Winter & Associates

ST. PAUL, MNfiles as Winter & Associates, Inc.

$133m in 85 US stocks at the end of 30 June 2026. The top 10 are 56.3% of the money. It changed about 23.9% of the portfolio this quarter.

Value

$133m

Stocks

Top 10 share

56.3%

Turnover

23.9%

What changed this quarter

New

Bought for the first time this quarter.

Micron TechnologyMU
0.3% of the fund
Astera LabsALAB
0.3% of the fund
IsharesESGE
0.3% of the fund
Advanced Micro DevicesAMD
0.3% of the fund
Dimensional ETF TrustDFSI
0.3% of the fund
Nushares ETF TRNULV
0.2% of the fund
IntelINTC
0.2% of the fund
GE VernovaGEV
0.2% of the fund
InnodataINOD
0.2% of the fund
Vanguard Scottsdale FDSVTWG
0.2% of the fund
JabilJBL
0.2% of the fund
General ElectricGE
0.2% of the fund
ToroTTC
0.2% of the fund
Curtiss WrightCW
0.2% of the fund
ASML Holding NVASML
0.2% of the fund

Added

Bought more of a stock they already held.

Victory Portfolios IIUSTB
13.5% of the fund
+79%
Pacer FDS TRCOWZ
6.1% of the fund
+26%
Dimensional ETF TrustDFIV
5.8% of the fund
+65%
Invesco Exch Traded FD TR IISPHB
5.8% of the fund
+71%
Vanguard Index FDSVB
4.9% of the fund
+71%
Ishares TRIWL
4.8% of the fund
+72%
J P Morgan Exchange Traded FJPIB
4.5% of the fund
+78%
Invesco QQQ TRQQQ
3.6% of the fund
+9%
Ishares TRREZ
2.8% of the fund
+81%
Vanguard Intl Equity Index FVWO
2.6% of the fund
+60%
Ishares TRSTIP
2.4% of the fund
+79%
Ishares TRIGIB
1.7% of the fund
+48%
United STS Commodity Index FUSCI
1.4% of the fund
+62%
Vanguard World FDESGV
0.7% of the fund
+213%
MicrosoftMSFT
0.5% of the fund
+2%
Berkshire HathawayBRK-B
0.5% of the fund
+4%
Ishares TRESML
0.3% of the fund
+26%
CorningGLW
0.3% of the fund
+4%
Monster BeverageMNST
0.3% of the fund
+6%
Select Sector Spdr TRXLI
0.2% of the fund
+15%

Cut

Sold some of their stake.

Vanguard Star FDSVXUS
3.1% of the fund
-39%
State STR Spdr S&P Midcap 40MDY
2.8% of the fund
-42%
NvidiaNVDA
2.6% of the fund
-6%
Schwab Strategic TRFNDA
2.3% of the fund
-49%
Wisdomtree TRDGRW
1.7% of the fund
-48%
Vanguard Index FDSVTI
1.6% of the fund
-3%
Ishares TRITOT
0.8% of the fund
-19%
Ishares TREEM
0.7% of the fund
-51%
Vanguard Scottsdale FDSVCSH
0.5% of the fund
-66%
Lam ResearchLRCX
0.5% of the fund
-3%
Vanguard Scottsdale FDSVGSH
0.5% of the fund
-25%
Invesco Exch Traded FD TR IISPHD
0.4% of the fund
-65%
Invesco Exch Traded FD TR IIPSCC
0.4% of the fund
-28%
IsharesIEMG
0.3% of the fund
-50%
Schwab Strategic TRSCHD
0.3% of the fund
-5%
Vanguard Index FDSVOO
0.3% of the fund
-35%
Ishares TRIDEV
0.3% of the fund
-28%
Select Sector Spdr TRXLRE
0.3% of the fund
-63%
Vanguard BD Index FDSBND
0.2% of the fund
-89%
Vaneck ETF TrustMOAT
0.2% of the fund
-17%
Spdr Series TrustSHE
0.2% of the fund
-40%
Vanguard Index FDSVNQ
0.2% of the fund
-67%
Vanguard Scottsdale FDSVGIT
0.2% of the fund
-34%
Trust FOR Professional ManagMINN
0.2% of the fund
-31%
Dimensional ETF TrustDFAT
0.2% of the fund
-22%

Sold out

Sold their entire stake.

Vanguard Charlotte FDSBNDX
-100%
Ishares TRAGG
-100%
Pimco ETF TRLTPZ
-100%
Ishares TRIGLB
-100%
Ishares TRTIP
-100%
Vanguard BD Index FDSBSV
-100%
Honeywell InternationalHON
-100%
Ishares TRIUSB
-100%
Ishares TRILTB
-100%
Wisdomtree TRDON
-100%
Vanguard Index FDSVBR
-100%
HCA HealthcareHCA
-100%
SalesforceCRM
-100%
Ishares TRIWM
-100%

Holdings

Victory Portfolios IIUSTB
Share
13.5%
Value
$18m
Shares
355,616
+79%
Pacer FDS TRCOWZ
Share
6.1%
Value
$8m
Shares
130,809
+26%
Dimensional ETF TrustDFIV
Share
5.8%
Value
$8m
Shares
143,360
+65%
Invesco Exch Traded FD TR IISPHB
Share
5.8%
Value
$8m
Shares
49,302
+71%
Vanguard Index FDSVB
Share
4.9%
Value
$7m
Shares
21,535
+71%
Ishares TRIWL
Share
4.8%
Value
$6m
Shares
34,510
+72%
J P Morgan Exchange Traded FJPIB
Share
4.5%
Value
$6m
Shares
125,022
+78%
AppleAAPL
Share
4.1%
Value
$5m
Shares
18,980
Held
Invesco QQQ TRQQQ
Share
3.6%
Value
$5m
Shares
6,496
+9%
Vanguard Star FDSVXUS
Share
3.1%
Value
$4m
Shares
48,610
-39%
Ishares TRREZ
Share
2.8%
Value
$4m
Shares
39,799
+81%
State STR Spdr S&P Midcap 40MDY
Share
2.8%
Value
$4m
Shares
5,228
-42%
NvidiaNVDA
Share
2.6%
Value
$4m
Shares
17,603
-6%
Vanguard Intl Equity Index FVWO
Share
2.6%
Value
$3m
Shares
57,882
+60%
Ishares TRSTIP
Share
2.4%
Value
$3m
Shares
30,902
+79%
Schwab Strategic TRFNDA
Share
2.3%
Value
$3m
Shares
81,709
-49%
Wisdomtree TRDGRW
Share
1.7%
Value
$2m
Shares
23,648
-48%
Ishares TRIGIB
Share
1.7%
Value
$2m
Shares
42,325
+48%
Vanguard Index FDSVTI
Share
1.6%
Value
$2m
Shares
5,723
-3%
United STS Commodity Index FUSCI
Share
1.4%
Value
$2m
Shares
20,377
+62%
TeslaTSLA
Share
1.3%
Value
$2m
Shares
4,225
Held
3MMMM
Share
1.0%
Value
$1m
Shares
7,952
Held
Amazon.comAMZN
Share
0.8%
Value
$1m
Shares
4,603
Held
Ishares TRITOT
Share
0.8%
Value
$1m
Shares
6,311
-19%
Vanguard World FDESGV
Share
0.7%
Value
$996,033
Shares
7,532
+213%
Ishares TREEM
Share
0.7%
Value
$943,238
Shares
13,788
-51%
AlphabetGOOGL
Share
0.6%
Value
$739,290
Shares
2,069
Held
Vanguard Scottsdale FDSVCSH
Share
0.5%
Value
$727,788
Shares
9,209
-66%
Lam ResearchLRCX
Share
0.5%
Value
$656,928
Shares
1,516
-3%
Vanguard Scottsdale FDSVGSH
Share
0.5%
Value
$647,825
Shares
11,131
-25%
MicrosoftMSFT
Share
0.5%
Value
$646,718
Shares
1,734
+2%
International Business MachinesIBM
Share
0.5%
Value
$634,771
Shares
2,257
Held
AlphabetGOOG
Share
0.5%
Value
$622,253
Shares
1,761
Held
Berkshire HathawayBRK-B
Share
0.5%
Value
$599,468
Shares
1,198
+4%
Invesco Exch Traded FD TR IISPHD
Share
0.4%
Value
$561,393
Shares
11,042
-65%
Intuitive SurgicalISRG
Share
0.4%
Value
$538,459
Shares
1,354
Held
Taiwan Semiconductor ManufacturingTSM
Share
0.4%
Value
$531,537
Shares
1,113
Held
Invesco Exch Traded FD TR IIPSCC
Share
0.4%
Value
$485,926
Shares
13,779
-28%
Sterling InfrastructureSTRL
Share
0.4%
Value
$482,630
Shares
575
Held
Micron TechnologyMU
Share
0.3%
Value
$462,870
Shares
401
New
Ishares TRESML
Share
0.3%
Value
$444,083
Shares
7,940
+26%
Meta PlatformsMETA
Share
0.3%
Value
$433,169
Shares
769
Held
Eli LillyLLY
Share
0.3%
Value
$431,200
Shares
360
Held
UnitedHealth GroupUNH
Share
0.3%
Value
$430,768
Shares
1,037
Held
WalmartWMT
Share
0.3%
Value
$421,157
Shares
3,718
Held
CorningGLW
Share
0.3%
Value
$413,542
Shares
1,619
+4%
JPMorgan ChaseJPM
Share
0.3%
Value
$407,527
Shares
1,245
Held
IsharesIEMG
Share
0.3%
Value
$405,997
Shares
4,901
-50%
Schwab Strategic TRSCHD
Share
0.3%
Value
$401,067
Shares
12,648
-5%
Vanguard Index FDSVOO
Share
0.3%
Value
$391,482
Shares
570
-35%
Ishares TRIDEV
Share
0.3%
Value
$390,220
Shares
4,384
-28%
Astera LabsALAB
Share
0.3%
Value
$386,415
Shares
800
New
Monster BeverageMNST
Share
0.3%
Value
$372,946
Shares
3,880
+6%
IsharesESGE
Share
0.3%
Value
$356,797
Shares
6,524
New
Advanced Micro DevicesAMD
Share
0.3%
Value
$356,097
Shares
613
New
Dimensional ETF TrustDFSI
Share
0.3%
Value
$354,486
Shares
7,860
New
ChevronCVX
Share
0.3%
Value
$346,974
Shares
2,093
Held
State STR Spdr S&P 500 ETF TSPY
Share
0.3%
Value
$339,033
Shares
454
Held
Select Sector Spdr TRXLRE
Share
0.3%
Value
$332,824
Shares
7,559
-63%
Vanguard BD Index FDSBND
Share
0.2%
Value
$332,107
Shares
4,524
-89%
Vaneck ETF TrustMOAT
Share
0.2%
Value
$322,275
Shares
3,100
-17%
Nushares ETF TRNULV
Share
0.2%
Value
$306,140
Shares
6,124
New
Palantir TechnologiesPLTR
Share
0.2%
Value
$301,941
Shares
2,588
Held
IntelINTC
Share
0.2%
Value
$298,388
Shares
2,137
New
VisaV
Share
0.2%
Value
$298,379
Shares
870
Held
Spdr Series TrustSHE
Share
0.2%
Value
$290,965
Shares
1,884
-40%
Select Sector Spdr TRXLI
Share
0.2%
Value
$284,699
Shares
1,537
+15%
Vanguard Index FDSVNQ
Share
0.2%
Value
$280,611
Shares
2,910
-67%
GE VernovaGEV
Share
0.2%
Value
$277,268
Shares
236
New
Vanguard Scottsdale FDSVGIT
Share
0.2%
Value
$276,380
Shares
4,686
-34%
Home DepotHD
Share
0.2%
Value
$237,738
Shares
674
Held
ProgressivePGR
Share
0.2%
Value
$235,196
Shares
1,077
Held
Trust FOR Professional ManagMINN
Share
0.2%
Value
$231,316
Shares
10,329
-31%
InnodataINOD
Share
0.2%
Value
$224,851
Shares
2,975
New
Vanguard Scottsdale FDSVTWG
Share
0.2%
Value
$217,486
Shares
756
New
Dimensional ETF TrustDFAT
Share
0.2%
Value
$217,321
Shares
3,109
-22%
JabilJBL
Share
0.2%
Value
$216,641
Shares
562
New
General ElectricGE
Share
0.2%
Value
$210,410
Shares
563
New
ToroTTC
Share
0.2%
Value
$209,453
Shares
2,150
New
MckessonMCK
Share
0.2%
Value
$208,546
Shares
276
Held
Curtiss WrightCW
Share
0.2%
Value
$208,384
Shares
275
New
ASML Holding NVASML
Share
0.2%
Value
$200,934
Shares
101
New
Saba Capital Income & Opportunities Fund IISABA
Share
<0.1%
Value
$99,432
Shares
11,908
-70%
UBS Asset Management High Yield Credit FundDHY
Share
<0.1%
Value
$46,739
Shares
26,258
Held
Nouveau Monde GraphiteNMG
Share
<0.1%
Value
$19,187
Shares
12,791
Held

Company	Share of fund	Value	Shares	Change
Victory Portfolios IIUSTB	13.5%	$18m	355,616	+79%
Pacer FDS TRCOWZ	6.1%	$8m	130,809	+26%
Dimensional ETF TrustDFIV	5.8%	$8m	143,360	+65%
Invesco Exch Traded FD TR IISPHB	5.8%	$8m	49,302	+71%
Vanguard Index FDSVB	4.9%	$7m	21,535	+71%
Ishares TRIWL	4.8%	$6m	34,510	+72%
J P Morgan Exchange Traded FJPIB	4.5%	$6m	125,022	+78%
AppleAAPL	4.1%	$5m	18,980	Held
Invesco QQQ TRQQQ	3.6%	$5m	6,496	+9%
Vanguard Star FDSVXUS	3.1%	$4m	48,610	-39%
Ishares TRREZ	2.8%	$4m	39,799	+81%
State STR Spdr S&P Midcap 40MDY	2.8%	$4m	5,228	-42%
NvidiaNVDA	2.6%	$4m	17,603	-6%
Vanguard Intl Equity Index FVWO	2.6%	$3m	57,882	+60%
Ishares TRSTIP	2.4%	$3m	30,902	+79%
Schwab Strategic TRFNDA	2.3%	$3m	81,709	-49%
Wisdomtree TRDGRW	1.7%	$2m	23,648	-48%
Ishares TRIGIB	1.7%	$2m	42,325	+48%
Vanguard Index FDSVTI	1.6%	$2m	5,723	-3%
United STS Commodity Index FUSCI	1.4%	$2m	20,377	+62%
TeslaTSLA	1.3%	$2m	4,225	Held
3MMMM	1.0%	$1m	7,952	Held
Amazon.comAMZN	0.8%	$1m	4,603	Held
Ishares TRITOT	0.8%	$1m	6,311	-19%
Vanguard World FDESGV	0.7%	$996,033	7,532	+213%
Ishares TREEM	0.7%	$943,238	13,788	-51%
AlphabetGOOGL	0.6%	$739,290	2,069	Held
Vanguard Scottsdale FDSVCSH	0.5%	$727,788	9,209	-66%
Lam ResearchLRCX	0.5%	$656,928	1,516	-3%
Vanguard Scottsdale FDSVGSH	0.5%	$647,825	11,131	-25%
MicrosoftMSFT	0.5%	$646,718	1,734	+2%
International Business MachinesIBM	0.5%	$634,771	2,257	Held
AlphabetGOOG	0.5%	$622,253	1,761	Held
Berkshire HathawayBRK-B	0.5%	$599,468	1,198	+4%
Invesco Exch Traded FD TR IISPHD	0.4%	$561,393	11,042	-65%
Intuitive SurgicalISRG	0.4%	$538,459	1,354	Held
Taiwan Semiconductor ManufacturingTSM	0.4%	$531,537	1,113	Held
Invesco Exch Traded FD TR IIPSCC	0.4%	$485,926	13,779	-28%
Sterling InfrastructureSTRL	0.4%	$482,630	575	Held
Micron TechnologyMU	0.3%	$462,870	401	New
Ishares TRESML	0.3%	$444,083	7,940	+26%
Meta PlatformsMETA	0.3%	$433,169	769	Held
Eli LillyLLY	0.3%	$431,200	360	Held
UnitedHealth GroupUNH	0.3%	$430,768	1,037	Held
WalmartWMT	0.3%	$421,157	3,718	Held
CorningGLW	0.3%	$413,542	1,619	+4%
JPMorgan ChaseJPM	0.3%	$407,527	1,245	Held
IsharesIEMG	0.3%	$405,997	4,901	-50%
Schwab Strategic TRSCHD	0.3%	$401,067	12,648	-5%
Vanguard Index FDSVOO	0.3%	$391,482	570	-35%
Ishares TRIDEV	0.3%	$390,220	4,384	-28%
Astera LabsALAB	0.3%	$386,415	800	New
Monster BeverageMNST	0.3%	$372,946	3,880	+6%
IsharesESGE	0.3%	$356,797	6,524	New
Advanced Micro DevicesAMD	0.3%	$356,097	613	New
Dimensional ETF TrustDFSI	0.3%	$354,486	7,860	New
ChevronCVX	0.3%	$346,974	2,093	Held
State STR Spdr S&P 500 ETF TSPY	0.3%	$339,033	454	Held
Select Sector Spdr TRXLRE	0.3%	$332,824	7,559	-63%
Vanguard BD Index FDSBND	0.2%	$332,107	4,524	-89%
Vaneck ETF TrustMOAT	0.2%	$322,275	3,100	-17%
Nushares ETF TRNULV	0.2%	$306,140	6,124	New
Palantir TechnologiesPLTR	0.2%	$301,941	2,588	Held
IntelINTC	0.2%	$298,388	2,137	New
VisaV	0.2%	$298,379	870	Held
Spdr Series TrustSHE	0.2%	$290,965	1,884	-40%
Select Sector Spdr TRXLI	0.2%	$284,699	1,537	+15%
Vanguard Index FDSVNQ	0.2%	$280,611	2,910	-67%
GE VernovaGEV	0.2%	$277,268	236	New
Vanguard Scottsdale FDSVGIT	0.2%	$276,380	4,686	-34%
Home DepotHD	0.2%	$237,738	674	Held
ProgressivePGR	0.2%	$235,196	1,077	Held
Trust FOR Professional ManagMINN	0.2%	$231,316	10,329	-31%
InnodataINOD	0.2%	$224,851	2,975	New
Vanguard Scottsdale FDSVTWG	0.2%	$217,486	756	New
Dimensional ETF TrustDFAT	0.2%	$217,321	3,109	-22%
JabilJBL	0.2%	$216,641	562	New
General ElectricGE	0.2%	$210,410	563	New
ToroTTC	0.2%	$209,453	2,150	New
MckessonMCK	0.2%	$208,546	276	Held
Curtiss WrightCW	0.2%	$208,384	275	New
ASML Holding NVASML	0.2%	$200,934	101	New
Saba Capital Income & Opportunities Fund IISABA	<0.1%	$99,432	11,908	-70%
UBS Asset Management High Yield Credit FundDHY	<0.1%	$46,739	26,258	Held
Nouveau Monde GraphiteNMG	<0.1%	$19,187	12,791	Held

Over time and by industry

Value over time

Dec '25

Jun '26

Value is up 23.0% since 31 December 2025.

Where the money is

Technology10.6%

Retail & consumer2.3%

Industrials2.2%

Media & telecom1.3%

Health care1.2%

Financial services1.2%

Everyday goods0.6%

Energy0.3%

Materials0.0%

Other80.3%

From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.