Vault-13

Winter & Associates, Inc.

ST. PAUL, MN · CIK 2109063 · 13F filing filed 2026-02-13

SEC-registered investment adviser since 2022 · corporation

$108.2m reported value
82positions
48.5%in top 10
—no comparable previous quarter

Holdings, Q4 2025

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#SecurityTickerShares Value% of portfolioChangeShares change
1 VICTORY PORTFOLIOS II SHORT TRM BD ETF USTB USTB 132,438 $6.7m6.22% 6.22% First filing
2 VANGUARD STAR FDS VG TL INTL STK F VXUS VXUS 86,844 $6.6m6.06% 6.06% First filing
3 SPDR S&P MIDCAP 400 ETF TR UTSER1 S&PDCRP MDY MDY 10,708 $6.5m5.97% 5.97% First filing
4 SCHWAB STRATEGIC TR FUNDAMENTAL US S FNDA FNDA 191,802 $6.0m5.59% 5.59% First filing
5 PACER FDS TR US CASH COWS 100 COWZ COWZ 93,452 $5.6m5.20% 5.20% First filing
6 APPLE INC COM AAPL AAPL 17,958 $4.9m4.51% 4.51% First filing
7 WISDOMTREE TR US QTLY DIV GRT DGRW DGRW 54,413 $4.9m4.50% 4.50% First filing
8 VANGUARD BD INDEX FDS TOTAL BND MRKT BND BND 55,676 $4.1m3.81% 3.81% First filing
9 INVESCO QQQ TR UNIT SER 1 QQQ QQQ 6,053 $3.7m3.44% 3.44% First filing
10 NVIDIA CORPORATION COM NVDA NVDA 18,518 $3.5m3.19% 3.19% First filing
11 DIMENSIONAL ETF TRUST INTERNATNAL VAL DFIV DFIV 65,052 $3.2m3.00% 3.00% First filing
12 INVESCO EXCH TRADED FD TR II S&P 500 HB ETF SPHB SPHB 20,737 $2.4m2.24% 2.24% First filing
13 VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD VCSH VCSH 29,388 $2.3m2.17% 2.17% First filing
14 VANGUARD INDEX FDS SMALL CP ETF VB VB 9,014 $2.3m2.15% 2.15% First filing
15 ISHARES TR RUS TOP 200 ETF IWL IWL 13,344 $2.3m2.10% 2.10% First filing
16 J P MORGAN EXCHANGE TRADED F INTL BD OPP ETF JPIB JPIB 44,800 $2.2m2.02% 2.02% First filing
17 VANGUARD CHARLOTTE FDS TOTAL INT BD ETF BNDX BNDX 44,474 $2.1m1.99% 1.99% First filing
18 TESLA INC COM TSLA TSLA 4,139 $1.9m1.72% 1.72% First filing
19 ISHARES TR MSCI EMG MKT ETF EEM EEM 31,389 $1.7m1.59% 1.59% First filing
20 VANGUARD INDEX FDS TOTAL STK MKT VTI VTI 5,113 $1.7m1.58% 1.58% First filing
21 INVESCO EXCH TRADED FD TR II S&P500 HDL VOL SPHD SPHD 35,629 $1.7m1.58% 1.58% First filing
22 VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF VWO VWO 24,590 $1.3m1.22% 1.22% First filing
23 3M CO COM MMM MMM 7,942 $1.3m1.18% 1.18% First filing
24 ISHARES TR RESIDENTIAL MULT REZ REZ 15,153 $1.3m1.16% 1.16% First filing
25 ISHARES TR CORE S&P TTL STK ITOT ITOT 8,112 $1.2m1.11% 1.11% First filing
26 ISHARES TR 0-5 YR TIPS ETF STIP STIP 10,941 $1.1m1.04% 1.04% First filing
27 ISHARES TR ISHS 5-10YR INVT IGIB IGIB 20,477 $1.1m1.02% 1.02% First filing
28 AMAZON COM INC COM AMZN AMZN 4,619 $1.1m0.99% 0.99% First filing
29 SELECT SECTOR SPDR TR RL EST SEL SEC XLRE XLRE 23,366 $942.8k0.87% 0.87% First filing
30 VANGUARD INDEX FDS REAL ESTATE ETF VNQ VNQ 10,527 $931.5k0.86% 0.86% First filing
31 ISHARES TR CORE US AGGBD ET AGG AGG 8,737 $872.7k0.81% 0.81% First filing
32 MICROSOFT CORP COM MSFT MSFT 1,732 $837.6k0.77% 0.77% First filing
33 VANGUARD SCOTTSDALE FDS SHORT TERM TREAS VGSH VGSH 14,107 $828.5k0.77% 0.77% First filing
34 INTUITIVE SURGICAL INC COM NEW ISRG ISRG 1,354 $766.9k0.71% 0.71% First filing
35 ISHARES INC CORE MSCI EMKT IEMG IEMG 10,136 $681.4k0.63% 0.63% First filing
36 INTERNATIONAL BUSINESS MACHS COM IBM IBM 2,197 $650.8k0.60% 0.60% First filing
37 ALPHABET INC CAP STK CL A GOOGL GOOGL 2,069 $647.5k0.60% 0.60% First filing
38 UNITED STS COMMODITY INDEX F COMM IDX FND USCI USCI 8,232 $638.9k0.59% 0.59% First filing
39 ISHARES TR TIPS BD ETF TIP TIP 5,788 $636.2k0.59% 0.59% First filing
40 ISHARES TR 10+ YR INVST GRD IGLB IGLB 12,059 $608.4k0.56% 0.56% First filing
41 PIMCO ETF TR 15+ YR US TIPS LTPZ LTPZ 11,538 $597.1k0.55% 0.55% First filing
42 INVESCO EXCH TRADED FD TR II S&P SMLCP STAP PSCC PSCC 17,595 $546.9k0.51% 0.51% First filing
43 VANGUARD INDEX FDS S&P 500 ETF SHS VOO VOO 872 $546.9k0.51% 0.51% First filing
44 ISHARES TR CORE MSCI INTL IDEV IDEV 6,357 $524.3k0.48% 0.48% First filing
45 ALPHABET INC CAP STK CL C GOOG GOOG 1,644 $515.8k0.48% 0.48% First filing
46 META PLATFORMS INC CL A META META 771 $508.9k0.47% 0.47% First filing
47 SABA CAPITAL INCOME & OPPORT COM NEW SABA SABA 61,560 $507.9k0.47% 0.47% First filing
48 VANGUARD BD INDEX FDS SHORT TRM BOND BSV BSV 6,123 $482.6k0.45% 0.45% First filing
49 PALANTIR TECHNOLOGIES INC CL A PLTR PLTR 2,588 $460.0k0.43% 0.43% First filing
50 VANGUARD SCOTTSDALE FDS INTER TERM TREAS VGIT VGIT 7,469 $447.6k0.41% 0.41% First filing
51 SPDR SER TR SPDR MSCI USA GE SHE SHE 3,208 $423.7k0.39% 0.39% First filing
52 JPMORGAN CHASE & CO COM JPM JPM 1,285 $414.0k0.38% 0.38% First filing
53 WALMART INC COM WMT WMT 3,713 $413.7k0.38% 0.38% First filing
54 VANECK ETF TRUST MRNGSTR WDE MOAT MOAT MOAT 3,905 $404.4k0.37% 0.37% First filing
55 BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B BRK.B 780 $392.1k0.36% 0.36% First filing
56 TRUST FOR PROFESSIONAL MANAG MAIRS & PWR MINN MINN MINN 17,321 $390.6k0.36% 0.36% First filing
57 ELI LILLY & CO COM LLY LLY 349 $375.4k0.35% 0.35% First filing
58 SCHWAB STRATEGIC TR US DIVIDEND EQ SCHD SCHD 13,626 $373.8k0.35% 0.35% First filing
59 UNITEDHEALTH GROUP INC COM UNH UNH 1,052 $347.0k0.32% 0.32% First filing
60 CHEVRON CORP NEW COM CVX CVX 2,090 $318.5k0.29% 0.29% First filing
61 SPDR S&P 500 ETF TR TR UNIT SPY SPY 467 $318.5k0.29% 0.29% First filing
62 VISA INC COM CL A V V 870 $304.9k0.28% 0.28% First filing
63 SALESFORCE INC COM CRM CRM 1,137 $301.2k0.28% 0.28% First filing
64 TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM TSM 986 $299.6k0.28% 0.28% First filing
65 ISHARES TR ESG AWARE MSCI ESML ESML 6,285 $289.0k0.27% 0.27% First filing
66 LAM RESEARCH CORP COM NEW LRCX LRCX 1,683 $288.1k0.27% 0.27% First filing
67 DIMENSIONAL ETF TRUST US TARGETED VLU DFAT DFAT 4,805 $286.1k0.26% 0.26% First filing
68 HONEYWELL INTL INC COM COM 1,461 $285.0k0.26% 0.26% First filing
69 ISHARES TR CORE TOTAL USD IUSB IUSB 5,839 $271.7k0.25% 0.25% First filing
70 MONSTER BEVERAGE CORP NEW COM MNST MNST 3,356 $257.3k0.24% 0.24% First filing
71 ISHARES TR CORE LT USDB ETF ILTB ILTB 4,812 $239.1k0.22% 0.22% First filing
72 PROGRESSIVE CORP COM PGR PGR 1,048 $238.6k0.22% 0.22% First filing
73 HOME DEPOT INC COM HD HD 676 $232.6k0.22% 0.22% First filing
74 ISHARES TR 20 YR TR BD ETF TLT TLT 2,622 $228.6k0.21% 0.21% First filing
75 MCKESSON CORP COM MCK MCK 276 $226.4k0.21% 0.21% First filing
76 WISDOMTREE TR US MIDCAP DIVID DON DON 4,303 $222.0k0.21% 0.21% First filing
77 VANGUARD INDEX FDS SM CP VAL ETF VBR VBR 1,030 $218.1k0.20% 0.20% First filing
78 HCA HEALTHCARE INC COM HCA HCA 465 $217.1k0.20% 0.20% First filing
79 BLACKROCK INC COM BLK BLK 200 $214.1k0.20% 0.20% First filing
80 VANGUARD WORLD FD ESG US STK ETF ESGV ESGV 1,727 $208.9k0.19% 0.19% First filing
81 VANGUARD INDEX FDS SML CP GRW ETF VBK VBK 666 $201.2k0.19% 0.19% First filing
82 CREDIT SUISSE HIGH YIELD BD SH BEN INT XDHYX XDHYX 26,258 $52.5k0.05% 0.05% First filing