HOWARD FINANCIAL SERVICES, LTD.

CIK 0001768130 · Q1 2026

13F Equity AUM

$888.0M

+3.9% QoQ

Positions

223

+18 QoQ

AUM Rank

#3,029

Top 24%

Skill Alpha (FF)

-2.4%/yr^ns

No Clear Edge

Rank #5,662 · Top 69%

vs S&P -7.3%/yr (unadj.)

Quarters Tracked

~7 years

Portfolio Concentration

Top 5: 30.7%Top 10: 49.8%Top 20: 71.0%

QUAL10.9%

SCHD6.7%

VIG4.9%

RSP4.2%

SPGP4.1%

GTO4.0%

AAPL3.9%

HTRB3.8%

DGRW3.7%

PTRB3.6%

Others (213)50.2%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services81.2%

Technology8.7%

Energy3.5%

Other6.6%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 223Median: 0.07%Avg: 0.45%

0–0.5%

189(16.6%)

0.5–1%

9(6.2%)

1–3%

15(27.4%)

3–5%

8(32.2%)

5%+

2(17.6%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 217Unique: 6vs 20 funds

3%Low

223

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

BANK OF AMERICA CORP /DE/

4.4%

4.1%

6.4%

4.4%

VANGUARD CAPITAL MANAGEMENT LLC

3.7%

GEODE CAPITAL MANAGEMENT, LLC

3.5%

VANGUARD PORTFOLIO MANAGEMENT LLC

4.3%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New30Increased127Decreased38Exited12

New Positions

UAMY0.2%

+248K

HBAN0.1%

+73K

NBHC0.1%

+28K

VB0.1%

+3K

VCIT0.1%

+9K

VEU0.1%

+10K

VO0.1%

+3K

EEM0.1%

+11K

VEA0.1%

+10K

LIN0.1%

+832

Increased

MSOX0.0%

+90K(+300%)

SCHG2.3%

+64K(+10%)

HTRB3.8%

+61K(+7%)

ANGL2.2%

+54K(+9%)

VPLS0.8%

+49K(+132%)

PTRB3.6%

+47K(+6%)

JPST1.3%

+46K(+26%)

RDVY2.2%

+45K(+18%)

XSOE1.5%

+30K(+10%)

IQLT2.5%

+29K(+6%)

Decreased

SJNK2.1%

-95,679(-11%)

BIL0.1%

-31,229(-74%)

CALF0.9%

-30,142(-14%)

BSV0.2%

-14,733(-41%)

SCHD6.7%

-10,245(-1%)

FPE0.7%

-6,839(-2%)

RODM0.4%

-5,506(-6%)

QUAL10.9%

-4,887(-1%)

INTC0.1%

-2,760(-22%)

FIXD0.3%

-2,652(-4%)

Exited

-25,638

-4,240

-4,271

-617

-611

-1,980

-916

-6,712

-2,570

-3,479

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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