Institutional Manager · CIK 0001768130

HOWARD FINANCIAL SERVICES, LTD.

DALLAS, TX · File #028-19410

Latest AUM

$855.1M

Positions

205

Top-10 Concentration

56.8%

Filings

Portfolio Value Over Time

2024-03

2024-06

2024-09

2024-12

2025-03

2025-06

2025-09

2025-12

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
ADD	J P MORGAN EXCHANGE TRADED F	46641Q837	+111,780	+$5.7M	-$8,789
ADD	SCHWAB STRATEGIC TR	808524300	+123,705	+$4.0M	+$372,642
ADD	VANGUARD MALVERN FDS	922020755	+30,483	+$2.4M	-$3,470
ADD	PGIM ETF TR	69344A800	+55,578	+$2.3M	-$108,403
ADD	SPDR SERIES TRUST	78468R663	+23,809	+$2.2M	-$6,797
REDUCE	FIRST TR EXCHNG TRADED FD VI	33740F805	-42,571	-$1.9M	-$10,431
EXITED	SOUTHSTATE CORPORATION	840441109	-16,149	-$1.6M	$0
ADD	VANGUARD SPECIALIZED FUNDS	921908844	+7,141	+$1.6M	+$752,910
REDUCE	PACER FDS TR	69374H857	-28,208	-$1.3M	+$140,795
EXITED	J P MORGAN EXCHANGE TRADED F	46641Q332	-20,757	-$1.2M	$0

Sector Allocation

Financials

20.0%$171.2M

Technology

8.8%$75.5M

Consumer Discretionary

1.9%$16.3M

1.0%$8.9M

0.7%$6.4M

0.6%$4.8M

0.6%$4.7M

Communication Services

0.3%$2.9M

Utilities

0.1%$496,996

Materials

0.0%$229,713

Real Estate

0.0%$219,157

Filing History

Jan 12, 202613F HOLDINGS REPORTQ/E Dec 2025205 pos · $855.1M
Oct 23, 202513F HOLDINGS REPORTQ/E Sep 2025199 pos · $817.3M
Jul 2, 202513F HOLDINGS REPORTQ/E Jun 2025183 pos · $760.7M
Apr 7, 202513F HOLDINGS REPORTQ/E Mar 2025183 pos · $734.4M
Jan 15, 202513F HOLDINGS REPORTQ/E Dec 2024186 pos · $735.1M
Oct 8, 202413F HOLDINGS REPORTQ/E Sep 2024168 pos · $692.5M
Jul 12, 202413F HOLDINGS REPORTQ/E Jun 2024156 pos · $610.2M
Apr 16, 202413F HOLDINGS REPORTQ/E Mar 2024161 pos · $580.5M
Oct 10, 202313F HOLDINGS REPORTQ/E Dec 2023150 pos · $436.2M

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	ISHARES TR	46432F339	507,751	$100.8M	13.11%
2	SCHWAB STRATEGIC TR	808524797	1,955,537	$53.6M	6.97%
3	VANGUARD SPECIALIZED FUNDS	921908844	195,818	$43.0M	5.59%
4	INVESCO EXCHANGE TRADED FD T	IVZ	335,500	$38.2M	4.96%
5	INVESCO EXCHANGE TRADED FD T	IVZ	191,639	$36.7M	4.77%
6	APPLE INC	AAPL	130,295	$35.4M	4.60%
7	INVESCO ACTIVELY MANAGED EXC	IVZ	741,142	$35.1M	4.57%
8	HARTFORD FDS EXCHANGE TRADED	41653L305	926,744	$31.6M	4.11%
9	WISDOMTREE TR	WT	349,177	$31.2M	4.06%
10	PGIM ETF TR	69344A800	732,998	$30.8M	4.00%
11	SPDR SERIES TRUST	78468R408	839,936	$21.3M	2.76%
12	SSGA ACTIVE ETF TR	78467V848	526,120	$21.2M	2.75%
13	SCHWAB STRATEGIC TR	808524300	648,561	$21.2M	2.75%
14	ISHARES TR	46434V456	447,563	$20.3M	2.64%
15	VANECK ETF TRUST	92189F437	615,543	$18.1M	2.35%
16	SCHWAB STRATEGIC TR	808524755	391,467	$17.7M	2.30%
17	FIRST TR EXCHANGE TRADED FD	33738R506	243,410	$16.9M	2.20%
18	SPDR S&P 500 ETF TR	SPY	24,546	$16.7M	2.18%
19	VANGUARD WHITEHALL FDS	921946810	174,488	$16.0M	2.07%
20	NVIDIA CORPORATION	NVDA	78,296	$14.6M	1.90%