True North Advisors, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 22, 2026), True North Advisors, LLC reported 249 stock positions worth $773.3 million. Its top holding was Apple (AAPL) at 10.6% of the portfolio, followed by Lennox International (LII, 10.6%) and Berkshire Hathaway Class B (BRK.B, 5.1%). Compared with Q3 2025, it opened 60 new positions, sold out of 26, added to 92 and reduced 85. The biggest buy was a new position in Vanguard Most SM-Cap ETF-Usd (VB) and the biggest sale Lennox International (LII, shares −5%).
- Most Recent 13F
- Q2 2026
- Location
- Dallas, TX
- CIK
- 0001634556
- Portfolio Value
- $773.3M (Q4 2025)
- SEC Filing
- 0001172661-26-000255 ↗ filed Jan 22, 2026
Holdings Value
Holdings 249 stocks · $773.3M
| AAPL Apple Inc. | 10.61% | 301,690 | $82.0M | Reduce -1.0% |
| LII Lennox International Inc. | 10.57% | 168,330 | $81.7M | Reduce -5.3% |
| BRK.B Berkshire Hathaway Inc. Class B | 5.12% | 78,793 | $39.6M | Reduce -1.6% |
| SPY SS SPDR S&P 500 ETF Trust-US | 4.41% | 49,954 | $34.1M | Add +29.3% |
| AMZN Amazon.com Inc. | 4.13% | 138,372 | $31.9M | Reduce -0.3% |
| NVDA Nvidia Corp. | 3.09% | 128,133 | $23.9M | Reduce -0.1% |
| MSFT Microsoft Corp. | 2.29% | 36,579 | $17.7M | Reduce -9.5% |
| VB Vanguard Most SM-Cap ETF-Usd | 2.13% | 63,812 | $16.5M | New |
| IDEV iShares Core MSCI Dev MKTS | 2.08% | 195,417 | $16.1M | New |
| SCHB Schwab US Broad Market ETF | 2.02% | 595,340 | $15.6M | New |
| META Meta Platforms Inc. Class A | 1.96% | 22,941 | $15.1M | Reduce -0.3% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 1.89% | 265,583 | $14.6M | Reduce -0.4% |
| FLXR TCW Flexible Income ETF | 1.83% | 357,357 | $14.2M | New |
| JQUA JPMorgan US Quality Factor | 1.61% | 196,616 | $12.4M | New |
| RSP Invesco S&P 500 Equal Weight | 1.50% | 60,496 | $11.6M | New |
| VEA Vanguard Ftse Developed ETF | 1.41% | 174,258 | $10.9M | New |
| JMBS Janus Henderson Mortg Backed | 1.33% | 225,335 | $10.3M | New |
| JAAA Janus Henderson Aaa Clo ETF | 1.19% | 181,385 | $9.2M | New |
| AVGO Broadcom Inc. | 1.18% | 26,335 | $9.1M | Reduce -27.3% |
| AVDV Avantis Intl S/C Value ETF | 1.16% | 95,253 | $9.0M | Add +8.5% |
| COST Costco Wholesale Corp. | 1.13% | 10,151 | $8.8M | Add +2.7% |
| IAU iShares Gold Trust | 1.07% | 101,817 | $8.3M | Reduce -2.0% |
| XOM Exxon Mobil Corp. | 0.98% | 63,242 | $7.6M | Reduce -7.0% |
| VTI VG Morningstar TS MKT ETF-US | 0.92% | 21,241 | $7.1M | New |
| GE General Electric filed as GE AEROSPACE | 0.86% | 21,511 | $6.6M | Reduce -0.1% |
| JPM JPMorgan Chase & Co. | 0.85% | 20,318 | $6.5M | Add +0.8% |
| MUNI PIMCO Intermediate Municipal | 0.82% | 120,549 | $6.3M | New |
| V Visa Inc. Class A | 0.80% | 17,644 | $6.2M | Add +3.9% |
| QQQ Invesco QQQ Trust Series 1 | 0.75% | 9,473 | $5.8M | New |
| FAST Fastenal Co. | 0.72% | 139,030 | $5.6M | Add +0.0% |
| CORP PIMCO Inv Grade Corp. BD ETF | 0.67% | 52,918 | $5.2M | New |
| EPD Enterprise Products Partners | 0.62% | 150,001 | $4.8M | Reduce -0.4% |
| DFAC Dimensional US Core Equity 2 | 0.56% | 109,176 | $4.3M | Add +36.6% |
| ABBV Abbvie Inc. | 0.55% | 18,611 | $4.3M | Add +2.2% |
| CTVA Corteva Inc. | 0.53% | 60,756 | $4.1M | Add +0.3% |
| APH Amphenol Corp. Class A | 0.52% | 29,520 | $4.0M | Reduce -12.0% |
| MS Morgan Stanley | 0.49% | 21,538 | $3.8M | Add +1.7% |
| FNDF Schwab Fndmn Intl LRG Co. ETF | 0.48% | 82,890 | $3.7M | New |
| LLY Eli Lilly & Co. | 0.47% | 3,364 | $3.6M | Reduce -2.8% |
| LRCX Lam Research Corp. | 0.45% | 20,523 | $3.5M | Reduce -37.2% |
| SGOL Abrdn Physical Gold Shares | 0.45% | 83,816 | $3.4M | Add +2.6% |
| GEV GE Vernova Inc. | 0.44% | 5,200 | $3.4M | Reduce -0.5% |
| MLM Martin Marietta Materials | 0.43% | 5,360 | $3.3M | Reduce -0.3% |
| SYK Stryker Corp. | 0.40% | 8,690 | $3.1M | Add +1.5% |
| HD Home Depot Inc. | 0.39% | 8,849 | $3.0M | Reduce -3.7% |
| CAT Caterpillar Inc. | 0.38% | 5,180 | $3.0M | Reduce -0.1% |
| TPL Texas Pacific Land Corp. | 0.37% | 10,024 | $2.9M | Reduce -0.1% |
| SCHM Schwab US Mid Cap ETF | 0.36% | 91,628 | $2.8M | New |
| SPGI S&P Global Inc. | 0.35% | 5,157 | $2.7M | Add +3.4% |
| JEPI JPMorgan Equity Premium Inco | 0.33% | 44,825 | $2.6M | Reduce -5.9% |
| ALL Allstate Corp. | 0.32% | 11,919 | $2.5M | Add +1.5% |
| ABT Abbott Laboratories | 0.32% | 19,625 | $2.5M | Add +2.2% |
| KR Kroger Co. | 0.30% | 37,489 | $2.3M | Add +4.1% |
| DOW Dow Inc. | 0.30% | 97,610 | $2.3M | Add +0.3% |
| ADBE Adobe Inc. | 0.29% | 6,493 | $2.3M | Add +301.1% |
| SCHF Schwab Intl Equity ETF | 0.29% | 93,415 | $2.2M | New |
| JNJ Johnson & Johnson | 0.27% | 10,043 | $2.1M | Add +1.2% |
| DHI D.R. Horton Inc. | 0.27% | 14,390 | $2.1M | Reduce -0.9% |
| SHW The Sherwin-Williams Co. | 0.26% | 6,304 | $2.0M | Add +0.8% |
| AMAT Applied Materials Inc. | 0.26% | 7,920 | $2.0M | Add +1.3% |
| IVV iShares Core S&P 500 ETF | 0.25% | 2,874 | $2.0M | Add +28.4% |
| NEE Nextera Energy Inc. | 0.25% | 24,178 | $1.9M | Add +10.7% |
| IWD iShares Russell 1000 Value E | 0.25% | 9,192 | $1.9M | Add +3.5% |
| PAYX Paychex Inc. | 0.25% | 17,206 | $1.9M | Add +1.6% |
| TXN Texas Instruments Inc. | 0.24% | 10,632 | $1.8M | Reduce -6.7% |
| TSCO Tractor Supply Company | 0.23% | 35,425 | $1.8M | Add +0.5% |
| ET Energy Transfer LP | 0.23% | 106,640 | $1.8M | Add +8.8% |
| IBIT iShares Bitcoin Trust ETF | 0.22% | 34,890 | $1.7M | Reduce -17.9% |
| XLE SS Energy Select Sector | 0.22% | 38,400 | $1.7M | Reduce -2.9% |
| IWF iShares Russell 1000 Growth | 0.22% | 3,607 | $1.7M | Reduce -70.0% |
| DFAT Dimensional US Target Value | 0.22% | 28,257 | $1.7M | No change |
| VIOO Vanguard S&P Small-Cap 600 E | 0.22% | 15,149 | $1.7M | New |
| Q Qnity Electronics Inc. | 0.22% | 20,544 | $1.7M | No change |
| DD Dupont DE Nemours Inc. | 0.21% | 41,167 | $1.7M | Add +0.2% |
| CVX Chevron Corp. | 0.21% | 10,809 | $1.6M | Reduce -22.5% |
| ORCL Oracle Corp. | 0.21% | 8,305 | $1.6M | Reduce -11.8% |
| SCHG Schwab US Large-Cap Growth | 0.21% | 48,943 | $1.6M | New |
| NTAP Netapp Inc. | 0.20% | 14,676 | $1.6M | Reduce -0.9% |
| SPDW Ste STR SPDR PT DW Eu ETF | 0.20% | 35,286 | $1.6M | New |
| BRK.A Berkshire Hathaway Inc. Class A | 0.20% | 2 | $1.5M | No change |
| LMT Lockheed Martin Corp. | 0.19% | 3,012 | $1.5M | Add +4.8% |
| ALLE Allegion PLC | 0.19% | 9,107 | $1.5M | Add +1.5% |
| KLAC KLA Corp. | 0.18% | 1,173 | $1.4M | Add +1.0% |
| MU Micron Technology Inc. | 0.18% | 4,888 | $1.4M | Add +2.1% |
| MSI Motorola Solutions Inc. | 0.18% | 3,639 | $1.4M | Add +28.4% |
| MRK Merck & Co. Inc. | 0.18% | 13,214 | $1.4M | Add +3.3% |
| FNDA Schwab Fndmntl US SM Co. ETF | 0.18% | 43,832 | $1.4M | New |
| SCHV Schwab US Large-Cap Value | 0.17% | 45,641 | $1.4M | New |
| ZTS Zoetis Inc. | 0.17% | 10,638 | $1.3M | Reduce -6.9% |
| PFE Pfizer Inc. | 0.17% | 53,614 | $1.3M | Reduce -16.2% |
| RMD Resmed Inc. | 0.17% | 5,481 | $1.3M | Add +5.5% |
| ASML ASML Holding NV-NY Reg SHS | 0.17% | 1,229 | $1.3M | Reduce -1.4% |
| CEG Constellation Energy | 0.16% | 3,587 | $1.3M | New |
| PEP Pepsico Inc. | 0.16% | 8,676 | $1.2M | Add +29.2% |
| VMBS Vanguard Mortgage-Backed Sec | 0.15% | 25,166 | $1.2M | New |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | 0.15% | 3,729 | $1.2M | New |
| MA Mastercard Inc. Class A | 0.15% | 2,056 | $1.2M | Add +2.9% |
| IJR iShares Core S&P Small-Cap E | 0.15% | 9,753 | $1.2M | New |
| VBK Van Morst SML-Cap Gro-Usd Inc. | 0.15% | 3,810 | $1.2M | New |
| ISRG Intuitive Surgical Inc. | 0.15% | 2,019 | $1.1M | Reduce -13.6% |
Other holdings (1): bonds, preferreds, convertibles and warrants · $219K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| YDESW YD Bio Ltd. -30 | *W EXP 08/28/203 | 221,019 | $219K | Add +0.9% |
Total filed on the 13F, all lines: $773.5M.
Portfolio Sells Q3 2025 → Q4 2025
| LII Lennox International Inc. | Reduce -5.3% | 10.57% | −4.38 |
| AAPL Apple Inc. | Reduce -1.0% | 10.61% | −1.72 |
| GOVT iShares US Treasury Bond ETF | Sold out | 0.00% | −1.34 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -1.6% | 5.12% | −1.27 |
| MSFT Microsoft Corp. | Reduce -9.5% | 2.29% | −1.04 |
| KMX Carmax Inc. | Sold out | 0.00% | −0.88 |
| META Meta Platforms Inc. Class A | Reduce -0.3% | 1.96% | −0.73 |
| AVGO Broadcom Inc. | Reduce -27.3% | 1.18% | −0.72 |
| NVDA Nvidia Corp. | Reduce -0.1% | 3.09% | −0.71 |
| AMZN Amazon.com Inc. | Reduce -0.3% | 4.13% | −0.71 |
| IWF iShares Russell 1000 Growth | Reduce -70.0% | 0.22% | −0.67 |
| CRM Salesforce Inc. | Reduce -76.3% | 0.08% | −0.31 |
| BAC Bank of America Corp. | Reduce -0.4% | 1.89% | −0.30 |
| LRCX Lam Research Corp. | Reduce -37.2% | 0.45% | −0.24 |
| XOM Exxon Mobil Corp. | Reduce -7.0% | 0.98% | −0.23 |
| BHST Bioharvest Sciences Inc. | Reduce -79.2% | 0.02% | −0.23 |
| IBIT iShares Bitcoin Trust ETF | Reduce -17.9% | 0.22% | −0.21 |
| ORCL Oracle Corp. | Reduce -11.8% | 0.21% | −0.21 |
| HD Home Depot Inc. | Reduce -3.7% | 0.39% | −0.20 |
| TSLA Tesla Inc. | Reduce -48.5% | 0.14% | −0.19 |
| COP Conocophillips | Reduce -76.0% | 0.05% | −0.19 |
| GE General Electric | Reduce -0.1% | 0.86% | −0.17 |
| ACVA Acv Auctions Inc. Class A | Sold out | 0.00% | −0.15 |
| APH Amphenol Corp. Class A | Reduce -12.0% | 0.52% | −0.14 |
| TM Toyota Motor Corp. -Spon ADR | Sold out | 0.00% | −0.14 |
| IAU iShares Gold Trust | Reduce -2.0% | 1.07% | −0.13 |
| CVX Chevron Corp. | Reduce -22.5% | 0.21% | −0.13 |
| EPD Enterprise Products Partners | Reduce -0.4% | 0.62% | −0.13 |
| TPL Texas Pacific Land Corp. | Reduce -0.1% | 0.37% | −0.12 |
| DHI D.R. Horton Inc. | Reduce -0.9% | 0.27% | −0.12 |
| VBTX Veritex Holdings Inc. | Sold out | 0.00% | −0.11 |
| MLM Martin Marietta Materials | Reduce -0.3% | 0.43% | −0.11 |
| T AT&T Inc. | Sold out | 0.00% | −0.11 |
| JEPI JPMorgan Equity Premium Inco | Reduce -5.9% | 0.33% | −0.10 |
| SBUX Starbucks Corp. | Sold out | 0.00% | −0.10 |
| GILD Gilead Sciences Inc. | Sold out | 0.00% | −0.10 |
| NFLX Netflix Inc. | Reduce -38.2% | 0.06% | −0.10 |
| TXN Texas Instruments Inc. | Reduce -6.7% | 0.24% | −0.09 |
| ZTS Zoetis Inc. | Reduce -6.9% | 0.17% | −0.09 |
| BMY Bristol-Myers Squibb Co. | Sold out | 0.00% | −0.09 |
| PFE Pfizer Inc. | Reduce -16.2% | 0.17% | −0.09 |
| VZ Verizon Communications Inc. | Sold out | 0.00% | −0.08 |
| WMT Walmart Inc. | Reduce -26.6% | 0.14% | −0.08 |
| NTAP Netapp Inc. | Reduce -0.9% | 0.20% | −0.08 |
| IWP iShares Russell Mid-Cap Grow | Sold out | 0.00% | −0.07 |
| GEV GE Vernova Inc. | Reduce -0.5% | 0.44% | −0.07 |
| CSCO Cisco Systems Inc. | Reduce -42.1% | 0.07% | −0.07 |
| MDT Medtronic PLC | Sold out | 0.00% | −0.06 |
| ALLY Ally Financial Inc. | Sold out | 0.00% | −0.06 |
| XLE SS Energy Select Sector | Reduce -2.9% | 0.22% | −0.06 |
Portfolio Buys Q3 2025 → Q4 2025
| VB Vanguard Most SM-Cap ETF-Usd | New | 2.13% | +2.13 |
| IDEV iShares Core MSCI Dev MKTS | New | 2.08% | +2.08 |
| SCHB Schwab US Broad Market ETF | New | 2.02% | +2.02 |
| FLXR TCW Flexible Income ETF | New | 1.83% | +1.83 |
| JQUA JPMorgan US Quality Factor | New | 1.61% | +1.61 |
| RSP Invesco S&P 500 Equal Weight | New | 1.50% | +1.50 |
| VEA Vanguard Ftse Developed ETF | New | 1.41% | +1.41 |
| JMBS Janus Henderson Mortg Backed | New | 1.33% | +1.33 |
| JAAA Janus Henderson Aaa Clo ETF | New | 1.19% | +1.19 |
| VTI VG Morningstar TS MKT ETF-US | New | 0.92% | +0.92 |
| MUNI PIMCO Intermediate Municipal | New | 0.82% | +0.82 |
| QQQ Invesco QQQ Trust Series 1 | New | 0.75% | +0.75 |
| CORP PIMCO Inv Grade Corp. BD ETF | New | 0.67% | +0.67 |
| FNDF Schwab Fndmn Intl LRG Co. ETF | New | 0.48% | +0.48 |
| SCHM Schwab US Mid Cap ETF | New | 0.36% | +0.36 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +29.3% | 4.41% | +0.32 |
| SCHF Schwab Intl Equity ETF | New | 0.29% | +0.29 |
| VIOO Vanguard S&P Small-Cap 600 E | New | 0.22% | +0.22 |
| SCHG Schwab US Large-Cap Growth | New | 0.21% | +0.21 |
| ADBE Adobe Inc. | Add +301.1% | 0.29% | +0.20 |
| SPDW Ste STR SPDR PT DW Eu ETF | New | 0.20% | +0.20 |
| FNDA Schwab Fndmntl US SM Co. ETF | New | 0.18% | +0.18 |
| SCHV Schwab US Large-Cap Value | New | 0.17% | +0.17 |
| CEG Constellation Energy | New | 0.16% | +0.16 |
| VMBS Vanguard Mortgage-Backed Sec | New | 0.15% | +0.15 |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | New | 0.15% | +0.15 |
| IJR iShares Core S&P Small-Cap E | New | 0.15% | +0.15 |
| VBK Van Morst SML-Cap Gro-Usd Inc. | New | 0.15% | +0.15 |
| FNDC Schwab Fndmnt Intl SM Eq ETF | New | 0.12% | +0.12 |
| SCHZ Schwab US Aggregate Bond ETF | New | 0.11% | +0.11 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | New | 0.10% | +0.10 |
| DFAX Dimensional World Ex US Core | New | 0.10% | +0.10 |
| VSS Vanguard Ftse All Wo X-US SC | New | 0.10% | +0.10 |
| EFA iShares MSCI Eafe ETF | New | 0.09% | +0.09 |
| IWO iShares Russell 2000 Growth | New | 0.08% | +0.08 |
| HBAN Huntington Bancshares Inc. | Add +150.3% | 0.15% | +0.08 |
| SPMB SS SPDR P Mort Back Bond ETF | New | 0.07% | +0.07 |
| TOTL SS Doubleline TR Tact ETF | Add +230.9% | 0.11% | +0.07 |
| DFAC Dimensional US Core Equity 2 | Add +36.6% | 0.56% | +0.07 |
| GS Goldman Sachs Group Inc. | Add +110.1% | 0.14% | +0.07 |
| VWO Vanguard Ftse Emerging Marke | New | 0.06% | +0.06 |
| MPC Marathon Petroleum Corp. | New | 0.06% | +0.06 |
| SPHQ Invesco S&P 500 Quality ETF | New | 0.06% | +0.06 |
| VGIT Vanguard Intermediate-Term T | New | 0.06% | +0.06 |
| VNQ Vanguard Real Estate ETF | New | 0.06% | +0.06 |
| AVDE Avantis International Equity | New | 0.05% | +0.05 |
| MU Micron Technology Inc. | Add +2.1% | 0.18% | +0.05 |
| SLV iShares Silver Trust | New | 0.05% | +0.05 |
| MOAT Vaneck Morningstar Wide Moat | New | 0.05% | +0.05 |
| VTEB Vanguard Tax-Exempt Bond ETF | New | 0.05% | +0.05 |
Notes & Other Activity Q3 2025 → Q4 2025
| YDESW YD Bio Ltd. -30 | *W EXP 08/28/203 | Add +0.9% | 221,019 | $219K |
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 |