# TNF LLC

> Institutional holdings reported to the SEC as of Q3 2024 on Form 13F. CIK 1849683. Source: https://holderbook.com/funds/1849683-tnf-llc/

- Reported value: $277.5M
- Positions: 125
- Weight of the ten largest: 59.7%
- Filed: 2024-10-25

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $48.2M | 82,899 | 17.4% | 13 |
| ISHARES TR | [IUSB](https://holderbook.com/stocks/IUSB/) | $25.6M | 556,013 | 9.2% | 13 |
| ISHARES TR | [QUAL](https://holderbook.com/stocks/QUAL/) | $14.7M | 81,688 | 5.3% | 7 |
| SPDR SERIES TRUST | [SPYM](https://holderbook.com/stocks/SPYM/) | $14.5M | 212,323 | 5.2% | 13 |
| ISHARES TR | [IVW](https://holderbook.com/stocks/IVW/) | $14.5M | 148,921 | 5.2% | 5 |
| ISHARES TR | [EFG](https://holderbook.com/stocks/EFG/) | $13.2M | 128,626 | 4.8% | 13 |
| BLACKROCK ETF TRUST | [DYNF](https://holderbook.com/stocks/DYNF/) | $11.9M | 234,930 | 4.3% | 3 |
| ISHARES TR | [MBB](https://holderbook.com/stocks/MBB/) | $8.0M | 86,108 | 2.9% | 13 |
| ISHARES TR | [EFV](https://holderbook.com/stocks/EFV/) | $7.8M | 140,022 | 2.8% | 13 |
| ISHARES TR | [IVE](https://holderbook.com/stocks/IVE/) | $7.4M | 37,591 | 2.7% | 3 |
| ISHARES TR | [IYW](https://holderbook.com/stocks/IYW/) | $7.1M | 46,286 | 2.6% | 8 |
| ISHARES TR | [ESGU](https://holderbook.com/stocks/ESGU/) | $6.7M | 52,753 | 2.4% | 13 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $6.3M | 59,724 | 2.3% | 13 |
| ISHARES INC | [IEMG](https://holderbook.com/stocks/IEMG/) | $5.6M | 99,733 | 2.0% | 13 |
| SCHWAB STRATEGIC TR | [SCHZ](https://holderbook.com/stocks/SCHZ/) | $5.2M | 226,457 | 1.9% | 11 |
| ISHARES TR | [TLT](https://holderbook.com/stocks/TLT/) | $4.8M | 51,280 | 1.7% | 13 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $4.6M | 20,041 | 1.7% | 13 |
| ISHARES INC | [EMXC](https://holderbook.com/stocks/EMXC/) | $3.7M | 62,127 | 1.3% | 4 |
| ISHARES TR | [MUB](https://holderbook.com/stocks/MUB/) | $3.1M | 28,899 | 1.1% | 13 |
| BLACKROCK ETF TRUST II | [BINC](https://holderbook.com/stocks/BINC/) | $2.8M | 52,524 | 1.0% | 3 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $2.7M | 4,633 | 1.0% | 13 |
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $2.7M | 5,404 | 1.0% | 13 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $2.5M | 20,553 | 0.9% | 13 |
| ISHARES TR | [HEFA](https://holderbook.com/stocks/HEFA/) | $1.8M | 50,650 | 0.6% | 2 |
| ISHARES TR | [IFRA](https://holderbook.com/stocks/IFRA/) | $1.6M | 34,631 | 0.6% | 10 |
| ISHARES TR | [GOVT](https://holderbook.com/stocks/GOVT/) | $1.5M | 65,132 | 0.5% | 13 |
| ISHARES TR | [IWY](https://holderbook.com/stocks/IWY/) | $1.3M | 6,037 | 0.5% | 13 |
| ISHARES TR | [IJR](https://holderbook.com/stocks/IJR/) | $1.3M | 11,558 | 0.5% | 13 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $1.3M | 7,071 | 0.5% | 13 |
| JOHN HANCOCK EXCHANGE TRADED | [JHML](https://holderbook.com/stocks/JHML/) | $1.2M | 17,871 | 0.4% | 8 |
| ISHARES TR | [IXUS](https://holderbook.com/stocks/IXUS/) | $1.2M | 17,494 | 0.4% | 13 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $1.1M | 7,829 | 0.4% | 4 |
| ISHARES TR | [EMB](https://holderbook.com/stocks/EMB/) | $1.1M | 11,991 | 0.4% | 13 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $1.1M | 2,679 | 0.4% | 13 |
| ISHARES TR | [TIP](https://holderbook.com/stocks/TIP/) | $1.1M | 9,816 | 0.4% | 13 |
| ISHARES TR | [IJH](https://holderbook.com/stocks/IJH/) | $1.0M | 16,210 | 0.4% | 13 |
| ISHARES TR | [TFLO](https://holderbook.com/stocks/TFLO/) | $1.0M | 19,894 | 0.4% | 5 |
| ISHARES TR | [EFA](https://holderbook.com/stocks/EFA/) | $1.0M | 12,514 | 0.4% | 13 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $982.9K | 2,314 | 0.4% | 13 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $938.9K | 2,051 | 0.3% | 2 |
| GOLDMAN SACHS ETF TR | [GIGB](https://holderbook.com/stocks/GIGB/) | $859.0K | 18,629 | 0.3% | 2 |
| VANGUARD INDEX FDS | [VTV](https://holderbook.com/stocks/VTV/) | $812.5K | 4,647 | 0.3% | 4 |
| FIRST INTST BANCSYSTEM INC | [FIBK](https://holderbook.com/stocks/FIBK/) | $812.3K | 25,376 | 0.3% | 13 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $793.5K | 888 | 0.3% | 4 |
| ISHARES TR | [LQD](https://holderbook.com/stocks/LQD/) | $744.7K | 6,797 | 0.3% | 13 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $717.9K | 4,190 | 0.3% | 13 |
| AMERICAN EXPRESS CO | [AXP](https://holderbook.com/stocks/AXP/) | $696.4K | 2,579 | 0.3% | 13 |
| ISHARES TR | [IXN](https://holderbook.com/stocks/IXN/) | $693.4K | 8,363 | 0.2% | 13 |
| INVESCO EXCHANGE TRADED FD T | [XMMO](https://holderbook.com/stocks/XMMO/) | $681.9K | 5,597 | 0.2% | 13 |
| PPG INDS INC | [PPG](https://holderbook.com/stocks/PPG/) | $642.2K | 5,047 | 0.2% | 13 |
| VANGUARD INDEX FDS | [VO](https://holderbook.com/stocks/VO/) | $638.4K | 2,398 | 0.2% | 13 |
| ISHARES TR | [VLUE](https://holderbook.com/stocks/VLUE/) | $630.1K | 5,779 | 0.2% | 13 |
| EAGLE BANCORP MONT INC | [EBMT](https://holderbook.com/stocks/EBMT/) | $629.7K | 37,868 | 0.2% | 13 |
| ISHARES TR | [IWF](https://holderbook.com/stocks/IWF/) | $619.8K | 1,626 | 0.2% | 4 |
| ISHARES TR | [USMV](https://holderbook.com/stocks/USMV/) | $615.9K | 6,725 | 0.2% | 13 |
| VANGUARD WORLD FD | [VGT](https://holderbook.com/stocks/VGT/) | $612.3K | 1,022 | 0.2% | 13 |
| ISHARES TR | [ILCG](https://holderbook.com/stocks/ILCG/) | $589.5K | 6,875 | 0.2% | 13 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $568.3K | 10,155 | 0.2% | 6 |
| FIDELITY COVINGTON TRUST | [FTEC](https://holderbook.com/stocks/FTEC/) | $521.8K | 2,929 | 0.2% | 13 |
| STATE STR SPDR DOW JONES IND | [DIA](https://holderbook.com/stocks/DIA/) | $509.0K | 1,201 | 0.2% | 13 |
| JOHN HANCOCK EXCHANGE TRADED | [JHMD](https://holderbook.com/stocks/JHMD/) | $508.6K | 15,021 | 0.2% | 7 |
| ISHARES TR | [DVY](https://holderbook.com/stocks/DVY/) | $497.8K | 3,685 | 0.2% | 13 |
| VANGUARD INDEX FDS | [VOO](https://holderbook.com/stocks/VOO/) | $479.8K | 901 | 0.2% | 4 |
| INVESCO EXCHANGE TRADED FD T | [CZA](https://holderbook.com/stocks/CZA/) | $473.2K | 4,342 | 0.2% | 13 |
| DIMENSIONAL ETF TRUST | [DFUV](https://holderbook.com/stocks/DFUV/) | $447.5K | 10,674 | 0.2% | 10 |
| WISDOMTREE TR | [DON](https://holderbook.com/stocks/DON/) | $446.1K | 8,688 | 0.2% | 13 |
| AMGEN INC | [AMGN](https://holderbook.com/stocks/AMGN/) | $435.7K | 1,380 | 0.2% | 13 |
| ISHARES TR | [IHI](https://holderbook.com/stocks/IHI/) | $430.2K | 7,252 | 0.2% | 13 |
| VANGUARD WHITEHALL FDS | [VYM](https://holderbook.com/stocks/VYM/) | $425.3K | 3,285 | 0.2% | 13 |
| SELECT SECTOR SPDR TR | [XLV](https://holderbook.com/stocks/XLV/) | $419.2K | 2,806 | 0.2% | 13 |
| VANGUARD INDEX FDS | [VUG](https://holderbook.com/stocks/VUG/) | $418.9K | 1,072 | 0.2% | 4 |
| ISHARES TR | [IJJ](https://holderbook.com/stocks/IJJ/) | $416.2K | 3,345 | 0.1% | 8 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $412.9K | 2,745 | 0.1% | 13 |
| DEERE & CO | [DE](https://holderbook.com/stocks/DE/) | $412.3K | 1,003 | 0.1% | 13 |
| ISHARES TR | [IJK](https://holderbook.com/stocks/IJK/) | $405.6K | 4,430 | 0.1% | 4 |
| INVESCO EXCHANGE TRADED FD T | [PEY](https://holderbook.com/stocks/PEY/) | $405.5K | 18,610 | 0.1% | 13 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $374.3K | 1,437 | 0.1% | 2 |
| SELECT SECTOR SPDR TR | [XLC](https://holderbook.com/stocks/XLC/) | $371.6K | 4,101 | 0.1% | 5 |
| ISHARES TR | [IWP](https://holderbook.com/stocks/IWP/) | $371.6K | 3,083 | 0.1% | 13 |
| STAG INDUSTRIAL INC | [STAG](https://holderbook.com/stocks/STAG/) | $369.7K | 9,777 | 0.1% | 13 |
| ANALOG DEVICES INC | [ADI](https://holderbook.com/stocks/ADI/) | $366.3K | 1,595 | 0.1% | 13 |
| ISHARES TR | [HDV](https://holderbook.com/stocks/HDV/) | $362.3K | 3,054 | 0.1% | 13 |
| TJX COS INC NEW | [TJX](https://holderbook.com/stocks/TJX/) | $352.9K | 3,090 | 0.1% | 8 |
| ISHARES TR | [ICVT](https://holderbook.com/stocks/ICVT/) | $349.2K | 4,142 | 0.1% | 2 |
| ISHARES TR | [OEF](https://holderbook.com/stocks/OEF/) | $344.9K | 1,230 | 0.1% | 4 |
| ISHARES TR | [SUB](https://holderbook.com/stocks/SUB/) | $340.4K | 3,225 | 0.1% | 13 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $336.4K | 1,495 | 0.1% | 13 |
| ISHARES TR | [IWN](https://holderbook.com/stocks/IWN/) | $333.7K | 2,013 | 0.1% | 4 |
| JOHN HANCOCK EXCHANGE TRADED | [JHMM](https://holderbook.com/stocks/JHMM/) | $320.5K | 5,318 | 0.1% | 4 |
| SPDR GOLD TR | [GLD](https://holderbook.com/stocks/GLD/) | $312.2K | 1,235 | 0.1% | 9 |
| PIONEER MUNICIPAL HIGH INCOM | [MAV](https://holderbook.com/stocks/MAV/) | $309.6K | 36,214 | 0.1% | 13 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $286.5K | 1,510 | 0.1% | 13 |
| AMERIPRISE FINL INC | [AMP](https://holderbook.com/stocks/AMP/) | $286.1K | 567 | 0.1% | 4 |
| SELECT SECTOR SPDR TR | [XLY](https://holderbook.com/stocks/XLY/) | $276.8K | 1,383 | 0.1% | 3 |
| UNION PAC CORP | [UNP](https://holderbook.com/stocks/UNP/) | $275.1K | 1,192 | 0.1% | 1 |
| ISHARES TR | [MTUM](https://holderbook.com/stocks/MTUM/) | $269.5K | 1,302 | 0.1% | 8 |
| ISHARES TR | [IWM](https://holderbook.com/stocks/IWM/) | $267.2K | 1,216 | 0.1% | 13 |
| ISHARES TR | [TLH](https://holderbook.com/stocks/TLH/) | $266.4K | 2,559 | 0.1% | 13 |
| INTERNATIONAL BUSINESS MACHS | [IBM](https://holderbook.com/stocks/IBM/) | $264.5K | 1,211 | 0.1% | 4 |
| ISHARES TR | [IXC](https://holderbook.com/stocks/IXC/) | $264.3K | 6,433 | 0.1% | 4 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q3 2024 | +4.8% | +5.4% | -0.6% | 100% |
| Q2 2024 | +1.9% | +4.0% | -2.1% | 103% |
| Q1 2024 | +6.2% | +10.0% | -3.8% | 98% |
| Q4 2023 | +8.9% | +11.2% | -2.3% | 101% |
| Q3 2023 | -4.1% | -3.6% | -0.5% | 100% |
| Q2 2023 | +4.0% | +8.3% | -4.3% | 99% |
| Q1 2023 | +5.1% | +7.0% | -2.0% | 95% |
| Q4 2022 | +6.5% | +7.1% | -0.5% | 99% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q3 2024 | $277.5M | 125 |
| Q2 2024 | $271.5M | 122 |
| Q1 2024 | $252.6M | 117 |
| Q4 2023 | $252.0M | 114 |
| Q3 2023 | $215.4M | 95 |
| Q2 2023 | $229.2M | 98 |
| Q1 2023 | $222.3M | 98 |
| Q4 2022 | $219.8M | 106 |
| Q3 2022 | $195.6M | 102 |
| Q2 2022 | $209.5M | 114 |
| Q1 2022 | $221.9M | 124 |
| Q4 2021 | $238.4M | 137 |