SEC 13F Intelligence

Managers / Q2 2023 · view latest →

TNF LLC

CIK 0001849683 · 3178 GABEL ROAD, BILLINGS, MT, 59102 · 406 294-5000

Reported Value
$229M
Q2 2023
Positions
98
Filings on Record
13
2019–present window
Filed
Aug 23, 2023
original filing

Summary

Tnf LLC reported $229M in U.S.-listed holdings across 98 positions for Q2 2023.

Its largest position, Ishares Tr, represents 15.6% of the portfolio.

Compared with Q1 2023, the fund opened 1 new position and exited 1.

Portfolio Metrics

Turnover
+0.9%
vs prior filed quarter
Top-10 Concentration
+66.4%
share of reported value
Largest Position
+15.6%
Ishares Tr
New / Exited
1 / 1
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. 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
Q4 ’21: $238MQ4 ’21Q1 ’22: $222MQ2 ’22: $210MQ2 ’22Q3 ’22: $196MQ4 ’22: $220MQ4 ’22Q1 ’23: $222MQ2 ’23: $229MQ2 ’23Q3 ’23: $215MQ4 ’23: $252MQ4 ’23Q1 ’24: $253MQ2 ’24: $272MQ2 ’24Q3 ’24: $278Mfilingsflow.com

Portfolio Composition

By security type
ETP: 90.9%Common Stock: 8.3%Closed-End Fund: 0.5%REIT: 0.3%Other: 0.0%
  • ETP · 90.9% · $208M
  • Common Stock · 8.3% · $19M
  • Closed-End Fund · 0.5% · $1M
  • REIT · 0.3% · $758,426
  • Other · 0.0% · $65,684

Quarter-over-Quarter Changes full breakdown →

vs Q1 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
CSCOCISCO SYS INCNEW+3.9K3.9K+$203,131$203,131
VANECK ETF TRUSTSOLD OUT−7.2K0−$200,768$0
SCHWAB STRATEGIC TRTRIMMED−9244.2K−$54,163$220,345
ISHARES TRTRIMMED−6825.0K−$37,287$251,390
ISHARES TRTRIMMED−8898.2K−$37,754$338,232
STAGSTAG INDL INCTRIMMED−8759.8K−$9,984$350,799
PFNPIMCO INCOME STRATEGY FD IITRIMMED−2.7K35.9K−$12,307$258,911
ISHARES TRTRIMMED−2122.9K−$726$220,367

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q2 2023

21 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1TLHISHARES TRCORE S&P500 ETF · CORE TOTAL USD · ESG AWR MSCI USA · EAFE GRWTH ETF · 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 · RUS TP200 GR ETF · JPMORGAN USD EMG · MSCI USA VALUE · MSCI EAFE ETF · CORE S&P MCP ETF · SHRT NAT MUN ETF · TIPS BD ETF · GLOBAL TECH ETF · IBOXX INV CP ETF · CORE MSCI TOTAL · CORE HIGH DV ETF · U.S. MED DVC ETF · SELECT DIVID ETF70.19%$161M2.09M
2SPDR SER TRPORTFOLIO S&P5006.79%$16M298.4K
3ESGEISHARES INCCORE MSCI EMKT · ESG AWR MSCI EM · MSCI EMERG MRKT4.09%$9M199.0K
4SCHWAB STRATEGIC TRUS AGGREGATE B3.39%$8M168.5K
5MRKMERCK & CO INChistory →COM2.04%$5M40.6K
6AAPLAPPLE INChistory →COM1.52%$3M17.9K
7EXMOCEXXON MOBIL CORPhistory →COM1.06%$2M22.7K
8SPDR S&P 500 ETF TRTR UNIT0.92%$2M4.7K
9NDQINVESCO QQQ TRUNIT SER 10.91%$2M5.7K
10HDHOME DEPOT INCCOM0.36%$830,2802.7K
11AMZNAMAZON COM INCCOM0.33%$745,7905.7K
12PPGPPG INDS INCCOM0.33%$745,2085.0K
13MSFTMICROSOFT CORPCOM0.26%$587,6841.7K
14FIBKFIRST INTST BANCSYSTEM INCCOM0.25%$583,61924.5K
15JOHN HANCOCK EXCHANGE TRADEDMLTFCTR LRG CAP0.21%$485,0638.8K
16EBMTEAGLE BANCORP MONT INCCOM0.21%$480,63336.3K
17SELECT SECTOR SPDR TRSBI HEALTHCARE0.20%$460,7063.5K
18VANGUARD INDEX FDSMID CAP ETF0.20%$456,8682.1K
19VANGUARD WORLD FDSINF TECH ETF0.20%$451,8881.0K
20AXPAMERICAN EXPRESS COCOM0.20%$448,5652.6K
21INVESCO EXCHANGE TRADED FD TS&P MDCP MOMNTUM0.19%$445,0735.6K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q3 2024$278M125Oct 25, 202413F-HRchanges · EDGAR ↗
Q2 2024$272M122Jul 25, 202413F-HRchanges · EDGAR ↗
Q1 2024$253M117Apr 25, 202413F-HRchanges · EDGAR ↗
Q4 2023$252M114Jan 30, 202413F-HRchanges · EDGAR ↗
Q3 2023$215M95Oct 20, 202313F-HRchanges · EDGAR ↗
Q2 2023$229M98Aug 23, 202313F-HRchanges · EDGAR ↗
Q1 2023$222M98May 1, 202313F-HRchanges · EDGAR ↗
Q4 2022$220M106Feb 7, 202313F-HRchanges · EDGAR ↗
Q3 2022$196M103Oct 12, 202213F-HRchanges · EDGAR ↗
Q2 2022$210M114Jul 25, 202213F-HRchanges · EDGAR ↗
Q1 2022$222M124Apr 25, 202213F-HRchanges · EDGAR ↗
Q4 2021$238M137Jan 18, 202213F-HRchanges · 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 ↗.