Managers / Q3 2022 · view latest →
TNF LLC
CIK 0001849683 · 3178 GABEL ROAD, BILLINGS, MT, 59102 · 406 294-5000
Reported Value
$196M
Q3 2022
Positions
103
Filings on Record
13
2019–present window
Filed
Oct 12, 2022
original filing
Summary
Tnf LLC reported $196M in U.S.-listed holdings across 103 positions for Q3 2022.
The portfolio is heavily concentrated: TLH alone accounts for 70.1% of reported value.
Compared with Q2 2022, the fund opened 3 new positions and exited 14.
Portfolio Metrics
Turnover
+4.0%
vs prior filed quarter
Top-10 Concentration
+90.7%
share of reported value
Largest Position
+70.1%
Ishares Tr
New / Exited
3 / 14
positions this quarter
Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.
Reported Value by Quarter
13F Reported Value
Portfolio Composition
By security type
- ETP · 89.8% · $176M
- Common Stock · 9.0% · $18M
- Closed-End Fund · 0.7% · $1M
- REIT · 0.4% · $817,000
- Other · 0.0% · $66,000
Quarter-over-Quarter Changes full breakdown →
vs Q2 2022 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| SCHWAB STRATEGIC TR | NEW | +9.9K | 9.9K | +$414,000 | $414,000 |
| GQ9SPDR GOLD TR | NEW | +1.3K | 1.3K | +$208,000 | $208,000 |
| BLACKROCK CORPOR HI YLD FD I | NEW | +22.9K | 22.9K | +$0 | $0 |
| WISDOMTREE TR | SOLD OUT | −9.8K | 0 | −$278,000 | $0 |
| ISHARES TR | SOLD OUT | −8.7K | 0 | −$233,000 | $0 |
| VANGUARD SCOTTSDALE FDS | SOLD OUT | −3.0K | 0 | −$232,000 | $0 |
| QCOMQUALCOMM INC | SOLD OUT | −1.5K | 0 | −$231,000 | $0 |
| VANECK ETF TRUST | SOLD OUT | −8.3K | 0 | −$231,000 | $0 |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q3 2022
51 positions
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | TLHISHARES TR | CORE S&P500 ETF · ESG AWR MSCI USA · US TREAS BD ETF · CORE TOTAL USD · EAFE VALUE ETF · EAFE GRWTH ETF · NATIONAL MUN ETF · CORE S&P SCP ETF · TIPS BD ETF · CORE HIGH DV ETF · MBS ETF · MSCI USA MIN VOL · 10-20 YR TRS ETF · FALN ANGLS USD · CONV BD ETF · MSCI USA VALUE · US INFRASTRUC · CORE S&P MCP ETF · IBOXX INV CP ETF · RUS TP200 GR ETF · SHRT NAT MUN ETF · MSCI EAFE ETF · CORE US AGGBD ET · ISHS 1-5YR INVS · GLOBAL TECH ETF · U.S. ENERGY ETF · CORE MSCI TOTAL · U.S. MED DVC ETF · SELECT DIVID ETF · 20 YR TR BD ETF · S&P MC 400GR ETF · 0-5YR HI YL CP · RUS MD CP GR ETF · MORNINGSTAR GRWT · JPMORGAN USD EMG · RUSSELL 2000 ETF · CORE MSCI EAFE · SP SMCP600VL ETF · 7-10 YR TRSY BD | 70.09% | $137M | 2.34M |
| 2 | SPDR SER TR | PORTFOLIO S&P500 | 6.31% | $12M | 291.5K |
| 3 | SCHWAB STRATEGIC TR | US AGGREGATE B · US TIPS ETF · 5 10YR CORP BD · 1 5YR CORP BD | 4.16% | $8M | 175.5K |
| 4 | ESGEISHARES INC | MSCI EMERG MRKT · ESG AWR MSCI EM · CORE MSCI EMKT | 2.27% | $4M | 107.5K |
| 5 | MRKMERCK & CO INChistory → | COM | 2.21% | $4M | 47.8K |
| 6 | AAPLAPPLE INChistory → | COM | 1.37% | $3M | 19.0K |
| 7 | EXMOCEXXON MOBIL CORPhistory → | COM | 1.34% | $3M | 26.5K |
| 8 | NDQINVESCO QQQ TRhistory → | UNIT SER 1 | 1.00% | $2M | 7.4K |
| 9 | INVESCO EXCH TRADED FD TR II | S&P EMRNG MKTS | 0.99% | $2M | 91.8K |
| 10 | SPDR S&P 500 ETF TR | TR UNIT | 0.97% | $2M | 5.3K |
| 11 | ISHARES U S ETF TR | GSCI CMDTY STGY | 0.95% | $2M | 48.3K |
| 12 | INVESCO EXCHANGE TRADED FD T | S&P MDCP MOMNTUM · HIG YLD EQ DIV · ZACKS MID CAP · DYNMC LRG VALU | 0.71% | $1M | 35.2K |
| 13 | FIBKFIRST INTST BANCSYSTEM INC | COM CL A | 0.52% | $1M | 24.4K |
| 14 | XLESELECT SECTOR SPDR TR | SBI HEALTHCARE · ENERGY · FINANCIAL | 0.49% | $963,000 | 15.1K |
| 15 | WISDOMTREE TR | US MIDCAP DIVID · US MIDCAP FUND · INTL EQUITY FD | 0.48% | $941,000 | 22.7K |
| 16 | HDHOME DEPOT INC | COM | 0.39% | $765,000 | 2.7K |
| 17 | AMZNAMAZON COM INC | COM | 0.31% | $598,000 | 5.3K |
| 18 | VANGUARD INDEX FDS | MID CAP ETF · SM CP VAL ETF | 0.30% | $588,000 | 3.4K |
| 19 | EBMTEAGLE BANCORP MONT INC | COM | 0.30% | $583,000 | 31.3K |
| 20 | PPGPPG INDS INC | COM | 0.28% | $557,000 | 5.0K |
| 21 | CALAMOS CONV & HIGH INCOME F | COM SHS | 0.27% | $525,000 | 48.9K |
| 22 | AXPAMERICAN EXPRESS CO | COM | 0.25% | $492,000 | 3.6K |
| 23 | CHVCHEVRON CORP NEW | COM | 0.22% | $433,000 | 2.8K |
| 24 | MSFTMICROSOFT CORP | COM | 0.22% | $428,000 | 1.9K |
| 25 | AMGNAMGEN INC | COM | 0.19% | $381,000 | 1.6K |
| 26 | SPDR DOW JONES INDL AVERAGE | UT SER 1 | 0.19% | $373,000 | 1.3K |
| 27 | PSAPUBLIC STORAGE | COM | 0.19% | $371,000 | 1.3K |
| 28 | VANGUARD WORLD FDS | INF TECH ETF | 0.17% | $326,000 | 1.1K |
| 29 | DEDEERE & CO | COM | 0.17% | $325,000 | 903 |
| 30 | FIRST TR EXCHANGE-TRADED FD | CAP STRENGTH ETF | 0.17% | $325,000 | 4.8K |
| 31 | VANGUARD WHITEHALL FDS | HIGH DIV YLD | 0.17% | $325,000 | 3.4K |
| 32 | COPCONOCOPHILLIPS | COM | 0.17% | $323,000 | 2.8K |
| 33 | UPSUNITED PARCEL SERVICE INC | CL B | 0.15% | $302,000 | 1.9K |
| 34 | ABBVABBVIE INC | COM | 0.15% | $299,000 | 2.2K |
| 35 | DFUVDIMENSIONAL ETF TRUST | US MKTWIDE VALUE | 0.15% | $296,000 | 9.7K |
| 36 | XPMAXPIONEER MUNICIPAL HIGH INCOM | COM | 0.15% | $293,000 | 37.7K |
| 37 | STAGSTAG INDL INC | COM | 0.15% | $286,000 | 10.7K |
| 38 | PFNPIMCO INCOME STRATEGY FD II | COM | 0.14% | $271,000 | 38.8K |
| 39 | NOCNORTHROP GRUMMAN CORP | COM | 0.13% | $262,000 | 521 |
| 40 | ADIANALOG DEVICES INC | COM | 0.13% | $251,000 | 1.8K |
| 41 | FIDELITY COVINGTON TRUST | MSCI INFO TECH I | 0.13% | $245,000 | 2.7K |
| 42 | JPMJPMORGAN CHASE & CO | COM | 0.11% | $222,000 | 2.1K |
| 43 | BMYBRISTOL-MYERS SQUIBB CO | COM | 0.11% | $218,000 | 3.2K |
| 44 | AVGOBROADCOM INC | COM | 0.11% | $215,000 | 492 |
| 45 | GQ9SPDR GOLD TR | GOLD SHS | 0.11% | $208,000 | 1.3K |
| 46 | NEENEXTERA ENERGY INC | COM | 0.10% | $203,000 | 2.6K |
| 47 | HYTBLACKROCK CORPOR HI YLD FD I | COM · RIGHT 10/13/2022 | 0.10% | $193,000 | 45.9K |
| 48 | FFORD MTR CO DEL | COM | 0.09% | $170,000 | 14.9K |
| 49 | SBCSABRA HEALTH CARE REIT INC | COM | 0.08% | $160,000 | 13.1K |
| 50 | INVESCO MUN OPPORTUNITY TR | COM | 0.05% | $94,000 | 10.3K |
| 51 | VIRTUS CONVERTIBLE & INCOME | COM | 0.03% | $66,000 | 20.2K |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q3 2024 | $278M | 125 | Oct 25, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q2 2024 | $272M | 122 | Jul 25, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q1 2024 | $253M | 117 | Apr 25, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q4 2023 | $252M | 114 | Jan 30, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q3 2023 | $215M | 95 | Oct 20, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q2 2023 | $229M | 98 | Aug 23, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q1 2023 | $222M | 98 | May 1, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q4 2022 | $220M | 106 | Feb 7, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q3 2022 | $196M | 103 | Oct 12, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q2 2022 | $210M | 114 | Jul 25, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q1 2022 | $222M | 124 | Apr 25, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q4 2021 | $238M | 137 | Jan 18, 2022 | 13F-HR | changes · EDGAR ↗ |
13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.