Northern Capital Management, Inc.

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CIK 1581794

13F portfolio (2026-Q1)

$199M

Positions

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 →

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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

Top 5

80.6%

Top 10

89.0%

Effective N

6.5

HHI

0.154

This quarter

2 new · 0 exit →

By sector

Unclassified84.6%

Information Technology4.3%

Financials4.1%

Health Care2.7%

Consumer Discretionary1.7%

Communication Services1.0%

Energy0.9%

Industrials0.6%

Utilities0.1%

By market cap

Unknown84.7%

Mega (>$200B)11.4%

Mid ($2–10B)2.8%

Large ($10–200B)1.1%

By region

Other84.6%

North America15.3%

Europe0.1%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	84.99%	21
Banks	3.14%	4
Pharmaceuticals & Biotechnology	2.74%	3
Technology Hardware & Equipment	1.89%	2
Specialty Retail	1.45%	2
Software	1.45%	1
Software & IT Services	1.02%	3
Semiconductors & Semiconductor Equipment	0.92%	3
Oil, Gas & Consumable Fuels	0.88%	3
Machinery	0.44%	3
Insurance	0.39%	2
Hotels, Restaurants & Leisure	0.20%	1
Aerospace & Defense	0.20%	1
Commercial Services & Supplies	0.15%	1
Utilities	0.14%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	SCHG	SCHWAB U.S. LARGE-CAP GROWTH ETF	Unclassified	25.72%
2	SCHV	SCHWAB STRATEGIC TR	Unclassified	20.91%
3	QQQ	INVESCO QQQ TR	Unclassified	16.57%
4	SPYV	SPDR SERIES TRUST	Unclassified	8.82%
5	VV	VANGUARD INDEX FDS	Unclassified	8.54%
6	JNJ	JOHNSON & JOHNSON	Health Care	2.45%
7	GBCI	GLACIER BANCORP, INC.	Financials	1.95%
8	AAPL	Apple Inc.	Information Technology	1.75%
9	MSFT	MICROSOFT CORP	Information Technology	1.45%
10	FIBK	FIRST INTERSTATE BANCSYSTEM INC	Financials	0.86%

31/51 names classified · sector 15.4% of weight · industry 15.0% · mkt cap 15.3%; unclassified names shown, never dropped.

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

top 5/sector, rest → “Other” · 22 quarters

Information TechnologyAAPL, MSFT, NVDA, IBM, AVGO · other

Health CareJNJ, ABBV, BIIB, ABT, LLY · other

FinancialsFIBK, AON, GBCI, JPM, BRK.B · other

Consumer DiscretionaryAMZN, COST, SBUX, MCD, HD

EnergyCVX, XOM, COP

UtilitiesNEE, EPD, DUK

Communication ServicesGOOG, META, GOOGL

IndustrialsBA, MMM, CMI, CAT, ASML

UnclassifiedSCHG, SCHV, QQQ, IJR, RSP · 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: 15.4% 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 15% of book weight classified — the grid is NOT representative of the whole book.

holdings, colored by sector (28 classified)Northern Capital Management, Inc. centroid (Large Core)

Information TechnologyFinancialsHealth CareConsumer DiscretionaryCommunication ServicesEnergyIndustrials

Style box summary for Northern Capital Management, Inc.: centroid Large Core. Heaviest cells: Large Core 5.4%, Large Growth 5.3%, Small Core 2.8%.

Classified: 14.7% of book weight (28/51 names) · unclassified 85.3%: SCHG, SCHV, QQQ, SPYV, VV, DIA, VOO, BRK.B, SCHM, VTI +13 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· 51 positions (2026-Q1) · largest first · Δ vs 2025-Q4

#	Security	Shares	Value	Weight	Δ QoQ
1	SCHGSCHWAB U.S. LARGE-CAP GROWTH ETF	1,761,124	$51M	25.7%	HOLD
2	SCHVSCHWAB STRATEGIC TR	1,367,247	$42M	20.9%	ADD 23%
3	QQQINVESCO QQQ TR	57,252	$33M	16.6%	HOLD
4	SPYVSPDR SERIES TRUST	310,886	$18M	8.8%	ADD 270%
5	VVVANGUARD INDEX FDS	57,001	$17M	8.5%	HOLD
6	JNJJOHNSON & JOHNSON	19,992	$5M	2.5%	HOLD
7	GBCIGLACIER BANCORP INC NEW	87,162	$4M	2.0%	TRIM −29%
8	AAPLAPPLE INC	13,770	$3M	1.8%	HOLD
9	MSFTMICROSOFT CORP	7,820	$3M	1.5%	HOLD
10	FIBKFIRST INTST BANCSYSTEM INC	51,337	$2M	0.9%	HOLD
11	AMZNAMAZON COM INC	8,088	$2M	0.8%	ADD 7%
12	DIASPDR DOW JONES INDL AVERAGE	3,234	$1M	0.8%	ADD 7%
13	NVDANVIDIA CORPORATION	7,253	$1M	0.6%	ADD 3%
14	COSTCOSTCO WHSL CORP NEW	1,216	$1M	0.6%	ADD 3%
15	GOOGALPHABET INC	4,017	$1M	0.6%	HOLD
16	VOOVANGUARD INDEX FDS	1,627	$972,005	0.5%	TRIM −4%
17	CVXCHEVRON CORP NEW	3,822	$790,780	0.4%	HOLD
18	BRK.BBERKSHIRE HATHAWAY INC DEL	1,638	$784,930	0.4%	TRIM −2%
19	SCHMSCHWAB STRATEGIC TR	25,007	$774,229	0.4%	TRIM −12%
20	VTIVANGUARD INDEX FDS	2,309	$740,677	0.4%	TRIM −20%
21	SCHBSCHWAB STRATEGIC TR	29,119	$730,898	0.4%	TRIM −28%
22	XOMEXXON MOBIL CORP	4,132	$701,029	0.4%	HOLD
23	AONAON PLC	1,688	$544,853	0.3%	HOLD
24	VEUVANGUARD INTL EQUITY INDEX F	7,148	$536,815	0.3%	HOLD
25	GOOGLALPHABET INC	1,715	$493,262	0.2%	HOLD
26	VNQVANGUARD INDEX FDS	4,788	$424,696	0.2%	HOLD
27	JPMJPMORGAN CHASE & CO	1,404	$413,103	0.2%	HOLD
28	CEFSPROTT ASSET MANAGEMENT LP	8,380	$399,894	0.2%	HOLD
29	SBUXSTARBUCKS CORP	4,447	$398,407	0.2%	HOLD
30	BABOEING CO	1,992	$396,468	0.2%	ADD 13%
31	SMHVANECK ETF TRUST	1,010	$387,359	0.2%	ADD 48%
32	METAMETA PLATFORMS INC	671	$383,689	0.2%	HOLD
33	ABBVABBVIE INC	1,673	$363,824	0.2%	HOLD
34	CMICUMMINS INC	612	$329,292	0.2%	HOLD
35	AVGOBROADCOM INC	1,056	$326,958	0.2%	HOLD
36	IMCGISHARES TR	3,880	$305,628	0.2%	HOLD
37	VVISA INC	1,003	$303,295	0.2%	HOLD
38	VXUSVANGUARD STAR FDS	3,744	$288,700	0.1%	NEW
39	CATCATERPILLAR INC	406	$287,795	0.1%	HOLD
40	EPDENTERPRISE PRODS PARTNERS L	7,488	$283,355	0.1%	HOLD
41	IBMINTERNATIONAL BUSINESS MACHS	1,162	$281,662	0.1%	HOLD
42	GLDSPDR GOLD TR	612	$263,337	0.1%	TRIM −12%
43	COPCONOCOPHILLIPS	1,978	$261,054	0.1%	NEW
44	ASMLASML HOLDING N V	192	$253,599	0.1%	HOLD
45	USXFISHARES TR	4,455	$245,916	0.1%	HOLD
46	WFCWELLS FARGO CO NEW	3,084	$245,517	0.1%	HOLD
47	DLNWISDOMTREE TR	2,714	$242,442	0.1%	HOLD
48	ITOTISHARES TR	1,696	$241,561	0.1%	HOLD
49	MUMICRON TECHNOLOGY INC	702	$237,249	0.1%	HOLD
50	UNHUNITEDHEALTH GROUP INC	850	$229,896	0.1%	ADD 38%
51	LLYELI LILLY & CO	238	$219,116	0.1%	HOLD

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

SCHGSCHWAB U.S. LARGE-CAP GROWTH ETF

1.9M

1.8M

1.7M

1.8M

$51M

SCHVSCHWAB STRATEGIC TR

1.2M

1.1M

1.4M

$42M

QQQINVESCO QQQ TR

59K

58K

57K

$33M

SPYVSPDR SERIES TRUST

—

11K

25K

65K

84K

311K

$18M

VVVANGUARD INDEX FDS

52K

53K

55K

58K

57K

$17M

JNJJOHNSON & JOHNSON

20K

$5M

GBCIGLACIER BANCORP INC NEW

—

123K

87K

$4M

AAPLAPPLE INC

13K

14K

$3M

MSFTMICROSOFT CORP

$3M

FIBKFIRST INTST BANCSYSTEM INC

51K

52K

51K

$2M

AMZNAMAZON COM INC

$2M

DIASPDR DOW JONES INDL AVERAGE

$1M

NVDANVIDIA CORPORATION

$1M

COSTCOSTCO WHSL CORP NEW

$1M

GOOGALPHABET INC

$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.

☆Northern Capital Management, Inc.