Q2 2024 · 13F-HR
True North Advisors, LLCholdings as filed
Filed 2024-08-12 · accession 0001172661-24-003252
$374.3M
Reported value
198
Positions
2024-06-30
Period end
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 526107107 | LII | LENNOX INTL INC | $100.9M | 27.0% | 188,698 | Common | NONE |
| 084670702 | BRK/B | BERKSHIRE HATHAWAY INC DEL | $35.1M | 9.36% | 86,161 | Common | NONE |
| 037833100 | AAPL | APPLE INC | $25.3M | 6.75% | 119,910 | Common | NONE |
| 594918104 | MSFT | MICROSOFT CORP | $12.9M | 3.46% | 28,964 | Common | NONE |
| 02079K107 | GOOG | ALPHABET INC | $7.3M | 1.94% | 39,629 | Common | NONE |
| 464287614 | IWF | ISHARES TR | $5.7M | 1.52% | 15,610 | Common | NONE |
| 02079K305 | GOOGL | ALPHABET INC | $5.6M | 1.50% | 30,793 | Common | NONE |
| 22160K105 | COST | COSTCO WHSL CORP NEW | $5.3M | 1.41% | 6,207 | Common | NONE |
| 260557103 | DOW | DOW INC | $5.2M | 1.38% | 97,334 | Common | NONE |
| 78462F103 | SPY | SPDR S&P 500 ETF TR | $5.0M | 1.32% | 9,108 | Common | NONE |
| 097023105 | BA | BOEING CO | $5.0M | 1.32% | 27,228 | Common | NONE |
| 30231G102 | XOM | EXXON MOBIL CORP | $4.6M | 1.22% | 39,751 | Common | NONE |
| 670928100 | NUV | NUVEEN MUN VALUE FD INC | $4.4M | 1.18% | 510,937 | Common | NONE |
| 88262P102 | TPL | TEXAS PACIFIC LAND CORPORATI | $3.9M | 1.04% | 5,318 | Common | NONE |
| 03769M106 | APO | APOLLO GLOBAL MGMT INC | $3.5M | 0.94% | 29,913 | Common | NONE |
| 143130102 | KMX | CARMAX INC | $3.4M | 0.90% | 46,087 | Common | NONE |
| 26614N102 | DD | DUPONT DE NEMOURS INC | $3.3M | 0.88% | 40,983 | Common | NONE |
| 293792107 | EPD | ENTERPRISE PRODS PARTNERS L | $3.2M | 0.86% | 110,844 | Common | NONE |
| 22052L104 | CTVA | CORTEVA INC | $3.2M | 0.86% | 59,348 | Common | NONE |
| 570535104 | MKL | MARKEL GROUP INC | $3.2M | 0.85% | 2,020 | Common | NONE |
| 023135106 | AMZN | AMAZON COM INC | $3.0M | 0.81% | 15,774 | Common | NONE |
| 808524771 | FNDX | SCHWAB STRATEGIC TR | $3.0M | 0.80% | 44,533 | Common | NONE |
| 532457108 | LLY | ELI LILLY & CO | $3.0M | 0.79% | 3,267 | Common | NONE |
| 922908363 | VOO | VANGUARD INDEX FDS | $2.9M | 0.77% | 5,792 | Common | NONE |
| 29273V100 | ET | ENERGY TRANSFER L P | $2.8M | 0.75% | 172,678 | Common | NONE |
| 67066G104 | NVDA | NVIDIA CORPORATION | $2.6M | 0.70% | 21,158 | Common | NONE |
| 573284106 | MLM | MARTIN MARIETTA MATLS INC | $2.6M | 0.69% | 4,741 | Common | NONE |
| 09260D107 | BX | BLACKSTONE INC | $2.3M | 0.62% | 18,857 | Common | NONE |
| 11135F101 | AVGO | BROADCOM INC | $2.1M | 0.57% | 1,332 | Common | NONE |
| 808524755 | FNDF | SCHWAB STRATEGIC TR | $2.1M | 0.57% | 60,918 | Common | NONE |
| 808524409 | SCHV | SCHWAB STRATEGIC TR | $2.1M | 0.56% | 28,054 | Common | NONE |
| 00326A104 | SGOL | ETFS GOLD TR | $2.0M | 0.55% | 92,124 | Common | NONE |
| 882508104 | TXN | TEXAS INSTRS INC | $2.0M | 0.54% | 10,399 | Common | NONE |
| 311900104 | FAST | FASTENAL CO | $2.0M | 0.53% | 31,550 | Common | NONE |
| 149123101 | CAT | CATERPILLAR INC | $1.8M | 0.49% | 5,455 | Common | NONE |
| 369604301 | GE | GE AEROSPACE | $1.7M | 0.45% | 10,708 | Common | NONE |
| 166764100 | CVX | CHEVRON CORP NEW | $1.6M | 0.43% | 10,255 | Common | NONE |
| 717081103 | PFE | PFIZER INC | $1.5M | 0.40% | 53,383 | Common | NONE |
| 78463X889 | SPDW | SPDR INDEX SHS FDS | $1.5M | 0.39% | 41,473 | Common | NONE |
| 808524300 | SCHG | SCHWAB STRATEGIC TR | $1.4M | 0.38% | 14,141 | Common | NONE |
| 464287598 | IWD | ISHARES TR | $1.4M | 0.37% | 8,013 | Common | NONE |
| 58933Y105 | MRK | MERCK & CO INC | $1.3M | 0.36% | 10,742 | Common | NONE |
| 92206C771 | VMBS | VANGUARD SCOTTSDALE FDS | $1.3M | 0.35% | 28,827 | Common | NONE |
| 92826C839 | V | VISA INC | $1.3M | 0.35% | 4,971 | Common | NONE |
| 478160104 | JNJ | JOHNSON & JOHNSON | $1.3M | 0.35% | 8,854 | Common | NONE |
| 46625H100 | JPM | JPMORGAN CHASE & CO. | $1.3M | 0.34% | 6,364 | Common | NONE |
| 808524763 | FNDA | SCHWAB STRATEGIC TR | $1.2M | 0.33% | 22,546 | Common | NONE |
| 12504L109 | CBRE | CBRE GROUP INC | $1.2M | 0.33% | 13,770 | Common | NONE |
| 084670108 | BRK/A | BERKSHIRE HATHAWAY INC DEL | $1.2M | 0.33% | 2 | Common | NONE |
| 682680103 | OKE | ONEOK INC NEW | $1.2M | 0.33% | 14,985 | Common | NONE |
| 46090E103 | QQQ | INVESCO QQQ TR | $1.1M | 0.31% | 2,390 | Common | NONE |
| 30303M102 | META | META PLATFORMS INC | $1.1M | 0.31% | 2,268 | Common | NONE |
| 808524839 | SCHZ | SCHWAB STRATEGIC TR | $1.1M | 0.30% | 24,938 | Common | NONE |
| 337738108 | FISV | FISERV INC | $1.1M | 0.30% | 7,558 | Common | NONE |
| 009158106 | APD | AIR PRODS & CHEMS INC | $1.1M | 0.30% | 4,335 | Common | NONE |
| 922908637 | VV | VANGUARD INDEX FDS | $1.1M | 0.29% | 4,385 | Common | NONE |
| 00091G104 | ACVA | ACV AUCTIONS INC | $1.1M | 0.29% | 59,692 | Common | NONE |
| 958669103 | WES | WESTERN MIDSTREAM PARTNERS L | $1.1M | 0.29% | 26,957 | Common | NONE |
| 15135U109 | CVE | CENOVUS ENERGY INC | $1.1M | 0.28% | 53,700 | Common | NONE |
| 72651A207 | PAGP | PLAINS GP HLDGS L P | $1.0M | 0.27% | 54,034 | Common | NONE |
| 706327103 | PBA | PEMBINA PIPELINE CORP | $1.0M | 0.27% | 27,200 | Common | NONE |
| 464287648 | IWO | ISHARES TR | $1.0M | 0.27% | 3,832 | Common | NONE |
| 747525103 | QCOM | QUALCOMM INC | $992,221 | 0.27% | 4,982 | Common | NONE |
| 742718109 | PG | PROCTER AND GAMBLE CO | $988,695 | 0.26% | 5,995 | Common | NONE |
| 00287Y109 | ABBV | ABBVIE INC | $947,073 | 0.25% | 5,522 | Common | NONE |
| 78467V848 | TOTL | SSGA ACTIVE ETF TR | $919,678 | 0.25% | 23,154 | Common | NONE |
| 718546104 | PSX | PHILLIPS 66 | $908,570 | 0.24% | 6,436 | Common | NONE |
| 87612G101 | TRGP | TARGA RES CORP | $908,028 | 0.24% | 7,051 | Common | NONE |
| 16411R208 | LNG | CHENIERE ENERGY INC | $899,326 | 0.24% | 5,144 | Common | NONE |
| 867224107 | SU | SUNCOR ENERGY INC NEW | $897,484 | 0.24% | 23,556 | Common | NONE |
| 007903107 | AMD | ADVANCED MICRO DEVICES INC | $886,116 | 0.24% | 5,463 | Common | NONE |
| G1151C101 | ACN | ACCENTURE PLC IRELAND | $882,923 | 0.24% | 2,910 | Common | NONE |
| 808524748 | FNDC | SCHWAB STRATEGIC TR | $880,499 | 0.24% | 25,331 | Common | NONE |
| 931142103 | WMT | WALMART INC | $874,790 | 0.23% | 12,920 | Common | NONE |
| 88160R101 | TSLA | TESLA INC | $851,793 | 0.23% | 4,305 | Common | NONE |
| 78467X109 | DIA | SPDR DOW JONES INDL AVERAGE | $810,207 | 0.22% | 2,071 | Common | NONE |
| 002824100 | ABT | ABBOTT LABS | $805,199 | 0.22% | 7,749 | Common | NONE |
| 68389X105 | ORCL | ORACLE CORP | $794,250 | 0.21% | 5,625 | Common | NONE |
| 922908769 | VTI | VANGUARD INDEX FDS | $788,887 | 0.21% | 2,949 | Common | NONE |
| 91913Y100 | VLO | VALERO ENERGY CORP | $783,948 | 0.21% | 5,001 | Common | NONE |
| 00724F101 | ADBE | ADOBE INC | $759,213 | 0.20% | 1,367 | Common | NONE |
| 713448108 | PEP | PEPSICO INC | $742,368 | 0.20% | 4,501 | Common | NONE |
| 969457100 | WMB | WILLIAMS COS INC | $738,863 | 0.20% | 17,385 | Common | NONE |
| 09857L108 | BKNG | BOOKING HOLDINGS INC | $724,955 | 0.19% | 183 | Common | NONE |
| 49456B101 | KMI | KINDER MORGAN INC DEL | $723,328 | 0.19% | 36,403 | Common | NONE |
| 437076102 | HD | HOME DEPOT INC | $719,988 | 0.19% | 2,092 | Common | NONE |
| 194162103 | CL | COLGATE PALMOLIVE CO | $697,329 | 0.19% | 7,186 | Common | NONE |
| 670100205 | NVO | NOVO-NORDISK A S | $693,003 | 0.19% | 4,855 | Common | NONE |
| 438516106 | HON | HONEYWELL INTL INC | $671,583 | 0.18% | 3,145 | Common | NONE |
| G8994E103 | TT | TRANE TECHNOLOGIES PLC | $662,088 | 0.18% | 2,013 | Common | NONE |
| 85207H104 | PHYS | SPROTT PHYSICAL GOLD TR | $646,855 | 0.17% | 35,817 | Common | NONE |
| 983134107 | WYNN | WYNN RESORTS LTD | $646,548 | 0.17% | 7,224 | Common | NONE |
| 86765K109 | SUN | SUNOCO LP/SUNOCO FIN CORP | $628,499 | 0.17% | 11,116 | Common | NONE |
| 57636Q104 | MA | MASTERCARD INCORPORATED | $627,070 | 0.17% | 1,421 | Common | NONE |
| 808524201 | SCHX | SCHWAB STRATEGIC TR | $620,186 | 0.17% | 9,653 | Common | NONE |
| 464287150 | ITOT | ISHARES TR | $609,775 | 0.16% | 5,134 | Common | NONE |
| 90337L108 | USPH | U S PHYSICAL THERAPY | $590,379 | 0.16% | 6,388 | Common | NONE |
| 46432F834 | IXUS | ISHARES TR | $586,083 | 0.16% | 8,675 | Common | NONE |
| 806857108 | SLB | SCHLUMBERGER LTD | $546,486 | 0.15% | 11,583 | Common | NONE |
| 927959106 | VNOMUSD | VIPER ENERGY INC | $546,437 | 0.15% | 14,560 | Common | NONE |
| 633707104 | NBHC | NATIONAL BK HLDGS CORP | $545,372 | 0.15% | 13,966 | Common | NONE |
| 46120E602 | ISRG | INTUITIVE SURGICAL INC | $537,043 | 0.14% | 1,207 | Common | NONE |
| 464287630 | IWN | ISHARES TR | $536,401 | 0.14% | 3,522 | Common | NONE |
| 922908751 | VB | VANGUARD INDEX FDS | $510,214 | 0.14% | 2,340 | Common | NONE |
| 191216100 | KO | COCA COLA CO | $501,386 | 0.13% | 7,877 | Common | NONE |
| 91324P102 | UNH | UNITEDHEALTH GROUP INC | $499,584 | 0.13% | 981 | Common | NONE |
| 697435105 | PANW | PALO ALTO NETWORKS INC | $493,857 | 0.13% | 1,457 | Common | NONE |
| 56585A102 | MPC | MARATHON PETE CORP | $489,908 | 0.13% | 2,824 | Common | NONE |
| 060505104 | BAC | BANK AMERICA CORP | $475,803 | 0.13% | 11,964 | Common | NONE |
| 01877R108 | ARLP | ALLIANCE RESOURCE PARTNERS L | $469,486 | 0.13% | 19,194 | Common | NONE |
| 79466L302 | CRM | SALESFORCE INC | $468,089 | 0.13% | 1,821 | Common | NONE |
| 464285204 | IAU | ISHARES GOLD TR | $467,855 | 0.12% | 10,650 | Common | NONE |
| 58733R102 | MELI | MERCADOLIBRE INC | $463,153 | 0.12% | 282 | Common | NONE |
| 29250N105 | ENB | ENBRIDGE INC | $451,216 | 0.12% | 12,678 | Common | NONE |
| 02005N100 | ALLY | ALLY FINL INC | $444,502 | 0.12% | 11,205 | Common | NONE |
| 36828A101 | GEV | GE VERNOVA INC | $410,080 | 0.11% | 2,391 | Common | NONE |
| 855244109 | SBUX | STARBUCKS CORP | $408,868 | 0.11% | 5,252 | Common | NONE |
| 294600101 | ETRNUSD | EQUITRANS MIDSTREAM CORP | $406,884 | 0.11% | 31,347 | Common | NONE |
| 464287200 | IVV | ISHARES TR | $401,076 | 0.11% | 733 | Common | NONE |
| 09257W100 | BXMT | BLACKSTONE MTG TR INC | $397,461 | 0.11% | 22,816 | Common | NONE |
| 75513E101 | RTX | RTX CORPORATION | $397,444 | 0.11% | 3,959 | Common | NONE |
| 23345M107 | DTM | DT MIDSTREAM INC | $391,233 | 0.10% | 5,508 | Common | NONE |
| 74460D109 | PSA | PUBLIC STORAGE OPER CO | $367,041 | 0.10% | 1,276 | Common | NONE |
| 883556102 | TMO | THERMO FISHER SCIENTIFIC INC | $362,675 | 0.10% | 656 | Common | NONE |
| 001055102 | AFL | AFLAC INC | $359,357 | 0.10% | 4,024 | Common | NONE |
| 446150104 | HBAN | HUNTINGTON BANCSHARES INC | $358,681 | 0.10% | 27,214 | Common | NONE |
| 464287481 | IWP | ISHARES TR | $357,534 | 0.10% | 3,240 | Common | NONE |
| 921943858 | VEA | VANGUARD TAX-MANAGED FDS | $352,364 | 0.09% | 7,130 | Common | NONE |
| 09247X101 | BLKCHF | BLACKROCK INC | $344,846 | 0.09% | 438 | Common | NONE |
| 78464A383 | SPMB | SPDR SER TR | $337,980 | 0.09% | 15,669 | Common | NONE |
| 92936U109 | WPC | WP CAREY INC | $326,942 | 0.09% | 5,939 | Common | NONE |
| 670346105 | NUE | NUCOR CORP | $325,645 | 0.09% | 2,060 | Common | NONE |
| 76954A103 | RIVN | RIVIAN AUTOMOTIVE INC | $323,932 | 0.09% | 24,138 | Common | NONE |
| 458140100 | INTC | INTEL CORP | $321,159 | 0.09% | 10,370 | Common | NONE |
| 254687106 | DIS | DISNEY WALT CO | $317,466 | 0.08% | 3,197 | Common | NONE |
| 038222105 | AMAT | APPLIED MATLS INC | $313,631 | 0.08% | 1,329 | Common | NONE |
| N07059210 | ASML | ASML HOLDING N V | $306,819 | 0.08% | 300 | Common | NONE |
| 143658300 | CCL1EUR | CARNIVAL CORP | $305,673 | 0.08% | 16,329 | Common | NONE |
| 907818108 | UNP | UNION PAC CORP | $305,225 | 0.08% | 1,349 | Common | NONE |
| 146869102 | CVNA | CARVANA CO | $299,274 | 0.08% | 2,325 | Common | NONE |
| 871607107 | SNPS | SYNOPSYS INC | $297,530 | 0.08% | 500 | Common | NONE |
| 92189F486 | FLTR | VANECK ETF TRUST | $293,365 | 0.08% | 11,500 | Common | NONE |
| 808524805 | SCHF | SCHWAB STRATEGIC TR | $292,624 | 0.08% | 7,616 | Common | NONE |
| 808524706 | SCHE | SCHWAB STRATEGIC TR | $292,414 | 0.08% | 11,010 | Common | NONE |
| 053484101 | AVB | AVALONBAY CMNTYS INC | $290,060 | 0.08% | 1,402 | Common | NONE |
| 988498101 | YUM | YUM BRANDS INC | $289,425 | 0.08% | 2,185 | Common | NONE |
| 844741108 | LUV | SOUTHWEST AIRLS CO | $286,386 | 0.08% | 10,010 | Common | NONE |
| 031162100 | AMGN | AMGEN INC | $284,330 | 0.08% | 910 | Common | NONE |
| 539830109 | LMT | LOCKHEED MARTIN CORP | $283,530 | 0.08% | 607 | Common | NONE |
| 46137V837 | PDP | INVESCO EXCHANGE TRADED FD T | $281,250 | 0.08% | 2,874 | Common | NONE |
| 92204A702 | VGT | VANGUARD WORLD FD | $280,799 | 0.08% | 487 | Common | NONE |
| 674599105 | OXY | OCCIDENTAL PETE CORP | $274,117 | 0.07% | 4,349 | Common | NONE |
| 03027X100 | AMT | AMERICAN TOWER CORP NEW | $268,637 | 0.07% | 1,382 | Common | NONE |
| 922042858 | VWO | VANGUARD INTL EQUITY INDEX F | $267,943 | 0.07% | 6,123 | Common | NONE |
| 464287655 | IWM | ISHARES TR | $267,612 | 0.07% | 1,319 | Common | NONE |
| 025816109 | AXP | AMERICAN EXPRESS CO | $266,283 | 0.07% | 1,150 | Common | NONE |
| 253868103 | DLR | DIGITAL RLTY TR INC | $262,590 | 0.07% | 1,727 | Common | NONE |
| 46137V100 | PPA | INVESCO EXCHANGE TRADED FD T | $261,833 | 0.07% | 2,549 | Common | NONE |
| 580135101 | MCD | MCDONALDS CORP | $261,624 | 0.07% | 1,027 | Common | NONE |
| 040413106 | ANETEUR | ARISTA NETWORKS INC | $261,423 | 0.07% | 746 | Common | NONE |
| 42809H107 | HES | HESS CORP | $261,110 | 0.07% | 1,770 | Common | NONE |
| 29444U700 | EQIX | EQUINIX INC | $261,027 | 0.07% | 345 | Common | NONE |
| 872540109 | TJX | TJX COS INC NEW | $260,612 | 0.07% | 2,367 | Common | NONE |
| 461202103 | INTU | INTUIT | $257,626 | 0.07% | 392 | Common | NONE |
| 64110L106 | NFLX | NETFLIX INC | $256,708 | 0.07% | 380 | Common | NONE |
| 235851102 | DHR | DANAHER CORPORATION | $256,596 | 0.07% | 1,027 | Common | NONE |
| 133131102 | CPT | CAMDEN PPTY TR | $254,226 | 0.07% | 2,330 | Common | NONE |
| 74340W103 | PLD | PROLOGIS INC. | $249,667 | 0.07% | 2,223 | Common | NONE |
| 95040Q104 | WELL | WELLTOWER INC | $247,177 | 0.07% | 2,371 | Common | NONE |
| 617446448 | MS | MORGAN STANLEY | $246,863 | 0.07% | 2,540 | Common | NONE |
| 69346N107 | PDX | PIMCO DYNAMIC INCOME STRATEG | $241,649 | 0.06% | 10,846 | Common | NONE |
| 291011104 | EMR | EMERSON ELEC CO | $241,140 | 0.06% | 2,189 | Common | NONE |
| 88579Y101 | MMM | 3M CO | $236,979 | 0.06% | 2,319 | Common | NONE |
| 81369Y803 | XLK | SELECT SECTOR SPDR TR | $235,732 | 0.06% | 1,042 | Common | NONE |
| 922908744 | VTV | VANGUARD INDEX FDS | $235,642 | 0.06% | 1,469 | Common | NONE |
| 874039100 | TSM | TAIWAN SEMICONDUCTOR MFG LTD | $231,863 | 0.06% | 1,334 | Common | NONE |
| 540424108 | L | LOEWS CORP | $231,171 | 0.06% | 3,093 | Common | NONE |
| 718172109 | PM | PHILIP MORRIS INTL INC | $229,006 | 0.06% | 2,260 | Common | NONE |
| 464287622 | IWB | ISHARES TR | $222,857 | 0.06% | 749 | Common | NONE |
| 92276F100 | VTR | VENTAS INC | $220,418 | 0.06% | 4,300 | Common | NONE |
| 22822V101 | CCI | CROWN CASTLE INC | $219,825 | 0.06% | 2,250 | Common | NONE |
| 892331307 | TM | TOYOTA MOTOR CORP | $214,809 | 0.06% | 1,048 | Common | NONE |
| 921908844 | VIG | VANGUARD SPECIALIZED FUNDS | $214,679 | 0.06% | 1,176 | Common | NONE |
| 20030N101 | CMCSA | COMCAST CORP NEW | $209,506 | 0.06% | 5,350 | Common | NONE |
| G0403H108 | AON | AON PLC | $209,323 | 0.06% | 713 | Common | NONE |
| 78409V104 | SPGI | S&P GLOBAL INC | $207,390 | 0.06% | 465 | Common | NONE |
| 78464A847 | SPMD | SPDR SER TR | $204,790 | 0.05% | 3,992 | Common | NONE |
| G6095L109 | — | APTIV PLC | $204,500 | 0.05% | 2,904 | Common | NONE |
| 78410G104 | SBAC | SBA COMMUNICATIONS CORP NEW | $202,582 | 0.05% | 1,032 | Common | NONE |
| 30290Y101 | FSCO | FS CREDIT OPPORTUNITIES CORP | $201,661 | 0.05% | 31,658 | Common | NONE |
| 464287234 | EEM | ISHARES TR | $200,386 | 0.05% | 4,705 | Common | NONE |
| 43010E404 | HFRO | HIGHLAND OPPORTUNITIES | $178,844 | 0.05% | 28,615 | Common | NONE |
| 549498103 | CCIVGBP | LUCID GROUP INC | $143,213 | 0.04% | 54,871 | Common | NONE |
| 345370860 | F | FORD MTR CO DEL | $127,739 | 0.03% | 10,187 | Common | NONE |
| 67072T108 | JFR | NUVEEN FLOATING RATE INCOME | $90,591 | 0.02% | 10,473 | Common | NONE |
| 67111Q107 | OCCI | OFS CREDIT COMPANY INC | $80,517 | 0.02% | 11,175 | Common | NONE |
| 66510M204 | NAK | NORTHERN DYNASTY MINERALS LT | $24,995 | 0.01% | 80,500 | Common | NONE |
| 868927104 | — | SURF AIR MOBILITY INC | $10,210 | 0.00% | 26,562 | Common | NONE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.