Northern Capital Management, Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 6, 2025), Northern Capital Management, Inc. reported 46 stock positions worth $184.3 million. Its top holding was Schwab US Large-Cap Growth (SCHG) at 30.9% of the portfolio, followed by Invesco QQQ Trust Series 1 (QQQ, 18.9%) and Schwab US Large-Cap Value (SCHV, 18.0%). Compared with Q2 2025, it opened 3 new positions, sold out of 1, added to 19 and reduced 10. The biggest buy was a new position in Glacier Bancorp (GBCI) and the biggest sale Schwab US Mid Cap ETF (SCHM, shares −82%).
- Most Recent 13F
- Q2 2026
- Location
- SPOKANE, WA
- CIK
- 0001581794
- Portfolio Value
- $184.3M (Q3 2025)
- SEC Filing
- 0001581794-25-000015 ↗ filed Nov 6, 2025
Holdings Value
Holdings 46 stocks · $184.3M
| SCHG Schwab US Large-Cap Growth | 30.85% | 1,781,828 | $56.9M | Reduce -1.4% |
| QQQ Invesco QQQ Trust Series 1 | 18.89% | 57,977 | $34.8M | Add +0.3% |
| SCHV Schwab US Large-Cap Value | 18.01% | 1,140,364 | $33.2M | Reduce -0.7% |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | 9.25% | 55,372 | $17.0M | Add +3.9% |
| GBCI Glacier Bancorp Inc. | 3.26% | 123,439 | $6.0M | New |
| JNJ Johnson & Johnson | 2.01% | 19,988 | $3.7M | No change |
| SPYV SS SPDR P S&P 500 Value ETF | 1.96% | 65,237 | $3.6M | Add +162.6% |
| MSFT Microsoft Corp. | 1.95% | 6,932 | $3.6M | Reduce -1.2% |
| AAPL Apple Inc. | 1.89% | 13,651 | $3.5M | Reduce -0.4% |
| FIBK First Interstate Bancsys-A | 0.90% | 51,825 | $1.7M | Add +0.0% |
| AMZN Amazon.com Inc. | 0.88% | 7,406 | $1.6M | Add +0.3% |
| DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE | 0.76% | 3,023 | $1.4M | No change |
| NVDA Nvidia Corp. | 0.61% | 6,054 | $1.1M | Reduce -0.0% |
| SCHM Schwab US Mid Cap ETF | 0.60% | 37,573 | $1.1M | Reduce -81.9% |
| COST Costco Wholesale Corp. | 0.57% | 1,135 | $1.1M | Add +0.1% |
| VOO Vanguard S&P 500 ETF | 0.56% | 1,679 | $1.0M | Add +1.5% |
| SCHB Schwab US Broad Market ETF | 0.56% | 39,900 | $1.0M | Add +3.7% |
| VTI VG Morningstar TS MKT ETF-US | 0.53% | 2,994 | $983K | Reduce -3.2% |
| GOOG Alphabet Inc. Class C | 0.53% | 3,991 | $972K | Add +3.5% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.46% | 1,686 | $848K | Reduce -1.0% |
| AON Aon PLC Class A | 0.33% | 1,688 | $602K | No change |
| CVX Chevron Corp. | 0.32% | 3,832 | $595K | Add +0.6% |
| NEE Nextera Energy Inc. | 0.32% | 7,729 | $583K | No change |
| VEU Vanguard Ftse All-World Ex-U | 0.28% | 7,148 | $510K | No change |
| META Meta Platforms Inc. Class A | 0.26% | 662 | $486K | Add +1.1% |
| XOM Exxon Mobil Corp. | 0.25% | 4,121 | $465K | Add +0.9% |
| JPM JPMorgan Chase & Co. | 0.24% | 1,407 | $444K | Add +1.1% |
| VNQ Vanguard Real Estate ETF | 0.24% | 4,788 | $438K | No change |
| GOOGL Alphabet Inc. Class A | 0.23% | 1,715 | $417K | Add +21.6% |
| SBUX Starbucks Corp. | 0.19% | 4,162 | $352K | Add +0.8% |
| BA The Boeing Co. | 0.19% | 1,609 | $347K | Reduce -5.0% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.18% | 1,162 | $328K | Add +0.2% |
| IMCG iShares Morningstar Mid-Cap | 0.17% | 3,880 | $321K | No change |
| ABBV Abbvie Inc. | 0.17% | 1,372 | $318K | No change |
| CEF Sprott Physical Gold and Sil | 0.17% | 8,380 | $307K | No change |
| AVGO Broadcom Inc. | 0.14% | 803 | $265K | Add +0.1% |
| WFC Wells Fargo & Co. | 0.14% | 3,090 | $259K | No change |
| CMI Cummins Inc. | 0.14% | 612 | $258K | Add +0.2% |
| USXF iShares ESG Advance MSCI USA | 0.14% | 4,455 | $255K | No change |
| ITOT iShares Core S&P Total U.S. | 0.13% | 1,696 | $247K | No change |
| GLD SPDR Gold Shares | 0.13% | 680 | $242K | No change |
| DLN Wisdomtree US Largecap Divid | 0.13% | 2,714 | $236K | No change |
| EPD Enterprise Products Partners | 0.13% | 7,457 | $233K | Add +0.2% |
| SMH Vaneck Semiconductor ETF | 0.12% | 682 | $223K | New |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.12% | 757 | $222K | Reduce -91.3% |
| TQQQ Proshares Ultrapro QQQ | 0.12% | 2,118 | $219K | New |
Portfolio Sells Q2 2025 → Q3 2025
| SCHM Schwab US Mid Cap ETF | Reduce -81.9% | 0.60% | −2.83 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Reduce -91.3% | 0.12% | −1.30 |
| SCHV Schwab US Large-Cap Value | Reduce -0.7% | 18.01% | −0.69 |
| SPMD SS SPDR P S&P 400 Midcap ETF | Sold out | 0.00% | −0.44 |
| SCHG Schwab US Large-Cap Growth | Reduce -1.4% | 30.85% | −0.19 |
| MSFT Microsoft Corp. | Reduce -1.2% | 1.95% | −0.10 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -1.0% | 0.46% | −0.03 |
| BA The Boeing Co. | Reduce -5.0% | 0.19% | −0.02 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -3.2% | 0.53% | −0.02 |
| NVDA Nvidia Corp. | Reduce -0.0% | 0.61% | +0.05 |
| AAPL Apple Inc. | Reduce -0.4% | 1.89% | +0.23 |
Portfolio Buys Q2 2025 → Q3 2025
| GBCI Glacier Bancorp Inc. | New | 3.26% | +3.26 |
| SPYV SS SPDR P S&P 500 Value ETF | Add +162.6% | 1.96% | +1.19 |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | Add +3.9% | 9.25% | +0.30 |
| QQQ Invesco QQQ Trust Series 1 | Add +0.3% | 18.89% | +0.13 |
| GOOG Alphabet Inc. Class C | Add +3.5% | 0.53% | +0.13 |
| SMH Vaneck Semiconductor ETF | New | 0.12% | +0.12 |
| TQQQ Proshares Ultrapro QQQ | New | 0.12% | +0.12 |
| GOOGL Alphabet Inc. Class A | Add +21.6% | 0.23% | +0.08 |
| CMI Cummins Inc. | Add +0.2% | 0.14% | +0.02 |
| FIBK First Interstate Bancsys-A | Add +0.0% | 0.90% | +0.02 |
| SCHB Schwab US Broad Market ETF | Add +3.7% | 0.56% | +0.02 |
| AVGO Broadcom Inc. | Add +0.1% | 0.14% | +0.01 |
| VOO Vanguard S&P 500 ETF | Add +1.5% | 0.56% | +0.01 |
| JPM JPMorgan Chase & Co. | Add +1.1% | 0.24% | +0.00 |
| CVX Chevron Corp. | Add +0.6% | 0.32% | +0.00 |
| XOM Exxon Mobil Corp. | Add +0.9% | 0.25% | −0.01 |
| EPD Enterprise Products Partners | Add +0.2% | 0.13% | −0.01 |
| META Meta Platforms Inc. Class A | Add +1.1% | 0.26% | −0.02 |
| IBM Intl Business Machines Corp. | Add +0.2% | 0.18% | −0.02 |
| SBUX Starbucks Corp. | Add +0.8% | 0.19% | −0.03 |
| AMZN Amazon.com Inc. | Add +0.3% | 0.88% | −0.07 |
| COST Costco Wholesale Corp. | Add +0.1% | 0.57% | −0.09 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026Amended | 55 | $234.5M | SCHG, SCHV, QQQ, VV, SPYV |
| Q1 2026 | 51 | $199.5M | SCHG, SCHV, QQQ, SPYV, VV |
| Q4 2025 | 52 | $189.3M | SCHG, QQQ, SCHV, VV, GBCI |
| Q3 2025 | 46 | $184.3M | SCHG, QQQ, SCHV, VV, GBCI |
| Q2 2025 | 44 | $170.0M | SCHG, QQQ, SCHV, VV, SCHM |
| Q1 2025 | 43 | $153.4M | SCHG, SCHV, QQQ, VV, SCHM |
| Q4 2024 | 40 | $163.1M | SCHG, SCHV, QQQ, VV, SCHM |
| Q3 2024 | 41 | $158.3M | SCHG, SCHV, QQQ, VV, SCHM |
| Q2 2024 | 39 | $149.8M | SCHG, SCHV, QQQ, VV, SCHM |
| Q1 2024 | 37 | $143.3M | SCHG, SCHV, QQQ, VV, SCHM |