Winter & Associates, Inc.

ST. PAUL, MN · CIK 2109063 · 13F filing filed 2026-07-09

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

$133.1m reported value +16.5% vs Q1 2026

85positions

56.3%in top 10

15 new 26 added 29 reduced 14 sold out vs Q1 2026

Holdings, Q2 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	355,616	$18.0m13.53%	13.53%	Added +157.2k	+157,162 79.2%
2	PACER FDS TR US CASH COWS 100 COWZ	COWZ	130,809	$8.1m6.11%	6.11%	Added +26.7k	+26,734 25.7%
3	DIMENSIONAL ETF TRUST INTERNATNAL VAL DFIV	DFIV	143,360	$7.7m5.82%	5.82%	Added +56.3k	+56,261 64.6%
4	INVESCO EXCH TRADED FD TR II S&P 500 HB ETF SPHB	SPHB	49,302	$7.7m5.76%	5.76%	Added +20.4k	+20,450 70.9%
5	VANGUARD INDEX FDS SMALL CP ETF VB	VB	21,535	$6.5m4.90%	4.90%	Added +8.9k	+8,905 70.5%
6	ISHARES TR RUS TOP 200 ETF IWL	IWL	34,510	$6.4m4.80%	4.80%	Added +14.4k	+14,435 71.9%
7	J P MORGAN EXCHANGE TRADED F INTL BD OPP ETF JPIB	JPIB	125,022	$6.0m4.54%	4.54%	Added +54.7k	+54,654 77.7%
8	APPLE INC COM AAPL	AAPL	18,980	$5.5m4.13%	4.13%	Reduced -157	-157 -0.8%
9	INVESCO QQQ TR UNIT SER 1 QQQ	QQQ	6,496	$4.8m3.59%	3.59%	Added +555	+555 9.3%
10	VANGUARD STAR FDS VG TL INTL STK F VXUS	VXUS	48,610	$4.2m3.12%	3.12%	Reduced -31.1k	-31,056 -39.0%
11	ISHARES TR RESIDENTIAL MULT REZ	REZ	39,799	$3.8m2.83%	2.83%	Added +17.8k	+17,767 80.6%
12	SPDR S&P MIDCAP 400 ETF TR UTSER1 S&PDCRP MDY	MDY	5,228	$3.7m2.76%	2.76%	Reduced -3.8k	-3,822 -42.2%
13	NVIDIA CORPORATION COM NVDA	NVDA	17,603	$3.5m2.65%	2.65%	Reduced -1.1k	-1,058 -5.7%
14	VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF VWO	VWO	57,882	$3.5m2.60%	2.60%	Added +21.6k	+21,647 59.7%
15	ISHARES TR 0-5 YR TIPS ETF STIP	STIP	30,902	$3.2m2.37%	2.37%	Added +13.6k	+13,618 78.8%
16	SCHWAB STRATEGIC TR FUNDAMENTAL US S FNDA	FNDA	81,709	$3.1m2.34%	2.34%	Reduced -79.8k	-79,806 -49.4%
17	WISDOMTREE TR US QTLY DIV GRT DGRW	DGRW	23,648	$2.3m1.70%	1.70%	Reduced -21.9k	-21,893 -48.1%
18	ISHARES TR ISHS 5-10YR INVT IGIB	IGIB	42,325	$2.3m1.69%	1.69%	Added +13.8k	+13,773 48.2%
19	VANGUARD INDEX FDS TOTAL STK MKT VTI	VTI	5,723	$2.1m1.59%	1.59%	Reduced -165	-165 -2.8%
20	UNITED STS COMMODITY INDEX F COMM IDX FND USCI	USCI	20,377	$1.9m1.42%	1.42%	Added +7.8k	+7,832 62.4%
21	TESLA INC COM TSLA	TSLA	4,225	$1.8m1.34%	1.34%	Unchanged
22	3M CO COM MMM	MMM	7,952	$1.3m0.97%	0.97%	Unchanged
23	AMAZON COM INC COM AMZN	AMZN	4,603	$1.1m0.82%	0.82%	Added +26	+26 0.6%
24	ISHARES TR CORE S&P TTL STK ITOT	ITOT	6,311	$1.0m0.78%	0.78%	Reduced -1.4k	-1,448 -18.7%
25	VANGUARD WORLD FD ESG US STK ETF ESGV	ESGV	7,532	$996.0k0.75%	0.75%	Added +5.1k	+5,129 213.4%
26	ISHARES TR MSCI EMG MKT ETF EEM	EEM	13,788	$943.2k0.71%	0.71%	Reduced -14.1k	-14,124 -50.6%
27	ALPHABET INC CAP STK CL A GOOGL	GOOGL	2,069	$739.3k0.56%	0.56%	Unchanged
28	VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD VCSH	VCSH	9,209	$727.8k0.55%	0.55%	Reduced -18.3k	-18,263 -66.5%
29	LAM RESEARCH CORP COM NEW LRCX	LRCX	1,516	$656.9k0.49%	0.49%	Reduced -50	-50 -3.2%
30	VANGUARD SCOTTSDALE FDS SHORT TERM TREAS VGSH	VGSH	11,131	$647.8k0.49%	0.49%	Reduced -3.6k	-3,642 -24.6%
31	MICROSOFT CORP COM MSFT	MSFT	1,734	$646.7k0.49%	0.49%	Added +40	+40 2.4%
32	INTERNATIONAL BUSINESS MACHS COM IBM	IBM	2,257	$634.8k0.48%	0.48%	Added +2	+2 0.1%
33	ALPHABET INC CAP STK CL C GOOG	GOOG	1,761	$622.3k0.47%	0.47%	Added +12	+12 0.7%
34	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	1,198	$599.5k0.45%	0.45%	Added +44	+44 3.8%
35	INVESCO EXCH TRADED FD TR II S&P500 HDL VOL SPHD	SPHD	11,042	$561.4k0.42%	0.42%	Reduced -20.6k	-20,588 -65.1%
36	INTUITIVE SURGICAL INC COM NEW ISRG	ISRG	1,354	$538.5k0.40%	0.40%	Unchanged
37	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM	TSM	1,113	$531.5k0.40%	0.40%	Added +11	+11 1.0%
38	INVESCO EXCH TRADED FD TR II S&P SMLCP STAP PSCC	PSCC	13,779	$485.9k0.37%	0.37%	Reduced -5.4k	-5,446 -28.3%
39	STERLING INFRASTRUCTURE INC COM STRL	STRL	575	$482.6k0.36%	0.36%	Unchanged
40	MICRON TECHNOLOGY INC COM MU	MU	401	$462.9k0.35%	0.35%	New
41	ISHARES TR ESG AWARE MSCI ESML	ESML	7,940	$444.1k0.33%	0.33%	Added +1.6k	+1,623 25.7%
42	META PLATFORMS INC CL A META	META	769	$433.2k0.33%	0.33%	Unchanged
43	ELI LILLY & CO COM LLY	LLY	360	$431.2k0.32%	0.32%	Reduced -2	-2 -0.6%
44	UNITEDHEALTH GROUP INC COM UNH	UNH	1,037	$430.8k0.32%	0.32%	Added +1	+1 0.1%
45	WALMART INC COM WMT	WMT	3,718	$421.2k0.32%	0.32%	Added +1	+1 0.0%
46	CORNING INC COM GLW	GLW	1,619	$413.5k0.31%	0.31%	Added +62	+62 4.0%
47	JPMORGAN CHASE & CO COM JPM	JPM	1,245	$407.5k0.31%	0.31%	Unchanged
48	ISHARES INC CORE MSCI EMKT IEMG	IEMG	4,901	$406.0k0.31%	0.31%	Reduced -4.8k	-4,836 -49.7%
49	SCHWAB STRATEGIC TR US DIVIDEND EQ SCHD	SCHD	12,648	$401.1k0.30%	0.30%	Reduced -672	-672 -5.0%
50	VANGUARD INDEX FDS S&P 500 ETF SHS VOO	VOO	570	$391.5k0.29%	0.29%	Reduced -302	-302 -34.6%
51	ISHARES TR CORE MSCI INTL IDEV	IDEV	4,384	$390.2k0.29%	0.29%	Reduced -1.7k	-1,683 -27.7%
52	ASTERA LABS INC COM ALAB	ALAB	800	$386.4k0.29%	0.29%	New
53	MONSTER BEVERAGE CORP NEW COM MNST	MNST	3,880	$372.9k0.28%	0.28%	Added +210	+210 5.7%
54	ISHARES INC ESG AWR MSCI EM ESGE	ESGE	6,524	$356.8k0.27%	0.27%	New
55	ADVANCED MICRO DEVICES INC COM AMD	AMD	613	$356.1k0.27%	0.27%	New
56	DIMENSIONAL ETF TRUST INTERNATIONAL DFSI	DFSI	7,860	$354.5k0.27%	0.27%	New
57	CHEVRON CORP NEW COM CVX	CVX	2,093	$347.0k0.26%	0.26%	Reduced -2	-2 -0.1%
58	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	454	$339.0k0.25%	0.25%	Unchanged
59	SELECT SECTOR SPDR TR RL EST SEL SEC XLRE	XLRE	7,559	$332.8k0.25%	0.25%	Reduced -12.8k	-12,845 -63.0%
60	VANGUARD BD INDEX FDS TOTAL BND MRKT BND	BND	4,524	$332.1k0.25%	0.25%	Reduced -35.0k	-35,001 -88.5%
61	VANECK ETF TRUST MRNGSTR WDE MOAT MOAT	MOAT	3,100	$322.3k0.24%	0.24%	Reduced -646	-646 -17.2%
62	NUSHARES ETF TR NUVEEN ESG LRGVL NULV	NULV	6,124	$306.1k0.23%	0.23%	New
63	PALANTIR TECHNOLOGIES INC CL A PLTR	PLTR	2,588	$301.9k0.23%	0.23%	Unchanged
64	INTEL CORP COM INTC	INTC	2,137	$298.4k0.22%	0.22%	New
65	VISA INC COM CL A V	V	870	$298.4k0.22%	0.22%	Unchanged
66	SPDR SER TR SPDR MSCI USA GE SHE	SHE	1,884	$291.0k0.22%	0.22%	Reduced -1.3k	-1,281 -40.5%
67	SELECT SECTOR SPDR TR INDL XLI	XLI	1,537	$284.7k0.21%	0.21%	Added +200	+200 15.0%
68	VANGUARD INDEX FDS REAL ESTATE ETF VNQ	VNQ	2,910	$280.6k0.21%	0.21%	Reduced -5.8k	-5,845 -66.8%
69	GE VERNOVA INC COM GEV	GEV	236	$277.3k0.21%	0.21%	New
70	VANGUARD SCOTTSDALE FDS INTER TERM TREAS VGIT	VGIT	4,686	$276.4k0.21%	0.21%	Reduced -2.4k	-2,367 -33.6%
71	HOME DEPOT INC COM HD	HD	674	$237.7k0.18%	0.18%	Unchanged
72	PROGRESSIVE CORP COM PGR	PGR	1,077	$235.2k0.18%	0.18%	Unchanged
73	TRUST FOR PROFESSIONAL MANAG MAIRS & PWR MINN MINN	MINN	10,329	$231.3k0.17%	0.17%	Reduced -4.6k	-4,642 -31.0%
74	INNODATA INC COM NEW INOD	INOD	2,975	$224.9k0.17%	0.17%	New
75	VANGUARD SCOTTSDALE FDS VNG RUS2000GRW VTWG	VTWG	756	$217.5k0.16%	0.16%	New
76	DIMENSIONAL ETF TRUST US TARGETED VLU DFAT	DFAT	3,109	$217.3k0.16%	0.16%	Reduced -865	-865 -21.8%
77	JABIL INC COM JBL	JBL	562	$216.6k0.16%	0.16%	New
78	GE AEROSPACE COM NEW GE	GE	563	$210.4k0.16%	0.16%	New
79	TORO CO COM TTC	TTC	2,150	$209.5k0.16%	0.16%	New
80	MCKESSON CORP COM MCK	MCK	276	$208.5k0.16%	0.16%	Unchanged
81	CURTISS WRIGHT CORP COM CW	CW	275	$208.4k0.16%	0.16%	New
82	ASML HOLDING N V N Y REGISTRY SHS ASML	ASML	101	$200.9k0.15%	0.15%	New
83	SABA CAPITAL INCOME & OPPORT COM NEW SABA	SABA	11,908	$99.4k0.07%	0.07%	Reduced -27.8k	-27,765 -70.0%
84	CREDIT SUISSE HIGH YIELD BD SH BEN INT XDHYX	XDHYX	26,258	$46.7k0.04%	0.04%	Unchanged
85	NOUVEAU MONDE GRAPHITE INC COM NEW NMG	NMG	12,791	$19.2k0.01%	0.01%	Unchanged

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
VANGUARD CHARLOTTE FDS BNDX	BNDX	34,914	$1.7m34.9k shares
ISHARES TR AGG	AGG	7,637	$756.4k7.6k shares
PIMCO ETF TR LTPZ	LTPZ	10,878	$561.5k10.9k shares
ISHARES TR IGLB	IGLB	10,189	$506.3k10.2k shares
ISHARES TR TIP	TIP	4,359	$482.8k4.4k shares
VANGUARD BD INDEX FDS BSV	BSV	5,444	$425.3k5.4k shares
HONEYWELL INTL INC		730	$333.4k730 shares
ISHARES TR IUSB	IUSB	5,590	$257.8k5.6k shares
ISHARES TR ILTB	ILTB	4,819	$236.3k4.8k shares
WISDOMTREE TR DON	DON	4,347	$230.6k4.3k shares
VANGUARD INDEX FDS VBR	VBR	1,030	$226.0k1.0k shares
HCA HEALTHCARE INC HCA	HCA	465	$225.0k465 shares
SALESFORCE INC CRM	CRM	1,115	$206.3k1.1k shares
ISHARES TR IWM	IWM	812	$204.9k812 shares