Norden Group LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 15, 2025), Norden Group LLC reported 555 stock positions worth $921.2 million. Its top holding was Pgim Aaa Clo ETF (PAAA) at 7.2% of the portfolio, followed by Microsoft (MSFT, 3.3%) and Nvidia (NVDA, 2.8%). Compared with Q1 2025, it opened 61 new positions, sold out of 37, added to 271 and reduced 204. The biggest buy was SS SPDR BB 1-3M T-Bill ETF (BIL, shares +1528%) and the biggest sale Pgim Aaa Clo ETF (PAAA, shares −22%).
- Most Recent 13F
- Q2 2026
- Location
- PROVO, UT
- CIK
- 0001990699
- Portfolio Value
- $921.2M (Q2 2025)
- SEC Filing
- 0001990699-25-000003 ↗ filed Jul 15, 2025
Holdings Value
Holdings 555 stocks · $921.2M
| PAAA Pgim Aaa Clo ETF | 7.17% | 1,284,302 | $66.1M | Reduce -22.4% |
| MSFT Microsoft Corp. | 3.26% | 60,382 | $30.0M | Add +0.8% |
| NVDA Nvidia Corp. | 2.80% | 163,455 | $25.8M | Add +14.2% |
| AAPL Apple Inc. | 2.41% | 108,395 | $22.2M | Reduce -3.3% |
| AMZN Amazon.com Inc. | 2.24% | 93,894 | $20.6M | Reduce -0.4% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 1.96% | 196,673 | $18.0M | Add +1528.1% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.92% | 28,637 | $17.7M | Reduce -47.2% |
| CGSD Cap Group Short Duration | 1.57% | 558,923 | $14.5M | Reduce -5.5% |
| QQQ Invesco QQQ Trust Series 1 | 1.12% | 18,631 | $10.3M | Add +598.6% |
| GOOGL Alphabet Inc. Class A | 1.08% | 56,238 | $9.9M | Add +7.3% |
| NFLX Netflix Inc. | 1.07% | 7,366 | $9.9M | Add +4.8% |
| AVGO Broadcom Inc. | 1.02% | 34,075 | $9.4M | Add +7.5% |
| IVW iShares S&P 500 Growth ETF | 1.00% | 83,915 | $9.2M | Reduce -65.2% |
| META Meta Platforms Inc. Class A | 0.98% | 12,256 | $9.0M | Add +9.7% |
| V Visa Inc. Class A | 0.96% | 24,820 | $8.8M | Reduce -4.3% |
| ORCL Oracle Corp. | 0.94% | 39,768 | $8.7M | Reduce -5.5% |
| PM Philip Morris International | 0.92% | 46,367 | $8.4M | Reduce -9.5% |
| GILD Gilead Sciences Inc. | 0.89% | 73,771 | $8.2M | Add +172.8% |
| MA Mastercard Inc. Class A | 0.86% | 14,167 | $8.0M | Add +0.5% |
| IVV iShares Core S&P 500 ETF | 0.81% | 11,976 | $7.4M | Reduce -2.7% |
| GOOG Alphabet Inc. Class C | 0.80% | 41,651 | $7.4M | Reduce -3.9% |
| LLY Eli Lilly & Co. | 0.74% | 8,769 | $6.8M | Add +0.7% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.72% | 96,332 | $6.6M | Add +216.3% |
| PPA Invesco Aerospace & Defense | 0.72% | 46,899 | $6.6M | New |
| XLY SS Consumer Disc Select Sect | 0.71% | 30,210 | $6.6M | Add +2821.7% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.69% | 12,417 | $6.3M | Add +735.6% |
| MO Altria Group Inc. | 0.68% | 107,519 | $6.3M | Add +329.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.68% | 12,970 | $6.3M | Add +2.0% |
| JPM JPMorgan Chase & Co. | 0.66% | 20,892 | $6.1M | Reduce -1.3% |
| CSCO Cisco Systems Inc. | 0.65% | 86,706 | $6.0M | Reduce -4.3% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.65% | 73,436 | $6.0M | New |
| VNQ Vanguard Real Estate ETF | 0.64% | 66,652 | $5.9M | New |
| IYR iShares US Real Estate ETF | 0.64% | 62,517 | $5.9M | New |
| TSLA Tesla Inc. | 0.64% | 18,609 | $5.9M | Reduce -3.0% |
| ANET Arista Networks Inc. | 0.64% | 57,730 | $5.9M | New |
| TMUS T-Mobile US Inc. | 0.63% | 24,351 | $5.8M | Add +357.2% |
| ADBE Adobe Inc. | 0.59% | 14,097 | $5.5M | Reduce -4.0% |
| JPST JPMorgan Ultra-Short Income | 0.56% | 102,655 | $5.2M | Reduce -79.7% |
| ABT Abbott Laboratories | 0.56% | 37,863 | $5.1M | Reduce -0.6% |
| NOW ServiceNow Inc. | 0.55% | 4,897 | $5.0M | Add +13.8% |
| KR Kroger Co. | 0.54% | 69,552 | $5.0M | Add +1336.4% |
| EXPE Expedia Group Inc. | 0.53% | 28,782 | $4.9M | New |
| NET Cloudflare Inc. Class A | 0.53% | 24,734 | $4.8M | Add +8.9% |
| JNJ Johnson & Johnson | 0.50% | 30,420 | $4.6M | Reduce -15.0% |
| VZ Verizon Communications Inc. | 0.50% | 106,801 | $4.6M | Reduce -1.9% |
| JD Jd.com Inc.-ADR | 0.50% | 140,602 | $4.6M | New |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.47% | 92,430 | $4.4M | Add +3.8% |
| SHOP Shopify Inc. Class A | 0.47% | 37,375 | $4.3M | Reduce -3.2% |
| ACN Accenture PLC Class A | 0.47% | 14,401 | $4.3M | Add +3.8% |
| SPYG SS SPDR P S&P 500 Growth ETF | 0.46% | 44,887 | $4.3M | Add +20.8% |
| WFC Wells Fargo & Co. | 0.46% | 53,006 | $4.2M | Add +3.1% |
| RTX RTX Corp. | 0.41% | 26,056 | $3.8M | Reduce -12.3% |
| COST Costco Wholesale Corp. | 0.41% | 3,831 | $3.8M | Add +23.1% |
| QCOM Qualcomm Inc. | 0.41% | 23,715 | $3.8M | Reduce -1.7% |
| T AT&T Inc. | 0.41% | 130,072 | $3.8M | Add +2.4% |
| JAAA Janus Henderson Aaa Clo ETF | 0.40% | 72,623 | $3.7M | Reduce -46.0% |
| KO The Coca-Cola Co. | 0.39% | 50,915 | $3.6M | Add +3.9% |
| SBUX Starbucks Corp. | 0.39% | 39,270 | $3.6M | Add +29.9% |
| ZTS Zoetis Inc. | 0.39% | 23,027 | $3.6M | Reduce -1.3% |
| ABBV Abbvie Inc. | 0.39% | 19,133 | $3.6M | Reduce -13.2% |
| XOM Exxon Mobil Corp. | 0.38% | 32,363 | $3.5M | Reduce -16.2% |
| PULS Pgim Ultra Short Bond ETF | 0.37% | 69,132 | $3.4M | Reduce -42.0% |
| HD Home Depot Inc. | 0.37% | 9,247 | $3.4M | Reduce -2.3% |
| PG The Procter & Gamble Co. | 0.36% | 20,935 | $3.3M | Reduce -2.6% |
| PEP Pepsico Inc. | 0.32% | 22,106 | $2.9M | Reduce -1.7% |
| UL Unilever PLC | 0.32% | 47,443 | $2.9M | Reduce -2.1% |
| ABNB Airbnb Inc. Class A | 0.31% | 21,911 | $2.9M | Reduce -3.0% |
| MDT Medtronic PLC | 0.31% | 32,297 | $2.8M | Reduce -3.8% |
| CYBR Cyberark Software Ltd./Israel | 0.29% | 6,579 | $2.7M | Reduce -7.2% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.29% | 21,279 | $2.6M | Reduce -4.1% |
| TXN Texas Instruments Inc. | 0.29% | 12,675 | $2.6M | Reduce -61.0% |
| OLLI Ollie's Bargain Outlet Holdi | 0.28% | 19,877 | $2.6M | Reduce -4.0% |
| MRK Merck & Co. Inc. | 0.28% | 32,359 | $2.6M | Add +0.4% |
| MSCI MSCI Inc. | 0.28% | 4,422 | $2.6M | Reduce -1.5% |
| SPDW Ste STR SPDR PT DW Eu ETF | 0.27% | 62,387 | $2.5M | Add +15.3% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.27% | 8,470 | $2.5M | Add +11.9% |
| CVX Chevron Corp. | 0.27% | 17,223 | $2.5M | Reduce -31.1% |
| HDV iShares Core High Dividend E | 0.27% | 20,967 | $2.5M | Add +3.5% |
| CVS CVS Health Corp. | 0.26% | 35,114 | $2.4M | Add +3.0% |
| SHY iShares 1-3 Year Treasury Bo | 0.26% | 28,746 | $2.4M | Add +220.5% |
| SPYV SS SPDR P S&P 500 Value ETF | 0.25% | 44,416 | $2.3M | Add +25.9% |
| WDAY Workday Inc. Class A | 0.25% | 9,682 | $2.3M | Add +1.2% |
| SPEM State Street SP PTF Em ETF | 0.25% | 54,225 | $2.3M | Add +117.6% |
| CMCSA Comcast Corp. Class A | 0.25% | 64,064 | $2.3M | Add +9.2% |
| DUK Duke Energy Corp. | 0.24% | 19,055 | $2.2M | Add +1.2% |
| SCHW Schwab (charles) Corp. | 0.24% | 24,634 | $2.2M | Add +1.9% |
| TMO Thermo Fisher Scientific Inc. | 0.24% | 5,541 | $2.2M | Reduce -12.7% |
| COP Conocophillips | 0.24% | 24,865 | $2.2M | Add +18.8% |
| GD General Dynamics Corp. | 0.24% | 7,551 | $2.2M | Add +3.5% |
| CW Curtiss-Wright Corp. | 0.23% | 4,391 | $2.1M | Reduce -8.0% |
| BDX Becton Dickinson and Co. | 0.23% | 12,323 | $2.1M | Add +25.6% |
| LOW Lowe's Cos Inc. | 0.23% | 9,530 | $2.1M | Add +1.3% |
| PLTR Palantir Technologies Inc. Class A | 0.23% | 15,345 | $2.1M | Add +63.0% |
| IDXX Idexx Laboratories Inc. | 0.23% | 3,883 | $2.1M | Add +581.2% |
| WM Waste Management Inc. | 0.23% | 9,062 | $2.1M | Add +4.6% |
| SNOW Snowflake Inc. | 0.22% | 9,105 | $2.0M | Add +2.4% |
| AON Aon PLC Class A | 0.22% | 5,707 | $2.0M | Reduce -11.8% |
| AMAT Applied Materials Inc. | 0.22% | 10,998 | $2.0M | Reduce -0.6% |
| MORN Morningstar Inc. | 0.22% | 6,323 | $2.0M | Reduce -7.5% |
| CME Cme Group Inc. | 0.21% | 7,163 | $2.0M | Add +13.2% |
Portfolio Sells Q1 2025 → Q2 2025
| PAAA Pgim Aaa Clo ETF | Reduce -22.4% | 7.17% | −2.60 |
| JPST JPMorgan Ultra-Short Income | Reduce -79.7% | 0.56% | −2.38 |
| IVW iShares S&P 500 Growth ETF | Reduce -65.2% | 1.00% | −1.57 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -47.2% | 1.92% | −1.57 |
| JNK SS SPDR BB High Yield Bond | Sold out | 0.00% | −0.99 |
| BABA Alibaba Group Holding-SP ADR | Sold out | 0.00% | −0.71 |
| BMY Bristol-Myers Squibb Co. | Reduce -78.8% | 0.10% | −0.55 |
| ACI Albertsons Cos Inc. Class A | Sold out | 0.00% | −0.55 |
| NVS Novartis AG-Sponsored ADR | Sold out | 0.00% | −0.54 |
| TDG Transdigm Group Inc. | Sold out | 0.00% | −0.48 |
| FTNT Fortinet Inc. | Reduce -91.0% | 0.05% | −0.45 |
| AAPL Apple Inc. | Reduce -3.3% | 2.41% | −0.45 |
| MPWR Monolithic Power Systems Inc. | Reduce -81.8% | 0.12% | −0.43 |
| TXN Texas Instruments Inc. | Reduce -61.0% | 0.29% | −0.39 |
| JAAA Janus Henderson Aaa Clo ETF | Reduce -46.0% | 0.40% | −0.39 |
| LRCX Lam Research Corp. | Reduce -76.6% | 0.15% | −0.37 |
| PULS Pgim Ultra Short Bond ETF | Reduce -42.0% | 0.37% | −0.31 |
| HYD Vaneck High Yield Muni ETF | Sold out | 0.00% | −0.29 |
| UNH Unitedhealth Group Inc. | Reduce -57.3% | 0.09% | −0.28 |
| CVX Chevron Corp. | Reduce -31.1% | 0.27% | −0.21 |
| CGSD Cap Group Short Duration | Reduce -5.5% | 1.57% | −0.18 |
| JNJ Johnson & Johnson | Reduce -15.0% | 0.50% | −0.18 |
| XOM Exxon Mobil Corp. | Reduce -16.2% | 0.38% | −0.15 |
| ABBV Abbvie Inc. | Reduce -13.2% | 0.39% | −0.15 |
| LYB Lyondellbasell Indu Class A | Sold out | 0.00% | −0.13 |
| TMO Thermo Fisher Scientific Inc. | Reduce -12.7% | 0.24% | −0.12 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Sold out | 0.00% | −0.12 |
| JSMD Janus Small Mid Cap GR Alp | Reduce -79.0% | 0.03% | −0.11 |
| TIP iShares Tips Bond ETF | Reduce -49.0% | 0.10% | −0.11 |
| CPRT Copart Inc. | Reduce -45.0% | 0.07% | −0.09 |
| V Visa Inc. Class A | Reduce -4.3% | 0.96% | −0.09 |
| SAIA Saia Inc. | Sold out | 0.00% | −0.09 |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | Reduce -48.9% | 0.11% | −0.09 |
| RMD Resmed Inc. | Sold out | 0.00% | −0.08 |
| AON Aon PLC Class A | Reduce -11.8% | 0.22% | −0.08 |
| TDY Teledyne Technologies Inc. | Reduce -58.6% | 0.05% | −0.07 |
| AZEK The Azek Co. Inc. | Sold out | 0.00% | −0.07 |
| PEP Pepsico Inc. | Reduce -1.7% | 0.32% | −0.07 |
| TLT iShares 20+ Year Treasury BD | Sold out | 0.00% | −0.07 |
| VBK Van Morst SML-Cap Gro-Usd Inc. | Reduce -61.8% | 0.05% | −0.07 |
| VZ Verizon Communications Inc. | Reduce -1.9% | 0.50% | −0.07 |
| STLD Steel Dynamics Inc. | Sold out | 0.00% | −0.06 |
| HSY The Hershey Co. | Sold out | 0.00% | −0.06 |
| EMB iShares JP Morgan Usd Emergi | Reduce -67.1% | 0.03% | −0.06 |
| PG The Procter & Gamble Co. | Reduce -2.6% | 0.36% | −0.06 |
| UNM Unum Group | Reduce -59.5% | 0.04% | −0.06 |
| ADBE Adobe Inc. | Reduce -4.0% | 0.59% | −0.06 |
| HALO Halozyme Therapeutics Inc. | Reduce -17.8% | 0.09% | −0.05 |
| ZTS Zoetis Inc. | Reduce -1.3% | 0.39% | −0.05 |
| COO The Cooper Cos Inc. | Reduce -20.6% | 0.08% | −0.05 |
Portfolio Buys Q1 2025 → Q2 2025
| BIL SS SPDR BB 1-3M T-Bill ETF | Add +1528.1% | 1.96% | +1.83 |
| NVDA Nvidia Corp. | Add +14.2% | 2.80% | +1.02 |
| QQQ Invesco QQQ Trust Series 1 | Add +598.6% | 1.12% | +0.97 |
| PPA Invesco Aerospace & Defense | New | 0.72% | +0.72 |
| XLY SS Consumer Disc Select Sect | Add +2821.7% | 0.71% | +0.69 |
| MSFT Microsoft Corp. | Add +0.8% | 3.26% | +0.67 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | New | 0.65% | +0.65 |
| VNQ Vanguard Real Estate ETF | New | 0.64% | +0.64 |
| IYR iShares US Real Estate ETF | New | 0.64% | +0.64 |
| ANET Arista Networks Inc. | New | 0.64% | +0.64 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +735.6% | 0.69% | +0.63 |
| GILD Gilead Sciences Inc. | Add +172.8% | 0.89% | +0.54 |
| EXPE Expedia Group Inc. | New | 0.53% | +0.53 |
| MO Altria Group Inc. | Add +329.7% | 0.68% | +0.51 |
| KR Kroger Co. | Add +1336.4% | 0.54% | +0.50 |
| JD Jd.com Inc.-ADR | New | 0.50% | +0.50 |
| NVO Novo-Nordisk A/S-Spons ADR | Add +216.3% | 0.72% | +0.48 |
| TMUS T-Mobile US Inc. | Add +357.2% | 0.63% | +0.47 |
| AVGO Broadcom Inc. | Add +7.5% | 1.02% | +0.41 |
| NFLX Netflix Inc. | Add +4.8% | 1.07% | +0.32 |
| META Meta Platforms Inc. Class A | Add +9.7% | 0.98% | +0.27 |
| NET Cloudflare Inc. Class A | Add +8.9% | 0.53% | +0.23 |
| IDXX Idexx Laboratories Inc. | Add +581.2% | 0.23% | +0.20 |
| SHY iShares 1-3 Year Treasury Bo | Add +220.5% | 0.26% | +0.17 |
| NOW ServiceNow Inc. | Add +13.8% | 0.55% | +0.15 |
| GOOGL Alphabet Inc. Class A | Add +7.3% | 1.08% | +0.14 |
| SPEM State Street SP PTF Em ETF | Add +117.6% | 0.25% | +0.14 |
| PLTR Palantir Technologies Inc. Class A | Add +63.0% | 0.23% | +0.14 |
| SPYG SS SPDR P S&P 500 Growth ETF | Add +20.8% | 0.46% | +0.12 |
| APD Air Products & Chemicals Inc. | Add +167.3% | 0.18% | +0.10 |
| AMD Advanced Micro Devices | Add +56.0% | 0.19% | +0.10 |
| PINS Pinterest Inc. Class A | Add +57.2% | 0.20% | +0.08 |
| EHC Encompass Health Corp. | New | 0.08% | +0.08 |
| TSLL Dirx DLY Tsla Bul 2X ETF-Aui | Add +478.2% | 0.09% | +0.08 |
| INTU Intuit Inc. | Add +34.1% | 0.19% | +0.07 |
| COST Costco Wholesale Corp. | Add +23.1% | 0.41% | +0.07 |
| SNOW Snowflake Inc. | Add +2.4% | 0.22% | +0.07 |
| FICO Fair Isaac Corp. | New | 0.07% | +0.07 |
| LIN Linde PLC | Add +100.0% | 0.14% | +0.07 |
| FAST Fastenal Co. | Add +56.4% | 0.18% | +0.07 |
| HEI Heico Corp. | New | 0.07% | +0.07 |
| OS Onestream Inc. | Add +75.2% | 0.12% | +0.06 |
| CAVA Cava Group Inc. | New | 0.06% | +0.06 |
| THC Tenet Healthcare Corp. | Add +89.2% | 0.10% | +0.06 |
| GLDM SPDR Gold Minishares Trust | Add +56.5% | 0.15% | +0.05 |
| IBM Intl Business Machines Corp. | Add +11.9% | 0.27% | +0.05 |
| BKNG Booking Holdings Inc. | Add +16.1% | 0.19% | +0.05 |
| UBER Uber Technologies Inc. | New | 0.05% | +0.05 |
| RUN Sunrun Inc. | Add +5.7% | 0.18% | +0.05 |
| CDNS Cadence Design SYS Inc. | Add +174.7% | 0.08% | +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 |