True North Advisors, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 16, 2025), True North Advisors, LLC reported 222 stock positions worth $521.8 million. Its top holding was Lennox International (LII) at 19.9% of the portfolio, followed by Berkshire Hathaway Class B (BRK.B, 7.5%) and Apple (AAPL, 4.4%). Compared with Q1 2025, it opened 12 new positions, sold out of 33, added to 67 and reduced 108. The biggest buy was Lennox International (LII, shares +0%) and the biggest sale an exit from Alphabet Class C (GOOG).
- Most Recent 13F
- Q2 2026
- Location
- Dallas, TX
- CIK
- 0001634556
- Portfolio Value
- $521.8M (Q2 2025)
- SEC Filing
- 0001172661-25-002616 ↗ filed Jul 16, 2025
Holdings Value
Holdings 222 stocks · $521.8M
| LII Lennox International Inc. | 19.95% | 181,586 | $104.1M | Add +0.2% |
| BRK.B Berkshire Hathaway Inc. Class B | 7.49% | 80,455 | $39.1M | Reduce -3.0% |
| AAPL Apple Inc. | 4.38% | 111,335 | $22.8M | Add +2.8% |
| VB Vanguard Most SM-Cap ETF-Usd | 3.05% | 67,103 | $15.9M | Reduce -19.4% |
| MSFT Microsoft Corp. | 2.52% | 26,427 | $13.1M | Reduce -10.7% |
| JMBS Janus Henderson Mortg Backed | 2.32% | 269,270 | $12.1M | Reduce -30.3% |
| GOVT iShares US Treasury Bond ETF | 2.04% | 462,344 | $10.6M | Reduce -33.4% |
| COST Costco Wholesale Corp. | 1.84% | 9,685 | $9.6M | Add +3.4% |
| AVGO Broadcom Inc. | 1.74% | 32,993 | $9.1M | Add +18.4% |
| MUNI PIMCO Intermediate Municipal | 1.40% | 141,748 | $7.3M | Add +8.4% |
| CORP PIMCO Inv Grade Corp. BD ETF | 1.37% | 73,494 | $7.2M | Reduce -36.6% |
| XOM Exxon Mobil Corp. | 1.33% | 64,513 | $7.0M | Reduce -9.3% |
| GE General Electric filed as GE AEROSPACE | 1.22% | 24,672 | $6.4M | Reduce -0.1% |
| FAST Fastenal Co. | 1.14% | 141,350 | $5.9M | Reduce -6.6% |
| SCHX Schwab US Large-Cap ETF | 1.14% | 242,746 | $5.9M | Reduce -19.4% |
| AMZN Amazon.com Inc. | 1.10% | 26,117 | $5.7M | Reduce -12.8% |
| V Visa Inc. Class A | 1.03% | 15,124 | $5.4M | Reduce -6.5% |
| NVDA Nvidia Corp. | 1.00% | 32,971 | $5.2M | Add +34.7% |
| JPM JPMorgan Chase & Co. | 0.99% | 17,904 | $5.2M | Reduce -13.3% |
| IWF iShares Russell 1000 Growth | 0.98% | 12,019 | $5.1M | Reduce -15.5% |
| KMX Carmax Inc. | 0.96% | 74,292 | $5.0M | Add +30.8% |
| EPD Enterprise Products Partners | 0.89% | 150,553 | $4.7M | Reduce -0.5% |
| CTVA Corteva Inc. | 0.86% | 60,476 | $4.5M | Add +0.0% |
| VTI VG Morningstar TS MKT ETF-US | 0.77% | 13,168 | $4.0M | Add +0.1% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.69% | 5,841 | $3.6M | Reduce -16.1% |
| APH Amphenol Corp. Class A | 0.69% | 36,540 | $3.6M | Reduce -15.2% |
| NUV Nuveen Municipal Value | 0.69% | 412,922 | $3.6M | Reduce -19.2% |
| TPL Texas Pacific Land Corp. | 0.68% | 3,336 | $3.5M | Reduce -5.1% |
| FNDX Schwab Fndmntl US LRG Co. ETF | 0.67% | 142,741 | $3.5M | Add +9.7% |
| META Meta Platforms Inc. Class A | 0.65% | 4,614 | $3.4M | Add +102.9% |
| HD Home Depot Inc. | 0.65% | 9,200 | $3.4M | Add +0.6% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.62% | 68,867 | $3.3M | Reduce -17.2% |
| ABBV Abbvie Inc. | 0.61% | 17,194 | $3.2M | Reduce -27.4% |
| SYK Stryker Corp. | 0.61% | 8,017 | $3.2M | Reduce -7.9% |
| GEV GE Vernova Inc. | 0.61% | 5,974 | $3.2M | Add +0.2% |
| MS Morgan Stanley | 0.60% | 22,371 | $3.2M | Reduce -8.4% |
| LRCX Lam Research Corp. | 0.58% | 31,142 | $3.0M | Reduce -10.2% |
| MLM Martin Marietta Materials | 0.56% | 5,332 | $2.9M | Reduce -0.6% |
| CRM Salesforce Inc. | 0.56% | 10,663 | $2.9M | Reduce -7.7% |
| DFAC Dimensional US Core Equity 2 | 0.55% | 79,903 | $2.9M | No change |
| DD Dupont DE Nemours Inc. | 0.54% | 41,060 | $2.8M | Reduce -0.5% |
| KR Kroger Co. | 0.54% | 38,925 | $2.8M | Reduce -9.7% |
| SCHM Schwab US Mid Cap ETF | 0.53% | 97,978 | $2.7M | Reduce -16.3% |
| FNDF Schwab Fndmn Intl LRG Co. ETF | 0.51% | 66,834 | $2.7M | Add +9.9% |
| ABT Abbott Laboratories | 0.51% | 19,490 | $2.7M | Reduce -23.5% |
| DOW Dow Inc. | 0.49% | 97,361 | $2.6M | Reduce -0.1% |
| PAYX Paychex Inc. | 0.49% | 17,651 | $2.6M | Reduce -9.8% |
| SGOL Abrdn Physical Gold Shares | 0.49% | 81,365 | $2.6M | Reduce -9.5% |
| JEPI JPMorgan Equity Premium Inco | 0.48% | 44,281 | $2.5M | Add +23.9% |
| SPGI S&P Global Inc. | 0.48% | 4,719 | $2.5M | Reduce -9.9% |
| ALL Allstate Corp. | 0.45% | 11,654 | $2.3M | Reduce -15.0% |
| LLY Eli Lilly & Co. | 0.44% | 2,956 | $2.3M | Reduce -11.9% |
| TXN Texas Instruments Inc. | 0.44% | 11,045 | $2.3M | Reduce -4.9% |
| SHW The Sherwin-Williams Co. | 0.43% | 6,587 | $2.3M | Reduce -20.1% |
| TSCO Tractor Supply Company | 0.40% | 39,359 | $2.1M | Reduce -15.7% |
| DHI D.R. Horton Inc. | 0.39% | 15,799 | $2.0M | Reduce -20.4% |
| CAT Caterpillar Inc. | 0.38% | 5,058 | $2.0M | Reduce -3.2% |
| ZTS Zoetis Inc. | 0.37% | 12,334 | $1.9M | Reduce -23.4% |
| QQQ Invesco QQQ Trust Series 1 | 0.36% | 3,390 | $1.9M | Add +30.6% |
| ET Energy Transfer LP | 0.34% | 98,006 | $1.8M | Reduce -1.6% |
| ORCL Oracle Corp. | 0.34% | 8,034 | $1.8M | Add +35.2% |
| VIOO Vanguard S&P Small-Cap 600 E | 0.33% | 17,049 | $1.7M | Reduce -24.8% |
| XLE SS Energy Select Sector | 0.31% | 19,200 | $1.6M | Reduce -1.2% |
| NEE Nextera Energy Inc. | 0.31% | 23,338 | $1.6M | Reduce -32.1% |
| SCHV Schwab US Large-Cap Value | 0.30% | 57,401 | $1.6M | Reduce -16.1% |
| IWD iShares Russell 1000 Value E | 0.30% | 7,969 | $1.5M | No change |
| SCHG Schwab US Large-Cap Growth | 0.29% | 52,689 | $1.5M | Reduce -5.3% |
| DFAT Dimensional US Target Value | 0.29% | 28,257 | $1.5M | No change |
| SPDW Ste STR SPDR PT DW Eu ETF | 0.29% | 37,528 | $1.5M | Reduce -2.3% |
| COP Conocophillips | 0.28% | 16,541 | $1.5M | Reduce -20.6% |
| TM Toyota Motor Corp. -Spon ADR | 0.28% | 8,598 | $1.5M | Add +65.4% |
| NTAP Netapp Inc. | 0.28% | 13,899 | $1.5M | Add +121.8% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.28% | 2 | $1.5M | No change |
| VMBS Vanguard Mortgage-Backed Sec | 0.28% | 31,382 | $1.5M | Reduce -11.0% |
| CVX Chevron Corp. | 0.27% | 9,779 | $1.4M | Reduce -21.7% |
| PFE Pfizer Inc. | 0.25% | 54,716 | $1.3M | Reduce -3.8% |
| TSLA Tesla Inc. | 0.25% | 4,076 | $1.3M | Add +8.0% |
| AMAT Applied Materials Inc. | 0.24% | 6,948 | $1.3M | Add +354.1% |
| RMD Resmed Inc. | 0.24% | 4,847 | $1.3M | Add +302.2% |
| JNJ Johnson & Johnson | 0.24% | 8,117 | $1.2M | Reduce -5.2% |
| ALLE Allegion PLC | 0.23% | 8,465 | $1.2M | Add +427.4% |
| IVV iShares Core S&P 500 ETF | 0.23% | 1,950 | $1.2M | Reduce -24.2% |
| FNDA Schwab Fndmntl US SM Co. ETF | 0.23% | 41,982 | $1.2M | Add +6.3% |
| ISRG Intuitive Surgical Inc. | 0.23% | 2,186 | $1.2M | Add +25.3% |
| WMT Walmart Inc. | 0.23% | 12,035 | $1.2M | Add +89.3% |
| APD Air Products & Chemicals Inc. | 0.22% | 4,120 | $1.2M | Reduce -3.6% |
| LMT Lockheed Martin Corp. | 0.22% | 2,454 | $1.1M | Add +284.0% |
| ACVA Acv Auctions Inc. Class A | 0.22% | 69,301 | $1.1M | Add +11.4% |
| MSI Motorola Solutions Inc. | 0.21% | 2,627 | $1.1M | New |
| PG The Procter & Gamble Co. | 0.20% | 6,681 | $1.1M | Add +1.9% |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | 0.20% | 3,729 | $1.1M | No change |
| IWO iShares Russell 2000 Growth | 0.20% | 3,658 | $1.0M | Reduce -3.8% |
| SCHZ Schwab US Aggregate Bond ETF | 0.19% | 43,401 | $1.0M | Reduce -10.9% |
| ASML ASML Holding NV-NY Reg SHS | 0.19% | 1,253 | $1.0M | Add +12.3% |
| OSK Oshkosh Corp. | 0.19% | 8,580 | $974K | No change |
| DECK Deckers Outdoor Corp. | 0.19% | 9,415 | $970K | New |
| MRK Merck & Co. Inc. | 0.18% | 12,085 | $957K | Reduce -3.8% |
| KLAC KLA Corp. | 0.18% | 1,044 | $935K | New |
| DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE | 0.18% | 2,103 | $927K | Add +0.3% |
| FNDC Schwab Fndmnt Intl SM Eq ETF | 0.18% | 21,835 | $918K | Add +1.0% |
Portfolio Sells Q1 2025 → Q2 2025
| GOOG Alphabet Inc. Class C | Sold out | 0.00% | −1.08 |
| GOOGL Alphabet Inc. Class A | Sold out | 0.00% | −0.82 |
| GOVT iShares US Treasury Bond ETF | Reduce -33.4% | 2.04% | −0.79 |
| JMBS Janus Henderson Mortg Backed | Reduce -30.3% | 2.32% | −0.77 |
| VOO Vanguard S&P 500 ETF | Sold out | 0.00% | −0.77 |
| MKL Markel Group Inc. | Sold out | 0.00% | −0.72 |
| CORP PIMCO Inv Grade Corp. BD ETF | Reduce -36.6% | 1.37% | −0.62 |
| ACN Accenture PLC Class A | Sold out | 0.00% | −0.54 |
| BX Blackstone Inc. | Sold out | 0.00% | −0.39 |
| APO Apollo Global Management Inc. | Sold out | 0.00% | −0.37 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -3.0% | 7.49% | −0.34 |
| CBRE CBRE Group Inc. Class A | Sold out | 0.00% | −0.31 |
| FISV Fiserv Inc. | Sold out | 0.00% | −0.30 |
| ABBV Abbvie Inc. | Reduce -27.4% | 0.61% | −0.27 |
| ELV Elevance Health Inc. | Reduce -79.4% | 0.06% | −0.23 |
| VB Vanguard Most SM-Cap ETF-Usd | Reduce -19.4% | 3.05% | −0.23 |
| SBAC SBA Communications Corp. | Reduce -67.5% | 0.12% | −0.20 |
| XOM Exxon Mobil Corp. | Reduce -9.3% | 1.33% | −0.17 |
| TPL Texas Pacific Land Corp. | Reduce -5.1% | 0.68% | −0.15 |
| BKNG Booking Holdings Inc. | Sold out | 0.00% | −0.14 |
| VCIT Vanguard Int-Term Corporate | Sold out | 0.00% | −0.14 |
| NEE Nextera Energy Inc. | Reduce -32.1% | 0.31% | −0.12 |
| VEA Vanguard Ftse Developed ETF | Reduce -76.5% | 0.05% | −0.12 |
| VXUS Vanguard Total Intl Stock | Sold out | 0.00% | −0.11 |
| DOW Dow Inc. | Reduce -0.1% | 0.49% | −0.11 |
| NUV Nuveen Municipal Value | Reduce -19.2% | 0.69% | −0.11 |
| COP Conocophillips | Reduce -20.6% | 0.28% | −0.10 |
| CVX Chevron Corp. | Reduce -21.7% | 0.27% | −0.10 |
| ZTS Zoetis Inc. | Reduce -23.4% | 0.37% | −0.10 |
| ABT Abbott Laboratories | Reduce -23.5% | 0.51% | −0.09 |
| PFF iShares Preferred & Income S | Sold out | 0.00% | −0.09 |
| CB Chubb Ltd. | Sold out | 0.00% | −0.08 |
| SHW The Sherwin-Williams Co. | Reduce -20.1% | 0.43% | −0.08 |
| LIN Linde PLC | Sold out | 0.00% | −0.08 |
| EQIX Equinix Inc. | Sold out | 0.00% | −0.07 |
| BLK BlackRock Inc. | Sold out | 0.00% | −0.07 |
| TSCO Tractor Supply Company | Reduce -15.7% | 0.40% | −0.06 |
| VIOO Vanguard S&P Small-Cap 600 E | Reduce -24.8% | 0.33% | −0.06 |
| DHI D.R. Horton Inc. | Reduce -20.4% | 0.39% | −0.06 |
| OXY Occidental Petroleum Corp. | Sold out | 0.00% | −0.05 |
| VTEB Vanguard Tax-Exempt Bond ETF | Sold out | 0.00% | −0.05 |
| ALL Allstate Corp. | Reduce -15.0% | 0.45% | −0.05 |
| EMXC iShares MSCI Emr MRK Ex Chna | Sold out | 0.00% | −0.05 |
| LLY Eli Lilly & Co. | Reduce -11.9% | 0.44% | −0.05 |
| APTV Aptiv PLC | Sold out | 0.00% | −0.05 |
| HES Hess Corp. | Sold out | 0.00% | −0.05 |
| AWK American Water Works Co. Inc. | Sold out | 0.00% | −0.05 |
| AMT American Tower Corp. | Sold out | 0.00% | −0.04 |
| GLD SPDR Gold Shares | Sold out | 0.00% | −0.04 |
| PAYX Paychex Inc. | Reduce -9.8% | 0.49% | −0.04 |
Portfolio Buys Q1 2025 → Q2 2025
| LII Lennox International Inc. | Add +0.2% | 19.95% | +1.93 |
| AVGO Broadcom Inc. | Add +18.4% | 1.74% | +0.92 |
| NVDA Nvidia Corp. | Add +34.7% | 1.00% | +0.53 |
| META Meta Platforms Inc. Class A | Add +102.9% | 0.65% | +0.42 |
| GEV GE Vernova Inc. | Add +0.2% | 0.61% | +0.28 |
| COST Costco Wholesale Corp. | Add +3.4% | 1.84% | +0.27 |
| MSI Motorola Solutions Inc. | New | 0.21% | +0.21 |
| AMAT Applied Materials Inc. | Add +354.1% | 0.24% | +0.20 |
| MUNI PIMCO Intermediate Municipal | Add +8.4% | 1.40% | +0.20 |
| ALLE Allegion PLC | Add +427.4% | 0.23% | +0.20 |
| RMD Resmed Inc. | Add +302.2% | 0.24% | +0.19 |
| CTVA Corteva Inc. | Add +0.0% | 0.86% | +0.19 |
| ORCL Oracle Corp. | Add +35.2% | 0.34% | +0.19 |
| NTAP Netapp Inc. | Add +121.8% | 0.28% | +0.19 |
| DECK Deckers Outdoor Corp. | New | 0.19% | +0.19 |
| KLAC KLA Corp. | New | 0.18% | +0.18 |
| KMX Carmax Inc. | Add +30.8% | 0.96% | +0.17 |
| LMT Lockheed Martin Corp. | Add +284.0% | 0.22% | +0.17 |
| QQQ Invesco QQQ Trust Series 1 | Add +30.6% | 0.36% | +0.14 |
| WMT Walmart Inc. | Add +89.3% | 0.23% | +0.13 |
| FNDX Schwab Fndmntl US LRG Co. ETF | Add +9.7% | 0.67% | +0.13 |
| VTI VG Morningstar TS MKT ETF-US | Add +0.1% | 0.77% | +0.13 |
| AAAU Goldman Sachs Physical Gold | New | 0.13% | +0.13 |
| FNDF Schwab Fndmn Intl LRG Co. ETF | Add +9.9% | 0.51% | +0.12 |
| TM Toyota Motor Corp. -Spon ADR | Add +65.4% | 0.28% | +0.12 |
| JEPI JPMorgan Equity Premium Inco | Add +23.9% | 0.48% | +0.12 |
| NFLX Netflix Inc. | Add +155.4% | 0.16% | +0.12 |
| AAPL Apple Inc. | Add +2.8% | 4.38% | +0.11 |
| TSM Taiwan Semiconductor-SP ADR | New | 0.08% | +0.08 |
| TSLA Tesla Inc. | Add +8.0% | 0.25% | +0.07 |
| ISRG Intuitive Surgical Inc. | Add +25.3% | 0.23% | +0.07 |
| ALLY Ally Financial Inc. | Add +61.8% | 0.15% | +0.07 |
| OUST Ouster Inc. | New | 0.06% | +0.06 |
| MCD McDonald's Corp. | Add +93.4% | 0.13% | +0.06 |
| ASML ASML Holding NV-NY Reg SHS | Add +12.3% | 0.19% | +0.06 |
| ACVA Acv Auctions Inc. Class A | Add +11.4% | 0.22% | +0.06 |
| HD Home Depot Inc. | Add +0.6% | 0.65% | +0.05 |
| PTLC Pacer Trendpilot US Large Ca | New | 0.05% | +0.05 |
| TT Trane Technologies PLC | Add +0.5% | 0.17% | +0.05 |
| USPH U.S. Physical Therapy Inc. | Add +17.3% | 0.17% | +0.05 |
| NOW ServiceNow Inc. | Add +50.5% | 0.09% | +0.05 |
| ROK Rockwell Automation Inc. | New | 0.04% | +0.04 |
| GS Goldman Sachs Group Inc. | New | 0.04% | +0.04 |
| DLR Digital Realty Trust Inc. | New | 0.04% | +0.04 |
| PSX Phillips 66 | New | 0.04% | +0.04 |
| MA Mastercard Inc. Class A | Add +17.6% | 0.17% | +0.04 |
| FNDA Schwab Fndmntl US SM Co. ETF | Add +6.3% | 0.23% | +0.04 |
| FNDC Schwab Fndmnt Intl SM Eq ETF | Add +1.0% | 0.18% | +0.04 |
| AMD Advanced Micro Devices | Add +2.8% | 0.10% | +0.03 |
| AXP American Express Co. | Add +16.2% | 0.10% | +0.03 |
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 |