Experts say Trump disclosure points to automated portfolio trading

President Donald Trump’s latest financial disclosure has drawn scrutiny because it lists thousands of stock transactions alongside crypto income and other business revenue. Investing specialists told Fortune that the volume and timing of the trades look consistent with automated portfolio management rather than a person manually choosing each trade.

Fortune reported that the disclosure ran 927 pages and included stock trades, more than $1 billion in crypto income, golf revenue and book royalties. The filing was far longer than the final disclosures for Barack Obama and Joe Biden, which Fortune said ran eight pages and 11 pages, respectively.

The trading activity included major technology names such as Nvidia, Apple and Microsoft, according to Fortune. The question raised by critics was how a sitting president could have so many same-day transactions without personally directing them.

Direct indexing cited as likely explanation

Eric Trump wrote on X in March that his father’s investments are held by third-party financial institutions with full authority over asset allocation, trading, rebalancing and portfolio management. He said those firms use automated, model-based portfolios and direct indexing strategies.

Trump made a similar point when asked about his investments, telling reporters that funds run his money and describing the arrangement as a “blind account,” according to Fortune. He said he does not speak with the people who manage the money and that large institutions invest as they choose. Fortune said the Trump Organization had not responded to its request for comment.

Mo Al Adham, founder and CEO of direct-indexing platform Frec, told Fortune his team reviewed an earlier 2026 disclosure that showed roughly 3,700 trades in one quarter. He said the pattern appeared to match direct indexing and tax-loss harvesting, a strategy that can involve selling securities at a loss to offset taxable gains.

Al Adham told Fortune that Frec accounts often trade between 500 and 1,000 times per quarter, while a typical direct-indexing account can generate 500 to 2,500 trades in a quarter. Volumes above 3,000 would not surprise him, he said, depending in part on whether the account tracks a broad index such as the Russell 1000 or a narrower one such as the S&P 500.

He said the timing of some trades also looked automated. On days when technology shares fell, correlated stocks such as Nvidia and Apple were sold at the same time, a pattern Al Adham said was similar to how an algorithm might rebalance a portfolio.

Disclosure format leaves room for suspicion

Direct indexing involves buying the individual stocks that make up an index rather than using an ETF or mutual fund. Al Adham told Fortune the approach was once largely limited to family offices and very wealthy investors because of high minimums and fees, but technology has made it more accessible.

UBS’ Global Wealth Report 2026 said liquid assets rose from 38% of U.S. personal net wealth in 2011 to 47% in 2025, Fortune reported. UBS also said about seven million adults worldwide have $5 million to $100 million in net assets, including more than 4 million in the U.S.

Manish Jain, co-founder and CEO of AI-powered registered investment adviser Mezzi, told Fortune his platform flags clients who are heavily concentrated in one security or sector. He said a client with more than 10% in crypto would be flagged as overconcentrated.

Al Adham told Fortune the disclosure system itself may be the weak point because it does not clearly show whether trades came from a managed account or from personal discretion. He said a simple field identifying managed or individual trades could reduce suspicion around filings involving high-volume automated accounts.

This story draws on original reporting from Fortune.