Vault-13

NORTHERN LTS FD TR III QQH

HCM DEFND 100 · ETP · CUSIP 66538R748

54 institutional holders +7 vs Q3 2025
10,364,26310.4m shares reported held*
$609.7mreported value*
10 new 18 added 20 reduced 3 sold out net bought ≈ $11.2m (+152.8k shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($1.2m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $58.86.

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

0204060Q3 22: 30Q4 22: 30Q1 23: 29Q2 23: 33Q3 23: 32Q4 23: 33Q1 24: 28Q2 24: 31Q3 24: 34Q4 24: 40Q1 25: 41Q2 25: 42Q3 25: 47Q4 25: 5454Q3 22Q2 23Q1 24Q4 24Q4 25
Numbers
QuarterHolders
Q3 202230
Q4 202230
Q1 202329
Q2 202333
Q3 202332
Q4 202333
Q1 202428
Q2 202431
Q3 202434
Q4 202440
Q1 202541
Q2 202542
Q3 202547
Q4 202554

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
40040Q1 24: 14 bought or addedQ1 24: 19 cut or sold outQ2 24: 15 bought or addedQ2 24: 14 cut or sold outQ2 24Q3 24: 17 bought or addedQ3 24: 17 cut or sold outQ4 24: 26 bought or addedQ4 24: 14 cut or sold outQ4 24Q1 25: 22 bought or addedQ1 25: 20 cut or sold outQ2 25: 19 bought or addedQ2 25: 23 cut or sold outQ2 25Q3 25: 24 bought or addedQ3 25: 19 cut or sold outQ4 25: 28 bought or addedQ4 25: 23 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 20241419
Q2 20241514
Q3 20241717
Q4 20242614
Q1 20252220
Q2 20251923
Q3 20252419
Q4 20252823

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$2k$4k$6k$8kQ1 25 calls: $0Q1 25 puts: $0Q1 25P/C —Q2 25 calls: $6.8kQ2 25 puts: $0Q2 25P/C 0.00Q3 25 calls: $0Q3 25 puts: $0Q3 25P/C —Q4 25 calls: $0Q4 25 puts: $0Q4 25P/C —
Numbers
QuarterCallsPutsP/C
Q1 2025$0$0—
Q2 2025$6.8k$00.00
Q3 2025$0$0—
Q4 2025$0$0—

Biggest buyers

Howard Capital Management, LLC Added +289,022+289.0k
HighPoint Advisor Group LLC New +41,312+41.3k
NewEdge Advisors, LLC New +21,176+21.2k
LPL Financial LLC Added +17,704+17.7k
CITADEL ADVISORS LLC New +13,406+13.4k
Discipline Wealth Solutions, LLC Added +13,147+13.1k
J.W. COLE ADVISORS, INC. Added +7,677+7.7k
Tactive Advisors, LLC Added +5,457+5.5k
Concurrent Investment Advisors, LLC New +5,375+5.4k
Bison Wealth, LLC New +3,856+3.9k

Biggest sellers

ENVESTNET ASSET MANAGEMENT INC Reduced -62,173-62.2k
Cetera Investment Advisers Reduced -45,989-46.0k
Orion Porfolio Solutions, LLC Reduced -45,011-45.0k
Optivise Advisory Services LLC Reduced -27,431-27.4k
Cambridge Investment Research Advisors, Inc. Reduced -26,242-26.2k
MONEY CONCEPTS CAPITAL CORP Reduced -24,245-24.2k
CPR Investments Inc. Sold out -18,606-18.6k
GTS SECURITIES LLC Reduced -8,943-8.9k
Summit Financial, LLC Sold out -6,087-6.1k
Synergy Asset Management, LLC Reduced -2,693-2.7k

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Howard Capital Management, LLC 4.08% of their portfolio Alpharetta, GA 6,490,7116.5m $314.8m $314.8m 4.08% Added +289.0k +289,022
2 ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio Berwyn, PA 603,579603.6k $46.7m $46.7m 0.01% Reduced -62.2k -62,173
3 Orion Porfolio Solutions, LLC 0.30% of their portfolio OMAHA, NE 531,367531.4k $41.1m $41.1m 0.30% Reduced -45.0k -45,011
4 Cetera Investment Advisers 0.04% of their portfolio SCHAUMBURG, IL 498,670498.7k $38.6m $38.6m 0.04% Reduced -46.0k -45,989
5 Cambridge Investment Research Advisors, Inc. 0.09% of their portfolio FAIRFIELD, IA 441,354441.4k $34.1m $34.1m 0.09% Reduced -26.2k -26,242
6 Wealth Watch Advisors, INC 9.97% of their portfolio ENGLEWOOD, CO 347,372347.4k $26.9m $26.9m 9.97% Added +1.8k +1,800
7 J.W. COLE ADVISORS, INC. 0.41% of their portfolio TAMPA, FL 281,602281.6k $17.1m $17.1m 0.41% Added +7.7k +7,677
8 LPL Financial LLC 0.01% of their portfolio FORT MILL, SC 265,355265.4k $20.5m $20.5m 0.01% Added +17.7k +17,704
9 Aegis Wealth Management, Inc. 12.87% of their portfolio Guthrie Center, IA 211,807211.8k $16.4m $16.4m 12.87% First filing
10 Optivise Advisory Services LLC 4.07% of their portfolio FRANKLIN, TN 91,31291.3k $7.1m $7.1m 4.07% Reduced -27.4k -27,431
11 Lifestyle Asset Management, Inc. 1.83% of their portfolio FRIENDSWOOD, TX 72,76372.8k $5.6m $5.6m 1.83% Added +49 +49
12 Discipline Wealth Solutions, LLC 0.76% of their portfolio GREENVILLE, SC 53,32853.3k $4.1m $4.1m 0.76% Added +13.1k +13,147
13 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 49,42649.4k $3.8m $3.8m 0.00% Reduced -1.2k -1,220
14 HighPoint Advisor Group LLC 0.07% of their portfolio DOWNERS GROVE, IL 41,31241.3k $3.2m $3.2m 0.07% New
15 Simplicity Wealth,LLC 0.17% of their portfolio SUMMIT, NJ 37,08637.1k $2.9m $2.9m 0.17% Reduced -2.6k -2,576
16 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 24,84824.8k $1.9m $1.9m 0.00% Reduced -677 -677
17 PANORAMIC INVESTMENT ADVISORS, LLC 1.02% of their portfolio DENVER, CO 24,29824.3k $1.9m $1.9m 1.02% Reduced -105 -105
18 Delta Investment Management, LLC 0.32% of their portfolio SAN FRANCISCO, CA 23,68423.7k $1.8m $1.8m 0.32% Reduced -1.6k -1,553
19 Foundations Investment Advisors, LLC 0.02% of their portfolio PHOENIX, AZ 23,67323.7k $1.8m $1.8m 0.02% Reduced -2.6k -2,600
20 IFP Advisors, Inc 0.04% of their portfolio TAMPA, FL 22,65822.7k $1.8m $1.8m 0.04% Added +602 +602
21 NewEdge Advisors, LLC 0.01% of their portfolio NEW ORLEANS, LA 21,17621.2k $1.6m $1.6m 0.01% New
22 Brookstone Capital Management 0.02% of their portfolio WHEATON, IL 18,26518.3k $1.4m $1.4m 0.02% Reduced -80 -80
23 J2 Capital Management Inc 0.88% of their portfolio TROY, MI 15,67515.7k $1.2m $1.2m 0.88% Added +275 +275
24 Brooklyn Investment Group 0.06% of their portfolio NEW YORK, NY 15,65215.7k $1.2m $1.2m 0.06% Unchanged
25 Fiduciary Alliance LLC 0.07% of their portfolio GREENVILLE, SC 14,04814.0k $1.1m $1.1m 0.07% Reduced -479 -479
26 GTS SECURITIES LLC 0.04% of their portfolio NEW YORK, NY 13,85013.8k $1.1m $1.1m 0.04% Reduced -8.9k -8,943
27 Tactive Advisors, LLC 0.31% of their portfolio Jacksonville, FL 13,72613.7k $1.1m $1.1m 0.31% Added +5.5k +5,457
28 Parsonex Advisory Services, Inc. 0.67% of their portfolio ENGLEWOOD, CO 13,68313.7k $1.1m $1.1m 0.67% Reduced -1.5k -1,548
29 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 13,40613.4k $1.0m $1.0m 0.00% New
30 AXXCESS WEALTH MANAGEMENT, LLC 0.02% of their portfolio CARLSBAD, CA 12,98513.0k $1.0m $1.0m 0.02% Added +373 +373
31 Colonial River Investments, LLC 0.36% of their portfolio MIDLOTHIAN, VA 12,90812.9k $998.6k $998.6k 0.36% Added +296 +296
32 MONEY CONCEPTS CAPITAL CORP 0.03% of their portfolio PALM BEACH GARDENS, FL 7,5507.5k $584.1k $584.1k 0.03% Reduced -24.2k -24,245
33 Mariner, LLC 0.00% of their portfolio Overland Park, KS 6,8056.8k $526.5k $526.5k 0.00% Added +532 +532
34 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 6,7946.8k $525.6k $525.6k 0.00% Unchanged
35 Concurrent Investment Advisors, LLC 0.00% of their portfolio Tampa, FL 5,3755.4k $415.8k $415.8k 0.00% New
36 VestGen Investment Management 0.22% of their portfolio EGG HARBOR TOWNSHIP, NJ 5,2405.2k $405.4k $405.4k 0.22% Added +163 +163
37 Worth Financial Advisory Group, LLC 0.16% of their portfolio CHARLOTTE, NC 4,4014.4k $340.5k $340.5k 0.16% Reduced -491 -491
38 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 4,3594.4k $337.2k $337.2k 0.00% Added +1.1k +1,143
39 PRINCIPAL SECURITIES, INC. 0.01% of their portfolio DES MOINES, IA 4,3494.3k $336.4k $336.4k 0.01% Added +216 +216
40 ABSOLUTE CAPITAL MANAGEMENT, LLC 0.12% of their portfolio Pittsburgh, PA 4,1784.2k $323.2k $323.2k 0.12% Added +4 +4
41 Bison Wealth, LLC 0.03% of their portfolio ATLANTA, GA 3,8563.9k $271.8k $271.8k 0.03% New
42 INTEGRITY ALLIANCE, LLC. 0.01% of their portfolio Urbandale, IA 3,8123.8k $294.9k $294.9k 0.01% Reduced -37 -37
43 Atria Investments, Inc 0.00% of their portfolio Charlotte, NC 3,7933.8k $293.4k $293.4k 0.00% Reduced -120 -120
44 Kestra Advisory Services, LLC 0.00% of their portfolio AUSTIN, TX 3,7893.8k $293.1k $293.1k 0.00% Added +6 +6
45 Smithfield Trust Co 0.01% of their portfolio PITTSBURGH, PA 3,1983.2k $246.0k $246.0k 0.01% New
46 Synergy Asset Management, LLC 0.02% of their portfolio VANCOUVER, WA 2,6972.7k $208.7k $208.7k 0.02% Reduced -2.7k -2,693
47 Brookwood Investment Group LLC 0.02% of their portfolio PHOENIX, AZ 2,6582.7k $205.6k $205.6k 0.02% New
48 UBS Group AG 0.00% of their portfolio ZURICH, V8 1,4331.4k $110.9k $110.9k 0.00% New
49 Geneos Wealth Management Inc. 0.00% of their portfolio ENGLEWOOD, CO 1,3001.3k $100.6k $100.6k 0.00% Unchanged
50 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 923923 $71.4k $71.4k 0.00% New
51 ASSETMARK, INC 0.00% of their portfolio CONCORD, CA 823823 $63.7k $63.7k 0.00% Unchanged
52 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 502502 $38.8k $38.8k 0.00% Added +1 +1
53 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 365365 $28.2k $28.2k 0.00% New
54 Steward Partners Investment Advisory, LLC 0.00% of their portfolio STAMFORD, CT 136136 $10.5k $10.5k 0.00% Unchanged