cautionary Note on USB
One data point cuts against the bullish USB narrative. On May 5, U.S. Bancorp EVP Venkatachari Dilip sold 34,522 shares at $55.52 per share — a move that cut his direct ownership by 40.23%, according to SEC filings. Insider sales don't always signal trouble, but they can suggest executives believe the stock is near full value.
Old National also filed a $216.9 million shelf registration in late May 2026, according to Simply Wall St. A shelf registration lets a company raise capital quickly when needed. That move hints Old National may be preparing for a merger, acquisition, or other strategic investment — which could reshape its portfolio further in the months ahead.
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