Winter & Associates, Inc. — 13F Holdings & Portfolio
CIK 2109063 · latest 13F-HR filed 2026-07-09
Winter & Associates, Inc. manages $133.1M in 13F-reported U.S. long-equity assets across 85 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are USTB (13.53%), COWZ (6.11%), DFIV (5.82%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 15 new positions and exited 14; 38 existing positions rose in reported value and 29 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.
Long-equity book
Distinct positions
Filed 2026-07-09
vs 2026-03-31
Portfolio charts
Latest quarter's book, what changed, and how the portfolio has evolved across filings.
Portfolio map
Q2 26Box 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 = 56.3%Cumulative share of the portfolio held in the largest N positions.
As of the firm’s regulatory filing dated Aug 18, 2026.
ST. PAUL, MN 55105
| Name | Title / Status | Ownership | Type |
|---|---|---|---|
| TIETEL, NICOLE, WINTER Control | PRESIDENT, CHIEF COMPLIANCE OFFICER AND INTEGRATIVE WEALTH ADVISOR since Jan 2021 | 75% or more | Individual |
| BIRKELAND, SHELBY, ANN | WEALTH ADVISOR since Jul 2026 | 10–25% | Individual |
Ownership & leadership changes · 2 filings with changes since Jan 3, 2022
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.
- AddedBIRKELAND, SHELBY, ANN · WEALTH ADVISOR · 10–25%
- ChangedTIETEL, NICOLE, WINTER · title PRESIDENT, CHIEF COMPLIANCE OFFICER AND INVESTMENT ADVISOR → PRESIDENT, CHIEF COMPLIANCE OFFICER AND INTEGRATIVE WEALTH ADVISOR
- ListedTIETEL, NICOLE, WINTER · PRESIDENT, CHIEF COMPLIANCE OFFICER AND INVESTMENT ADVISOR · 75% or more · 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)
- VICTORY PORTFOLIOS II$8.0M +79.2%
- INVESCO EXCH TRADED FD TR II$4.3M +126.1%
- VANGUARD INDEX FDS$3.2M +94.7%
- ISHARES TR$3.1M +95.4%
- DIMENSIONAL ETF TRUST$3.1M +66.3%
Top Trims
- VANGUARD BD INDEX FDS-$2.6M -88.6%
- SCHWAB STRATEGIC TR-$2.2M -41.6%
- VANGUARD STAR FDS-$2.1M -33.1%
- STATE STR SPDR S&P MIDCAP 40-$2.0M -35.0%
- WISDOMTREE TR-$1.8M -43.9%
New Positions
- MICRON TECHNOLOGY INC$462.9K
- ASTERA LABS INC$386.4K
- ISHARES INC$356.8K
- ADVANCED MICRO DEVICES INC$356.1K
- DIMENSIONAL ETF TRUST$354.5K
Exited Positions
- VANGUARD CHARLOTTE FDS$1.7M
- ISHARES TR$756.4K
- PIMCO ETF TR$561.5K
- ISHARES TR$506.3K
- ISHARES TR$482.8K
Winter & Associates, 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 | VICTORY PORTFOLIOS II | USTB | 92647N535 | $18.0M | 13.53% | 355,616 | SH |
| 2 | PACER FDS TR | COWZ | 69374H881 | $8.1M | 6.11% | 130,809 | SH |
| 3 | DIMENSIONAL ETF TRUST | DFIV | 25434V807 | $7.7M | 5.82% | 143,360 | SH |
| 4 | INVESCO EXCH TRADED FD TR II | SPHB | 46138E370 | $7.7M | 5.76% | 49,302 | SH |
| 5 | VANGUARD INDEX FDS | VB | 922908751 | $6.5M | 4.90% | 21,535 | SH |
| 6 | ISHARES TR | IWL | 464289446 | $6.4M | 4.80% | 34,510 | SH |
| 7 | J P MORGAN EXCHANGE TRADED F | JPIB | 46641Q852 | $6.0M | 4.54% | 125,022 | SH |
| 8 | APPLE INC | AAPL | 037833100 | $5.5M | 4.13% | 18,980 | SH |
| 9 | INVESCO QQQ TR | QQQ | 46090E103 | $4.8M | 3.59% | 6,496 | SH |
| 10 | VANGUARD STAR FDS | VXUS | 921909768 | $4.2M | 3.12% | 48,610 | SH |
| 11 | ISHARES TR | REZ | 464288562 | $3.8M | 2.83% | 39,799 | SH |
| 12 | STATE STR SPDR S&P MIDCAP 40 | MDY | 78467Y107 | $3.7M | 2.76% | 5,228 | SH |
| 13 | NVIDIA CORPORATION | NVDA | 67066G104 | $3.5M | 2.65% | 17,603 | SH |
| 14 | VANGUARD INTL EQUITY INDEX F | VWO | 922042858 | $3.5M | 2.60% | 57,882 | SH |
| 15 | ISHARES TR | STIP | 46429B747 | $3.2M | 2.37% | 30,902 | SH |
| 16 | SCHWAB STRATEGIC TR | FNDA | 808524763 | $3.1M | 2.34% | 81,709 | SH |
| 17 | WISDOMTREE TR | DGRW | 97717X669 | $2.3M | 1.70% | 23,648 | SH |
| 18 | ISHARES TR | IGIB | 464288638 | $2.3M | 1.69% | 42,325 | SH |
| 19 | VANGUARD INDEX FDS | VTI | 922908769 | $2.1M | 1.59% | 5,723 | SH |
| 20 | UNITED STS COMMODITY INDEX F | USCI | 911717106 | $1.9M | 1.42% | 20,377 | SH |
| 21 | TESLA INC | TSLA | 88160R101 | $1.8M | 1.34% | 4,225 | SH |
| 22 | 3M CO | MMM | 88579Y101 | $1.3M | 0.97% | 7,952 | SH |
| 23 | AMAZON COM INC | AMZN | 023135106 | $1.1M | 0.82% | 4,603 | SH |
| 24 | ISHARES TR | ITOT | 464287150 | $1.0M | 0.78% | 6,311 | SH |
| 25 | VANGUARD WORLD FD | ESGV | 921910733 | $996.0K | 0.75% | 7,532 | SH |
| 26 | ISHARES TR | EEM | 464287234 | $943.2K | 0.71% | 13,788 | SH |
| 27 | ALPHABET INC | GOOGL | 02079K305 | $739.3K | 0.56% | 2,069 | SH |
| 28 | VANGUARD SCOTTSDALE FDS | VCSH | 92206C409 | $727.8K | 0.55% | 9,209 | SH |
| 29 | LAM RESEARCH CORP | LRCX | 512807306 | $656.9K | 0.49% | 1,516 | SH |
| 30 | VANGUARD SCOTTSDALE FDS | VGSH | 92206C102 | $647.8K | 0.49% | 11,131 | SH |
| 31 | MICROSOFT CORP | MSFT | 594918104 | $646.7K | 0.49% | 1,734 | SH |
| 32 | INTERNATIONAL BUSINESS MACHS | IBM | 459200101 | $634.8K | 0.48% | 2,257 | SH |
| 33 | ALPHABET INC | GOOG | 02079K107 | $622.3K | 0.47% | 1,761 | SH |
| 34 | BERKSHIRE HATHAWAY INC DEL | BRK.B | 084670702 | $599.5K | 0.45% | 1,198 | SH |
| 35 | INVESCO EXCH TRADED FD TR II | SPHD | 46138E362 | $561.4K | 0.42% | 11,042 | SH |
| 36 | INTUITIVE SURGICAL INC | ISRG | 46120E602 | $538.5K | 0.40% | 1,354 | SH |
| 37 | TAIWAN SEMICONDUCTOR MANUFAC | TSM | 874039100 | $531.5K | 0.40% | 1,113 | SH |
| 38 | INVESCO EXCH TRADED FD TR II | PSCC | 46138E172 | $485.9K | 0.37% | 13,779 | SH |
| 39 | STERLING INFRASTRUCTURE INC | STRL | 859241101 | $482.6K | 0.36% | 575 | SH |
| 40 | MICRON TECHNOLOGY INC | MU | 595112103 | $462.9K | 0.35% | 401 | SH |
| 41 | ISHARES TR | ESML | 46435U663 | $444.1K | 0.33% | 7,940 | SH |
| 42 | META PLATFORMS INC | META | 30303M102 | $433.2K | 0.33% | 769 | SH |
| 43 | ELI LILLY & CO | LLY | 532457108 | $431.2K | 0.32% | 360 | SH |
| 44 | UNITEDHEALTH GROUP INC | UNH | 91324P102 | $430.8K | 0.32% | 1,037 | SH |
| 45 | WALMART INC | WMT | 931142103 | $421.2K | 0.32% | 3,718 | SH |
| 46 | CORNING INC | GLW | 219350105 | $413.5K | 0.31% | 1,619 | SH |
| 47 | JPMORGAN CHASE & CO | JPM | 46625H100 | $407.5K | 0.31% | 1,245 | SH |
| 48 | ISHARES INC | IEMG | 46434G103 | $406.0K | 0.31% | 4,901 | SH |
| 49 | SCHWAB STRATEGIC TR | SCHD | 808524797 | $401.1K | 0.30% | 12,648 | SH |
| 50 | VANGUARD INDEX FDS | VOO | 922908363 | $391.5K | 0.29% | 570 | SH |
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-06-30 | 2026-07-09 | $133.1M | 85 | 0002109063-26-000003 |
| 2026-03-31 | 2026-04-08 | $114.2M | 84 | 0002109063-26-000002 |
| 2025-12-31 | 2026-02-13 | $108.2M | 82 | 0002109063-26-000001 |
ST. PAUL, MN 55105