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Accredited Investors Inc. — 13F Holdings & Portfolio

CIK 1518364 · latest 13F-HR filed 2026-07-21

Backtest portfolio

Accredited Investors Inc. manages $2.31B in 13F-reported U.S. long-equity assets across 299 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are AVDV (11.96%), SEZL (5.99%), VEU (5.96%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 31 new positions and exited 13; 165 existing positions rose in reported value and 50 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.

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AUM
$2.31B

Long-equity book

Holdings
299

Distinct positions

Period
2026-06-30

Filed 2026-07-21

Q/Q Activity
+31 / −13 / ↑165 / ↓50

vs 2026-03-31

Portfolio charts

Latest quarter's book, what changed, and how the portfolio has evolved across filings.

Portfolio map

Q2 26
AVDV12.0% · +2%SEZL6.0% · -9%VEU6.0% · +934%SCHB5.6% · -4%VTV5.5% · +7%IWM4.7% · +3%IJH4.6% · -1%IVV4.5% · +3%IJR4.3% · +2%UPS3.6% · 0%BRK.A3.0% · 0%AAPL2.5% · -6%EFA2.5% · -4%AMZN2.4% · +6%VTIP2.2% · newIWF2.0% · +294%SPYV1.8% · -3%VT1.5% · -0%BRK.B1.1% · -11%CHRW1.1% · +0%IWP1.1% · -3%VEA1.0% · -3%RBLX0.9% · 0%EFV0.8% · -1%SPY0.8% · -1%ESML0.7% · +1%MSFT0.7% · -0%EAGG0.6% · -0%NVDA0.6% · -7%GOOG0.6% · -2%ADP0.5% · 0%FNDA0.4% · -6%ONB0.4% · 0%PRFZ0.4% · -4%MGK0.4% · +411%VO0.4% · +268%DMXF0.4% · +20%SUSA0.3% · -1%VTI0.3% · +3%VB0.3% · -5%IWS0.3% · -8%ESGD0.3% · -0%GOOGL0.3% · -6%VGK0.3% · -57%JPM0.2% · -15%VOO0.2% · +8%USXF0.2% · +1%UNH0.2% · +22%MMM0.2% · +7%QQQ0.2% · +20%SUSB0.2% · +4%GIS0.2% · -0%LLY0.2% · -26%VXUS0.2% · -3%IWD0.2% · -4%META0.2% · -9%USB0.1% · -2%DSI0.1% · -5%AGG0.1% · -6%LH0.1% · 0%

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 value

Sectors from each company's SIC code; funds and ETFs grouped separately.

Biggest buys and sells

Q1 26 → Q2 26

Estimated 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 quarters

Total reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.

Top positions over time

reported value

The eight largest current positions, valued at each quarter end.

Concentration

top 10 = 56.8%

Cumulative share of the portfolio held in the largest N positions.

Firm Profile & Key People
Assets Under Management
$4.41B
Discretionary
$4.03B
Employees
53
Accounts
5,077
Address
5200 WEST 73RD STREET
EDINA, MN 55439-2204
Phone
(952) 841-2222
Website
Name Title / Status Ownership Type
HEUPEL, WILLIS, THEO ControlCHIEF FINANCIAL OFFICER/SHAREHOLDER/DIRECTOR5–10%Individual
HEUPEL, WILLIS, THEO ControlTRUSTEEGeneral partnerIndividual
Holm, Jenna, Marie ControlCHIEF COMPLIANCE OFFICER/SHAREHOLDER/DIRECTORLess than 5%Individual
Krieger, Rebecca, Mary ControlMANAGING PARTNER AND OFFICER/SHAREHOLDER/DIRECTOR10–25%Individual
LEVIN, ROSS ControlOFFICER/SHAREHOLDER/DIRECTOR5–10%Individual
LEVIN, ROSS ControlTRUSTEEGeneral partnerIndividual
Martin, Brian, Gregory ControlMANAGING PARTNER AND OFFICER/SHAREHOLDER/DIRECTOR10–25%Individual
WOLKOWITZ, JACOB ControlCHIEF INVESTMENT OFFICER/SHAREHOLDER5–10%Individual
GILBERTSON, STEVEN, SCOTTSHAREHOLDER5–10%Individual
JONES, BRANDON, RICHARDSHAREHOLDER5–10%Individual
ROSS LEVIN 2025 GRANTOR RETAINED ANNUITY TRUST U/A/D 2/18/2025SHAREHOLDER5–10%Domestic Entity
SMITH, SEAN, PATRICKSHAREHOLDER5–10%Individual
WIL HEUPEL 2024 GRANTOR RETAINED ANNUITY TRUST U/A/D 4/08/2024SHAREHOLDER5–10%Domestic Entity

Quarter-over-quarter changes

Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.

Accredited Investors 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 AMERICAN CENTY ETF TR AVDV 025072802 $276.7M 11.96% 2,685,375 SH
2 SEZZLE INC SEZL 78435P105 $138.6M 5.99% 807,442 SH
3 VANGUARD INTL EQUITY INDEX F VEU 922042775 $138.0M 5.96% 1,648,027 SH
4 SCHWAB STRATEGIC TR SCHB 808524102 $128.7M 5.56% 4,443,846 SH
5 VANGUARD INDEX FDS VTV 922908744 $127.3M 5.50% 583,998 SH
6 ISHARES TR IWM 464287655 $109.9M 4.75% 365,770 SH
7 ISHARES TR IJH 464287507 $107.6M 4.65% 1,394,914 SH
8 ISHARES TR IVV 464287200 $103.5M 4.47% 138,176 SH
9 ISHARES TR IJR 464287804 $100.1M 4.32% 674,815 SH
10 UNITED PARCEL SVCS INC UPS 911312106 $84.3M 3.64% 783,975 SH
11 BERKSHIRE HATHAWAY INC DEL BRK.A 084670108 $69.6M 3.01% 93 SH
12 APPLE INC AAPL 037833100 $58.3M 2.52% 201,547 SH
13 ISHARES TR EFA 464287465 $56.8M 2.45% 546,667 SH
14 AMAZON COM INC AMZN 023135106 $56.1M 2.43% 235,475 SH
15 VANGUARD MALVERN FDS VTIP 922020805 $51.0M 2.20% 1,014,386 SH
16 ISHARES TR IWF 464287614 $45.2M 1.95% 363,802 SH
17 SPDR SERIES TRUST SPYV 78464A508 $42.7M 1.84% 701,724 SH
18 VANGUARD INTL EQUITY INDEX F VT 922042742 $35.3M 1.53% 225,134 SH
19 BERKSHIRE HATHAWAY INC DEL BRK.B 084670702 $25.7M 1.11% 51,302 SH
20 C H ROBINSON WORLDWIDE IN CHRW 12541W209 $25.1M 1.08% 133,220 SH
21 ISHARES TR IWP 464287481 $24.9M 1.08% 170,300 SH
22 VANGUARD TAX-MANAGED FDS VEA 921943858 $23.4M 1.01% 328,571 SH
23 ROBLOX CORP RBLX 771049103 $20.5M 0.88% 376,574 SH
24 ISHARES TR EFV 464288877 $17.7M 0.77% 231,526 SH
25 STATE STR SPDR S&P 500 ETF T SPY 78462F103 $17.4M 0.75% 23,357 SH
26 ISHARES TR ESML 46435U663 $16.9M 0.73% 302,150 SH
27 MICROSOFT CORP MSFT 594918104 $15.4M 0.66% 41,190 SH
28 ISHARES TR EAGG 46435U549 $13.6M 0.59% 286,286 SH
29 NVIDIA CORPORATION NVDA 67066G104 $12.9M 0.56% 64,436 SH
30 ALPHABET INC GOOG 02079K107 $12.8M 0.55% 36,281 SH
31 AUTOMATIC DATA PROCESSING IN ADP 053015103 $11.6M 0.50% 51,844 SH
32 SCHWAB STRATEGIC TR FNDA 808524763 $10.1M 0.44% 266,452 SH
33 OLD NATL BANCORP IND ONB 680033107 $9.5M 0.41% 366,545 SH
34 INVESCO EXCHANGE TRADED FD T PRFZ 46137V597 $9.0M 0.39% 161,715 SH
35 VANGUARD WORLD FD MGK 921910816 $8.8M 0.38% 99,742 SH
36 VANGUARD INDEX FDS VO 922908629 $8.7M 0.38% 107,802 SH
37 ISHARES TR DMXF 46436E759 $8.6M 0.37% 101,689 SH
38 ISHARES TR SUSA 464288802 $8.1M 0.35% 52,268 SH
39 VANGUARD INDEX FDS VTI 922908769 $7.5M 0.33% 20,393 SH
40 VANGUARD INDEX FDS VB 922908751 $7.5M 0.32% 24,724 SH
41 ISHARES TR IWS 464287473 $7.1M 0.31% 42,995 SH
42 ISHARES TR ESGD 46435G516 $6.5M 0.28% 63,199 SH
43 ALPHABET INC GOOGL 02079K305 $6.1M 0.26% 17,147 SH
44 VANGUARD INTL EQUITY INDEX F VGK 922042874 $5.9M 0.25% 66,268 SH
45 JPMORGAN CHASE & CO JPM 46625H100 $5.7M 0.25% 17,511 SH
46 VANGUARD INDEX FDS VOO 922908363 $5.4M 0.23% 7,914 SH
47 ISHARES TR USXF 46436E767 $4.9M 0.21% 71,097 SH
48 UNITEDHEALTH GROUP INC UNH 91324P102 $4.9M 0.21% 11,819 SH
49 3M CO MMM 88579Y101 $4.8M 0.21% 29,686 SH
50 INVESCO QQQ TR QQQ 46090E103 $4.6M 0.20% 6,213 SH
Filing History
Period Filed AUM Holdings Accession
2026-06-30 2026-07-21 $2.31B 299 0001518364-26-000004
2026-03-31 2026-04-30 $1.86B 281 0001518364-26-000003
2025-12-31 2026-02-05 $1.88B 284 0001518364-26-000002
Filer Information
Address
5200 WEST 73RD STREET
EDINA, MN 55439
Phone
(952) 841-2222
Filing Manager
Accredited Investors Inc.
EDINA, MN
Signatory
Jenna Holm
Chief Risk and Compliance Officer