# Northern Capital Management, Inc.

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1581794. Source: https://holderbook.com/funds/1581794-northern-capital-management-inc/

- Reported value: $432.4M
- Positions: 56
- Weight of the ten largest: 89.2%
- Filed: 2026-07-21

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| SCHWAB STRATEGIC TR | [SCHG](https://holderbook.com/stocks/SCHG/) | $111.4M | 3,535,679 | 25.8% | 23 |
| SCHWAB STRATEGIC TR | [SCHV](https://holderbook.com/stocks/SCHV/) | $90.7M | 2,774,542 | 21.0% | 23 |
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $74.8M | 113,905 | 17.3% | 23 |
| SPDR SERIES TRUST | [SPYV](https://holderbook.com/stocks/SPYV/) | $37.1M | 631,898 | 8.6% | 6 |
| VANGUARD INDEX FDS | [VV](https://holderbook.com/stocks/VV/) | $36.6M | 113,690 | 8.5% | 23 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $10.0M | 39,983 | 2.3% | 23 |
| GLACIER BANCORP INC NEW | [GBCI](https://holderbook.com/stocks/GBCI/) | $8.4M | 174,324 | 1.9% | 4 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $7.5M | 27,582 | 1.7% | 23 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $5.7M | 15,447 | 1.3% | 23 |
| FIRST INTST BANCSYSTEM INC | [FIBK](https://holderbook.com/stocks/FIBK/) | $3.7M | 102,926 | 0.9% | 23 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $3.5M | 15,691 | 0.8% | 23 |
| STATE STR SPDR DOW JONES IND | [DIA](https://holderbook.com/stocks/DIA/) | $3.2M | 6,468 | 0.7% | 23 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $2.7M | 14,542 | 0.6% | 11 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $2.6M | 8,084 | 0.6% | 14 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $2.3M | 2,431 | 0.5% | 23 |
| VANGUARD INDEX FDS | [VOO](https://holderbook.com/stocks/VOO/) | $2.1M | 3,259 | 0.5% | 11 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $1.9M | 10,311 | 0.4% | 23 |
| VANGUARD INDEX FDS | [VTI](https://holderbook.com/stocks/VTI/) | $1.6M | 4,564 | 0.4% | 23 |
| SCHWAB STRATEGIC TR | [SCHB](https://holderbook.com/stocks/SCHB/) | $1.6M | 57,745 | 0.4% | 23 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $1.3M | 8,277 | 0.3% | 23 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $1.2M | 1,554 | 0.3% | 3 |
| SCHWAB STRATEGIC TR | [SCHM](https://holderbook.com/stocks/SCHM/) | $1.2M | 35,338 | 0.3% | 23 |
| VANGUARD INTL EQUITY INDEX F | [VEU](https://holderbook.com/stocks/VEU/) | $1.1M | 14,296 | 0.3% | 14 |
| AON PLC | [AON](https://holderbook.com/stocks/AON/) | $1.1M | 3,376 | 0.3% | 23 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $1.1M | 3,422 | 0.3% | 10 |
| VANECK ETF TRUST | [SMH](https://holderbook.com/stocks/SMH/) | $1.1M | 2,035 | 0.2% | 4 |
| VANGUARD INDEX FDS | [VNQ](https://holderbook.com/stocks/VNQ/) | $886.4K | 9,576 | 0.2% | 23 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $873.0K | 2,808 | 0.2% | 23 |
| STARBUCKS CORP | [SBUX](https://holderbook.com/stocks/SBUX/) | $852.8K | 8,894 | 0.2% | 23 |
| BOEING CO | [BA](https://holderbook.com/stocks/BA/) | $827.7K | 3,984 | 0.2% | 15 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $784.8K | 3,345 | 0.2% | 19 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $780.1K | 1,373 | 0.2% | 11 |
| CUMMINS INC | [CMI](https://holderbook.com/stocks/CMI/) | $765.9K | 1,224 | 0.2% | 5 |
| SPROTT ASSET MANAGEMENT LP | [CEF](https://holderbook.com/stocks/CEF/) | $737.0K | 16,760 | 0.2% | 6 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $720.5K | 812 | 0.2% | 3 |
| ISHARES TR | [IMCG](https://holderbook.com/stocks/IMCG/) | $687.0K | 7,760 | 0.2% | 10 |
| ASML HLDG NV | [ASML](https://holderbook.com/stocks/ASML/) | $678.3K | 405 | 0.2% | 3 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $647.7K | 2,006 | 0.1% | 3 |
| VANGUARD STAR FDS | [VXUS](https://holderbook.com/stocks/VXUS/) | $609.5K | 7,496 | 0.1% | 2 |
| INTERNATIONAL BUSINESS MACHS | [IBM](https://holderbook.com/stocks/IBM/) | $608.8K | 2,325 | 0.1% | 8 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $583.0K | 1,698 | 0.1% | 3 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $573.1K | 1,170 | 0.1% | 10 |
| ENTERPRISE PRODS PARTNERS L | [EPD](https://holderbook.com/stocks/EPD/) | $559.1K | 14,990 | 0.1% | 10 |
| ISHARES TR | [USXF](https://holderbook.com/stocks/USXF/) | $555.3K | 8,910 | 0.1% | 9 |
| ISHARES TR | [ITOT](https://holderbook.com/stocks/ITOT/) | $520.2K | 3,392 | 0.1% | 9 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $504.9K | 476 | 0.1% | 3 |
| WISDOMTREE TR | [DLN](https://holderbook.com/stocks/DLN/) | $503.9K | 5,428 | 0.1% | 8 |
| WELLS FARGO & CO | [WFC](https://holderbook.com/stocks/WFC/) | $500.4K | 6,168 | 0.1% | 7 |
| CONOCOPHILLIPS | [COP](https://holderbook.com/stocks/COP/) | $466.7K | 3,955 | 0.1% | 2 |
| PROSHARES TR | [TQQQ](https://holderbook.com/stocks/TQQQ/) | $343.1K | 4,236 | 0.1% | 1 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $300.3K | 628 | 0.1% | 1 |
| SPDR GOLD TR | [GLD](https://holderbook.com/stocks/GLD/) | $263.3K | 612 | 0.1% | 5 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $240.3K | 636 | 0.1% | 5 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $224.6K | 534 | 0.1% | 1 |
| VANGUARD WORLD FD | [ESGV](https://holderbook.com/stocks/ESGV/) | $211.7K | 1,601 | 0.0% | 1 |
| AMPHENOL CORP | [APH](https://holderbook.com/stocks/APH/) | $211.6K | 1,200 | 0.0% | 1 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +16.0% | +14.8% | +1.2% | 100% |
| Q1 2026 | -4.6% | -4.6% | +0.0% | 100% |
| Q4 2025 | +2.1% | +2.4% | -0.2% | 100% |
| Q3 2025 | +8.2% | +7.8% | +0.4% | 100% |
| Q2 2025 | +11.3% | +10.5% | +0.8% | 100% |
| Q1 2025 | -5.6% | -4.6% | -1.0% | 100% |
| Q4 2024 | +2.9% | +2.1% | +0.8% | 100% |
| Q3 2024 | +4.7% | +5.4% | -0.8% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $432.4M | 56 |
| Q1 2026 | $199.5M | 51 |
| Q4 2025 | $189.3M | 52 |
| Q3 2025 | $184.3M | 46 |
| Q2 2025 | $170.0M | 44 |
| Q1 2025 | $153.4M | 43 |
| Q4 2024 | $163.1M | 40 |
| Q3 2024 | $158.3M | 41 |
| Q2 2024 | $149.8M | 39 |
| Q1 2024 | $143.3M | 37 |
| Q4 2023 | $111.8M | 31 |
| Q3 2023 | $107.1M | 36 |