True North Advisors, LLC — 13F Holdings & Portfolio
CIK 1634556 · latest 13F-HR filed 2026-07-22
True North Advisors, LLC manages $1.05B in 13F-reported U.S. long-equity assets across 291 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are LII (8.83%), AAPL (8.31%), FNDX (6.37%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 63 new positions and exited 17; 115 existing positions rose in reported value and 69 fell.
AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.
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AUM
$1.05B
Long-equity book
Holdings
291
Distinct positions
Period
2026-06-30
Filed 2026-07-22
Q/Q Activity
+63 / −17 / ↑115 / ↓69
vs 2026-03-31
Portfolio charts
Latest quarter's book, what changed, and how the portfolio has evolved across filings.
Portfolio map
Q2 26LII8.8% · -3%AAPL8.3% · +0%FNDX6.4% · +3%AVDS3.2% · +10%GOOGL3.1% · newAMZN3.0% · -2%SPY3.0% · -14%NVDA2.6% · +5%BRK.B2.4% · -14%VEA2.2% · +10%JPIE2.2% · -6%PYLD1.8% · -6%FLXR1.8% · -5%VB1.8% · -1%BAC1.4% · -0%SCHB1.4% · +1%AVEM1.4% · +45%MSFT1.4% · +1%RSP1.3% · +9%IDEV1.2% · -1%JQUA1.2% · +0%AVDE1.0% · +71%COST1.0% · -2%JMBS1.0% · -2%META0.9% · -6%AVDV0.9% · +3%AVGO0.9% · -2%GOVT0.8% · -2%GE0.8% · +0%XOM0.7% · -8%VTI0.7% · -4%MU0.7% · +12%V0.6% · -1%IAU0.6% · newQQQ0.6% · -8%MUNI0.6% · +2%FAST0.6% · -2%SSMUF0.6% · newSCHX0.6% · -2%LRCX0.6% · -9%GEV0.6% · +0%JPM0.6% · -9%EPD0.5% · newCAT0.5% · -0%CTVA0.5% · -0%AMAT0.5% · -9%CORP0.5% · +1%KMX0.4% · -0%TPL0.4% · newABBV0.4% · -16%RAUS0.4% · +229%VGLT0.4% · -7%IJR0.4% · +4%AVUV0.4% · newAPH0.4% · -6%LLY0.4% · -5%CSHI0.3% · +59%DFAC0.3% · 0%Q0.3% · +0%FNDF0.3% · -5%
Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.
Sector mix
% of 13F valueSectors from each company's SIC code; funds and ETFs grouped separately.
Biggest buys and sells
Q1 26 → Q2 26Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.
13F assets and positions
3 quartersTotal reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.
Top positions over time
reported valueThe eight largest current positions, valued at each quarter end.
Concentration
top 10 = 43%Cumulative share of the portfolio held in the largest N positions.
Firm Profile & Key People
As of the firm’s regulatory filing dated Jul 16, 2026.
Assets Under Management
$5.42B
Discretionary
$5.02B
Employees
89
Accounts
5,298
Address
3131 TURTLE CREEK
SUITE 1300
DALLAS, TX 75219
SUITE 1300
DALLAS, TX 75219
Phone
(214) 360-7300
| Name | Title / Status | Ownership | Type |
|---|---|---|---|
| GEHLBACH, MARK, HUNTER Control | MANAGING MEMBER, PRESIDENT since Jul 2000 | 10–25% | Individual |
| MANIKTALA, DHRUV Control | CIO since Jan 2018 | 5–10% | Individual |
| PATE, CHRISTOPHER, ELLIOTT Control | CHIEF OPERATING OFFICER since Jan 2019 | 5–10% | Individual |
| SHARP, WILLIAM, MICHAEL Control | CHIEF COMPLIANCE OFFICER AND MD OF FINANCE since Jan 2018 | Less than 5% | Individual |
| TRUE NORTH ADVISORS HOLDINGS, LLC Control | MEMBER since Jan 2024 | 75% or more | Domestic Entity |
| WOOD, SCOTT, ADAIR Control | MANAGING MEMBER, CHIEF EXECUTIVE OFFICER since Jul 2000 | 25–50% | Individual |
| ASPIRE HOLDINGS, LLC Control Indirect owner via WPCG ASPIRE, LLC | MEMBER since Jul 2025 | 75% or more | Domestic Entity |
| COPELAND, JOHN, WILLIAM Control Indirect owner via TRUE NORTH ADVISORS HOLDINGS, LLC | ELECTED MANAGER since Jan 2024 | General partner, trustee or manager | Individual |
| GEHLBACH, MARK, HUNTER Control Indirect owner via TRUE NORTH ADVISORS HOLDINGS, LLC | ELECTED MANAGER since Jan 2024 | General partner, trustee or manager | Individual |
| MANIKTALA, DHRUV Control Indirect owner via TRUE NORTH ADVISORS HOLDINGS, LLC | ELECTED MANAGER since Jan 2024 | General partner, trustee or manager | Individual |
| PATE, CHRISTOPHER, ELLIOTT Control Indirect owner via TRUE NORTH ADVISORS HOLDINGS, LLC | ELECTED MANAGER since Jan 2024 | General partner, trustee or manager | Individual |
| PROJECT DELTA ACQUISITION, LLC Control Indirect owner via TRUE NORTH ADVISORS HOLDINGS, LLC | MEMBER since Jan 2024 | 25–50% | Domestic Entity |
| WOOD FAMILY TRUST Control Indirect owner via TRUE NORTH ADVISORS HOLDINGS, LLC | MEMBER since Jan 2024 | 25–50% | Domestic Entity |
| WOOD, SCOTT, ADAIR Control Indirect owner via TRUE NORTH ADVISORS HOLDINGS, LLC | ELECTED MANAGER since Jan 2024 | General partner, trustee or manager | Individual |
| WOOD, SCOTT, ADAIR Control Indirect owner via WOOD FAMILY TRUST | TRUSTEE since Jan 2024 | General partner, trustee or manager | Individual |
| WPCG ASPIRE HOLDINGS, LLC Control Indirect owner via PROJECT DELTA ACQUISITION, LLC | MEMBER since Jul 2025 | 75% or more | Domestic Entity |
| WPCG ASPIRE, LLC Control Indirect owner via WPCG ASPIRE HOLDINGS, LLC | MEMBER since Jul 2025 | 75% or more | Domestic Entity |
Ownership & leadership changes · 13 filings with changes since Mar 29, 2012
From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.
Sep 16, 2025 filing
- No longer listedASPIRE HOLDINGS, LLC · MEMBER · 75% or more · indirect via PROJECT DELTA ACQUISITION, LLC · control person · listed since Jan 2024
- No longer listedHGGC FUND IV-A.L.P. · MEMBER · 50–75% · indirect via ASPIRE HOLDINGS, LLC · control person · listed since Jan 2024
- AddedASPIRE HOLDINGS, LLC · MEMBER · 75% or more · indirect via WPCG ASPIRE, LLC · control person
- AddedWPCG ASPIRE HOLDINGS, LLC · MEMBER · 75% or more · indirect via PROJECT DELTA ACQUISITION, LLC · control person
- AddedWPCG ASPIRE, LLC · MEMBER · 75% or more · indirect via WPCG ASPIRE HOLDINGS, LLC · control person
Mar 31, 2025 filing
- No longer listedDAVIS, PAULA, POND · MD OF DALLAS · Less than 5% · control person · listed since Jan 2013
- ChangedMANIKTALA, DHRUV · ownership Less than 5% → 5–10%
- ChangedPATE, CHRISTOPHER, ELLIOTT · ownership Less than 5% → 5–10%
Mar 28, 2024 filing
- No longer listedWOODARD, DONALD, MORRIS · MEMBER · 5–10% · listed since Jan 2019
- AddedASPIRE HOLDINGS, LLC · MEMBER · 75% or more · indirect via PROJECT DELTA ACQUISITION, LLC · control person
- AddedCOPELAND, JOHN, WILLIAM · ELECTED MANAGER · General partner, trustee or manager · indirect via TRUE NORTH ADVISORS HOLDINGS, LLC · control person
- AddedGEHLBACH, MARK, HUNTER · ELECTED MANAGER · General partner, trustee or manager · indirect via TRUE NORTH ADVISORS HOLDINGS, LLC · control person
- AddedHGGC FUND IV-A.L.P. · MEMBER · 50–75% · indirect via ASPIRE HOLDINGS, LLC · control person
- AddedMANIKTALA, DHRUV · ELECTED MANAGER · General partner, trustee or manager · indirect via TRUE NORTH ADVISORS HOLDINGS, LLC · control person
- AddedPATE, CHRISTOPHER, ELLIOTT · ELECTED MANAGER · General partner, trustee or manager · indirect via TRUE NORTH ADVISORS HOLDINGS, LLC · control person
- AddedPROJECT DELTA ACQUISITION, LLC · MEMBER · 25–50% · indirect via TRUE NORTH ADVISORS HOLDINGS, LLC · control person
- AddedTRUE NORTH ADVISORS HOLDINGS, LLC · MEMBER · 75% or more · control person
- AddedWOOD FAMILY TRUST · MEMBER · 25–50% · indirect via TRUE NORTH ADVISORS HOLDINGS, LLC · control person
- AddedWOOD, SCOTT, ADAIR · ELECTED MANAGER · General partner, trustee or manager · indirect via TRUE NORTH ADVISORS HOLDINGS, LLC · control person
- AddedWOOD, SCOTT, ADAIR · TRUSTEE · General partner, trustee or manager · indirect via WOOD FAMILY TRUST · control person
- ChangedGEHLBACH, MARK, HUNTER · ownership 25–50% → 10–25%
- ChangedPATE, CHRISTOPHER, ELLIOTT · title MANAGING DIRECTOR FORT WORTH → CHIEF OPERATING OFFICER
- ChangedWOOD, SCOTT, ADAIR · title MANAGING MEMBER, CEO → MANAGING MEMBER, CHIEF EXECUTIVE OFFICER; ownership 50–75% → 25–50%
Mar 29, 2022 filing
- ChangedDAVIS, PAULA, POND · title MANAGING MEMBER → MD OF DALLAS
- ChangedGEHLBACH, MARK, HUNTER · title MANAGING MEMBER → MANAGING MEMBER, PRESIDENT
- ChangedMANIKTALA, DHRUV · title VP OF GLOBAL INVESTMENT STRATEGY → CIO
- ChangedSHARP, WILLIAM, MICHAEL · title CHIEF COMPLIANCE OFFICER AND VP OF FINANCE → CHIEF COMPLIANCE OFFICER AND MD OF FINANCE
- ChangedWOOD, SCOTT, ADAIR · title MANAGING MEMBER → MANAGING MEMBER, CEO
Mar 30, 2020 filing
- No longer listedCRAWFORD, JEFFREY, ALLEN · MEMBER · Less than 5% · listed since Jan 2019
- No longer listedFRAZIER, DOUGLAS, STEPHEN · MEMBER · Less than 5% · listed since Jan 2019
- No longer listedPRESTWOOD, JOE, CHAD · MEMBER · Less than 5% · listed since Jan 2019
May 3, 2019 filing
- AddedCRAWFORD, JEFFREY, ALLEN · MEMBER · Less than 5%
- AddedFRAZIER, DOUGLAS, STEPHEN · MEMBER · Less than 5%
- AddedPATE, CHRISTOPHER, ELLIOTT · MANAGING DIRECTOR FORT WORTH · Less than 5% · control person
- AddedPRESTWOOD, JOE, CHAD · MEMBER · Less than 5%
- AddedWOODARD, DONALD, MORRIS · MEMBER · 5–10%
Mar 29, 2019 filing
- AddedMANIKTALA, DHRUV · VP OF GLOBAL INVESTMENT STRATEGY · Less than 5% · control person
- AddedSHARP, WILLIAM, MICHAEL · CHIEF COMPLIANCE OFFICER AND VP OF FINANCE · Less than 5% · control person
- ChangedGEHLBACH, MARK, HUNTER · title MANAGING MEMBER AND CCO → MANAGING MEMBER
Aug 28, 2017 filing
- ChangedDAVIS, PAULA, POND · title VICE PRESIDENT OF BUSINESS OPERATIONS → MANAGING MEMBER
- ChangedGEHLBACH, MARK, HUNTER · title FOUNDING PRINCIPAL, CCO → MANAGING MEMBER AND CCO
- ChangedWOOD, SCOTT, ADAIR · title FOUNDING PRINCIPAL, CHIEF EXECUTIVE OFFICER → MANAGING MEMBER
Jun 20, 2017 filing
- No longer listedFITZSIMMONS, MATTHEW, EDWARD · PRINCIPAL, VICE PRESIDENT OF INVESTMENTS · Less than 5% · control person · listed since Jun 2003
Mar 30, 2016 filing
- No longer listedSHRUM, LACEY, ELIZABETH · CHIEF COMPLIANCE OFFICER · Less than 5% · control person · listed since Jan 2015
- ChangedGEHLBACH, MARK, HUNTER · title FOUNDING PRINCIPAL → FOUNDING PRINCIPAL, CCO
Older changes (4 more filings)
Mar 30, 2015 filing
- AddedSHRUM, LACEY, ELIZABETH · CHIEF COMPLIANCE OFFICER · Less than 5% · control person
- ChangedWOOD, SCOTT, ADAIR · title FOUNDING PRINCIPAL, CHIEF COMPLIANCE OFFICER → FOUNDING PRINCIPAL, CHIEF EXECUTIVE OFFICER
Nov 4, 2014 filing
- No longer listedESCLAMADO, VICTOR, MITRA · CHIEF OPERATING OFFICER · Less than 5% · control person · listed since Jul 2009
Mar 28, 2014 filing
- AddedDAVIS, PAULA, POND · VICE PRESIDENT OF BUSINESS OPERATIONS · Less than 5% · control person
- ChangedESCLAMADO, VICTOR, MITRA · now a control person
- ChangedFITZSIMMONS, MATTHEW, EDWARD · title DIRECTOR OF RESEARCH → PRINCIPAL, VICE PRESIDENT OF INVESTMENTS; now a control person
Mar 29, 2012 filing (earliest on record)
- ListedESCLAMADO, VICTOR, MITRA · CHIEF OPERATING OFFICER · Less than 5%
- ListedFITZSIMMONS, MATTHEW, EDWARD · DIRECTOR OF RESEARCH · Less than 5%
- ListedGEHLBACH, MARK, HUNTER · FOUNDING PRINCIPAL · 25–50% · control person
- ListedWOOD, SCOTT, ADAIR · FOUNDING PRINCIPAL, CHIEF COMPLIANCE OFFICER · 50–75% · control person
Quarter-over-quarter changes
Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.
Top Adds (vs prior quarter)
- LENNOX INTL INC$15.4M +20.0%
- APPLE INC$10.9M +14.3%
- SCHWAB STRATEGIC TR$8.8M +15.3%
- AMERICAN CENTY ETF TR$6.2M +73.1%
- MICRON TECHNOLOGY INC$5.4M +284.1%
Top Trims
- BERKSHIRE HATHAWAY INC DEL-$2.7M -10.0%
- EXXON MOBIL CORP-$2.7M -25.7%
- ALLSTATE CORP-$1.7M -71.6%
- J P MORGAN EXCHANGE TRADED F-$1.4M -6.0%
- DOW HLDGS INC-$1.4M -34.8%
New Positions
- ALPHABET INC$32.8M
- ISHARES GOLD TR$6.6M
- PIMCO ETF TR$6.4M
- ENTERPRISE PRODS PARTNERS L$5.5M
- TEXAS PACIFIC LAND CORPORATI$4.1M
Exited Positions
- J P MORGAN EXCHANGE TRADED F$2.5M
- DUPONT DE NEMOURS INC$1.9M
- TRACTOR SUPPLY CO$1.6M
- HONEYWELL INTL INC$1.1M
- ISHARES TR$626.1K
True North Advisors, LLC Holdings (2026-06-30)
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | LENNOX INTL INC | LII | 526107107 | $92.3M | 8.83% | 161,110 | SH |
| 2 | APPLE INC | AAPL | 037833100 | $86.9M | 8.31% | 300,395 | SH |
| 3 | SCHWAB STRATEGIC TR | FNDX | 808524771 | $66.6M | 6.37% | 2,140,879 | SH |
| 4 | AMERICAN CENTY ETF TR | AVDS | 025072190 | $33.8M | 3.23% | 449,544 | SH |
| 5 | ALPHABET INC | GOOGL | 02079K305 | $32.8M | 3.13% | 92,303 | SH |
| 6 | AMAZON COM INC | AMZN | 023135106 | $31.6M | 3.02% | 132,550 | SH |
| 7 | STATE STR SPDR S&P 500 ETF T | SPY | 78462F103 | $31.1M | 2.97% | 41,616 | SH |
| 8 | NVIDIA CORPORATION | NVDA | 67066G104 | $27.6M | 2.64% | 138,090 | SH |
| 9 | BERKSHIRE HATHAWAY INC DEL | BRK.B | 084670702 | $24.6M | 2.36% | 49,257 | SH |
| 10 | VANGUARD TAX-MANAGED FDS | VEA | 921943858 | $22.5M | 2.15% | 316,111 | SH |
| 11 | J P MORGAN EXCHANGE TRADED F | JPIE | 46641Q159 | $22.5M | 2.15% | 488,499 | SH |
| 12 | PIMCO ETF TR | PYLD | 72201R585 | $19.1M | 1.83% | 720,470 | SH |
| 13 | TCW ETF TRUST | FLXR | 29287L700 | $19.0M | 1.82% | 484,709 | SH |
| 14 | VANGUARD INDEX FDS | VB | 922908751 | $18.7M | 1.79% | 61,751 | SH |
| 15 | BANK OF AMER CORP | BAC | 060505104 | $15.0M | 1.44% | 264,025 | SH |
| 16 | SCHWAB STRATEGIC TR | SCHB | 808524102 | $14.8M | 1.42% | 511,653 | SH |
| 17 | AMERICAN CENTY ETF TR | AVEM | 025072604 | $14.6M | 1.39% | 151,215 | SH |
| 18 | MICROSOFT CORP | MSFT | 594918104 | $14.6M | 1.39% | 39,011 | SH |
| 19 | INVESCO EXCHANGE TRADED FD T | RSP | 46137V357 | $13.8M | 1.32% | 64,882 | SH |
| 20 | ISHARES TR | IDEV | 46435G326 | $13.0M | 1.24% | 146,012 | SH |
| 21 | J P MORGAN EXCHANGE TRADED F | JQUA | 46641Q761 | $12.1M | 1.16% | 167,310 | SH |
| 22 | AMERICAN CENTY ETF TR | AVDE | 025072703 | $10.7M | 1.02% | 119,722 | SH |
| 23 | COSTCO WHOLESALE CORPORATION | COST | 22160K105 | $10.1M | 0.96% | 10,770 | SH |
| 24 | JANUS DETROIT STR TR | JMBS | 47103U852 | $10.0M | 0.95% | 221,276 | SH |
| 25 | META PLATFORMS INC | META | 30303M102 | $9.9M | 0.95% | 17,631 | SH |
| 26 | AMERICAN CENTY ETF TR | AVDV | 025072802 | $9.9M | 0.94% | 95,704 | SH |
| 27 | BROADCOM INC | AVGO | 11135F101 | $9.3M | 0.89% | 24,728 | SH |
| 28 | ISHARES TR | GOVT | 46429B267 | $8.2M | 0.78% | 359,346 | SH |
| 29 | GE AEROSPACE | GE | 369604301 | $8.1M | 0.78% | 21,692 | SH |
| 30 | EXXON MOBIL CORP | XOM | 30231G102 | $7.7M | 0.74% | 56,322 | SH |
| 31 | VANGUARD INDEX FDS | VTI | 922908769 | $7.3M | 0.70% | 19,739 | SH |
| 32 | MICRON TECHNOLOGY INC | MU | 595112103 | $7.2M | 0.69% | 6,279 | SH |
| 33 | VISA INC | V | 92826C839 | $6.7M | 0.64% | 19,506 | SH |
| 34 | ISHARES GOLD TR | IAU | 464285204 | $6.6M | 0.63% | 87,616 | SH |
| 35 | INVESCO QQQ TR | QQQ | 46090E103 | $6.6M | 0.63% | 8,914 | SH |
| 36 | PIMCO ETF TR | MUNI | 72201R866 | $6.5M | 0.62% | 123,925 | SH |
| 37 | FASTENAL CO | FAST | 311900104 | $6.5M | 0.62% | 135,216 | SH |
| 38 | PIMCO ETF TR | MINO | 72201R635 | $6.4M | 0.62% | 140,914 | SH |
| 39 | SCHWAB STRATEGIC TR | SCHX | 808524201 | $6.4M | 0.61% | 216,573 | SH |
| 40 | LAM RESEARCH CORP | LRCX | 512807306 | $6.4M | 0.61% | 14,675 | SH |
| 41 | GE VERNOVA INC | GEV | 36828A101 | $6.2M | 0.59% | 5,276 | SH |
| 42 | JPMORGAN CHASE & CO | JPM | 46625H100 | $5.8M | 0.55% | 17,701 | SH |
| 43 | ENTERPRISE PRODS PARTNERS L | EPD | 293792107 | $5.5M | 0.53% | 150,184 | SH |
| 44 | CATERPILLAR INC | CAT | 149123101 | $5.5M | 0.52% | 5,142 | SH |
| 45 | CORTEVA INC | CTVA | 22052L104 | $5.1M | 0.49% | 60,477 | SH |
| 46 | APPLIED MATLS INC | AMAT | 038222105 | $5.0M | 0.48% | 6,947 | SH |
| 47 | PIMCO ETF TR | CORP | 72201R817 | $4.9M | 0.47% | 50,239 | SH |
| 48 | CARMAX INC | KMX | 143130102 | $4.6M | 0.44% | 86,454 | SH |
| 49 | TEXAS PACIFIC LAND CORPORATI | TPL | 88262P102 | $4.1M | 0.40% | 9,463 | SH |
| 50 | ABBVIE INC | ABBV | 00287Y109 | $4.0M | 0.38% | 15,735 | SH |
Filing History
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-06-30 | 2026-07-22 | $1.05B | 291 | 0001172661-26-002749 |
| 2026-03-31 | 2026-05-07 | $877.3M | 245 | 0001172661-26-001614 |
| 2025-12-31 | 2026-01-22 | $773.5M | 250 | 0001172661-26-000255 |
Filer Information
Address
3131 TURTLE CREEK BOULEVARDSUITE 1300
DALLAS, TX 75219
Phone
(214) 360-7300
Filing Manager
True North Advisors, LLC
Dallas, TX
Signatory
Will Sharp
Managing Director of Finance, CCO, Partner