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Livermore
Livermore
ZHEN

Northland Capital Management LLC

SEC CIK
0001693032
Latest filing
Jul 21, 2026

The latest 13F from Northland Capital Management LLC covers Q2 2026 (filed Jul 21, 2026): 30 long positions worth $185.5M. The top 10 holdings make up 75.0% of the portfolio, and the largest is Bondbloxx ETF Trust at 14.5%. Livermore has 19 filings on Form 13F from this institution, going back to Q4 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
1
Est. +$12.1M
Added
14
Est. +$6.39M
Reduced
13
Est. −$17.3M
Sold out
2
Est. −$11.7M

Top 5 holdings

Share of this quarter's portfolio value

  1. Bondbloxx ETF Trust09789C812
    14.5%$26.9M
  2. Schwab Fundamental U.S. Large Company ETF808524771
    10.2%$18.9M
  3. iShares Tr46429B747
    9.0%$16.8M
  4. American Centy ETF Tr025072349
    8.3%$15.5M
  5. Fidelity Merrimack STR Tr316188838
    6.5%$12.1M

Share of portfolio

Top 5 holdings and the other 25 positions, by share of portfolio value

  1. Bondbloxx ETF Trust14.5%
  2. Schwab Fundamental U.S. Large Company ETF10.2%
  3. iShares Tr9.0%
  4. American Centy ETF Tr8.3%
  5. Fidelity Merrimack STR Tr6.5%
  6. Other 25 positions51.4%

Biggest buys

New and added positions, by estimated amount bought

  1. Fidelity Merrimack STR Tr316188838
    +$12.1MNew
  2. Schwab Fundamental International Equity ETF808524755
    +$1.73MAdded
  3. Bondbloxx ETF Trust09789C812
    +$1.11MAdded
  4. iShares Tr46429B747
    +$605.3KAdded
  5. American Centy ETF Tr025072364
    +$511.4KAdded

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. Fidelity Merrimack STR Tr316188838
    +6.53 pp0.0% → 6.5%
  2. Schwab Fundamental International Equity ETF808524755
    +1.18 pp4.0% → 5.2%
  3. Schwab Fundamental U.S. Large Company ETF808524771
    +1.04 pp9.2% → 10.2%
  4. American Centy ETF Tr025072877
    +0.49 pp3.4% → 3.9%
  5. Schwab Fundamental U.S. Small Company ETF808524763
    +0.46 pp2.5% → 3.0%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. Janus Detroit STR Tr47103U845
    −$11.3MSold out
  2. American Centy ETF Tr025072349
    −$8.84MReduced
  3. Vanguard Morningstar Total Stock Market ETF922908769
    −$3.14MReduced
  4. American Centy ETF Tr025072281
    −$2.45MReduced
  5. American Centy ETF Tr025072372
    −$804.7KReduced

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. Janus Detroit STR Tr47103U845
    −6.18 pp6.2% → 0.0%
  2. American Centy ETF Tr025072349
    −3.41 pp11.8% → 8.3%
  3. American Centy ETF Tr025072281
    −0.80 pp2.9% → 2.1%
  4. Vanguard Morningstar Total Stock Market ETF922908769
    −0.74 pp6.9% → 6.2%
  5. American Centy ETF Tr025072372
    −0.25 pp2.3% → 2.1%

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$185.5M
+$2.64M (+1.4%) vs. prior quarter
Positions
30
−1 vs. prior quarter
Top 10 concentration
75.0%
Top 10 as share of value
Turnover
10.0%
Q2 2026, one quarter
Average holding period
12.4 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q4 2021), so positions held before then are understated.

13F filings by quarter

19 quarters, going back to Q4 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $185.5M (Q2 2026)

Q4 2021: $117.3MQ1 2022: $100.6MQ2 2022: $108.8MQ3 2022: $106.7MQ4 2022: $126.4MQ1 2023: $133.5MQ2 2023: $135.4MQ3 2023: $147.7MQ4 2023: $149.6MQ1 2024: $142.9MQ2 2024: $142.9MQ3 2024: $174.7MQ4 2024: $134.8MQ1 2025: $147.8MQ2 2025: $162.4MQ3 2025: $171.0MQ4 2025: $178.5MQ1 2026: $182.9MQ2 2026: $185.5M
Q4 2021Q2 2026
13F filings of Northland Capital Management LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 21, 202630$185.5MBondbloxx ETF TrustSchwab Fundamental U.S. Large Company ETFiShares Trvs. Q1 2026SEC
Q1 2026Apr 21, 202631$182.9MBondbloxx ETF TrustAmerican Centy ETF TrSchwab Fundamental U.S. Large Company ETFvs. Q4 2025SEC
Q4 2025Jan 20, 202630$178.5MiShares TrAmerican Centy ETF TrSchwab Fundamental U.S. Large Company ETFvs. Q3 2025SEC
Q3 2025Oct 29, 202530$171.0MiShares TrVanguard Morningstar Total Stock Market ETFAmerican Centy ETF Trvs. Q2 2025SEC
Q2 2025Jul 14, 202531$162.4MiShares TrVanguard Morningstar Total Stock Market ETFAmerican Centy ETF Trvs. Q1 2025SEC
Q1 2025Apr 23, 202531$147.8MiShares TrAmerican Centy ETF TrVanguard Morningstar Total Stock Market ETFvs. Q4 2024SEC
Q4 2024Jan 22, 202531$134.8MiShares TriShares TrAmerican Centy ETF Trvs. Q3 2024SEC
Q3 2024Oct 22, 202431$174.7MBondbloxx ETF TrustiShares TrAmerican Centy ETF Trvs. Q2 2024SEC
Q2 2024Jul 17, 202430$142.9MiShares TriShares TriShares Trvs. Q1 2024SEC
Q1 2024Apr 19, 202431$142.9MiShares TrVanguard Mortgage-Backed Securities ETFVanguard Morningstar Total Stock Market ETFvs. Q4 2023SEC
Q4 2023Jan 24, 202432$149.6MiShares TrVanguard Mortgage-Backed Securities ETFVanguard Morningstar Total Stock Market ETFvs. Q3 2023SEC
Q3 2023Oct 17, 202332$147.7MVanguard Mortgage-Backed Securities ETFiShares TriShares Trvs. Q2 2023SEC
Q2 2023Jul 19, 202328$135.4MiShares Trust iShares 0-1 Year Treasury Bond ETFVanguard Scottsdale FDSiShares Trvs. Q1 2023SEC
Q1 2023Apr 17, 202327$133.5MVanguard Scottsdale FDSiShares TriShares Trust iShares 0-1 Year Treasury Bond ETFvs. Q4 2022SEC
Q4 2022Jan 19, 202324$126.4MVanguard Scottsdale FDSiShares TrVanguard Morningstar Total Stock Market ETFvs. Q3 2022SEC
Q3 2022Oct 20, 202225$106.7MVanguard Scottsdale FDSSchwab Fundamental U.S. Large Company ETFDimensional ETF Trustvs. Q2 2022SEC
Q2 2022Jul 19, 202220$108.8MVanguard Scottsdale FDSSchwab Fundamental U.S. Large Company ETFDimensional ETF Trustvs. Q1 2022SEC
Q1 2022Apr 28, 202217$100.6MDimensional ETF TrustSchwab Fundamental U.S. Large Company ETFiShares Core U.S. Aggregate Bond ETFvs. Q4 2021SEC
Q4 2021Jan 21, 202220$117.3MSchwab Fundamental U.S. Large Company ETFiShares TrDimensional ETF Trust–SEC