NORTHLAND SECURITIES, INC. — 13F Holdings & Portfolio
CIK 1006938 · latest 13F-HR filed 2026-08-04
NORTHLAND SECURITIES, INC. manages $171.7M in 13F-reported U.S. long-equity assets across 123 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are QQQ (19.10%), JPIE (10.65%), IDEQ (8.43%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 18 new positions and exited 8; 66 existing positions rose in reported value and 18 fell.
AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.
Loading holdings…
AUM
$171.7M
Long-equity book
Holdings
123
Distinct positions
Period
2026-06-30
Filed 2026-08-04
Q/Q Activity
+18 / −8 / ↑66 / ↓18
vs 2026-03-31
Portfolio charts
Latest quarter's book, what changed, and how the portfolio has evolved across filings.
Portfolio map
Q2 26QQQ19.1% · newJPIE10.7% · -2%IDEQ8.4% · newXLK3.6% · +6%IVV3.5% · -2%IXN2.9% · +8%XLE2.3% · +10%IXC2.2% · +8%KXI2.1% · +11%XLP1.9% · +11%IVW1.9% · +7%AMAT1.8% · 0%AAPL1.8% · -4%SOXX1.5% · -0%DYNF1.4% · +10%BAI1.3% · +14%QUAL1.3% · -2%AMZN1.2% · -4%IVE1.2% · +16%XAR1.0% · +2%BRK.B0.9% · -2%HACK0.9% · +7%NVDA0.8% · +1%IUSB0.8% · +35%AVGO0.7% · 0%IEMG0.7% · +39%ITA0.7% · +3%IYW0.7% · -13%EFV0.7% · +14%EMR0.7% · +5%MSFT0.7% · +84%XLF0.6% · -3%VTV0.6% · -2%COST0.6% · +0%COF0.5% · -1%MPC0.5% · 0%SPY0.5% · 0%EFG0.5% · +5%MTUM0.5% · +26%GLW0.5% · 0%CSCO0.5% · -16%THRO0.5% · +38%UNH0.5% · -15%MDY0.4% · 0%OEF0.4% · -4%VEA0.4% · +2%CRS0.4% · 0%GOOGL0.4% · -6%IHF0.3% · +3%IWM0.3% · +27%TSLA0.3% · +6%ZBH0.3% · -50%DBC0.3% · +6%SPTI0.3% · +1%USB0.3% · -2%MDT0.3% · newHON0.3% · +119%HONA0.3% · newVRT0.3% · 0%APO0.2% · -3%
Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.
Sector mix
% of 13F valueSectors from each company's SIC code; funds and ETFs grouped separately.
Biggest buys and sells
Q1 26 → Q2 26Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.
13F assets and positions
3 quartersTotal reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.
Top positions over time
reported valueThe eight largest current positions, valued at each quarter end.
Concentration
top 10 = 56.7%Cumulative share of the portfolio held in the largest N positions.
Firm Profile & Key People
As of the firm’s regulatory filing dated Sep 22, 2026.
Assets Under Management
$405.5M
Discretionary
$387.3M
Employees
22
Accounts
1,192
Address
150 SOUTH 5TH STREET
SUITE 3300
MINNEAPOLIS, MN 55402
SUITE 3300
MINNEAPOLIS, MN 55402
Phone
(800) 851-2920
This firm reports 7 disclosure items on its registration.
| Name | Title / Status | Ownership | Type |
|---|---|---|---|
| ALDEN, DUSTIN RICHARD Control | CHIEF FINANCIAL OFFICER, FINOP since Aug 2017 | Less than 5% | Individual |
| HENN, TIFFANY DAWN Control | DIRECTOR since May 2023 | Less than 5% | Individual |
| NITZSCHE, RANDY GENE Control | CEO, PRESIDENT since Sep 2002 | Less than 5% | Individual |
| NORTHLAND CAPITAL HOLDINGS, INC. Control | DIRECT OWNER since Jan 2004 | 75% or more | Domestic Entity |
| SPANIER, TRACI LEE Control | CHIEF COMPLIANCE OFFICER since May 2021 | Less than 5% | Individual |
| RUGGIERO, CHRISTOPHER ROBERT | DIRECTOR since Mar 2026 | Less than 5% | Individual |
| FIRST NATIONAL OF NEBRASKA, INC. Control Indirect owner via NORTHLAND CAPITAL HOLDINGS, INC. | DIRECT OWNER since May 2023 | 75% or more | Domestic Entity |
| FIRST NATIONAL BANK OF OMAHA Indirect owner via JOHN R. LAURITZEN IRREVOCABLE TRUST | TRUSTEE since Dec 1972 | General partner, trustee or manager | Domestic Entity |
| JOHN R. LAURITZEN IRREVOCABLE TRUST Indirect owner via LAURITZEN CORPORATION | DIRECT OWNER since Jun 1984 | 25–50% | Domestic Entity |
| LAURITZEN CORPORATION Indirect owner via FIRST NATIONAL OF NEBRASKA, INC. | DIRECT OWNER since Jun 1997 | 25–50% | Domestic Entity |
Ownership & leadership changes · 15 filings with changes since Mar 28, 2012
From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.
Sep 22, 2026 filing
- No longer listedCARRITHERS, SCOTT DAVID · DIRECTOR · Less than 5% · listed since Mar 2026
Jun 26, 2026 filing
- No longer listedTEIGLAND, MANDY MARIE · CO-CHIEF COMPLIANCE OFFICER · Less than 5% · control person · listed since May 2021
- ChangedSPANIER, TRACI LEE · title CO-CHIEF COMPLIANCE OFFICER → CHIEF COMPLIANCE OFFICER
Mar 27, 2026 filing
- No longer listedCOTA, DAVID E · DIRECTOR · Less than 5% · listed since May 2023
- No longer listedWADE, STEPHEN CURTIS · DIRECTOR · Less than 5% · listed since May 2023
- AddedCARRITHERS, SCOTT DAVID · DIRECTOR · Less than 5%
- AddedRUGGIERO, CHRISTOPHER ROBERT · DIRECTOR · Less than 5%
Jul 2, 2025 filing
- ChangedNITZSCHE, RANDY GENE · ownership 5–10% → Less than 5%
Mar 28, 2025 filing
- ChangedFIRST NATIONAL BANK OF OMAHA · indirect via JOHN R. LAURITZEN IRREVOCABLE TRUST: ownership 75% or more → General partner, trustee or manager
- ChangedJOHN R. LAURITZEN IRREVOCABLE TRUST · indirect via LAURITZEN CORPORATION: ownership 75% or more → 25–50%
Jul 14, 2023 filing
- AddedFIRST NATIONAL BANK OF OMAHA · TRUSTEE · 75% or more · indirect via JOHN R. LAURITZEN IRREVOCABLE TRUST
- AddedJOHN R. LAURITZEN IRREVOCABLE TRUST · DIRECT OWNER · 75% or more · indirect via LAURITZEN CORPORATION
- AddedLAURITZEN CORPORATION · DIRECT OWNER · 25–50% · indirect via FIRST NATIONAL OF NEBRASKA, INC.
May 30, 2023 filing
- No longer listedABDO CONSULTING GROUP, INC · OWNER · General partner, trustee or manager · indirect via NORTHLAND CAPITAL HOLDINGS, INC. · listed since Jan 2004
- No longer listedGRONDAHL, MICHAEL JOHN · MANAGING DIRECTOR · Less than 5% · control person · listed since Nov 2017
- No longer listedJOHNSON, ROBERT LOUIS · DIRECTOR · Less than 5% · control person · listed since Dec 2018
- No longer listedKUBIK, JAMES LOWELL · DIRECTOR · Less than 5% · control person · listed since Dec 2019
- No longer listedLARSON, JOHN RANDOLPH · SECRETARY · Less than 5% · listed since Sep 2002
- No longer listedTAYLOR, GLEN ALBERT · OWNER · 25–50% · indirect via NORTHLAND CAPITAL HOLDINGS, INC. · control person · listed since Oct 2004
- AddedCOTA, DAVID E · DIRECTOR · Less than 5%
- AddedFIRST NATIONAL OF NEBRASKA, INC. · DIRECT OWNER · 75% or more · indirect via NORTHLAND CAPITAL HOLDINGS, INC. · control person
- AddedHENN, TIFFANY DAWN · DIRECTOR · Less than 5% · control person
- AddedWADE, STEPHEN CURTIS · DIRECTOR · Less than 5%
May 27, 2021 filing
- No longer listedPEDERSEN, JANIE SUE · CHIEF COMPLIANCE OFFICER · Less than 5% · control person · listed since Jun 2008
- AddedSPANIER, TRACI LEE · CO-CHIEF COMPLIANCE OFFICER · Less than 5% · control person
- AddedTEIGLAND, MANDY MARIE · CO-CHIEF COMPLIANCE OFFICER · Less than 5% · control person
- ChangedALDEN, DUSTIN RICHARD · now a control person
- ChangedNITZSCHE, RANDY GENE · ownership Less than 5% → 5–10%
Mar 30, 2020 filing
- No longer listedSCHUMACHER, JOHN MARK · DIRECTOR · Less than 5% · control person · listed since Mar 2016
- AddedKUBIK, JAMES LOWELL · DIRECTOR · Less than 5% · control person
Mar 8, 2019 filing
- No longer listedBARTZEN, THOMAS JOSEPH · EVP, MUNI PRINCIPAL, & DIRECTOR · Less than 5% · control person · listed since Sep 2002
- AddedJOHNSON, ROBERT LOUIS · DIRECTOR · Less than 5% · control person
- ChangedALDEN, DUSTIN RICHARD · title CONTROLLER, FIN OP → CHIEF FINANCIAL OFFICER, FINOP
Older changes (6 more filings)
Dec 7, 2017 filing
- AddedGRONDAHL, MICHAEL JOHN · MANAGING DIRECTOR · Less than 5% · control person
- ChangedALDEN, DUSTIN RICHARD · no longer a control person
Sep 6, 2017 filing
- No longer listedDUFFY, TIMOTHY SCOTT · CFO, TREASURER, ASSISTANT SECRETARY, FIN-OP · Less than 5% · control person · listed since Apr 2004
- No longer listedLINDRUD, RANDY JON · DIRECTOR · Less than 5% · control person · listed since Mar 2016
- No longer listedREYNOLDS, RICHARD JAMES · EXECUTIVE VICE PRESIDENT · Less than 5% · control person · listed since Oct 2002
- AddedALDEN, DUSTIN RICHARD · CONTROLLER, FIN OP · Less than 5% · control person
Aug 15, 2016 filing
- No longer listedBEESE, MARK LAWRENCE · EVP & DIRECTOR · Less than 5% · control person · listed since Sep 2002
- No longer listedPETERSON, DUANE D. · TRUSTEE · Less than 5% · listed since Dec 2015
- No longer listedSTEVEN J. MATTSON TRUST UAD 2/24/1994 DUANE D. PETERSON TTEE · DIRECT OWNER · 5–10% · listed since Dec 2015
- AddedLINDRUD, RANDY JON · DIRECTOR · Less than 5% · control person
- AddedSCHUMACHER, JOHN MARK · DIRECTOR · Less than 5% · control person
Mar 23, 2016 filing
- No longer listedMATTSON, STEVEN JOHN · EVP & DIRECTOR · 5–10% · control person · listed since Sep 2002
- AddedPETERSON, DUANE D. · TRUSTEE · Less than 5%
- AddedSTEVEN J. MATTSON TRUST UAD 2/24/1994 DUANE D. PETERSON TTEE · DIRECT OWNER · 5–10%
May 15, 2015 filing
- AddedABDO CONSULTING GROUP, INC · OWNER · General partner, trustee or manager · indirect via NORTHLAND CAPITAL HOLDINGS, INC.
- AddedREYNOLDS, RICHARD JAMES · EXECUTIVE VICE PRESIDENT · Less than 5% · control person
Mar 28, 2012 filing (earliest on record)
- ListedBARTZEN, THOMAS JOSEPH · EVP, MUNI PRINCIPAL, & DIRECTOR · Less than 5% · control person
- ListedBEESE, MARK LAWRENCE · EVP & DIRECTOR · Less than 5% · control person
- ListedDUFFY, TIMOTHY SCOTT · CFO, TREASURER, ASSISTANT SECRETARY, FIN-OP · Less than 5% · control person
- ListedLARSON, JOHN RANDOLPH · SECRETARY · Less than 5%
- ListedMATTSON, STEVEN JOHN · EVP & DIRECTOR · 5–10% · control person
- ListedNITZSCHE, RANDY GENE · CEO, PRESIDENT · Less than 5% · control person
- ListedNORTHLAND CAPITAL HOLDINGS, INC. · DIRECT OWNER · 75% or more · control person
- ListedPEDERSEN, JANIE SUE · CHIEF COMPLIANCE OFFICER · Less than 5% · control person
- ListedTAYLOR, GLEN ALBERT · OWNER · 25–50% · indirect via NORTHLAND CAPITAL HOLDINGS, INC. · control person
Quarter-over-quarter changes
Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.
Top Adds (vs prior quarter)
- SELECT SECTOR SPDR TR STATE STREET TECHNOLOGY SELECT SECTOR SPDR ETF$2.1M +51.4%
- ISHARES TR GLOBAL TECH ETF$1.8M +55.6%
- APPLIED MATLS INC COM$1.6M +111.5%
- ISHARES TR SEMICONDUCTOR ETF$1.3M +94.8%
- BLACKROCK ETF TR ISHARES A I INNOVATION & TECH ACTIVE ETF$1.0M +83.1%
Top Trims
- ZIMMER BIOMET HLDGS INC COM-$565.5K -52.3%
- ISHARES TR GLOBAL ENERGY ETF-$316.3K -7.6%
- SELECT SECTOR SPDR TR STATE STREET ENERGY SELECT SECTOR SPDR ETF-$208.9K -5.1%
- ISHARES TR ESG AWARE MSCI USA ETF-$172.7K -42.3%
- NETFLIX INC COM-$99.0K -25.7%
New Positions
- INVESCO QQQ TR UNIT SER 1$32.8M
- LAZARD ACTIVE ETF TR INTL DYNAMIC EQUITY ETF$14.5M
- MEDTRONIC PLC SHS$469.4K
- HONEYWELL INTL INC COM NEW$442.2K
- HONEYWELL AEROSPACE INC COM$436.6K
Exited Positions
- JPMORGAN CHASE & CO COM$324.8K
- GENERAC HLDGS INC COM$273.5K
- HOLOGIC INC$211.7K
- OKTA INC CL A$206.0K
- ISHARES TR HIGH YIELD SYSTEMATIC BD ETF$204.5K
NORTHLAND SECURITIES, INC. Holdings (2026-06-30)
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | INVESCO QQQ TR UNIT SER 1 | QQQ | 46090E103 | $32.8M | 19.10% | 44,538 | SH |
| 2 | J P MORGAN EXCHANGE-TRADED FD TR INCOME ETF | JPIE | 46641Q159 | $18.3M | 10.65% | 397,103 | SH |
| 3 | LAZARD ACTIVE ETF TR INTL DYNAMIC EQUITY ETF | IDEQ | 52110K400 | $14.5M | 8.43% | 412,738 | SH |
| 4 | ISHARES TR CORE S&P 500 ETF | IVV | 464287200 | $6.0M | 3.47% | 7,953 | SH |
| 5 | SELECT SECTOR SPDR TR STATE STREET TECHNOLOGY SELECT SECTOR SPDR ETF | XLK | 81369Y803 | $5.7M | 3.32% | 29,925 | SH |
| 6 | ISHARES TR GLOBAL TECH ETF | IXN | 464287291 | $4.5M | 2.63% | 31,292 | SH |
| 7 | SELECT SECTOR SPDR TR STATE STREET ENERGY SELECT SECTOR SPDR ETF | XLE | 81369Y506 | $3.6M | 2.08% | 67,249 | SH |
| 8 | ISHARES TR GLOBAL ENERGY ETF | IXC | 464287341 | $3.5M | 2.03% | 70,882 | SH |
| 9 | ISHARES TR GLOBAL CONSUMER STAPLES ETF | KXI | 464288737 | $3.3M | 1.93% | 49,141 | SH |
| 10 | ISHARES TR S&P 500 GROWTH ETF | IVW | 464287309 | $3.2M | 1.88% | 23,438 | SH |
| 11 | APPLIED MATLS INC COM | AMAT | 038222105 | $3.1M | 1.79% | 4,250 | SH |
| 12 | APPLE INC COM | AAPL | 037833100 | $3.0M | 1.77% | 10,482 | SH |
| 13 | SELECT SECTOR SPDR TR STATE STREET CONSUMER STAPLES SELECT SECTOR SPDR ETF | XLP | 81369Y308 | $3.0M | 1.75% | 36,210 | SH |
| 14 | ISHARES TR SEMICONDUCTOR ETF | SOXX | 464287523 | $2.7M | 1.55% | 4,145 | SH |
| 15 | BLACKROCK ETF TR ISHARES U S EQUITY FACTOR ROTATION ACTIVE ETF | DYNF | 09290C103 | $2.4M | 1.41% | 35,659 | SH |
| 16 | BLACKROCK ETF TR ISHARES A I INNOVATION & TECH ACTIVE ETF | BAI | 09290C780 | $2.3M | 1.33% | 43,375 | SH |
| 17 | ISHARES TR MSCI USA QUALITY FACTOR ETF | QUAL | 46432F339 | $2.2M | 1.28% | 10,001 | SH |
| 18 | AMAZON COM INC COM | AMZN | 023135106 | $2.0M | 1.19% | 8,585 | SH |
| 19 | ISHARES TR S&P 500 VALUE ETF | IVE | 464287408 | $2.0M | 1.16% | 8,736 | SH |
| 20 | SPDR SER TR STATE STREET SPDR S&P AEROSPACE & DEFENSE ETF | XAR | 78464A631 | $1.6M | 0.95% | 5,755 | SH |
| 21 | BERKSHIRE HATHAWAY INC DEL CL B NEW | BRK.B | 084670702 | $1.5M | 0.88% | 3,006 | SH |
| 22 | AMPLIFY ETF TR AMPLIFY CYBERSECURITY ETF | HACK | 032108664 | $1.5M | 0.87% | 14,301 | SH |
| 23 | NVIDIA CORP COM | NVDA | 67066G104 | $1.4M | 0.79% | 6,776 | SH |
| 24 | ISHARES TR CORE UNIVERSAL USD BD ETF | IUSB | 46434V613 | $1.3M | 0.76% | 28,385 | SH |
| 25 | BROADCOM INC COM | AVGO | 11135F101 | $1.2M | 0.70% | 3,200 | SH |
| 26 | ISHARES INC CORE MSCI EMERGING MKTS ETF | IEMG | 46434G103 | $1.2M | 0.69% | 14,199 | SH |
| 27 | ISHARES TR US AEROSPACE & DEFENSE ETF | ITA | 464288760 | $1.2M | 0.68% | 4,850 | SH |
| 28 | ISHARES TR U S TECHNOLOGY ETF | IYW | 464287721 | $1.2M | 0.68% | 4,658 | SH |
| 29 | ISHARES TR MSCI EAFE VALUE ETF | EFV | 464288877 | $1.2M | 0.68% | 15,211 | SH |
| 30 | EMERSON ELEC CO COM | EMR | 291011104 | $1.1M | 0.66% | 7,900 | SH |
| 31 | MICROSOFT CORP COM | MSFT | 594918104 | $1.1M | 0.65% | 2,995 | SH |
| 32 | SELECT SECTOR SPDR TR STATE STREET FINL SELECT SECTOR SPDR ETF | XLF | 81369Y605 | $1.0M | 0.59% | 19,004 | SH |
| 33 | VANGUARD INDEX FDS MORNINGSTAR VANGUARD VALUE ETF | VTV | 922908744 | $1.0M | 0.59% | 4,641 | SH |
| 34 | COSTCO WHSL CORP NEW COM | COST | 22160K105 | $993.8K | 0.58% | 1,062 | SH |
| 35 | CAPITAL ONE FINL CORP COM | COF | 14040H105 | $942.9K | 0.55% | 4,700 | SH |
| 36 | MARATHON PETE CORP COM | MPC | 56585A102 | $895.1K | 0.52% | 3,501 | SH |
| 37 | STATE STR SPDR S&P 500 ETF TR TR UNIT | SPY | 78462F103 | $893.9K | 0.52% | 1,197 | SH |
| 38 | ISHARES TR MSCI EAFE GROWTH ETF | EFG | 464288885 | $884.6K | 0.52% | 7,110 | SH |
| 39 | ISHARES TR MSCI USA MOMENTUM FACTOR ETF | MTUM | 46432F396 | $855.7K | 0.50% | 2,496 | SH |
| 40 | CORNING INC COM | GLW | 219350105 | $840.1K | 0.49% | 3,289 | SH |
| 41 | CISCO SYS INC COM | CSCO | 17275R102 | $831.3K | 0.48% | 7,077 | SH |
| 42 | BLACKROCK ETF TR ISHARES U S THEMATIC ROTATION ACTIVE ETF | THRO | 09290C806 | $803.4K | 0.47% | 18,635 | SH |
| 43 | UNITEDHEALTH GROUP INC COM | UNH | 91324P102 | $793.9K | 0.46% | 1,910 | SH |
| 44 | SPDR S&P MIDCAP 400 ETF TR UNIT SER 1 STANDARD & POORS DEP RCPT | MDY | 78467Y107 | $652.7K | 0.38% | 928 | SH |
| 45 | ISHARES TR S&P 100 ETF | OEF | 464287101 | $644.3K | 0.38% | 1,761 | SH |
| 46 | VANGUARD INTL FD FTSE DEVELOPED MKTS ETF | VEA | 921943858 | $638.8K | 0.37% | 8,966 | SH |
| 47 | CARPENTER TECHNOLOGY CORP COM | CRS | 144285103 | $616.8K | 0.36% | 1,000 | SH |
| 48 | ALPHABET INC CL A | GOOGL | 02079K305 | $607.5K | 0.35% | 1,700 | SH |
| 49 | ISHARES TR US HEALTH CARE PROVIDERS ETF | IHF | 464288828 | $597.7K | 0.35% | 10,802 | SH |
| 50 | ISHARES TR RUSSELL 2000 ETF | IWM | 464287655 | $527.9K | 0.31% | 1,757 | SH |
Filing History
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-06-30 | 2026-08-04 | $171.7M | 123 | 0001006938-26-000019 |
| 2026-03-31 | 2026-05-04 | $105.0M | 108 | 0001006938-26-000013 |
| 2025-12-31 | 2026-01-23 | $104.3M | 111 | 0001006938-26-000004 |
Filer Information
Address
150 SOUTH FIFTH STREETSUITE 3300
MINNEAPOLIS, MN 55402
Phone
(612) 851-5946
Filing Manager
NORTHLAND SECURITIES, INC.
MINNEAPOLIS, MN
Signatory
Traci Spanier
Chief Compliance Officer