TNA

True North Advisors Portfolio holdings

AUM $522M

This Quarter Return

-0.94%

1 Year Return

+15.67%

3 Year Return

+95.35%

5 Year Return

+165.55%

10 Year Return

–

AUM

$564M

AUM Growth

+$140M (+33%)

Cap. Flow

+$147M

Cap. Flow % of AUM

26.01%

Top 10 Holdings %Top 10 Hldgs %

46.34%

Holding

253

New

Increased

Reduced

Closed

Top Buys

1	Vanguard Small-Cap ETF VB	$18.5M
2	Janus Henderson Mortgage-Backed Securities ETF JMBS	$17.5M
3	iShares US Treasury Bond ETF GOVT	$16M
4	PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund CORP	$11.2M
5	PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund MUNI	$6.74M

Top Sells

1	iShares 10-20 Year Treasury Bond ETF TLH	$2.23M
2	Lennox International LII	$2.17M
3	Berkshire Hathaway Class B BRK.B	$2.14M
4	SPDR DoubleLine Total Return Tactical ETF TOTL	$1.07M
5	Dimensional Global Real Estate ETF DFGR	$912K

Sector Composition

1	Industrials	21.58%
2	Financials	14.6%
3	Technology	12.09%
4	Healthcare	4.97%
5	Energy	4.85%

#	Name	Market Value	Portfolio Weight	Shares or Principal	Shares Change %	Capital Flow
1	1 Lennox International LII $20.4B	$102M	18.02%	181,219 -3,862	-2%	-$2.17M
2	2 Berkshire Hathaway Class B BRK.B $1T	$44.2M	7.83%	82,982 -4,010	-5%	-$2.14M
3	3 Apple AAPL $3.4T	$24.1M	4.27%	108,353 +2,094	+2%	+$465K
4	4 Vanguard Small-Cap ETF VB $64.1B	$18.5M	3.27%	+83,262	New	+$18.5M
5	5 Janus Henderson Mortgage-Backed Securities ETF JMBS $6.01B	$17.5M	3.1%	+386,452	New	+$17.5M
6	6 iShares US Treasury Bond ETF GOVT $27.7B	$16M	2.83%	+694,311	New	+$16M
7	7 PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund CORP $1.33B	$11.2M	1.99%	+115,841	New	+$11.2M
8	8 Microsoft MSFT $3.88T	$11.1M	1.97%	29,590 -2,056	-7%	-$772K
9	9 Costco COST $435B	$8.86M	1.57%	9,366 -753	-7%	-$712K
10	10 Exxon Mobil XOM $455B	$8.46M	1.5%	71,119 +19,984	+39%	+$2.38M
11	11 PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund MUNI $2.07B	$6.74M	1.2%	+130,787	New	+$6.74M
12	12 Schwab US Large- Cap ETF SCHX $57.9B	$6.65M	1.18%	+301,098	New	+$6.65M
13	13 Alphabet (Google) Class C GOOG $2.44T	$6.07M	1.08%	+38,822	New	+$6.07M
14	14 Fastenal FAST $55.1B	$5.87M	1.04%	75,669 -456	-0.6%	-$35.4K
15	15 Amazon AMZN $2.37T	$5.7M	1.01%	29,963 -3,004	-9%	-$572K
16	16 Visa V $654B	$5.67M	1.01%	16,178 -1,398	-8%	-$490K
17	17 Enterprise Products Partners EPD $68.2B	$5.17M	0.92%	+151,301	New	+$5.17M
18	18 iShares Russell 1000 Growth ETF IWF $116B	$5.13M	0.91%	+14,219	New	+$5.13M
19	19 JPMorgan Chase JPM $794B	$5.07M	0.9%	20,659 -2,344	-10%	-$575K
20	20 AbbVie ABBV $350B	$4.96M	0.88%	23,693 -2,362	-9%	-$495K
21	21 GE Aerospace GE $292B	$4.94M	0.88%	24,706 +157	+0.6%	+$31.4K
22	22 Broadcom AVGO $1.43T	$4.66M	0.83%	27,857 -4,769	-15%	-$798K
23	23 Texas Pacific Land TPL $19.8B	$4.66M	0.83%	3,514 -555	-14%	-$735K
24	24 Alphabet (Google) Class A GOOGL $2.44T	$4.6M	0.82%	+29,749	New	+$4.6M
25	25 Nuveen Municipal Value Fund NUV $1.79B	$4.48M	0.79%	+510,777	New	+$4.48M