Northland Capital Management LLC — 13F Holdings & Portfolio
CIK 1693032 · latest 13F-HR filed 2026-10-15
Northland Capital Management LLC manages $217.9M in 13F-reported U.S. long-equity assets across 33 reported positions as of its 2026-09-30 13F-HR filing. Its largest disclosed positions are GOVT (17.39%), XSVN (16.77%), FNDX (9.00%). Quarter over quarter (versus its 2026-06-30 filing) the fund opened 5 new positions and exited 2; 5 existing positions rose in reported value and 8 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
$217.9M
Long-equity book
Holdings
33
Distinct positions
Period
2026-09-30
Filed 2026-10-15
Q/Q Activity
+5 / −2 / ↑5 / ↓8
vs 2026-06-30
Portfolio charts
Latest quarter's book, what changed, and how the portfolio has evolved across filings.
Portfolio map
Q3 26GOVT17.4% · newXSVN16.8% · newFNDX9.0% · +2%AVLV7.2% · +2%FAAA5.6% · +1%VTI5.5% · +2%GNMA4.7% · -1%AVIV4.7% · +2%FNDF4.6% · +2%AVUV3.2% · +2%VEA2.8% · +3%FNDA2.4% · +2%DFSU1.9% · -4%AVES1.8% · +3%FNDE1.8% · +2%AVSU1.7% · -4%SUSB1.3% · -6%DFSI1.0% · -4%AVSD0.9% · -4%VWO0.9% · +2%AVDV0.9% · +3%FNDC0.8% · +3%ESGV0.8% · -4%VSGX0.6% · -4%ESML0.4% · -4%AVSE0.3% · -4%DFSE0.3% · -4%MUB0.2% · 0%VTEB0.2% · -0%CLF0.1% · 0%SGOV0.1% · newSCHR0.1% · newSCHP0.1% · new
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
Q2 26 → Q3 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
4 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 = 78.6%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)
- AMERICAN CENTY ETF TR$494.0K +5.1%
- SCHWAB STRATEGIC TR$289.8K +7.9%
- AMERICAN CENTY ETF TR$169.7K +9.6%
- SCHWAB STRATEGIC TR$90.6K +5.3%
- CLEVELAND-CLIFFS INC NEW$39.8K +17.3%
Top Trims
- ISHARES TR-$651.0K -6.0%
- SCHWAB STRATEGIC TR-$321.9K -5.9%
- ISHARES TR-$239.2K -8.0%
- ISHARES TR-$97.7K -10.7%
- VANGUARD WORLD FD-$75.2K -5.2%
New Positions
- ISHARES TR$37.9M
- BONDBLOXX ETF TRUST$36.5M
- ISHARES TR$240.6K
- SCHWAB STRATEGIC TR$219.2K
- SCHWAB STRATEGIC TR$209.0K
Northland Capital Management LLC Holdings (2026-09-30)
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 | ISHARES TR | GOVT | 46429B267 | $37.9M | 17.39% | 1,732,833 | SH |
| 2 | BONDBLOXX ETF TRUST | XSVN | 09789C820 | $36.5M | 16.77% | 818,532 | SH |
| 3 | SCHWAB STRATEGIC TR | FNDX | 808524771 | $19.6M | 9.00% | 623,120 | SH |
| 4 | AMERICAN CENTY ETF TR | AVLV | 025072349 | $15.7M | 7.20% | 173,519 | SH |
| 5 | FIDELITY MERRIMACK STR TR | FAAA | 316188838 | $12.2M | 5.61% | 243,205 | SH |
| 6 | VANGUARD INDEX FDS | VTI | 922908769 | $11.9M | 5.45% | 31,742 | SH |
| 7 | ISHARES TR | GNMA | 46429B333 | $10.3M | 4.72% | 245,640 | SH |
| 8 | AMERICAN CENTY ETF TR | AVIV | 025072364 | $10.2M | 4.70% | 128,687 | SH |
| 9 | SCHWAB STRATEGIC TR | FNDF | 808524755 | $10.0M | 4.60% | 186,394 | SH |
| 10 | AMERICAN CENTY ETF TR | AVUV | 025072877 | $6.9M | 3.17% | 58,638 | SH |
| 11 | VANGUARD TAX-MANAGED FDS | VEA | 921943858 | $6.0M | 2.76% | 85,133 | SH |
| 12 | SCHWAB STRATEGIC TR | FNDA | 808524763 | $5.2M | 2.38% | 147,898 | SH |
| 13 | DIMENSIONAL ETF TRUST | DFSU | 25434V716 | $4.2M | 1.94% | 89,644 | SH |
| 14 | AMERICAN CENTY ETF TR | AVES | 025072372 | $4.0M | 1.82% | 60,781 | SH |
| 15 | SCHWAB STRATEGIC TR | FNDE | 808524730 | $3.9M | 1.81% | 94,234 | SH |
| 16 | AMERICAN CENTY ETF TR | AVSU | 025072281 | $3.7M | 1.72% | 42,577 | SH |
| 17 | ISHARES TR | SUSB | 46435G243 | $2.8M | 1.27% | 113,177 | SH |
| 18 | DIMENSIONAL ETF TRUST | DFSI | 25434V690 | $2.1M | 0.96% | 46,240 | SH |
| 19 | AMERICAN CENTY ETF TR | AVSD | 025072299 | $2.1M | 0.94% | 25,786 | SH |
| 20 | VANGUARD INTL EQUITY INDEX F | VWO | 922042858 | $2.0M | 0.91% | 33,411 | SH |
| 21 | AMERICAN CENTY ETF TR | AVDV | 025072802 | $1.9M | 0.89% | 17,674 | SH |
| 22 | SCHWAB STRATEGIC TR | FNDC | 808524748 | $1.8M | 0.82% | 36,002 | SH |
| 23 | VANGUARD WORLD FD | ESGV | 921910733 | $1.7M | 0.76% | 12,287 | SH |
| 24 | VANGUARD WORLD FD | VSGX | 921910725 | $1.4M | 0.62% | 16,783 | SH |
| 25 | ISHARES TR | ESML | 46435U663 | $817.9K | 0.38% | 15,728 | SH |
| 26 | AMERICAN CENTY ETF TR | AVSE | 025072315 | $675.9K | 0.31% | 8,543 | SH |
| 27 | DIMENSIONAL ETF TRUST | DFSE | 25434V682 | $672.5K | 0.31% | 13,908 | SH |
| 28 | ISHARES TR | MUB | 464288414 | $410.0K | 0.19% | 4,055 | SH |
| 29 | VANGUARD MUN BD FDS | VTEB | 922907746 | $356.0K | 0.16% | 7,517 | SH |
| 30 | CLEVELAND-CLIFFS INC NEW | CLF | 185899101 | $270.6K | 0.12% | 24,576 | SH |
| 31 | ISHARES TR | SGOV | 46436E718 | $240.6K | 0.11% | 2,390 | SH |
| 32 | SCHWAB STRATEGIC TR | SCHR | 808524854 | $219.2K | 0.10% | 9,250 | SH |
| 33 | SCHWAB STRATEGIC TR | SCHP | 808524870 | $209.0K | 0.10% | 8,315 | SH |
Filing History
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-09-30 | 2026-10-15 | $217.9M | 33 | 0001693032-26-000006 |
| 2026-06-30 | 2026-07-21 | $185.5M | 30 | 0001693032-26-000004 |
| 2026-03-31 | 2026-04-21 | $182.9M | 31 | 0001693032-26-000003 |
| 2025-12-31 | 2026-01-20 | $178.5M | 30 | 0001693032-26-000002 |
Filer Information
Address
401 N. 6TH AVE.SUITE 220
VIRGINIA, MN 55792
Phone
(218) 741-5390
Filing Manager
Northland Capital Management LLC
VIRGINIA, MN
Signatory
Chris A. Erickson
President