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Portfolio (Quarterly) Guide ↗

NORTHLAND SECURITIES, INC.

· CIK 0001006938
13F Portfolio $105M AUM 108 positions Filed May 4, 2026 EDGAR ↗ ← All Funds
Q1 2026 Q4 2025 · All 7 New 31 Added 37 Reduced 11 Exited
Page 2 of 2  ·  31 positions
# Ticker Company Sector Shares Value ↓ % Port Chg Shares Chg % Period Price ① Since Period ①
21 DBC INVESCO DB COMMODITY INDEX TRACKING FD UNIT Financial Services 17,096.0 $495K 0.47% +5K +42.1% $28.95 +6.0%
22 THRO BLACKROCK ETF TR ISHARES U S THEMATIC ROTATION ACTIVE ETF 13,510.0 $489K 0.47% +2K +19.6% $36.22 +17.5%
23 SPTI SPDR SER TR STATE STR SPDR PORT INTER TERM TREAS ETF 16,566.0 $475K 0.45% +7K +74.1% $28.66 -1.4%
24 MTUM ISHARES TR MSCI USA MOMENTUM FACTOR ETF 1,974.0 $474K 0.45% +370.0 +23.1% $239.99 +25.9%
25 SGOL ABERDEEN STD GOLD ETF TR PHYSICAL SWISS GOLD SHS ETF Financial Services 9,753.0 $435K 0.41% +2K +26.7% $44.62 -3.1%
26 TSLA TESLA INC COM Consumer Cyclical 1,165.0 $433K 0.41% +15.0 +1.3% $371.75 +12.4%
27 IWM ISHARES TR RUSSELL 2000 ETF 1,386.0 $344K 0.33% +372.0 +36.7% $248.00 +13.9%
28 MBB ISHARES TR MBS ETF 3,055.0 $290K 0.28% +632.0 +26.1% $94.95 -1.1%
29 BIL SPDR SER TR STATE STREET SPDR BLOOMBERG 1-3 MNTH T BILL ETF NEW 2,623.0 $240K 0.23% +302.0 +13.0% $91.64 -0.1%
30 CEG CONSTELLATION ENERGY CORP COM Utilities 724.0 $202K 0.19% +90.0 +14.2% $279.25 +2.4%
31 NIO NIO INC SHS A SPONSORED AMERICAN DEP SHS REPR 1 SH A ORD SH ISIN#US62914V1061 Consumer Cyclical 13,000.0 $78K 0.07% +1K +8.3% $6.03 -7.5%
Page 2 of 2  ·  31 positions

Period Price is the implied market price on the last day of the reporting period, calculated as reported value ÷ shares held. It is not the fund's purchase price or cost basis — the fund may have initiated or added to the position at any point during the quarter at a different price. Since Period shows the price change from that quarter-end snapshot to today's last price — it reflects stock movement after the report date, not the fund's actual return.

Sector Allocation
Technology 30.0%
Financial Services 21.9%
Industrials 10.7%
Consumer Cyclical 9.4%
Consumer Defensive 6.6%
Communication Services 6.3%
Healthcare 5.9%
Energy 4.1%
Utilities 2.7%
Basic Materials 2.3%