HOWARD FINANCIAL SERVICES, LTD.

CIK 0001768130 · Q2 2026

13F Equity AUM

$1.0B

+12.8% QoQ

Positions

268

+45 QoQ

AUM Rank

#3,396

Top 27%

Skill Alpha (FF)

-1.9%/yr^ns

No Clear Edge

Rank #5,675 · Top 68%

vs S&P -4.5%/yr (unadj.)

Quarters Tracked

~7 years

Portfolio Concentration

Top 5: 30.2%Top 10: 48.4%Top 20: 69.6%

QUAL11.3%

SCHD6.2%

VIG4.7%

AAPL4.0%

SPGP4.0%

RSP4.0%

DGRW3.8%

GTO3.7%

HTRB3.4%

PTRB3.2%

Others (258)51.6%

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

Sector Allocation

Financial Services79.7%

Technology10.2%

Energy3.1%

Other7.1%

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

Position Sizing

Positions: 268Median: 0.06%Avg: 0.37%

0–0.5%

234(18.4%)

0.5–1%

11(8.2%)

1–3%

13(25.1%)

3–5%

8(30.9%)

5%+

2(17.4%)

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

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Portfolio Overlap

Shared: 0Unique: 268vs 20 funds

0%Low

268

Fund positions

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.

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Position Changes This Quarter

New55Increased137Decreased52Exited10

New Positions

CHAT0.1%

+12K

SOXX0.1%

+1K

FTEC0.1%

+2K

IGPT0.1%

+6K

IQM0.1%

+4K

USMV0.0%

+4K

DUK0.0%

+3K

KLAC0.0%

+1K

AZN0.0%

+2K

DGRO0.0%

+5K

Increased

SCHG2.8%

+104K(+15%)

IQLT2.6%

+41K(+9%)

VPLS1.0%

+39K(+45%)

FNDF2.4%

+36K(+9%)

XSOE1.8%

+36K(+11%)

GTO3.7%

+31K(+4%)

HTRB3.4%

+28K(+3%)

DGRW3.8%

+23K(+6%)

ANGL2.0%

+21K(+3%)

INTC0.4%

+21K(+217%)

Decreased

UAMY0.0%

-197,320(-80%)

SJNK1.7%

-74,234(-10%)

JPST0.8%

-70,390(-32%)

TOTL1.9%

-43,811(-8%)

SPGP4.0%

-12,911(-4%)

FPE0.6%

-12,554(-4%)

MOAT1.0%

-9,401(-9%)

SCHF0.3%

-9,374(-9%)

NBHC0.1%

-7,000(-25%)

CALF0.9%

-6,640(-4%)

Exited

-20,250

-8,000

-2,883

-849

-7,770

-6,369

-1,327

-907

-68,500

-28,741

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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