Norden Group LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 15, 2025), Norden Group LLC reported 573 stock positions worth $984.2 million. Its top holding was Pgim Aaa Clo ETF (PAAA) at 6.1% of the portfolio, followed by Nvidia (NVDA, 4.2%) and Microsoft (MSFT, 3.6%). Compared with Q2 2025, it opened 73 new positions, sold out of 55, added to 254 and reduced 223. The biggest buy was Nvidia (NVDA, shares +36%) and the biggest sale an exit from Cap Group Short Duration (CGSD).
- Most Recent 13F
- Q2 2026
- Location
- PROVO, UT
- CIK
- 0001990699
- Portfolio Value
- $984.2M (Q3 2025)
- SEC Filing
- 0001990699-25-000007 ↗ filed Oct 15, 2025
Holdings Value
Holdings 573 stocks · $984.2M
| PAAA Pgim Aaa Clo ETF | 6.10% | 1,165,845 | $60.0M | Reduce -9.2% |
| NVDA Nvidia Corp. | 4.23% | 222,986 | $41.6M | Add +36.4% |
| MSFT Microsoft Corp. | 3.65% | 69,275 | $35.9M | Add +14.7% |
| AAPL Apple Inc. | 3.28% | 126,676 | $32.3M | Add +16.9% |
| AMZN Amazon.com Inc. | 2.17% | 97,276 | $21.4M | Add +3.6% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 2.05% | 219,502 | $20.1M | Add +11.6% |
| AVGO Broadcom Inc. | 1.64% | 49,045 | $16.2M | Add +43.9% |
| GOOGL Alphabet Inc. Class A | 1.54% | 62,260 | $15.1M | Add +10.7% |
| V Visa Inc. Class A | 1.48% | 42,596 | $14.5M | Add +71.6% |
| SHOP Shopify Inc. Class A | 1.28% | 84,468 | $12.6M | Add +126.0% |
| META Meta Platforms Inc. Class A | 1.21% | 16,212 | $11.9M | Add +32.3% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.19% | 17,527 | $11.7M | Reduce -38.8% |
| ORCL Oracle Corp. | 1.07% | 37,437 | $10.5M | Reduce -5.9% |
| GOOG Alphabet Inc. Class C | 1.06% | 42,975 | $10.5M | Add +3.2% |
| TSLA Tesla Inc. | 1.04% | 22,970 | $10.2M | Add +23.4% |
| QQQ Invesco QQQ Trust Series 1 | 1.03% | 16,848 | $10.1M | Reduce -9.6% |
| NFLX Netflix Inc. | 0.86% | 7,072 | $8.5M | Reduce -4.0% |
| ANET Arista Networks Inc. | 0.84% | 57,073 | $8.3M | Reduce -1.1% |
| IVV iShares Core S&P 500 ETF | 0.81% | 11,924 | $8.0M | Reduce -0.4% |
| MA Mastercard Inc. Class A | 0.80% | 13,837 | $7.9M | Reduce -2.3% |
| CRM Salesforce Inc. | 0.79% | 32,830 | $7.8M | Add +433.3% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.76% | 14,963 | $7.5M | Add +15.4% |
| JBL Jabil Inc. | 0.76% | 34,316 | $7.5M | Add +746.3% |
| EXPE Expedia Group Inc. | 0.74% | 34,047 | $7.3M | Add +18.3% |
| EXEL Exelixis Inc. | 0.74% | 175,183 | $7.2M | New |
| CL Colgate-Palmolive Co. | 0.72% | 88,495 | $7.1M | Add +1140.1% |
| IWC iShares Micro-Cap ETF | 0.72% | 47,263 | $7.0M | New |
| PM Philip Morris International | 0.71% | 43,155 | $7.0M | Reduce -6.9% |
| JPM JPMorgan Chase & Co. | 0.71% | 22,027 | $6.9M | Add +5.4% |
| SNEX Stonex Group Inc. | 0.71% | 68,823 | $6.9M | New |
| LLY Eli Lilly & Co. | 0.69% | 8,852 | $6.8M | Add +0.9% |
| KBE SS SPDR S&P Bank ETF | 0.68% | 112,695 | $6.7M | New |
| FDN First Trust DJ Internet Ind | 0.68% | 23,829 | $6.7M | New |
| JNJ Johnson & Johnson | 0.64% | 33,960 | $6.3M | Add +11.6% |
| AMLP Alerian MLP ETF | 0.62% | 131,043 | $6.1M | New |
| CSCO Cisco Systems Inc. | 0.62% | 88,534 | $6.1M | Add +2.1% |
| NET Cloudflare Inc. Class A | 0.53% | 24,494 | $5.3M | Reduce -1.0% |
| VZ Verizon Communications Inc. | 0.51% | 114,972 | $5.1M | Add +7.7% |
| JPST JPMorgan Ultra-Short Income | 0.51% | 98,011 | $5.0M | Reduce -4.5% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.48% | 91,991 | $4.7M | Reduce -0.5% |
| SPYG SS SPDR P S&P 500 Growth ETF | 0.47% | 44,031 | $4.6M | Reduce -1.9% |
| WFC Wells Fargo & Co. | 0.46% | 54,362 | $4.6M | Add +2.6% |
| ABBV Abbvie Inc. | 0.44% | 18,896 | $4.4M | Reduce -1.2% |
| NOW ServiceNow Inc. | 0.44% | 4,675 | $4.3M | Reduce -4.5% |
| ABT Abbott Laboratories | 0.44% | 32,039 | $4.3M | Reduce -15.4% |
| RTX RTX Corp. | 0.43% | 25,093 | $4.2M | Reduce -3.7% |
| RUN Sunrun Inc. | 0.42% | 240,596 | $4.2M | Add +16.7% |
| HD Home Depot Inc. | 0.41% | 9,913 | $4.0M | Add +7.2% |
| T AT&T Inc. | 0.38% | 133,847 | $3.8M | Add +2.9% |
| PEP Pepsico Inc. | 0.38% | 26,903 | $3.8M | Add +21.7% |
| ADBE Adobe Inc. | 0.38% | 10,662 | $3.8M | Reduce -24.4% |
| PLTR Palantir Technologies Inc. Class A | 0.38% | 20,453 | $3.7M | Add +33.3% |
| QCOM Qualcomm Inc. | 0.38% | 22,403 | $3.7M | Reduce -5.5% |
| COST Costco Wholesale Corp. | 0.36% | 3,824 | $3.5M | Reduce -0.2% |
| XOM Exxon Mobil Corp. | 0.36% | 31,135 | $3.5M | Reduce -3.8% |
| MRK Merck & Co. Inc. | 0.35% | 41,155 | $3.5M | Add +27.2% |
| GILD Gilead Sciences Inc. | 0.35% | 30,609 | $3.4M | Reduce -58.5% |
| PG The Procter & Gamble Co. | 0.34% | 21,687 | $3.3M | Add +3.6% |
| SBUX Starbucks Corp. | 0.33% | 38,246 | $3.2M | Reduce -2.6% |
| CVX Chevron Corp. | 0.32% | 20,369 | $3.2M | Add +18.3% |
| MDT Medtronic PLC | 0.30% | 31,229 | $3.0M | Reduce -3.3% |
| SPDW Ste STR SPDR PT DW Eu ETF | 0.30% | 69,360 | $3.0M | Add +11.2% |
| MSCI MSCI Inc. | 0.30% | 5,140 | $2.9M | Add +16.2% |
| EFA iShares MSCI Eafe ETF | 0.30% | 31,124 | $2.9M | Add +86.9% |
| JAAA Janus Henderson Aaa Clo ETF | 0.29% | 57,078 | $2.9M | Reduce -21.4% |
| ACN Accenture PLC Class A | 0.29% | 11,419 | $2.8M | Reduce -20.7% |
| ZTS Zoetis Inc. | 0.28% | 19,152 | $2.8M | Reduce -16.8% |
| CYBR Cyberark Software Ltd./Israel | 0.28% | 5,742 | $2.8M | Reduce -12.7% |
| KO The Coca-Cola Co. | 0.28% | 41,671 | $2.8M | Reduce -18.2% |
| PULS Pgim Ultra Short Bond ETF | 0.28% | 54,590 | $2.7M | Reduce -21.0% |
| UL Unilever PLC | 0.27% | 45,237 | $2.7M | Reduce -4.7% |
| SPYV SS SPDR P S&P 500 Value ETF | 0.27% | 48,164 | $2.7M | Add +8.4% |
| AMD Advanced Micro Devices | 0.27% | 16,402 | $2.7M | Add +31.5% |
| CVS CVS Health Corp. | 0.27% | 34,815 | $2.6M | Reduce -0.8% |
| HDV iShares Core High Dividend E | 0.26% | 21,267 | $2.6M | Add +1.4% |
| INTU Intuit Inc. | 0.26% | 3,809 | $2.6M | Add +70.8% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.26% | 22,618 | $2.6M | Add +6.3% |
| AEM Agnico Eagle Mines Ltd. | 0.26% | 14,944 | $2.5M | Reduce -6.7% |
| IDXX Idexx Laboratories Inc. | 0.25% | 3,857 | $2.5M | Reduce -0.7% |
| SNPS Synopsys Inc. | 0.25% | 4,981 | $2.5M | Add +105.3% |
| AMAT Applied Materials Inc. | 0.25% | 11,794 | $2.4M | Add +7.2% |
| TXN Texas Instruments Inc. | 0.24% | 13,109 | $2.4M | Add +3.4% |
| GD General Dynamics Corp. | 0.24% | 7,016 | $2.4M | Reduce -7.1% |
| SCHW Schwab (charles) Corp. | 0.24% | 25,007 | $2.4M | Add +1.5% |
| DUK Duke Energy Corp. | 0.24% | 19,190 | $2.4M | Add +0.7% |
| COP Conocophillips | 0.24% | 25,082 | $2.4M | Add +0.9% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.24% | 8,244 | $2.3M | Reduce -2.7% |
| SPEM State Street SP PTF Em ETF | 0.23% | 49,230 | $2.3M | Reduce -9.2% |
| LOW Lowe's Cos Inc. | 0.22% | 8,770 | $2.2M | Reduce -8.0% |
| MS Morgan Stanley | 0.22% | 13,849 | $2.2M | Add +2.8% |
| MCD McDonald's Corp. | 0.22% | 7,031 | $2.1M | Add +6.0% |
| IVW iShares S&P 500 Growth ETF | 0.22% | 17,616 | $2.1M | Reduce -79.0% |
| LRCX Lam Research Corp. | 0.22% | 15,808 | $2.1M | Add +8.5% |
| BDX Becton Dickinson and Co. | 0.21% | 11,287 | $2.1M | Reduce -8.4% |
| CGUS Cap Group Core Equity filed as CAPITAL GROUP CORE EQUITY ET | 0.21% | 53,010 | $2.1M | Reduce -0.6% |
| SNOW Snowflake Inc. | 0.21% | 9,281 | $2.1M | Add +1.9% |
| AEP American Electric Power | 0.21% | 18,222 | $2.1M | Add +0.8% |
| CAT Caterpillar Inc. | 0.21% | 4,230 | $2.0M | Reduce -10.0% |
| CW Curtiss-Wright Corp. | 0.20% | 3,690 | $2.0M | Reduce -16.0% |
| AON Aon PLC Class A | 0.20% | 5,476 | $2.0M | Reduce -4.0% |
Portfolio Sells Q2 2025 → Q3 2025
| CGSD Cap Group Short Duration | Sold out | 0.00% | −1.57 |
| PAAA Pgim Aaa Clo ETF | Reduce -9.2% | 6.10% | −1.07 |
| IVW iShares S&P 500 Growth ETF | Reduce -79.0% | 0.22% | −0.79 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -38.8% | 1.19% | −0.73 |
| PPA Invesco Aerospace & Defense | Sold out | 0.00% | −0.72 |
| XLY SS Consumer Disc Select Sect | Reduce -96.4% | 0.03% | −0.69 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Sold out | 0.00% | −0.65 |
| VNQ Vanguard Real Estate ETF | Sold out | 0.00% | −0.64 |
| IYR iShares US Real Estate ETF | Sold out | 0.00% | −0.64 |
| CRWD CrowdStrike Holdings Inc. Class A | Reduce -82.3% | 0.11% | −0.58 |
| GILD Gilead Sciences Inc. | Reduce -58.5% | 0.35% | −0.54 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -65.3% | 0.19% | −0.53 |
| KR Kroger Co. | Reduce -91.8% | 0.04% | −0.50 |
| JD Jd.com Inc.-ADR | Sold out | 0.00% | −0.50 |
| MO Altria Group Inc. | Reduce -72.9% | 0.20% | −0.49 |
| TMUS T-Mobile US Inc. | Reduce -75.0% | 0.15% | −0.48 |
| SHY iShares 1-3 Year Treasury Bo | Reduce -81.2% | 0.05% | −0.21 |
| ADBE Adobe Inc. | Reduce -24.4% | 0.38% | −0.21 |
| NFLX Netflix Inc. | Reduce -4.0% | 0.86% | −0.21 |
| PM Philip Morris International | Reduce -6.9% | 0.71% | −0.21 |
| ACN Accenture PLC Class A | Reduce -20.7% | 0.29% | −0.18 |
| TMO Thermo Fisher Scientific Inc. | Reduce -76.3% | 0.06% | −0.18 |
| ABNB Airbnb Inc. Class A | Reduce -32.6% | 0.18% | −0.13 |
| IT Gartner Inc. | Reduce -68.3% | 0.03% | −0.13 |
| ABT Abbott Laboratories | Reduce -15.4% | 0.44% | −0.12 |
| MORN Morningstar Inc. | Reduce -30.8% | 0.10% | −0.11 |
| KO The Coca-Cola Co. | Reduce -18.2% | 0.28% | −0.11 |
| NOW ServiceNow Inc. | Reduce -4.5% | 0.44% | −0.11 |
| JAAA Janus Henderson Aaa Clo ETF | Reduce -21.4% | 0.29% | −0.11 |
| ZTS Zoetis Inc. | Reduce -16.8% | 0.28% | −0.11 |
| WDAY Workday Inc. Class A | Reduce -36.0% | 0.15% | −0.10 |
| PULS Pgim Ultra Short Bond ETF | Reduce -21.0% | 0.28% | −0.10 |
| IVVB iShares Large Cap Deep Quart | Sold out | 0.00% | −0.10 |
| DXCM Dexcom Inc. | Sold out | 0.00% | −0.09 |
| TSLL Dirx DLY Tsla Bul 2X ETF-Aui | Sold out | 0.00% | −0.09 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -9.6% | 1.03% | −0.09 |
| OLLI Ollie's Bargain Outlet Holdi | Reduce -23.9% | 0.20% | −0.09 |
| USFD US Foods Holding Corp. | Sold out | 0.00% | −0.08 |
| ATR Aptargroup Inc. | Sold out | 0.00% | −0.07 |
| DECK Deckers Outdoor Corp. | Sold out | 0.00% | −0.07 |
| SPSC SPS Commerce Inc. | Reduce -35.9% | 0.06% | −0.07 |
| PINS Pinterest Inc. Class A | Reduce -20.6% | 0.13% | −0.07 |
| RYAN Ryan Specialty Holdings Inc. | Reduce -15.3% | 0.13% | −0.07 |
| BMI Badger Meter Inc. | Sold out | 0.00% | −0.07 |
| GSHD Goosehead Insurance Inc. Class A | Reduce -26.4% | 0.06% | −0.07 |
| MA Mastercard Inc. Class A | Reduce -2.3% | 0.80% | −0.06 |
| SFM Sprouts Farmers Market Inc. | Reduce -40.1% | 0.04% | −0.06 |
| TIP iShares Tips Bond ETF | Reduce -63.3% | 0.03% | −0.06 |
| TTD Trade Desk Inc./the Class A | Sold out | 0.00% | −0.06 |
| SBUX Starbucks Corp. | Reduce -2.6% | 0.33% | −0.06 |
Portfolio Buys Q2 2025 → Q3 2025
| NVDA Nvidia Corp. | Add +36.4% | 4.23% | +1.42 |
| AAPL Apple Inc. | Add +16.9% | 3.28% | +0.86 |
| SHOP Shopify Inc. Class A | Add +126.0% | 1.28% | +0.81 |
| EXEL Exelixis Inc. | New | 0.74% | +0.74 |
| IWC iShares Micro-Cap ETF | New | 0.72% | +0.72 |
| SNEX Stonex Group Inc. | New | 0.71% | +0.71 |
| KBE SS SPDR S&P Bank ETF | New | 0.68% | +0.68 |
| FDN First Trust DJ Internet Ind | New | 0.68% | +0.68 |
| JBL Jabil Inc. | Add +746.3% | 0.76% | +0.66 |
| CL Colgate-Palmolive Co. | Add +1140.1% | 0.72% | +0.65 |
| AMLP Alerian MLP ETF | New | 0.62% | +0.62 |
| AVGO Broadcom Inc. | Add +43.9% | 1.64% | +0.62 |
| CRM Salesforce Inc. | Add +433.3% | 0.79% | +0.61 |
| V Visa Inc. Class A | Add +71.6% | 1.48% | +0.52 |
| GOOGL Alphabet Inc. Class A | Add +10.7% | 1.54% | +0.46 |
| TSLA Tesla Inc. | Add +23.4% | 1.04% | +0.40 |
| MSFT Microsoft Corp. | Add +14.7% | 3.65% | +0.39 |
| GOOG Alphabet Inc. Class C | Add +3.2% | 1.06% | +0.26 |
| RUN Sunrun Inc. | Add +16.7% | 0.42% | +0.24 |
| META Meta Platforms Inc. Class A | Add +32.3% | 1.21% | +0.23 |
| EXPE Expedia Group Inc. | Add +18.3% | 0.74% | +0.21 |
| EEM iShares MSCI Emerging Market | New | 0.17% | +0.17 |
| PLTR Palantir Technologies Inc. Class A | Add +33.3% | 0.38% | +0.15 |
| JNJ Johnson & Johnson | Add +11.6% | 0.64% | +0.14 |
| EFA iShares MSCI Eafe ETF | Add +86.9% | 0.30% | +0.13 |
| BSX Boston Scientific Corp. | Add +442.2% | 0.15% | +0.12 |
| APP AppLovin Corp. Class A | Add +27.0% | 0.20% | +0.12 |
| SNPS Synopsys Inc. | Add +105.3% | 0.25% | +0.11 |
| UBER Uber Technologies Inc. | Add +221.8% | 0.17% | +0.11 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Add +11.6% | 2.05% | +0.09 |
| SCHG Schwab US Large-Cap Growth | New | 0.08% | +0.08 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +15.4% | 0.76% | +0.08 |
| AMD Advanced Micro Devices | Add +31.5% | 0.27% | +0.08 |
| VT Vanguard Tot World STK ETF | New | 0.08% | +0.08 |
| INTU Intuit Inc. | Add +70.8% | 0.26% | +0.07 |
| MRK Merck & Co. Inc. | Add +27.2% | 0.35% | +0.07 |
| PEP Pepsico Inc. | Add +21.7% | 0.38% | +0.07 |
| ALNY Alnylam Pharmaceuticals Inc. | New | 0.07% | +0.07 |
| LRCX Lam Research Corp. | Add +8.5% | 0.22% | +0.06 |
| INVESTMENT MANAGERS SER TR I | New | 0.06% | +0.06 |
| TPR Tapestry Inc. | Add +63.1% | 0.12% | +0.06 |
| BBJP JPMorgan Betabuilders Japan | Add +216.2% | 0.08% | +0.06 |
| CVX Chevron Corp. | Add +18.3% | 0.32% | +0.05 |
| BOOT Boot Barn Holdings Inc. | New | 0.05% | +0.05 |
| UNH Unitedhealth Group Inc. | Add +52.5% | 0.14% | +0.05 |
| DHI D.R. Horton Inc. | New | 0.05% | +0.05 |
| CRDO Credo Technology Group Holdi | Add +113.1% | 0.07% | +0.05 |
| JPM JPMorgan Chase & Co. | Add +5.4% | 0.71% | +0.05 |
| VIK Viking Holdings Ltd. | New | 0.05% | +0.05 |
| WMS Advanced Drainage Systems Inc. | New | 0.04% | +0.04 |
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 |