Institutional Manager · CIK 0001006938

NORTHLAND SECURITIES, INC.

MINNEAPOLIS, MN · File #028-25961

Latest AUM

$104.3M

Positions

111

Top-10 Concentration

57.3%

Filings

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
NEW	J P MORGAN EXCHANGE-TRADED FD TR INCOME ETF	46641Q159	+416,007	+$19.3M	$0
NEW	ISHARES TR CORE S&P 500 ETF	464287200	+7,986	+$5.5M	$0
NEW	SELECT SECTOR SPDR TR STATE STREET TECHNOLOGY SELECT SECTOR SPDR ETF	81369Y803	+30,442	+$4.4M	$0
NEW	APPLE INC COM	AAPL	+12,683	+$3.4M	$0
NEW	ISHARES TR GLOBAL TECH ETF	464287291	+30,996	+$3.3M	$0
NEW	ISHARES TR GLOBAL ENERGY ETF	464287341	+74,248	+$3.1M	$0
NEW	SELECT SECTOR SPDR TR STATE STREET ENERGY SELECT SECTOR SPDR ETF	81369Y506	+69,261	+$3.1M	$0
NEW	ISHARES TR GLOBAL CONSUMER STAPLES ETF	464288737	+46,736	+$3.0M	$0
NEW	SELECT SECTOR SPDR TR STATE STREET CONSUMER STAPLES SELECT SECTOR SPDR ETF	81369Y308	+34,177	+$2.7M	$0
NEW	ISHARES TR S&P 500 GROWTH ETF	464287309	+21,120	+$2.6M	$0

Sector Allocation

Technology

8.1%$8.4M

Financials

4.6%$4.8M

Consumer Discretionary

2.8%$2.9M

Healthcare

2.1%$2.2M

Industrials

1.9%$2.0M

Communication Services

0.7%$691,358

Materials

0.6%$589,689

Utilities

0.5%$504,727

Consumer Staples

0.3%$325,986

Filing History

Jan 23, 202613F HOLDINGS REPORTQ/E Dec 2025111 pos · $104.3M

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	J P MORGAN EXCHANGE-TRADED FD TR INCOME ETF	46641Q159	416,007	$19.3M	21.92%
2	ISHARES TR CORE S&P 500 ETF	464287200	7,986	$5.5M	6.23%
3	SELECT SECTOR SPDR TR STATE STREET TECHNOLOGY SELECT SECTOR SPDR ETF	81369Y803	30,442	$4.4M	4.99%
4	APPLE INC COM	AAPL	12,683	$3.4M	3.93%
5	ISHARES TR GLOBAL TECH ETF	464287291	30,996	$3.3M	3.71%
6	ISHARES TR GLOBAL ENERGY ETF	464287341	74,248	$3.1M	3.54%
7	SELECT SECTOR SPDR TR STATE STREET ENERGY SELECT SECTOR SPDR ETF	81369Y506	69,261	$3.1M	3.53%
8	ISHARES TR GLOBAL CONSUMER STAPLES ETF	464288737	46,736	$3.0M	3.44%
9	SELECT SECTOR SPDR TR STATE STREET CONSUMER STAPLES SELECT SECTOR SPDR ETF	81369Y308	34,177	$2.7M	3.02%
10	ISHARES TR S&P 500 GROWTH ETF	464287309	21,120	$2.6M	2.96%
11	AMAZON COM INC COM	AMZN	9,248	$2.1M	2.43%
12	ISHARES TR MSCI USA QUALITY FACTOR ETF	46432F339	10,060	$2.0M	2.27%
13	BLACKROCK ETF TR ISHARES U S EQUITY FACTOR ROTATION ACTIVE ETF	BLK	30,072	$1.8M	2.08%
14	BERKSHIRE HATHAWAY INC DEL CL B NEW	BRK-A	3,037	$1.5M	1.74%
15	ISHARES TR S&P 500 VALUE ETF	464287408	6,654	$1.4M	1.61%
16	SPDR SER TR STATE STREET SPDR S&P AEROSPACE & DEFENSE ETF	78464A631	5,471	$1.3M	1.50%
17	ISHARES TR SEMICONDUCTOR ETF	464287523	4,134	$1.2M	1.42%
18	NVIDIA CORP COM	NVDA	6,601	$1.2M	1.40%
19	SELECT SECTOR SPDR TR STATE STREET FINL SELECT SECTOR SPDR ETF	81369Y605	21,528	$1.2M	1.34%
20	CAPITAL ONE FINL CORP COM	14040H105	4,750	$1.2M	1.31%