SEC 13F Intelligence

Managers / Q3 2024

TNF LLC

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

Reported Value
$278M
Q3 2024
Positions
125
Filings on Record
13
2019–present window
Filed
Oct 25, 2024
original filing

Summary

Tnf LLC reported $278M in U.S.-listed holdings across 125 positions for Q3 2024.

The portfolio is heavily concentrated: IVV alone accounts for 66.5% of reported value.

Compared with Q2 2024, the fund opened 6 new positions and exited 3.

Portfolio Metrics

Turnover
+2.3%
vs prior filed quarter
Top-10 Concentration
+88.2%
share of reported value
Largest Position
+66.5%
Ishares Tr
New / Exited
6 / 3
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
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: 88.8%Common Stock: 10.5%Closed-End Fund: 0.3%REIT: 0.3%Other: 0.0%
  • ETP · 88.8% · $246M
  • Common Stock · 10.5% · $29M
  • Closed-End Fund · 0.3% · $882,574
  • REIT · 0.3% · $831,911
  • Other · 0.0% · $83,747

Quarter-over-Quarter Changes full breakdown →

vs Q2 2024 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
UNPUNION PAC CORPNEW+1.2K1.2K+$275,105$275,105
DGROISHARES TRNEW+3.7K3.7K+$232,327$232,327
UPSUNITED PARCEL SERVICE INCNEW+1.6K1.6K+$214,418$214,418
VBRVANGUARD INDEX FDSNEW+1.0K1.0K+$209,145$209,145
IYFISHARES TRNEW+1.9K1.9K+$205,598$205,598
NRDSNERDWALLET INCNEW+14.0K14.0K+$153,860$153,860
AOAISHARES TRSOLD OUT−3.1K0−$230,127$0
SCHGSCHWAB STRATEGIC TRSOLD OUT−2.1K0−$210,623$0

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

Holdings — Q3 2024

65 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1IVVISHARES TRCORE S&P500 ETF · CORE TOTAL USD · MSCI USA QLT FCT · S&P 500 GRWT ETF · EAFE GRWTH ETF · MBS ETF · EAFE VALUE ETF · S&P 500 VAL ETF · U.S. TECH ETF · ESG AWR MSCI USA · 20 YR TR BD ETF · NATIONAL MUN ETF · HDG MSCI EAFE · US INFRASTRUC · US TREAS BD ETF · RUS TP200 GR ETF · CORE S&P SCP ETF · CORE MSCI TOTAL · JPMORGAN USD EMG · TIPS BD ETF · CORE S&P MCP ETF · TRS FLT RT BD · MSCI EAFE ETF · IBOXX INV CP ETF · GLOBAL TECH ETF · MSCI USA VALUE · RUS 1000 GRW ETF · MSCI USA MIN VOL · MORNINGSTAR GRWT · SELECT DIVID ETF · U.S. MED DVC ETF · S&P MC 400VL ETF · S&P MC 400GR ETF · RUS MD CP GR ETF · CORE HIGH DV ETF · CONV BD ETF · S&P 100 ETF · SHRT NAT MUN ETF · RUS 2000 VAL ETF · MSCI USA MMENTM · RUSSELL 2000 ETF · 10-20 YR TRS ETF · GLOBAL ENERG ETF · CORE US AGGBD ET · CORE DIV GRWTH · U.S. FINLS ETF66.52%$185M1.79M
2SPYMSPDR SER TRhistory →PORTFOLIO S&P5005.21%$14M212.3K
3DYNFBLACKROCK ETF TRUSThistory →US EQT FACTOR4.28%$12M234.9K
4IEMGISHARES INCCORE MSCI EMKT · MSCI EMRG CHN · ESG AWR MSCI EM3.46%$10M168.7K
5MRKMERCK & CO INChistory →COM2.28%$6M59.7K
6SCHZSCHWAB STRATEGIC TRhistory →US AGGREGATE B1.89%$5M226.5K
7AAPLAPPLE INChistory →COM1.67%$5M20.0K
8BINCBLACKROCK ETF TRUST IIFLEXIBLE INCOME1.00%$3M52.5K
9SPYSPDR S&P 500 ETF TRTR UNIT0.97%$3M4.6K
10QQQINVESCO QQQ TRUNIT SER 10.96%$3M5.4K
11VTVVANGUARD INDEX FDSVALUE ETF · MID CAP ETF · S&P 500 ETF SHS · GROWTH ETF · SM CP VAL ETF0.92%$3M10.1K
12EXMOCEXXON MOBIL CORPCOM0.89%$2M20.6K
13JHMLJOHN HANCOCK EXCHANGE TRADEDMLTFCTR LRG CAP · MULTI INTL ETF · MULTIFACTOR MI · MULTFCTR EMRNG0.84%$2M47.6K
14XMMOINVESCO EXCHANGE TRADED FD TS&P MDCP MOMNTUM · ZACKS MID CAP · HIG YLD EQ DIV0.56%$2M28.5K
15AMZNAMAZON COM INCCOM0.47%$1M7.1K
16XLVSELECT SECTOR SPDR TRSBI HEALTHCARE · COMMUNICATION · SBI CONS DISCR · INDL0.47%$1M10.1K
17NVDANVIDIA CORPORATIONCOM0.40%$1M7.8K
18HDHOME DEPOT INCCOM0.39%$1M2.7K
19MSFTMICROSOFT CORPCOM0.35%$982,8992.3K
20BRK/BBERKSHIRE HATHAWAY INC DELCL B NEW0.34%$938,8862.1K
21GIGBGOLDMAN SACHS ETF TRACCESS INVT GR0.31%$858,98318.6K
22FIBKFIRST INTST BANCSYSTEM INCCOM0.29%$812,28025.4K
23COSTCOSTCO WHSL CORP NEWCOM0.29%$793,461888
24AVGOBROADCOM INCCOM0.26%$717,9324.2K
25AXPAMERICAN EXPRESS COCOM0.25%$696,3992.6K
26DFUVDIMENSIONAL ETF TRUSTUS MKTWIDE VALUE · WORLD EX US CORE0.24%$659,01918.8K
27PPGPPG INDS INCCOM0.23%$642,1805.0K
28EBMTEAGLE BANCORP MONT INCCOM0.23%$629,74537.9K
29VGTVANGUARD WORLD FDINF TECH ETF0.22%$612,3011.0K
30CSCOCISCO SYS INCCOM0.20%$568,27410.2K
31FTECFIDELITY COVINGTON TRUSTMSCI INFO TECH I0.19%$521,8172.9K
32DIASPDR DOW JONES INDL AVERAGEUT SER 10.18%$509,0231.2K
33DONWISDOMTREE TRUS MIDCAP DIVID0.16%$446,1348.7K
34AMGNAMGEN INCCOM0.16%$435,7201.4K
35VYMVANGUARD WHITEHALL FDSHIGH DIV YLD0.15%$425,2803.3K
36CVXCHEVRON CORP NEWCOM0.15%$412,9452.7K
37DEDEERE & COCOM0.15%$412,3031.0K
38TSLATESLA INCCOM0.13%$374,3101.4K
39STAGSTAG INDL INCCOM0.13%$369,6689.8K
40ADIANALOG DEVICES INCCOM0.13%$366,3091.6K
41TJXTJX COS INC NEWCOM0.13%$352,8783.1K
42JPMJPMORGAN CHASE & CO.COM0.12%$336,3691.5K
43GLDSPDR GOLD TRGOLD SHS0.11%$312,2081.2K
44XPMAXPIONEER MUNICIPAL HIGH INCOMCOM0.11%$309,62936.2K
45ABBVABBVIE INCCOM0.10%$286,4521.5K
46AMPAMERIPRISE FINL INCCOM0.10%$286,060567
47UNPUNION PAC CORPCOM0.10%$275,1051.2K
48IBMINTERNATIONAL BUSINESS MACHSCOM0.10%$264,4701.2K
49PSAPUBLIC STORAGE OPER COCOM0.09%$260,433770
50COPCONOCOPHILLIPSCOM0.09%$259,8302.5K
51QCOMQUALCOMM INCCOM0.09%$256,5211.5K
52PFNPIMCO INCOME STRATEGY FD IICOM0.09%$255,28734.2K
53BNDVANGUARD BD INDEX FDSTOTAL BND MRKT0.09%$254,2503.5K
54GOOGALPHABET INCCAP STK CL C0.09%$242,8621.5K
55BDXBECTON DICKINSON & COCOM0.08%$226,689950
56WMWASTE MGMT INC DELCOM0.08%$215,3861.0K
57UPSUNITED PARCEL SERVICE INCCL B0.08%$214,4181.6K
58VEAVANGUARD TAX-MANAGED FDSVAN FTSE DEV MKT0.08%$208,4744.1K
59SBRASABRA HEALTH CARE REIT INCCOM0.07%$201,81010.6K
60XCHYXCALAMOS CONV & HIGH INCOME FCOM SHS0.07%$195,29116.2K
61FFORD MTR COCOM0.06%$163,64214.6K
62NRDSNERDWALLET INCCOM CL A0.06%$153,86014.0K
63HYTBLACKROCK CORPOR HI YLD FD ICOM0.04%$122,36712.5K
64VIRTUS CONVERTIBLE & INCOMECOM0.02%$58,55516.9K
65BARK INCCOM0.01%$25,19218.1K

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 ↗.