Managers / Q1 2023 · view latest →

Ulland Investment Advisors, LLC

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

Reported Value

$85M

Q1 2023

Positions

213

Filings on Record

2019–present window

Filed

Apr 17, 2023

original filing

Summary

Ulland Investment Advisors, LLC reported $85M in U.S.-listed holdings across 213 positions for Q1 2023.

Its largest position, GOOG, represents 9.3% of the portfolio.

Compared with Q4 2022, the fund opened 4 new positions and exited 12.

Portfolio Metrics

Turnover

+9.6%

vs prior filed quarter

Top-10 Concentration

+55.1%

share of reported value

Largest Position

+9.3%

Alphabet

New / Exited

4 / 12

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 · 75.8% · $65M
ETP · 23.5% · $20M
Other · 0.6% · $488,000
ADR · 0.1% · $70,000
Closed-End Fund · 0.1% · $44,000
Equity WRT · 0.0% · $0

Quarter-over-Quarter Changes full breakdown →

vs Q4 2022 (amended baseline)

Issuer	Move	Share Δ	Shares now	Value Δ	Value now
SEI Solaris Oilfield Infrastructure, Inc.	NEW	+6.8K	6.8K	+$58,000	$58,000
RGLD Royal Gold, Inc.	NEW	+245	245	+$32,000	$32,000
GEHC GE HealthCare Technologies, Inc.	NEW	+4	4	+$0	$0
Gemini Therapeutics, Inc.	NEW	+0	0	+$0	$0
SCHW Charles Schwab Corporation	ADDED	+2.4K	2.5K	+$125,000	$132,000
CVS CVS Health Corporation	ADDED	+1.0K	1.1K	+$74,000	$83,000
DGII Digi International, Inc.	ADDED	+24.4K	28.4K	+$812,000	$957,000
KraneShares European Carbon ETF	SOLD OUT	−2.0K	0	−$61,000	$0

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

Holdings — Q1 2023

211 positions

Export to Excel

#	Issuer	Class	% Portfolio	Value ↓	Shares
1	GOOG Alphabet, Inc.	Stock	9.34%	$8M	76.5K
2	UNH UnitedHealth Group, Inc.history →	Stock	7.46%	$6M	13.4K
3	AAPL Apple, Inc.history →	Stock	7.12%	$6M	36.7K
4	AXON Axon Enterprise, Inc.history →	Stock	6.05%	$5M	22.9K
5	QQQ Invesco QQQ Trust history →	ETF	5.92%	$5M	15.7K
6	SKY Skyline Champion Corporation history →	Stock	5.02%	$4M	56.8K
7	V Visa, Inc.history →	Stock	3.77%	$3M	14.2K
8	AMZN Amazon.com, Inc.history →	Stock	3.67%	$3M	30.2K
9	META Meta Platforms, Inc.history →	Stock	3.41%	$3M	13.7K
10	EXE Chesapeake Energy Corporation history →	Stock	3.29%	$3M	36.8K
11	LOW Lowe's Companies, Inc.history →	Stock	3.18%	$3M	13.5K
12	BRK/A Berkshire Hathaway Inc.	Stock	2.87%	$2M	1.9K
13	SCHM Schwab U.S. Mid-Cap ETF history →	ETF	2.78%	$2M	34.9K
14	EEFT Euronet Worldwide, Inc.history →	Stock	2.55%	$2M	19.4K
15	RRC Range Resources Corporation history →	Stock	1.97%	$2M	63.4K
16	IUSG iShares Core S&P U.S. Growth ETF history →	ETF	1.60%	$1M	15.3K
17	PTH Invesco DWA Healthcare Momentum ETF history →	ETF	1.45%	$1M	11.0K
18	SCHX Schwab U.S. Large Cap ETF history →	ETF	1.39%	$1M	24.5K
19	SPY SPDR S&P 500 ETF history →	ETF	1.34%	$1M	2.8K
20	ICE Intercontinental Exchange, Inc.history →	Stock	1.32%	$1M	10.7K
21	DSI iShares MSCI KLD 400 Social ETF history →	ETF	1.31%	$1M	14.3K
22	DGII Digi International, Inc.history →	Stock	1.12%	$957,000	28.4K
23	XLE Energy Select Sector SPDR Fund history →	ETF	1.09%	$929,000	11.2K
24	DVN Devon Energy Corporation history →	Stock	1.08%	$923,000	18.2K
25	JUST Goldman Sachs JUST U.S. Large Cap Equity ETF	ETF	0.98%	$834,000	14.2K
26	BSX Boston Scientific Group	Stock	0.96%	$813,000	16.3K
27	SUSA iShares MSCI USA ESG Select ETF	ETF	0.92%	$779,000	8.9K
28	PFE Pfizer, Inc.	Stock	0.76%	$649,000	15.9K
29	EA Electronic Arts, Inc.	Stock	0.62%	$530,000	4.4K
30	SPDR MSCI ACWI Low Carbon Target ETF	ETF	0.61%	$523,000	18.5K
31	MSFT Microsoft Corporation	Stock	0.61%	$520,000	1.8K
32	INTU Intuit, Inc.	Stock	0.57%	$489,000	1.1K
33	CLF Cleveland Cliffs, Inc.	Stock	0.57%	$488,000	26.6K
34	Laboratory Corporation of America Holdings	Stock	0.57%	$487,000	2.1K
35	STEM Stem, Inc.	Stock	0.55%	$465,000	82.0K
36	KraneShares Global Carbon ETF	ETF	0.51%	$435,000	11.0K
37	ACES ALPS Clean Energy ETF	ETF	0.49%	$417,000	9.0K
38	ECL Ecolab, Inc.	Stock	0.42%	$357,000	2.2K
39	WFC Wells Fargo Capital 7.50	Convertible Preferred	0.40%	$339,000	288
40	SCHD Schwab US Dividend ETF	ETF	0.39%	$331,000	4.5K
41	VOO Vanguard S&P 500 ETF	ETF	0.38%	$326,000	867
42	COST Costco Wholesale Corporation	Stock	0.35%	$296,000	595
43	JNJ Johnson & Johnson	Stock	0.33%	$279,000	1.8K
44	BDX Becton, Dickinson and Company	Stock	0.32%	$272,000	1.1K
45	PG Procter & Gamble Corporation	Stock	0.31%	$268,000	1.8K
46	MMM 3M Company	Stock	0.28%	$235,000	2.2K
47	IWR iShares Russell Mid-Cap ETF	ETF	0.27%	$231,000	3.3K
48	LGLV SPDR SSGA US Large Cap Low Volatility ETF	ETF	0.27%	$227,000	1.7K
49	XLV Health Care Select Sector SPDR Fund	ETF	0.27%	$227,000	1.8K
50	AAP Advance Auto Parts, Inc.	Stock	0.26%	$223,000	1.8K
51	ISRG Intuitive Surgical, Inc.	Stock	0.25%	$216,000	846
52	RTX Raytheon Technologies	Stock	0.25%	$210,000	2.1K
53	ICLN iShares Global Clean Energy	ETF	0.22%	$191,000	9.7K
54	BAC Bank of America 7.25	Convertible Preferred	0.22%	$186,000	159
55	CAT Caterpillar, Inc.	Stock	0.19%	$164,000	715
56	PM Philip Morris International, Inc.	Stock	0.19%	$158,000	1.6K
57	TT Trane Technologies, Plc	Stock	0.17%	$147,000	800
58	TGT Target Corporation	Stock	0.17%	$141,000	850
59	SCHW Charles Schwab Corporation	Stock	0.16%	$132,000	2.5K
60	HCA HCA Healthcare, Inc.	Stock	0.14%	$123,000	467
61	PSI Invesco Dynamic Semiconductors ETF	ETF	0.14%	$119,000	960
62	CVX Chevron Corporation	Stock	0.14%	$117,000	718
63	MSOS AdvisorShares Pure US Cannabis ETF	ETF	0.14%	$115,000	20.2K
64	MS Morgan Stanley	Stock	0.12%	$106,000	1.2K
65	MRK Merck & Co., Inc.	Stock	0.12%	$105,000	983
66	GNRC Generac Holdings Inc.	Stock	0.12%	$103,000	952
67	CARR Carrier Global Corporation	Stock	0.12%	$98,000	2.1K
68	VTI Vanguard Total Stock Market ETF	ETF	0.11%	$97,000	475
69	TSLA Tesla Motors, Inc.	Stock	0.11%	$92,000	442
70	SYK Stryker Corporation	Stock	0.11%	$91,000	320
71	OTIS Otis Worldwide Corporation	Stock	0.11%	$90,000	1.1K
72	CVS CVS Health Corporation	Stock	0.10%	$83,000	1.1K
73	VPU Vanguard Utilities ETF	ETF	0.10%	$83,000	563
74	DIS The Walt Disney Company	Stock	0.10%	$83,000	832
75	PEP Pepsico, Inc.	Stock	0.09%	$78,000	428
76	PGR The Progressive Corporation	Stock	0.09%	$76,000	530
77	VB Vanguard Small Cap ETF	ETF	0.09%	$73,000	385
78	LLY Eli Lilly and Company	Stock	0.08%	$69,000	200
79	PDBC Invesco Optimum Yield Diversified Commodity Strategy ETF	ETF	0.08%	$68,000	4.8K
80	EW Edwards Life Sciences	Stock	0.08%	$65,000	780
81	GS Goldman Sachs Group, Inc.	Stock	0.08%	$65,000	200
82	NSC Norfolk Southern Corporation	Stock	0.08%	$64,000	300
83	IGV iShares Expanded Tech-Software Sector ETF	ETF	0.07%	$61,000	200
84	USB U.S. Bancorp	Stock	0.07%	$61,000	1.7K
85	SEI Solaris Oilfield Infrastructure, Inc.	Stock	0.07%	$58,000	6.8K
86	HON Honeywell International, Inc.	Stock	0.07%	$57,000	300
87	BKNG Booking Holdings Inc.	Stock	0.07%	$56,000	21
88	CNP CenterPoint Energy, Inc.	Stock	0.07%	$56,000	1.9K
89	XOP SPDR S&P Oil & Gas Exploration & Production ETF	ETF	0.06%	$54,000	425
90	WFC Wells Fargo & Company	Stock	0.06%	$54,000	1.4K
91	FIS Fidelity National Information Services, Inc.	Stock	0.06%	$49,000	908
92	AMGN Amgen, Inc.	Stock	0.06%	$48,000	200
93	EXMOC Exxon Mobil Corporation	Stock	0.06%	$47,000	428
94	JPM JP Morgan Chase & Co.	Stock	0.05%	$46,000	350
95	XEL Xcel Energy, Inc.	Stock	0.05%	$45,000	670
96	IYZ iShares U.S. Telecommunications ETF	ETF	0.05%	$44,000	1.9K
97	XLI Industrial Select Sector SPDR Fund	ETF	0.05%	$43,000	425
98	Horizon Kinetics Inflation Beneficiaries ETF	ETF	0.05%	$42,000	1.4K
99	MO Altria Group, Inc.	Stock	0.05%	$41,000	912
100	IR Ingersoll Rand, Inc.	Stock	0.05%	$41,000	705

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 ↗.