HOWARD FINANCIAL SERVICES, LTD.
SEC Form 13F institutional filer · CIK 0001768130
13F-HR · 120 reported holdings · 2026-03-31
Reported long-US-equity value
$0.44B
Top-10 concentration
77.8%
HOWARD FINANCIAL SERVICES, LTD. — $436M AUM allocation strategy
HOWARD FINANCIAL SERVICES, LTD. files SEC Form 13F and reports $436M of long US equity value across 120 reported holdings for 2026-03-31.
Its largest sector bet is Financials 57.0%, followed by Information Technology 15.1% and Consumer Discretionary 2.2%.
The top 10 holdings account for 78% of reported value — a conviction-weighted book concentrated in its best ideas. The sector and industry splits below are of the same reported value. Track quarter-over-quarter adds, trims, new positions and exits below — sourced from SEC 13F filings, public domain.
HOWARD FINANCIAL SERVICES, LTD. — latest SEC 13F insights
Reported long-US-equity value (13F AUM)
$436M
total across 120 reported holdings · 2026-03-31 · excludes shorts, cash, non-US
Top-10 concentration
78% of value
higher = narrower conviction; lower = spread / hedging
Biggest adds (shares)
+$SCHW +79.7K sh · +$8.35M+$IVZ +34.8K sh · −$227K+$AAPL +7.24K sh · −$518K
Biggest trims (shares)
−$SPGI −96.3K sh · −$2.69M−$INTC −2.76K sh · −$32.3K−$TSLA −1.28K sh · −$959K
Exited to nil (held last quarter, gone now)
$ADP ($236K last qtr)$DIS ($225K last qtr)$ELV ($216K last qtr)$IYY ($216K last qtr)$ADBE ($214K last qtr)
Sector allocation (share of reported value)
each slice is a share of the reported long-US-equity value — smaller sectors and the rest of the book roll into “Other holdings”
Qtr shift = share-point change vs the prior quarter's filing — first period tracked for this filer; the column fills in with the next quarterly refresh.
Industry allocation (share of reported value)
- Asset Management & Custody Banks25.3%—
- Investment Banking & Brokerage25.0%—
- Technology Hardware, Storage & Peripherals8.0%—
- Financial Exchanges & Data4.6%—
- Semiconductors4.5%—
- Systems Software2.1%—
- Multi-Sector Holdings1.7%—
- Broadline Retail1.5%—
- Other holdings27.3%—
the finer GICS cut of the same book — same denominator — smaller industries roll into “Other holdings”
Qtr shift = share-point change vs the prior quarter's filing — first period tracked for this filer; the column fills in with the next quarterly refresh.
Top S&P 500 holdings
7 of 7 rows · sorted by Value ↓
| Ticker | Holding | Shares | Value | Δ QoQ | Weight |
|---|---|---|---|---|---|
| $IVZ | Invesco Ltd | 1.3M | $110M | +34.8K | 25.3% |
| $SCHW | Charles Schwab Corporation | 3.31M | $109M | +79.7K | 25.0% |
| $AAPL | Apple Inc | 138K | $34.9M | +7.24K | 8.0% |
| $SPGI | S&P Global Inc | 771K | $20M | -96.3K | 4.6% |
| $NVDA | NVIDIA Corporation | 83.4K | $14.5M | +5.05K | 3.3% |
| $MSFT | Microsoft Corporation | 25.7K | $9.52M | +2.82K | 2.2% |
| $BRK.B | Berkshire Hathaway Inc.-Class B | 15.3K | $7.32M | +590 | 1.7% |
…and 113 more holdings in the full 13F filing (top positions only shown).
SEC Form 13F data sets · public domain · 45-day filing lag · >$100M AUM managers · as reported
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How to read Δ QoQ — the five insight categories, and the caveats
The categories. Analysts, quants and retail traders look past total portfolio value to isolate actionable signals. Five categories matter.
Conviction & concentration shifts
New positions vs complete exits — a brand-new stock signals high conviction; a full liquidation suggests a broken thesis or tax-loss harvesting. Aggressive sizing — look at share count, not dollars: a 20% share increase during a drawdown is strong dip-buying. Concentration — a narrowing top-5/10 means conviction; spreading capital across more names means hedging.
Sector & macro allocation rotations
Aggregating Δ QoQ moves across sectors shows where smart money is leaning in or sneaking out — rotating out of growth into defensives or energy, for example. The fund's total long equity exposure quarter-over-quarter is a proxy for overall institutional risk appetite.
Crowding & smart-money consensus
When several managers initiate or expand the same stock in the same quarter, that is institutional consensus. Contrarian reads: top pickers buying hard into a beaten-down name the market is selling.
Derivative & option overlays
Reported call/put changes indicate whether managers are adding downside hedges or leveraging upside exposure. Note: a long increase may be half of a market-neutral pair trade.
Who reads this
| Retail "cloners" | High-conviction ideas to replicate ~45 days after quarter-end. |
| Corporate IR | Which funds bought or dumped the stock, before the next call. |
| Quant / algo traders | Cross-sectional factor inputs: flow, momentum, ownership. |
Four caveats before you trade on it
- 45-day lag — holdings are quarter-end; positions may already be closed.
- Long-only — 13Fs miss shorts, pair trades and cash.
- No non-US / fixed income — the picture is US equities plus options.
- Corporate actions — splits and spinoffs distort raw share deltas.
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