True North Advisors, LLC — Full 13F Portfolio Breakdown

CIK: 0001634556

Diversified strategyContrarianQuality / disciplined sizing

Total reported value

$877.3M

Reporting period: 2026-03-31 · Number of holdings: 245

True North Advisors, LLC disclosed 245 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $877.3M and a quarterly turnover rate of 41.5%.

Browse other institutions with $100M to $1B AUM Browse other institutions starting with "T"

Personality snowflake

Concentration: 12.15
Portfolio Stability: 41.51
Momentum/Contrarian: 0
Sector conviction: 60.03
Diversification: 100
Sizing Uniformity: 74.56

True North Advisors, LLC's disclosed holdings carry a Herfindahl concentration index of 0.030 — mathematically equivalent to about 33 equally-sized positions, well below its 245 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.

Position sizes vary widely across the portfolio (a coefficient of variation of 2.54), with a handful of outsized bets alongside many smaller positions.

No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.

Sector classification currently covers about 54% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.

Recent moves

Add AVDS
+13422.0%　$29.2M
Trim BRK-B
-27.5%　-$12.2M
Trim AAPL
-0.7%　-$6.0M
Trim LII
-1.5%　-$4.8M
Trim AMZN
-2.4%　-$3.8M
Trim SPY
-3.6%　-$2.8M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

Showing top 200 holdings (of 245 total)

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	LII	Lennox International INC	Stock-Industrials	8.77%	-1.80%	-1.51%
2	AAPL	Apple INC	Stock-Tech	8.67%	-1.93%	-0.68%
3	FNDX	Schwab Fndmntl US Lrg Co ETF	ETF-Other	6.58%	+6.58%	NEW
4	SPY	Ss Spdr S&p 500 ETF Trust-us	ETF-Large Cap & Growth	3.57%	-0.83%	-3.63%
5	AVDS	Avantis Intl Sm Cap Eq ETF	ETF-Other	3.35%	+3.32%	+13421.98%
6	AMZN	Amazon.com INC	Stock-Consumer Disc	3.21%	-0.92%	-2.43%
7	BRK-B	Berkshire Hathaway Inc-cl B	Stock-Other	3.12%	-2.00%	-27.48%
8	JPIE	Jpmorgan Income ETF	ETF-Other	2.73%	+2.73%	NEW
9	NVDA	Nvidia CORP	Stock-Tech	2.62%	-0.47%	+2.96%
10	PYLD	Pimco Multisector Bond Actv	ETF-Other	2.30%	+2.30%	NEW
11	FLXR	Tcw Flexible Income ETF	ETF-Other	2.28%	+0.45%	+42.41%
12	VEA	Vanguard Ftse Developed ETF	ETF-Other	2.09%	+0.68%	+64.18%
13	VB	Vanguard Small-cap ETF	ETF-Other	1.87%	—	-1.83%
14	MSFT	Microsoft CORP	Stock-Tech	1.63%	-0.66%	+5.75%
15	BAC	Bank Of America CORP	Stock-Financials	1.47%	-0.42%	-0.18%
16	SCHB	Schwab US Broad Market ETF	ETF-Other	1.44%	-0.58%	-15.21%
17	IDEV	Ishares Core Msci Dev Mkts	ETF-Other	1.41%	-0.67%	-24.32%
18	RSP	Invesco S&p 500 Equal Weight	ETF-Large Cap & Growth	1.30%	—	-1.52%
19	COST	Costco Wholesale CORP	Stock-Consumer Staples	1.24%	+0.11%	+7.72%
20	META	Meta Platforms Inc-class A	Stock-Comm Services	1.22%	-0.74%	-18.43%
21	XOM	Exxon Mobil CORP	Stock-Energy	1.18%	+0.20%	-3.35%
22	JQUA	Jpmorgan US Quality Factor	ETF-Other	1.17%	-0.44%	-15.00%
23	JMBS	Janus Henderson Mortg Backed	ETF-Other	1.17%	—	+0.62%
24	AVDV	Avantis Intl S/c Value ETF	ETF-Other	1.06%	—	-2.31%
25	AVEM	Avantis Emerging Markets Eq	ETF-Emerging Markets	0.96%	+0.96%	NEW
26	GOVT	Ishares US Treasury Bond ETF	ETF-Gov Bonds	0.96%	+0.96%	NEW
27	AVGO	Broadcom INC	Stock-Tech	0.89%	-0.29%	-4.66%
28	VTI	Vanguard Total Stock Mkt ETF	ETF-Other	0.75%	—	-2.92%
29	FAST	Fastenal Co	Stock-Industrials	0.73%	—	-0.48%
30	MUNI	Pimco Intermediate Municipal	ETF-Other	0.73%	—	+1.24%
31	GE	General Electric	Stock-Industrials	0.70%	—	+0.56%
32	V	Visa Inc-class A Shares	Stock-Financials	0.68%	—	+12.16%
33	AVDE	Avantis International Equity	ETF-Other	0.68%	+0.63%	+1279.43%
34	JPM	Jpmorgan Chase & Co	Stock-Financials	0.65%	-0.20%	-4.73%
35	SCHX	Schwab US Large-cap ETF	ETF-Other	0.64%	+0.64%	NEW
36	QQQ	Invesco Qqq Trust Series 1	ETF-Tech	0.64%	—	+2.85%
37	CTVA	Corteva INC	Stock-Materials	0.58%	+0.05%	+0.01%
38	CORP	Pimco Inv Grade CORP Bd ETF	ETF-Other	0.55%	—	-5.64%
39	GEV	GE Vernova INC	Stock-Industrials	0.52%	+0.08%	+1.40%
40	VGLT	Vanguard Long-term Treasury	ETF-Gov Bonds	0.48%	+0.48%	NEW
41	DOW	Dow INC	Stock-Materials	0.47%	+0.17%	+1.81%
42	ABBV	Abbvie INC	Stock-Healthcare	0.46%	—	+0.09%
43	CAT	Caterpillar INC	Stock-Industrials	0.42%	—	-0.29%
44	KMX	Carmax INC	Stock-Consumer Disc	0.41%	+0.41%	NEW
45	MS	Morgan Stanley	Stock-Financials	0.40%	—	-1.56%
46	LRCX	Lam Research CORP	Stock-Tech	0.39%	—	-21.55%
47	HD	Home Depot INC	Stock-Consumer Disc	0.37%	—	+11.05%
48	FNDF	Schwab Fndmn Intl Lrg Co ETF	ETF-Other	0.37%	—	-20.40%
49	MLM	Martin Marietta Materials	Stock-Materials	0.36%	—	-0.54%
50	SYK	Stryker CORP	Stock-Healthcare	0.36%	—	+9.30%

1–50 of 200

Portfolio Performance

Performance for Q3 2026

+5.2%

Performance Last 4 Quarters

+21.4%

Based on 75% of reported portfolio value with available pricing

Stdev: +11.9%
Beta: +0.82
Alpha: +0.1%
Max Drawdown: -7%
Annualized Perf: +18%
Batting Avg vs S&P: +41.7%
Sortino: +3.12
Stutzer: +0.43
Treynor: +0.21
Sterling: +1.15
Calmar: +2.58
Information Ratio: -0.83
Tracking Error: +4.4%
Stdev Down: +5.6%
Winning Months %: +66.7%
Losing Months %: +33.3%
Best 12 Months: +35.2%
Worst 12 Months: +14.1%
Efficiency Ratio: +0.54
Sharpe: +1.46
Stdev Sectors: +10%
Skewness: +0.07
Kurtosis: -0.6
Upside Potential: +4.83

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	245	$877.3M	42	1LII 2AAPL 3FNDX Top holdings2026-03-31 1.LII 2.AAPL 3.FNDX 4.SPY 5.AVDS 6.AMZN 7.BRK-B 8.JPIE 9.NVDA 10.PYLD
2025-12-31	250	$773.5M	40	1AAPL 2LII 3BRK-B Top holdings2025-12-31 1.AAPL 2.LII 3.BRK-B 4.SPY 5.AMZN 6.NVDA 7.MSFT 8.VB 9.IDEV 10.SCHB
2025-09-30	215	$630.0M	71	1LII 2AAPL 3BRK-B Top holdings2025-09-30 1.LII 2.AAPL 3.BRK-B 4.AMZN 5.SPY 6.NVDA 7.MSFT 8.META 9.BAC 10.AVGO
2025-06-30	222	$521.8M	0	1LII 2BRK-B 3AAPL Top holdings2025-06-30 1.LII 2.BRK-B 3.AAPL 4.VB 5.MSFT 6.JMBS 7.GOVT 8.COST 9.AVGO 10.MUNI
2025-03-31	243	$564.1M	0	1LII 2BRK-B 3AAPL Top holdings2025-03-31 1.LII 2.BRK-B 3.AAPL 4.VB 5.JMBS 6.GOVT 7.CORP 8.MSFT 9.COST 10.XOM
2024-12-31	185	$424.2M	0	1LII 2BRK-B 3AAPL Top holdings2024-12-31 1.LII 2.BRK-B 3.AAPL 4.MSFT 5.COST 6.AVGO 7.AMZN 8.V 9.JPM 10.XOM
2024-09-30	185	$382.2M	0	1LII 2BRK-B 3AAPL Top holdings2024-09-30 1.LII 2.BRK-B 3.AAPL 4.MSFT 5.GOOG 6.COST 7.IWF 8.DOW 9.SPY 10.GOOGL
2024-06-30	198	$374.3M	0	1LII 2BRK-B 3AAPL Top holdings2024-06-30 1.LII 2.BRK-B 3.AAPL 4.MSFT 5.GOOG 6.IWF 7.GOOGL 8.COST 9.DOW 10.SPY
2024-03-31	196	$362.3M	0	1LII 2BRK-B 3AAPL Top holdings2024-03-31 1.LII 2.BRK-B 3.AAPL 4.MSFT 5.GOOG 6.DOW 7.IWF 8.BA 9.SPY 10.GOOGL
2023-12-31	189	$389.4M	0	1LII 2BRK-B 3SCHR Top holdings2023-12-31 1.LII 2.BRK-B 3.SCHR 4.AAPL 5.TOTL 6.MSFT 7.GOOG 8.SPMB 9.BA 10.DOW
2023-09-30	192	$324.6M	0	1LII 2BRK-B 3AAPL Top holdings2023-09-30 1.LII 2.BRK-B 3.AAPL 4.MSFT 5.GOOG 6.6D8 7.DOW 8.GOOGL 9.BA 10.IWF
2023-06-30	204	$352.7M	0	1LII 2BRK-B 3AAPL Top holdings2023-06-30 1.LII 2.BRK-B 3.AAPL 4.MSFT 5.GOOG 6.DOW 7.6D8 8.CTVA 9.BA 10.IWF
2023-03-31	197	$340.0M	0	1LII 2BRK-B 3AAPL Top holdings2023-03-31 1.LII 2.BRK-B 3.AAPL 4.MSFT 5.DOW 6.SPDW 7.GOOG 8.SPY 9.CTVA 10.6D8
2022-12-31	172	$293.2M	0	1BRK-B 2TOTL 3AAPL Top holdings2022-12-31 1.BRK-B 2.TOTL 3.AAPL 4.SPDW 5.DOW 6.MSFT 7.SPY 8.CTVA 9.6D8 10.GOOG
2022-09-30	185	$304.8M	0	1LII 2BRK-B 3AAPL Top holdings2022-09-30 1.LII 2.BRK-B 3.AAPL 4.SPDW 5.SCHV 6.MSFT 7.DOW 8.CTVA 9.SPY 10.SCHG
2022-06-30	198	$321.0M	0	1LII 2BRK-B 3AAPL Top holdings2022-06-30 1.LII 2.BRK-B 3.AAPL 4.SCHV 5.SPDW 6.MSFT 7.DOW 8.SPY 9.CTVA 10.6D8
2022-03-31	197	$371.8M	0	1LII 2BRK-B 3AAPL Top holdings2022-03-31 1.LII 2.BRK-B 3.AAPL 4.SPDW 5.SCHV 6.DOW 7.MSFT 8.SCHG 9.SPY 10.6D8
2021-12-31	235	$592.0M	0	1LII 2AAPL 3BRK-B Top holdings2021-12-31 1.LII 2.AAPL 3.BRK-B 4.MSFT 5.6D8 6.DOW 7.CTVA 8.FAST 9.DHR 10.SBUX
2021-09-30	221	$507.9M	0	1LII 2AAPL 3BRK-B Top holdings2021-09-30 1.LII 2.AAPL 3.BRK-B 4.6D8 5.MSFT 6.DOW 7.CTVA 8.DHR 9.SBUX 10.FAST
2021-06-30	218	$480.0M	—	1LII 26D8 3BRK-B Top holdings2021-06-30 1.LII 2.6D8 3.BRK-B 4.DOW 5.AAPL 6.MSFT 7.CTVA 8.SBUX 9.FAST 10.DHR
2021-03-31	205	$421.4M	—	1LII 26D8 3BRK-B Top holdings2021-03-31 1.LII 2.6D8 3.BRK-B 4.DOW 5.MSFT 6.AAPL 7.CTVA 8.SBUX 9.FAST 10.DHR
2020-12-31	193	$389.5M	—	1LII 26D8 3BRK-B Top holdings2020-12-31 1.LII 2.6D8 3.BRK-B 4.AAPL 5.MSFT 6.DOW 7.CTVA 8.SBUX 9.FAST 10.DHR
2020-09-30	185	$342.8M	—	1LII 2AAPL 3BRK-B Top holdings2020-09-30 1.LII 2.AAPL 3.BRK-B 4.MSFT 5.6D8 6.DOW 7.CTVA 8.SBUX 9.FAST 10.DHR
2020-06-30	189	$415.9M	—	1MSFT 2LII 3AAPL Top holdings2020-06-30 1.MSFT 2.LII 3.AAPL 4.RMD 5.6D8 6.FAST 7.SBUX 8.BRK-B 9.DOW 10.DHR
2020-03-31	124	$293.1M	—	1LII 2MSFT 3AAPL Top holdings2020-03-31 1.LII 2.MSFT 3.AAPL 4.BRK-B 5.RMD 6.SBUX 7.FAST 8.6D8 9.GILD 10.DHR
2019-12-31	121	$355.4M	—	1LII 2MSFT 36D8 Top holdings2019-12-31 1.LII 2.MSFT 3.6D8 4.BRK-B 5.AAPL 6.SBUX 7.DOW 8.RMD 9.FAST 10.DHR

Holding changes this quarter

True North Advisors, LLC's most significant position changes for 2026-03-31: New buy: Schwab Fndmntl US Lrg Co ETF (FNDX); New buy: Jpmorgan Income ETF (JPIE); New buy: Pimco Multisector Bond Actv (PYLD); Sold out: Janus Henderson Aaa Clo ETF (JAAA); New buy: Avantis Emerging Markets Eq (AVEM).

Position changes disclosed by True North Advisors, LLC for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	AVDS	Avantis Intl Sm Cap Eq ETF	+3.3%	+13421.98%	Add
2	VEA	Vanguard Ftse Developed ETF	+0.7%	+64.18%	Add
3	AVDE	Avantis International Equity	+0.6%	+1279.43%	Add
4	FLXR	Tcw Flexible Income ETF	+0.5%	+42.41%	Add
5	IJR	Ishares Core S&p Small-cap E	+0.2%	+156.99%	Add
6	XOM	Exxon Mobil CORP	+0.2%	-3.35%	Trim
7	DOW	Dow INC	+0.2%	+1.81%	Add
8	COST	Costco Wholesale CORP	+0.1%	+7.72%	Add
9	CVX	Chevron CORP	+0.1%	+26.76%	Add
10	ANET	Arista Networks INC	+0.1%	+208.90%	Add
11	GEV	GE Vernova INC	+0.1%	+1.40%	Add
12	IVV	Ishares Core S&p 500 ETF	+0.1%	+56.33%	Add
13	CTVA	Corteva INC	+0.1%	+0.01%	Add
14	APH	Amphenol Corp-cl A	-0.2%	-23.69%	Trim
15	JPM	Jpmorgan Chase & Co	-0.2%	-4.73%	Trim
16	DFAC	Dimensional US Core Equity 2	-0.2%	-26.81%	Trim
17	AVGO	Broadcom INC	-0.3%	-4.66%	Trim
18	BAC	Bank Of America CORP	-0.4%	-0.18%	Trim
19	JQUA	Jpmorgan US Quality Factor	-0.4%	-15.00%	Trim
20	NVDA	Nvidia CORP	-0.5%	+2.96%	Add
21	SCHB	Schwab US Broad Market ETF	-0.6%	-15.21%	Trim
22	MSFT	Microsoft CORP	-0.7%	+5.75%	Add
23	IDEV	Ishares Core Msci Dev Mkts	-0.7%	-24.32%	Trim
24	META	Meta Platforms Inc-class A	-0.7%	-18.43%	Trim
25	SPY	Ss Spdr S&p 500 ETF Trust-us	-0.8%	-3.63%	Trim
26	AMZN	Amazon.com INC	-0.9%	-2.43%	Trim
27	LII	Lennox International INC	-1.8%	-1.51%	Trim
28	AAPL	Apple INC	-1.9%	-0.68%	Trim
29	BRK-B	Berkshire Hathaway Inc-cl B	-2%	-27.48%	Trim
30	FNDX	Schwab Fndmntl US Lrg Co ETF	—	NEW	New buy
31	JPIE	Jpmorgan Income ETF	—	NEW	New buy
32	PYLD	Pimco Multisector Bond Actv	—	NEW	New buy
33	JAAA	Janus Henderson Aaa Clo ETF	—	EXIT	Sold out
34	AVEM	Avantis Emerging Markets Eq	—	NEW	New buy
35	GOVT	Ishares US Treasury Bond ETF	—	NEW	New buy
36	IAU	Ishares Gold Trust	—	EXIT	Sold out
37	SCHX	Schwab US Large-cap ETF	—	NEW	New buy
38	EPD	Enterprise Products Partners	—	EXIT	Sold out
39	VGLT	Vanguard Long-term Treasury	—	NEW	New buy
40	KMX	Carmax INC	—	NEW	New buy
41	SGOL	Abrdn Physical Gold Shares	—	EXIT	Sold out
42	TPL	Texas Pacific Land CORP	—	EXIT	Sold out
43	CSHI	Neos Enhanced Income 1-3 Mon	—	NEW	New buy
44	ET	Energy Transfer LP	—	EXIT	Sold out
45	IBIT	Ishares Bitcoin Trust ETF	—	EXIT	Sold out
46	FNDA	Schwab Fndmntl US Sm Co ETF	—	EXIT	Sold out
47	CME	Cme Group INC	—	NEW	New buy
48	RAUS	Racwi US ETF	—	NEW	New buy
49	PHYS	Sprott Physical Gold Trust	—	EXIT	Sold out
50	TOTL	Ss Doubleline Tr Tact ETF	—	EXIT	Sold out

Filing History

Period	Filed	Type	EDGAR
2026-03-31	2026-05-07	13F-HR	View on EDGAR
2025-12-31	2026-01-22	13F-HR	View on EDGAR
2025-09-30	2025-10-14	13F-HR	View on EDGAR
2025-06-30	2025-07-16	13F-HR	View on EDGAR
2025-03-31	2025-05-12	13F-HR	View on EDGAR
2024-12-31	2025-01-17	13F-HR	View on EDGAR
2024-09-30	2024-10-08	13F-HR	View on EDGAR
2024-06-30	2024-08-12	13F-HR	View on EDGAR
2024-03-31	2024-04-12	13F-HR	View on EDGAR
2023-12-31	2024-01-22	13F-HR	View on EDGAR
2023-09-30	2023-11-14	13F-HR	View on EDGAR
2023-06-30	2023-08-10	13F-HR	View on EDGAR
2023-03-31	2023-05-15	13F-HR	View on EDGAR
2022-12-31	2023-02-13	13F-HR	View on EDGAR
2022-09-30	2022-11-14	13F-HR	View on EDGAR
2022-06-30	2022-07-28	13F-HR	View on EDGAR
2022-03-31	2022-05-12	13F-HR	View on EDGAR
2021-12-31	2022-02-11	13F-HR	View on EDGAR
2021-09-30	2022-06-07	13F-HR	View on EDGAR
2021-06-30	2022-06-07	13F-HR	View on EDGAR
2021-03-31	2022-06-07	13F-HR	View on EDGAR
2020-12-31	2022-05-20	13F-HR	View on EDGAR
2020-09-30	2022-05-20	13F-HR	View on EDGAR
2020-06-30	2022-05-20	13F-HR	View on EDGAR
2020-03-31	2022-05-12	13F-HR	View on EDGAR
2019-12-31	2022-05-12	13F-HR	View on EDGAR

FAQ

What is True North Advisors, LLC and what type of investor is it?

True North Advisors, LLC is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $877.3M, spread across 245 disclosed positions.

What are True North Advisors, LLC's largest equity positions?

Based on the latest 13F filing, True North Advisors, LLC's top holdings by market value are: 1. Lennox International INC (LII) — $76.9M (8.8%) 2. Apple INC (AAPL) — $76.0M (8.7%) 3. Schwab Fndmntl US Lrg Co ETF (FNDX) — $57.8M (6.6%) 4. Ss Spdr S&p 500 ETF Trust-us (SPY) — $31.3M (3.6%) 5. Avantis Intl Sm Cap Eq ETF (AVDS) — $29.4M (3.4%)

What changes did True North Advisors, LLC make in its most recent portfolio filing?

In the latest reported quarter, True North Advisors, LLC made 50 notable position adjustments: 11 new positions were initiated, 14 existing holdings were added to, 15 positions were partially reduced, and 10 were completely exited. The largest of these moves: New buy: Schwab Fndmntl US Lrg Co ETF (FNDX); New buy: Jpmorgan Income ETF (JPIE); New buy: Pimco Multisector Bond Actv (PYLD); Sold out: Janus Henderson Aaa Clo ETF (JAAA); New buy: Avantis Emerging Markets Eq (AVEM)

What sectors does True North Advisors, LLC focus on?

True North Advisors, LLC is concentrated in the following sectors based on its current disclosed equity portfolio: • Information Technology: 32.8% • Industrials: 23.3% • Financials: 14.3% • Consumer Discretionary: 10.1% • Health Care: 5.3% • Consumer Staples: 4.0%

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True North Advisors, LLC — Full 13F Portfolio Breakdown

CIK: 0001634556

Diversified strategyContrarianQuality / disciplined sizing

Total reported value

$877.3M

Reporting period: 2026-03-31 · Number of holdings: 245

True North Advisors, LLC disclosed 245 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $877.3M and a quarterly turnover rate of 41.5%.

Browse other institutions with $100M to $1B AUM Browse other institutions starting with "T"

Personality snowflake

Concentration: 12.15
Portfolio Stability: 41.51
Momentum/Contrarian: 0
Sector conviction: 60.03
Diversification: 100
Sizing Uniformity: 74.56

Position sizes vary widely across the portfolio (a coefficient of variation of 2.54), with a handful of outsized bets alongside many smaller positions.

No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.

Recent moves

Add AVDS
+13422.0%　$29.2M
Trim BRK-B
-27.5%　-$12.2M
Trim AAPL
-0.7%　-$6.0M
Trim LII
-1.5%　-$4.8M
Trim AMZN
-2.4%　-$3.8M
Trim SPY
-3.6%　-$2.8M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

Showing top 200 holdings (of 245 total)

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	LII	Lennox International INC	Stock-Industrials	8.77%	-1.80%	-1.51%
2	AAPL	Apple INC	Stock-Tech	8.67%	-1.93%	-0.68%
3	FNDX	Schwab Fndmntl US Lrg Co ETF	ETF-Other	6.58%	+6.58%	NEW
4	SPY	Ss Spdr S&p 500 ETF Trust-us	ETF-Large Cap & Growth	3.57%	-0.83%	-3.63%
5	AVDS	Avantis Intl Sm Cap Eq ETF	ETF-Other	3.35%	+3.32%	+13421.98%
6	AMZN	Amazon.com INC	Stock-Consumer Disc	3.21%	-0.92%	-2.43%
7	BRK-B	Berkshire Hathaway Inc-cl B	Stock-Other	3.12%	-2.00%	-27.48%
8	JPIE	Jpmorgan Income ETF	ETF-Other	2.73%	+2.73%	NEW
9	NVDA	Nvidia CORP	Stock-Tech	2.62%	-0.47%	+2.96%
10	PYLD	Pimco Multisector Bond Actv	ETF-Other	2.30%	+2.30%	NEW
11	FLXR	Tcw Flexible Income ETF	ETF-Other	2.28%	+0.45%	+42.41%
12	VEA	Vanguard Ftse Developed ETF	ETF-Other	2.09%	+0.68%	+64.18%
13	VB	Vanguard Small-cap ETF	ETF-Other	1.87%	—	-1.83%
14	MSFT	Microsoft CORP	Stock-Tech	1.63%	-0.66%	+5.75%
15	BAC	Bank Of America CORP	Stock-Financials	1.47%	-0.42%	-0.18%
16	SCHB	Schwab US Broad Market ETF	ETF-Other	1.44%	-0.58%	-15.21%
17	IDEV	Ishares Core Msci Dev Mkts	ETF-Other	1.41%	-0.67%	-24.32%
18	RSP	Invesco S&p 500 Equal Weight	ETF-Large Cap & Growth	1.30%	—	-1.52%
19	COST	Costco Wholesale CORP	Stock-Consumer Staples	1.24%	+0.11%	+7.72%
20	META	Meta Platforms Inc-class A	Stock-Comm Services	1.22%	-0.74%	-18.43%
21	XOM	Exxon Mobil CORP	Stock-Energy	1.18%	+0.20%	-3.35%
22	JQUA	Jpmorgan US Quality Factor	ETF-Other	1.17%	-0.44%	-15.00%
23	JMBS	Janus Henderson Mortg Backed	ETF-Other	1.17%	—	+0.62%
24	AVDV	Avantis Intl S/c Value ETF	ETF-Other	1.06%	—	-2.31%
25	AVEM	Avantis Emerging Markets Eq	ETF-Emerging Markets	0.96%	+0.96%	NEW
26	GOVT	Ishares US Treasury Bond ETF	ETF-Gov Bonds	0.96%	+0.96%	NEW
27	AVGO	Broadcom INC	Stock-Tech	0.89%	-0.29%	-4.66%
28	VTI	Vanguard Total Stock Mkt ETF	ETF-Other	0.75%	—	-2.92%
29	FAST	Fastenal Co	Stock-Industrials	0.73%	—	-0.48%
30	MUNI	Pimco Intermediate Municipal	ETF-Other	0.73%	—	+1.24%
31	GE	General Electric	Stock-Industrials	0.70%	—	+0.56%
32	V	Visa Inc-class A Shares	Stock-Financials	0.68%	—	+12.16%
33	AVDE	Avantis International Equity	ETF-Other	0.68%	+0.63%	+1279.43%
34	JPM	Jpmorgan Chase & Co	Stock-Financials	0.65%	-0.20%	-4.73%
35	SCHX	Schwab US Large-cap ETF	ETF-Other	0.64%	+0.64%	NEW
36	QQQ	Invesco Qqq Trust Series 1	ETF-Tech	0.64%	—	+2.85%
37	CTVA	Corteva INC	Stock-Materials	0.58%	+0.05%	+0.01%
38	CORP	Pimco Inv Grade CORP Bd ETF	ETF-Other	0.55%	—	-5.64%
39	GEV	GE Vernova INC	Stock-Industrials	0.52%	+0.08%	+1.40%
40	VGLT	Vanguard Long-term Treasury	ETF-Gov Bonds	0.48%	+0.48%	NEW
41	DOW	Dow INC	Stock-Materials	0.47%	+0.17%	+1.81%
42	ABBV	Abbvie INC	Stock-Healthcare	0.46%	—	+0.09%
43	CAT	Caterpillar INC	Stock-Industrials	0.42%	—	-0.29%
44	KMX	Carmax INC	Stock-Consumer Disc	0.41%	+0.41%	NEW
45	MS	Morgan Stanley	Stock-Financials	0.40%	—	-1.56%
46	LRCX	Lam Research CORP	Stock-Tech	0.39%	—	-21.55%
47	HD	Home Depot INC	Stock-Consumer Disc	0.37%	—	+11.05%
48	FNDF	Schwab Fndmn Intl Lrg Co ETF	ETF-Other	0.37%	—	-20.40%
49	MLM	Martin Marietta Materials	Stock-Materials	0.36%	—	-0.54%
50	SYK	Stryker CORP	Stock-Healthcare	0.36%	—	+9.30%

1–50 of 200

Portfolio Performance

Performance for Q3 2026

+5.2%

Performance Last 4 Quarters

+21.4%

Based on 75% of reported portfolio value with available pricing

Stdev: +11.9%
Beta: +0.82
Alpha: +0.1%
Max Drawdown: -7%
Annualized Perf: +18%
Batting Avg vs S&P: +41.7%
Sortino: +3.12
Stutzer: +0.43
Treynor: +0.21
Sterling: +1.15
Calmar: +2.58
Information Ratio: -0.83
Tracking Error: +4.4%
Stdev Down: +5.6%
Winning Months %: +66.7%
Losing Months %: +33.3%
Best 12 Months: +35.2%
Worst 12 Months: +14.1%
Efficiency Ratio: +0.54
Sharpe: +1.46
Stdev Sectors: +10%
Skewness: +0.07
Kurtosis: -0.6
Upside Potential: +4.83

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	245	$877.3M	42	1LII 2AAPL 3FNDX Top holdings2026-03-31 1.LII 2.AAPL 3.FNDX 4.SPY 5.AVDS 6.AMZN 7.BRK-B 8.JPIE 9.NVDA 10.PYLD
2025-12-31	250	$773.5M	40	1AAPL 2LII 3BRK-B Top holdings2025-12-31 1.AAPL 2.LII 3.BRK-B 4.SPY 5.AMZN 6.NVDA 7.MSFT 8.VB 9.IDEV 10.SCHB
2025-09-30	215	$630.0M	71	1LII 2AAPL 3BRK-B Top holdings2025-09-30 1.LII 2.AAPL 3.BRK-B 4.AMZN 5.SPY 6.NVDA 7.MSFT 8.META 9.BAC 10.AVGO
2025-06-30	222	$521.8M	0	1LII 2BRK-B 3AAPL Top holdings2025-06-30 1.LII 2.BRK-B 3.AAPL 4.VB 5.MSFT 6.JMBS 7.GOVT 8.COST 9.AVGO 10.MUNI
2025-03-31	243	$564.1M	0	1LII 2BRK-B 3AAPL Top holdings2025-03-31 1.LII 2.BRK-B 3.AAPL 4.VB 5.JMBS 6.GOVT 7.CORP 8.MSFT 9.COST 10.XOM
2024-12-31	185	$424.2M	0	1LII 2BRK-B 3AAPL Top holdings2024-12-31 1.LII 2.BRK-B 3.AAPL 4.MSFT 5.COST 6.AVGO 7.AMZN 8.V 9.JPM 10.XOM
2024-09-30	185	$382.2M	0	1LII 2BRK-B 3AAPL Top holdings2024-09-30 1.LII 2.BRK-B 3.AAPL 4.MSFT 5.GOOG 6.COST 7.IWF 8.DOW 9.SPY 10.GOOGL
2024-06-30	198	$374.3M	0	1LII 2BRK-B 3AAPL Top holdings2024-06-30 1.LII 2.BRK-B 3.AAPL 4.MSFT 5.GOOG 6.IWF 7.GOOGL 8.COST 9.DOW 10.SPY
2024-03-31	196	$362.3M	0	1LII 2BRK-B 3AAPL Top holdings2024-03-31 1.LII 2.BRK-B 3.AAPL 4.MSFT 5.GOOG 6.DOW 7.IWF 8.BA 9.SPY 10.GOOGL
2023-12-31	189	$389.4M	0	1LII 2BRK-B 3SCHR Top holdings2023-12-31 1.LII 2.BRK-B 3.SCHR 4.AAPL 5.TOTL 6.MSFT 7.GOOG 8.SPMB 9.BA 10.DOW
2023-09-30	192	$324.6M	0	1LII 2BRK-B 3AAPL Top holdings2023-09-30 1.LII 2.BRK-B 3.AAPL 4.MSFT 5.GOOG 6.6D8 7.DOW 8.GOOGL 9.BA 10.IWF
2023-06-30	204	$352.7M	0	1LII 2BRK-B 3AAPL Top holdings2023-06-30 1.LII 2.BRK-B 3.AAPL 4.MSFT 5.GOOG 6.DOW 7.6D8 8.CTVA 9.BA 10.IWF
2023-03-31	197	$340.0M	0	1LII 2BRK-B 3AAPL Top holdings2023-03-31 1.LII 2.BRK-B 3.AAPL 4.MSFT 5.DOW 6.SPDW 7.GOOG 8.SPY 9.CTVA 10.6D8
2022-12-31	172	$293.2M	0	1BRK-B 2TOTL 3AAPL Top holdings2022-12-31 1.BRK-B 2.TOTL 3.AAPL 4.SPDW 5.DOW 6.MSFT 7.SPY 8.CTVA 9.6D8 10.GOOG
2022-09-30	185	$304.8M	0	1LII 2BRK-B 3AAPL Top holdings2022-09-30 1.LII 2.BRK-B 3.AAPL 4.SPDW 5.SCHV 6.MSFT 7.DOW 8.CTVA 9.SPY 10.SCHG
2022-06-30	198	$321.0M	0	1LII 2BRK-B 3AAPL Top holdings2022-06-30 1.LII 2.BRK-B 3.AAPL 4.SCHV 5.SPDW 6.MSFT 7.DOW 8.SPY 9.CTVA 10.6D8
2022-03-31	197	$371.8M	0	1LII 2BRK-B 3AAPL Top holdings2022-03-31 1.LII 2.BRK-B 3.AAPL 4.SPDW 5.SCHV 6.DOW 7.MSFT 8.SCHG 9.SPY 10.6D8
2021-12-31	235	$592.0M	0	1LII 2AAPL 3BRK-B Top holdings2021-12-31 1.LII 2.AAPL 3.BRK-B 4.MSFT 5.6D8 6.DOW 7.CTVA 8.FAST 9.DHR 10.SBUX
2021-09-30	221	$507.9M	0	1LII 2AAPL 3BRK-B Top holdings2021-09-30 1.LII 2.AAPL 3.BRK-B 4.6D8 5.MSFT 6.DOW 7.CTVA 8.DHR 9.SBUX 10.FAST
2021-06-30	218	$480.0M	—	1LII 26D8 3BRK-B Top holdings2021-06-30 1.LII 2.6D8 3.BRK-B 4.DOW 5.AAPL 6.MSFT 7.CTVA 8.SBUX 9.FAST 10.DHR
2021-03-31	205	$421.4M	—	1LII 26D8 3BRK-B Top holdings2021-03-31 1.LII 2.6D8 3.BRK-B 4.DOW 5.MSFT 6.AAPL 7.CTVA 8.SBUX 9.FAST 10.DHR
2020-12-31	193	$389.5M	—	1LII 26D8 3BRK-B Top holdings2020-12-31 1.LII 2.6D8 3.BRK-B 4.AAPL 5.MSFT 6.DOW 7.CTVA 8.SBUX 9.FAST 10.DHR
2020-09-30	185	$342.8M	—	1LII 2AAPL 3BRK-B Top holdings2020-09-30 1.LII 2.AAPL 3.BRK-B 4.MSFT 5.6D8 6.DOW 7.CTVA 8.SBUX 9.FAST 10.DHR
2020-06-30	189	$415.9M	—	1MSFT 2LII 3AAPL Top holdings2020-06-30 1.MSFT 2.LII 3.AAPL 4.RMD 5.6D8 6.FAST 7.SBUX 8.BRK-B 9.DOW 10.DHR
2020-03-31	124	$293.1M	—	1LII 2MSFT 3AAPL Top holdings2020-03-31 1.LII 2.MSFT 3.AAPL 4.BRK-B 5.RMD 6.SBUX 7.FAST 8.6D8 9.GILD 10.DHR
2019-12-31	121	$355.4M	—	1LII 2MSFT 36D8 Top holdings2019-12-31 1.LII 2.MSFT 3.6D8 4.BRK-B 5.AAPL 6.SBUX 7.DOW 8.RMD 9.FAST 10.DHR

Holding changes this quarter

Position changes disclosed by True North Advisors, LLC for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	AVDS	Avantis Intl Sm Cap Eq ETF	+3.3%	+13421.98%	Add
2	VEA	Vanguard Ftse Developed ETF	+0.7%	+64.18%	Add
3	AVDE	Avantis International Equity	+0.6%	+1279.43%	Add
4	FLXR	Tcw Flexible Income ETF	+0.5%	+42.41%	Add
5	IJR	Ishares Core S&p Small-cap E	+0.2%	+156.99%	Add
6	XOM	Exxon Mobil CORP	+0.2%	-3.35%	Trim
7	DOW	Dow INC	+0.2%	+1.81%	Add
8	COST	Costco Wholesale CORP	+0.1%	+7.72%	Add
9	CVX	Chevron CORP	+0.1%	+26.76%	Add
10	ANET	Arista Networks INC	+0.1%	+208.90%	Add
11	GEV	GE Vernova INC	+0.1%	+1.40%	Add
12	IVV	Ishares Core S&p 500 ETF	+0.1%	+56.33%	Add
13	CTVA	Corteva INC	+0.1%	+0.01%	Add
14	APH	Amphenol Corp-cl A	-0.2%	-23.69%	Trim
15	JPM	Jpmorgan Chase & Co	-0.2%	-4.73%	Trim
16	DFAC	Dimensional US Core Equity 2	-0.2%	-26.81%	Trim
17	AVGO	Broadcom INC	-0.3%	-4.66%	Trim
18	BAC	Bank Of America CORP	-0.4%	-0.18%	Trim
19	JQUA	Jpmorgan US Quality Factor	-0.4%	-15.00%	Trim
20	NVDA	Nvidia CORP	-0.5%	+2.96%	Add
21	SCHB	Schwab US Broad Market ETF	-0.6%	-15.21%	Trim
22	MSFT	Microsoft CORP	-0.7%	+5.75%	Add
23	IDEV	Ishares Core Msci Dev Mkts	-0.7%	-24.32%	Trim
24	META	Meta Platforms Inc-class A	-0.7%	-18.43%	Trim
25	SPY	Ss Spdr S&p 500 ETF Trust-us	-0.8%	-3.63%	Trim
26	AMZN	Amazon.com INC	-0.9%	-2.43%	Trim
27	LII	Lennox International INC	-1.8%	-1.51%	Trim
28	AAPL	Apple INC	-1.9%	-0.68%	Trim
29	BRK-B	Berkshire Hathaway Inc-cl B	-2%	-27.48%	Trim
30	FNDX	Schwab Fndmntl US Lrg Co ETF	—	NEW	New buy
31	JPIE	Jpmorgan Income ETF	—	NEW	New buy
32	PYLD	Pimco Multisector Bond Actv	—	NEW	New buy
33	JAAA	Janus Henderson Aaa Clo ETF	—	EXIT	Sold out
34	AVEM	Avantis Emerging Markets Eq	—	NEW	New buy
35	GOVT	Ishares US Treasury Bond ETF	—	NEW	New buy
36	IAU	Ishares Gold Trust	—	EXIT	Sold out
37	SCHX	Schwab US Large-cap ETF	—	NEW	New buy
38	EPD	Enterprise Products Partners	—	EXIT	Sold out
39	VGLT	Vanguard Long-term Treasury	—	NEW	New buy
40	KMX	Carmax INC	—	NEW	New buy
41	SGOL	Abrdn Physical Gold Shares	—	EXIT	Sold out
42	TPL	Texas Pacific Land CORP	—	EXIT	Sold out
43	CSHI	Neos Enhanced Income 1-3 Mon	—	NEW	New buy
44	ET	Energy Transfer LP	—	EXIT	Sold out
45	IBIT	Ishares Bitcoin Trust ETF	—	EXIT	Sold out
46	FNDA	Schwab Fndmntl US Sm Co ETF	—	EXIT	Sold out
47	CME	Cme Group INC	—	NEW	New buy
48	RAUS	Racwi US ETF	—	NEW	New buy
49	PHYS	Sprott Physical Gold Trust	—	EXIT	Sold out
50	TOTL	Ss Doubleline Tr Tact ETF	—	EXIT	Sold out

Filing History

Period	Filed	Type	EDGAR
2026-03-31	2026-05-07	13F-HR	View on EDGAR
2025-12-31	2026-01-22	13F-HR	View on EDGAR
2025-09-30	2025-10-14	13F-HR	View on EDGAR
2025-06-30	2025-07-16	13F-HR	View on EDGAR
2025-03-31	2025-05-12	13F-HR	View on EDGAR
2024-12-31	2025-01-17	13F-HR	View on EDGAR
2024-09-30	2024-10-08	13F-HR	View on EDGAR
2024-06-30	2024-08-12	13F-HR	View on EDGAR
2024-03-31	2024-04-12	13F-HR	View on EDGAR
2023-12-31	2024-01-22	13F-HR	View on EDGAR
2023-09-30	2023-11-14	13F-HR	View on EDGAR
2023-06-30	2023-08-10	13F-HR	View on EDGAR
2023-03-31	2023-05-15	13F-HR	View on EDGAR
2022-12-31	2023-02-13	13F-HR	View on EDGAR
2022-09-30	2022-11-14	13F-HR	View on EDGAR
2022-06-30	2022-07-28	13F-HR	View on EDGAR
2022-03-31	2022-05-12	13F-HR	View on EDGAR
2021-12-31	2022-02-11	13F-HR	View on EDGAR
2021-09-30	2022-06-07	13F-HR	View on EDGAR
2021-06-30	2022-06-07	13F-HR	View on EDGAR
2021-03-31	2022-06-07	13F-HR	View on EDGAR
2020-12-31	2022-05-20	13F-HR	View on EDGAR
2020-09-30	2022-05-20	13F-HR	View on EDGAR
2020-06-30	2022-05-20	13F-HR	View on EDGAR
2020-03-31	2022-05-12	13F-HR	View on EDGAR
2019-12-31	2022-05-12	13F-HR	View on EDGAR