NORTHLAND SECURITIES, INC.

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CIK 1006938

13F portfolio (2026-Q1)

$105M

Positions

107

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2025-Q4. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.

Implied return what this book implies · modeled, not advice methodology →

Open in PORT →

As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).

Computing…

Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.

Exposures · what this manager owns, by sector & size (2026-Q1)

Holdings

107

Top 5

34.6%

Top 10

48.5%

Effective N

21.2

HHI

0.047

This quarter

7 new · 0 exit →

By sector

Unclassified73.5%

Information Technology9.4%

Financials5.7%

Consumer Discretionary4.1%

Communication Services1.7%

Materials1.6%

Energy1.1%

Health Care1.0%

Other1.7%

By market cap

Unknown73.9%

Mega (>$200B)15.6%

Large ($10–200B)9.1%

Mid ($2–10B)0.9%

Small ($300M–2B)0.5%

By region

Other73.5%

North America26.1%

Europe0.3%

Asia-Pacific0.1%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	74.89%	55
Semiconductors & Semiconductor Equipment	3.77%	5
Technology Hardware & Equipment	3.24%	2
Specialty Retail	3.12%	3
Banks	2.73%	8
Electrical Equipment & Components	1.39%	3
Oil, Gas & Consumable Fuels	1.12%	2
Metals & Mining	1.08%	3
Health Care Equipment & Supplies	1.03%	1
Software & IT Services	1.01%	3
Software	1.01%	3
Utilities	0.94%	4
Insurance	0.86%	2
Capital Markets	0.75%	2
Chemicals	0.54%	2
Automobiles & Components	0.49%	2
Media & Entertainment	0.37%	1
Machinery	0.34%	1
Entertainment	0.33%	1
Hotels, Restaurants & Leisure	0.28%	1
Agricultural Products	0.28%	1
Diversified Consumer Services	0.26%	1
Aerospace & Defense	0.19%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	JPIE	J P MORGAN EXCHANGE TRADED F	Unclassified	17.86%
2	IVV	ISHARES TR	Unclassified	5.03%
3	IXC	ISHARES TR	Unclassified	3.96%
4	XLE	SELECT SECTOR SPDR TR	Unclassified	3.89%
5	XLK	SELECT SECTOR SPDR TR	Unclassified	3.84%
6	KXI	ISHARES TR	Unclassified	3.11%
7	IXN	ISHARES TR	Unclassified	3.07%
8	XLP	SELECT SECTOR SPDR TR	Unclassified	2.77%
9	AAPL	Apple Inc.	Information Technology	2.62%
10	IVW	ISHARES TR	Unclassified	2.37%

53/107 names classified · sector 26.5% of weight · industry 25.1% · mkt cap 26.1%; unclassified names shown, never dropped.

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

top 5/sector, rest → “Other” · 2 quarters

Information TechnologyAAPL, AMAT, NVDA, AVGO, EMR · other

FinancialsBRK.B, COF, UNH, APO, USB · other

Consumer DiscretionaryAMZN, COST, TSLA, WMT, MAR · other

Communication ServicesGOOGL, DIS, NFLX, GOOG, META

MaterialsGLW, FUL, CRS, ATI, PG

Health CareZBH, MDT, JNJ

EnergyMPC, BP

UtilitiesEVRG, AEP, CEG, ETR

IndustrialsDE, HON, FISV

Consumer Staples

UnclassifiedJPIE, IVV, XLK, IXC, XLE · other

Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 26.5% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2026-Q1), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

Only 24% of book weight classified — the grid is NOT representative of the whole book.

holdings, colored by sector (48 classified)NORTHLAND SECURITIES, INC. centroid (Large Core)

Information TechnologyConsumer DiscretionaryFinancialsCommunication ServicesMaterialsHealth CareUtilitiesEnergyIndustrialsConsumer Staples

Style box summary for NORTHLAND SECURITIES, INC.: centroid Large Core. Heaviest cells: Large Growth 12.2%, Large Core 3.6%, Large Value 3.4%.

Classified: 24.4% of book weight (48/107 names) · unclassified 75.6%: JPIE, IVV, IXC, XLE, XLK, KXI, IXN, XLP, IVW, QUAL +49 more. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.

Contribution holdings-based, any period

No contribution data for this period.

Holdings· 107 positions (2026-Q1) · largest first · Δ vs 2025-Q4

#	Security	Shares	Value	Weight	Δ QoQ
1	JPIEJ P MORGAN EXCHANGE TRADED F	407,339	$19M	17.9%	TRIM −2%
2	IVVISHARES TR	8,090	$5M	5.0%	HOLD
3	IXCISHARES TR	72,129	$4M	4.0%	TRIM −3%
4	XLESELECT SECTOR SPDR TR	66,740	$4M	3.9%	TRIM −4%
5	XLKSELECT SECTOR SPDR TR	30,390	$4M	3.8%	HOLD
6	KXIISHARES TR	48,730	$3M	3.1%	ADD 4%
7	IXNISHARES TR	32,246	$3M	3.1%	ADD 4%
8	XLPSELECT SECTOR SPDR TR	35,516	$3M	2.8%	ADD 4%
9	AAPLAPPLE INC	10,862	$3M	2.6%	TRIM −14%
10	IVWISHARES TR	21,973	$2M	2.4%	ADD 4%
11	QUALISHARES TR	10,226	$2M	1.9%	HOLD
12	DYNFBLACKROCK ETF TRUST	32,492	$2M	1.8%	ADD 8%
13	AMZNAMAZON COM INC	8,992	$2M	1.8%	TRIM −3%
14	IVEISHARES TR	7,524	$2M	1.5%	ADD 13%
15	BRK.BBERKSHIRE HATHAWAY INC DEL	3,078	$1M	1.4%	HOLD
16	AMATAPPLIED MATLS INC	4,250	$1M	1.4%	HOLD
17	XARSPDR SERIES TRUST	5,633	$1M	1.4%	ADD 3%
18	SOXXISHARES TR	4,148	$1M	1.3%	HOLD
19	BAIBLACKROCK ETF TRUST	37,905	$1M	1.2%	ADD 10%
20	NVDANVIDIA CORPORATION	6,722	$1M	1.1%	HOLD
21	ZBHZIMMER BIOMET HOLDINGS INC	12,000	$1M	1.0%	ADD 100%
22	COSTCOSTCO WHSL CORP NEW	1,060	$1M	1.0%	TRIM −7%
23	ITAIShares U.S. Aerospace & Defense ETF	4,706	$1M	1.0%	HOLD
24	HACKAMPLIFY ETF TR	13,421	$1M	1.0%	HOLD
25	EFVISHARES TR	13,367	$993,836	0.9%	ADD 7%
26	AVGOBROADCOM INC	3,200	$990,432	0.9%	HOLD
27	EMREMERSON ELEC CO	7,500	$982,650	0.9%	HOLD
28	IUSBISHARES TR	21,052	$972,391	0.9%	ADD 21%
29	IYWISHARES TR	5,355	$971,504	0.9%	HOLD
30	XLFSELECT SECTOR SPDR TR	19,504	$962,912	0.9%	TRIM −9%
31	VTVVANGUARD INDEX FDS	4,752	$932,342	0.9%	ADD 26%
32	COFCAPITAL ONE FINL CORP	4,750	$866,542	0.8%	HOLD
33	MPCMARATHON PETE CORP	3,501	$854,874	0.8%	HOLD
34	SPYSTATE STR SPDR S&P 500 ETF T	1,197	$778,456	0.7%	TRIM −11%
35	EFGISHARES TR	6,743	$750,967	0.7%	HOLD
36	IEMGISHARES INC	10,224	$713,124	0.7%	ADD 20%
37	CSCOCISCO SYS INC	8,396	$651,445	0.6%	TRIM −6%
38	UNHUNITEDHEALTH GROUP INC	2,240	$606,121	0.6%	TRIM −12%
39	MSFTMICROSOFT CORP	1,626	$601,896	0.6%	TRIM −6%
40	OEFISHARES TR	1,833	$583,022	0.6%	ADD 18%
41	MDYSPDR S&P MIDCAP 400 ETF TR	928	$572,353	0.5%	HOLD
42	VEAVANGUARD TAX-MANAGED FDS	8,830	$565,826	0.5%	TRIM −2%
43	GOOGLALPHABET INC	1,815	$521,921	0.5%	ADD 35%
44	DBCINVESCO DB COMMDY INDX TRCK	17,096	$494,929	0.5%	ADD 42%
45	THROBLACKROCK ETF TRUST	13,510	$489,332	0.5%	ADD 20%
46	SPTISPDR SERIES TRUST	16,566	$474,781	0.5%	ADD 74%
47	MTUMISHARES TR	1,974	$473,740	0.5%	ADD 23%
48	GLWCORNING INC	3,289	$447,205	0.4%	TRIM −27%
49	IHFISHARES TR	10,517	$440,136	0.4%	TRIM −12%
50	SGOLETFS GOLD TR	9,753	$435,178	0.4%	ADD 27%
51	TSLATESLA INC	1,165	$433,088	0.4%	HOLD
52	USBUS BANCORP	8,025	$417,380	0.4%	HOLD
53	APOAPOLLO GLOBAL MGMT INC	3,700	$412,254	0.4%	HOLD
54	ESGUISHARES TR	2,884	$407,855	0.4%	HOLD
55	VUGVANGUARD INDEX FDS	922	$402,720	0.4%	TRIM −31%
56	CRSCARPENTER TECHNOLOGY CORP	1,000	$394,150	0.4%	HOLD
57	NFLXNETFLIX INC	4,000	$384,600	0.4%	TRIM −2%
58	REETISHARES TR	15,067	$378,935	0.4%	NEW
59	ABALLIANCEBERNSTEIN HLDG L P	10,000	$374,400	0.4%	HOLD
60	FULFULLER H B CO	6,000	$370,080	0.4%	HOLD
61	DEDEERE & CO	630	$354,879	0.3%	HOLD
62	DISDISNEY WALT CO	3,603	$347,257	0.3%	TRIM −4%
63	WMTWALMART INC	2,777	$345,125	0.3%	TRIM −5%
64	IWMISHARES TR	1,386	$343,728	0.3%	ADD 37%
65	KRESPDR SERIES TRUST	5,038	$328,225	0.3%	TRIM −9%
66	VRTVERTIV HOLDINGS CO	1,301	$326,004	0.3%	HOLD
67	IWBISHARES TR	912	$325,182	0.3%	NEW
68	JPMJPMORGAN CHASE & CO	1,104	$324,752	0.3%	TRIM −9%
69	BPBP PLC	6,858	$322,326	0.3%	HOLD
70	CGMSCAPITAL GRP FIXED INCM ETF T	11,827	$322,049	0.3%	TRIM −14%
71	EVRGEVERGY INC	3,873	$317,276	0.3%	HOLD
72	GOOGALPHABET INC	1,090	$312,677	0.3%	HOLD
73	WFCWELLS FARGO CO NEW	3,700	$294,557	0.3%	HOLD
74	MARMARRIOTT INTL INC NEW	900	$294,363	0.3%	HOLD
75	PRUPRUDENTIAL FINL INC	3,000	$293,070	0.3%	HOLD
76	ATIALLEGHENY TECHNOLOGIES INC	2,000	$290,920	0.3%	HOLD
77	CTVACORTEVA INC	3,475	$290,892	0.3%	HOLD
78	USXFISHARES TR	5,256	$290,131	0.3%	HOLD
79	MBBISHARES TR	3,055	$290,072	0.3%	ADD 26%
80	LCTUBLACKROCK ETF TRUST	4,132	$289,807	0.3%	HOLD
81	CGDVCAPITAL GROUP DIVIDEND VALUE	6,708	$285,358	0.3%	TRIM −8%
82	CGGRCAPITAL GROUP GROWTH ETF	6,932	$278,597	0.3%	TRIM −8%
83	DSIISHARES TR	2,297	$278,373	0.3%	HOLD
84	GNRCGENERAC HLDGS INC	1,400	$273,462	0.3%	NEW
85	JEPIJPMorgan Equity Premium Income ETF	4,795	$271,780	0.3%	TRIM −14%
86	APEIAMERICAN PUB ED INC	4,765	$271,033	0.3%	NEW
87	BWBBRIDGEWATER BANCSHARES INC	15,305	$270,898	0.3%	TRIM −15%
88	HBANHUNTINGTON BANCSHARES INC	16,800	$262,920	0.3%	TRIM −8%
89	PLTRPALANTIR TECHNOLOGIES INC	1,700	$248,676	0.2%	HOLD
90	EMXCISHARES INC	3,077	$242,036	0.2%	TRIM −2%
91	AEPAMERICAN ELEC PWR CO INC	1,845	$241,842	0.2%	HOLD
92	BILSPDR SERIES TRUST	2,623	$240,371	0.2%	ADD 13%
93	EFAISHARES TR	2,374	$230,586	0.2%	HOLD
94	METAMETA PLATFORMS INC	403	$230,568	0.2%	TRIM −13%
95	ETRENTERGY CORP NEW	2,010	$225,843	0.2%	NEW
96	JPEFJPMorgan Equity Focus - ETF	3,124	$224,333	0.2%	TRIM −8%
97	BACBANK AMERICA CORP	4,425	$215,718	0.2%	HOLD
98	HOLXHOLOGIC INC	2,800	$211,652	0.2%	HOLD
99	ECPGENCORE CAP GROUP INC	3,000	$210,360	0.2%	NEW
100	OKTAOKTA INC	2,617	$205,984	0.2%	HOLD
101	GEGE AEROSPACE	725	$205,733	0.2%	HOLD
102	HYDBISHARES TR	4,395	$204,455	0.2%	TRIM −12%
103	HONHONEYWELL INTL INC	900	$203,427	0.2%	NEW
104	CEGCONSTELLATION ENERGY CORP	724	$202,177	0.2%	ADD 14%
105	PGPROCTER AND GAMBLE CO	1,393	$201,204	0.2%	TRIM −4%
106	NIONIO INC	13,000	$78,390	0.1%	ADD 8%
107	NLSTNETLIST INC COM	11,200	$17,472	0.0%	TRIM −53%

Position trends· top 15 holdings · shares held over 6 quarters

green added · red trimmed

Security

2024-Q4

2025-Q1

2025-Q2

2025-Q3

2025-Q4

2026-Q1

Latest value

JPIEJ P MORGAN EXCHANGE TRADED F

—

416K

407K

$19M

IVVISHARES TR

—

$5M

IXCISHARES TR

—

74K

72K

$4M

XLESELECT SECTOR SPDR TR

—

69K

67K

$4M

XLKSELECT SECTOR SPDR TR

—

30K

$4M

KXIISHARES TR

—

47K

49K

$3M

IXNISHARES TR

—

31K

32K

$3M

XLPSELECT SECTOR SPDR TR

—

34K

36K

$3M

AAPLAPPLE INC

—

13K

11K

$3M

IVWISHARES TR

—

21K

22K

$2M

QUALISHARES TR

—

10K

$2M

DYNFBLACKROCK ETF TRUST

—

30K

32K

$2M

AMZNAMAZON COM INC

—

$2M

IVEISHARES TR

—

$2M

BRK.BBERKSHIRE HATHAWAY INC DEL

—

$1M

Shares reported each quarter by the largest current holdings. Green = added vs the prior filing of that name, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.

☆NORTHLAND SECURITIES, INC.