President Donald Trump disclosed more than 1,100 securities transactions made on his behalf in July, including sales of as much as $25 million each of Microsoft and Amazon shares, as his sprawling investment portfolio underwent another month of heavy trading.
The 1,156 purchases and sales totaled between roughly $79 million and $270 million, according to a CNBC analysis of Trump's latest financial disclosure. Purchases totaled at least $43.6 million, while sales came to at least $35.6 million, CNBC calculated, in what appears to be a broad reshuffling of his portfolio.
The largest transactions were July 20 sales of between $5 million and $25 million each of Microsoft and Amazon, according to the filing. Three days later, Trump reported buying between $100,001 and $250,000 of Microsoft and between $1,001 and $15,000 of Amazon.
The same July 20 entries show sales of between $1 million and $5 million of Oracle, along with purchases that included between $500,001 and $1 million of Nvidia.
The filing also shows a $250,001 to $500,000 sale of Northrop Grumman that day, when Trump signed an executive order tightening supply chain requirements for defense contractors and restricting waivers for certain critical materials sourced from China and other covered countries. The disclosure does not show what time the trade occurred or who made the investment decision.
While the filing shows activity conducted on Trump's behalf, broad value ranges obscure his exact holdings. Still, heavy trading has been a feature of his second term. In June, Trump disclosed 1,051 transactions totaling between $78.1 million and $263.1 million, including purchases and sales of stocks, bonds and exchange-traded funds.
The president's 2025 annual financial disclosure showed more than 21,000 securities trades across eight accounts holding at least $858 million, compared with 86 stock transactions disclosed during his first year in office in 2017.
The White House has repeatedly defended the trades and said independent advisors manage the portfolio without input from Trump or his family. Recent presidents, however, have generally divested individual stocks or relied on blind trusts or diversified funds to avoid even the appearance of conflicts of interest.
"President Trump's stock and bond portfolio is independently managed by third-party financial institutions," White House spokesman Davis Ingle said in response to CNBC's questions about Trump's latest disclosure. "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."
The Trump Organization did not immediately respond to a request for comment on the latest disclosure.
The July 20 transactions were part of a wider rotation including purchases of between $1 million and $5 million each of Intuit, Marvell Technology, Salesforce and Church & Dwight. Trump also bought between $250,000 and $500,000 of taser maker Axon Enterprises, which works frequently with Immigration and Customs Enforcement.
The president also continued moving money among ETFs.
On July 8, Trump disclosed purchases worth between $1 million and $5 million each of the State Street SPDR Bloomberg International Treasury Bond ETF, Fidelity MSCI Communication Services Index ETF, Vanguard Short-Term Bond Index Fund ETF and Vanguard Dividend Appreciation Index Fund ETF.
That same day, he sold between $1 million and $5 million each of the iShares U.S. Treasury Bond ETF, State Street Communication Services Select Sector SPDR ETF and iShares International Treasury Bond ETF.
Ten-year yields climbed on July 8, led by soaring oil prices, after Trump said at the NATO summit in Turkey that he thought a ceasefire with Iran was over.
Trump also made several large purchases of municipal and other bonds. The filing shows purchases worth between $1 million and $5 million each of two Miami-Dade County aviation revenue bonds, a St. Louis County school district bond and a Main Street Natural Gas bond.
