Northland Capital Management LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 20, 2026), Northland Capital Management LLC reported 30 stock positions worth $178.5 million. Its top holding was iShares Gnma Bond ETF (GNMA) at 16.9% of the portfolio, followed by Avantis US Large Cap Value (AVLV, 11.1%) and Schwab Fndmntl US LRG Co. ETF (FNDX, 10.9%). Compared with Q3 2025, it added to 18 and reduced 9. The biggest buy was Schwab Fndmntl US LRG Co. ETF (FNDX, shares +29%) and the biggest sale VG Morningstar TS MKT ETF-US (VTI, shares −35%).
- Most Recent 13F
- Q2 2026
- Location
- VIRGINIA, MN
- CIK
- 0001693032
- Portfolio Value
- $178.5M (Q4 2025)
- SEC Filing
- 0001693032-26-000002 ↗ filed Jan 20, 2026
Holdings Value
Holdings 30 stocks · $178.5M
| GNMA iShares Gnma Bond ETF | 16.94% | 678,983 | $30.2M | Add +1.0% |
| AVLV Avantis US Large Cap Value | 11.05% | 260,445 | $19.7M | Add +17.1% |
| FNDX Schwab Fndmntl US LRG Co. ETF | 10.93% | 717,032 | $19.5M | Add +28.8% |
| VTI VG Morningstar TS MKT ETF-US | 6.83% | 36,390 | $12.2M | Reduce -35.4% |
| JAAA Janus Henderson Aaa Clo ETF | 6.00% | 211,904 | $10.7M | Add +5.3% |
| STIP iShares 0-5 Year Tips Bond E | 5.66% | 98,692 | $10.1M | Reduce -7.7% |
| AVIV Avantis Intl LRG Cap Val ETF | 4.48% | 112,387 | $8.0M | Add +13.8% |
| FNDF Schwab Fndmn Intl LRG Co. ETF | 4.42% | 174,585 | $7.9M | Add +29.5% |
| AVSU Avantis Resp US Equity ETF | 3.24% | 75,850 | $5.8M | Add +7.3% |
| DFSU Dimensional US Sus CORE1 ETF | 3.19% | 131,241 | $5.7M | Reduce -2.0% |
| AVUV Avantis US Small Cap Value | 2.99% | 52,324 | $5.3M | Add +2.5% |
| FNDA Schwab Fndmntl US SM Co. ETF | 2.94% | 166,335 | $5.2M | Add +50.8% |
| SUSB iShares ESG Aware 1-5 Year U | 2.73% | 192,970 | $4.9M | Add +3.6% |
| VEA Vanguard Ftse Developed ETF | 2.60% | 74,367 | $4.6M | Reduce -33.4% |
| PCMM BBLX Private Credit Clo ETF | 2.55% | 90,889 | $4.6M | Add +6.1% |
| AVES Avantis Emerging Markets Val | 2.19% | 67,035 | $3.9M | Add +6.0% |
| FNDE Schwab Fndmntl Em MRK Eq ETF | 2.12% | 105,047 | $3.8M | Add +27.3% |
| DFSI Dimensional Int Sus COR1 ETF | 1.23% | 51,107 | $2.2M | Add +0.1% |
| AVSD Avantis Reps Intern Equi ETF | 1.19% | 28,670 | $2.1M | Add +15.0% |
| ESGV Vanguard ESG US Stock ETF | 1.12% | 16,517 | $2.0M | Reduce -10.6% |
| VWO Vanguard Ftse Emerging Marke | 1.07% | 35,621 | $1.9M | Reduce -36.2% |
| VSGX Vanguard ESG Intl Stock ETF | 0.87% | 21,616 | $1.5M | Reduce -0.3% |
| AVDV Avantis Intl S/C Value ETF | 0.81% | 15,301 | $1.4M | Reduce -2.5% |
| FNDC Schwab Fndmnt Intl SM Eq ETF | 0.77% | 30,803 | $1.4M | Add +48.6% |
| DFSE Dimensional Em Sus CORE1 ETF | 0.53% | 22,691 | $941K | Reduce -0.3% |
| AVSE Avantis Resp Emerg MKTS Eq-E | 0.52% | 14,294 | $929K | Add +2.6% |
| ESML iShares ESG Aware MSCI USA S | 0.47% | 18,095 | $832K | Add +5.3% |
| SGOV iShares 0-3 Month Treasury B | 0.22% | 3,890 | $390K | No change |
| MUB iShares National Muni Bond E | 0.20% | 3,285 | $352K | No change |
| VTEB Vanguard Tax-Exempt Bond ETF | 0.15% | 5,360 | $270K | No change |
Portfolio Sells Q3 2025 → Q4 2025
| VTI VG Morningstar TS MKT ETF-US | Reduce -35.4% | 6.83% | −3.97 |
| VEA Vanguard Ftse Developed ETF | Reduce -33.4% | 2.60% | −1.31 |
| STIP iShares 0-5 Year Tips Bond E | Reduce -7.7% | 5.66% | −0.81 |
| VWO Vanguard Ftse Emerging Marke | Reduce -36.2% | 1.07% | −0.70 |
| ESGV Vanguard ESG US Stock ETF | Reduce -10.6% | 1.12% | −0.16 |
| DFSU Dimensional US Sus CORE1 ETF | Reduce -2.0% | 3.19% | −0.13 |
| DFSE Dimensional Em Sus CORE1 ETF | Reduce -0.3% | 0.53% | −0.02 |
| AVDV Avantis Intl S/C Value ETF | Reduce -2.5% | 0.81% | −0.01 |
| VSGX Vanguard ESG Intl Stock ETF | Reduce -0.3% | 0.87% | −0.01 |
Portfolio Buys Q3 2025 → Q4 2025
| FNDX Schwab Fndmntl US LRG Co. ETF | Add +28.8% | 10.93% | +2.36 |
| AVLV Avantis US Large Cap Value | Add +17.1% | 11.05% | +1.66 |
| FNDF Schwab Fndmn Intl LRG Co. ETF | Add +29.5% | 4.42% | +1.03 |
| FNDA Schwab Fndmntl US SM Co. ETF | Add +50.8% | 2.94% | +0.93 |
| AVIV Avantis Intl LRG Cap Val ETF | Add +13.8% | 4.48% | +0.59 |
| FNDE Schwab Fndmntl Em MRK Eq ETF | Add +27.3% | 2.12% | +0.38 |
| FNDC Schwab Fndmnt Intl SM Eq ETF | Add +48.6% | 0.77% | +0.23 |
| AVSU Avantis Resp US Equity ETF | Add +7.3% | 3.24% | +0.20 |
| AVSD Avantis Reps Intern Equi ETF | Add +15.0% | 1.19% | +0.15 |
| AVES Avantis Emerging Markets Val | Add +6.0% | 2.19% | +0.07 |
| JAAA Janus Henderson Aaa Clo ETF | Add +5.3% | 6.00% | +0.02 |
| PCMM BBLX Private Credit Clo ETF | Add +6.1% | 2.55% | +0.02 |
| AVUV Avantis US Small Cap Value | Add +2.5% | 2.99% | +0.02 |
| ESML iShares ESG Aware MSCI USA S | Add +5.3% | 0.47% | +0.01 |
| DFSI Dimensional Int Sus COR1 ETF | Add +0.1% | 1.23% | +0.00 |
| AVSE Avantis Resp Emerg MKTS Eq-E | Add +2.6% | 0.52% | +0.00 |
| SUSB iShares ESG Aware 1-5 Year U | Add +3.6% | 2.73% | −0.03 |
| GNMA iShares Gnma Bond ETF | Add +1.0% | 16.94% | −0.50 |
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 |