Northland Capital Management LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 29, 2025), Northland Capital Management LLC reported 30 stock positions worth $171.0 million. Its top holding was iShares Gnma Bond ETF (GNMA) at 17.4% of the portfolio, followed by VG Morningstar TS MKT ETF-US (VTI, 10.8%) and Avantis US Large Cap Value (AVLV, 9.4%). Compared with Q2 2025, it sold out of 1, added to 24 and reduced 5. The biggest buy was Janus Henderson Aaa Clo ETF (JAAA, shares +41%) and the biggest sale iShares Gnma Bond ETF (GNMA, shares −11%).
- Most Recent 13F
- Q2 2026
- Location
- VIRGINIA, MN
- CIK
- 0001693032
- Portfolio Value
- $171.0M (Q3 2025)
- SEC Filing
- 0001693032-25-000008 ↗ filed Oct 29, 2025
Holdings Value
Holdings 30 stocks · $171.0M
| GNMA iShares Gnma Bond ETF | 17.43% | 672,179 | $29.8M | Reduce -11.3% |
| VTI VG Morningstar TS MKT ETF-US | 10.80% | 56,287 | $18.5M | Add +0.4% |
| AVLV Avantis US Large Cap Value | 9.40% | 222,344 | $16.1M | Add +0.6% |
| FNDX Schwab Fndmntl US LRG Co. ETF | 8.56% | 556,706 | $14.6M | Add +14.4% |
| STIP iShares 0-5 Year Tips Bond E | 6.46% | 106,946 | $11.1M | Add +1.2% |
| JAAA Janus Henderson Aaa Clo ETF | 5.98% | 201,326 | $10.2M | Add +41.2% |
| VEA Vanguard Ftse Developed ETF | 3.91% | 111,649 | $6.7M | Add +0.9% |
| AVIV Avantis Intl LRG Cap Val ETF | 3.89% | 98,744 | $6.7M | Add +0.4% |
| FNDF Schwab Fndmn Intl LRG Co. ETF | 3.39% | 134,803 | $5.8M | Add +13.1% |
| DFSU Dimensional US Sus CORE1 ETF | 3.33% | 133,918 | $5.7M | Add +9.3% |
| AVSU Avantis Resp US Equity ETF | 3.04% | 70,672 | $5.2M | Reduce -0.1% |
| AVUV Avantis US Small Cap Value | 2.97% | 51,069 | $5.1M | Add +0.3% |
| SUSB iShares ESG Aware 1-5 Year U | 2.76% | 186,280 | $4.7M | Add +0.3% |
| PCMM BBLX Private Credit Clo ETF | 2.53% | 85,677 | $4.3M | Add +1.2% |
| AVES Avantis Emerging Markets Val | 2.12% | 63,241 | $3.6M | Reduce -0.3% |
| FNDA Schwab Fndmntl US SM Co. ETF | 2.01% | 110,285 | $3.4M | Add +12.1% |
| VWO Vanguard Ftse Emerging Marke | 1.77% | 55,801 | $3.0M | Add +0.6% |
| FNDE Schwab Fndmntl Em MRK Eq ETF | 1.74% | 82,512 | $3.0M | Add +10.3% |
| ESGV Vanguard ESG US Stock ETF | 1.28% | 18,476 | $2.2M | Add +0.1% |
| DFSI Dimensional Int Sus COR1 ETF | 1.22% | 51,048 | $2.1M | Add +15.0% |
| AVSD Avantis Reps Intern Equi ETF | 1.04% | 24,924 | $1.8M | Add +0.2% |
| VSGX Vanguard ESG Intl Stock ETF | 0.88% | 21,676 | $1.5M | Add +0.6% |
| AVDV Avantis Intl S/C Value ETF | 0.82% | 15,702 | $1.4M | Add +0.1% |
| DFSE Dimensional Em Sus CORE1 ETF | 0.55% | 22,771 | $936K | Add +6.4% |
| FNDC Schwab Fndmnt Intl SM Eq ETF | 0.54% | 20,727 | $923K | Add +9.4% |
| AVSE Avantis Resp Emerg MKTS Eq-E | 0.52% | 13,930 | $885K | Reduce -0.7% |
| ESML iShares ESG Aware MSCI USA S | 0.45% | 17,178 | $774K | Add +0.1% |
| SGOV iShares 0-3 Month Treasury B | 0.23% | 3,890 | $392K | Add +13.7% |
| MUB iShares National Muni Bond E | 0.20% | 3,285 | $350K | Reduce -4.5% |
| VTEB Vanguard Tax-Exempt Bond ETF | 0.16% | 5,360 | $268K | No change |
Portfolio Sells Q2 2025 → Q3 2025
| GNMA iShares Gnma Bond ETF | Reduce -11.3% | 17.43% | −3.07 |
| PCLO Virtus Seix Aaa PRV CR Clo | Sold out | 0.00% | −1.75 |
| MUB iShares National Muni Bond E | Reduce -4.5% | 0.20% | −0.02 |
| AVSE Avantis Resp Emerg MKTS Eq-E | Reduce -0.7% | 0.52% | +0.01 |
| AVES Avantis Emerging Markets Val | Reduce -0.3% | 2.12% | +0.03 |
| AVSU Avantis Resp US Equity ETF | Reduce -0.1% | 3.04% | +0.05 |
Portfolio Buys Q2 2025 → Q3 2025
| JAAA Janus Henderson Aaa Clo ETF | Add +41.2% | 5.98% | +1.52 |
| FNDX Schwab Fndmntl US LRG Co. ETF | Add +14.4% | 8.56% | +1.21 |
| FNDF Schwab Fndmn Intl LRG Co. ETF | Add +13.1% | 3.39% | +0.45 |
| DFSU Dimensional US Sus CORE1 ETF | Add +9.3% | 3.33% | +0.37 |
| VTI VG Morningstar TS MKT ETF-US | Add +0.4% | 10.80% | +0.31 |
| FNDA Schwab Fndmntl US SM Co. ETF | Add +12.1% | 2.01% | +0.28 |
| FNDE Schwab Fndmntl Em MRK Eq ETF | Add +10.3% | 1.74% | +0.22 |
| DFSI Dimensional Int Sus COR1 ETF | Add +15.0% | 1.22% | +0.15 |
| AVIV Avantis Intl LRG Cap Val ETF | Add +0.4% | 3.89% | +0.13 |
| AVUV Avantis US Small Cap Value | Add +0.3% | 2.97% | +0.12 |
| AVLV Avantis US Large Cap Value | Add +0.6% | 9.40% | +0.11 |
| VWO Vanguard Ftse Emerging Marke | Add +0.6% | 1.77% | +0.08 |
| AVDV Avantis Intl S/C Value ETF | Add +0.1% | 0.82% | +0.05 |
| FNDC Schwab Fndmnt Intl SM Eq ETF | Add +9.4% | 0.54% | +0.05 |
| DFSE Dimensional Em Sus CORE1 ETF | Add +6.4% | 0.55% | +0.05 |
| ESGV Vanguard ESG US Stock ETF | Add +0.1% | 1.28% | +0.03 |
| VEA Vanguard Ftse Developed ETF | Add +0.9% | 3.91% | +0.03 |
| SGOV iShares 0-3 Month Treasury B | Add +13.7% | 0.23% | +0.02 |
| ESML iShares ESG Aware MSCI USA S | Add +0.1% | 0.45% | +0.02 |
| VSGX Vanguard ESG Intl Stock ETF | Add +0.6% | 0.88% | +0.01 |
| AVSD Avantis Reps Intern Equi ETF | Add +0.2% | 1.04% | +0.01 |
| PCMM BBLX Private Credit Clo ETF | Add +1.2% | 2.53% | −0.09 |
| SUSB iShares ESG Aware 1-5 Year U | Add +0.3% | 2.76% | −0.12 |
| STIP iShares 0-5 Year Tips Bond E | Add +1.2% | 6.46% | −0.23 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 30 | $185.5M | XTEN, FNDX, STIP, AVLV, FAAA |
| Q1 2026 | 31 | $182.9M | XTEN, AVLV, FNDX, STIP, VTI |
| Q4 2025 | 30 | $178.5M | GNMA, AVLV, FNDX, VTI, JAAA |
| Q3 2025 | 30 | $171.0M | GNMA, VTI, AVLV, FNDX, STIP |
| Q2 2025 | 31 | $162.4M | GNMA, VTI, AVLV, FNDX, STIP |
| Q1 2025 | 31 | $147.8M | GNMA, AVLV, VTI, STIP, FNDX |
| Q4 2024 | 31 | $134.8M | GNMA, STIP, AVLV, VTI, FNDX |
| Q3 2024 | 31 | $174.7M | XHLF, GNMA, AVLV, MBB, VTI |
| Q2 2024 | 30 | $142.9M | GNMA, MBB, STIP, AVLV, VTI |
| Q1 2024 | 31 | $142.9M | GNMA, VMBS, VTI, STIP, AVLV |