Winter & Associates, Inc.

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CIK 2109063

13F portfolio (2026-Q1)

$114M

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 →

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

Top 5

29.5%

Top 10

47.5%

Effective N

30.5

HHI

0.033

This quarter

5 new · 0 exit →

By sector

Unclassified81.4%

Information Technology9.1%

Consumer Discretionary3.0%

Industrials1.8%

Financials1.5%

Communication Services1.4%

Health Care1.0%

Energy0.4%

Other0.5%

By market cap

Unknown81.7%

Mega (>$200B)15.0%

Large ($10–200B)3.2%

Micro (<$300M)0.0%

By region

Other81.4%

North America18.3%

Asia-Pacific0.3%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	81.87%	54
Technology Hardware & Equipment	4.82%	2
Semiconductors & Semiconductor Equipment	3.23%	2
Health Care Equipment & Supplies	1.54%	2
Specialty Retail	1.46%	3
Software & IT Services	1.38%	3
Automobiles & Components	1.31%	1
Software	1.07%	3
Insurance	0.44%	2
Oil, Gas & Consumable Fuels	0.36%	1
Banks	0.32%	1
Machinery	0.30%	1
Pharmaceuticals & Biotechnology	0.29%	1
Aerospace & Defense	0.29%	1
Beverages	0.24%	1
Commercial Services & Supplies	0.23%	1
Metals & Mining	0.23%	2
Distributors	0.21%	1
Construction & Engineering	0.20%	1
Health Care Providers & Services	0.20%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	USTB	VICTORY PORTFOLIOS II	Unclassified	8.79%
2	COWZ	PACER FDS TR	Unclassified	5.70%
3	VXUS	VANGUARD STAR FDS	Unclassified	5.44%
4	MDY	SPDR S&P MIDCAP 400 ETF TR	Unclassified	4.95%
5	FNDA	SCHWAB STRATEGIC TR	Unclassified	4.66%
6	AAPL	Apple Inc.	Information Technology	4.34%
7	DFIV	DIMENSIONAL ETF TRUST	Unclassified	4.08%
8	DGRW	WISDOMTREE TR	Unclassified	3.53%
9	QQQ	INVESCO QQQ TR	Unclassified	3.06%
10	SPHB	INVESCO EXCH TRADED FD TR II	Unclassified	2.97%

31/84 names classified · sector 18.6% of weight · industry 18.1% · mkt cap 18.3%; unclassified names shown, never dropped.

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

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

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

Consumer DiscretionaryTSLA, AMZN, WMT, MCK, HD

IndustrialsMMM, LRCX, HON, STRL

FinancialsBRK.B, JPM, UNH, V, PGR · other

Communication ServicesGOOGL, GOOG, META

Health CareISRG, LLY, HCA

Energy

Consumer Staples

MaterialsGLW, NMG

UnclassifiedUSTB, VXUS, MDY, COWZ, FNDA · 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: 18.6% 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 18% of book weight classified — the grid is NOT representative of the whole book.

holdings, colored by sector (27 classified)Winter & Associates, Inc. centroid (Large Growth)

Information TechnologyConsumer DiscretionaryIndustrialsCommunication ServicesHealth CareFinancialsEnergyMaterials

Style box summary for Winter & Associates, Inc.: centroid Large Growth. Heaviest cells: Large Growth 12.6%, Large Core 4.0%, Large Value 0.8%.

Classified: 17.5% of book weight (27/84 names) · unclassified 82.5%: USTB, COWZ, VXUS, MDY, FNDA, DFIV, DGRW, QQQ, SPHB, JPIB +47 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· 84 positions (2026-Q1) · largest first · Δ vs 2025-Q4

#	Security	Shares	Value	Weight	Δ QoQ
1	USTBVICTORY PORTFOLIOS II	198,454	$10M	8.8%	ADD 50%
2	COWZPACER FDS TR	104,075	$7M	5.7%	ADD 11%
3	VXUSVANGUARD STAR FDS	79,666	$6M	5.4%	TRIM −8%
4	MDYSPDR S&P MIDCAP 400 ETF TR	9,050	$6M	5.0%	TRIM −15%
5	FNDASCHWAB STRATEGIC TR	161,515	$5M	4.7%	TRIM −16%
6	AAPLAPPLE INC	19,137	$5M	4.3%	ADD 7%
7	DFIVDIMENSIONAL ETF TRUST	87,099	$5M	4.1%	ADD 34%
8	DGRWWISDOMTREE TR	45,541	$4M	3.5%	TRIM −16%
9	QQQINVESCO QQQ TR	5,941	$3M	3.1%	HOLD
10	SPHBINVESCO EXCH TRADED FD TR II	28,852	$3M	3.0%	ADD 39%
11	JPIBJ P MORGAN EXCHANGE TRADED F	70,368	$3M	2.9%	ADD 57%
12	VBVANGUARD INDEX FDS	12,630	$3M	2.9%	ADD 40%
13	NVDANVIDIA CORPORATION	18,661	$3M	2.9%	HOLD
14	IWLIShares - Russell 200 Index ETF	20,075	$3M	2.9%	ADD 50%
15	BNDVANGUARD BD INDEX FDS	39,525	$3M	2.5%	TRIM −29%
16	VCSHVANGUARD SCOTTSDALE FDS	27,472	$2M	1.9%	TRIM −7%
17	VWOVANGUARD INTL EQUITY INDEX F	36,235	$2M	1.7%	ADD 47%
18	VTIVANGUARD INDEX FDS	5,888	$2M	1.7%	ADD 15%
19	REZIShares Residential Real Estate Capped ETF	22,032	$2M	1.6%	ADD 45%
20	STIPISHARES TR	17,284	$2M	1.6%	ADD 58%
21	BNDXVANGUARD CHARLOTTE FDS	34,914	$2M	1.5%	TRIM −21%
22	EEMISHARES TR	27,912	$2M	1.4%	TRIM −11%
23	SPHDINVESCO EXCH TRADED FD TR II	31,630	$2M	1.4%	TRIM −11%
24	IGIBISHARES TR	28,552	$2M	1.3%	ADD 39%
25	TSLATESLA INC	4,225	$1M	1.3%	ADD 2%
26	USCIUNITED STS COMMODITY INDEX F	12,545	$1M	1.1%	ADD 52%
27	MMM3M CO	7,952	$1M	1.0%	HOLD
28	ITOTISHARES TR	7,759	$1M	1.0%	TRIM −4%
29	AMZNAMAZON COM INC	4,577	$973,939	0.9%	HOLD
30	VGSHVANGUARD SHORT-TERM TREASURY ETF	14,773	$861,562	0.8%	ADD 5%
31	XLRESELECT SECTOR SPDR TR	20,404	$852,071	0.7%	TRIM −13%
32	VNQVANGUARD INDEX FDS	8,755	$791,114	0.7%	TRIM −17%
33	AGGISHARES TR	7,637	$756,446	0.7%	TRIM −13%
34	IEMGISHARES INC	9,737	$682,970	0.6%	TRIM −4%
35	MSFTMICROSOFT CORP	1,694	$631,776	0.6%	TRIM −2%
36	GOOGLALPHABET INC	2,069	$620,573	0.5%	HOLD
37	ISRGINTUITIVE SURGICAL INC	1,354	$612,793	0.5%	HOLD
38	PSCCINVESCO EXCH TRADED FD TR II	19,225	$608,220	0.5%	ADD 9%
39	LTPZPIMCO ETF TR	10,878	$561,522	0.5%	TRIM −6%
40	IBMINTERNATIONAL BUSINESS MACHS	2,255	$556,433	0.5%	ADD 3%
41	BRK.BBERKSHIRE HATHAWAY INC DEL	1,154	$549,742	0.5%	ADD 48%
42	VOOVANGUARD INDEX FDS	872	$528,143	0.5%	HOLD
43	GOOGALPHABET INC	1,749	$520,576	0.5%	ADD 6%
44	IDEVISHARES TR	6,067	$514,723	0.5%	TRIM −5%
45	IGLBISHARES TR	10,189	$506,305	0.4%	TRIM −16%
46	TIPISHARES TR	4,359	$482,802	0.4%	TRIM −25%
47	WMTWALMART INC	3,717	$471,256	0.4%	HOLD
48	METAMETA PLATFORMS INC	769	$440,652	0.4%	HOLD
49	BSVVANGUARD BD INDEX FDS	5,444	$425,281	0.4%	TRIM −11%
50	VGITVANGUARD SCOTTSDALE FDS	7,053	$418,102	0.4%	TRIM −6%
51	CVXCHEVRON CORP NEW	2,095	$416,586	0.4%	HOLD
52	SHESPDR SERIES TRUST	3,165	$411,510	0.4%	HOLD
53	SCHDSCHWAB STRATEGIC TR	13,320	$408,124	0.4%	TRIM −2%
54	PLTRPALANTIR TECHNOLOGIES INC	2,588	$382,844	0.3%	HOLD
55	TSMTAIWAN SEMICONDUCTOR MFG LTD	1,102	$376,618	0.3%	ADD 12%
56	JPMJPMORGAN CHASE & CO	1,245	$367,834	0.3%	TRIM −3%
57	MOATVANECK ETF TRUST	3,746	$363,249	0.3%	TRIM −4%
58	LRCXLAM RESEARCH CORP	1,566	$345,538	0.3%	TRIM −7%
59	LLYELI LILLY & CO	362	$335,967	0.3%	ADD 4%
60	HONHONEYWELL INTL INC	1,461	$333,415	0.3%	HOLD
61	SABASABA CAPITAL INCOME & OPPORT	39,673	$333,254	0.3%	TRIM −36%
62	MINNTRUST FOR PROFESSIONAL MANAG	14,971	$332,956	0.3%	TRIM −14%
63	ESMLISHARES TR	6,317	$302,015	0.3%	HOLD
64	SPYSTATE STR SPDR S&P 500 ETF T	454	$299,154	0.3%	TRIM −3%
65	UNHUNITEDHEALTH GROUP INC	1,036	$291,451	0.3%	HOLD
66	ESGVVanguard ESG US Stock - ETF	2,403	$273,917	0.2%	ADD 39%
67	MNSTMONSTER BEVERAGE CORP NEW	3,670	$272,165	0.2%	ADD 9%
68	VVISA INC	870	$263,750	0.2%	HOLD
69	IUSBISHARES TR	5,590	$257,755	0.2%	TRIM −4%
70	DFATDIMENSIONAL ETF TRUST	3,974	$250,959	0.2%	TRIM −17%
71	MCKMCKESSON CORP	276	$236,469	0.2%	HOLD
72	ILTBISHARES TR	4,819	$236,280	0.2%	HOLD
73	DONWISDOMTREE TR	4,347	$230,566	0.2%	HOLD
74	GLWCORNING INC	1,557	$228,102	0.2%	NEW
75	STRLSTERLING INFRASTRUCTURE INC	575	$226,383	0.2%	NEW
76	VBRVANGUARD INDEX FDS	1,030	$225,981	0.2%	HOLD
77	HCAHCA HEALTHCARE INC	465	$225,022	0.2%	HOLD
78	HDHOME DEPOT INC	674	$220,175	0.2%	HOLD
79	XLISELECT SECTOR SPDR TR	1,337	$220,086	0.2%	NEW
80	PGRPROGRESSIVE CORP	1,077	$211,434	0.2%	ADD 3%
81	CRMSALESFORCE INC	1,115	$206,308	0.2%	HOLD
82	IWMISHARES TR	812	$204,917	0.2%	NEW
83	DHYCREDIT SUISSE HIGH YIELD CRE	26,258	$49,628	0.0%	HOLD
84	NMGNOUVEAU MONDE GRAPHITE INC	12,791	$28,907	0.0%	NEW

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

USTBVICTORY PORTFOLIOS II

—

132K

198K

$10M

COWZPACER FDS TR

—

93K

104K

$7M

VXUSVANGUARD STAR FDS

—

87K

80K

$6M

MDYSPDR S&P MIDCAP 400 ETF TR

—

11K

$6M

FNDASCHWAB STRATEGIC TR

—

192K

162K

$5M

AAPLAPPLE INC

—

18K

19K

$5M

DFIVDIMENSIONAL ETF TRUST

—

65K

87K

$5M

DGRWWISDOMTREE TR

—

54K

46K

$4M

QQQINVESCO QQQ TR

—

$3M

SPHBINVESCO EXCH TRADED FD TR II

—

21K

29K

$3M

JPIBJ P MORGAN EXCHANGE TRADED F

—

45K

70K

$3M

VBVANGUARD INDEX FDS

—

13K

$3M

NVDANVIDIA CORPORATION

—

19K

$3M

IWLIShares - Russell 200 Index ETF

—

13K

20K

$3M

BNDVANGUARD BD INDEX FDS

—

56K

40K

$3M

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.

☆Winter & Associates, Inc.