True North Advisors, LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 12, 2025), True North Advisors, LLC reported 243 stock positions worth $564.1 million. Its top holding was Lennox International (LII) at 18.0% of the portfolio, followed by Berkshire Hathaway Class B (BRK.B, 7.8%) and Apple (AAPL, 4.3%). Compared with Q4 2024, it opened 68 new positions, sold out of 10, added to 62 and reduced 66. The biggest buy was a new position in Vanguard Most SM-Cap ETF-Usd (VB) and the biggest sale Lennox International (LII, shares −2%).
- Most Recent 13F
- Q2 2026
- Location
- Dallas, TX
- CIK
- 0001634556
- Portfolio Value
- $564.1M (Q1 2025)
- SEC Filing
- 0001172661-25-001678 ↗ filed May 12, 2025
Holdings Value
Holdings 243 stocks · $564.1M
| LII Lennox International Inc. | 18.02% | 181,219 | $101.6M | Reduce -2.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 7.83% | 82,982 | $44.2M | Reduce -4.6% |
| AAPL Apple Inc. | 4.27% | 108,353 | $24.1M | Add +2.0% |
| VB Vanguard Most SM-Cap ETF-Usd | 3.27% | 83,262 | $18.5M | New |
| JMBS Janus Henderson Mortg Backed | 3.10% | 386,452 | $17.5M | New |
| GOVT iShares US Treasury Bond ETF | 2.83% | 694,311 | $16.0M | New |
| CORP PIMCO Inv Grade Corp. BD ETF | 1.99% | 115,841 | $11.2M | New |
| MSFT Microsoft Corp. | 1.97% | 29,590 | $11.1M | Reduce -6.5% |
| COST Costco Wholesale Corp. | 1.57% | 9,366 | $8.9M | Reduce -7.4% |
| XOM Exxon Mobil Corp. | 1.50% | 71,119 | $8.5M | Add +39.1% |
| MUNI PIMCO Intermediate Municipal | 1.20% | 130,787 | $6.7M | New |
| SCHX Schwab US Large-Cap ETF | 1.18% | 301,098 | $6.6M | New |
| GOOG Alphabet Inc. Class C | 1.08% | 38,822 | $6.1M | New |
| FAST Fastenal Co. | 1.04% | 75,669 | $5.9M | Reduce -0.6% |
| AMZN Amazon.com Inc. | 1.01% | 29,963 | $5.7M | Reduce -9.1% |
| V Visa Inc. Class A | 1.01% | 16,178 | $5.7M | Reduce -8.0% |
| EPD Enterprise Products Partners | 0.92% | 151,301 | $5.2M | New |
| IWF iShares Russell 1000 Growth | 0.91% | 14,219 | $5.1M | New |
| JPM JPMorgan Chase & Co. | 0.90% | 20,659 | $5.1M | Reduce -10.2% |
| ABBV Abbvie Inc. | 0.88% | 23,693 | $5.0M | Reduce -9.1% |
| GE General Electric filed as GE AEROSPACE | 0.88% | 24,706 | $4.9M | Add +0.6% |
| AVGO Broadcom Inc. | 0.83% | 27,857 | $4.7M | Reduce -14.6% |
| TPL Texas Pacific Land Corp. | 0.83% | 3,514 | $4.7M | Reduce -13.6% |
| GOOGL Alphabet Inc. Class A | 0.82% | 29,749 | $4.6M | New |
| NUV Nuveen Municipal Value | 0.79% | 510,777 | $4.5M | New |
| KMX Carmax Inc. | 0.78% | 56,779 | $4.4M | Add +16.7% |
| VOO Vanguard S&P 500 ETF | 0.77% | 8,467 | $4.4M | New |
| MKL Markel Group Inc. | 0.72% | 2,185 | $4.1M | New |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.69% | 6,964 | $3.9M | New |
| CTVA Corteva Inc. | 0.67% | 60,453 | $3.8M | No change |
| VTI VG Morningstar TS MKT ETF-US | 0.64% | 13,154 | $3.6M | Reduce -1.8% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.62% | 83,163 | $3.5M | Reduce -18.3% |
| DOW Dow Inc. | 0.60% | 97,479 | $3.4M | Add +0.5% |
| ABT Abbott Laboratories | 0.60% | 25,473 | $3.4M | Reduce -12.3% |
| HD Home Depot Inc. | 0.59% | 9,144 | $3.4M | Reduce -11.8% |
| SYK Stryker Corp. | 0.57% | 8,702 | $3.2M | Reduce -12.8% |
| CRM Salesforce Inc. | 0.55% | 11,555 | $3.1M | Reduce -17.2% |
| DD Dupont DE Nemours Inc. | 0.55% | 41,277 | $3.1M | No change |
| FNDX Schwab Fndmntl US LRG Co. ETF | 0.54% | 130,164 | $3.1M | New |
| SCHM Schwab US Mid Cap ETF | 0.54% | 117,051 | $3.1M | New |
| ACN Accenture PLC Class A | 0.54% | 9,738 | $3.0M | New |
| PAYX Paychex Inc. | 0.54% | 19,579 | $3.0M | Reduce -14.8% |
| KR Kroger Co. | 0.52% | 43,117 | $2.9M | Reduce -15.8% |
| SHW The Sherwin-Williams Co. | 0.51% | 8,242 | $2.9M | Reduce -14.8% |
| MS Morgan Stanley | 0.51% | 24,423 | $2.8M | Reduce -14.6% |
| ALL Allstate Corp. | 0.50% | 13,704 | $2.8M | Reduce -14.5% |
| APH Amphenol Corp. Class A | 0.50% | 43,066 | $2.8M | Reduce -12.4% |
| LLY Eli Lilly & Co. | 0.49% | 3,355 | $2.8M | Reduce -3.7% |
| SGOL Abrdn Physical Gold Shares | 0.48% | 89,912 | $2.7M | Reduce -2.2% |
| SPGI S&P Global Inc. | 0.47% | 5,240 | $2.7M | New |
| NVDA Nvidia Corp. | 0.47% | 24,483 | $2.7M | Add +2.2% |
| ZTS Zoetis Inc. | 0.47% | 16,109 | $2.7M | Reduce -13.9% |
| DFAC Dimensional US Core Equity 2 | 0.47% | 79,903 | $2.6M | New |
| TSCO Tractor Supply Company | 0.46% | 46,710 | $2.6M | Reduce -19.0% |
| MLM Martin Marietta Materials | 0.45% | 5,362 | $2.6M | Add +13.1% |
| DHI D.R. Horton Inc. | 0.45% | 19,847 | $2.5M | Reduce -14.1% |
| LRCX Lam Research Corp. | 0.45% | 34,664 | $2.5M | New |
| NEE Nextera Energy Inc. | 0.43% | 34,397 | $2.4M | Reduce -18.2% |
| FNDF Schwab Fndmn Intl LRG Co. ETF | 0.39% | 60,837 | $2.2M | New |
| COP Conocophillips | 0.39% | 20,842 | $2.2M | Reduce -13.8% |
| VIOO Vanguard S&P Small-Cap 600 E | 0.39% | 22,668 | $2.2M | New |
| BX Blackstone Inc. | 0.39% | 15,638 | $2.2M | New |
| APO Apollo Global Management Inc. | 0.37% | 15,311 | $2.1M | New |
| CVX Chevron Corp. | 0.37% | 12,486 | $2.1M | Add +2.8% |
| TXN Texas Instruments Inc. | 0.37% | 11,614 | $2.1M | Reduce -1.9% |
| JEPI JPMorgan Equity Premium Inco | 0.36% | 35,751 | $2.0M | Add +41.0% |
| ET Energy Transfer LP | 0.33% | 99,617 | $1.9M | New |
| SBAC SBA Communications Corp. | 0.33% | 8,377 | $1.8M | Reduce -17.5% |
| GEV GE Vernova Inc. | 0.32% | 5,963 | $1.8M | Add +0.6% |
| SCHV Schwab US Large-Cap Value | 0.32% | 68,438 | $1.8M | New |
| XLE SS Energy Select Sector | 0.32% | 19,428 | $1.8M | New |
| CBRE CBRE Group Inc. Class A | 0.31% | 13,267 | $1.7M | New |
| CAT Caterpillar Inc. | 0.31% | 5,227 | $1.7M | Reduce -4.2% |
| FISV Fiserv Inc. | 0.30% | 7,633 | $1.7M | Reduce -0.0% |
| VMBS Vanguard Mortgage-Backed Sec | 0.29% | 35,250 | $1.6M | Add +29.2% |
| ELV Elevance Health Inc. | 0.29% | 3,712 | $1.6M | Reduce -20.2% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.28% | 2 | $1.6M | New |
| IWD iShares Russell 1000 Value E | 0.27% | 7,969 | $1.5M | Reduce -0.6% |
| DFAT Dimensional US Target Value | 0.26% | 28,257 | $1.5M | No change |
| IVV iShares Core S&P 500 ETF | 0.26% | 2,572 | $1.4M | New |
| PFE Pfizer Inc. | 0.26% | 56,855 | $1.4M | Add +8.1% |
| JNJ Johnson & Johnson | 0.25% | 8,560 | $1.4M | Reduce -5.4% |
| SPDW Ste STR SPDR PT DW Eu ETF | 0.25% | 38,428 | $1.4M | Reduce -5.7% |
| SCHG Schwab US Large-Cap Growth | 0.25% | 55,649 | $1.4M | New |
| META Meta Platforms Inc. Class A | 0.23% | 2,274 | $1.3M | Reduce -2.4% |
| APD Air Products & Chemicals Inc. | 0.22% | 4,276 | $1.3M | Reduce -2.8% |
| QQQ Invesco QQQ Trust Series 1 | 0.22% | 2,596 | $1.2M | Reduce -2.4% |
| MRK Merck & Co. Inc. | 0.20% | 12,568 | $1.1M | Add +1.1% |
| SCHZ Schwab US Aggregate Bond ETF | 0.20% | 48,701 | $1.1M | New |
| PG The Procter & Gamble Co. | 0.20% | 6,556 | $1.1M | Add +4.4% |
| FNDA Schwab Fndmntl US SM Co. ETF | 0.19% | 39,484 | $1.1M | New |
| TSLA Tesla Inc. | 0.17% | 3,774 | $978K | Add +8.8% |
| IWO iShares Russell 2000 Growth | 0.17% | 3,802 | $972K | No change |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | 0.17% | 3,729 | $958K | New |
| TM Toyota Motor Corp. -Spon ADR | 0.16% | 5,197 | $917K | Add +5.8% |
| VEA Vanguard Ftse Developed ETF | 0.16% | 17,887 | $909K | Add +35.0% |
| DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE | 0.16% | 2,097 | $880K | Add +0.1% |
| ACVA Acv Auctions Inc. Class A | 0.16% | 62,184 | $876K | Add +21.3% |
| ISRG Intuitive Surgical Inc. | 0.15% | 1,744 | $864K | No change |
| PHYS Sprott Physical Gold Trust | 0.15% | 35,817 | $862K | No change |
Portfolio Sells Q4 2024 → Q1 2025
| LII Lennox International Inc. | Reduce -2.1% | 18.02% | −8.57 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -4.6% | 7.83% | −1.46 |
| MSFT Microsoft Corp. | Reduce -6.5% | 1.97% | −1.18 |
| AVGO Broadcom Inc. | Reduce -14.6% | 0.83% | −0.96 |
| AMZN Amazon.com Inc. | Reduce -9.1% | 1.01% | −0.69 |
| COST Costco Wholesale Corp. | Reduce -7.4% | 1.57% | −0.62 |
| CRM Salesforce Inc. | Reduce -17.2% | 0.55% | −0.55 |
| TLH iShares 10-20 Year Treasury | Sold out | 0.00% | −0.53 |
| BAC Bank of America Corp. | Reduce -18.3% | 0.62% | −0.44 |
| JPM JPMorgan Chase & Co. | Reduce -10.2% | 0.90% | −0.40 |
| HD Home Depot Inc. | Reduce -11.8% | 0.59% | −0.36 |
| MS Morgan Stanley | Reduce -14.6% | 0.51% | −0.34 |
| DHI D.R. Horton Inc. | Reduce -14.1% | 0.45% | −0.31 |
| V Visa Inc. Class A | Reduce -8.0% | 1.01% | −0.30 |
| APH Amphenol Corp. Class A | Reduce -12.4% | 0.50% | −0.30 |
| NEE Nextera Energy Inc. | Reduce -18.2% | 0.43% | −0.28 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -1.8% | 0.64% | −0.27 |
| SYK Stryker Corp. | Reduce -12.8% | 0.57% | −0.27 |
| TSCO Tractor Supply Company | Reduce -19.0% | 0.46% | −0.27 |
| SHW The Sherwin-Williams Co. | Reduce -14.8% | 0.51% | −0.26 |
| TOTL SS Doubleline TR Tact ETF | Reduce -80.6% | 0.05% | −0.26 |
| FAST Fastenal Co. | Reduce -0.6% | 1.04% | −0.25 |
| ZTS Zoetis Inc. | Reduce -13.9% | 0.47% | −0.25 |
| TPL Texas Pacific Land Corp. | Reduce -13.6% | 0.83% | −0.24 |
| ALL Allstate Corp. | Reduce -14.5% | 0.50% | −0.23 |
| PAYX Paychex Inc. | Reduce -14.8% | 0.54% | −0.22 |
| KR Kroger Co. | Reduce -15.8% | 0.52% | −0.22 |
| DFGR Dim Global Real Estate ETF | Sold out | 0.00% | −0.21 |
| ABBV Abbvie Inc. | Reduce -9.1% | 0.88% | −0.21 |
| COP Conocophillips | Reduce -13.8% | 0.39% | −0.18 |
| ABT Abbott Laboratories | Reduce -12.3% | 0.60% | −0.18 |
| SBAC SBA Communications Corp. | Reduce -17.5% | 0.33% | −0.16 |
| CAT Caterpillar Inc. | Reduce -4.2% | 0.31% | −0.16 |
| AMD Advanced Micro Devices | Reduce -54.7% | 0.06% | −0.16 |
| WMT Walmart Inc. | Reduce -46.7% | 0.10% | −0.16 |
| TXN Texas Instruments Inc. | Reduce -1.9% | 0.37% | −0.15 |
| LLY Eli Lilly & Co. | Reduce -3.7% | 0.49% | −0.14 |
| ELV Elevance Health Inc. | Reduce -20.2% | 0.29% | −0.12 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -2.4% | 0.22% | −0.10 |
| ORCL Oracle Corp. | Reduce -1.4% | 0.15% | −0.09 |
| META Meta Platforms Inc. Class A | Reduce -2.4% | 0.23% | −0.09 |
| IWD iShares Russell 1000 Value E | Reduce -0.6% | 0.27% | −0.08 |
| HDV iShares Core High Dividend E | Sold out | 0.00% | −0.08 |
| IXUS iShares Core Intl Stock ETF | Reduce -48.9% | 0.05% | −0.08 |
| SPDW Ste STR SPDR PT DW Eu ETF | Reduce -5.7% | 0.25% | −0.08 |
| TT Trane Technologies PLC | Reduce -12.0% | 0.12% | −0.08 |
| APD Air Products & Chemicals Inc. | Reduce -2.8% | 0.22% | −0.08 |
| VYMI Vanguard Int High DVD YLD Inc. | Sold out | 0.00% | −0.08 |
| ADBE Adobe Inc. | Reduce -14.3% | 0.09% | −0.07 |
| EEM iShares MSCI Emerging Market | Sold out | 0.00% | −0.07 |
Portfolio Buys Q4 2024 → Q1 2025
| VB Vanguard Most SM-Cap ETF-Usd | New | 3.27% | +3.27 |
| JMBS Janus Henderson Mortg Backed | New | 3.10% | +3.10 |
| GOVT iShares US Treasury Bond ETF | New | 2.83% | +2.83 |
| CORP PIMCO Inv Grade Corp. BD ETF | New | 1.99% | +1.99 |
| MUNI PIMCO Intermediate Municipal | New | 1.20% | +1.20 |
| SCHX Schwab US Large-Cap ETF | New | 1.18% | +1.18 |
| GOOG Alphabet Inc. Class C | New | 1.08% | +1.08 |
| EPD Enterprise Products Partners | New | 0.92% | +0.92 |
| IWF iShares Russell 1000 Growth | New | 0.91% | +0.91 |
| GOOGL Alphabet Inc. Class A | New | 0.82% | +0.82 |
| NUV Nuveen Municipal Value | New | 0.79% | +0.79 |
| VOO Vanguard S&P 500 ETF | New | 0.77% | +0.77 |
| MKL Markel Group Inc. | New | 0.72% | +0.72 |
| SPY SS SPDR S&P 500 ETF Trust-US | New | 0.69% | +0.69 |
| FNDX Schwab Fndmntl US LRG Co. ETF | New | 0.54% | +0.54 |
| SCHM Schwab US Mid Cap ETF | New | 0.54% | +0.54 |
| ACN Accenture PLC Class A | New | 0.54% | +0.54 |
| SPGI S&P Global Inc. | New | 0.47% | +0.47 |
| DFAC Dimensional US Core Equity 2 | New | 0.47% | +0.47 |
| LRCX Lam Research Corp. | New | 0.45% | +0.45 |
| FNDF Schwab Fndmn Intl LRG Co. ETF | New | 0.39% | +0.39 |
| VIOO Vanguard S&P Small-Cap 600 E | New | 0.39% | +0.39 |
| BX Blackstone Inc. | New | 0.39% | +0.39 |
| APO Apollo Global Management Inc. | New | 0.37% | +0.37 |
| ET Energy Transfer LP | New | 0.33% | +0.33 |
| SCHV Schwab US Large-Cap Value | New | 0.32% | +0.32 |
| XLE SS Energy Select Sector | New | 0.32% | +0.32 |
| CBRE CBRE Group Inc. Class A | New | 0.31% | +0.31 |
| BRK.A Berkshire Hathaway Inc. Class A | New | 0.28% | +0.28 |
| IVV iShares Core S&P 500 ETF | New | 0.26% | +0.26 |
| SCHG Schwab US Large-Cap Growth | New | 0.25% | +0.25 |
| XOM Exxon Mobil Corp. | Add +39.1% | 1.50% | +0.20 |
| SCHZ Schwab US Aggregate Bond ETF | New | 0.20% | +0.20 |
| FNDA Schwab Fndmntl US SM Co. ETF | New | 0.19% | +0.19 |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | New | 0.17% | +0.17 |
| OSK Oshkosh Corp. | New | 0.14% | +0.14 |
| BKNG Booking Holdings Inc. | New | 0.14% | +0.14 |
| FNDC Schwab Fndmnt Intl SM Eq ETF | New | 0.14% | +0.14 |
| PFF iShares Preferred & Income S | New | 0.09% | +0.09 |
| MPLX MPLX LP | New | 0.09% | +0.09 |
| CTAS Cintas Corp. | New | 0.08% | +0.08 |
| CB Chubb Ltd. | New | 0.08% | +0.08 |
| LIN Linde PLC | New | 0.08% | +0.08 |
| SPHQ Invesco S&P 500 Quality ETF | New | 0.07% | +0.07 |
| EQIX Equinix Inc. | New | 0.07% | +0.07 |
| QUS SS SPDR MSCI U Stratfact ETF | New | 0.07% | +0.07 |
| ETR Entergy Corp. | New | 0.07% | +0.07 |
| BLK BlackRock Inc. | New | 0.07% | +0.07 |
| GSLC Goldman Activebeta US LC ETF | New | 0.07% | +0.07 |
| FANG Diamondback Energy Inc. | New | 0.06% | +0.06 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 290 | $1.0B | LII, AAPL, FNDX, AVDS, GOOGL |
| Q1 2026 | 244 | $877.1M | LII, AAPL, FNDX, SPY, AVDS |
| Q4 2025 | 249 | $773.3M | AAPL, LII, BRK.B, SPY, AMZN |
| Q3 2025 | 214 | $629.5M | LII, AAPL, BRK.B, AMZN, SPY |
| Q2 2025 | 222 | $521.8M | LII, BRK.B, AAPL, VB, MSFT |
| Q1 2025 | 243 | $564.1M | LII, BRK.B, AAPL, VB, JMBS |
| Q4 2024 | 185 | $424.2M | LII, BRK.B, AAPL, MSFT, COST |
| Q3 2024 | 185 | $382.2M | LII, BRK.B, AAPL, MSFT, GOOG |
| Q2 2024 | 198 | $374.3M | LII, BRK.B, AAPL, MSFT, GOOG |
| Q1 2024 | 195 | $362.3M | LII, BRK.B, AAPL, MSFT, GOOG |