True North Advisors, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 14, 2025), True North Advisors, LLC reported 214 stock positions worth $629.5 million. Its top holding was Lennox International (LII) at 14.9% of the portfolio, followed by Apple (AAPL, 12.3%) and Berkshire Hathaway Class B (BRK.B, 6.4%). Compared with Q2 2025, it opened 35 new positions, sold out of 43, added to 123 and reduced 42. The biggest buy was Apple (AAPL, shares +174%) and the biggest sale Lennox International (LII, shares −2%).
- Most Recent 13F
- Q2 2026
- Location
- Dallas, TX
- CIK
- 0001634556
- Portfolio Value
- $629.5M (Q3 2025)
- SEC Filing
- 0001172661-25-004287 ↗ filed Oct 14, 2025
Holdings Value
Holdings 214 stocks · $629.5M
| LII Lennox International Inc. | 14.95% | 177,727 | $94.1M | Reduce -2.1% |
| AAPL Apple Inc. | 12.33% | 304,809 | $77.6M | Add +173.8% |
| BRK.B Berkshire Hathaway Inc. Class B | 6.39% | 80,072 | $40.3M | Reduce -0.5% |
| AMZN Amazon.com Inc. | 4.84% | 138,757 | $30.5M | Add +431.3% |
| SPY SS SPDR S&P 500 ETF Trust-US | 4.09% | 38,635 | $25.7M | Add +561.4% |
| NVDA Nvidia Corp. | 3.80% | 128,244 | $23.9M | Add +289.0% |
| MSFT Microsoft Corp. | 3.32% | 40,408 | $20.9M | Add +52.9% |
| META Meta Platforms Inc. Class A | 2.68% | 23,008 | $16.9M | Add +398.7% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 2.18% | 266,586 | $13.8M | Add +287.1% |
| AVGO Broadcom Inc. | 1.90% | 36,236 | $12.0M | Add +9.8% |
| COST Costco Wholesale Corp. | 1.45% | 9,880 | $9.1M | Add +2.0% |
| GOVT iShares US Treasury Bond ETF | 1.34% | 365,418 | $8.4M | Reduce -21.0% |
| AVDV Avantis Intl S/C Value ETF | 1.24% | 87,812 | $7.8M | New |
| XOM Exxon Mobil Corp. | 1.22% | 68,004 | $7.7M | Add +5.4% |
| IAU iShares Gold Trust | 1.20% | 103,876 | $7.6M | Add +858.1% |
| FAST Fastenal Co. | 1.08% | 138,985 | $6.8M | Reduce -1.7% |
| GE General Electric filed as GE AEROSPACE | 1.03% | 21,524 | $6.5M | Reduce -12.8% |
| JPM JPMorgan Chase & Co. | 1.01% | 20,159 | $6.4M | Add +12.6% |
| V Visa Inc. Class A | 0.92% | 16,984 | $5.8M | Add +12.3% |
| IWF iShares Russell 1000 Growth | 0.89% | 12,025 | $5.6M | Add +0.1% |
| KMX Carmax Inc. | 0.88% | 123,742 | $5.6M | Add +66.6% |
| EPD Enterprise Products Partners | 0.75% | 150,669 | $4.7M | Add +0.1% |
| LRCX Lam Research Corp. | 0.70% | 32,683 | $4.4M | Add +5.0% |
| ABBV Abbvie Inc. | 0.67% | 18,205 | $4.2M | Add +5.9% |
| APH Amphenol Corp. Class A | 0.66% | 33,555 | $4.2M | Reduce -8.2% |
| CTVA Corteva Inc. | 0.65% | 60,570 | $4.1M | Add +0.2% |
| HD Home Depot Inc. | 0.59% | 9,193 | $3.7M | Reduce -0.1% |
| MLM Martin Marietta Materials | 0.54% | 5,379 | $3.4M | Add +0.9% |
| MS Morgan Stanley | 0.53% | 21,170 | $3.4M | Reduce -5.4% |
| GEV GE Vernova Inc. | 0.51% | 5,226 | $3.2M | Reduce -12.5% |
| DD Dupont DE Nemours Inc. | 0.51% | 41,098 | $3.2M | Add +0.1% |
| SYK Stryker Corp. | 0.50% | 8,565 | $3.2M | Add +6.8% |
| TPL Texas Pacific Land Corp. | 0.50% | 3,345 | $3.1M | Add +0.3% |
| DFAC Dimensional US Core Equity 2 | 0.49% | 79,903 | $3.1M | No change |
| SGOL Abrdn Physical Gold Shares | 0.48% | 81,712 | $3.0M | Add +0.4% |
| IBIT iShares Bitcoin Trust ETF | 0.44% | 42,489 | $2.8M | New |
| JEPI JPMorgan Equity Premium Inco | 0.43% | 47,637 | $2.7M | Add +7.6% |
| ORCL Oracle Corp. | 0.42% | 9,415 | $2.6M | Add +17.2% |
| LLY Eli Lilly & Co. | 0.42% | 3,460 | $2.6M | Add +17.1% |
| ABT Abbott Laboratories | 0.41% | 19,200 | $2.6M | Reduce -1.5% |
| ALL Allstate Corp. | 0.40% | 11,746 | $2.5M | Add +0.8% |
| CRM Salesforce Inc. | 0.39% | 10,452 | $2.5M | Reduce -2.0% |
| CAT Caterpillar Inc. | 0.39% | 5,184 | $2.5M | Add +2.5% |
| DHI D.R. Horton Inc. | 0.39% | 14,526 | $2.5M | Reduce -8.1% |
| KR Kroger Co. | 0.39% | 36,022 | $2.4M | Reduce -7.5% |
| SPGI S&P Global Inc. | 0.39% | 4,988 | $2.4M | Add +5.7% |
| DOW Dow Inc. | 0.35% | 97,280 | $2.2M | Reduce -0.1% |
| SHW The Sherwin-Williams Co. | 0.34% | 6,257 | $2.2M | Reduce -5.0% |
| CVX Chevron Corp. | 0.34% | 13,948 | $2.2M | Add +42.6% |
| PAYX Paychex Inc. | 0.34% | 16,935 | $2.1M | Reduce -4.1% |
| TSLA Tesla Inc. | 0.34% | 4,742 | $2.1M | Add +16.3% |
| TXN Texas Instruments Inc. | 0.33% | 11,390 | $2.1M | Add +3.1% |
| TSCO Tractor Supply Company | 0.32% | 35,256 | $2.0M | Reduce -10.4% |
| JNJ Johnson & Johnson | 0.29% | 9,928 | $1.8M | Add +22.3% |
| IWD iShares Russell 1000 Value E | 0.29% | 8,879 | $1.8M | Add +11.4% |
| XLE SS Energy Select Sector | 0.28% | 19,775 | $1.8M | Add +3.0% |
| NTAP Netapp Inc. | 0.28% | 14,805 | $1.8M | Add +6.5% |
| ET Energy Transfer LP | 0.27% | 97,987 | $1.7M | Reduce -0.0% |
| ZTS Zoetis Inc. | 0.27% | 11,423 | $1.7M | Reduce -7.4% |
| NEE Nextera Energy Inc. | 0.26% | 21,833 | $1.6M | Reduce -6.5% |
| DFAT Dimensional US Target Value | 0.26% | 28,257 | $1.6M | No change |
| PFE Pfizer Inc. | 0.26% | 63,994 | $1.6M | Add +17.0% |
| AMAT Applied Materials Inc. | 0.25% | 7,821 | $1.6M | Add +12.6% |
| ALLE Allegion PLC | 0.25% | 8,972 | $1.6M | Add +6.0% |
| BHST Bioharvest Sciences Inc. | 0.25% | 168,013 | $1.6M | Add +676.1% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.24% | 2 | $1.5M | No change |
| COP Conocophillips | 0.24% | 15,871 | $1.5M | Reduce -4.0% |
| IVV iShares Core S&P 500 ETF | 0.24% | 2,238 | $1.5M | Add +14.8% |
| LMT Lockheed Martin Corp. | 0.23% | 2,875 | $1.4M | Add +17.2% |
| RMD Resmed Inc. | 0.23% | 5,196 | $1.4M | Add +7.2% |
| WMT Walmart Inc. | 0.22% | 13,380 | $1.4M | Add +11.2% |
| MSI Motorola Solutions Inc. | 0.21% | 2,835 | $1.3M | Add +7.9% |
| PG The Procter & Gamble Co. | 0.20% | 8,269 | $1.3M | Add +23.8% |
| KLAC KLA Corp. | 0.20% | 1,161 | $1.3M | Add +11.2% |
| ASML ASML Holding NV-NY Reg SHS | 0.19% | 1,246 | $1.2M | Reduce -0.6% |
| APD Air Products & Chemicals Inc. | 0.18% | 4,197 | $1.1M | Add +1.9% |
| MA Mastercard Inc. Class A | 0.18% | 1,998 | $1.1M | Add +29.1% |
| OSK Oshkosh Corp. | 0.18% | 8,619 | $1.1M | Add +0.5% |
| IWB iShares Russell 1000 ETF | 0.17% | 2,953 | $1.1M | New |
| MRK Merck & Co. Inc. | 0.17% | 12,787 | $1.1M | Add +5.8% |
| DECK Deckers Outdoor Corp. | 0.17% | 10,406 | $1.1M | Add +10.5% |
| ISRG Intuitive Surgical Inc. | 0.17% | 2,338 | $1.0M | Add +7.0% |
| PHYS Sprott Physical Gold Trust | 0.16% | 34,618 | $1.0M | Reduce -1.1% |
| QCOM Qualcomm Inc. | 0.16% | 6,107 | $1.0M | Add +18.4% |
| RTX RTX Corp. | 0.16% | 6,040 | $1.0M | Add +16.4% |
| NFLX Netflix Inc. | 0.16% | 824 | $988K | Add +34.4% |
| DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE | 0.16% | 2,109 | $978K | Add +0.3% |
| TT Trane Technologies PLC | 0.15% | 2,266 | $956K | Add +12.0% |
| PEP Pepsico Inc. | 0.15% | 6,716 | $943K | Add +45.6% |
| USPH U.S. Physical Therapy Inc. | 0.15% | 10,943 | $930K | Reduce -5.8% |
| ACVA Acv Auctions Inc. Class A | 0.15% | 92,270 | $914K | Add +33.1% |
| TM Toyota Motor Corp. -Spon ADR | 0.14% | 4,731 | $904K | Reduce -45.0% |
| CSCO Cisco Systems Inc. | 0.14% | 12,848 | $879K | Add +233.3% |
| ITOT iShares Core S&P Total U.S. | 0.13% | 5,673 | $826K | Reduce -3.0% |
| MCD McDonald's Corp. | 0.13% | 2,703 | $822K | Add +18.0% |
| TLT iShares 20+ Year Treasury BD | 0.13% | 9,057 | $809K | New |
| UNH Unitedhealth Group Inc. | 0.13% | 2,322 | $802K | Add +34.4% |
| MU Micron Technology Inc. | 0.13% | 4,786 | $801K | New |
| MELI MercadoLibre Inc. | 0.12% | 328 | $767K | Add +7.5% |
| AAAU Goldman Sachs Physical Gold | 0.12% | 20,020 | $763K | No change |
Other holdings (1): bonds, preferreds, convertibles and warrants · $467K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| YDESW YD Bio Ltd. -30 | *W EXP 08/28/203 | 219,020 | $467K | New |
Total filed on the 13F, all lines: $630.0M.
Portfolio Sells Q2 2025 → Q3 2025
| LII Lennox International Inc. | Reduce -2.1% | 14.95% | −5.00 |
| VB Vanguard Most SM-Cap ETF-Usd | Sold out | 0.00% | −3.05 |
| JMBS Janus Henderson Mortg Backed | Sold out | 0.00% | −2.32 |
| MUNI PIMCO Intermediate Municipal | Sold out | 0.00% | −1.40 |
| CORP PIMCO Inv Grade Corp. BD ETF | Sold out | 0.00% | −1.37 |
| SCHX Schwab US Large-Cap ETF | Sold out | 0.00% | −1.14 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.5% | 6.39% | −1.10 |
| VTI VG Morningstar TS MKT ETF-US | Sold out | 0.00% | −0.77 |
| GOVT iShares US Treasury Bond ETF | Reduce -21.0% | 1.34% | −0.69 |
| NUV Nuveen Municipal Value | Sold out | 0.00% | −0.69 |
| FNDX Schwab Fndmntl US LRG Co. ETF | Sold out | 0.00% | −0.67 |
| SCHM Schwab US Mid Cap ETF | Sold out | 0.00% | −0.53 |
| FNDF Schwab Fndmn Intl LRG Co. ETF | Sold out | 0.00% | −0.51 |
| QQQ Invesco QQQ Trust Series 1 | Sold out | 0.00% | −0.36 |
| VIOO Vanguard S&P Small-Cap 600 E | Sold out | 0.00% | −0.33 |
| SCHV Schwab US Large-Cap Value | Sold out | 0.00% | −0.30 |
| SCHG Schwab US Large-Cap Growth | Sold out | 0.00% | −0.29 |
| SPDW Ste STR SPDR PT DW Eu ETF | Sold out | 0.00% | −0.29 |
| VMBS Vanguard Mortgage-Backed Sec | Sold out | 0.00% | −0.28 |
| FNDA Schwab Fndmntl US SM Co. ETF | Sold out | 0.00% | −0.23 |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | Sold out | 0.00% | −0.20 |
| IWO iShares Russell 2000 Growth | Sold out | 0.00% | −0.20 |
| SCHZ Schwab US Aggregate Bond ETF | Sold out | 0.00% | −0.19 |
| GE General Electric | Reduce -12.8% | 1.03% | −0.19 |
| FNDC Schwab Fndmnt Intl SM Eq ETF | Sold out | 0.00% | −0.18 |
| CRM Salesforce Inc. | Reduce -2.0% | 0.39% | −0.16 |
| PAYX Paychex Inc. | Reduce -4.1% | 0.34% | −0.15 |
| KR Kroger Co. | Reduce -7.5% | 0.39% | −0.15 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Sold out | 0.00% | −0.15 |
| TM Toyota Motor Corp. -Spon ADR | Reduce -45.0% | 0.14% | −0.14 |
| DOW Dow Inc. | Reduce -0.1% | 0.35% | −0.14 |
| VSS Vanguard Ftse All Wo X-US SC | Sold out | 0.00% | −0.14 |
| ZTS Zoetis Inc. | Reduce -7.4% | 0.27% | −0.10 |
| ABT Abbott Laboratories | Reduce -1.5% | 0.41% | −0.10 |
| GEV GE Vernova Inc. | Reduce -12.5% | 0.51% | −0.10 |
| ALLY Ally Financial Inc. | Reduce -52.7% | 0.06% | −0.09 |
| SHW The Sherwin-Williams Co. | Reduce -5.0% | 0.34% | −0.09 |
| SPHQ Invesco S&P 500 Quality ETF | Sold out | 0.00% | −0.09 |
| VNQ Vanguard Real Estate ETF | Sold out | 0.00% | −0.08 |
| TSCO Tractor Supply Company | Reduce -10.4% | 0.32% | −0.08 |
| SUB iShares Short-Term National | Sold out | 0.00% | −0.08 |
| ET Energy Transfer LP | Reduce -0.0% | 0.27% | −0.07 |
| MS Morgan Stanley | Reduce -5.4% | 0.53% | −0.07 |
| PPA Invesco Aerospace & Defense | Sold out | 0.00% | −0.07 |
| SBAC SBA Communications Corp. | Reduce -35.7% | 0.05% | −0.07 |
| HMC Honda Motor Co. Ltd.-Spons ADR | Sold out | 0.00% | −0.07 |
| VGT Vanguard Info Tech ETF | Sold out | 0.00% | −0.07 |
| VWO Vanguard Ftse Emerging Marke | Sold out | 0.00% | −0.06 |
| OUST Ouster Inc. | Sold out | 0.00% | −0.06 |
| PWR Quanta Services Inc. | Sold out | 0.00% | −0.06 |
Portfolio Buys Q2 2025 → Q3 2025
| AAPL Apple Inc. | Add +173.8% | 12.33% | +7.95 |
| AMZN Amazon.com Inc. | Add +431.3% | 4.84% | +3.74 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +561.4% | 4.09% | +3.40 |
| NVDA Nvidia Corp. | Add +289.0% | 3.80% | +2.80 |
| META Meta Platforms Inc. Class A | Add +398.7% | 2.68% | +2.03 |
| BAC Bank of America Corp. | Add +287.1% | 2.18% | +1.56 |
| AVDV Avantis Intl S/C Value ETF | New | 1.24% | +1.24 |
| IAU iShares Gold Trust | Add +858.1% | 1.20% | +1.07 |
| MSFT Microsoft Corp. | Add +52.9% | 3.32% | +0.81 |
| IBIT iShares Bitcoin Trust ETF | New | 0.44% | +0.44 |
| BHST Bioharvest Sciences Inc. | Add +676.1% | 0.25% | +0.22 |
| IWB iShares Russell 1000 ETF | New | 0.17% | +0.17 |
| AVGO Broadcom Inc. | Add +9.8% | 1.90% | +0.16 |
| TLT iShares 20+ Year Treasury BD | New | 0.13% | +0.13 |
| MU Micron Technology Inc. | New | 0.13% | +0.13 |
| LRCX Lam Research Corp. | Add +5.0% | 0.70% | +0.11 |
| T AT&T Inc. | New | 0.11% | +0.11 |
| GILD Gilead Sciences Inc. | New | 0.10% | +0.10 |
| BMY Bristol-Myers Squibb Co. | New | 0.09% | +0.09 |
| ANET Arista Networks Inc. | New | 0.09% | +0.09 |
| CSCO Cisco Systems Inc. | Add +233.3% | 0.14% | +0.09 |
| TSLA Tesla Inc. | Add +16.3% | 0.34% | +0.09 |
| ORCL Oracle Corp. | Add +17.2% | 0.42% | +0.08 |
| VZ Verizon Communications Inc. | New | 0.08% | +0.08 |
| CVX Chevron Corp. | Add +42.6% | 0.34% | +0.08 |
| DVN Devon Energy Corp. | New | 0.07% | +0.07 |
| GLD SPDR Gold Shares | New | 0.06% | +0.06 |
| MDT Medtronic PLC | New | 0.06% | +0.06 |
| ALKT Alkami Technology Inc. | New | 0.06% | +0.06 |
| IEFA iShares Core MSCI Eafe ETF | New | 0.06% | +0.06 |
| ABBV Abbvie Inc. | Add +5.9% | 0.67% | +0.06 |
| JNJ Johnson & Johnson | Add +22.3% | 0.29% | +0.05 |
| BTC Grayscale Bitcoin Mini ETF | New | 0.05% | +0.05 |
| BABA Alibaba Group Holding-SP ADR | New | 0.05% | +0.05 |
| IVW iShares S&P 500 Growth ETF | New | 0.05% | +0.05 |
| CVS CVS Health Corp. | New | 0.05% | +0.05 |
| USIG iShares Broad Usd Investment | New | 0.05% | +0.05 |
| SLB SLB Ltd. | Add +111.5% | 0.10% | +0.04 |
| USTB Victoryshares Short-Term Bon | New | 0.04% | +0.04 |
| ECL Ecolab Inc. | New | 0.04% | +0.04 |
| PLTR Palantir Technologies Inc. Class A | New | 0.04% | +0.04 |
| JMUB JPMorgan Municipal ETF | New | 0.04% | +0.04 |
| AWK American Water Works Co. Inc. | New | 0.04% | +0.04 |
| KMI Kinder Morgan Inc. | New | 0.04% | +0.04 |
| IJH iShares Core S&P Midcap ETF | New | 0.04% | +0.04 |
| DHR Danaher Corp. | New | 0.04% | +0.04 |
| DE Deere & Co. | New | 0.04% | +0.04 |
| UBER Uber Technologies Inc. | New | 0.04% | +0.04 |
| IWM iShares Russell 2000 ETF | Add +62.3% | 0.10% | +0.03 |
| REXR Rexford Industrial Realty Inc. | New | 0.03% | +0.03 |
Notes & Other Activity Q2 2025 → Q3 2025
| YDESW YD Bio Ltd. -30 | *W EXP 08/28/203 | New | 219,020 | $467K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
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 |