Managers / Q4 2022 · view latest →

Ulland Investment Advisors, LLC

CIK 0001911497 · 80 SOUTH 8TH ST., 4550 IDS CENTER, MINNEAPOLIS, MN, 55402 · 6123121400

Reported Value

$84M

Q4 2022

Positions

222

Filings on Record

2019–present window

Filed

Jan 31, 2023

original filing

Summary

Ulland Investment Advisors, LLC reported $84M in U.S.-listed holdings across 222 positions for Q4 2022.

Its largest position, UNH, represents 8.6% of the portfolio.

Compared with Q3 2022, the fund opened 12 new positions and exited 14.

Portfolio Metrics

Turnover

+5.2%

vs prior filed quarter

Top-10 Concentration

+50.9%

share of reported value

Largest Position

+8.6%

Unitedhealth

New / Exited

12 / 14

positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value

Portfolio Composition

By security type

Common Stock · 74.1% · $62M
ETP · 24.7% · $21M
Other · 1.1% · $903,000
ADR · 0.1% · $67,000
Closed-End Fund · 0.1% · $43,000
Equity WRT · 0.0% · $0

Quarter-over-Quarter Changes full breakdown →

vs Q3 2022 (amended baseline)

Issuer	Move	Share Δ	Shares now	Value Δ	Value now
BAC Bank of America 7.25	NEW	+159	159	+$184,000	$184,000
Horizon Kinetics Inflation Beneficiaries ETF	NEW	+1.4K	1.4K	+$42,000	$42,000
KMI Kinder Morgan, Inc.	NEW	+1.2K	1.2K	+$22,000	$22,000
SBUX Starbucks Corporation	NEW	+200	200	+$20,000	$20,000
DUK Duke Energy Corporation	NEW	+172	172	+$18,000	$18,000
BBY Best Buy Co., Inc.	NEW	+150	150	+$12,000	$12,000
GIS General Mills, Inc.	NEW	+100	100	+$8,000	$8,000
Gol Linhas Aereas Inteligentes S.A.	NEW	+1.1K	1.1K	+$3,000	$3,000

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q4 2022

220 positions

Export to Excel

#	Issuer	Class	% Portfolio	Value ↓	Shares
1	UNH UnitedHealth Group, Inc.history →	Stock	8.64%	$7M	13.6K
2	GOOG Alphabet, Inc.	Stock	8.21%	$7M	77.6K
3	AAPL Apple, Inc.history →	Stock	5.70%	$5M	36.7K
4	QQQ Invesco QQQ Trust history →	ETF	5.15%	$4M	16.2K
5	AXON Axon Enterprise, Inc.history →	Stock	4.65%	$4M	23.5K
6	EXE Chesapeake Energy Corporation history →	Stock	4.35%	$4M	38.6K
7	SKY Skyline Champion Corporation history →	Stock	3.84%	$3M	62.4K
8	V Visa, Inc.history →	Stock	3.66%	$3M	14.8K
9	LOW Lowe's Companies, Inc.history →	Stock	3.60%	$3M	15.1K
10	AMZN Amazon.com, Inc.history →	Stock	3.08%	$3M	30.7K
11	SCHM Schwab U.S. Mid-Cap ETF history →	ETF	2.96%	$2M	37.8K
12	BRK/A Berkshire Hathaway Inc.	Stock	2.94%	$2M	1.9K
13	RRC Range Resources Corporation history →	Stock	2.51%	$2M	83.8K
14	EEFT Euronet Worldwide, Inc.history →	Stock	2.24%	$2M	19.9K
15	META Meta Platforms, Inc.history →	Stock	2.16%	$2M	15.0K
16	DVN Devon Energy Corporation history →	Stock	2.14%	$2M	29.1K
17	IUSG iShares Core S&P U.S. Growth ETF history →	ETF	2.14%	$2M	21.9K
18	PTH Invesco DWA Healthcare Momentum ETF history →	ETF	1.96%	$2M	13.3K
19	SCHX Schwab U.S. Large Cap ETF history →	ETF	1.47%	$1M	27.2K
20	STEM Stem, Inc.history →	Stock	1.45%	$1M	136.1K
21	XLE Energy Select Sector SPDR Fund history →	ETF	1.40%	$1M	13.4K
22	ICE Intercontinental Exchange, Inc.history →	Stock	1.39%	$1M	11.3K
23	SPY SPDR S&P 500 ETF history →	ETF	1.38%	$1M	3.0K
24	DSI iShares MSCI KLD 400 Social ETF history →	ETF	1.22%	$1M	14.3K
25	PFE Pfizer, Inc.history →	Stock	1.07%	$897,000	17.5K
26	Laboratory Corporation of America Holdings	Stock	1.00%	$841,000	3.6K
27	BSX Boston Scientific Group	Stock	1.00%	$833,000	18.0K
28	JUST Goldman Sachs JUST U.S. Large Cap Equity ETF	ETF	0.94%	$786,000	14.2K
29	SUSA iShares MSCI USA ESG Select ETF	ETF	0.87%	$731,000	8.9K
30	FIS Fidelity National Information Services, Inc.	Stock	0.83%	$691,000	10.2K
31	EA Electronic Arts, Inc.	Stock	0.79%	$664,000	5.4K
32	KraneShares Global Carbon ETF	ETF	0.72%	$605,000	16.6K
33	CLF Cleveland Cliffs, Inc.	Stock	0.62%	$516,000	32.0K
34	SPDR MSCI ACWI Low Carbon Target ETF	ETF	0.58%	$485,000	18.5K
35	ACES ALPS Clean Energy ETF	ETF	0.57%	$478,000	10.5K
36	MSFT Microsoft Corporation	Stock	0.55%	$460,000	1.9K
37	INTU Intuit, Inc.	Stock	0.54%	$450,000	1.2K
38	VOO Vanguard S&P 500 ETF	ETF	0.45%	$375,000	1.1K
39	JNJ Johnson & Johnson	Stock	0.38%	$318,000	1.8K
40	ECL Ecolab, Inc.	Stock	0.38%	$314,000	2.2K
41	HON Honeywell International, Inc.	Stock	0.34%	$281,000	1.3K
42	BDX Becton, Dickinson and Company	Stock	0.33%	$280,000	1.1K
43	AAP Advance Auto Parts, Inc.	Stock	0.33%	$279,000	1.9K
44	PG Procter & Gamble Corporation	Stock	0.33%	$274,000	1.8K
45	COST Costco Wholesale Corporation	Stock	0.33%	$272,000	595
46	MMM 3M Company	Stock	0.32%	$269,000	2.2K
47	SCHD Schwab US Dividend ETF	ETF	0.31%	$258,000	3.4K
48	XLV Health Care Select Sector SPDR Fund	ETF	0.28%	$238,000	1.8K
49	ICLN iShares Global Clean Energy	ETF	0.28%	$232,000	11.7K
50	ISRG Intuitive Surgical, Inc.	Stock	0.27%	$227,000	856
51	LGLV SPDR SSGA US Large Cap Low Volatility ETF	ETF	0.27%	$225,000	1.7K
52	IWR iShares Russell Mid-Cap ETF	ETF	0.27%	$223,000	3.3K
53	RTX Raytheon Technologies	Stock	0.26%	$216,000	2.1K
54	WFC Wells Fargo Capital 7.50	Convertible Preferred	0.22%	$187,000	158
55	BAC Bank of America 7.25	Convertible Preferred	0.22%	$184,000	159
56	CAT Caterpillar, Inc.	Stock	0.20%	$171,000	715
57	PM Philip Morris International, Inc.	Stock	0.20%	$164,000	1.6K
58	DGII Digi International, Inc.	Stock	0.17%	$145,000	4.0K
59	MSOS AdvisorShares Pure US Cannabis ETF	ETF	0.17%	$140,000	20.1K
60	TT Trane Technologies, Plc	Stock	0.16%	$134,000	800
61	CVX Chevron Corporation	Stock	0.15%	$129,000	718
62	TGT Target Corporation	Stock	0.15%	$127,000	850
63	XOP SPDR S&P Oil & Gas Exploration & Production ETF	ETF	0.14%	$120,000	885
64	HCA HCA Healthcare, Inc.	Stock	0.13%	$112,000	467
65	MRK Merck & Co., Inc.	Stock	0.13%	$109,000	983
66	MS Morgan Stanley	Stock	0.13%	$108,000	1.3K
67	GNRC Generac Holdings Inc.	Stock	0.12%	$102,000	1.0K
68	PSI Invesco Dynamic Semiconductors ETF	ETF	0.11%	$96,000	960
69	VTI Vanguard Total Stock Market ETF	ETF	0.11%	$91,000	475
70	CARR Carrier Global Corporation	Stock	0.11%	$88,000	2.1K
71	VPU Vanguard Utilities ETF	ETF	0.10%	$86,000	563
72	OTIS Otis Worldwide Corporation	Stock	0.10%	$84,000	1.1K
73	SYK Stryker Corporation	Stock	0.09%	$78,000	320
74	PEP Pepsico, Inc.	Stock	0.09%	$77,000	428
75	NSC Norfolk Southern Corporation	Stock	0.09%	$74,000	300
76	USB U.S. Bancorp	Stock	0.09%	$74,000	1.7K
77	LLY Eli Lilly and Company	Stock	0.09%	$73,000	200
78	DIS The Walt Disney Company	Stock	0.09%	$72,000	832
79	VB Vanguard Small Cap ETF	ETF	0.08%	$71,000	385
80	GS Goldman Sachs Group, Inc.	Stock	0.08%	$69,000	200
81	PGR The Progressive Corporation	Stock	0.08%	$69,000	530
82	VFH Vanguard Financials ETF	ETF	0.08%	$65,000	785
83	KraneShares European Carbon ETF	ETF	0.07%	$61,000	2.0K
84	PDBC Invesco Optimum Yield Diversified Commodity Strategy ETF	ETF	0.07%	$59,000	4.0K
85	WFC Wells Fargo & Company	Stock	0.07%	$59,000	1.4K
86	EW Edwards Life Sciences	Stock	0.07%	$58,000	780
87	CNP CenterPoint Energy, Inc.	Stock	0.07%	$57,000	1.9K
88	TSLA Tesla Motors, Inc.	Stock	0.06%	$54,000	442
89	AMGN Amgen, Inc.	Stock	0.06%	$53,000	200
90	IGV iShares Expanded Tech-Software Sector ETF	ETF	0.06%	$51,000	200
91	DBC Invesco DB Commodity Index Tracking Fund	ETF	0.06%	$49,000	2.0K
92	HD The Home Depot, Inc.	Stock	0.06%	$49,000	154
93	JPM JP Morgan Chase & Co.	Stock	0.06%	$47,000	350
94	EXMOC Exxon Mobil Corporation	Stock	0.06%	$47,000	428
95	XEL Xcel Energy, Inc.	Stock	0.06%	$47,000	670
96	BKNG Booking Holdings Inc.	Stock	0.05%	$42,000	21
97	Horizon Kinetics Inflation Beneficiaries ETF	ETF	0.05%	$42,000	1.4K
98	MO Altria Group, Inc.	Stock	0.05%	$42,000	912
99	IYZ iShares U.S. Telecommunications ETF	ETF	0.05%	$42,000	1.9K
100	XLI Industrial Select Sector SPDR Fund	ETF	0.05%	$42,000	425

Filing History

Quarter	Reported Value	Positions	Filed	Type	Links
Q1 2026	$117M	213	Apr 27, 2026	13F-HR	changes · EDGAR ↗
Q4 2025	$125M	218	Jan 8, 2026	13F-HR	changes · EDGAR ↗
Q3 2025	$133M	228	Nov 13, 2025	13F-HR	changes · EDGAR ↗
Q2 2025	$131M	213	Jul 24, 2025	13F-HR	changes · EDGAR ↗
Q1 2025	$120M	225	Apr 15, 2025	13F-HR	changes · EDGAR ↗
Q4 2024	$157M	212	Jan 16, 2025	13F-HR	changes · EDGAR ↗
Q3 2024	$137M	205	Oct 15, 2024	13F-HR	changes · EDGAR ↗
Q2 2024	$144M	223	Jul 16, 2024	13F-HR	changes · EDGAR ↗
Q1 2024	$125M	234	Apr 25, 2024	13F-HR	changes · EDGAR ↗
Q4 2023	$99M	211	Jan 16, 2024	13F-HR	changes · EDGAR ↗
Q3 2023	$91M	218	Oct 23, 2023	13F-HR	changes · EDGAR ↗
Q2 2023	$97M	218	Jul 20, 2023	13F-HR	changes · EDGAR ↗
Q1 2023	$85M	213	Apr 17, 2023	13F-HR	changes · EDGAR ↗
Q4 2022	$84M	222	Jan 31, 2023	13F-HR	changes · EDGAR ↗
Q3 2022	$92M	227	Oct 12, 2022	13F-HR	changes · EDGAR ↗
Q2 2022	$98M	254	Jul 25, 2022	13F-HR	changes · EDGAR ↗
Q1 2022	$133M	267	May 9, 2022	13F-HR	changes · EDGAR ↗
Q4 2021	$157M	226	Feb 16, 2022	13F-HR	changes · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.