Nancy Pelosi's Stock Portfolio in 2026: Every Trade, the Holdings and the Returns

Two reports, two views of the same household

1. A trade (Paul Pelosi's account) to Periodic Transaction Report (Within 45 days): Reported
2. Year-end holdings (Everything owned Dec 31) to Annual disclosure (Holdings in value bands): Listed
3. Periodic Transaction Report (Within 45 days) to House Clerk site (Public filings)
4. Annual disclosure (Holdings in value bands) to House Clerk site (Public filings)

We used all six PTRs Pelosi filed in 2025 and 2026 and her annual report for 2025, filed May 15, 2026. All are on the House Clerk's disclosure site. The Pelosi trade page links each trade to its filing.

Pelosi announced on November 6, 2025 that she won't seek reelection. Her term ends January 3, 2027, so she must keep filing until then.

Check the claimThree Pelosi claims to test as you read

ClaimNancy Pelosi picks and makes these trades herself.Tap to checkMythAll 39 transactions are marked SP, for spouse. Her office says she owns no stocks and has no involvement in the trades.Flip backClaimThe household dumped $5 million to $25 million of Apple stock.Tap to checkMythThe 28,200 Apple shares went to a donor-advised fund, a charitable account. Three of the "sales" were gifts.Flip backClaimCopying Pelosi's trades reliably beats the market.Tap to checkPartly trueOf 14 new bets, 7 beat the S&P 500 and 7 trailed it. At a fixed six months, only 6 of 17 copied purchases beat it.Flip back

How the Pelosi option trades work

A call option gives the right to buy 100 shares at a set price, the strike, before a set date. The Pelosi calls are usually deep in the money: the strike sits far below the share price, so most of what's paid is the option's built-in value rather than a bet on a sudden jump.

Take the Alphabet calls bought on January 14, 2025:

This works like owning the stock with borrowed money, without a margin loan. A smaller outlay controls the same number of shares, so gains and losses are both amplified. The filing shows only a price band, so the precise return can't be calculated.

Alphabet ran from $190 to $330 while the strike stayed at $150

Built-in value: $180 × 5,000 shares$900,000

Strike$150

Bought, Jan 2025$189.66

Exercised, Jan 2026$330+$140

$100$150$200$250$300$350

Every trade, December 2024 to July 2026

New bets

Options exercised into shares

An exercise turns an existing option into stock. It's the end of an old bet, not a new one.

Strikes are adjusted for later stock splits. Each disclosed amount fits the strike times the shares, which is the cash paid to exercise.

Sales and donations

Spot the red flag

Some trackers call one of these rows a $5 million to $25 million "dump." Which row wasn't a sale at all?

Pelosi transactions, December 2025

Dec 24: Apple, sold 45,000 shares, $5,000,001–$25,000,000A real sale, and one of the year-end moves before the household bought January 2027 calls.Dec 30: Disney, sold 10,000 shares, $1,000,001–$5,000,000An ordinary sale.Dec 30: Apple, donated 28,200 shares to a donor-advised fund, $5,000,001–$25,000,000A contribution to a charitable account. Trackers that read every partial sale as selling miss it.Dec 30: PayPal, sold 5,000 shares, $250,001–$500,000An ordinary sale.

Tap the line you think is the tell.

Spotted it.Not that line. The transaction description is the tell. Three of the "sales" were gifts, so read the description before treating a sale as a bet against the stock.

Explain every lineHide the other explanations

One more row, from January 2, 2026, records 776 shares of Versant Media received in Comcast's spinoff of that business. No money changed hands.

Three of these "sales" were gifts. Trackers that read every partial sale as selling call the 28,200 donated Apple shares a $5 million to $25 million dump. The filing says it was a contribution to a donor-advised fund, a charitable account.

Two patterns stand out. The biggest moves cluster at year-end, between December 20 and mid-January in both years. And in December 2025, the household sold Apple, Amazon and NVIDIA shares, then within a week bought January 2027 calls on the same three stocks. That keeps exposure to the stocks with far less money tied up. The timing is consistent with year-end tax planning, but the filings don't say why.

The biggest moves cluster at year-end

1. Dec 20–31, 2024Exercise and sellNVIDIA and Palo Alto exercised; Apple and NVIDIA sold
2. Jan 14, 2025Five call roundsAlphabet, Amazon, NVIDIA, Tempus AI, Vistra
3. Jun 20, 2025Broadcom exercised20,000 shares at $80
4. Dec 24–30, 2025Sell shares, buy callsApple, Amazon and NVIDIA sold, then Jan 2027 calls on all three
5. Jan 16, 20262025 calls exercisedFive positions turned into shares
6. May 29, 2026Intel and Uber calls200 calls each, Mar 2027
7. Jul 24–28, 2026Bloom Energy and IntelShares plus Jun 2027 calls

The totals

The ranges are wide because the filings give value bands, not dollars. We add up the minimums and maximums separately rather than assuming midpoints.

Each total's top end is 3 to 5 times its bottom

Smallest possible totalLargest possible total

2550$75M0

$12.7M$43.5M

All purchasesSmallest possible total$12.7MLargest possible total$43.5M

$14.3M$70.6M

SalesSmallest possible total$14.3MLargest possible total$70.6M

$6.1M$30.3M

DonationsSmallest possible total$6.1MLargest possible total$30.3M

All purchasesSalesDonations

How the bets did

For each new bet, we measured the stock's move from the day after the filing, the earliest anyone could copy it, to the close on October 2, 2026, and compared it with the S&P 500 (SPY) over the same window. Prices include dividends. These are stock returns, not option returns, which would be larger in both directions.

The Palo Alto and Broadcom rows are exercises of calls bought in 2024, shown for reference. They aren't counted among the 14 new bets.

Of the 14 new bets, 7 beat the index and 7 trailed it. The median beat it by 4 points. The holding periods run from six weeks to 20 months, so this is a scorecard, not a strategy return. Weighting by dollars isn't possible, because the amounts are ranges.

7 of 14 new bets beat the S&P 500, 7 trailed it

Alphabet calls, Jan 2025+44 pts

Bloom Energy, Aug 2026+41 pts

NVIDIA calls, Jan 2025+36 pts

Intel, Aug 2026+36 pts

Tempus AI calls, Jan 2025+31 pts

Apple calls, Jan 2026+19 pts

NVIDIA calls, Jan 2026+14 pts

Amazon calls, Jan 2026−6 pts

Alphabet calls, Jan 2026−9 pts

Uber calls, Jun 2026−13 pts

Intel calls, Jun 2026−15 pts

Amazon calls, Jan 2025−21 pts

AllianceBernstein, Jan 2026−23 pts

Vistra calls, Jan 2025−54 pts

Median: 4 points ahead of the index

The famous January 2025 option round trip shows how much the bands hide. The five calls were worth $2.71 million at exercise. They cost somewhere between $1.51 million and $2.6 million. For the low end, we used each option's built-in value on the purchase day where it exceeded the filing's minimum. That's a gain of anywhere from $110,000 to $1.2 million, or 4% to 80% on the money paid, against 20% for the S&P 500 over the same year. The filings can't tell you which end is right, so they can't show whether the trade beat the index.

The January 2025 calls made 4% to 80%. The index made 20%

Possible gain on the options4–80%

S&P 500, same year20%

0%20%40%60%80%100%

Our study of 4,967 congressional purchases found the same thing at a fixed six-month horizon: only 6 of 17 copied Pelosi purchases beat the S&P 500.

What the household owns

The annual report shows holdings on December 31, 2025. These are the listed stocks, all held in Paul Pelosi's name:

Those 23 positions were worth $47 million to $229 million. The household also held call options on Alphabet, Amazon, NVIDIA, Vistra, Apple and Tempus AI worth $2.9 million to $8.8 million. The eight largest stakes alone account for at least $40 million. This is a long-term big-tech portfolio, and the trades that make headlines are a small slice of it.

The holdings dwarf the trades

$47M–$229M23 listed stock positionsDecember 31, 2025

$40M+Eight largest stakes$5M–$25M each

$2.9M–$8.8MCall options heldSix companies

Two other items in the report:

• Private investments. Office buildings and commercial property in San Francisco, a Napa vineyard, hotel and real estate partnerships, and a fund holding Databricks stock.
• Margin debt. Two brokerage margin accounts, at City National Securities and Charles Schwab, are each listed at $25 million to $50 million. Margin is a loan against the portfolio. The ranges are too wide to say how leveraged the household is.

Since that report, the 2026 trades added shares of Alphabet, Amazon, NVIDIA, Tempus AI and Vistra through exercises, more AllianceBernstein, and new positions in Intel, Uber and Bloom Energy. A PTR only records changes, so the current portfolio is the 2025 list plus those trades, minus anything sold that hasn't been filed yet.

Our read

The Pelosi portfolio isn't a stream of lucky trades. It's a large, concentrated big-tech portfolio, managed with year-end rebalancing, charitable giving and leveraged call options. That works brilliantly when megacaps rally, as they did in 2025. Vistra, Uber and Intel's first round show it can also lag badly.

For a copier there are two problems. The filing shows a price band, not the price, so you can't size or price the trade the way he did. And deep in-the-money calls a year out amplify losses as much as gains. Copying the stock instead gives you a different trade.

Copying the filing gives you a different trade

What the household did

• Bought at a known price and size
• Deep in-the-money calls a year or more out
• Large, patient, year-end rebalancing

vs

What a copier gets

• A price band, not the price
• The trade 2 to 30 days after it happened
• Amplified losses if copying the calls, a different trade if copying the stock

The useful part is the company list. Alphabet, NVIDIA and, since July, Intel and Bloom Energy are where a large, patient investor is putting new money. Whether those businesses are worth owning at today's price is a separate question, and the filing can't answer it.

Questions readers ask

What stocks does Nancy Pelosi own in 2026?

Her latest annual report lists the household's largest holdings at the end of 2025 as Alphabet, Amazon, Apple, Broadcom, Microsoft, NVIDIA, Salesforce and Visa, each worth $5 million to $25 million. Trades in 2026 added Intel, Uber and Bloom Energy and added to Alphabet, Amazon and NVIDIA. All are held by her husband, Paul Pelosi.

Does Nancy Pelosi make the trades herself?

The filings mark every transaction as her spouse's. Her office has said that "Speaker Pelosi does not own any stocks, and she has no prior knowledge or subsequent involvement in any transactions," according to FOX Business.

How much has Pelosi made on her trades?

The filings can't say precisely. Amounts are disclosed as ranges and option premiums aren't itemized, so a profit figure is an estimate. The January 2025 options, for example, gained between about $110,000 and $1.2 million.

Is there a Pelosi tracker ETF?

Yes. NANC aims to track Democratic members' disclosed trades. It buys weeks after the filings and holds far more than Pelosi's positions. Our NANC and KRUZ breakdown covers how it works and what it costs.

Will Pelosi still have to disclose trades after she retires?

She must keep filing PTRs while in office, through January 3, 2027, and file a final report when she leaves. After that, her household's trades no longer have to be disclosed. A proposed congressional trading ban, H.R. 7008, passed the House in July 2026 but is not law.

Pelosi's disclosure clock runs out in January 2027

1. Nov 6, 2025Won't seek reelection
2. May 15, 20262025 annual report filed
3. Jul 2026H.R. 7008 passes the HouseNot law
4. Jan 3, 2027Term endsFinal report, then no more PTRs

Go deeper with member research

A disclosure gives you the ticker. Our research asks whether the business is worth owning:

• Intel's manufacturing option needs a cash-flow bridge: The household bought Intel calls in May 2026 and Intel shares in July. This case study tests what Intel's recovery evidence showed on January 23, 2026.
• Issue 05: NVIDIA Is Building the Credit Market for AI: NVIDIA calls appear in three Pelosi option rounds: November 2023, January 2025 and December 2025. This issue looks at how its customers pay for GPUs and where that financing could break.
• GE Vernova and the value of delivering dependable power: Vistra and Bloom Energy are both bets on power for AI data centers. This report shows how we judged one power stock's economics.

Limits of this data

• PTRs show transactions, not holdings. The holdings table reflects December 31, 2025. Sales made since August can be filed up to 45 days later.
• All amounts are value bands. Option premiums are not itemized, so option profits are ranges, not figures.
• Returns cover stock price moves from the day after filing to October 2, 2026, including dividends. They are not the household's actual returns, which depend on option prices, exact trade times and taxes.
• Two transactions in the January 23, 2026 filing (the Tempus AI exercise and the Versant spinoff) are missing from our automated feed. We used the source PDFs for this article.