Managers / Q2 2023 · view latest →

Ulland Investment Advisors, LLC

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

Reported Value

$97M

Q2 2023

Positions

218

Filings on Record

2019–present window

Filed

Jul 20, 2023

original filing

Summary

Ulland Investment Advisors, LLC reported $97M in U.S.-listed holdings across 218 positions for Q2 2023.

Its largest position, GOOG, represents 9.4% of the portfolio.

Compared with Q1 2023, the fund opened 17 new positions and exited 10.

Portfolio Metrics

Turnover

+5.0%

vs prior filed quarter

Top-10 Concentration

+55.1%

share of reported value

Largest Position

+9.4%

Alphabet

New / Exited

17 / 10

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 · 77.2% · $75M
ETP · 21.2% · $21M
Other · 0.7% · $648,000
MLP · 0.5% · $523,000
REIT · 0.1% · $135,000
Other · 0.2% · $242,000

Quarter-over-Quarter Changes full breakdown →

vs Q1 2023 (amended baseline)

Issuer	Move	Share Δ	Shares now	Value Δ	Value now
Pioneer Natural Resources Company	NEW	+4.3K	4.3K	+$882,000	$882,000
UAN CVR Partners, LP	NEW	+2.4K	2.4K	+$194,000	$194,000
MPLX Mplx, LP	NEW	+4.0K	4.0K	+$136,000	$136,000
BSM Black Stone Minerals, L.P.	NEW	+8.5K	8.5K	+$136,000	$136,000
CSR Centerspace	NEW	+2.2K	2.2K	+$135,000	$135,000
Viper Energy Partners, LP	NEW	+5.0K	5.0K	+$134,000	$134,000
KRP Kimbell Royalty Partners, LP	NEW	+9.0K	9.0K	+$132,000	$132,000
Sitio Royalties Corporation	NEW	+5.0K	5.0K	+$131,000	$131,000

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

Holdings — Q2 2023

216 positions

Export to Excel

#	Issuer	Class	% Portfolio	Value ↓	Shares
1	GOOG Alphabet, Inc.	Stock	9.43%	$9M	76.2K
2	AAPL Apple, Inc.history →	Stock	7.31%	$7M	36.7K
3	UNH UnitedHealth Group, Inc.history →	Stock	6.70%	$7M	13.6K
4	QQQ Invesco QQQ Trust ETF history →	ETF	6.37%	$6M	16.8K
5	WFC Wells Fargo Capital 7.50 history →	Convertible Preferred	5.51%	$5M	4.7K
6	AXON Axon Enterprise, Inc.history →	Stock	4.58%	$4M	22.9K
7	META Meta Platforms, Inc.history →	Stock	4.08%	$4M	13.8K
8	AMZN Amazon.com, Inc.history →	Stock	3.98%	$4M	29.7K
9	SKY Skyline Champion Corporation history →	Stock	3.76%	$4M	56.0K
10	V Visa, Inc.history →	Stock	3.41%	$3M	14.0K
11	LOW Lowe's Companies, Inc.history →	Stock	3.04%	$3M	13.1K
12	EXE Chesapeake Energy Corporation history →	Stock	2.99%	$3M	34.9K
13	BRK/A Berkshire Hathaway Inc.	Stock	2.83%	$3M	2.0K
14	SCHM Schwab U.S. Mid-Cap ETF history →	ETF	2.50%	$2M	34.3K
15	EEFT Euronet Worldwide, Inc.history →	Stock	2.29%	$2M	19.0K
16	DGII Digi International, Inc.history →	Stock	1.73%	$2M	42.8K
17	RRC Range Resources Corporation history →	Stock	1.59%	$2M	52.8K
18	IUSG iShares Core S&P U.S. Growth ETF history →	ETF	1.45%	$1M	14.4K
19	PTH Invesco DWA Healthcare Momentum ETF history →	ETF	1.31%	$1M	10.5K
20	SCHX Schwab U.S. Large Cap ETF history →	ETF	1.30%	$1M	24.2K
21	SPY SPDR S&P 500 ETF history →	ETF	1.24%	$1M	2.7K
22	ICE Intercontinental Exchange, Inc.history →	Stock	1.24%	$1M	10.7K
23	DSI iShares MSCI KLD 400 Social ETF history →	ETF	1.23%	$1M	14.3K
24	JUST Goldman Sachs JUST U.S. Large Cap Equity ETF	ETF	0.92%	$898,000	14.2K
25	Pioneer Natural Resources Company	Stock	0.91%	$882,000	4.3K
26	BSX Boston Scientific Group	Stock	0.90%	$879,000	16.3K
27	SUSA iShares MSCI USA ESG Select ETF	ETF	0.85%	$832,000	8.9K
28	XLE Energy Select Sector SPDR Fund	ETF	0.81%	$791,000	9.7K
29	NVDA NVidia Corporation	Stock	0.65%	$637,000	1.5K
30	MSFT Microsoft Corporation	Stock	0.63%	$614,000	1.8K
31	EA Electronic Arts, Inc.	Stock	0.59%	$570,000	4.4K
32	SPDR MSCI ACWI Low Carbon Target ETF	ETF	0.57%	$552,000	18.5K
33	PFE Pfizer, Inc.	Stock	0.53%	$518,000	14.1K
34	Laboratory Corporation of America Holdings	Stock	0.53%	$512,000	2.1K
35	INTU Intuit, Inc.	Stock	0.50%	$491,000	1.1K
36	BAC Bank of America 7.25	Convertible Preferred	0.43%	$416,000	354
37	ECL Ecolab, Inc.	Stock	0.41%	$403,000	2.2K
38	STEM Stem, Inc.	Stock	0.41%	$402,000	70.2K
39	VOO Vanguard S&P 500 ETF	ETF	0.37%	$359,000	882
40	SCHD Schwab US Dividend ETF	ETF	0.35%	$343,000	4.7K
41	COST Costco Wholesale Corporation	Stock	0.33%	$320,000	595
42	JNJ Johnson & Johnson	Stock	0.31%	$298,000	1.8K
43	BDX Becton, Dickinson and Company	Stock	0.30%	$290,000	1.1K
44	ISRG Intuitive Surgical, Inc.	Stock	0.30%	$289,000	846
45	PG Procter & Gamble Corporation	Stock	0.28%	$274,000	1.8K
46	LGLV SPDR SSGA US Large Cap Low Volatility ETF	ETF	0.26%	$255,000	1.8K
47	IWR iShares Russell Mid-Cap ETF	ETF	0.25%	$241,000	3.3K
48	XLV Health Care Select Sector SPDR Fund	ETF	0.24%	$232,000	1.8K
49	RTX Raytheon Technologies	Stock	0.22%	$210,000	2.1K
50	SCHW Charles Schwab Corporation	Stock	0.21%	$209,000	3.7K
51	TSLA Tesla Motors, Inc.	Stock	0.20%	$199,000	762
52	UAN CVR Partners, LP	Stock	0.20%	$194,000	2.4K
53	CAT Caterpillar, Inc.	Stock	0.18%	$176,000	715
54	PM Philip Morris International, Inc.	Stock	0.16%	$158,000	1.6K
55	TT Trane Technologies, Plc	Stock	0.16%	$153,000	800
56	HCA HCA Healthcare, Inc.	Stock	0.15%	$142,000	467
57	MPLX Mplx, LP	Stock	0.14%	$136,000	4.0K
58	BSM Black Stone Minerals, L.P.	Stock	0.14%	$136,000	8.5K
59	AAP Advance Auto Parts, Inc.	Stock	0.14%	$136,000	1.9K
60	CSR Centerspace	REIT	0.14%	$135,000	2.2K
61	Viper Energy Partners, LP	Stock	0.14%	$134,000	5.0K
62	KRP Kimbell Royalty Partners, LP	Stock	0.14%	$132,000	9.0K
63	Sitio Royalties Corporation	Stock	0.13%	$131,000	5.0K
64	Black Knight, Inc.	Stock	0.13%	$131,000	2.2K
65	GNRC Generac Holdings Inc.	Stock	0.13%	$128,000	857
66	PSI Invesco Dynamic Semiconductors ETF	ETF	0.13%	$127,000	930
67	ACES ALPS Clean Energy ETF	ETF	0.13%	$127,000	2.8K
68	CLF Cleveland Cliffs, Inc.	Stock	0.12%	$113,000	6.7K
69	CVX Chevron Corporation	Stock	0.12%	$113,000	718
70	MRK Merck & Co., Inc.	Stock	0.12%	$113,000	983
71	LBRDK Liberty Broadband Corporation	Stock	0.11%	$108,000	1.3K
72	CARR Carrier Global Corporation	Stock	0.11%	$107,000	2.1K
73	MMM 3M Company	Stock	0.11%	$104,000	1.0K
74	MS Morgan Stanley	Stock	0.11%	$103,000	1.2K
75	FIS Fidelity National Information Services, Inc.	Stock	0.11%	$103,000	1.9K
76	CVS CVS Health Corporation	Stock	0.10%	$102,000	1.5K
77	SYK Stryker Corporation	Stock	0.10%	$98,000	320
78	OTIS Otis Worldwide Corporation	Stock	0.10%	$95,000	1.1K
79	LLY Eli Lilly and Company	Stock	0.10%	$94,000	200
80	TGT Target Corporation	Stock	0.09%	$92,000	700
81	VPU Vanguard Utilities ETF	ETF	0.09%	$84,000	593
82	VTI Vanguard Total Stock Market ETF	ETF	0.09%	$83,000	375
83	SEI Solaris Oilfield Infrastructure, Inc.	Stock	0.09%	$83,000	10.0K
84	PEP Pepsico, Inc.	Stock	0.08%	$79,000	428
85	ICLN iShares Global Clean Energy	ETF	0.08%	$78,000	4.3K
86	VB Vanguard Small Cap ETF	ETF	0.08%	$78,000	390
87	EW Edwards Life Sciences	Stock	0.08%	$74,000	780
88	PGR The Progressive Corporation	Stock	0.07%	$70,000	530
89	DIS The Walt Disney Company	Stock	0.07%	$70,000	782
90	IGV iShares Expanded Tech-Software Sector ETF	ETF	0.07%	$69,000	200
91	NSC Norfolk Southern Corporation	Stock	0.07%	$68,000	300
92	GS Goldman Sachs Group, Inc.	Stock	0.07%	$65,000	200
93	HON Honeywell International, Inc.	Stock	0.06%	$62,000	300
94	WFC Wells Fargo & Company	Stock	0.06%	$61,000	1.4K
95	ET Energy Transfer LP	Stock	0.06%	$57,000	4.5K
96	BKNG Booking Holdings Inc.	Stock	0.06%	$57,000	21
97	HGER Harbor All-Weather Inflation Focus ETF	ETF	0.06%	$56,000	2.6K
98	CNP CenterPoint Energy, Inc.	Stock	0.06%	$55,000	1.9K
99	JPM JP Morgan Chase & Co.	Stock	0.05%	$51,000	350
100	EXMOC Exxon Mobil Corporation	Stock	0.05%	$46,000	428

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 ↗.