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Livermore
Livermore
ZHEN

True North Advisors, LLC

SEC CIK
0001634556
Latest filing
Jul 22, 2026

Holdings in Q3 2025

Holdings as of Sep 30, 2025, filed Oct 14, 2025. Long positions only; changes compare share counts with Q2 2025.

Institution overview
Positions
215
−7 vs. Q2 2025
Portfolio value
$630.0M
+$108.2M (+20.7%) vs. Q2 2025
Filed
Oct 14, 2025
SEC
Holdings of True North Advisors, LLC in Q3 2025
SecurityClassSharesValue% of portfolioShare changeActionHistory
GILDGilead Sciences, Inc.Stock5,565$617.7K0.1%+5,565NewHistory
PAASPan American Silver CorpStock15,980$618.9K0.1%00.0%UnchangedHistory
SBUXStarbucks CorpStock7,325$619.7K0.1%+426+6.2%AddedHistory
ADIAnalog Devices IncStock2,580$633.9K0.1%+468+22.2%AddedHistory
iShares Russell 2000 ETF464287655ETF2,688$650.4K0.1%+1,032+62.3%Added–
UNPUnion Pacific CorpStock2,761$652.7K0.1%+602+27.9%AddedHistory
AMDAdvanced Micro Devices IncStock4,092$662.0K0.1%+434+11.9%AddedHistory
TAT&T Inc.Stock23,785$671.7K0.1%+23,785NewHistory
VBTXVeritex Holdings, Inc.COM20,133$675.1K0.1%+3,838+23.6%AddedHistory
VLOValero Energy CorpStock3,991$679.6K0.1%+113+2.9%AddedHistory
KOCoca Cola CoStock10,657$706.8K0.1%+1,308+14.0%AddedHistory
LOWLowes Companies IncStock2,818$708.2K0.1%+790+39.0%AddedHistory
TJXTJX Companies IncStock4,977$719.4K0.1%+1,586+46.8%AddedHistory
HONHoneywell International IncCOM3,560$749.4K0.1%+540+17.9%AddedHistory
iShares MSCI USA Quality Factor ETF46432F339ETF3,886$755.8K0.1%00.0%Unchanged–
AAAUGoldman Sachs Physical Gold ETFUNIT20,020$763.2K0.1%00.0%UnchangedHistory
MELIMercadolibre IncCOM328$766.5K0.1%+23+7.5%AddedHistory
MUMicron Technology IncStock4,786$800.8K0.1%+4,786NewHistory
UNHUnitedHealth Group IncStock2,322$801.9K0.1%+594+34.4%AddedHistory
iShares Tr46428743220 YR TR BD ETF9,057$809.4K0.1%+9,057New–
MCDMcDonalds CorpStock2,703$821.5K0.1%+413+18.0%AddedHistory
iShares Tr464287150CORE S&P TTL STK5,673$826.3K0.1%−173−3.0%Reduced–
CSCOCisco Systems, Inc.Stock12,848$879.1K0.1%+8,993+233.3%AddedHistory
TMToyota Motor CorpADS4,731$904.0K0.1%−3,867−45.0%ReducedHistory
ACVAACV Auctions Inc.COM CL A92,270$914.4K0.1%+22,969+33.1%AddedHistory
USPHU S Physical Therapy IncCOM10,943$929.6K0.1%−672−5.8%ReducedHistory
PEPPepsiCo IncStock6,716$943.1K0.1%+2,102+45.6%AddedHistory
TTTrane Technologies plcSHS2,266$956.1K0.2%+243+12.0%AddedHistory
DIASPDR Dow Jones Industrial Average ETF TrustUT SER 12,109$978.0K0.2%+6+0.3%AddedHistory
NFLXNetflix IncStock824$988.4K0.2%+211+34.4%AddedHistory
RTXRTX CorpStock6,040$1.01M0.2%+852+16.4%AddedHistory
QCOMQualcomm IncStock6,107$1.02M0.2%+947+18.4%AddedHistory
PHYSSprott Physical Gold TrustPHYSICAL GOLD TR34,618$1.03M0.2%−390−1.1%ReducedHistory
ISRGIntuitive Surgical IncCOM NEW2,338$1.05M0.2%+152+7.0%AddedHistory
DECKDeckers Outdoor CorpCOM10,406$1.05M0.2%+991+10.5%AddedHistory
MRKMerck & Co., Inc.Stock12,787$1.07M0.2%+702+5.8%AddedHistory
iShares Tr464287622RUS 1000 ETF2,953$1.08M0.2%+2,953New–
OSKOshkosh CorpCOM8,619$1.12M0.2%+39+0.5%AddedHistory
MAMastercard IncStock1,998$1.14M0.2%+451+29.2%AddedHistory
APDAir Products & Chemicals, Inc.Stock4,197$1.14M0.2%+77+1.9%AddedHistory
ASMLASML Holding NVADR1,246$1.21M0.2%−7−0.6%ReducedHistory
KLACKLA CorpCOM NEW1,161$1.25M0.2%+117+11.2%AddedHistory
PGProcter & Gamble CoStock8,269$1.27M0.2%+1,588+23.8%AddedHistory
MSIMotorola Solutions, Inc.Stock2,835$1.30M0.2%+208+7.9%AddedHistory
WMTWalmart Inc.Stock13,380$1.38M0.2%+1,345+11.2%AddedHistory
RMDResmed IncCOM5,196$1.42M0.2%+349+7.2%AddedHistory
LMTLockheed Martin CorpStock2,875$1.44M0.2%+421+17.2%AddedHistory
iShares Core S&P 500 ETF464287200ETF2,238$1.50M0.2%+288+14.8%Added–
COPConocoPhillipsStock15,871$1.50M0.2%−670−4.1%ReducedHistory
BRK.ABerkshire Hathaway IncCL A2$1.51M0.2%00.0%UnchangedHistory
BHSTBioharvest Sciences Inc.COM NEW168,013$1.58M0.3%+146,365+676.1%AddedHistory
ALLEAllegion plcORD SHS8,972$1.59M0.3%+507+6.0%AddedHistory
AMATApplied Materials IncStock7,821$1.60M0.3%+873+12.6%AddedHistory
PFEPfizer IncStock63,994$1.63M0.3%+9,278+17.0%AddedHistory
Dimensional U.S. Targeted Value ETF25434V609ETF28,257$1.64M0.3%00.0%Unchanged–
NEENextera Energy IncStock21,833$1.65M0.3%−1,505−6.4%ReducedHistory
ZTSZoetis Inc.Stock11,423$1.67M0.3%−911−7.4%ReducedHistory
ETEnergy Transfer LPCOM UT LTD PTN97,987$1.68M0.3%−190.0%ReducedHistory
NTAPNetApp, Inc.Stock14,805$1.75M0.3%+906+6.5%AddedHistory
State Street Energy Select Sector SPDR ETF81369Y506ETF19,775$1.77M0.3%+575+3.0%Added–
iShares Russell 1000 Value ETF464287598ETF8,879$1.81M0.3%+910+11.4%Added–
JNJJohnson & JohnsonStock9,928$1.84M0.3%+1,811+22.3%AddedHistory
TSCOTractor Supply CoCOM35,256$2.01M0.3%−4,103−10.4%ReducedHistory
TXNTexas Instruments IncStock11,390$2.09M0.3%+345+3.1%AddedHistory
TSLATesla, Inc.Stock4,742$2.11M0.3%+666+16.3%AddedHistory
PAYXPaychex IncStock16,935$2.15M0.3%−716−4.1%ReducedHistory
CVXChevron CorpStock13,948$2.17M0.3%+4,169+42.6%AddedHistory
SHWSherwin Williams CoCOM6,257$2.17M0.3%−330−5.0%ReducedHistory
DOWDow Inc.Stock97,280$2.23M0.4%−81−0.1%ReducedHistory
SPGIS&P Global Inc.Stock4,988$2.43M0.4%+269+5.7%AddedHistory
KRKroger CoStock36,022$2.43M0.4%−2,903−7.5%ReducedHistory
DHIHorton D R IncCOM14,526$2.46M0.4%−1,273−8.1%ReducedHistory
CATCaterpillar IncStock5,184$2.47M0.4%+126+2.5%AddedHistory
CRMSalesforce, Inc.Stock10,452$2.48M0.4%−211−2.0%ReducedHistory
ALLAllstate CorpStock11,746$2.52M0.4%+92+0.8%AddedHistory
ABTAbbott LaboratoriesStock19,200$2.57M0.4%−290−1.5%ReducedHistory
LLYEli Lilly & CoStock3,460$2.64M0.4%+504+17.1%AddedHistory
ORCLOracle CorpStock9,415$2.65M0.4%+1,381+17.2%AddedHistory
J P Morgan Exchange Traded F46641Q332EQUITY PREMIUM47,637$2.72M0.4%+3,356+7.6%Added–
IBITiShares Bitcoin Trust ETFETF42,489$2.76M0.4%+42,489NewHistory
SGOLabrdn Gold ETF TrustETF81,712$3.01M0.5%+347+0.4%AddedHistory
Dimensional U.S. Core Equity 2 ETF25434V708ETF79,903$3.08M0.5%00.0%Unchanged–
TPLTexas Pacific Land CorpStock3,345$3.12M0.5%+9+0.3%AddedHistory
SYKStryker CorpStock8,565$3.17M0.5%+548+6.8%AddedHistory
DDDuPont de Nemours, Inc.COM41,098$3.20M0.5%+38+0.1%AddedHistory
GEVGE Vernova Inc.Stock5,226$3.21M0.5%−748−12.5%ReducedHistory
MSMorgan StanleyStock21,170$3.37M0.5%−1,201−5.4%ReducedHistory
MLMMartin Marietta Materials IncCOM5,379$3.39M0.5%+47+0.9%AddedHistory
HDHome Depot, Inc.Stock9,193$3.72M0.6%−7−0.1%ReducedHistory
CTVACorteva, Inc.Stock60,570$4.10M0.7%+94+0.2%AddedHistory
APHAmphenol CorpCL A33,555$4.15M0.7%−2,985−8.2%ReducedHistory
ABBVAbbVie Inc.Stock18,205$4.22M0.7%+1,011+5.9%AddedHistory
LRCXLam Research CorpStock32,683$4.38M0.7%+1,541+4.9%AddedHistory
EPDEnterprise Products Partners L.P.Stock150,669$4.71M0.7%+116+0.1%AddedHistory
KMXCarMax IncCOM123,742$5.55M0.9%+49,450+66.6%AddedHistory
iShares Russell 1000 Growth ETF464287614ETF12,025$5.63M0.9%+60.0%Added–
VVisa Inc.Stock16,984$5.80M0.9%+1,860+12.3%AddedHistory
JPMJPMorgan Chase & CoStock20,159$6.36M1.0%+2,255+12.6%AddedHistory
GEGeneral Electric CoStock21,524$6.47M1.0%−3,148−12.8%ReducedHistory
FASTFastenal CoStock138,985$6.82M1.1%−2,365−1.7%ReducedHistory

Sold out since Q2 2025 (43)

Positions held at the end of Q2 2025 that are gone from this filing.

Positions of True North Advisors, LLC sold out since Q2 2025
SecurityClassShares in Q2 2025Value in Q2 2025% of portfolio in Q2 2025History
Vanguard Morningstar Small-Cap ETF922908751ETF67,103$15.9M3.0%–
Janus Detroit STR Tr47103U852HENDERSON MTG269,270$12.1M2.3%–
PIMCO ETF Tr72201R866INTER MUN BD ACT141,748$7.28M1.4%–
PIMCO ETF Tr72201R817INV GRD CRP BD73,494$7.15M1.4%–
Schwab U.S. Large-Cap ETF808524201ETF242,746$5.93M1.1%–
Vanguard Morningstar Total Stock Market ETF922908769ETF13,168$4.00M0.8%–
NUVNuveen Municipal Value Fund IncCOM412,922$3.59M0.7%History
Schwab Fundamental U.S. Large Company ETF808524771ETF142,741$3.50M0.7%–
Schwab U.S. Mid-Cap ETF808524508ETF97,978$2.75M0.5%–
Schwab Fundamental International Equity ETF808524755ETF66,834$2.67M0.5%–
Invesco QQQ Trust Series I46090E103ETF3,390$1.87M0.4%–
Vanguard Admiral FDS Inc921932828SMLLCP 600 IDX17,049$1.73M0.3%–
Schwab U.S. Large-Cap Value ETF808524409ETF57,401$1.59M0.3%–
Schwab U.S. Large-Cap Growth ETF808524300ETF52,689$1.54M0.3%–
State Street SPDR Portfolio Developed World Ex-US ETF78463X889ETF37,528$1.52M0.3%–
Vanguard Mortgage-Backed Securities ETF92206C771ETF31,382$1.45M0.3%–
Schwab Fundamental U.S. Small Company ETF808524763ETF41,982$1.20M0.2%–
Vanguard Morningstar Large-Cap ETF922908637ETF3,729$1.06M0.2%–
iShares Russell 2000 Growth ETF464287648ETF3,658$1.05M0.2%–
Schwab US Aggregate Bond ETF808524839ETF43,401$1.01M0.2%–
Schwab Fundamental International Small Equity ETF808524748ETF21,835$918.1K0.2%–
Vanguard Morningstar Mid-Cap ETF922908629ETF2,747$768.6K0.1%–
Vanguard Ftse All-World Ex-US Small-Cap ETF922042718ETF5,343$718.0K0.1%–
Invesco S&P 500 Quality ETF46137V241ETF6,278$447.4K0.1%–
Vanguard Real Estate ETF922908553ETF4,971$442.7K0.1%–
iShares Tr464288158SHRT NAT MUN ETF3,816$405.8K0.1%–
Invesco Exchange Traded FD T46137V100AEROSPACE DEFN2,549$361.2K0.1%–
HMCHonda Motor Co LtdADR ECH CNV IN 312,359$356.3K0.1%History
Vanguard Information Technology ETF92204A702ETF519$344.4K0.1%–
Vanguard Ftse Emerging Markets ETF922042858ETF6,768$334.8K0.1%–
OUSTOuster, Inc.COM NEW13,773$334.0K0.1%History
PWRQuanta Services, Inc.COM863$326.3K0.1%History
Invesco Exchange Traded FD T46137V837DORS WRI MOM ETF2,874$312.1K0.1%–
ELVElevance Health, Inc.Stock765$297.6K0.1%History
Vanguard High Dividend Yield Index ETF921946406ETF2,129$283.8K0.1%–
VanEck Morningstar Wide Moat ETF92189F643ETF2,994$280.8K0.1%–
Vanguard Morningstar Value ETF922908744ETF1,441$254.7K<0.1%–
Vanguard Dividend Appreciation ETF921908844ETF1,207$247.1K<0.1%–
Vanguard Ftse Developed Markets ETF921943858ETF4,198$239.3K<0.1%–
Vanguard Morningstar Growth ETF922908736ETF544$238.5K<0.1%–
EEFTEuronet Worldwide, Inc.COM2,075$210.4K<0.1%History
Schwab International Equity ETF808524805ETF9,200$203.3K<0.1%–
BBDBank BradescoSP ADR PFD NEW22,267$68.8K<0.1%History