HOWARD FINANCIAL SERVICES, LTD.

Filed: 10/15/2026ACC: 0001768130-26-000006

📋 What this filing means

HOWARD FINANCIAL SERVICES, LTD. filed this quarterly 13F‑HR report disclosing 234 equity positions with a total reported market value of $954.31M. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

234

Positions

$954.31M

Total AUM (reported)

14.80M

Total Shares

Allocation by class

COM$140.99M14.8%

MSCI USA QLT FCT$108.07M11.3%

US DIVIDEND EQ$63.84M6.7%

DIV APP ETF$45.08M4.7%

S&P 500 GARP ETF$39.74M4.2%

US QTLY DIV GRT$37.86M4.0%

S&P500 EQL WGT$37.55M3.9%

Portfolio Concentration

Top 3$216.99M22.7%

4–10$249.32M26.1%

11–25$268.02M28.1%

Rest$219.97M23.1%

Top 3 weight

22.7%

Top 10 weight

48.9%

Voting Authority Distribution

Total shares with voting rights: 14.80M

Sole

Full voting authority

0.00

% of voting shares0.0%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

14.80M

% of voting shares100.0%

Investment Discretion (by position count)

Sole234

Shared0

Other0

Dominant voting typeNone · 100.0% of voting shares

Institutional Holdings234

Rows:

ISHARES TR

SOLE

MSCI USA QLT FCT

Shares486.27K

TypeSH

Market value$108.07M

11.32%

Sole

0.00

Shared

0.00

None

486.27K

SCHWAB STRATEGIC TR

SOLE

US DIVIDEND EQ

Shares1.96M

TypeSH

Market value$63.84M

6.69%

Sole

0.00

Shared

0.00

None

1.96M

VANGUARD SPECIALIZED FUNDS

SOLE

DIV APP ETF

Shares193.22K

TypeSH

Market value$45.08M

4.72%

Sole

0.00

Shared

0.00

None

193.22K

INVESCO EXCHANGE TRADED FD T

SOLE

S&P 500 GARP ETF

Shares334.46K

TypeSH

Market value$39.74M

4.16%

Sole

0.00

Shared

0.00

None

334.46K

WISDOMTREE TR

SOLE

US QTLY DIV GRT

Shares389.33K

TypeSH

Market value$37.86M

3.97%

Sole

0.00

Shared

0.00

None

389.33K

INVESCO EXCHANGE TRADED FD T

SOLE

S&P500 EQL WGT

Shares180.53K

TypeSH

Market value$37.55M

3.94%

Sole

0.00

Shared

0.00

None

180.53K

INVESCO ACTIVELY MANAGED EXC

SOLE

TOTAL RETURN

Shares801.01K

TypeSH

Market value$35.72M

3.74%

Sole

0.00

Shared

0.00

None

801.01K

HARTFORD FDS EXCHANGE TRADED

SOLE

TOTAL RTRN ETF

Shares1.07M

TypeSH

Market value$34.31M

3.60%

Sole

0.00

Shared

0.00

None

1.07M

APPLE INC

SOLE

COM

Shares96.58K

TypeSH

Market value$32.16M

3.37%

Sole

0.00

Shared

0.00

None

96.58K

SCHWAB STRATEGIC TR

SOLE

US LCAP GR ETF

Shares889.96K

TypeSH

Market value$31.98M

3.35%

Sole

0.00

Shared

0.00

None

889.96K

PGIM ETF TR

SOLE

TOTA RETU BD ETF

Shares796.75K

TypeSH

Market value$31.42M

3.29%

Sole

0.00

Shared

0.00

None

796.75K

ISHARES TR

SOLE

MSCI INTL QUALTY

Shares526.07K

TypeSH

Market value$26.02M

2.73%

Sole

0.00

Shared

0.00

None

526.07K

SCHWAB STRATEGIC TR

SOLE

FUNDAMENTAL INTL

Shares460.66K

TypeSH

Market value$24.76M

2.59%

Sole

0.00

Shared

0.00

None

460.66K

FIRST TR EXCHANGE TRADED FD

SOLE

RISNG DIVD ACHIV

Shares292.51K

TypeSH

Market value$22.90M

2.40%

Sole

0.00

Shared

0.00

None

292.51K

VANECK ETF TRUST

SOLE

FALLEN ANGEL HG

Shares708.51K

TypeSH

Market value$19.70M

2.06%

Sole

0.00

Shared

0.00

None

708.51K

VANGUARD WHITEHALL FDS

SOLE

INTL DVD ETF

Shares193.95K

TypeSH

Market value$18.31M

1.92%

Sole

0.00

Shared

0.00

None

193.95K

WISDOMTREE TR

SOLE

EM EX ST-OWNED

Shares385.95K

TypeSH

Market value$18.08M

1.89%

Sole

0.00

Shared

0.00

None

385.95K

SPDR SERIES TRUST

SOLE

ST TERM HIGH ETF

Shares738.01K

TypeSH

Market value$17.90M

1.88%

Sole

0.00

Shared

0.00

None

738.01K

VANGUARD MALVERN FDS

SOLE

CORE-PLUS BD ETF

Shares234.15K

TypeSH

Market value$17.33M

1.82%

Sole

0.00

Shared

0.00

None

234.15K

NVIDIA CORPORATION

SOLE

COM

Shares61.37K

TypeSH

Market value$14.02M

1.47%

Sole

0.00

Shared

0.00

None

61.37K

STATE STR SPDR S&P 500 ETF T

SOLE

TR UNIT

Shares16.98K

TypeSH

Market value$12.95M

1.36%

Sole

0.00

Shared

0.00

None

16.98K

MICROSOFT CORP

SOLE

COM

Shares25.02K

TypeSH

Market value$12.83M

1.34%

Sole

0.00

Shared

0.00

None

25.02K

SSGA ACTIVE ETF TR

SOLE

ST STR TOTAL ETF

Shares303.19K

TypeSH

Market value$11.35M

1.19%

Sole

0.00

Shared

0.00

None

303.19K

INVESCO QQQ TR

SOLE

UNIT SER 1

Shares14.52K

TypeSH

Market value$10.74M

1.13%

Sole

0.00

Shared

0.00

None

14.52K

VANECK ETF TRUST

SOLE

MRNGSTR WDE MOAT

Shares91.80K

TypeSH

Market value$9.70M

1.02%

Sole

0.00

Shared

0.00

None

91.80K

Issuer	Class	Shares	Type	Value / Portfolio %	None
ISHARES TRSOLE	MSCI USA QLT FCT	486.27K	SH	$108.07M 11.32%	486.27K
SCHWAB STRATEGIC TRSOLE	US DIVIDEND EQ	1.96M	SH	$63.84M 6.69%	1.96M
VANGUARD SPECIALIZED FUNDSSOLE	DIV APP ETF	193.22K	SH	$45.08M 4.72%	193.22K
INVESCO EXCHANGE TRADED FD TSOLE	S&P 500 GARP ETF	334.46K	SH	$39.74M 4.16%	334.46K
WISDOMTREE TRSOLE	US QTLY DIV GRT	389.33K	SH	$37.86M 3.97%	389.33K
INVESCO EXCHANGE TRADED FD TSOLE	S&P500 EQL WGT	180.53K	SH	$37.55M 3.94%	180.53K
INVESCO ACTIVELY MANAGED EXCSOLE	TOTAL RETURN	801.01K	SH	$35.72M 3.74%	801.01K
HARTFORD FDS EXCHANGE TRADEDSOLE	TOTAL RTRN ETF	1.07M	SH	$34.31M 3.60%	1.07M
APPLE INCSOLE	COM	96.58K	SH	$32.16M 3.37%	96.58K
SCHWAB STRATEGIC TRSOLE	US LCAP GR ETF	889.96K	SH	$31.98M 3.35%	889.96K
PGIM ETF TRSOLE	TOTA RETU BD ETF	796.75K	SH	$31.42M 3.29%	796.75K
ISHARES TRSOLE	MSCI INTL QUALTY	526.07K	SH	$26.02M 2.73%	526.07K
SCHWAB STRATEGIC TRSOLE	FUNDAMENTAL INTL	460.66K	SH	$24.76M 2.59%	460.66K
FIRST TR EXCHANGE TRADED FDSOLE	RISNG DIVD ACHIV	292.51K	SH	$22.90M 2.40%	292.51K
VANECK ETF TRUSTSOLE	FALLEN ANGEL HG	708.51K	SH	$19.70M 2.06%	708.51K
VANGUARD WHITEHALL FDSSOLE	INTL DVD ETF	193.95K	SH	$18.31M 1.92%	193.95K
WISDOMTREE TRSOLE	EM EX ST-OWNED	385.95K	SH	$18.08M 1.89%	385.95K
SPDR SERIES TRUSTSOLE	ST TERM HIGH ETF	738.01K	SH	$17.90M 1.88%	738.01K
VANGUARD MALVERN FDSSOLE	CORE-PLUS BD ETF	234.15K	SH	$17.33M 1.82%	234.15K
NVIDIA CORPORATIONSOLE	COM	61.37K	SH	$14.02M 1.47%	61.37K
STATE STR SPDR S&P 500 ETF TSOLE	TR UNIT	16.98K	SH	$12.95M 1.36%	16.98K
MICROSOFT CORPSOLE	COM	25.02K	SH	$12.83M 1.34%	25.02K
SSGA ACTIVE ETF TRSOLE	ST STR TOTAL ETF	303.19K	SH	$11.35M 1.19%	303.19K
INVESCO QQQ TRSOLE	UNIT SER 1	14.52K	SH	$10.74M 1.13%	14.52K
VANECK ETF TRUSTSOLE	MRNGSTR WDE MOAT	91.80K	SH	$9.70M 1.02%	91.80K

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