— Know what they know.
Not Investment Advice
Asset Manager ← All Institutions

True North Advisors, LLC

3131 TURTLE CREEK BOULEVARD SUITE 1300, DALLAS, TX 75219 • 214-360-7300

Q4 2025 · Filed 2026-01-22
Market Value
$773M
+23.1%
Holdings
273
+19
New Purchases
61
Added To
96
Closed
26
Reduced
79
Top 10 Concentration
46.5%
Turnover
31.9%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
VB 2.13% 0.00% +2.13% $16M
IDEV 2.09% 0.00% +2.09% $16M
SCHB 2.02% 0.00% +2.02% $16M
FLXR 1.83% 0.00% +1.83% $14M
JQUA 1.61% 0.00% +1.61% $12M
RSP 1.50% 0.00% +1.50% $12M
VEA 1.41% 0.00% +1.41% $11M
JMBS 1.33% 0.00% +1.33% $10M
JAAA 1.19% 0.00% +1.19% $9M
VTI 0.92% 0.00% +0.92% $7M
MUNI 0.82% 0.00% +0.82% $6M
QQQ 0.75% 0.00% +0.75% $6M
CORP 0.67% 0.00% +0.67% $5M
FNDF 0.49% 0.00% +0.49% $4M
SCHM 0.36% 0.00% +0.36% $3M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
LII 10.58% 14.99% -4.41% $82M
AAPL 10.62% 12.37% -1.75% $82M
GOVT 0.00% 1.35% -1.35% $0
BRK-B 5.13% 6.42% -1.29% $40M
MSFT 2.29% 3.34% -1.05% $18M
KMX 0.00% 0.88% -0.88% $0
META 1.96% 2.69% -0.73% $15M
AVGO 1.18% 1.91% -0.73% $9M
AMZN 4.13% 4.86% -0.72% $32M
NVDA 3.09% 3.81% -0.72% $24M
IWF 0.22% 0.90% -0.68% $2M
FAST 0.72% 1.09% -0.36% $6M
COST 1.13% 1.46% -0.32% $9M
CRM 0.08% 0.39% -0.31% $656K
BAC 1.89% 2.19% -0.30% $15M

Sector Allocation Over Time

Industry Breakdown

IndustryWeight
Financial Services 53.6%
Technology 17.4%
Industrials 12.2%
Consumer Cyclical 5.5%
Healthcare 3.0%

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 60 $388M 50.2%
Large Cap 181 $322M 41.7%
Mid Cap 19 $40M 5.2%
Small Cap 10 $22M 2.8%
Micro Cap 3 $563K 0.1%

Portfolio Analytics

Avg Market Cap
$215.6B
Median Market Cap
$69.2B
Avg P/E
32.7
Median P/E
24.3
Avg Dividend Yield
0.02%
Avg Beta
0.93
# Stocks
187
# ETFs / Funds
86

Top Holdings (273 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 AAPL 10.62% 301,690 $82M $271.86 $4M -3,119 -1.0%
2 LII 10.58% 168,330 $82M $485.58 -$12M -9,397 -5.3%
3 BRK-B 5.13% 78,793 $40M $502.65 -$650K -1,279 -1.6%
4 SPY 4.41% 49,954 $34M $681.92 $8M +11,319 +29.3%
5 AMZN 4.13% 138,372 $32M $230.82 $1M -385 -0.3%
6 NVDA 3.09% 128,133 $24M $186.50 -$31K -111 -0.1%
7 MSFT 2.29% 36,579 $18M $483.61 -$3M -3,829 -9.5%
8 VB 2.13% 63,812 $16M $257.95 +63,812 NEW
9 IDEV 2.09% 195,417 $16M $82.48 +195,417 NEW
10 SCHB 2.02% 595,340 $16M $26.23 +595,340 NEW
11 META 1.96% 22,941 $15M $660.10 -$2M -67 -0.3%
12 BAC 1.89% 265,583 $15M $55.00 $854K -1,003 -0.4%
13 FLXR 1.83% 357,357 $14M $39.60 +357,357 NEW
14 JQUA 1.61% 196,616 $12M $63.18 +196,616 NEW
15 RSP 1.50% 60,496 $12M $191.56 +60,496 NEW
16 VEA 1.41% 174,258 $11M $62.47 +174,258 NEW
17 JMBS 1.33% 225,335 $10M $45.69 +225,335 NEW
18 JAAA 1.19% 181,385 $9M $50.58 +181,385 NEW
19 AVGO 1.18% 26,335 $9M $346.10 -$3M -9,901 -27.3%
20 AVDV 1.16% 95,253 $9M $93.97 $1M +7,441 +8.5%
21 COST 1.13% 10,151 $9M $862.35 -$392K +271 +2.7%
22 IAU 1.07% 101,817 $8M $81.17 $705K -2,059 -2.0%
23 XOM 0.99% 63,242 $8M $120.34 -$57K -4,762 -7.0%
24 VTI 0.92% 21,241 $7M $335.27 +21,241 NEW
25 GE 0.86% 21,511 $7M $308.03 $151K -13 -0.1%
26 JPM 0.85% 20,318 $7M $322.22 $188K +159 +0.8%
27 MUNI 0.82% 120,549 $6M $52.41 +120,549 NEW
28 V 0.80% 17,644 $6M $350.71 $390K +660 +3.9%
29 QQQ 0.75% 9,473 $6M $614.29 +9,473 NEW
30 FAST 0.72% 139,030 $6M $40.13 -$1M +45 +0.0%
31 CORP 0.67% 52,918 $5M $97.85 +52,918 NEW
32 EPD 0.62% 150,001 $5M $32.06 $98K -668 -0.4%
33 DFAC 0.56% 109,176 $4M $39.59 $1M +29,273 +36.6%
34 ABBV 0.55% 18,611 $4M $228.49 $37K +406 +2.2%
35 CTVA 0.53% 60,756 $4M $67.03 -$24K +186 +0.3%
36 APH 0.52% 29,520 $4M $135.14 -$163K -4,035 -12.0%
37 MS 0.49% 21,538 $4M $177.53 $459K +368 +1.7%
38 FNDF 0.49% 82,890 $4M $45.21 +82,890 NEW
39 LLY 0.47% 3,364 $4M $1,074.68 $975K -96 -2.8%
40 LRCX 0.45% 20,523 $4M $171.18 -$863K -12,160 -37.2%
41 SGOL 0.45% 83,816 $3M $41.08 $435K +2,104 +2.6%
42 GEV 0.44% 5,200 $3M $653.61 $185K -26 -0.5%
43 MLM 0.43% 5,360 $3M $622.66 -$53K -19 -0.3%
44 SYK 0.40% 8,690 $3M $351.47 -$112K +125 +1.5%
45 HD 0.39% 8,849 $3M $344.10 -$680K -344 -3.7%
46 CAT 0.38% 5,180 $3M $572.89 $494K -4 -0.1%
47 TPL 0.37% 10,024 $3M $287.21 -$244K +6,679 +199.7%
48 SCHM 0.36% 91,628 $3M $30.07 +91,628 NEW
49 SPGI 0.35% 5,157 $3M $522.59 $267K +169 +3.4%
50 JEPI 0.33% 44,825 $3M $57.24 -$154K -2,812 -5.9%
51 ALL 0.32% 11,919 $2M $208.15 -$40K +173 +1.5%
52 ABT 0.32% 19,625 $2M $125.29 -$113K +425 +2.2%
53 KR 0.30% 37,489 $2M $62.48 -$86K +1,467 +4.1%
54 DOW 0.30% 97,610 $2M $23.38 $51K +330 +0.3%
55 ADBE 0.29% 6,493 $2M $350.00 $2M +4,874 +301.1%
56 SCHF 0.29% 93,415 $2M $24.04 +93,415 NEW
57 JNJ 0.27% 10,043 $2M $206.95 $238K +115 +1.2%
58 DHI 0.27% 14,390 $2M $144.03 -$389K -136 -0.9%
59 SHW 0.26% 6,304 $2M $324.01 -$124K +47 +0.8%
60 AMAT 0.26% 7,920 $2M $256.99 $434K +99 +1.3%
61 IVV 0.25% 2,874 $2M $684.99 $471K +636 +28.4%
62 NEE 0.25% 24,178 $2M $80.28 $293K +2,345 +10.7%
63 IWD 0.25% 9,192 $2M $210.34 $126K +313 +3.5%
64 PAYX 0.25% 17,206 $2M $112.18 -$217K +271 +1.6%
65 TXN 0.24% 10,632 $2M $173.49 -$248K -758 -6.7%
66 TSCO 0.23% 35,425 $2M $50.01 -$233K +169 +0.5%
67 ET 0.23% 106,640 $2M $16.49 $77K +8,653 +8.8%
68 IBIT 0.22% 34,890 $2M $49.65 -$1M -7,599 -17.9%
69 XLE 0.22% 38,400 $2M $44.71 -$50K +18,625 +94.2%
70 IWF 0.22% 3,607 $2M $473.30 -$4M -8,418 -70.0%
71 DFAT 0.22% 28,257 $2M $59.54 $38K
72 VIOO 0.22% 15,149 $2M $110.96 +15,149 NEW
73 Q 0.22% 20,544 $2M $81.65 +20,544 NEW
74 DD 0.21% 41,167 $2M $40.20 -$2M +69 +0.2%
75 CVX 0.21% 10,809 $2M $152.40 -$519K -3,139 -22.5%
76 ORCL 0.21% 8,305 $2M $194.91 -$1M -1,110 -11.8%
77 SCHG 0.21% 48,943 $2M $32.62 +48,943 NEW
78 NTAP 0.20% 14,676 $2M $107.09 -$182K -129 -0.9%
79 SPDW 0.20% 35,286 $2M $44.41 +35,286 NEW
80 BRK-A 0.20% 2 $2M $754,800.00 $1K
81 LMT 0.19% 3,012 $1M $483.68 $22K +137 +4.8%
82 ALLE 0.19% 9,107 $1M $159.22 -$141K +135 +1.5%
83 KLAC 0.18% 1,173 $1M $1,215.25 $174K +12 +1.0%
84 MU 0.18% 4,888 $1M $285.41 $594K +102 +2.1%
85 MSI 0.18% 3,639 $1M $383.32 $98K +804 +28.4%
86 MRK 0.18% 13,214 $1M $105.26 $318K +427 +3.3%
87 FNDA 0.18% 43,832 $1M $31.51 +43,832 NEW
88 SCHV 0.17% 45,641 $1M $29.61 +45,641 NEW
89 ZTS 0.17% 10,638 $1M $125.82 -$333K -785 -6.9%
90 PFE 0.17% 53,614 $1M $24.90 -$296K -10,380 -16.2%
91 RMD 0.17% 5,481 $1M $240.87 -$102K +285 +5.5%
92 ASML 0.17% 1,229 $1M $1,069.86 $109K -17 -1.4%
93 CEG 0.16% 3,587 $1M $353.23 +3,587 NEW
94 PEP 0.16% 8,676 $1M $143.52 $302K +1,960 +29.2%
95 VMBS 0.15% 25,166 $1M $47.08 +25,166 NEW
96 VV 0.15% 3,729 $1M $314.80 +3,729 NEW
97 MA 0.15% 2,056 $1M $570.91 $37K +58 +2.9%
98 IJR 0.15% 9,753 $1M $120.18 +9,753 NEW
99 VBK 0.15% 3,810 $1M $302.11 +3,810 NEW
100 ISRG 0.15% 2,019 $1M $566.46 $98K -319 -13.6%

New Positions

SymbolValue% Port
VB $16M 2.13%
IDEV $16M 2.09%
SCHB $16M 2.02%
FLXR $14M 1.83%
JQUA $12M 1.61%
RSP $12M 1.50%
VEA $11M 1.41%
JMBS $10M 1.33%
JAAA $9M 1.19%
VTI $7M 0.92%
MUNI $6M 0.82%
QQQ $6M 0.75%
CORP $5M 0.67%
FNDF $4M 0.49%
SCHM $3M 0.36%

Sold Out Positions

SymbolValue% Port
T —%
UBER —%
CVS —%
BMY —%
CHMI —%
REXR —%
ALLY —%
VZ —%
KMX —%
DE —%
KMI —%
OGN —%
TM —%
AWK —%
ACVA —%
View SEC EDGAR Filings for True North Advisors, LLC →

Sign in to InsiderStreet

You'll also get our free weekly newsletter with
smart money signals, market insights, and alpha ideas.
Unsubscribe anytime.

For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms