Trump's 2025 trading activity outpaces predecessors and yields higher returns than the S&P 500
Financial disclosures show President Donald Trump made more than 21,000 stock trades in 2025, generating an estimated 37.3% portfolio gain versus the S&P 500's 23.5% rise, while his accounts are managed by independent firms.
President Donald Trump filed his 2025 financial disclosures last week, revealing 21,285 individual stock trades—about 85 trades per trading day. Market-data firm Unusual Whales estimates that, excluding his stake in Trump Media, his equity portfolio has returned roughly 37.3% since his inauguration, outperforming the S&P 500's 23.5% gain as of early July.
White House spokesperson Anna Kelly said the president’s assets are held in discretionary accounts managed by independent third-party institutions and that there are "no conflicts of interest." Trump's son, Eric Trump, added on the social platform X that the family does not direct the investment strategy and has no ability to override the managers.
The trading volume is markedly higher than that of recent presidents. Unusual Whales CEO Matt Saincome noted that former President Joe Biden reported 13 trades in index funds and Barack Obama 16, with neither trading individual stocks. By contrast, Trump executed more than 21,000 trades in 2025, a sharp increase from the 431 transactions recorded in his first term, which were limited to index funds.
Morningstar data shows that only about 21% of actively managed funds beat passive benchmarks over the past decade, placing Trump’s portfolio among a minority of investors achieving above-market returns. The disclosures also indicate the president earned over $2 billion in 2025, a year when the S&P 500 rose 16%.
An analysis by Unusual Whales estimates the total value of Trump's holdings at roughly $5.2 billion, with equity positions in about 1,500 large-cap companies and a significant concentration—nearly 60%—in Trump Media and Technology Group, whose value has declined about 75% since his inauguration. The portfolio also includes bonds, roughly $300 million in cryptocurrency, and income from family-run ventures linked to digital tokens.
Former White House ethics lawyer Richard Painter warned that the president’s trading volume and involvement in sectors he regulates raise conflict-of-interest concerns, comparing the situation to historical precedents before the Civil War. Legislative efforts to restrict stock trading by elected officials have so far failed.