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Livermore
Livermore
ZHEN

True North Advisors, LLC

SEC CIK
0001634556
Latest filing
Jul 22, 2026

The latest 13F from True North Advisors, LLC covers Q2 2026 (filed Jul 22, 2026): 291 long positions worth $1.05B. The top 10 holdings make up 43.0% of the portfolio, and the largest is Lennox International Inc (LII) at 8.8%. Livermore has 22 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
62
Est. +$87.3M
Added
83
Est. +$29.4M
Reduced
124
Est. −$40.6M
Sold out
16
Est. −$9.48M

Top 5 holdings

Share of this quarter's portfolio value

  1. LIILennox International Inc
    8.8%$92.3MHistory
  2. AAPLApple Inc.
    8.3%$86.9MHistory
  3. Schwab Fundamental U.S. Large Company ETF808524771
    6.4%$66.6M
  4. American Centy ETF Tr025072190
    3.2%$33.8M
  5. GOOGLAlphabet Inc.
    3.1%$32.8MHistory

Biggest buys

New and added positions, by estimated amount bought

  1. GOOGLAlphabet Inc.
    +$32.8MNewHistory
  2. IAUiShares Gold Trust
    +$6.62MNewHistory
  3. PIMCO ETF Tr72201R635
    +$6.45MNew
  4. EPDEnterprise Products Partners L.P.
    +$5.52MNewHistory
  5. American Centy ETF Tr025072604
    +$4.50MAdded

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. GOOGLAlphabet Inc.
    +3.13 pp0.0% → 3.1%History
  2. IAUiShares Gold Trust
    +0.63 pp0.0% → 0.6%History
  3. PIMCO ETF Tr72201R635
    +0.62 pp0.0% → 0.6%
  4. EPDEnterprise Products Partners L.P.
    +0.53 pp0.0% → 0.5%History
  5. MUMicron Technology Inc
    +0.48 pp0.2% → 0.7%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. SPYSPDR S&P 500 ETF Trust
    −$4.87MReducedHistory
  2. BRK.BBerkshire Hathaway Inc
    −$3.94MReducedHistory
  3. LIILennox International Inc
    −$2.68MReducedHistory
  4. J P Morgan Exchange Traded F46641Q332
    −$2.55MSold out
  5. MSMorgan Stanley
    −$2.09MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. BRK.BBerkshire Hathaway Inc
    −0.76 pp3.1% → 2.4%History
  2. SPYSPDR S&P 500 ETF Trust
    −0.60 pp3.6% → 3.0%History
  3. J P Morgan Exchange Traded F46641Q159
    −0.58 pp2.7% → 2.2%
  4. PIMCO ETF Tr72201R585
    −0.47 pp2.3% → 1.8%
  5. TCW ETF Trust29287L700
    −0.46 pp2.3% → 1.8%

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$1.05B
+$168.7M (+19.2%) vs. prior quarter
Positions
291
+46 vs. prior quarter
Top 10 concentration
43.0%
Top 10 as share of value
Turnover
5.2%
Q2 2026, one quarter
Average holding period
9.9 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $1.05B (Q2 2026)

Q1 2021: $421.4MQ2 2021: $480.0MQ3 2021: $507.9MQ4 2021: $592.0MQ1 2022: $371.8MQ2 2022: $321.0MQ3 2022: $304.8MQ4 2022: $293.2MQ1 2023: $337.6MQ2 2023: $352.7MQ3 2023: $324.6MQ4 2023: $389.4MQ1 2024: $362.3MQ2 2024: $374.3MQ3 2024: $382.2MQ4 2024: $424.2MQ1 2025: $564.1MQ2 2025: $521.8MQ3 2025: $630.0MQ4 2025: $773.5MQ1 2026: $877.3MQ2 2026: $1.05B
Q1 2021Q2 2026
13F filings of True North Advisors, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 22, 2026291$1.05BLIIAAPLSchwab Fundamental U.S. Large Company ETFvs. Q1 2026SEC
Q1 2026May 7, 2026245$877.3MLIIAAPLSchwab Fundamental U.S. Large Company ETFvs. Q4 2025SEC
Q4 2025Jan 22, 2026250$773.5MAAPLLIIBRK.Bvs. Q3 2025SEC
Q3 2025Oct 14, 2025215$630.0MLIIAAPLBRK.Bvs. Q2 2025SEC
Q2 2025Jul 16, 2025222$521.8MLIIBRK.BAAPLvs. Q1 2025SEC
Q1 2025May 12, 2025243$564.1MLIIBRK.BAAPLvs. Q4 2024SEC
Q4 2024Jan 17, 2025185$424.2MLIIBRK.BAAPLvs. Q3 2024SEC
Q3 2024Oct 8, 2024185$382.2MLIIBRK.BAAPLvs. Q2 2024SEC
Q2 2024Aug 12, 2024198$374.3MLIIBRK.BAAPLvs. Q1 2024SEC
Q1 2024Apr 12, 2024196$362.3MLIIBRK.BAAPLvs. Q4 2023SEC
Q4 2023Jan 22, 2024189$389.4MLIIBRK.BSchwab Intermediate-Term US Treasury ETFvs. Q3 2023SEC
Q3 2023Nov 14, 2023192$324.6MLIIBRK.BAAPLvs. Q2 2023SEC
Q2 2023Aug 10, 2023204$352.7MLIIBRK.BAAPLvs. Q1 2023SEC
Q1 2023May 15, 2023196$337.6MLIIBRK.BAAPLvs. Q4 2022SEC
Q4 2022Feb 13, 2023172$293.2MBRK.BSsga Active ETF TrAAPLvs. Q3 2022SEC
Q3 2022Nov 14, 2022185$304.8MLIIBRK.BAAPLvs. Q2 2022SEC
Q2 2022Jul 28, 2022196$321.0MLIIBRK.BAAPLvs. Q1 2022SEC
Q1 2022May 12, 2022197$371.8MLIIBRK.BAAPLvs. Q4 2021SEC
Q4 2021Feb 11, 2022235$592.0MLIIAAPLBRK.Bvs. Q3 2021SEC
Q3 2021Jun 7, 2022221$507.9MLIIAAPLBRK.Bvs. Q2 2021SEC
Q2 2021Jun 7, 2022218$480.0MLIIDDBRK.Bvs. Q1 2021SEC
Q1 2021Jun 7, 2022205$421.4MLIIDDBRK.B–SEC