Trump’s Portfolio Made 3,600 Trades in Q1, Including Nvidia and Defence Stocks

US President Donald Trump made more than 3,600 stock trades in the first quarter of 2026, including investments in companies directly affected by White House decisions, according to a disclosure filed with the federal Office of Government Ethics.

The filing, which runs over 100 pages, showed more than USD 100 million worth of stock purchases and sales between January and March. The activity worked out to roughly 50 trades on each day the US markets were open. The report showed more purchases than sales, though the exact ratio could not be determined because the filing disclosed transaction ranges instead of precise figures.

Nvidia and Defence Stocks Among Key Holdings

Among the largest positions disclosed was as much as USD 6 million invested in chipmaker Nvidia. The company’s advanced chips were approved for sale to China by the Trump administration last year.

The portfolio also included shares of defence contractors Lockheed Martin, General Dynamics, and Northrop Grumman, companies affected by the Iran conflict and related US military spending decisions.

The filing further showed holdings in Intel, in which the US government took a 10% stake last year. Trump’s portfolio also added restaurant and food chain stocks, including Shake Shack, Papa John's, and The Cheesecake Factory.

Trump Organisation Says Third Parties Manage Investments

A spokesperson for the Trump family business said independent managers handled the investments without involvement from Trump or his family. Spokesperson Kimberly Benza said that neither President Trump, his family, nor The Trump Organisation has any role in selecting, directing, or approving specific investments.

She added that outside parties had sole and exclusive authority over portfolio decisions and that Trump received no advance notice of trades.

Break From Longstanding White House Practice

Modern US presidents have largely avoided direct stock trading while in office. Former President George H.W. Bush used a blind trust, while Bill Clinton adopted a similar structure. George W. Bush sold individual stocks before taking office. Barack Obama held diversified mutual funds, while Joe Biden did not actively trade stocks during his presidency.

The latest filing also comes as Trump’s wealth has expanded sharply since returning to office. The Trump Organisation has received large upfront payments from overseas licensing deals and hundreds of millions of dollars from cryptocurrency sales, according to disclosures referenced in the report.

Also Read - SEBI Plans Direct API System For Institutional Trade Processing

Ethics Experts Raise Conflict Concerns

Note that the US law bars most federal employees from owning financial assets that could be influenced by their policy work. The president is exempt from those restrictions. Richard Painter, who served as chief White House ethics adviser under former President George W. Bush, criticised the scale of the activity and the nature of the holdings.

Ethics officials have also argued that public knowledge of a president’s holdings can influence decision-making across areas, including defence spending, health policy, and government contracts.

Sources:

The Economic Times

Financial Times