HOWARD FINANCIAL SERVICES, LTD.

RIA/Wealth

HOWARD FINANCIAL SERVICES, LTD. is a RIA/Wealth based in Dallas, TX led by John T Howard, reporting $1.4B in AUM as of Q3 2025 with 75% ETF concentration and 52% concentrated in top 10 holdings.

Managing PartnerJohn T Howard

Portfolio Value: $817.3M
Positions: 196
Top Holding: QUAL at 12.02%
Last Reported: Q3 2025

Address8350 Meadow Road, Suite 181, Dallas, TX, 75231, United States

Top Holdings

Largest long holdings in HOWARD FINANCIAL SERVICES, LTD.'s portfolio (52.3% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 iShares MSCI USA Quality Factor QUAL	ETF ETF	$98.3M	12.02%	+$1.6M Bought	— 505.2K shares	Q4 2019 Held for 5y 11m
2 Schwab US Dividend Equity SCHD	ETF ETF	$54.3M	6.65%	-$1.1M Sold	— 2.0M shares	Q4 2018 Held for 6y 11m
3 Vanguard Dividend Appreciation VIG	Unknown Unknown	$40.7M	4.98%	+$852.4K Bought	— 188.7K shares	Q4 2022 Held for 2y 11m
4 Invesco S&P 500 GARP ETF SPGP	ETF ETF	$39.2M	4.80%	-$140.3K Sold	— 344.9K shares	Q3 2022 Held for 3y 2m
5 Invesco S&P 500 Equal Weight ETF RSP	ETF ETF	$37.3M	4.56%	-$444.5K Sold	— 196.4K shares	Q4 2018 Held for 6y 11m
6 GTO Invesco Total Return Bond GTO	ETF ETF	$34.4M	4.21%	+$627.1K Bought	— 724.9K shares	Q2 2022 Held for 3y 5m
7 Apple AAPL	Consumer Electronics Technology	$33.7M	4.12%	-$68.0K Sold	0.00% 132.3K shares	Q4 2018 Held for 6y 11m
8 Hartford Total Return Bond HTRB	ETF ETF	$30.8M	3.77%	+$451.9K Bought	— 899.0K shares	Q4 2022 Held for 2y 11m
9 WisdomTree U.S. Quality Dividend Growth Fund DGRW	ETF ETF	$30.4M	3.72%	+$664.6K Bought	— 341.9K shares	Q4 2018 Held for 6y 11m
10 PGIM Total Return Bond PTRB	ETF ETF	$28.6M	3.50%	+$530.5K Bought	— 677.4K shares	Q3 2022 Held for 3y 2m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in HOWARD FINANCIAL SERVICES, LTD.'s latest filing

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Market Value

$817.3M

Prior: $760.6M

Q/Q Change

+7.45%

+$56.7M

Net Flows % of MV

+1.7%

Turnover Ratio

2.11%

New Purchases

11 stocks

$2.5M

Added To

99 stocks

+$20.8M

Sold Out Of

5 stocks

$1.9M

Reduced Holdings

50 stocks

-$7.5M

Increased Positions

Position	Shares Δ	Change
1 VPLS Vanguard Core Plus Bond VPLS	New	0 → 6.7K +$529.0K
2 Dell Technologies DELL	New	0 → 1.9K +$266.0K
3 Eaton Corporation ETN	New	0 → 656.0 +$245.5K
4 Agnico Eagle Mines AEM	New	0 → 1.4K +$243.6K
5 Caterpillar CAT	New	0 → 498.0 +$237.8K

Decreased Positions

Position	Shares Δ	Change
1 FNGG Direxion Daily NYSE FANG+ Bull 2X FNGG	Sold	3.0K → 0 −$647.1K
2 SPDR Blackstone Senior Loan SRLN	Sold	11.5K → 0 −$477.5K
3 Business First Bancshares BFST	Sold	18.1K → 0 −$446.9K
4 Brinker International EAT	Sold	1.3K → 0 −$227.9K
5 Ezcorp EZPW	Sold	10.0K → 0 −$138.8K

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Analytics

Portfolio insights and performance metrics for HOWARD FINANCIAL SERVICES, LTD.

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Sector Allocation

ETF

74.70%

Technology

9.30%

Energy

3.00%

Financial Services

2.50%

Consumer Cyclical

1.90%

Consumer Defensive

0.90%

Communication Services

0.80%

Industrials

0.60%

Healthcare

0.50%

Real Estate

0.20%

Utilities

0.20%

Basic Materials

0.10%

Market Cap Distribution

Mega Cap (> $200B)

13.41%

Large Cap ($10B - $200B)

4.59%

Mid Cap ($2B - $10B)

0.60%

Small Cap ($300M - $2B)

1.05%

Micro Cap ($50M - $300M)

0.04%

Nano Cap (< $50M)

0.12%

N/A (ETF or Unknown)

80.19%

Portfolio Concentration

Top 10 Holdings %

52.33%

Top 20 Holdings %

73.66%

Top 50 Holdings %

90.81%

Top 100 Holdings %

96.34%