HOWARD FINANCIAL SERVICES, LTD.

Filed: 4/7/2026ACC: 0001768130-26-000002

📋 What this filing means

HOWARD FINANCIAL SERVICES, LTD. filed this quarterly 13F‑HR report disclosing 223 equity positions with a total reported market value of $888.05M. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

223

Positions

$888.05M

Total AUM (reported)

15.12M

Total Shares

Allocation by class

COM$139.83M15.7%

MSCI USA QLT FCT$96.45M10.9%

US DIVIDEND EQ$59.68M6.7%

DIV APP ETF$43.15M4.9%

S&P500 EQL WGT$36.91M4.2%

S&P 500 GARP ETF$36.68M4.1%

TOTAL RETURN$35.99M4.1%

Portfolio Concentration

Top 3$199.28M22.4%

4–10$243.16M27.4%

11–25$242.98M27.4%

Rest$202.63M22.8%

Top 3 weight

22.4%

Top 10 weight

49.8%

Voting Authority Distribution

Total shares with voting rights: 15.12M

Sole

Full voting authority

0.00

% of voting shares0.0%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

15.12M

% of voting shares100.0%

Investment Discretion (by position count)

Sole223

Shared0

Other0

Dominant voting typeNone · 100.0% of voting shares

Institutional Holdings223

Rows:

ISHARES TR

SOLE

MSCI USA QLT FCT

Shares502.86K

TypeSH

Market value$96.45M

10.86%

Sole

0.00

Shared

0.00

None

502.86K

SCHWAB STRATEGIC TR

SOLE

US DIVIDEND EQ

Shares1.95M

TypeSH

Market value$59.68M

6.72%

Sole

0.00

Shared

0.00

None

1.95M

VANGUARD SPECIALIZED FUNDS

SOLE

DIV APP ETF

Shares200.63K

TypeSH

Market value$43.15M

4.86%

Sole

0.00

Shared

0.00

None

200.63K

INVESCO EXCHANGE TRADED FD T

SOLE

S&P500 EQL WGT

Shares192.31K

TypeSH

Market value$36.91M

4.16%

Sole

0.00

Shared

0.00

None

192.31K

INVESCO EXCHANGE TRADED FD T

SOLE

S&P 500 GARP ETF

Shares340.84K

TypeSH

Market value$36.68M

4.13%

Sole

0.00

Shared

0.00

None

340.84K

INVESCO ACTIVELY MANAGED EXC

SOLE

TOTAL RETURN

Shares768.52K

TypeSH

Market value$35.99M

4.05%

Sole

0.00

Shared

0.00

None

768.52K

APPLE INC

SOLE

COM

Shares137.53K

TypeSH

Market value$34.90M

3.93%

Sole

0.00

Shared

0.00

None

137.53K

HARTFORD FDS EXCHANGE TRADED

SOLE

TOTAL RTRN ETF

Shares988.04K

TypeSH

Market value$33.34M

3.75%

Sole

0.00

Shared

0.00

None

988.04K

WISDOMTREE TR

SOLE

US QTLY DIV GRT

Shares375.34K

TypeSH

Market value$32.97M

3.71%

Sole

0.00

Shared

0.00

None

375.34K

PGIM ETF TR

SOLE

TOTAL RETURN BON

Shares779.78K

TypeSH

Market value$32.37M

3.64%

Sole

0.00

Shared

0.00

None

779.78K

ISHARES TR

SOLE

MSCI INTL QUALTY

Shares476.50K

TypeSH

Market value$22.03M

2.48%

Sole

0.00

Shared

0.00

None

476.50K

SSGA ACTIVE ETF TR

SOLE

STATE STREET DOU

Shares536.17K

TypeSH

Market value$21.30M

2.40%

Sole

0.00

Shared

0.00

None

536.17K

SCHWAB STRATEGIC TR

SOLE

US LCAP GR ETF

Shares712.99K

TypeSH

Market value$20.77M

2.34%

Sole

0.00

Shared

0.00

None

712.99K

SCHWAB STRATEGIC TR

SOLE

FUNDAMENTAL INTL

Shares414.98K

TypeSH

Market value$20.31M

2.29%

Sole

0.00

Shared

0.00

None

414.98K

FIRST TR EXCHANGE TRADED FD

SOLE

RISNG DIVD ACHIV

Shares288.10K

TypeSH

Market value$19.67M

2.22%

Sole

0.00

Shared

0.00

None

288.10K

VANECK ETF TRUST

SOLE

FALLEN ANGEL HG

Shares669.18K

TypeSH

Market value$19.22M

2.16%

Sole

0.00

Shared

0.00

None

669.18K

SPDR SERIES TRUST

SOLE

STATE STREET SPD

Shares744.26K

TypeSH

Market value$18.59M

2.09%

Sole

0.00

Shared

0.00

None

744.26K

VANGUARD WHITEHALL FDS

SOLE

INTL DVD ETF

Shares186.48K

TypeSH

Market value$16.50M

1.86%

Sole

0.00

Shared

0.00

None

186.48K

SPDR S&P 500 ETF TR

SOLE

TR UNIT

Shares23.72K

TypeSH

Market value$15.43M

1.74%

Sole

0.00

Shared

0.00

None

23.72K

NVIDIA CORPORATION

SOLE

COM

Shares83.35K

TypeSH

Market value$14.54M

1.64%

Sole

0.00

Shared

0.00

None

83.35K

WISDOMTREE TR

SOLE

EM EX ST-OWNED

Shares336.83K

TypeSH

Market value$13.51M

1.52%

Sole

0.00

Shared

0.00

None

336.83K

J P MORGAN EXCHANGE TRADED F

SOLE

ULTRA SHRT ETF

Shares220.61K

TypeSH

Market value$11.17M

1.26%

Sole

0.00

Shared

0.00

None

220.61K

VANECK ETF TRUST

SOLE

MRNGSTR WDE MOAT

Shares107.09K

TypeSH

Market value$10.36M

1.17%

Sole

0.00

Shared

0.00

None

107.09K

INVESCO QQQ TR

SOLE

UNIT SER 1

Shares17.47K

TypeSH

Market value$10.08M

1.14%

Sole

0.00

Shared

0.00

None

17.47K

MICROSOFT CORP

SOLE

COM

Shares25.73K

TypeSH

Market value$9.52M

1.07%

Sole

0.00

Shared

0.00

None

25.73K

Issuer	Class	Shares	Type	Value / Portfolio %	None
ISHARES TRSOLE	MSCI USA QLT FCT	502.86K	SH	$96.45M 10.86%	502.86K
SCHWAB STRATEGIC TRSOLE	US DIVIDEND EQ	1.95M	SH	$59.68M 6.72%	1.95M
VANGUARD SPECIALIZED FUNDSSOLE	DIV APP ETF	200.63K	SH	$43.15M 4.86%	200.63K
INVESCO EXCHANGE TRADED FD TSOLE	S&P500 EQL WGT	192.31K	SH	$36.91M 4.16%	192.31K
INVESCO EXCHANGE TRADED FD TSOLE	S&P 500 GARP ETF	340.84K	SH	$36.68M 4.13%	340.84K
INVESCO ACTIVELY MANAGED EXCSOLE	TOTAL RETURN	768.52K	SH	$35.99M 4.05%	768.52K
APPLE INCSOLE	COM	137.53K	SH	$34.90M 3.93%	137.53K
HARTFORD FDS EXCHANGE TRADEDSOLE	TOTAL RTRN ETF	988.04K	SH	$33.34M 3.75%	988.04K
WISDOMTREE TRSOLE	US QTLY DIV GRT	375.34K	SH	$32.97M 3.71%	375.34K
PGIM ETF TRSOLE	TOTAL RETURN BON	779.78K	SH	$32.37M 3.64%	779.78K
ISHARES TRSOLE	MSCI INTL QUALTY	476.50K	SH	$22.03M 2.48%	476.50K
SSGA ACTIVE ETF TRSOLE	STATE STREET DOU	536.17K	SH	$21.30M 2.40%	536.17K
SCHWAB STRATEGIC TRSOLE	US LCAP GR ETF	712.99K	SH	$20.77M 2.34%	712.99K
SCHWAB STRATEGIC TRSOLE	FUNDAMENTAL INTL	414.98K	SH	$20.31M 2.29%	414.98K
FIRST TR EXCHANGE TRADED FDSOLE	RISNG DIVD ACHIV	288.10K	SH	$19.67M 2.22%	288.10K
VANECK ETF TRUSTSOLE	FALLEN ANGEL HG	669.18K	SH	$19.22M 2.16%	669.18K
SPDR SERIES TRUSTSOLE	STATE STREET SPD	744.26K	SH	$18.59M 2.09%	744.26K
VANGUARD WHITEHALL FDSSOLE	INTL DVD ETF	186.48K	SH	$16.50M 1.86%	186.48K
SPDR S&P 500 ETF TRSOLE	TR UNIT	23.72K	SH	$15.43M 1.74%	23.72K
NVIDIA CORPORATIONSOLE	COM	83.35K	SH	$14.54M 1.64%	83.35K
WISDOMTREE TRSOLE	EM EX ST-OWNED	336.83K	SH	$13.51M 1.52%	336.83K
J P MORGAN EXCHANGE TRADED FSOLE	ULTRA SHRT ETF	220.61K	SH	$11.17M 1.26%	220.61K
VANECK ETF TRUSTSOLE	MRNGSTR WDE MOAT	107.09K	SH	$10.36M 1.17%	107.09K
INVESCO QQQ TRSOLE	UNIT SER 1	17.47K	SH	$10.08M 1.14%	17.47K
MICROSOFT CORPSOLE	COM	25.73K	SH	$9.52M 1.07%	25.73K

Page 1 of 9

…