Norden Group LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 13, 2026), Norden Group LLC reported 605 stock positions worth $1.0 billion. Its top holding was Pgim Aaa Clo ETF (PAAA) at 6.2% of the portfolio, followed by Apple (AAPL, 4.5%) and Nvidia (NVDA, 4.4%). Compared with Q3 2025, it opened 73 new positions, sold out of 41, added to 259 and reduced 251. The biggest buy was Apple (AAPL, shares +35%) and the biggest sale Shopify Class A (SHOP, shares −67%).
- Most Recent 13F
- Q2 2026
- Location
- PROVO, UT
- CIK
- 0001990699
- Portfolio Value
- $1.0B (Q4 2025)
- SEC Filing
- 0001990699-26-000001 ↗ filed Jan 13, 2026
Holdings Value
Holdings 605 stocks · $1.0B
| PAAA Pgim Aaa Clo ETF | 6.24% | 1,244,112 | $63.8M | Add +6.7% |
| AAPL Apple Inc. | 4.55% | 170,783 | $46.4M | Add +34.8% |
| NVDA Nvidia Corp. | 4.42% | 241,884 | $45.1M | Add +8.5% |
| MSFT Microsoft Corp. | 3.41% | 71,917 | $34.8M | Add +3.8% |
| AMZN Amazon.com Inc. | 2.33% | 102,948 | $23.8M | Add +5.8% |
| GOOGL Alphabet Inc. Class A | 1.97% | 64,170 | $20.1M | Add +3.1% |
| AVGO Broadcom Inc. | 1.95% | 57,436 | $19.9M | Add +17.1% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 1.54% | 172,313 | $15.7M | Reduce -21.5% |
| GOOG Alphabet Inc. Class C | 1.38% | 44,919 | $14.1M | Add +4.5% |
| TSLA Tesla Inc. | 1.15% | 26,062 | $11.7M | Add +13.5% |
| META Meta Platforms Inc. Class A | 1.10% | 16,960 | $11.2M | Add +4.6% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.05% | 15,795 | $10.8M | Reduce -9.9% |
| LRCX Lam Research Corp. | 1.05% | 62,760 | $10.7M | Add +297.0% |
| QQQ Invesco QQQ Trust Series 1 | 1.04% | 17,213 | $10.6M | Add +2.2% |
| ADBE Adobe Inc. | 0.98% | 28,648 | $10.0M | Add +168.7% |
| LLY Eli Lilly & Co. | 0.96% | 9,165 | $9.9M | Add +3.5% |
| BMY Bristol-Myers Squibb Co. | 0.93% | 176,915 | $9.5M | Add +816.1% |
| MO Altria Group Inc. | 0.88% | 156,434 | $9.0M | Add +437.0% |
| WDC Western Digital Corp. | 0.80% | 47,255 | $8.1M | New |
| V Visa Inc. Class A | 0.79% | 22,921 | $8.0M | Reduce -46.2% |
| JPM JPMorgan Chase & Co. | 0.78% | 24,589 | $7.9M | Add +11.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.76% | 15,371 | $7.7M | Add +2.7% |
| MPLX MPLX LP | 0.74% | 142,300 | $7.6M | New |
| MEDP Medpace Holdings Inc. | 0.72% | 13,038 | $7.3M | Add +956.6% |
| IVV iShares Core S&P 500 ETF | 0.71% | 10,639 | $7.3M | Reduce -10.8% |
| JNJ Johnson & Johnson | 0.71% | 35,019 | $7.2M | Add +3.1% |
| IWC iShares Micro-Cap ETF | 0.71% | 45,932 | $7.2M | Reduce -2.8% |
| ANET Arista Networks Inc. | 0.71% | 55,240 | $7.2M | Reduce -3.2% |
| MA Mastercard Inc. Class A | 0.71% | 12,662 | $7.2M | Reduce -8.5% |
| PM Philip Morris International | 0.71% | 45,062 | $7.2M | Add +4.4% |
| IBB iShares Biotechnology ETF | 0.70% | 42,459 | $7.2M | New |
| CSCO Cisco Systems Inc. | 0.69% | 91,528 | $7.1M | Add +3.4% |
| XLY SS Consumer Disc Select Sect | 0.68% | 58,467 | $7.0M | Add +2555.2% |
| ORCL Oracle Corp. | 0.68% | 35,805 | $7.0M | Reduce -4.4% |
| FDN First Trust DJ Internet Ind | 0.67% | 25,365 | $6.8M | Add +6.5% |
| NFLX Netflix Inc. | 0.59% | 63,947 | $6.0M | Reduce -9.6% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.55% | 11,584 | $5.7M | Add +336.0% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.50% | 26,861 | $5.1M | Add +269.4% |
| RUN Sunrun Inc. | 0.48% | 264,208 | $4.9M | Add +9.8% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.47% | 87,461 | $4.8M | Reduce -4.9% |
| NET Cloudflare Inc. Class A | 0.46% | 24,036 | $4.7M | Reduce -1.9% |
| WFC Wells Fargo & Co. | 0.46% | 50,270 | $4.7M | Reduce -7.5% |
| VZ Verizon Communications Inc. | 0.45% | 113,921 | $4.6M | Reduce -0.9% |
| SPYG SS SPDR P S&P 500 Growth ETF | 0.45% | 42,634 | $4.5M | Reduce -3.2% |
| SHOP Shopify Inc. Class A | 0.44% | 28,084 | $4.5M | Reduce -66.8% |
| JPST JPMorgan Ultra-Short Income | 0.44% | 88,098 | $4.5M | Reduce -10.1% |
| ABBV Abbvie Inc. | 0.43% | 19,397 | $4.4M | Add +2.6% |
| PLTR Palantir Technologies Inc. Class A | 0.43% | 24,728 | $4.4M | Add +20.9% |
| MRK Merck & Co. Inc. | 0.42% | 41,166 | $4.3M | Add +0.0% |
| IWV iShares Russell 3000 ETF | 0.41% | 10,954 | $4.2M | Add +399.5% |
| RTX RTX Corp. | 0.41% | 22,729 | $4.2M | Reduce -9.4% |
| XOM Exxon Mobil Corp. | 0.41% | 34,536 | $4.2M | Add +10.9% |
| COST Costco Wholesale Corp. | 0.38% | 4,457 | $3.8M | Add +16.6% |
| GILD Gilead Sciences Inc. | 0.37% | 31,047 | $3.8M | Add +1.4% |
| QCOM Qualcomm Inc. | 0.37% | 21,976 | $3.8M | Reduce -1.9% |
| NOW ServiceNow Inc. | 0.36% | 23,858 | $3.7M | Add +2.1% |
| AMD Advanced Micro Devices | 0.35% | 16,926 | $3.6M | Add +3.2% |
| KO The Coca-Cola Co. | 0.34% | 50,076 | $3.5M | Add +20.2% |
| PEP Pepsico Inc. | 0.34% | 24,203 | $3.5M | Reduce -10.0% |
| HD Home Depot Inc. | 0.31% | 9,055 | $3.1M | Reduce -8.7% |
| AMAT Applied Materials Inc. | 0.30% | 12,108 | $3.1M | Add +2.7% |
| ABT Abbott Laboratories | 0.30% | 24,825 | $3.1M | Reduce -22.5% |
| T AT&T Inc. | 0.30% | 124,959 | $3.1M | Reduce -6.6% |
| CVX Chevron Corp. | 0.30% | 20,186 | $3.1M | Reduce -0.9% |
| SPDW Ste STR SPDR PT DW Eu ETF | 0.30% | 68,479 | $3.0M | Reduce -1.3% |
| ISRG Intuitive Surgical Inc. | 0.30% | 5,342 | $3.0M | Add +153.5% |
| MDT Medtronic PLC | 0.28% | 29,894 | $2.9M | Reduce -4.3% |
| SBUX Starbucks Corp. | 0.28% | 33,607 | $2.8M | Reduce -12.1% |
| CVS CVS Health Corp. | 0.27% | 35,145 | $2.8M | Add +0.9% |
| AMGN Amgen Inc. | 0.27% | 8,504 | $2.8M | Add +26.7% |
| PG The Procter & Gamble Co. | 0.27% | 19,206 | $2.8M | Reduce -11.4% |
| IDXX Idexx Laboratories Inc. | 0.27% | 4,056 | $2.7M | Add +5.2% |
| SPYV SS SPDR P S&P 500 Value ETF | 0.27% | 47,754 | $2.7M | Reduce -0.8% |
| ACN Accenture PLC Class A | 0.26% | 10,008 | $2.7M | Reduce -12.4% |
| SCHW Schwab (charles) Corp. | 0.26% | 26,500 | $2.6M | Add +6.0% |
| MSCI MSCI Inc. | 0.25% | 4,518 | $2.6M | Reduce -12.1% |
| MS Morgan Stanley | 0.24% | 13,963 | $2.5M | Add +0.8% |
| INTU Intuit Inc. | 0.24% | 3,699 | $2.5M | Reduce -2.9% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.24% | 8,208 | $2.4M | Reduce -0.4% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.23% | 20,983 | $2.4M | Reduce -7.2% |
| UL Unilever PLC-Sponsored ADR | 0.23% | 36,147 | $2.4M | Reduce -10.1% |
| HDV iShares Core High Dividend E | 0.23% | 19,222 | $2.3M | Reduce -9.6% |
| AEP American Electric Power | 0.23% | 20,238 | $2.3M | Add +11.1% |
| AEM Agnico Eagle Mines Ltd. | 0.23% | 13,648 | $2.3M | Reduce -8.7% |
| TXN Texas Instruments Inc. | 0.23% | 13,325 | $2.3M | Add +1.6% |
| SPEM State Street SP PTF Em ETF | 0.23% | 49,171 | $2.3M | Reduce -0.1% |
| WMT Walmart Inc. | 0.22% | 20,497 | $2.3M | Add +9.2% |
| APP AppLovin Corp. Class A | 0.22% | 3,379 | $2.3M | Add +25.7% |
| CAT Caterpillar Inc. | 0.22% | 3,951 | $2.3M | Reduce -6.6% |
| JAAA Janus Henderson Aaa Clo ETF | 0.22% | 44,126 | $2.2M | Reduce -22.7% |
| MCD McDonald's Corp. | 0.22% | 7,279 | $2.2M | Add +3.5% |
| GD General Dynamics Corp. | 0.22% | 6,535 | $2.2M | Reduce -6.9% |
| CRM Salesforce Inc. | 0.21% | 8,284 | $2.2M | Reduce -74.8% |
| LOW Lowe's Cos Inc. | 0.21% | 9,066 | $2.2M | Add +3.4% |
| PULS Pgim Ultra Short Bond ETF | 0.21% | 43,412 | $2.2M | Reduce -20.5% |
| CGUS Cap Group Core Equity filed as CAPITAL GROUP CORE EQUITY ET | 0.21% | 52,510 | $2.1M | Reduce -0.9% |
| SNPS Synopsys Inc. | 0.21% | 4,474 | $2.1M | Reduce -10.2% |
| MU Micron Technology Inc. | 0.20% | 7,293 | $2.1M | Add +13.3% |
| DUK Duke Energy Corp. | 0.20% | 17,455 | $2.0M | Reduce -9.0% |
| ASML ASML Holding NV-NY Reg SHS | 0.20% | 1,903 | $2.0M | Add +4.5% |
Portfolio Sells Q3 2025 → Q4 2025
| SHOP Shopify Inc. Class A | Reduce -66.8% | 0.44% | −0.83 |
| EXPE Expedia Group Inc. | Sold out | 0.00% | −0.74 |
| EXEL Exelixis Inc. | Sold out | 0.00% | −0.74 |
| SNEX Stonex Group Inc. | Sold out | 0.00% | −0.71 |
| V Visa Inc. Class A | Reduce -46.2% | 0.79% | −0.69 |
| JBL Jabil Inc. | Reduce -88.2% | 0.09% | −0.67 |
| KBE SS SPDR S&P Bank ETF | Reduce -96.0% | 0.03% | −0.65 |
| AMLP Alerian MLP ETF | Sold out | 0.00% | −0.62 |
| CL Colgate-Palmolive Co. | Reduce -86.3% | 0.09% | −0.62 |
| CRM Salesforce Inc. | Reduce -74.8% | 0.21% | −0.58 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Reduce -21.5% | 1.54% | −0.50 |
| ORCL Oracle Corp. | Reduce -4.4% | 0.68% | −0.39 |
| NFLX Netflix Inc. | Reduce -9.6% | 0.59% | −0.27 |
| SNOW Snowflake Inc. | Reduce -84.5% | 0.03% | −0.18 |
| ANET Arista Networks Inc. | Reduce -3.2% | 0.71% | −0.14 |
| EFA iShares MSCI Eafe ETF | Reduce -44.6% | 0.16% | −0.13 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -9.9% | 1.05% | −0.13 |
| ABT Abbott Laboratories | Reduce -22.5% | 0.30% | −0.13 |
| EEM iShares MSCI Emerging Market | Reduce -73.3% | 0.04% | −0.12 |
| IVW iShares S&P 500 Growth ETF | Reduce -55.3% | 0.10% | −0.12 |
| CYBR Cyberark Software Ltd./Israel | Reduce -35.3% | 0.16% | −0.12 |
| ZTS Zoetis Inc. | Reduce -26.6% | 0.17% | −0.11 |
| LIN Linde PLC | Reduce -57.4% | 0.06% | −0.11 |
| WDAY Workday Inc. Class A | Reduce -63.7% | 0.05% | −0.10 |
| HD Home Depot Inc. | Reduce -8.7% | 0.31% | −0.10 |
| PINS Pinterest Inc. Class A | Reduce -69.4% | 0.03% | −0.10 |
| IVV iShares Core S&P 500 ETF | Reduce -10.8% | 0.71% | −0.10 |
| GLDM SPDR Gold Minishares Trust | Reduce -58.5% | 0.08% | −0.09 |
| MA Mastercard Inc. Class A | Reduce -8.5% | 0.71% | −0.09 |
| OLLI Ollie's Bargain Outlet Holdi | Reduce -28.1% | 0.12% | −0.08 |
| T AT&T Inc. | Reduce -6.6% | 0.30% | −0.08 |
| OXY Occidental Petroleum Corp. | Reduce -28.9% | 0.11% | −0.08 |
| CSGP Costar Group Inc. | Reduce -38.4% | 0.07% | −0.08 |
| JAAA Janus Henderson Aaa Clo ETF | Reduce -22.7% | 0.22% | −0.08 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -31.1% | 0.11% | −0.07 |
| NET Cloudflare Inc. Class A | Reduce -1.9% | 0.46% | −0.07 |
| PG The Procter & Gamble Co. | Reduce -11.4% | 0.27% | −0.07 |
| JPST JPMorgan Ultra-Short Income | Reduce -10.1% | 0.44% | −0.07 |
| UBER Uber Technologies Inc. | Reduce -26.4% | 0.10% | −0.07 |
| PULS Pgim Ultra Short Bond ETF | Reduce -20.5% | 0.21% | −0.07 |
| PAYC Paycom Software Inc. | Reduce -33.7% | 0.06% | −0.07 |
| MORN Morningstar Inc. | Reduce -56.1% | 0.04% | −0.06 |
| AON Aon PLC Class A | Reduce -27.7% | 0.14% | −0.06 |
| KMB Kimberly-Clark Corp. | Reduce -61.9% | 0.03% | −0.06 |
| SFBS Servisfirst Bancshares Inc. | Reduce -60.9% | 0.03% | −0.06 |
| RYAN Ryan Specialty Holdings Inc. | Reduce -41.3% | 0.07% | −0.06 |
| APD Air Products & Chemicals Inc. | Reduce -28.5% | 0.10% | −0.06 |
| DFH Dream Finders Homes Inc. Class A | Sold out | 0.00% | −0.06 |
| VZ Verizon Communications Inc. | Reduce -0.9% | 0.45% | −0.06 |
| INVESTMENT MANAGERS SER TR I | Sold out | 0.00% | −0.06 |
Portfolio Buys Q3 2025 → Q4 2025
| AAPL Apple Inc. | Add +34.8% | 4.55% | +1.27 |
| BMY Bristol-Myers Squibb Co. | Add +816.1% | 0.93% | +0.85 |
| LRCX Lam Research Corp. | Add +297.0% | 1.05% | +0.84 |
| WDC Western Digital Corp. | New | 0.80% | +0.80 |
| MPLX MPLX LP | New | 0.74% | +0.74 |
| IBB iShares Biotechnology ETF | New | 0.70% | +0.70 |
| MO Altria Group Inc. | Add +437.0% | 0.88% | +0.69 |
| XLY SS Consumer Disc Select Sect | Add +2555.2% | 0.68% | +0.66 |
| MEDP Medpace Holdings Inc. | Add +956.6% | 0.72% | +0.65 |
| ADBE Adobe Inc. | Add +168.7% | 0.98% | +0.60 |
| GOOGL Alphabet Inc. Class A | Add +3.1% | 1.97% | +0.43 |
| VUG Vanguard Mrngstar GR ETF-Sui | Add +336.0% | 0.55% | +0.42 |
| VTV Vanguard Mrngstr Val ETF-Aui | Add +269.4% | 0.50% | +0.36 |
| IWV iShares Russell 3000 ETF | Add +399.5% | 0.41% | +0.33 |
| GOOG Alphabet Inc. Class C | Add +4.5% | 1.38% | +0.32 |
| AVGO Broadcom Inc. | Add +17.1% | 1.95% | +0.30 |
| LLY Eli Lilly & Co. | Add +3.5% | 0.96% | +0.28 |
| ISRG Intuitive Surgical Inc. | Add +153.5% | 0.30% | +0.20 |
| NVDA Nvidia Corp. | Add +8.5% | 4.42% | +0.19 |
| AMZN Amazon.com Inc. | Add +5.8% | 2.33% | +0.16 |
| PAAA Pgim Aaa Clo ETF | Add +6.7% | 6.24% | +0.14 |
| TSLA Tesla Inc. | Add +13.5% | 1.15% | +0.11 |
| MU Micron Technology Inc. | Add +13.3% | 0.20% | +0.09 |
| AMD Advanced Micro Devices | Add +3.2% | 0.35% | +0.09 |
| AMGN Amgen Inc. | Add +26.7% | 0.27% | +0.08 |
| CSCO Cisco Systems Inc. | Add +3.4% | 0.69% | +0.07 |
| MRK Merck & Co. Inc. | Add +0.0% | 0.42% | +0.07 |
| TPVG Triplepoint Venture Growth B | Add +150.1% | 0.11% | +0.07 |
| JPM JPMorgan Chase & Co. | Add +11.6% | 0.78% | +0.07 |
| JNJ Johnson & Johnson | Add +3.1% | 0.71% | +0.07 |
| KVUE Kenvue Inc. | New | 0.07% | +0.07 |
| HODL Vaneck Bitcoin ETF | New | 0.07% | +0.07 |
| APG Api Group Corp. | New | 0.06% | +0.06 |
| JQUA JPMorgan US Quality Factor | Add +123.3% | 0.12% | +0.06 |
| FSK FS KKR Capital Corp. | Add +175.9% | 0.10% | +0.06 |
| KO The Coca-Cola Co. | Add +20.2% | 0.34% | +0.06 |
| ED Consolidated Edison Inc. | New | 0.06% | +0.06 |
| AMAT Applied Materials Inc. | Add +2.7% | 0.30% | +0.06 |
| NLY Annaly Capital Management Inc. | Add +71.9% | 0.13% | +0.06 |
| BCSF Bain Capital Specialty Finan | Add +145.0% | 0.10% | +0.06 |
| ROST Ross Stores Inc. | Add +66.0% | 0.12% | +0.06 |
| VRTX Vertex Pharmaceuticals Inc. | Add +43.2% | 0.15% | +0.06 |
| AGNC AGNC Investment Corp. | Add +81.8% | 0.12% | +0.06 |
| OHI Omega Healthcare Investors | Add +63.5% | 0.14% | +0.06 |
| RUN Sunrun Inc. | Add +9.8% | 0.48% | +0.05 |
| VXUS Vanguard Total Intl Stock | Add +65.1% | 0.14% | +0.05 |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | Add +55.4% | 0.18% | +0.05 |
| PLTR Palantir Technologies Inc. Class A | Add +20.9% | 0.43% | +0.05 |
| XOM Exxon Mobil Corp. | Add +10.9% | 0.41% | +0.05 |
| EFC Ellington Financial Inc. | Add +89.2% | 0.10% | +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 |