Northern Capital Management, Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 3, 2026), Northern Capital Management, Inc. reported 52 stock positions worth $189.3 million. Its top holding was Schwab US Large-Cap Growth (SCHG) at 30.0% of the portfolio, followed by Invesco QQQ Trust Series 1 (QQQ, 18.5%) and Schwab US Large-Cap Value (SCHV, 17.4%). Compared with Q3 2025, it opened 6 new positions, added to 19 and reduced 12. The biggest buy was SS SPDR P S&P 500 Value ETF (SPYV, shares +29%) and the biggest sale Schwab US Large-Cap Growth (SCHG, shares −2%).
- Most Recent 13F
- Q2 2026
- Location
- SPOKANE, WA
- CIK
- 0001581794
- Portfolio Value
- $189.3M (Q4 2025)
- SEC Filing
- 0001581794-26-000002 ↗ filed Feb 3, 2026
Holdings Value
Holdings 52 stocks · $189.3M
| SCHG Schwab US Large-Cap Growth | 30.05% | 1,743,373 | $56.9M | Reduce -2.2% |
| QQQ Invesco QQQ Trust Series 1 | 18.54% | 57,126 | $35.1M | Reduce -1.5% |
| SCHV Schwab US Large-Cap Value | 17.38% | 1,110,791 | $32.9M | Reduce -2.6% |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | 9.63% | 57,870 | $18.2M | Add +4.5% |
| GBCI Glacier Bancorp Inc. | 2.87% | 123,439 | $5.4M | No change |
| SPYV SS SPDR P S&P 500 Value ETF | 2.53% | 84,118 | $4.8M | Add +28.9% |
| JNJ Johnson & Johnson | 2.19% | 19,989 | $4.1M | Add +0.0% |
| MSFT Microsoft Corp. | 1.98% | 7,765 | $3.8M | Add +12.0% |
| AAPL Apple Inc. | 1.98% | 13,798 | $3.8M | Add +1.1% |
| FIBK First Interstate Bancsys-A | 0.95% | 52,100 | $1.8M | Add +0.5% |
| AMZN Amazon.com Inc. | 0.92% | 7,580 | $1.7M | Add +2.4% |
| DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE | 0.77% | 3,023 | $1.5M | No change |
| NVDA Nvidia Corp. | 0.70% | 7,054 | $1.3M | Add +16.5% |
| GOOG Alphabet Inc. Class C | 0.67% | 4,023 | $1.3M | Add +0.8% |
| VOO Vanguard S&P 500 ETF | 0.56% | 1,703 | $1.1M | Add +1.4% |
| SCHB Schwab US Broad Market ETF | 0.56% | 40,395 | $1.1M | Add +1.2% |
| COST Costco Wholesale Corp. | 0.54% | 1,176 | $1.0M | Add +3.6% |
| VTI VG Morningstar TS MKT ETF-US | 0.51% | 2,894 | $970K | Reduce -3.3% |
| SCHM Schwab US Mid Cap ETF | 0.45% | 28,516 | $857K | Reduce -24.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.45% | 1,677 | $843K | Reduce -0.5% |
| AON Aon PLC Class A | 0.31% | 1,688 | $596K | No change |
| CVX Chevron Corp. | 0.31% | 3,822 | $582K | Reduce -0.3% |
| GOOGL Alphabet Inc. Class A | 0.28% | 1,715 | $537K | No change |
| VEU Vanguard Ftse All-World Ex-U | 0.28% | 7,148 | $526K | No change |
| XOM Exxon Mobil Corp. | 0.26% | 4,127 | $497K | Add +0.1% |
| JPM JPMorgan Chase & Co. | 0.24% | 1,404 | $452K | Reduce -0.2% |
| META Meta Platforms Inc. Class A | 0.23% | 662 | $437K | No change |
| VNQ Vanguard Real Estate ETF | 0.22% | 4,788 | $424K | No change |
| CEF Sprott Physical Gold and Sil | 0.20% | 8,380 | $384K | No change |
| ABBV Abbvie Inc. | 0.20% | 1,673 | $382K | Add +21.9% |
| BA The Boeing Co. | 0.20% | 1,759 | $382K | Add +9.3% |
| SBUX Starbucks Corp. | 0.20% | 4,447 | $374K | Add +6.8% |
| AVGO Broadcom Inc. | 0.19% | 1,050 | $363K | Add +30.8% |
| NEE Nextera Energy Inc. | 0.19% | 4,443 | $357K | Reduce -42.5% |
| V Visa Inc. Class A | 0.19% | 1,003 | $352K | New |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.18% | 1,161 | $344K | Reduce -0.1% |
| CMI Cummins Inc. | 0.17% | 612 | $312K | No change |
| IMCG iShares Morningstar Mid-Cap | 0.16% | 3,880 | $310K | No change |
| WFC Wells Fargo & Co. | 0.15% | 3,084 | $287K | Reduce -0.2% |
| GLD SPDR Gold Shares | 0.15% | 693 | $275K | Add +1.9% |
| USXF iShares ESG Advance MSCI USA | 0.14% | 4,455 | $257K | No change |
| LLY Eli Lilly & Co. | 0.14% | 238 | $256K | New |
| ITOT iShares Core S&P Total U.S. | 0.13% | 1,696 | $252K | No change |
| SMH Vaneck Semiconductor ETF | 0.13% | 682 | $246K | No change |
| EPD Enterprise Products Partners | 0.13% | 7,473 | $240K | Add +0.2% |
| DLN Wisdomtree US Largecap Divid | 0.13% | 2,714 | $239K | No change |
| CAT Caterpillar Inc. | 0.12% | 406 | $233K | New |
| TQQQ Proshares Ultrapro QQQ | 0.12% | 4,236 | $223K | No change |
| ASML ASML Holding NV-NY Reg SHS | 0.11% | 192 | $205K | New |
| UNH Unitedhealth Group Inc. | 0.11% | 615 | $203K | New |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.11% | 691 | $201K | Reduce -8.7% |
| MU Micron Technology Inc. | 0.11% | 702 | $200K | New |
Portfolio Sells Q3 2025 → Q4 2025
| SCHG Schwab US Large-Cap Growth | Reduce -2.2% | 30.05% | −0.80 |
| SCHV Schwab US Large-Cap Value | Reduce -2.6% | 17.38% | −0.63 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -1.5% | 18.54% | −0.34 |
| SCHM Schwab US Mid Cap ETF | Reduce -24.1% | 0.45% | −0.15 |
| NEE Nextera Energy Inc. | Reduce -42.5% | 0.19% | −0.13 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -3.3% | 0.51% | −0.02 |
| CVX Chevron Corp. | Reduce -0.3% | 0.31% | −0.02 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Reduce -8.7% | 0.11% | −0.01 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.5% | 0.45% | −0.01 |
| JPM JPMorgan Chase & Co. | Reduce -0.2% | 0.24% | −0.00 |
| IBM Intl Business Machines Corp. | Reduce -0.1% | 0.18% | +0.00 |
| WFC Wells Fargo & Co. | Reduce -0.2% | 0.15% | +0.01 |
Portfolio Buys Q3 2025 → Q4 2025
| SPYV SS SPDR P S&P 500 Value ETF | Add +28.9% | 2.53% | +0.57 |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | Add +4.5% | 9.63% | +0.38 |
| V Visa Inc. Class A | New | 0.19% | +0.19 |
| JNJ Johnson & Johnson | Add +0.0% | 2.19% | +0.17 |
| GOOG Alphabet Inc. Class C | Add +0.8% | 0.67% | +0.14 |
| LLY Eli Lilly & Co. | New | 0.14% | +0.14 |
| CAT Caterpillar Inc. | New | 0.12% | +0.12 |
| ASML ASML Holding NV-NY Reg SHS | New | 0.11% | +0.11 |
| UNH Unitedhealth Group Inc. | New | 0.11% | +0.11 |
| MU Micron Technology Inc. | New | 0.11% | +0.11 |
| AAPL Apple Inc. | Add +1.1% | 1.98% | +0.10 |
| NVDA Nvidia Corp. | Add +16.5% | 0.70% | +0.08 |
| FIBK First Interstate Bancsys-A | Add +0.5% | 0.95% | +0.06 |
| AVGO Broadcom Inc. | Add +30.8% | 0.19% | +0.05 |
| AMZN Amazon.com Inc. | Add +2.4% | 0.92% | +0.04 |
| MSFT Microsoft Corp. | Add +12.0% | 1.98% | +0.04 |
| ABBV Abbvie Inc. | Add +21.9% | 0.20% | +0.03 |
| GLD SPDR Gold Shares | Add +1.9% | 0.15% | +0.01 |
| BA The Boeing Co. | Add +9.3% | 0.20% | +0.01 |
| XOM Exxon Mobil Corp. | Add +0.1% | 0.26% | +0.01 |
| SBUX Starbucks Corp. | Add +6.8% | 0.20% | +0.01 |
| VOO Vanguard S&P 500 ETF | Add +1.4% | 0.56% | +0.01 |
| SCHB Schwab US Broad Market ETF | Add +1.2% | 0.56% | +0.00 |
| EPD Enterprise Products Partners | Add +0.2% | 0.13% | +0.00 |
| COST Costco Wholesale Corp. | Add +3.6% | 0.54% | −0.03 |
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 |