Norden Group LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 7, 2025), Norden Group LLC reported 531 stock positions worth $868.9 million. Its top holding was Pgim Aaa Clo ETF (PAAA) at 9.8% of the portfolio, followed by SS SPDR S&P 500 ETF Trust-US (SPY, 3.5%) and JPMorgan Ultra-Short Income (JPST, 2.9%). Compared with Q4 2024, it opened 50 new positions, sold out of 45, added to 201 and reduced 257. The biggest buy was Pgim Aaa Clo ETF (PAAA, shares +124%) and the biggest sale Janus Henderson Aaa Clo ETF (JAAA, shares −78%).
- Most Recent 13F
- Q2 2026
- Location
- PROVO, UT
- CIK
- 0001990699
- Portfolio Value
- $868.9M (Q1 2025)
- SEC Filing
- 0001990699-25-000002 ↗ filed May 7, 2025
Holdings Value
Holdings 531 stocks · $868.9M
| PAAA Pgim Aaa Clo ETF | 9.78% | 1,655,771 | $85.0M | Add +123.7% |
| SPY SS SPDR S&P 500 ETF Trust-US | 3.49% | 54,218 | $30.3M | Add +105.4% |
| JPST JPMorgan Ultra-Short Income | 2.95% | 506,086 | $25.6M | Add +0.5% |
| AAPL Apple Inc. | 2.86% | 112,056 | $24.9M | Reduce -11.7% |
| MSFT Microsoft Corp. | 2.59% | 59,932 | $22.5M | Reduce -8.7% |
| IVW iShares S&P 500 Growth ETF | 2.57% | 240,817 | $22.4M | Add +214.2% |
| AMZN Amazon.com Inc. | 2.06% | 94,295 | $17.9M | Reduce -3.3% |
| NVDA Nvidia Corp. | 1.79% | 143,122 | $15.5M | Add +1.4% |
| CGSD Cap Group Short Duration | 1.76% | 591,127 | $15.3M | New |
| V Visa Inc. Class A | 1.05% | 25,938 | $9.1M | Reduce -2.7% |
| JNK SS SPDR BB High Yield Bond | 0.99% | 90,160 | $8.6M | Reduce -7.9% |
| PM Philip Morris International | 0.94% | 51,234 | $8.1M | Add +22.7% |
| GOOGL Alphabet Inc. Class A | 0.93% | 52,430 | $8.1M | Reduce -5.3% |
| MA Mastercard Inc. Class A | 0.89% | 14,093 | $7.7M | Add +1.5% |
| LLY Eli Lilly & Co. | 0.83% | 8,710 | $7.2M | Add +24.6% |
| IVV iShares Core S&P 500 ETF | 0.80% | 12,312 | $6.9M | Add +2.3% |
| JAAA Janus Henderson Aaa Clo ETF | 0.79% | 134,598 | $6.8M | Reduce -77.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.78% | 12,716 | $6.8M | Add +0.1% |
| GOOG Alphabet Inc. Class C | 0.78% | 43,347 | $6.8M | Reduce -17.0% |
| NFLX Netflix Inc. | 0.75% | 7,028 | $6.6M | Reduce -24.6% |
| BABA Alibaba Group Holding-SP ADR | 0.71% | 46,688 | $6.2M | Reduce -3.7% |
| META Meta Platforms Inc. Class A | 0.71% | 11,168 | $6.2M | Reduce -2.2% |
| JNJ Johnson & Johnson | 0.68% | 35,786 | $5.9M | Add +37.9% |
| PULS Pgim Ultra Short Bond ETF | 0.68% | 119,217 | $5.9M | Reduce -12.8% |
| ORCL Oracle Corp. | 0.68% | 42,060 | $5.9M | Add +4.9% |
| TXN Texas Instruments Inc. | 0.67% | 32,519 | $5.8M | Add +8.1% |
| BMY Bristol-Myers Squibb Co. | 0.65% | 92,820 | $5.7M | Add +0.8% |
| ADBE Adobe Inc. | 0.65% | 14,682 | $5.6M | Add +8.2% |
| CSCO Cisco Systems Inc. | 0.64% | 90,595 | $5.6M | Add +3.8% |
| AVGO Broadcom Inc. | 0.61% | 31,698 | $5.3M | Reduce -6.8% |
| JPM JPMorgan Chase & Co. | 0.60% | 21,167 | $5.2M | Reduce -0.8% |
| ABT Abbott Laboratories | 0.58% | 38,074 | $5.1M | Reduce -5.1% |
| TSLA Tesla Inc. | 0.57% | 19,181 | $5.0M | Add +25.2% |
| VZ Verizon Communications Inc. | 0.57% | 108,855 | $4.9M | Add +6.0% |
| MPWR Monolithic Power Systems Inc. | 0.55% | 8,249 | $4.8M | Reduce -1.8% |
| ACI Albertsons Cos Inc. Class A | 0.55% | 216,424 | $4.8M | Add +0.7% |
| NVS Novartis AG-Sponsored ADR | 0.54% | 42,199 | $4.7M | Add +0.3% |
| ABBV Abbvie Inc. | 0.53% | 22,041 | $4.6M | Add +24.7% |
| XOM Exxon Mobil Corp. | 0.53% | 38,632 | $4.6M | Reduce -3.3% |
| LRCX Lam Research Corp. | 0.52% | 62,149 | $4.5M | Add +4.5% |
| FTNT Fortinet Inc. | 0.50% | 45,188 | $4.3M | Add +1.3% |
| ACN Accenture PLC Class A | 0.50% | 13,873 | $4.3M | Reduce -2.2% |
| TDG Transdigm Group Inc. | 0.48% | 3,026 | $4.2M | Add +2.4% |
| CVX Chevron Corp. | 0.48% | 24,978 | $4.2M | Add +32.7% |
| RTX RTX Corp. | 0.45% | 29,694 | $3.9M | Reduce -21.9% |
| ZTS Zoetis Inc. | 0.44% | 23,334 | $3.8M | Reduce -0.1% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.43% | 89,035 | $3.7M | Add +3.6% |
| QCOM Qualcomm Inc. | 0.43% | 24,130 | $3.7M | Add +10.8% |
| WFC Wells Fargo & Co. | 0.42% | 51,397 | $3.7M | Reduce -5.8% |
| SHOP Shopify Inc. Class A | 0.42% | 38,622 | $3.7M | Reduce -4.5% |
| PG The Procter & Gamble Co. | 0.42% | 21,495 | $3.7M | Add +5.8% |
| T AT&T Inc. | 0.41% | 126,991 | $3.6M | Add +11.8% |
| KO The Coca-Cola Co. | 0.40% | 48,999 | $3.5M | Reduce -7.8% |
| HD Home Depot Inc. | 0.40% | 9,464 | $3.5M | Add +3.1% |
| NOW ServiceNow Inc. | 0.39% | 4,304 | $3.4M | Reduce -29.6% |
| PEP Pepsico Inc. | 0.39% | 22,496 | $3.4M | Add +8.3% |
| TMO Thermo Fisher Scientific Inc. | 0.36% | 6,346 | $3.2M | Reduce -8.6% |
| UNH Unitedhealth Group Inc. | 0.36% | 6,024 | $3.2M | Reduce -14.0% |
| GILD Gilead Sciences Inc. | 0.35% | 27,046 | $3.0M | Add +3.6% |
| MDT Medtronic PLC | 0.35% | 33,569 | $3.0M | Reduce -14.8% |
| SPYG SS SPDR P S&P 500 Growth ETF | 0.34% | 37,149 | $3.0M | Add +4.5% |
| SBUX Starbucks Corp. | 0.34% | 30,219 | $3.0M | Add +66.1% |
| COST Costco Wholesale Corp. | 0.34% | 3,111 | $2.9M | Reduce -1.6% |
| MRK Merck & Co. Inc. | 0.33% | 32,238 | $2.9M | Add +9.3% |
| UL Unilever PLC | 0.33% | 48,457 | $2.9M | Reduce -2.0% |
| ABNB Airbnb Inc. Class A | 0.31% | 22,589 | $2.7M | Reduce -4.0% |
| AON Aon PLC Class A | 0.30% | 6,474 | $2.6M | Add +886.9% |
| NET Cloudflare Inc. Class A | 0.29% | 22,717 | $2.6M | Reduce -34.0% |
| MSCI MSCI Inc. | 0.29% | 4,489 | $2.5M | Reduce -2.8% |
| HYD Vaneck High Yield Muni ETF | 0.29% | 48,868 | $2.5M | Reduce -0.2% |
| HDV iShares Core High Dividend E | 0.28% | 20,254 | $2.5M | Add +1.9% |
| OLLI Ollie's Bargain Outlet Holdi | 0.28% | 20,698 | $2.4M | Reduce -16.8% |
| CYBR Cyberark Software Ltd./Israel | 0.28% | 7,086 | $2.4M | Add +56.4% |
| CVS CVS Health Corp. | 0.27% | 34,104 | $2.3M | Add +3.0% |
| DUK Duke Energy Corp. | 0.26% | 18,822 | $2.3M | Add +1.4% |
| BDX Becton Dickinson and Co. | 0.26% | 9,809 | $2.2M | Reduce -11.5% |
| WDAY Workday Inc. Class A | 0.26% | 9,563 | $2.2M | Reduce -1.9% |
| COP Conocophillips | 0.25% | 20,927 | $2.2M | Reduce -5.3% |
| LOW Lowe's Cos Inc. | 0.25% | 9,406 | $2.2M | Reduce -2.0% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.25% | 22,182 | $2.2M | Reduce -0.3% |
| CMCSA Comcast Corp. Class A | 0.25% | 58,658 | $2.2M | Reduce -0.9% |
| AEM Agnico Eagle Mines Ltd. | 0.24% | 19,548 | $2.1M | Reduce -14.7% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.24% | 30,455 | $2.1M | Reduce -24.5% |
| MORN Morningstar Inc. | 0.24% | 6,837 | $2.1M | Reduce -20.0% |
| WM Waste Management Inc. | 0.23% | 8,665 | $2.0M | Add +3.8% |
| GD General Dynamics Corp. | 0.23% | 7,296 | $2.0M | Reduce -5.0% |
| AMGN Amgen Inc. | 0.23% | 6,324 | $2.0M | Add +14.0% |
| SPDW Ste STR SPDR PT DW Eu ETF | 0.23% | 54,111 | $2.0M | Reduce -1.1% |
| MCD McDonald's Corp. | 0.23% | 6,295 | $2.0M | Reduce -4.9% |
| RYAN Ryan Specialty Holdings Inc. | 0.23% | 26,604 | $2.0M | Reduce -4.9% |
| AEP American Electric Power | 0.22% | 17,401 | $1.9M | Add +10.8% |
| SCHW Schwab (charles) Corp. | 0.22% | 24,183 | $1.9M | Add +148.0% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.22% | 7,569 | $1.9M | Reduce -22.1% |
| SPYV SS SPDR P S&P 500 Value ETF | 0.21% | 35,286 | $1.8M | Add +2.5% |
| CGUS Cap Group Core Equity filed as CAPITAL GROUP CORE EQUITY ET | 0.20% | 53,330 | $1.8M | Add +7.3% |
| TIP iShares Tips Bond ETF | 0.20% | 15,756 | $1.8M | Add +31.2% |
| SPG Simon Property Group Inc. | 0.20% | 10,533 | $1.7M | Add +17.0% |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | 0.20% | 6,946 | $1.7M | Add +113.7% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.19% | 9,750 | $1.7M | Add +28.2% |
| WMT Walmart Inc. | 0.19% | 19,169 | $1.7M | Reduce -41.2% |
Portfolio Sells Q4 2024 → Q1 2025
| JAAA Janus Henderson Aaa Clo ETF | Reduce -77.7% | 0.79% | −2.68 |
| IYZ iShares US Telecommunication | Sold out | 0.00% | −1.08 |
| IYC iShares US Consumer Discreti | Sold out | 0.00% | −1.08 |
| IYF iShares US Financials ETF | Sold out | 0.00% | −1.05 |
| IDU iShares US Utilities ETF | Sold out | 0.00% | −1.01 |
| IVE iShares S&P 500 Value ETF | Reduce -91.0% | 0.08% | −0.76 |
| IYR iShares US Real Estate ETF | Sold out | 0.00% | −0.74 |
| AAPL Apple Inc. | Reduce -11.7% | 2.86% | −0.73 |
| MSFT Microsoft Corp. | Reduce -8.7% | 2.59% | −0.54 |
| AMZN Amazon.com Inc. | Reduce -3.3% | 2.06% | −0.35 |
| GOOG Alphabet Inc. Class C | Reduce -17.0% | 0.78% | −0.35 |
| NOW ServiceNow Inc. | Reduce -29.6% | 0.39% | −0.34 |
| AVGO Broadcom Inc. | Reduce -6.8% | 0.61% | −0.28 |
| GOOGL Alphabet Inc. Class A | Reduce -5.3% | 0.93% | −0.25 |
| NFLX Netflix Inc. | Reduce -24.6% | 0.75% | −0.18 |
| PTC PTC Inc. | Reduce -71.1% | 0.05% | −0.15 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -24.5% | 0.24% | −0.15 |
| SPSC SPS Commerce Inc. | Reduce -27.1% | 0.17% | −0.14 |
| ETR Entergy Corp. | Reduce -78.0% | 0.05% | −0.14 |
| WMT Walmart Inc. | Reduce -41.2% | 0.19% | −0.14 |
| NET Cloudflare Inc. Class A | Reduce -34.0% | 0.29% | −0.12 |
| CRM Salesforce Inc. | Reduce -25.9% | 0.19% | −0.12 |
| AAON Aaon Inc. | Reduce -30.3% | 0.11% | −0.12 |
| SUM Summit Materials Inc. Class A | Sold out | 0.00% | −0.12 |
| FDS Factset Research Systems Inc. | Reduce -61.3% | 0.07% | −0.11 |
| FIX Comfort Systems USA Inc. | Reduce -39.0% | 0.09% | −0.10 |
| WSM Williams-Sonoma Inc. | Reduce -51.9% | 0.06% | −0.09 |
| MORN Morningstar Inc. | Reduce -20.0% | 0.24% | −0.09 |
| CHD Church & Dwight Co. Inc. | Reduce -53.1% | 0.09% | −0.09 |
| STRL Sterling Infrastructure Inc. | Reduce -49.7% | 0.05% | −0.09 |
| PULS Pgim Ultra Short Bond ETF | Reduce -12.8% | 0.68% | −0.08 |
| KBR KBR Inc. | Sold out | 0.00% | −0.08 |
| NVT Nvent Electric PLC | Reduce -35.7% | 0.08% | −0.08 |
| VIG Vanguard Dividend Apprec ETF | Sold out | 0.00% | −0.08 |
| WHD Cactus Inc. Class A | Reduce -60.6% | 0.04% | −0.08 |
| VVV Valvoline Inc. | Sold out | 0.00% | −0.08 |
| CW Curtiss-Wright Corp. | Reduce -23.6% | 0.17% | −0.08 |
| CWB SS SPDR BB Conv Sec ETF | Sold out | 0.00% | −0.07 |
| AZPN Aspen Technology Inc. | Sold out | 0.00% | −0.07 |
| WST West Pharmaceutical Services | Reduce -5.1% | 0.14% | −0.07 |
| QLYS Qualys Inc. | Sold out | 0.00% | −0.07 |
| WTS Watts Water Technologies-A | Reduce -65.3% | 0.04% | −0.07 |
| JNK SS SPDR BB High Yield Bond | Reduce -7.9% | 0.99% | −0.07 |
| DECK Deckers Outdoor Corp. | Reduce -10.0% | 0.07% | −0.07 |
| ELF Elf Beauty Inc. | Reduce -17.9% | 0.05% | −0.07 |
| ACN Accenture PLC Class A | Reduce -2.2% | 0.50% | −0.07 |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | Reduce -54.6% | 0.06% | −0.06 |
| TFIN Triumph Financial Inc. | Reduce -23.5% | 0.06% | −0.06 |
| COO The Cooper Cos Inc. | Reduce -27.1% | 0.13% | −0.06 |
| SHOP Shopify Inc. Class A | Reduce -4.5% | 0.42% | −0.06 |
Portfolio Buys Q4 2024 → Q1 2025
| PAAA Pgim Aaa Clo ETF | Add +123.7% | 9.78% | +5.49 |
| CGSD Cap Group Short Duration | New | 1.76% | +1.76 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +105.4% | 3.49% | +1.74 |
| IVW iShares S&P 500 Growth ETF | Add +214.2% | 2.57% | +1.69 |
| PM Philip Morris International | Add +22.7% | 0.94% | +0.37 |
| AON Aon PLC Class A | Add +886.9% | 0.30% | +0.27 |
| JNJ Johnson & Johnson | Add +37.9% | 0.68% | +0.26 |
| LLY Eli Lilly & Co. | Add +24.6% | 0.83% | +0.22 |
| ABBV Abbvie Inc. | Add +24.7% | 0.53% | +0.18 |
| CVX Chevron Corp. | Add +32.7% | 0.48% | +0.17 |
| SBUX Starbucks Corp. | Add +66.1% | 0.34% | +0.15 |
| JSMD Janus Small Mid Cap GR Alp | New | 0.15% | +0.15 |
| SCHW Schwab (charles) Corp. | Add +148.0% | 0.22% | +0.14 |
| AGG iShares Core U.S. Aggregate | New | 0.13% | +0.13 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +0.1% | 0.78% | +0.13 |
| T AT&T Inc. | Add +11.8% | 0.41% | +0.12 |
| UNP Union Pacific Corp. | Add +280.8% | 0.16% | +0.12 |
| VBK Van Morst SML-Cap Gro-Usd Inc. | New | 0.12% | +0.12 |
| CYBR Cyberark Software Ltd./Israel | Add +56.4% | 0.28% | +0.10 |
| VZ Verizon Communications Inc. | Add +6.0% | 0.57% | +0.10 |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | Add +113.7% | 0.20% | +0.10 |
| CVS CVS Health Corp. | Add +3.0% | 0.27% | +0.10 |
| APPF Appfolio Inc. Class A | New | 0.09% | +0.09 |
| VUG Vanguard Mrngstar GR ETF-Sui | Add +161.3% | 0.16% | +0.09 |
| UNM Unum Group | New | 0.09% | +0.09 |
| GRMN Garmin Ltd. | Add +329.1% | 0.11% | +0.09 |
| CTAS Cintas Corp. | Add +62.2% | 0.18% | +0.08 |
| GWRE Guidewire Software Inc. | Add +294.5% | 0.10% | +0.08 |
| JPST JPMorgan Ultra-Short Income | Add +0.5% | 2.95% | +0.08 |
| NVS Novartis AG-Sponsored ADR | Add +0.3% | 0.54% | +0.08 |
| GILD Gilead Sciences Inc. | Add +3.6% | 0.35% | +0.08 |
| LRN Stride Inc. | New | 0.08% | +0.08 |
| IVVB iShares Large Cap Deep Quart | New | 0.07% | +0.07 |
| ACI Albertsons Cos Inc. Class A | Add +0.7% | 0.55% | +0.07 |
| PSA Public Storage | New | 0.07% | +0.07 |
| TXRH Texas Roadhouse Inc. | New | 0.07% | +0.07 |
| AMGN Amgen Inc. | Add +14.0% | 0.23% | +0.06 |
| STLD Steel Dynamics Inc. | New | 0.06% | +0.06 |
| BMY Bristol-Myers Squibb Co. | Add +0.8% | 0.65% | +0.06 |
| MA Mastercard Inc. Class A | Add +1.5% | 0.89% | +0.06 |
| CSCO Cisco Systems Inc. | Add +3.8% | 0.64% | +0.06 |
| TDG Transdigm Group Inc. | Add +2.4% | 0.48% | +0.06 |
| HLI Houlihan Lokey Inc. | Add +179.0% | 0.09% | +0.06 |
| TIP iShares Tips Bond ETF | Add +31.2% | 0.20% | +0.06 |
| DUOL Duolingo | New | 0.06% | +0.06 |
| AEP American Electric Power | Add +10.8% | 0.22% | +0.06 |
| DDOG Datadog Inc. Class A | New | 0.05% | +0.05 |
| PINS Pinterest Inc. Class A | Add +63.7% | 0.12% | +0.05 |
| KNSL Kinsale Capital Group Inc. | Add +57.5% | 0.12% | +0.05 |
| QCOM Qualcomm Inc. | Add +10.8% | 0.43% | +0.05 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 701 | $1.2B | AAPL, NVDA, PAAA, MSFT, GOOGL |
| Q1 2026 | 615 | $1.0B | PAAA, AAPL, NVDA, MSFT, AMZN |
| Q4 2025 | 605 | $1.0B | PAAA, AAPL, NVDA, MSFT, AMZN |
| Q3 2025 | 573 | $984.2M | PAAA, NVDA, MSFT, AAPL, AMZN |
| Q2 2025 | 555 | $921.2M | PAAA, MSFT, NVDA, AAPL, AMZN |
| Q1 2025 | 531 | $868.9M | PAAA, SPY, JPST, AAPL, MSFT |
| Q4 2024 | 526 | $884.2M | PAAA, AAPL, JAAA, MSFT, JPST |
| Q3 2024 | 510 | $847.3M | AAPL, MSFT, JPST, PAAA, SNOW |
| Q2 2024 | 404 | $494.8M | MSFT, NVDA, AMZN, AAPL, JPST |
| Q1 2024Amended | 407 | $492.3M | MSFT, AMZN, PULS, JPST, AAPL |