True North Advisors, LLC

CIK 0001634556 · Q2 2026

13F Equity AUM

$1.0B

+19.2% QoQ

Positions

291

+46 QoQ

AUM Rank

#2,358

Top 27%

Skill Alpha (FF)

+0.9%/yr^ns

No Clear Edge

Rank #1,951 · Top 24%

vs S&P -0.1%/yr (unadj.)

Quarters Tracked

~6 years

Portfolio Concentration

Top 5: 29.9%Top 10: 43.0%Top 20: 58.8%

LII8.8%

AAPL8.3%

FNDX6.4%

AVDS3.2%

GOOGL3.1%

AMZN3.0%

SPY3.0%

NVDA2.6%

BRK/B2.4%

VEA2.1%

Others (281)57.0%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services50.2%

Technology18.2%

Industrials12.0%

Consumer Cyclical4.9%

Communication Services4.3%

Energy2.5%

Healthcare2.3%

Other5.6%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 291Median: 0.07%Avg: 0.34%

0–0.5%

247(23.5%)

0.5–1%

22(15.6%)

1–3%

16(28.1%)

3–5%

3(9.4%)

5%+

3(23.5%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 0Unique: 291vs 20 funds

0%Low

291

Fund positions

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

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Position Changes This Quarter

New62Increased87Decreased121Exited17

New Positions

GOOGL3.1%

+92K

MINO0.6%

+141K

EPD0.5%

+150K

TPL0.4%

+9K

AVUV0.4%

+31K

SGOL0.3%

+77K

ET0.2%

+106K

APO0.2%

+17K

DUPONT DE NEMOURS IN…0.2%

+14K

BX0.2%

+16K

Increased

RAUS0.4%

+94K(+229%)

FNDX6.4%

+67K(+3%)

AVDE1.0%

+50K(+71%)

AVEM1.4%

+47K(+45%)

AVDS3.2%

+41K(+10%)

VEA2.1%

+30K(+10%)

CSHI0.3%

+27K(+59%)

BHST0.1%

+19K(+11%)

UBER0.1%

+16K(+549%)

KLAC0.3%

+9K(+825%)

Decreased

PYLD1.8%

-49,249(-6%)

JPIE2.1%

-31,106(-6%)

FLXR1.8%

-24,204(-5%)

DWD0.2%

-10,002(-47%)

ABT0.1%

-9,238(-49%)

ALS0.1%

-8,494(-75%)

BRK/B2.4%

-7,883(-14%)

GOVT0.8%

-6,633(-2%)

SPY3.0%

-6,525(-14%)

JMBS0.9%

-5,463(-2%)

Exited

JEPI

-44,983

-40,990

-34,964

-4,729

-11,912

-9,140

-689

-2,420

-1,610

-748

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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