HOWARD FINANCIAL SERVICES, LTD.

Registered adviser

CIK

1768130

Location

DALLAS, TX

Portfolio Value

Small $854,185,602

Diversification

Diversified

Filing Date

Global Rank

#2,631 / 8,835 ▼ 126 · as of Jun 2026

Top Industry

Semiconductors 16.8%

3Y Alpha vs SPY

-7.1%

Period ended 46 days ago

Filed Oct 15, 2026 · 31d

27 quarters · since Mar 2020

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Registered adviser

Form ADV roster, Nov 1, 2026

Form ADV adviser

CRD 107978

Roster of Nov 1, 2026

Regulatory AUM

$1,401,802,140

Main clients

Individuals and high net worth (83% of AUM)

Private funds

31 funds · Other private funds

Focus by gross assets, Schedule D of Dec 5, 2024

$224,190,632 gross assets

Private funds on Schedule D 7.B.(1)

As filed Dec 5, 2024; SEC's bulk Form ADV archive ends with 2024 filings.

$204,551,221 gross assets in 33 funds Other private funds $120,191,477 (9) Real estate funds $80,123,440 (23) Hedge funds $4,236,304 (1)

Form ADV history

Monthly rosters from Dec 2019; each row is a run with the same figures, newest first.

Rosters	Regulatory AUM	Main clients
Apr 2026 to Nov 2026	$1,401,802,140	Individuals and high net worth (83%)
Apr 2025 to Mar 2026	$1,423,796,795	Individuals and high net worth (83%)
Apr 2024 to Mar 2025	$1,281,308,335	Individuals and high net worth (82%)
May 2023 to Mar 2024	$988,514,935	Individuals and high net worth (78%)
Apr 2023	$988,514,935	Individuals and high net worth (78%)
Aug 2022 to Mar 2023	$979,993,858	Individuals and high net worth (73%)

4 earlier changes not shown.

Stated strategy

Multi-asset, Fixed income / rates, Private markets Form ADV Part 2A, Mar 30, 2026 · original

In the firm's words

Multi-asset: Our primary investment strategy is strategic asset allocation of equity, fixed income, and alternative investments.
Fixed income / rates: Fixed income investments are accessed through no-load mutual funds, ETFs, separately managed accounts, individual securities, and private placement offerings, when appropriate.
Private markets: We have and will recommend investments in private placement real estate offerings and oil/gas related offerings, when appropriate.

Portfolio style

Measured from the filed 13F common-share book for Jun 30, 2026, the newest measured quarter, never from the firm's own description.

Style

Concentrated

The top 10 positions are 64.8% of the book (60%+)

Turnover

Low turnover

8.5% over the last four quarters (under 30%)

Horizon

Long horizon

Value-weighted holding period 20.7 quarters (12+), a floor since 52.5% of the book was already held when coverage starts

Closest benchmark: every 13F filer's combined book, active share 75.0%; sector active share 66.6% against the combined 13F book's sector weights.

Over time 26 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+. Stocks and the top 10 weight count issuers: share classes of one company are one stock, and options are left out, so they can differ from the position count and top 10 concentration of GetInstitutionSummary and GetInstitutionPortfolio, which count each listed share class.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

234 common stock positions · as of Sep 30, 2026 · Δ vs Jun 30, 2026

Top Position

17.5%

+1.8 pts

Top 5

48.4%

+0.9 pts

Top 10

66.3%

+1.5 pts

HHI

710

Diversified+82

Portfolio Trend

27 quarters · across all stocks

Sector Breakdown

Common stock positions · as of Sep 30, 2026

Sector	% Portfolio	Value	Positions
Unclassified	76.5%	$653,560,188	81
Technology	10.9%	$92,808,623	36
Energy	3.4%	$29,340,991	19
Financial Services	2.8%	$24,131,659	29
Communication Services	1.4%	$12,217,464	8
Healthcare	1.3%	$10,905,751	15
Industrials	1.2%	$9,997,803	18
Consumer Cyclical	1.1%	$9,493,191	8
Consumer Defensive	0.8%	$7,194,932	8
Real Estate	0.3%	$2,338,934	5
Basic Materials	0.2%	$1,294,440	4
Utilities	0.1%	$901,626	3

Last Quarter's Activity

Export CSV

Sep 30, 2026 vs Jun 30, 2026

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
VPLS	VANGUARD CORE-PLUS BOND ETF	+109,096	234,148	$17,329,293
—		+85,355	738,007	$0
SCHG	Schwab U.S. Large-Cap Growth ETF	+78,896	889,957	$31,976,155
SCHD	Schwab U.S. Dividend Equity ETF	+58,886	1,962,559	$63,842,044
HTRB	Hartford Total Return Bond ETF	+54,779	1,070,662	$34,314,717
ANGL	VanEck Fallen Angel High Yield Bond ETF	+32,933	708,506	$19,703,551
IGSB	iShares 1-5 Year Investment Grade Corporate Bond ETF	+22,932	64,743	$3,316,783
PTRB	PGIM Total Return Bond ETF	+18,182	796,745	$31,423,622
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	+13,733	385,953	$18,081,898
IQLT	iShares MSCI Intl Quality Factor ETF	+10,202	526,068	$26,024,583
FNDF	Schwab Fundamental International Equity ETF	+10,099	460,661	$24,760,528
RDVY	First Trust Rising Dividend Achievers ETF	+9,350	292,508	$22,900,451
SPGP	Victory Portfolios II	+7,425	334,458	$0
DGRW	WisdomTree U.S. Quality Dividend Growth Fund	+6,763	389,329	$37,858,351
BSV	VANGUARD SHORT-TERM BOND INDEX FUND	+3,132	19,228	$1,469,019
AAPL	Apple Inc.	+3,075	96,581	$32,163,404
GTO	Invesco Total Return Bond ETF	+2,921	801,013	$35,717,169
MOAT	VanEck Morningstar Wide Moat ETF	+2,695	91,799	$9,704,072
GOOGL	Alphabet Inc.	+2,539	19,357	$6,660,356
BAC	Bank Of America Corp	+2,065	16,225	$883,126
NVDA	Nvidia Corp	+1,991	61,374	$14,016,594
MSFT	Microsoft Corp	+1,943	25,016	$12,830,706
PFE	Pfizer Inc	+1,942	14,549	$414,937
AGNC	AGNC Investment Corp.	+1,930	78,302	$710,199
EPD	Enterprise Products Partners L.P.	+1,743	141,181	$5,027,455
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
TOTL	State Street(R) DoubleLine(R) Total Return Tactical ETF	−187,351	303,188	$11,345,294
FIXD	First Trust Smith Opportunistic Fixed Income ETF	−19,983	34,325	$1,416,592
FPE	First Trust Preferred Securities and Income ETF	−13,434	327,744	$5,588,035
SBR	Sabine Royalty Trust	−5,970	62,217	$4,302,305
CALF	Pacer US Small Cap Cash Cows 100 ETF	−3,938	166,236	$8,857,054
SHY	iShares 1-3 Year Treasury Bond ETF	−1,642	4,008	$325,449
—		−1,203	2,338	$0
SCHF	Schwab International Equity ETF	−1,075	87,207	$2,395,576
RODM	Hartford Multifactor Developed Markets (ex-US) ETF	−854	87,962	$3,584,451
JPST	JPMorgan Ultra-Short Income ETF	−812	148,088	$7,459,192
TMFC	Motley Fool 100 Index ETF	−802	3,077	$246,406
PRU	Prudential Financial Inc	−655	1,857	$210,918
IGV	iShares Expanded Tech-Software Sector ETF	−636	2,052	$218,496
IEFA	iShares Core MSCI EAFE ETF	−408	18,226	$1,765,734
UPS	United Parcel Service Inc	−344	5,215	$487,289
SO	Southern Co	−287	2,805	$232,506
HBAN	Huntington Bancshares Inc	−276	73,180	$1,116,726
SCHE	Schwab Emerging Markets Equity ETF	−267	80,412	$2,931,017
GLD	Spdr Gold Trust	−236	1,877	$714,836
SLYV	State Street(R) SPDR(R) S & P 600(TM) Small Cap Value ETF	−208	3,186	$325,449
QQQE	Direxion NASDAQ-100 Equal Weighted Index Shares	−152	3,606	$433,116
QQQM	Invesco Ltd.	−138	1,894	$0
HD	Home Depot, Inc.	−82	1,907	$542,522
GDX	VanEck Gold Miners ETF	−80	4,520	$396,856
DUK	Duke Energy CORP	−72	2,829	$322,534
No positions match the current search.

New Positions

Positions the filer opened this quarter

8 positions

Ticker	Company	Shares	Value
PULS	PGIM Ultra Short Bond ETF	18,224	$901,359
SPCX	Space Exploration Technologies Corp	3,161	$476,868
ACN	Accenture plc	2,412	$442,288
CRCL	Circle Internet Group, Inc.	2,883	$236,896
ETN	Eaton Corp plc	544	$233,762
VCSH	VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND	2,675	$206,643
DE	Deere & Co	305	$204,822
EXFY	Expensify, Inc.	12,000	$27,000
No positions match the current search.

Sold Out

Positions the filer fully exited

25 positions

Ticker	Company	Shares	Value
CMG	Chipotle Mexican Grill Inc	93,520	$3,179,680
NUV	Nuveen Municipal Value Fund Inc	90,060	$830,353
VCIT	VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND	9,447	$780,794
BRK-A	Berkshire Hathaway Inc	1	$748,850
CRWV	CoreWeave, Inc.	7,500	$746,550
NOC	Northrop Grumman Corp	1,069	$544,452
YUM	Yum Brands Inc	3,316	$530,095
CAVA	Cava Group, Inc.	6,085	$477,550
VGT	VANGUARD INFORMATION TECHNOLOGY INDEX FUND	3,446	$411,865
MSOX	AdvisorShares MSOS Daily Leveraged ETF	120,000	$402,000
USMV	iShares MSCI USA Min Vol Factor ETF	3,789	$365,486
XLU	State Street(R) Utilities Select Sector SPDR(R) ETF	7,346	$333,067
DHI	Horton D R Inc	1,782	$290,252
INTU	Intuit Inc.	1,088	$283,968
EOG	Eog Resources Inc	2,117	$274,638
AGG	iShares Core U.S. Aggregate Bond ETF	2,662	$263,484
NEM	NEWMONT Corp	2,733	$255,262
ELV	Elevance Health, Inc.	636	$245,960
CB	Chubb Ltd	717	$244,310
MCD	Mcdonalds Corp	898	$242,738
RF	Regions Financial Corp	8,035	$242,657
OKLO	Oklo Inc.	4,604	$240,927
AEM	Agnico Eagle Mines Ltd	1,505	$233,470
O	Realty Income Corp	3,727	$230,924
GIL	Gildan Activewear Inc.	4,463	$230,290
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

234 tracked positions · $854,185,602 total · filing declares 234 positions · $954,305,846 · as of Sep 30, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Showing 1–50 of 234 positions by value · page 1 of 5

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
QUAL	iShares MSCI USA Quality Factor ETF	Added	486,269	+1,275	$108,068,422	+1.5%	12.65%
SCHD	Schwab U.S. Dividend Equity ETF	Added	1,962,559	+58,886	$63,842,044	+5.8%	7.47%
VIG	Vanguard Specialized Funds	Added	193,224	+1,638	$45,081,091	−0.6%	5.28%
DGRW	WisdomTree U.S. Quality Dividend Growth Fund	Added	389,329	+6,763	$37,858,351	+3.5%	4.43%
GTO	Invesco Total Return Bond ETF	Added	801,013	+2,921	$35,717,169	−4.5%	4.18%
HTRB	Hartford Total Return Bond ETF	Added	1,070,662	+54,779	$34,314,717	+0.1%	4.02%
AAPL	Apple Inc. Technology	Added	96,581	+3,075	$32,163,404	+18.9%	3.77%
SCHG	Schwab U.S. Large-Cap Growth ETF	Added	889,957	+78,896	$31,976,155	+16.5%	3.74%
PTRB	PGIM Total Return Bond ETF	Added	796,745	+18,182	$31,423,622	−2.7%	3.68%
IQLT	iShares MSCI Intl Quality Factor ETF	Added	526,068	+10,202	$26,024,583	+1.8%	3.05%
FNDF	Schwab Fundamental International Equity ETF	Added	460,661	+10,099	$24,760,528	+4.2%	2.90%
RDVY	First Trust Rising Dividend Achievers ETF	Added	292,508	+9,350	$22,900,451	−0.2%	2.68%
ANGL	VanEck Fallen Angel High Yield Bond ETF	Added	708,506	+32,933	$19,703,551	−0.3%	2.31%
VIGI	Vanguard Whitehall Funds	Added	193,953	+721	$18,313,042	+1.5%	2.14%
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	Added	385,953	+13,733	$18,081,898	−1.2%	2.12%
VPLS	VANGUARD CORE-PLUS BOND ETF	Added	234,148	+109,096	$17,329,293	+78.6%	2.03%
NVDA	Nvidia Corp Technology	Added	61,374	+1,991	$14,016,594	+18.0%	1.64%
SPY	Spdr S&P 500 ETF Trust	Added	16,977	+24	$12,947,169	+2.3%	1.52%
MSFT	Microsoft Corp Technology	Added	25,016	+1,943	$12,830,706	+49.1%	1.50%
TOTL	State Street(R) DoubleLine(R) Total Return Tactical ETF	Reduced	303,188	-187,351	$11,345,294	−41.4%	1.33%
QQQ	Invesco Qqq Trust, Series 1	Added	14,519	+87	$10,740,720	+1.1%	1.26%
MOAT	VanEck Morningstar Wide Moat ETF	Added	91,799	+2,695	$9,704,072	+4.8%	1.14%
CALF	Pacer US Small Cap Cash Cows 100 ETF	Reduced	166,236	-3,938	$8,857,054	+2.8%	1.04%
JPST	JPMorgan Ultra-Short Income ETF	Reduced	148,088	-812	$7,459,192	−0.9%	0.87%
BRK-B	Berkshire Hathaway Inc Financial Services	Added	14,155	+414	$7,048,482	+2.5%	0.83%
GOOGL	Alphabet Inc. Communication Services	Added	19,357	+2,539	$6,660,356	+10.8%	0.78%
AVGO	Broadcom Inc. Technology	Added	17,708	+936	$6,218,872	−1.8%	0.73%
AMZN	Amazon Com Inc Consumer Cyclical	Added	23,921	+446	$5,959,917	+6.5%	0.70%
IVV	iShares Core S&P 500 ETF	Added	7,307	+8	$5,596,065	+2.4%	0.66%
FPE	First Trust Preferred Securities and Income ETF	Reduced	327,744	-13,434	$5,588,035	−8.4%	0.65%
EPD	Enterprise Products Partners L.P. Energy	Added	141,181	+1,743	$5,027,455	−1.9%	0.59%
VTI	VANGUARD TOTAL STOCK MARKET INDEX FUND	Added	11,863	+792	$4,439,609	+8.4%	0.52%
SBR	Sabine Royalty Trust Energy	Reduced	62,217	-5,970	$4,302,305	−13.8%	0.50%
ET	Energy Transfer LP Energy	Added	197,720	+466	$3,908,924	+3.6%	0.46%
INTC	Intel Corp Technology	Added	30,696	+1,107	$3,690,580	−10.7%	0.43%
RODM	Hartford Multifactor Developed Markets (ex-US) ETF	Reduced	87,962	-854	$3,584,451	−0.1%	0.42%
XOM	ExxonMobil Holdings Corp Energy	Added	21,281	+1,226	$3,463,482	+26.3%	0.41%
IGSB	iShares 1-5 Year Investment Grade Corporate Bond ETF	Added	64,743	+22,932	$3,316,783	+51.4%	0.39%
SCHE	Schwab Emerging Markets Equity ETF	Reduced	80,412	-267	$2,931,017	+0.2%	0.34%
TSM	Taiwan Semiconductor Manufacturing Co Ltd Technology	Added	6,400	+151	$2,919,616	−2.2%	0.34%
MPLX	Mplx LP Energy	Added	49,258	+845	$2,774,210	+1.7%	0.32%
PLTR	Palantir Technologies Inc. Technology	Added	14,592	+724	$2,729,433	+68.7%	0.32%
MU	Micron Technology Inc Technology	Added	2,498	+341	$2,660,644	+6.9%	0.31%
JPM	Jpmorgan Chase & Co Financial Services	Added	7,298	+710	$2,414,397	+12.0%	0.28%
SCHF	Schwab International Equity ETF	Reduced	87,207	-1,075	$2,395,576	−2.0%	0.28%
META	Meta Platforms, Inc. Communication Services	Added	3,136	+672	$2,274,164	+63.9%	0.27%
JNJ	Johnson & Johnson Healthcare	Added	7,789	+717	$2,062,059	+14.8%	0.24%
LLY	ELI LILLY & Co Healthcare	Added	1,745	+307	$2,019,104	+17.1%	0.24%
IEFA	iShares Core MSCI EAFE ETF	Reduced	18,226	-408	$1,765,734	−1.9%	0.21%
SCHW	Schwab Charles Corp Financial Services	Added	17,835	+577	$1,743,192	+9.5%	0.20%

Showing the top 50 of 234 positions. Create a free account to see every position, past quarters, search, filters and CSV export.

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.