True North Advisors, LLC

CIK 0001634556 · Q1 2026

13F Equity AUM

$877.3M

+13.4% QoQ

Positions

245

-5 QoQ

AUM Rank

#3,050

Top 25%

Skill Alpha (FF)

+0.6%/yr^ns

No Clear Edge

Rank #1,853 · Top 23%

vs S&P -2.3%/yr (unadj.)

Quarters Tracked

~6 years

Portfolio Concentration

Top 5: 30.9%Top 10: 44.9%Top 20: 60.9%

LII8.8%

AAPL8.7%

FNDX6.6%

SPY3.6%

AVDS3.4%

AMZN3.2%

BRK/B3.1%

JPIE2.7%

NVDA2.6%

PYLD2.3%

Others (235)55.1%

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

Sector Allocation

Financial Services53.3%

Technology17.3%

Industrials12.2%

Consumer Cyclical5.5%

Healthcare3.0%

Consumer Defensive2.1%

Basic Materials2.1%

Other4.6%

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

Position Sizing

Positions: 245Median: 0.09%Avg: 0.41%

0–0.5%

206(23.9%)

0.5–1%

15(10.7%)

1–3%

17(28.2%)

3–5%

4(13.3%)

5%+

3(24.0%)

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

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Portfolio Overlap

Shared: 240Unique: 5vs 20 funds

3.3%Low

245

Fund positions

7,299

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.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

4.6%

JPMORGAN CHASE & CO

4.9%

BANK OF AMERICA CORP /DE/

FMR LLC

7.6%

BlackRock, Inc.

5.3%

STATE STREET CORP

4.9%

VANGUARD CAPITAL MANAGEMENT LLC

4.5%

VANGUARD PORTFOLIO MANAGEMENT LLC

5.2%

GEODE CAPITAL MANAGEMENT, LLC

4.3%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New39Increased74Decreased116Exited43

New Positions

FNDX6.6%

+2.1M

JPIE2.7%

+520K

PYLD2.3%

+770K

AVEM1.0%

+105K

GOVT1.0%

+366K

SCHX0.6%

+220K

VGLT0.5%

+76K

KMX0.4%

+87K

CSHI0.3%

+45K

CME0.1%

+4K

Increased

AVDS3.4%

+406K(+13422%)

FLXR2.3%

+152K(+42%)

BHST0.1%

+133K(+381%)

VEA2.1%

+112K(+64%)

AVDE0.7%

+65K(+1279%)

IJR0.4%

+15K(+157%)

ANET0.2%

+8K(+209%)

VNQ0.1%

+4K(+84%)

VTEB0.1%

+4K(+54%)

VIG0.1%

+4K(+276%)

Decreased

SCHB1.4%

-90,542(-15%)

IDEV1.4%

-47,519(-24%)

JQUA1.2%

-29,489(-15%)

DFAC0.3%

-29,273(-27%)

BRK/B3.1%

-21,653(-27%)

SCHZ0.1%

-19,100(-51%)

FNDF0.4%

-16,908(-20%)

VMBS0.1%

-13,582(-54%)

MRK0.1%

-8,629(-65%)

APH0.3%

-6,992(-24%)

Exited

-181,385

-150,001

-83,816

-10,024

-106,640

-34,890

-43,832

-30,659

-15,980

-21,439

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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