HOWARD FINANCIAL SERVICES, LTD.

Filed: 1/12/2026ACC: 0001768130-26-000001

📋 What this filing means

HOWARD FINANCIAL SERVICES, LTD. filed this quarterly 13F‑HR report disclosing 205 equity positions with a total reported market value of $855.15M. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

205

Positions

$855.15M

Total AUM (reported)

13.90M

Total Shares

Allocation by class

COM$130.31M15.2%

MSCI USA QLT FCT$100.85M11.8%

US DIVIDEND EQ$53.64M6.3%

DIV APP ETF$43.04M5.0%

S&P 500 GARP ETF$38.20M4.5%

S&P500 EQL WGT$36.71M4.3%

TOTAL RETURN$35.14M4.1%

Portfolio Concentration

Top 3$197.53M23.1%

4–10$239.17M28.0%

11–25$235.83M27.6%

Rest$182.62M21.4%

Top 3 weight

23.1%

Top 10 weight

51.1%

Voting Authority Distribution

Total shares with voting rights: 13.90M

Sole

Full voting authority

0.00

% of voting shares0.0%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

13.90M

% of voting shares100.0%

Investment Discretion (by position count)

Sole205

Shared0

Other0

Dominant voting typeNone · 100.0% of voting shares

Institutional Holdings205

Rows:

ISHARES TR

SOLE

MSCI USA QLT FCT

Shares507.75K

TypeSH

Market value$100.85M

11.79%

Sole

0.00

Shared

0.00

None

507.75K

SCHWAB STRATEGIC TR

SOLE

US DIVIDEND EQ

Shares1.96M

TypeSH

Market value$53.64M

6.27%

Sole

0.00

Shared

0.00

None

1.96M

VANGUARD SPECIALIZED FUNDS

SOLE

DIV APP ETF

Shares195.82K

TypeSH

Market value$43.04M

5.03%

Sole

0.00

Shared

0.00

None

195.82K

INVESCO EXCHANGE TRADED FD T

SOLE

S&P 500 GARP ETF

Shares335.50K

TypeSH

Market value$38.20M

4.47%

Sole

0.00

Shared

0.00

None

335.50K

INVESCO EXCHANGE TRADED FD T

SOLE

S&P500 EQL WGT

Shares191.64K

TypeSH

Market value$36.71M

4.29%

Sole

0.00

Shared

0.00

None

191.64K

APPLE INC

SOLE

COM

Shares130.29K

TypeSH

Market value$35.42M

4.14%

Sole

0.00

Shared

0.00

None

130.29K

INVESCO ACTIVELY MANAGED EXC

SOLE

TOTAL RETURN

Shares741.14K

TypeSH

Market value$35.14M

4.11%

Sole

0.00

Shared

0.00

None

741.14K

HARTFORD FDS EXCHANGE TRADED

SOLE

TOTAL RTRN ETF

Shares926.74K

TypeSH

Market value$31.65M

3.70%

Sole

0.00

Shared

0.00

None

926.74K

WISDOMTREE TR

SOLE

US QTLY DIV GRT

Shares349.18K

TypeSH

Market value$31.23M

3.65%

Sole

0.00

Shared

0.00

None

349.18K

PGIM ETF TR

SOLE

TOTAL RETURN BON

Shares733K

TypeSH

Market value$30.82M

3.60%

Sole

0.00

Shared

0.00

None

733K

SPDR SERIES TRUST

SOLE

STATE STREET SPD

Shares839.94K

TypeSH

Market value$21.27M

2.49%

Sole

0.00

Shared

0.00

None

839.94K

SSGA ACTIVE ETF TR

SOLE

STATE STREET DOU

Shares526.12K

TypeSH

Market value$21.18M

2.48%

Sole

0.00

Shared

0.00

None

526.12K

SCHWAB STRATEGIC TR

SOLE

US LCAP GR ETF

Shares648.56K

TypeSH

Market value$21.16M

2.47%

Sole

0.00

Shared

0.00

None

648.56K

ISHARES TR

SOLE

MSCI INTL QUALTY

Shares447.56K

TypeSH

Market value$20.34M

2.38%

Sole

0.00

Shared

0.00

None

447.56K

VANECK ETF TRUST

SOLE

FALLEN ANGEL HG

Shares615.54K

TypeSH

Market value$18.08M

2.11%

Sole

0.00

Shared

0.00

None

615.54K

SCHWAB STRATEGIC TR

SOLE

FUNDAMENTAL INTL

Shares391.47K

TypeSH

Market value$17.70M

2.07%

Sole

0.00

Shared

0.00

None

391.47K

FIRST TR EXCHANGE TRADED FD

SOLE

RISNG DIVD ACHIV

Shares243.41K

TypeSH

Market value$16.91M

1.98%

Sole

0.00

Shared

0.00

None

243.41K

SPDR S&P 500 ETF TR

SOLE

TR UNIT

Shares24.55K

TypeSH

Market value$16.74M

1.96%

Sole

0.00

Shared

0.00

None

24.55K

VANGUARD WHITEHALL FDS

SOLE

INTL DVD ETF

Shares174.49K

TypeSH

Market value$15.96M

1.87%

Sole

0.00

Shared

0.00

None

174.49K

NVIDIA CORPORATION

SOLE

COM

Shares78.30K

TypeSH

Market value$14.60M

1.71%

Sole

0.00

Shared

0.00

None

78.30K

WISDOMTREE TR

SOLE

EM EX ST-OWNED

Shares306.57K

TypeSH

Market value$11.96M

1.40%

Sole

0.00

Shared

0.00

None

306.57K

MICROSOFT CORP

SOLE

COM

Shares22.91K

TypeSH

Market value$11.08M

1.30%

Sole

0.00

Shared

0.00

None

22.91K

INVESCO QQQ TR

SOLE

UNIT SER 1

Shares17.41K

TypeSH

Market value$10.70M

1.25%

Sole

0.00

Shared

0.00

None

17.41K

PACER FDS TR

SOLE

US SMALL CAP CAS

Shares210.38K

TypeSH

Market value$9.33M

1.09%

Sole

0.00

Shared

0.00

None

210.38K

J P MORGAN EXCHANGE TRADED F

SOLE

ULTRA SHRT ETF

Shares174.65K

TypeSH

Market value$8.84M

1.03%

Sole

0.00

Shared

0.00

None

174.65K

Issuer	Class	Shares	Type	Value / Portfolio %	None
ISHARES TRSOLE	MSCI USA QLT FCT	507.75K	SH	$100.85M 11.79%	507.75K
SCHWAB STRATEGIC TRSOLE	US DIVIDEND EQ	1.96M	SH	$53.64M 6.27%	1.96M
VANGUARD SPECIALIZED FUNDSSOLE	DIV APP ETF	195.82K	SH	$43.04M 5.03%	195.82K
INVESCO EXCHANGE TRADED FD TSOLE	S&P 500 GARP ETF	335.50K	SH	$38.20M 4.47%	335.50K
INVESCO EXCHANGE TRADED FD TSOLE	S&P500 EQL WGT	191.64K	SH	$36.71M 4.29%	191.64K
APPLE INCSOLE	COM	130.29K	SH	$35.42M 4.14%	130.29K
INVESCO ACTIVELY MANAGED EXCSOLE	TOTAL RETURN	741.14K	SH	$35.14M 4.11%	741.14K
HARTFORD FDS EXCHANGE TRADEDSOLE	TOTAL RTRN ETF	926.74K	SH	$31.65M 3.70%	926.74K
WISDOMTREE TRSOLE	US QTLY DIV GRT	349.18K	SH	$31.23M 3.65%	349.18K
PGIM ETF TRSOLE	TOTAL RETURN BON	733K	SH	$30.82M 3.60%	733K
SPDR SERIES TRUSTSOLE	STATE STREET SPD	839.94K	SH	$21.27M 2.49%	839.94K
SSGA ACTIVE ETF TRSOLE	STATE STREET DOU	526.12K	SH	$21.18M 2.48%	526.12K
SCHWAB STRATEGIC TRSOLE	US LCAP GR ETF	648.56K	SH	$21.16M 2.47%	648.56K
ISHARES TRSOLE	MSCI INTL QUALTY	447.56K	SH	$20.34M 2.38%	447.56K
VANECK ETF TRUSTSOLE	FALLEN ANGEL HG	615.54K	SH	$18.08M 2.11%	615.54K
SCHWAB STRATEGIC TRSOLE	FUNDAMENTAL INTL	391.47K	SH	$17.70M 2.07%	391.47K
FIRST TR EXCHANGE TRADED FDSOLE	RISNG DIVD ACHIV	243.41K	SH	$16.91M 1.98%	243.41K
SPDR S&P 500 ETF TRSOLE	TR UNIT	24.55K	SH	$16.74M 1.96%	24.55K
VANGUARD WHITEHALL FDSSOLE	INTL DVD ETF	174.49K	SH	$15.96M 1.87%	174.49K
NVIDIA CORPORATIONSOLE	COM	78.30K	SH	$14.60M 1.71%	78.30K
WISDOMTREE TRSOLE	EM EX ST-OWNED	306.57K	SH	$11.96M 1.40%	306.57K
MICROSOFT CORPSOLE	COM	22.91K	SH	$11.08M 1.30%	22.91K
INVESCO QQQ TRSOLE	UNIT SER 1	17.41K	SH	$10.70M 1.25%	17.41K
PACER FDS TRSOLE	US SMALL CAP CAS	210.38K	SH	$9.33M 1.09%	210.38K
J P MORGAN EXCHANGE TRADED FSOLE	ULTRA SHRT ETF	174.65K	SH	$8.84M 1.03%	174.65K

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