True North Advisors, LLC

Q4 2025 13F-HR Holdings

Location
Dallas, TX
Holdings as of
12/31/2025
Date filed
1/22/2026
Form type
13F-HR
Num holdings
250
Total value ($000)
$773,541
Net value change ($000)
+143,588 (22.8%)
New positions
61
Sold out positions
26
Turnover %
26.2%
Sector allocation + QoQ delta (equities-only)
Prev filing: 10/14/2025 Next filing: — SEC filing

Snapshot: Change Analysis

Compared to Q3 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
VB 16,460 NEW
IDEV 16,118 NEW
SCHB 15,616 NEW
FLXR 14,151 NEW
JQUA 12,422 NEW
RSP 11,589 NEW
VEA 10,886 NEW
JMBS 10,296 NEW
JAAA 9,174 NEW
SPY 8,327 32.4%
Top Reduces (Value $000, Stocks/ETFs)
LII -12,344 -13.1%
GOVT -8,448 -100.0%
KMX -5,552 -100.0%
IWF -3,926 -69.7%
MSFT -3,239 -15.5%
AVGO -2,841 -23.8%
CRM -1,821 -73.5%
META -1,753 -10.4%
DD -1,547 -48.3%
BHST -1,400 -88.6%
Instrument mix + QoQ Δ (ex-options)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type