Managers / Q1 2023 · view latest →
TNF LLC
CIK 0001849683 · 3178 GABEL ROAD, BILLINGS, MT, 59102 · 406 294-5000
Summary
Tnf LLC reported $222M in U.S.-listed holdings across 98 positions for Q1 2023.
Its largest position, Ishares Tr, represents 15.1% of the portfolio.
Compared with Q4 2022, the fund opened 2 new positions and exited 10.
Portfolio Metrics
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. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.
Reported Value by Quarter
Portfolio Composition
- ETP · 90.9% · $202M
- Common Stock · 8.2% · $18M
- Closed-End Fund · 0.5% · $1M
- REIT · 0.3% · $766,260
- Other · 0.0% · $64,794
Quarter-over-Quarter Changes full breakdown →
vs Q4 2022 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| ISHARES TR | NEW | +96.0K | 96.0K | +$12M | $12M |
| JOHN HANCOCK EXCHANGE TRADED | NEW | +7.2K | 7.2K | +$228,107 | $228,107 |
| ISHARES TR | SOLD OUT | −5.7K | 0 | −$422,489 | $0 |
| WISDOMTREE TR | SOLD OUT | −6.5K | 0 | −$353,088 | $0 |
| ISHARES TR | SOLD OUT | −7.3K | 0 | −$329,384 | $0 |
| FIRST TR EXCHANGE-TRADED FD | SOLD OUT | −4.2K | 0 | −$316,313 | $0 |
| XLFSELECT SECTOR SPDR TR | SOLD OUT | −8.3K | 0 | −$301,858 | $0 |
| BMYBRISTOL-MYERS SQUIBB CO | SOLD OUT | −3.2K | 0 | −$237,304 | $0 |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q1 2023
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | TLHISHARES TR | CORE S&P500 ETF · CORE TOTAL USD · EAFE GRWTH ETF · ESG AWR MSCI USA · MSCI USA QLT FCT · US TREAS BD ETF · MBS ETF · EAFE VALUE ETF · U.S. TECH ETF · NATIONAL MUN ETF · MSCI USA MIN VOL · 10-20 YR TRS ETF · CORE S&P SCP ETF · US INFRASTRUC · FALN ANGLS USD · JPMORGAN USD EMG · MSCI USA VALUE · MSCI EAFE ETF · RUS TP200 GR ETF · CORE S&P MCP ETF · TIPS BD ETF · SHRT NAT MUN ETF · IBOXX INV CP ETF · GLOBAL TECH ETF · CORE MSCI TOTAL · CORE HIGH DV ETF · U.S. MED DVC ETF · SELECT DIVID ETF · 20 YR TR BD ETF | 70.41% | $157M | 2.07M |
| 2 | SPDR SER TR | PORTFOLIO S&P500 | 6.40% | $14M | 291.1K |
| 3 | ESGEISHARES INC | CORE MSCI EMKT · ESG AWR MSCI EM · MSCI EMERG MRKT | 4.16% | $9M | 198.5K |
| 4 | SCHWAB STRATEGIC TR | US AGGREGATE B | 3.59% | $8M | 169.5K |
| 5 | MRKMERCK & CO INChistory → | COM | 2.11% | $5M | 40.6K |
| 6 | AAPLAPPLE INChistory → | COM | 1.37% | $3M | 17.9K |
| 7 | EXMOCEXXON MOBIL CORPhistory → | COM | 1.22% | $3M | 23.0K |
| 8 | SPDR S&P 500 ETF TR | TR UNIT | 0.89% | $2M | 4.7K |
| 9 | NDQINVESCO QQQ TR | UNIT SER 1 | 0.82% | $2M | 5.7K |
| 10 | HDHOME DEPOT INC | COM | 0.36% | $803,099 | 2.7K |
| 11 | PPGPPG INDS INC | COM | 0.32% | $704,807 | 5.0K |
| 12 | FIBKFIRST INTST BANCSYSTEM INC | COM CL A | 0.28% | $626,705 | 24.5K |
| 13 | AMZNAMAZON COM INC | COM | 0.27% | $608,025 | 5.8K |
| 14 | MSFTMICROSOFT CORP | COM | 0.24% | $530,015 | 1.7K |
| 15 | EBMTEAGLE BANCORP MONT INC | COM | 0.23% | $520,231 | 36.3K |
| 16 | SELECT SECTOR SPDR TR | SBI HEALTHCARE | 0.21% | $471,494 | 3.5K |
| 17 | JOHN HANCOCK EXCHANGE TRADED | MLTFCTR LRG CAP | 0.21% | $461,645 | 8.8K |
| 18 | CHVCHEVRON CORP NEW | COM | 0.21% | $460,866 | 2.7K |
| 19 | VANGUARD INDEX FDS | MID CAP ETF | 0.21% | $460,664 | 2.2K |
| 20 | ISHARES U S ETF TR | GSCI CMDTY STGY | 0.21% | $458,236 | 17.2K |
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 ↗.