CIK: 0001308778
Total reported value
$536.5M
Reporting period: 2026-03-31 · Number of holdings: 41
America First Investment Advisors, LLC disclosed 41 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $536.5M and a quarterly turnover rate of 12.0%.
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America First Investment Advisors, LLC's disclosed holdings carry a Herfindahl concentration index of 0.049 — mathematically equivalent to about 20 equally-sized positions, well below its 41 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 1.02), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 3.3 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Add SLB
-1.3% $7.2M
Add PFE
+7.6% $4.4M
Add JNJ
-3.8% $4.1M
Trim RGLD
-26.2% -$5.0M
Trim TMO
-0.9% -$4.9M
Add ENB
-0.3% $3.2M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | SHY | Ishares 1-3 Year Treasury Bo | ETF-Gov Bonds | 8.27% | +0.65% | +6.27% | |
| 2 | JNJ | Johnson & Johnson | Stock-Healthcare | 6.39% | +0.90% | -3.78% | |
| 3 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 5.53% | -0.50% | -2.41% | |
| 4 | SLB | Slb LTD | Stock-Energy | 5.49% | +1.43% | -1.31% | |
| 5 | ENB | Enbridge INC | Stock-Energy | 5.27% | +0.71% | -0.34% | |
| 6 | FNV | Franco-nevada CORP | Stock-Materials | 5.24% | -0.29% | -22.25% | |
| 7 | CME | Cme Group INC | Stock-Financials | 5.24% | +0.47% | -0.81% | |
| 8 | RGLD | Royal Gold INC | Stock-Materials | 5.09% | -0.80% | -26.24% | |
| 9 | TMO | Thermo Fisher Scientific INC | Stock-Healthcare | 4.84% | -0.78% | -0.89% | |
| 10 | AMZN | Amazon.com INC | Stock-Consumer Disc | 4.81% | -0.32% | +1.48% | |
| 11 | PFE | Pfizer INC | Stock-Healthcare | 4.70% | +0.91% | +7.59% | |
| 12 | WRB | Wr Berkley CORP | Stock-Financials | 4.70% | -0.14% | +0.25% | |
| 13 | BN | Brookfield CORP | Stock-Financials | 4.65% | -0.51% | -0.24% | |
| 14 | ADP | Automatic Data Processing | Stock-Tech | 4.34% | +0.30% | +32.79% | |
| 15 | ABT | Abbott Laboratories | Stock-Healthcare | 4.24% | -0.30% | +11.24% | |
| 16 | FISV | Fiserv INC | Stock-Other | 4.17% | -0.38% | +7.62% | |
| 17 | MA | Mastercard INC - A | Stock-Financials | 4.16% | -0.47% | +0.33% | |
| 18 | V | Visa Inc-class A Shares | Stock-Financials | 4.12% | -0.53% | +0.39% | |
| 19 | BAM | Brookfield Asset Mgmt-a | Stock-Financials | 2.36% | -0.41% | -1.92% | |
| 20 | CLX | Clorox Company | Stock-Consumer Staples | 1.45% | +0.07% | — | |
| 21 | BRK-A | Berkshire Hathaway Inc-cl A | Stock-Other | 1.07% | -0.03% | — | |
| 22 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.86% | -0.02% | — | |
| 23 | USB | US Bancorp | Stock-Financials | 0.53% | — | — | |
| 24 | AAPL | Apple INC | Stock-Tech | 0.39% | -0.02% | — | |
| 25 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.24% | +0.03% | — | |
| 26 | PSX | Phillips 66 | Stock-Energy | 0.22% | +0.07% | — | |
| 27 | MU | Micron Technology INC | Stock-Tech | 0.21% | +0.04% | — | |
| 28 | MSFT | Microsoft CORP | Stock-Tech | 0.16% | — | +25.44% | |
| 29 | CVX | Chevron CORP | Stock-Energy | 0.15% | +0.04% | — | |
| 30 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.14% | -0.01% | — | |
| 31 | HSY | Hershey Co/the | Stock-Consumer Staples | 0.12% | +0.01% | — | |
| 32 | GD | General Dynamics CORP | Stock-Industrials | 0.12% | — | — | |
| 33 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 0.12% | — | — | |
| 34 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 0.12% | — | +0.21% | |
| 35 | CASY | Casey's General Stores INC | Stock-Consumer Disc | 0.11% | +0.11% | NEW | |
| 36 | RSP | Invesco S&p 500 Equal Weight | ETF-Large Cap & Growth | 0.08% | — | -4.70% | |
| 37 | PEP | Pepsico INC | Stock-Consumer Staples | 0.08% | +0.01% | — | |
| 38 | META | Meta Platforms Inc-class A | Stock-Comm Services | 0.08% | +0.03% | +68.67% | |
| 39 | MFA | Mfa Financial INC | Stock-Other | 0.07% | -0.11% | -61.52% | |
| 40 | TSLA | Tesla INC | Stock-Consumer Disc | 0.07% | -0.01% | +4.95% | |
| 41 | ZONE | Cleancore Solutions Inc-cl B | Stock-Other | — | — | — |
Performance for Q3 2026
-2.9%
Performance Last 4 Quarters
+7.8%
Based on 71% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 41 | $536.5M | 12 | |
| 2025-12-31 | 42 | $549.1M | 14 | |
| 2025-09-30 | 44 | $538.3M | 16 | |
| 2025-06-30 | 43 | $501.4M | 0 | |
| 2025-03-31 | 42 | $474.1M | 100 | |
| 2024-12-31 | 42 | $457.6M | 0 | |
| 2024-09-30 | 42 | $445.6M | 0 | |
| 2024-06-30 | 80 | $406.2M | 0 | |
| 2024-03-31 | 85 | $411.3M | 0 | |
| 2023-12-31 | 98 | $382.5M | 0 | |
| 2023-09-30 | 96 | $360.5M | 0 | |
| 2023-06-30 | 98 | $372.0M | 0 | |
| 2023-03-31 | 99 | $349.2M | 0 | |
| 2022-12-31 | 94 | $339.0M | 0 | |
| 2022-09-30 | 82 | $287.2M | 0 | |
| 2022-06-30 | 72 | $310.7M | 0 | |
| 2022-03-31 | 74 | $345.7M | 0 | |
| 2021-12-31 | 75 | $353.9M | 0 | |
| 2021-09-30 | 82 | $328.9M | 0 | |
| 2021-06-30 | 77 | $341.4M | 100 | |
| 2021-03-31 | 77 | $329.6M | 19 | |
| 2020-12-31 | 77 | $330.4M | 11 | |
| 2020-09-30 | 78 | $313.1M | 11 | |
| 2020-06-30 | 83 | $315.2M | 15 | |
| 2020-03-31 | 85 | $275.5M | 32 | |
| 2019-12-31 | 83 | $340.3M | 6 | |
| 2019-09-30 | 88 | $331.7M | 6 | |
| 2019-06-30 | 88 | $329.1M | 8 | |
| 2019-03-31 | 93 | $326.1M | 11 | |
| 2018-12-31 | 93 | $299.0M | 11 | |
| 2018-09-30 | 97 | $316.6M | 10 | |
| 2018-06-30 | 99 | $307.2M | 14 | |
| 2018-03-31 | 105 | $270.3M | 11 | |
| 2017-12-31 | 131 | $292.4M | 17 | |
| 2017-09-30 | 105 | $278.2M | 14 | |
| 2017-06-30 | 109 | $268.4M | 12 | |
| 2017-03-31 | 147 | $267.0M | 21 | |
| 2016-12-31 | 110 | $245.5M | 9 | |
| 2016-09-30 | 147 | $237.6M | 12 | |
| 2016-06-30 | 109 | $239.4M | 10 | |
| 2016-03-31 | 145 | $226.1M | 18 | |
| 2015-12-31 | 114 | $222.9M | 24 | |
| 2015-09-30 | 124 | $213.1M | 17 | |
| 2015-06-30 | 119 | $228.2M | 6 | |
| 2015-03-31 | 131 | $232.8M | 18 | |
| 2014-12-31 | 146 | $236.0M | 26 | |
| 2014-09-30 | 168 | $222.2M | 12 | |
| 2014-06-30 | 162 | $223.6M | 15 | |
| 2014-03-31 | 174 | $212.3M | 5 | |
| 2013-12-31 | 199 | $214.1M | 8 | |
| 2013-09-30 | 196 | $199.7M | 12 | |
| 2013-06-30 | 158 | $188.9M | — |
America First Investment Advisors, LLC's most significant position changes for 2026-03-31: New buy: Casey's General Stores INC (CASY); Sold out: Greystone Housing Impact Inv (GHI); Sold out: Oracle CORP (ORCL); Trim: Slb LTD (SLB) — shares -1.31%; Add: Pfizer INC (PFE) — shares +7.59%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | SLB | Slb LTD | +1.4% | -1.31% | Trim |
| 2 | PFE | Pfizer INC | +0.9% | +7.59% | Add |
| 3 | JNJ | Johnson & Johnson | +0.9% | -3.78% | Trim |
| 4 | ENB | Enbridge INC | +0.7% | -0.34% | Trim |
| 5 | SHY | Ishares 1-3 Year Treasury Bo | +0.7% | +6.27% | Add |
| 6 | CME | Cme Group INC | +0.5% | -0.81% | Trim |
| 7 | ADP | Automatic Data Processing | +0.3% | +32.79% | Add |
| 8 | PSX | Phillips 66 | +0.1% | — | Unchanged |
| 9 | CLX | Clorox Company | +0.1% | — | Unchanged |
| 10 | CVX | Chevron CORP | 0% | — | Unchanged |
| 11 | MU | Micron Technology INC | 0% | — | Unchanged |
| 12 | META | Meta Platforms Inc-class A | 0% | +68.67% | Add |
| 13 | KO | Coca-cola Co/the | 0% | — | Unchanged |
| 14 | HSY | Hershey Co/the | 0% | — | Unchanged |
| 15 | PEP | Pepsico INC | 0% | — | Unchanged |
| 16 | USB | US Bancorp | — | — | Unchanged |
| 17 | MSFT | Microsoft CORP | — | +25.44% | Add |
| 18 | SPY | Ss Spdr S&p 500 ETF Trust-us | — | +0.21% | Add |
| 19 | RSP | Invesco S&p 500 Equal Weight | — | -4.70% | Trim |
| 20 | GD | General Dynamics CORP | — | — | Unchanged |
| 21 | ZONE | Cleancore Solutions Inc-cl B | — | — | Unchanged |
| 22 | PG | Procter & Gamble Co/the | — | — | Unchanged |
| 23 | JPM | Jpmorgan Chase & Co | 0% | — | Unchanged |
| 24 | TSLA | Tesla INC | 0% | +4.95% | Add |
| 25 | BRK-B | Berkshire Hathaway Inc-cl B | 0% | — | Unchanged |
| 26 | AAPL | Apple INC | 0% | — | Unchanged |
| 27 | BRK-A | Berkshire Hathaway Inc-cl A | 0% | — | Unchanged |
| 28 | MFA | Mfa Financial INC | -0.1% | -61.52% | Trim |
| 29 | WRB | Wr Berkley CORP | -0.1% | +0.25% | Add |
| 30 | FNV | Franco-nevada CORP | -0.3% | -22.25% | Trim |
| 31 | ABT | Abbott Laboratories | -0.3% | +11.24% | Add |
| 32 | AMZN | Amazon.com INC | -0.3% | +1.48% | Add |
| 33 | FISV | Fiserv INC | -0.4% | +7.62% | Add |
| 34 | BAM | Brookfield Asset Mgmt-a | -0.4% | -1.92% | Trim |
| 35 | MA | Mastercard INC - A | -0.5% | +0.33% | Add |
| 36 | GOOGL | Alphabet Inc-cl A | -0.5% | -2.41% | Trim |
| 37 | BN | Brookfield CORP | -0.5% | -0.24% | Trim |
| 38 | V | Visa Inc-class A Shares | -0.5% | +0.39% | Add |
| 39 | TMO | Thermo Fisher Scientific INC | -0.8% | -0.89% | Trim |
| 40 | RGLD | Royal Gold INC | -0.8% | -26.24% | Trim |
| 41 | CASY | Casey's General Stores INC | — | NEW | New buy |
| 42 | GHI | Greystone Housing Impact Inv | — | EXIT | Sold out |
| 43 | ORCL | Oracle CORP | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-08 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-09 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-10 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-11 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-14 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-12 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-08 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-07 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-04-22 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-13 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-03 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-02 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-03 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-01-31 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-03 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-07-12 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-04-26 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-01-20 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-02 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-07-27 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-04-28 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-01 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-10-15 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-07-16 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-04-29 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-05 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-04 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-07-29 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-04-22 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-01-16 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-10-15 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-07-20 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-04-20 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-12 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-08 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-07-10 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-05 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-09 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-09 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-07-22 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-04 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-05 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-04 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-06 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-04-29 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-02 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-12 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-07-03 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-04-28 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-11 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-01 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-05 | 13F-HR | View on EDGAR |
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