Managers / Q3 2023 · view latest →

Ulland Investment Advisors, LLC

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

Reported Value

$91M

Q3 2023

Positions

218

Filings on Record

2019–present window

Filed

Oct 23, 2023

original filing

Summary

Ulland Investment Advisors, LLC reported $91M in U.S.-listed holdings across 218 positions for Q3 2023.

Its largest position, GOOG, represents 10.9% of the portfolio.

Compared with Q2 2023, the fund opened 11 new positions and exited 11.

Portfolio Metrics

Turnover

+6.4%

vs prior filed quarter

Top-10 Concentration

+56.4%

share of reported value

Largest Position

+10.9%

Alphabet

New / Exited

11 / 11

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 · 77.0% · $70M
ETP · 21.2% · $19M
MLP · 0.7% · $610,000
Other · 0.6% · $524,000
Unit · 0.2% · $208,000
Other · 0.3% · $276,000

Quarter-over-Quarter Changes full breakdown →

vs Q2 2023 (amended baseline)

Issuer	Move	Share Δ	Shares now	Value Δ	Value now
SCCO Southern Copper Corporation	NEW	+2.6K	2.6K	+$200,000	$200,000
AMLP Alerian MLP ETF	NEW	+4.5K	4.5K	+$190,000	$190,000
RIO Rio Tinto Group	NEW	+2.1K	2.1K	+$134,000	$134,000
VMD Viemed Healthcare, Inc.	NEW	+12.6K	12.6K	+$85,000	$85,000
CMP Compass Minerals International, Inc.	NEW	+2.1K	2.1K	+$58,000	$58,000
TSEM Tower Semiconductor Ltd.	NEW	+2.3K	2.3K	+$56,000	$56,000
MCD McDonald's Corporation	NEW	+85	85	+$22,000	$22,000
TDC Teradata Corporation	NEW	+423	423	+$19,000	$19,000

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

Holdings — Q3 2023

216 positions

Export to Excel

#	Issuer	Class	% Portfolio	Value ↓	Shares
1	GOOG Alphabet, Inc.	Stock	10.92%	$10M	75.6K
2	UNH UnitedHealth Group, Inc.history →	Stock	7.46%	$7M	13.5K
3	QQQ Invesco QQQ Trust ETF history →	ETF	7.08%	$6M	18.0K
4	AAPL Apple, Inc.history →	Stock	6.92%	$6M	36.8K
5	AXON Axon Enterprise, Inc.history →	Stock	4.93%	$4M	22.5K
6	META Meta Platforms, Inc.history →	Stock	4.63%	$4M	14.0K
7	AMZN Amazon.com, Inc.history →	Stock	4.04%	$4M	28.9K
8	SKY Skyline Champion Corporation history →	Stock	3.88%	$4M	55.5K
9	V Visa, Inc.history →	Stock	3.42%	$3M	13.5K
10	EXE Chesapeake Energy Corporation history →	Stock	3.15%	$3M	33.3K
11	BRK/A Berkshire Hathaway Inc.	Stock	3.11%	$3M	2.0K
12	LOW Lowe's Companies, Inc.history →	Stock	2.82%	$3M	12.4K
13	SCHM Schwab U.S. Mid-Cap ETF history →	ETF	2.59%	$2M	34.8K
14	NVDA NVidia Corporation history →	Stock	2.46%	$2M	5.1K
15	RRC Range Resources Corporation history →	Stock	1.82%	$2M	51.1K
16	DGII Digi International, Inc.history →	Stock	1.67%	$2M	56.5K
17	EEFT Euronet Worldwide, Inc.history →	Stock	1.47%	$1M	16.8K
18	IUSG iShares Core S&P U.S. Growth ETF history →	ETF	1.42%	$1M	13.6K
19	SCHX Schwab U.S. Large-Cap ETF history →	ETF	1.34%	$1M	24.1K
20	SPY SPDR S&P 500 ETF history →	ETF	1.29%	$1M	2.7K
21	DSI iShares MSCI KLD 400 Social ETF history →	ETF	1.28%	$1M	14.3K
22	SCHW Charles Schwab Corporation history →	Stock	1.23%	$1M	20.3K
23	Pioneer Natural Resources Company	Stock	1.19%	$1M	4.7K
24	XLE Energy Select Sector SPDR Fund	ETF	0.96%	$876,000	9.7K
25	JUST Goldman Sachs JUST U.S. Large Cap Equity ETF	ETF	0.95%	$866,000	14.2K
26	BSX Boston Scientific Group	Stock	0.94%	$857,000	16.2K
27	SUSA iShares MSCI USA ESG Select ETF	ETF	0.88%	$799,000	8.9K
28	ICE Intercontinental Exchange, Inc.	Stock	0.83%	$752,000	6.8K
29	MSFT Microsoft Corporation	Stock	0.80%	$730,000	2.3K
30	SPDR MSCI ACWI Low Carbon Target ETF	ETF	0.50%	$458,000	16.1K
31	INTU Intuit, Inc.	Stock	0.50%	$455,000	890
32	EA Electronic Arts, Inc.	Stock	0.48%	$439,000	3.6K
33	VOO Vanguard S&P 500 ETF	ETF	0.48%	$437,000	1.1K
34	Laboratory Corporation of America Holdings	Stock	0.42%	$383,000	1.9K
35	ECL Ecolab, Inc.	Stock	0.40%	$366,000	2.2K
36	COST Costco Wholesale Corporation	Stock	0.36%	$331,000	585
37	STEM Stem, Inc.	Stock	0.34%	$310,000	73.2K
38	BAC Bank of America 7.25	Convertible Preferred	0.33%	$301,000	271
39	BDX Becton, Dickinson and Company	Stock	0.31%	$284,000	1.1K
40	JNJ Johnson & Johnson	Stock	0.31%	$280,000	1.8K
41	SCHD Schwab US Dividend ETF	ETF	0.31%	$278,000	3.9K
42	PG Procter & Gamble Corporation	Stock	0.29%	$263,000	1.8K
43	WFC Wells Fargo Capital 7.50	Convertible Preferred	0.28%	$253,000	227
44	ISRG Intuitive Surgical, Inc.	Stock	0.27%	$250,000	854
45	LGLV SPDR SSGA US Large Cap Low Volatility ETF	ETF	0.26%	$240,000	1.8K
46	IWR iShares Russell Mid-Cap ETF	ETF	0.25%	$229,000	3.3K
47	UAN CVR Partners, LP	Stock	0.24%	$215,000	2.6K
48	KRP Kimbell Royalty Partners, LP	Stock	0.23%	$208,000	13.0K
49	XLV Health Care Select Sector SPDR Fund	ETF	0.23%	$206,000	1.6K
50	SCCO Southern Copper Corporation	Stock	0.22%	$200,000	2.6K
51	TSLA Tesla Motors, Inc.	Stock	0.22%	$199,000	797
52	CAT Caterpillar, Inc.	Stock	0.21%	$195,000	715
53	AMLP Alerian MLP ETF	ETF	0.21%	$190,000	4.5K
54	BSM Black Stone Minerals, L.P.	Stock	0.21%	$190,000	11.0K
55	TT Trane Technologies, Plc	Stock	0.18%	$162,000	800
56	RTX Raytheon Technologies	Stock	0.17%	$154,000	2.1K
57	PM Philip Morris International, Inc.	Stock	0.16%	$150,000	1.6K
58	MPLX Mplx, LP	Stock	0.16%	$142,000	4.0K
59	Viper Energy Partners, LP	Stock	0.15%	$139,000	5.0K
60	RIO Rio Tinto Group	ADR	0.15%	$134,000	2.1K
61	CVS CVS Health Corporation	Stock	0.14%	$130,000	1.9K
62	LBRDK Liberty Broadband Corporation	Stock	0.14%	$123,000	1.3K
63	CVX Chevron Corporation	Stock	0.13%	$121,000	718
64	PSI Invesco Dynamic Semiconductors ETF	ETF	0.13%	$121,000	2.8K
65	Sitio Royalties Corporation	Stock	0.13%	$121,000	5.0K
66	VPU Vanguard Utilities ETF	ETF	0.13%	$120,000	938
67	CARR Carrier Global Corporation	Stock	0.13%	$118,000	2.1K
68	HCA HCA Healthcare, Inc.	Stock	0.13%	$115,000	467
69	PFE Pfizer, Inc.	Stock	0.13%	$114,000	3.5K
70	AAP Advance Auto Parts, Inc.	Stock	0.12%	$109,000	1.9K
71	LLY Eli Lilly and Company	Stock	0.12%	$107,000	200
72	MRK Merck & Co., Inc.	Stock	0.11%	$101,000	983
73	FIS Fidelity National Information Services, Inc.	Stock	0.11%	$98,000	1.8K
74	GNRC Generac Holdings Inc.	Stock	0.10%	$93,000	857
75	VB Vanguard Small Cap ETF	ETF	0.10%	$88,000	463
76	SYK Stryker Corporation	Stock	0.10%	$87,000	320
77	OTIS Otis Worldwide Corporation	Stock	0.09%	$86,000	1.1K
78	VMD Viemed Healthcare, Inc.	Stock	0.09%	$85,000	12.6K
79	MS Morgan Stanley	Stock	0.09%	$85,000	1.0K
80	MMM 3M Company	Stock	0.09%	$79,000	844
81	TGT Target Corporation	Stock	0.08%	$77,000	700
82	VTI Vanguard Total Stock Market ETF	ETF	0.08%	$76,000	360
83	PGR The Progressive Corporation	Stock	0.08%	$74,000	530
84	PEP Pepsico, Inc.	Stock	0.08%	$73,000	428
85	IGV iShares Expanded Tech-Software Sector ETF	ETF	0.07%	$68,000	200
86	SEI Solaris Oilfield Infrastructure, Inc.	Stock	0.07%	$66,000	6.2K
87	ACES ALPS Clean Energy ETF	ETF	0.07%	$66,000	1.8K
88	BKNG Booking Holdings Inc.	Stock	0.07%	$65,000	21
89	GS Goldman Sachs Group, Inc.	Stock	0.07%	$65,000	200
90	ET Energy Transfer LP	Stock	0.07%	$63,000	4.5K
91	ADBE Adobe Systems, Inc.	Stock	0.07%	$62,000	122
92	HGER Harbor All-Weather Inflation Focus ETF	ETF	0.07%	$61,000	2.6K
93	WFC Wells Fargo & Company	Stock	0.06%	$59,000	1.4K
94	NSC Norfolk Southern Corporation	Stock	0.06%	$59,000	300
95	CMP Compass Minerals International, Inc.	Stock	0.06%	$58,000	2.1K
96	TSEM Tower Semiconductor Ltd.	Stock	0.06%	$56,000	2.3K
97	MSOS AdvisorShares Pure US Cannabis ETF	ETF	0.06%	$56,000	7.0K
98	HON Honeywell International, Inc.	Stock	0.06%	$55,000	300
99	EW Edwards Life Sciences	Stock	0.06%	$54,000	780
100	AMGN Amgen, Inc.	Stock	0.06%	$54,000	200

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 ↗.