BERTHEL, FISHER & COMPANY FINANCIAL SERVICES, INC.
Registered adviserFiling Date
Global Rank
#3,049
/ 8,825
▼ 226
Top Industry
Semiconductors
28.7%
Period ended 4 months ago
Filed Oct 30, 2026 · 5d
8 quarters · since Sep 2024
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
Regulatory AUM
$906,439,489
Main clients
Individuals and high net worth
(97% of AUM)
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 | $906,439,489 | Individuals and high net worth (97%) |
| Apr 2025 to Mar 2026 | $798,130,823 | Individuals and high net worth (97%) |
| Apr 2024 to Mar 2025 | $742,220,394 | Individuals and high net worth (95%) |
| May 2023 to Mar 2024 | $395,938,893 | Individuals and high net worth (100%) |
| Apr 2023 | $395,938,893 | Individuals and high net worth (100%) |
| Apr 2022 to Mar 2023 | $970,269,118 | Individuals and high net worth (89%) |
3 earlier changes not shown.
Portfolio style
Measured from the filed 13F common-share book for Jun 30, 2026, never from the firm's own description.
Style
Diversified active
Top 10 weight 37.1%, 42.5 effective positions, active share 51.6% against every 13F filer's combined book; it meets none of the index-like, systematic-like or concentrated tests
Turnover
Low turnover
19.3% over the last four quarters (under 30%)
Horizon
Medium horizon
Value-weighted holding period 7.6 quarters (4 to under 12)
Closest benchmark: every 13F filer's combined book, active share 51.6%; sector active share 31.7% against the combined 13F book's sector weights.
Over time 8 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+.
Clone Performance
Build a hypothetical price-return history from this filer's public 13F holdings.
View clone backtestPortfolio Concentration
2,373 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026Top Position
9.9%
+0.5 pts
Top 5
26.7%
+1.1 pts
Top 10
37.1%
+0.9 pts
HHI
235
Diversified+15
Portfolio Trend
8 quarters · across all stocks
Sector Breakdown
As of Jun 30, 2026| Sector | % Portfolio | Value |
|---|---|---|
| Unclassified | 44.6% | $330,703,910 |
| Technology | 27.4% | $203,077,716 |
| Financial Services | 7.1% | $52,402,511 |
| Industrials | 4.4% | $32,848,187 |
| Communication Services | 3.1% | $22,990,105 |
| Consumer Cyclical | 3.0% | $21,900,763 |
| Healthcare | 2.7% | $19,659,946 |
| Energy | 2.5% | $18,680,993 |
| Consumer Defensive | 2.1% | $15,565,139 |
| Real Estate | 1.4% | $10,319,856 |
| Utilities | 1.2% | $8,788,779 |
| Basic Materials | 0.5% | $4,039,940 |
Last Quarter's Activity
Export CSVAdded To
Positions the filer increased
25 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| — | +61,388 | 130,259 | $7,315,345 | ||
| VUG | VANGUARD GROWTH INDEX FUND | +23,499 | 28,737 | $2,475,405 | |
| SOUN | Soundhound Ai, Inc. | +23,040 | 58,757 | $380,157 | |
| PFXF | VanEck Preferred Securities ex Financials ETF | +18,044 | 132,933 | $2,371,524 | |
| LASE | Laser Photonics Corp | +18,000 | 20,000 | $33,000 | |
| NOK | Nokia Corp | +15,979 | 16,769 | $222,692 | |
| BSTZ | BlackRock Science & Technology Term Trust | +14,817 | 28,545 | $857,206 | |
| IWF | iShares Russell 1000 Growth ETF | +14,490 | 19,269 | $2,392,631 | |
| VGT | VANGUARD INFORMATION TECHNOLOGY INDEX FUND | +14,188 | 16,131 | $1,927,977 | |
| APUE | ActivePassive U.S. Equity ETF | +13,512 | 76,081 | $3,514,942 | |
| AMLP | Alerian MLP ETF | +12,653 | 55,905 | $2,898,674 | |
| QYLD | Global X NASDAQ 100 Covered Call ETF | +12,497 | 90,162 | $1,661,685 | |
| ERIC | Ericsson Lm Telephone Co | +12,171 | 12,238 | $136,453 | |
| QBSF | AllianzIM U.S. Equity Buffer15 ETF | +11,584 | 17,091 | $461,627 | |
| IBCB | iShares iBonds Dec 2036 Term Corporate ETF | +11,576 | 12,576 | $316,412 | |
| PDYN | Palladyne AI Corp. | +11,055 | 51,455 | $312,846 | |
| APIE | ActivePassive International Equity ETF | +10,816 | 38,047 | $1,474,701 | |
| SGOV | iShares 0-3 Month Treasury Bond ETF | +10,303 | 10,339 | $1,040,827 | |
| SCHD | Schwab U.S. Dividend Equity ETF | +10,229 | 189,626 | $6,013,040 | |
| IBDZ | iShares iBonds Dec 2034 Term Corporate ETF | +9,960 | 59,670 | $1,554,403 | |
| MGK | VANGUARD MEGA CAP GROWTH INDEX FUND | +9,407 | 11,742 | $1,032,239 | |
| RPG | Victory Portfolios II | +9,263 | 37,338 | $2,384,031 | |
| IBDW | iShares iBonds Dec 2031 Term Corporate ETF | +9,136 | 62,378 | $1,299,957 | |
| RCAT | Red Cat Holdings, Inc. | +8,133 | 23,195 | $247,026 | |
| IUSB | iShares Core Universal USD Bond ETF | +8,090 | 27,630 | $1,275,124 | |
| No positions match the current search. | |||||
Trimmed
Positions the filer reduced
25 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| SPHY | State Street(R) SPDR(R) Portfolio High Yield Bond ETF | −169,421 | 51,851 | $1,215,387 | |
| MOBX | Mobix Labs, Inc | −163,425 | 21,825 | $45,832 | |
| — | −59,191 | 19,419 | $280,604 | ||
| APG | APi Group Corp | −54,417 | 30,326 | $1,284,306 | |
| FEGE | First Eagle Global Equity ETF | −47,991 | 8,773 | $429,175 | |
| PDO | PIMCO Dynamic Income Opportunities Fund | −40,300 | 273 | $3,609 | |
| — | −31,946 | 7,338 | $528,776 | ||
| PLTR | Palantir Technologies Inc. | −29,051 | 34,299 | $4,001,664 | |
| NVDA | Nvidia Corp | −27,057 | 366,777 | $73,388,409 | |
| LTBR | LIGHTBRIDGE Corp | −23,850 | 1,500 | $13,185 | |
| XLU | State Street(R) Utilities Select Sector SPDR(R) ETF | −21,246 | 12,116 | $549,339 | |
| STWD | Starwood Property Trust, Inc. | −20,969 | 23,306 | $381,752 | |
| TNDM | Tandem Diabetes Care Inc | −20,219 | 89 | $1,343 | |
| APLD | Applied Digital Corp. | −19,950 | 11,845 | $441,818 | |
| GSBD | Goldman Sachs BDC, Inc. | −16,254 | 8,981 | $85,139 | |
| SPAB | State Street(R) SPDR(R) Portfolio Aggregate Bond ETF | −16,111 | 4,694 | $119,790 | |
| CENX | Century Aluminum Co | −13,022 | 1,154 | $53,095 | |
| RDVY | First Trust Rising Dividend Achievers ETF | −12,562 | 8,459 | $685,686 | |
| BROS | Dutch Bros Inc. | −12,452 | 7,061 | $507,050 | |
| MDU | Mdu Resources Group Inc | −12,314 | 440 | $9,332 | |
| SPY | Spdr S&P 500 ETF Trust | −10,994 | 9,867 | $7,368,379 | |
| OKE | Oneok Inc | −10,782 | 11,838 | $1,029,195 | |
| DGRO | iShares Core Dividend Growth ETF | −10,654 | 3,864 | $292,852 | |
| HYMB | State Street(R) SPDR Nuveen ICE High Yield Municipal Bond ETF | −10,637 | 710 | $18,062 | |
| SPTM | State Street(R) SPDR(R) Portfolio S&P 1500(R) Composite Stock Market ETF | −10,029 | 6,923 | $628,539 | |
| No positions match the current search. | |||||
New Positions
Positions the filer opened this quarter
25 positions
| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| SPCX | Space Exploration Technologies Corp | 3,627 | $619,709 | |
| HIMU | 10,000 | $498,000 | ||
| IBHM | iShares iBonds 2033 Term High Yield and Income ETF | 14,015 | $356,121 | |
| CORO | 6,663 | $243,865 | ||
| IALT | 8,082 | $226,700 | ||
| GGOV | 3,879 | $195,074 | ||
| HONA | Honeywell Aerospace Inc. | 824 | $182,169 | |
| AMPX | Amprius Technologies, Inc. | 11,750 | $162,855 | |
| ARWR | Arrowhead Pharmaceuticals, Inc. | 1,863 | $151,853 | |
| ASX | ASE Technology Holding Co., Ltd. | 3,025 | $136,488 | |
| UGP | Ultrapar Holdings Inc | 25,915 | $130,093 | |
| SKM | Sk Telecom Co Ltd | 3,931 | $126,420 | |
| CMPS | COMPASS Pathways plc | 8,350 | $118,152 | |
| PBR | Petrobras - Petroleo Brasileiro SA | 7,096 | $114,671 | |
| SSL | Sasol Ltd | 10,799 | $106,046 | |
| DEM | WisdomTree Emerging Markets High Dividend Fund | 1,837 | $98,812 | |
| ESGU | iShares ESG Aware MSCI USA ETF | 491 | $80,361 | |
| FDXF | FedEx Freight Holding Company, Inc. | 527 | $79,577 | |
| EZPW | Ezcorp Inc | 2,150 | $74,325 | |
| SEI | Solaris Energy Infrastructure, Inc. | 751 | $60,425 | |
| EAGG | iShares ESG Aware U.S. Aggregate Bond ETF | 1,252 | $59,357 | |
| CGIC | Capital Group International Core Equity ETF | 1,475 | $53,675 | |
| URNM | 950 | $49,960 | ||
| TXG | 10x Genomics, Inc. | 1,258 | $48,231 | |
| RDW | Redwire Corp | 3,700 | $45,251 | |
| No positions match the current search. | ||||
Sold Out
Positions the filer fully exited
25 positions
| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| AMR | Alpha Metallurgical Resources, Inc. | 2,165 | $444,409 | |
| EWW | iShares MSCI Mexico ETF | 3,975 | $299,039 | |
| EWZ | iShares MSCI Brazil ETF | 7,315 | $280,822 | |
| FREL | Fidelity MSCI Real Estate Index ETF | 8,951 | $240,871 | |
| BGR | BlackRock Energy & Resources Trust | 11,851 | $205,140 | |
| IAGG | iShares Core International Aggregate Bond ETF | 3,967 | $198,508 | |
| HMY | Harmony Gold Mining Co Ltd | 12,592 | $193,539 | |
| SBSW | Sibanye Stillwater Ltd | 14,566 | $179,453 | |
| VNET | VNET Group, Inc. | 19,043 | $159,770 | |
| KEP | Korea Electric Power Corp | 10,480 | $149,340 | |
| UDN | Invesco Db US Dollar Index Bearish Fund | 7,750 | $139,500 | |
| CNX | CNX Resources Corp | 3,603 | $138,895 | |
| FUTU | Futu Holdings Ltd | 925 | $126,503 | |
| IAG | Iamgold Corp | 6,287 | $118,321 | |
| FIDU | Fidelity MSCI Industrials Index ETF | 1,348 | $116,628 | |
| VLRS | Controladora Vuela Compania de Aviacion, S.A.B. de C.V. | 15,781 | $114,254 | |
| SAIC | Science Applications International Corp | 1,195 | $113,429 | |
| SCYB | Schwab High Yield Bond ETF | 4,295 | $111,670 | |
| BAB | Invesco Exchange-Traded Fund Trust II | 3,810 | $102,717 | |
| ICSH | iShares Ultra Short Duration Bond Active ETF | 2,000 | $101,240 | |
| SPMD | State Street(R) SPDR(R) Portfolio S&P 400(TM) Mid Cap ETF | 1,598 | $94,633 | |
| EVR | Evercore Inc. | 307 | $91,642 | |
| FUTY | Fidelity MSCI Utilities Index ETF | 1,465 | $86,537 | |
| TRND | Pacer Trendpilot Fund of Funds ETF | 1,900 | $62,779 | |
| FMHI | First Trust Municipal High Income ETF | 1,106 | $52,579 | |
| No positions match the current search. | ||||
2,373 tracked positions ·
$740,977,845 total
· filing declares
2,389 positions · $743,234,191
· as of Jun 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 2,373 positions by value
· page 1 of 48
| Ticker | Company | Type | Shares | Value (USD) | % of Portfolio | History |
|---|---|---|---|---|---|---|
| NVDA |
Nvidia Corp
Technology
|
Reduced | 366,777 | $73,388,409 | 9.90% | |
| AAPL |
Apple Inc.
Technology
|
Reduced | 123,199 | $35,648,862 | 4.81% | |
| TSM |
Taiwan Semiconductor Manufacturing Co Ltd
Technology
|
Reduced | 47,007 | $22,449,132 | 3.03% | |
| QQQ |
Invesco Qqq Trust, Series 1
PUT
+ SHARES
|
Reduced | 24,477 | $17,954,822 | 2.42% | |
| VIG |
Vanguard Specialized Funds
|
Reduced | 62,763 | $14,850,981 | 2.00% | |
| MSFT |
Microsoft Corp
Technology
|
Reduced | 23,040 | $8,594,380 | 1.16% | |
| AMZN |
Amazon Com Inc
Consumer Cyclical
|
Reduced | 33,255 | $7,925,996 | 1.07% | |
| SPY |
Spdr S&P 500 ETF Trust
|
Reduced | 9,867 | $7,368,379 | 0.99% | |
|
|
Added | 130,259 | $7,315,345 | 0.99% | ||
| AVGO |
Broadcom Inc.
Technology
|
Reduced | 18,393 | $6,947,955 | 0.94% | |
| GOOG |
Alphabet Inc.
Communication Services
|
Reduced | 18,964 | $6,700,550 | 0.90% | |
| GOOGL |
Alphabet Inc.
Communication Services
|
Reduced | 18,474 | $6,602,053 | 0.89% | |
| VOO |
VANGUARD 500 INDEX FUND
|
Reduced | 9,122 | $6,265,080 | 0.85% | |
| SCHD |
Schwab U.S. Dividend Equity ETF
|
Added | 189,626 | $6,013,040 | 0.81% | |
| ONEQ |
Fidelity Nasdaq Composite Index ETF
|
Reduced | 57,783 | $5,964,361 | 0.80% | |
| BX |
Blackstone Inc.
Financial Services
|
Reduced | 48,680 | $5,728,175 | 0.77% | |
| AMD |
Advanced Micro Devices Inc
Technology
|
Reduced | 9,588 | $5,569,765 | 0.75% | |
| CRWD |
CrowdStrike Holdings, Inc.
Technology
|
Reduced | 6,678 | $5,096,248 | 0.69% | |
| VYM |
VANGUARD HIGH DIVIDEND YIELD INDEX FUND
|
Added | 31,300 | $4,946,339 | 0.67% | |
| VCIT |
VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND
|
Added | 59,100 | $4,884,615 | 0.66% | |
| VNQ |
VANGUARD REAL ESTATE INDEX FUND
|
Added | 46,512 | $4,485,152 | 0.61% | |
| VIGI |
Vanguard Whitehall Funds
|
Reduced | 46,904 | $4,379,895 | 0.59% | |
| REGL |
ProShares S&P MidCap 400 Dividend Aristocrats ETF
|
Added | 46,318 | $4,241,339 | 0.57% | |
| VYMI |
VANGUARD INTERNATIONAL HIGH DIVIDEND YIELD INDEX FUND
|
Added | 43,125 | $4,234,875 | 0.57% | |
| SMH |
VanEck Semiconductor ETF
|
Reduced | 6,287 | $4,123,580 | 0.56% | |
| VEA |
Vanguard FTSE Developed Markets ETF
|
Reduced | 56,551 | $4,029,258 | 0.54% | |
| PLTR |
Palantir Technologies Inc.
Technology
|
Reduced | 34,299 | $4,001,664 | 0.54% | |
| BRK-B |
Berkshire Hathaway Inc
Financial Services
|
Reduced | 7,763 | $3,884,527 | 0.52% | |
| VTI |
VANGUARD TOTAL STOCK MARKET INDEX FUND
|
Reduced | 10,113 | $3,742,214 | 0.51% | |
| TSLA |
Tesla, Inc.
Consumer Cyclical
|
Reduced | 8,683 | $3,652,069 | 0.49% | |
| META |
Meta Platforms, Inc.
Communication Services
|
Reduced | 6,397 | $3,603,366 | 0.49% | |
| PANW |
Palo Alto Networks Inc
Technology
|
Reduced | 10,362 | $3,533,649 | 0.48% | |
| VPU |
VANGUARD UTILITIES INDEX FUND
|
Added | 18,020 | $3,527,054 | 0.48% | |
| APUE |
ActivePassive U.S. Equity ETF
|
Added | 76,081 | $3,514,942 | 0.47% | |
| XSD |
State Street(R) SPDR(R) S&P(R) Semiconductor ETF
|
Reduced | 5,510 | $3,436,587 | 0.46% | |
| VTEB |
VANGUARD TAX-EXEMPT BOND INDEX FUND
|
Reduced | 66,104 | $3,343,540 | 0.45% | |
| CAT |
Caterpillar Inc
Industrials
|
Reduced | 3,137 | $3,340,591 | 0.45% | |
| ITA |
iShares U.S. Aerospace & Defense ETF
|
Reduced | 13,523 | $3,278,245 | 0.44% | |
| SDY |
State Street(R) SPDR(R) S&P(R) Dividend ETF
|
Reduced | 21,353 | $3,249,499 | 0.44% | |
| ABBV |
AbbVie Inc.
Healthcare
|
Reduced | 12,440 | $3,130,401 | 0.42% | |
| SCHG |
Schwab U.S. Large-Cap Growth ETF
|
Reduced | 90,025 | $3,046,446 | 0.41% | |
| RWL |
Invesco Ltd.
Financial Services
|
Reduced | 22,745 | $2,905,901 | 0.39% | |
| IVV |
iShares Core S&P 500 ETF
|
Added | 3,877 | $2,903,446 | 0.39% | |
| AMLP |
Alerian MLP ETF
|
Added | 55,905 | $2,898,674 | 0.39% | |
| LRCX |
Lam Research Corp
Technology
|
Added | 6,439 | $2,790,211 | 0.38% | |
| XOM |
ExxonMobil Holdings Corp
Energy
|
Reduced | 20,250 | $2,768,580 | 0.37% | |
| TDV |
ProShares S&P Technology Dividend Aristocrats ETF
|
Added | 26,563 | $2,761,542 | 0.37% | |
| FDVV |
Fidelity High Dividend ETF
|
Reduced | 45,269 | $2,729,268 | 0.37% | |
| PTNQ |
Pacer Trendpilot 100 ETF
|
Added | 30,606 | $2,713,221 | 0.37% | |
| WMT |
Walmart Inc.
Consumer Defensive
|
Reduced | 23,445 | $2,655,380 | 0.36% |
Showing the top 50 of 2,373 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.