SEC 13F Intelligence

Managers / Q4 2023 · view latest →

TNF LLC

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

Reported Value
$252M
Q4 2023
Positions
114
Filings on Record
13
2019–present window
Filed
Jan 30, 2024
original filing

Summary

Tnf LLC reported $252M in U.S.-listed holdings across 114 positions for Q4 2023.

Its largest position, Ishares Tr, represents 19.9% of the portfolio.

Compared with Q3 2023, the fund opened 21 new positions and exited 2.

Portfolio Metrics

Turnover
+2.9%
vs prior filed quarter
Top-10 Concentration
+62.1%
share of reported value
Largest Position
+19.9%
Ishares Tr
New / Exited
21 / 2
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: 90.5%Common Stock: 8.8%Closed-End Fund: 0.4%REIT: 0.3%Other: 0.0%
  • ETP · 90.5% · $228M
  • Common Stock · 8.8% · $22M
  • Closed-End Fund · 0.4% · $893,549
  • REIT · 0.3% · $782,180
  • Other · 0.0% · $75,669

Quarter-over-Quarter Changes full breakdown →

vs Q3 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
ISHARES TRNEW+14.7K14.7K+$3M$3M
ISHARES INCNEW+23.2K23.2K+$1M$1M
ISHARES TRNEW+29.9K29.9K+$1M$1M
VTVVANGUARD INDEX FDSNEW+4.6K4.6K+$704,237$704,237
ISHARES TRNEW+1.6K1.6K+$516,721$516,721
NVDANVIDIA CORPORATIONNEW+773773+$482,943$482,943
ISHARES TRNEW+4.4K4.4K+$354,733$354,733
VANGUARD INDEX FDSNEW+774774+$349,489$349,489

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

Holdings — Q4 2023

19 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1ISHARES TRCORE S&P500 ETF · CORE TOTAL USD · MSCI USA QLT FCT · EAFE VALUE ETF · ESG AWR MSCI USA · EAFE GRWTH ETF · MBS ETF · TRS FLT RT BD · U.S. TECH ETF · 20 YR TR BD ETF · NATIONAL MUN ETF · S&P 500 GRWT ETF · S&P 100 ETF · US TREAS BD ETF · MSCI USA MIN VOL · IBOXX INV CP ETF · CORE S&P SCP ETF · TIPS BD ETF · US INFRASTRUC · GLOBAL ENERG ETF · CORE MSCI TOTAL · RUS TP200 GR ETF · CORE S&P MCP ETF · MSCI EAFE ETF · JPMORGAN USD EMG · GLOBAL TECH ETF · MSCI USA VALUE · SHRT NAT MUN ETF68.82%$173M1.82M
2SPDR SER TRPORTFOLIO S&P5008.02%$20M349.9K
3ESGEISHARES INCCORE MSCI EMKT · MSCI EMRG CHN · ESG AWR MSCI EM3.08%$8M166.3K
4SCHWAB STRATEGIC TRUS AGGREGATE B · 5 10YR CORP BD2.94%$7M161.1K
5MRKMERCK & CO INChistory →COM1.79%$5M37.2K
6AAPLAPPLE INChistory →COM1.55%$4M20.4K
7NDQINVESCO QQQ TRUNIT SER 10.95%$2M5.6K
8SPDR S&P 500 ETF TRTR UNIT0.92%$2M4.7K
9EXMOCEXXON MOBIL CORPCOM0.92%$2M22.4K
10VTVVANGUARD INDEX FDSVALUE ETF · MID CAP ETF0.53%$1M7.4K
11AMZNAMAZON COM INCCOM0.47%$1M7.3K
12HDHOME DEPOT INCCOM0.39%$983,6312.8K
13JOHN HANCOCK EXCHANGE TRADEDMLTFCTR LRG CAP0.34%$856,93514.2K
14MSFTMICROSOFT CORPCOM0.34%$852,1942.1K
15FIBKFIRST INTST BANCSYSTEM INCCOM0.29%$722,77124.6K
16PPGPPG INDS INCCOM0.29%$721,0145.0K
17EBMTEAGLE BANCORP MONT INCCOM0.22%$564,23337.9K
18INVESCO EXCHANGE TRADED FD TS&P MDCP MOMNTUM0.21%$524,8875.6K
19AVGOBROADCOM INCCOM0.21%$524,341431

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 ↗.