True North Advisors, LLC
SEC Form 13F institutional filer · CIK 0001634556
13F-HR · 154 reported holdings · 2026-03-31
Reported long-US-equity value
$0.67B
Top-10 concentration
61.4%
True North Advisors, LLC — $667M AUM allocation strategy
True North Advisors, LLC files SEC Form 13F and reports $667M of long US equity value across 154 reported holdings for 2026-03-31.
Its largest sector bet is Financials 20.9%, followed by Information Technology 18.1% and Industrials 13.4%.
The top 10 holdings account for 61% of reported value — a conviction-weighted book concentrated in its best ideas. The sector and industry splits below are of the same reported value. Track quarter-over-quarter adds, trims, new positions and exits below — sourced from SEC 13F filings, public domain.
True North Advisors, LLC — latest SEC 13F insights
Reported long-US-equity value (13F AUM)
$667M
total across 154 reported holdings · 2026-03-31 · excludes shorts, cash, non-US
Top-10 concentration
61% of value
higher = narrower conviction; lower = spread / hedging
Biggest adds (shares)
+$SCHW +2.12M sh · +$57.9M+$IVV +330K sh · +$7.13M+$ANET +7.98K sh · +$948K
Biggest trims (shares)
−$BRK.B −21.7K sh · −$12.2M−$MPC −10.4K sh · −$694K−$MRK −8.63K sh · −$839K
Exited to nil (held last quarter, gone now)
$TPL ($2.88M last qtr)$BX ($590K last qtr)$MMM ($474K last qtr)$PLD ($384K last qtr)$YUM ($364K last qtr)
Sector allocation (share of reported value)
each slice is a share of the reported long-US-equity value — smaller sectors and the rest of the book roll into “Other holdings”
Qtr shift = share-point change vs the prior quarter's filing — first period tracked for this filer; the column fills in with the next quarterly refresh.
Industry allocation (share of reported value)
- Investment Banking & Brokerage13.1%—
- Building Products11.5%—
- Technology Hardware, Storage & Peripherals11.4%—
- Semiconductors4.7%—
- Broadline Retail4.2%—
- Multi-Sector Holdings4.1%—
- Systems Software2.2%—
- Diversified Banks1.9%—
- Other holdings46.8%—
the finer GICS cut of the same book — same denominator — smaller industries roll into “Other holdings”
Qtr shift = share-point change vs the prior quarter's filing — first period tracked for this filer; the column fills in with the next quarterly refresh.
Top S&P 500 holdings
7 of 7 rows · sorted by Value ↓
| Ticker | Holding | Shares | Value | Δ QoQ | Weight |
|---|---|---|---|---|---|
| $SCHW | Charles Schwab Corporation | 3.16M | $87.5M | +2.12M | 13.1% |
| $LII | Lennox International Inc | 166K | $76.9M | -2.54K | 11.5% |
| $AAPL | Apple Inc | 300K | $76M | -2.05K | 11.4% |
| $AMZN | Amazon.com Inc | 135K | $28.1M | -3.37K | 4.2% |
| $BRK.B | Berkshire Hathaway Inc.-Class B | 57.1K | $27.4M | -21.7K | 4.1% |
| $NVDA | NVIDIA Corporation | 132K | $23M | +3.79K | 3.4% |
| $MSFT | Microsoft Corporation | 38.7K | $14.3M | +2.1K | 2.1% |
…and 147 more holdings in the full 13F filing (top positions only shown).
SEC Form 13F data sets · public domain · 45-day filing lag · >$100M AUM managers · as reported
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How to read Δ QoQ — the five insight categories, and the caveats
The categories. Analysts, quants and retail traders look past total portfolio value to isolate actionable signals. Five categories matter.
Conviction & concentration shifts
New positions vs complete exits — a brand-new stock signals high conviction; a full liquidation suggests a broken thesis or tax-loss harvesting. Aggressive sizing — look at share count, not dollars: a 20% share increase during a drawdown is strong dip-buying. Concentration — a narrowing top-5/10 means conviction; spreading capital across more names means hedging.
Sector & macro allocation rotations
Aggregating Δ QoQ moves across sectors shows where smart money is leaning in or sneaking out — rotating out of growth into defensives or energy, for example. The fund's total long equity exposure quarter-over-quarter is a proxy for overall institutional risk appetite.
Crowding & smart-money consensus
When several managers initiate or expand the same stock in the same quarter, that is institutional consensus. Contrarian reads: top pickers buying hard into a beaten-down name the market is selling.
Derivative & option overlays
Reported call/put changes indicate whether managers are adding downside hedges or leveraging upside exposure. Note: a long increase may be half of a market-neutral pair trade.
Who reads this
| Retail "cloners" | High-conviction ideas to replicate ~45 days after quarter-end. |
| Corporate IR | Which funds bought or dumped the stock, before the next call. |
| Quant / algo traders | Cross-sectional factor inputs: flow, momentum, ownership. |
Four caveats before you trade on it
- 45-day lag — holdings are quarter-end; positions may already be closed.
- Long-only — 13Fs miss shorts, pair trades and cash.
- No non-US / fixed income — the picture is US equities plus options.
- Corporate actions — splits and spinoffs distort raw share deltas.
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