Winter & Associates, Inc.

ST. PAUL, MN · CIK 2109063 · 13F filing filed 2026-04-08

SEC-registered investment adviser since 2022 · corporation

Assets managed$179.7m
Staff5 · 4 in investment roles
Main clients (by assets)High net worth individuals 62%, Individuals 31%, Pension plans 7%
Form ADV · 2026-08-18SEC adviser record

$114.2m reported value +5.6% vs Q4 2025

84positions

47.5%in top 10

5 new 32 added 37 reduced 3 sold out vs Q4 2025

Holdings, Q1 2026

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

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	VICTORY PORTFOLIOS II SHORT TRM BD ETF USTB	USTB	198,454	$10.0m8.79%	8.79%	Added +66.0k	+66,016 49.9%
2	PACER FDS TR US CASH COWS 100 COWZ	COWZ	104,075	$6.5m5.70%	5.70%	Added +10.6k	+10,623 11.4%
3	VANGUARD STAR FDS VG TL INTL STK F VXUS	VXUS	79,666	$6.2m5.44%	5.44%	Reduced -7.2k	-7,178 -8.3%
4	SPDR S&P MIDCAP 400 ETF TR UTSER1 S&PDCRP MDY	MDY	9,050	$5.7m4.95%	4.95%	Reduced -1.7k	-1,658 -15.5%
5	SCHWAB STRATEGIC TR FUNDAMENTAL US S FNDA	FNDA	161,515	$5.3m4.66%	4.66%	Reduced -30.3k	-30,287 -15.8%
6	APPLE INC COM AAPL	AAPL	19,137	$5.0m4.34%	4.34%	Added +1.2k	+1,179 6.6%
7	DIMENSIONAL ETF TRUST INTERNATNAL VAL DFIV	DFIV	87,099	$4.7m4.08%	4.08%	Added +22.0k	+22,047 33.9%
8	WISDOMTREE TR US QTLY DIV GRT DGRW	DGRW	45,541	$4.0m3.53%	3.53%	Reduced -8.9k	-8,872 -16.3%
9	INVESCO QQQ TR UNIT SER 1 QQQ	QQQ	5,941	$3.5m3.06%	3.06%	Reduced -112	-112 -1.9%
10	INVESCO EXCH TRADED FD TR II S&P 500 HB ETF SPHB	SPHB	28,852	$3.4m2.97%	2.97%	Added +8.1k	+8,115 39.1%
11	J P MORGAN EXCHANGE TRADED F INTL BD OPP ETF JPIB	JPIB	70,368	$3.4m2.94%	2.94%	Added +25.6k	+25,568 57.1%
12	VANGUARD INDEX FDS SMALL CP ETF VB	VB	12,630	$3.4m2.94%	2.94%	Added +3.6k	+3,616 40.1%
13	NVIDIA CORPORATION COM NVDA	NVDA	18,661	$3.3m2.90%	2.90%	Added +143	+143 0.8%
14	ISHARES TR RUS TOP 200 ETF IWL	IWL	20,075	$3.3m2.86%	2.86%	Added +6.7k	+6,731 50.4%
15	VANGUARD BD INDEX FDS TOTAL BND MRKT BND	BND	39,525	$2.9m2.54%	2.54%	Reduced -16.2k	-16,151 -29.0%
16	VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD VCSH	VCSH	27,472	$2.2m1.90%	1.90%	Reduced -1.9k	-1,916 -6.5%
17	VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF VWO	VWO	36,235	$2.0m1.71%	1.71%	Added +11.6k	+11,645 47.4%
18	VANGUARD INDEX FDS TOTAL STK MKT VTI	VTI	5,888	$1.9m1.68%	1.68%	Added +775	+775 15.2%
19	ISHARES TR RESIDENTIAL MULT REZ	REZ	22,032	$1.9m1.63%	1.63%	Added +6.9k	+6,879 45.4%
20	ISHARES TR 0-5 YR TIPS ETF STIP	STIP	17,284	$1.8m1.56%	1.56%	Added +6.3k	+6,343 58.0%
21	VANGUARD CHARLOTTE FDS TOTAL INT BD ETF BNDX	BNDX	34,914	$1.7m1.46%	1.46%	Reduced -9.6k	-9,560 -21.5%
22	ISHARES TR MSCI EMG MKT ETF EEM	EEM	27,912	$1.6m1.40%	1.40%	Reduced -3.5k	-3,477 -11.1%
23	INVESCO EXCH TRADED FD TR II S&P500 HDL VOL SPHD	SPHD	31,630	$1.6m1.38%	1.38%	Reduced -4.0k	-3,999 -11.2%
24	ISHARES TR ISHS 5-10YR INVT IGIB	IGIB	28,552	$1.5m1.33%	1.33%	Added +8.1k	+8,075 39.4%
25	TESLA INC COM TSLA	TSLA	4,225	$1.5m1.31%	1.31%	Added +86	+86 2.1%
26	UNITED STS COMMODITY INDEX F COMM IDX FND USCI	USCI	12,545	$1.2m1.06%	1.06%	Added +4.3k	+4,313 52.4%
27	3M CO COM MMM	MMM	7,952	$1.1m1.01%	1.01%	Added +10	+10 0.1%
28	ISHARES TR CORE S&P TTL STK ITOT	ITOT	7,759	$1.1m0.98%	0.98%	Reduced -353	-353 -4.3%
29	AMAZON COM INC COM AMZN	AMZN	4,577	$973.9k0.85%	0.85%	Reduced -42	-42 -0.9%
30	VANGUARD SCOTTSDALE FDS SHORT TERM TREAS VGSH	VGSH	14,773	$861.6k0.75%	0.75%	Added +666	+666 4.7%
31	SELECT SECTOR SPDR TR RL EST SEL SEC XLRE	XLRE	20,404	$852.1k0.75%	0.75%	Reduced -3.0k	-2,962 -12.7%
32	VANGUARD INDEX FDS REAL ESTATE ETF VNQ	VNQ	8,755	$791.1k0.69%	0.69%	Reduced -1.8k	-1,772 -16.8%
33	ISHARES TR CORE US AGGBD ET AGG	AGG	7,637	$756.4k0.66%	0.66%	Reduced -1.1k	-1,100 -12.6%
34	ISHARES INC CORE MSCI EMKT IEMG	IEMG	9,737	$683.0k0.60%	0.60%	Reduced -399	-399 -3.9%
35	MICROSOFT CORP COM MSFT	MSFT	1,694	$631.8k0.55%	0.55%	Reduced -38	-38 -2.2%
36	ALPHABET INC CAP STK CL A GOOGL	GOOGL	2,069	$620.6k0.54%	0.54%	Unchanged
37	INTUITIVE SURGICAL INC COM NEW ISRG	ISRG	1,354	$612.8k0.54%	0.54%	Unchanged
38	INVESCO EXCH TRADED FD TR II S&P SMLCP STAP PSCC	PSCC	19,225	$608.2k0.53%	0.53%	Added +1.6k	+1,630 9.3%
39	PIMCO ETF TR 15+ YR US TIPS LTPZ	LTPZ	10,878	$561.5k0.49%	0.49%	Reduced -660	-660 -5.7%
40	INTERNATIONAL BUSINESS MACHS COM IBM	IBM	2,255	$556.4k0.49%	0.49%	Added +58	+58 2.6%
41	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	1,154	$549.7k0.48%	0.48%	Added +374	+374 48.0%
42	VANGUARD INDEX FDS S&P 500 ETF SHS VOO	VOO	872	$528.1k0.46%	0.46%	Unchanged
43	ALPHABET INC CAP STK CL C GOOG	GOOG	1,749	$520.6k0.46%	0.46%	Added +105	+105 6.4%
44	ISHARES TR CORE MSCI INTL IDEV	IDEV	6,067	$514.7k0.45%	0.45%	Reduced -290	-290 -4.6%
45	ISHARES TR 10+ YR INVST GRD IGLB	IGLB	10,189	$506.3k0.44%	0.44%	Reduced -1.9k	-1,870 -15.5%
46	ISHARES TR TIPS BD ETF TIP	TIP	4,359	$482.8k0.42%	0.42%	Reduced -1.4k	-1,429 -24.7%
47	WALMART INC COM WMT	WMT	3,717	$471.3k0.41%	0.41%	Added +4	+4 0.1%
48	META PLATFORMS INC CL A META	META	769	$440.7k0.39%	0.39%	Reduced -2	-2 -0.3%
49	VANGUARD BD INDEX FDS SHORT TRM BOND BSV	BSV	5,444	$425.3k0.37%	0.37%	Reduced -679	-679 -11.1%
50	VANGUARD SCOTTSDALE FDS INTER TERM TREAS VGIT	VGIT	7,053	$418.1k0.37%	0.37%	Reduced -416	-416 -5.6%
51	CHEVRON CORP NEW COM CVX	CVX	2,095	$416.6k0.36%	0.36%	Added +5	+5 0.2%
52	SPDR SER TR SPDR MSCI USA GE SHE	SHE	3,165	$411.5k0.36%	0.36%	Reduced -43	-43 -1.3%
53	SCHWAB STRATEGIC TR US DIVIDEND EQ SCHD	SCHD	13,320	$408.1k0.36%	0.36%	Reduced -306	-306 -2.2%
54	PALANTIR TECHNOLOGIES INC CL A PLTR	PLTR	2,588	$382.8k0.34%	0.34%	Unchanged
55	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM	TSM	1,102	$376.6k0.33%	0.33%	Added +116	+116 11.8%
56	JPMORGAN CHASE & CO COM JPM	JPM	1,245	$367.8k0.32%	0.32%	Reduced -40	-40 -3.1%
57	VANECK ETF TRUST MRNGSTR WDE MOAT MOAT	MOAT	3,746	$363.2k0.32%	0.32%	Reduced -159	-159 -4.1%
58	LAM RESEARCH CORP COM NEW LRCX	LRCX	1,566	$345.5k0.30%	0.30%	Reduced -117	-117 -7.0%
59	ELI LILLY & CO COM LLY	LLY	362	$336.0k0.29%	0.29%	Added +13	+13 3.7%
60	HONEYWELL INTL INC COM COM		1,461	$333.4k0.29%	0.29%	Unchanged
61	SABA CAPITAL INCOME & OPPORT COM NEW SABA	SABA	39,673	$333.3k0.29%	0.29%	Reduced -21.9k	-21,887 -35.5%
62	TRUST FOR PROFESSIONAL MANAG MAIRS & PWR MINN MINN	MINN	14,971	$333.0k0.29%	0.29%	Reduced -2.4k	-2,350 -13.6%
63	ISHARES TR ESG AWARE MSCI ESML	ESML	6,317	$302.0k0.26%	0.26%	Added +32	+32 0.5%
64	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	454	$299.2k0.26%	0.26%	Reduced -13	-13 -2.8%
65	UNITEDHEALTH GROUP INC COM UNH	UNH	1,036	$291.5k0.26%	0.26%	Reduced -16	-16 -1.5%
66	VANGUARD WORLD FD ESG US STK ETF ESGV	ESGV	2,403	$273.9k0.24%	0.24%	Added +676	+676 39.1%
67	MONSTER BEVERAGE CORP NEW COM MNST	MNST	3,670	$272.2k0.24%	0.24%	Added +314	+314 9.4%
68	VISA INC COM CL A V	V	870	$263.8k0.23%	0.23%	Unchanged
69	ISHARES TR CORE TOTAL USD IUSB	IUSB	5,590	$257.8k0.23%	0.23%	Reduced -249	-249 -4.3%
70	DIMENSIONAL ETF TRUST US TARGETED VLU DFAT	DFAT	3,974	$251.0k0.22%	0.22%	Reduced -831	-831 -17.3%
71	MCKESSON CORP COM MCK	MCK	276	$236.5k0.21%	0.21%	Unchanged
72	ISHARES TR CORE LT USDB ETF ILTB	ILTB	4,819	$236.3k0.21%	0.21%	Added +7	+7 0.1%
73	WISDOMTREE TR US MIDCAP DIVID DON	DON	4,347	$230.6k0.20%	0.20%	Added +44	+44 1.0%
74	CORNING INC COM GLW	GLW	1,557	$228.1k0.20%	0.20%	New
75	STERLING INFRASTRUCTURE INC COM STRL	STRL	575	$226.4k0.20%	0.20%	New
76	VANGUARD INDEX FDS SM CP VAL ETF VBR	VBR	1,030	$226.0k0.20%	0.20%	Unchanged
77	HCA HEALTHCARE INC COM HCA	HCA	465	$225.0k0.20%	0.20%	Unchanged
78	HOME DEPOT INC COM HD	HD	674	$220.2k0.19%	0.19%	Reduced -2	-2 -0.3%
79	SELECT SECTOR SPDR TR INDL XLI	XLI	1,337	$220.1k0.19%	0.19%	New
80	PROGRESSIVE CORP COM PGR	PGR	1,077	$211.4k0.19%	0.19%	Added +29	+29 2.8%
81	SALESFORCE INC COM CRM	CRM	1,115	$206.3k0.18%	0.18%	Reduced -22	-22 -1.9%
82	ISHARES TR RUSSELL 2000 ETF IWM	IWM	812	$204.9k0.18%	0.18%	New
83	CREDIT SUISSE HIGH YIELD BD SH BEN INT XDHYX	XDHYX	26,258	$49.6k0.04%	0.04%	Unchanged
84	NOUVEAU MONDE GRAPHITE INC COM NEW NMG	NMG	12,791	$28.9k0.03%	0.03%	New

Sold out since Q4 2025

Security	Ticker	Shares held before	Value then
ISHARES TR TLT	TLT	2,622	$228.6k2.6k shares
BLACKROCK INC BLK	BLK	200	$214.1k200 shares
VANGUARD INDEX FDS VBK	VBK	666	$201.2k666 shares