FN
First National Advisers, LLC SEC 13F Filing (Q2 2026) — Holdings & Portfolio
First National Advisers, LLCCIK: 0001941030
Diversified strategyMomentum followerQuality / disciplined sizing
Total reported value
$711.8M
Reporting period: 2026-06-30 · Number of holdings: 273
First National Advisers, LLC disclosed 273 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $711.8M and a quarterly turnover rate of 21.5%.
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Personality snowflake
- Concentration
- 8.45
- Portfolio Stability
- 21.45
- Momentum
- 100
- Sector conviction
- 52.66
- Diversification
- 100
- Sizing Uniformity
- 79.22
First National Advisers, LLC's disclosed holdings carry a Herfindahl concentration index of 0.021 — mathematically equivalent to about 47 equally-sized positions, well below its 273 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 2.08), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govAdd MU
+916.2% $9.1M
Add AMD
+202.9% $7.8M
Trim MSFT
-16.7% -$4.3M
Add AMAT
+586.4% $5.4M
Trim ABT
-59.8% -$3.7M
New buy LIVN
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
Showing top 200 holdings (of 273 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | DFAI | Dimensional International Co | ETF-Other | 8.35% | +0.03% | -1.29% | |
| 2 | AAPL | Apple Inc | Stock-Tech | 5.34% | -0.32% | -13.79% | |
| 3 | NVDA | Nvidia CORP | Stock-Tech | 5.02% | +0.28% | -3.94% | |
| 4 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 3.52% | +0.37% | -5.58% | |
| 5 | MSFT | Microsoft CORP | Stock-Tech | 3.15% | -0.76% | -16.71% | |
| 6 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 3.03% | +0.25% | -0.73% | |
| 7 | AVGO | Broadcom Inc | Stock-Tech | 2.19% | +0.09% | -11.03% | |
| 8 | JPM | Jpmorgan Chase & Co | Stock-Financials | 2.04% | -0.01% | -7.03% | |
| 9 | CMDT | Pimco Commodity Active Strat | ETF-Commodities | 1.99% | -0.40% | -8.72% | |
| 10 | RLY | Ss Multi-asset Real Ret ETF | ETF-Other | 1.90% | -0.33% | -7.18% | |
| 11 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.71% | -0.17% | -3.74% | |
| 12 | JEPI | Jpmorgan Equity Premium Inco | ETF-Other | 1.58% | -0.18% | -6.03% | |
| 13 | BRK-A | Berkshire Hathaway Inc-cl A | Stock-Other | 1.58% | -0.10% | -6.25% | |
| 14 | LLY | Eli Lilly & Co | Stock-Healthcare | 1.55% | +0.26% | -3.81% | |
| 15 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 1.38% | +0.13% | -7.37% | |
| 16 | MU | Micron Technology Inc | Stock-Tech | 1.32% | +1.28% | +916.23% | |
| 17 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 1.32% | +0.24% | +21.80% | |
| 18 | AMD | Advanced Micro Devices | Stock-Tech | 1.24% | +1.09% | +202.92% | |
| 19 | RTX | Rtx CORP | Stock-Industrials | 0.92% | -0.11% | -5.06% | |
| 20 | NEE | Nextera Energy Inc | Stock-Utilities | 0.87% | -0.15% | -6.46% | |
| 21 | TSLA | Tesla Inc | Stock-Consumer Disc | 0.84% | +0.03% | -4.12% | |
| 22 | MA | Mastercard Inc - A | Stock-Financials | 0.83% | -0.06% | -5.11% | |
| 23 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.82% | -0.12% | -3.33% | |
| 24 | ABBV | Abbvie Inc | Stock-Healthcare | 0.82% | +0.16% | +11.29% | |
| 25 | AMAT | Applied Materials Inc | Stock-Tech | 0.81% | +0.75% | +586.44% | |
| 26 | AMGN | Amgen Inc | Stock-Healthcare | 0.78% | -0.07% | -7.72% | |
| 27 | WMT | Walmart Inc | Stock-Consumer Staples | 0.77% | -0.15% | -4.39% | |
| 28 | XOM | Exxon Mobil CORP | Stock-Energy | 0.74% | -0.34% | -11.60% | |
| 29 | GLW | Corning Inc | Stock-Tech | 0.70% | +0.13% | -32.35% | |
| 30 | CSX | Csx CORP | Stock-Industrials | 0.67% | +0.03% | -5.93% | |
| 31 | PPI | Astoria Real Assets ETF | ETF-Other | 0.66% | -0.06% | -7.22% | |
| 32 | MS | Morgan Stanley | Stock-Financials | 0.63% | +0.08% | -5.67% | |
| 33 | SO | Southern Co/the | Stock-Utilities | 0.63% | +0.03% | +10.38% | |
| 34 | ANET | Arista Networks Inc | Stock-Tech | 0.62% | +0.13% | -5.40% | |
| 35 | LFUS | Littelfuse Inc | Stock-Tech | 0.61% | +0.04% | -16.63% | |
| 36 | MTZ | Mastec Inc | Stock-Industrials | 0.61% | -0.04% | -24.40% | |
| 37 | VOO | Vanguard S&p 500 ETF | ETF-Large Cap & Growth | 0.60% | +0.06% | +1.55% | |
| 38 | WFC | Wells Fargo & Co | Stock-Financials | 0.60% | -0.04% | -6.20% | |
| 39 | AME | Ametek Inc | Stock-Industrials | 0.59% | +0.01% | -6.44% | |
| 40 | APH | Amphenol Corp-cl A | Stock-Tech | 0.59% | +0.04% | -19.57% | |
| 41 | PEP | Pepsico Inc | Stock-Consumer Staples | 0.59% | -0.12% | -1.88% | |
| 42 | SCHW | Schwab (charles) CORP | Stock-Financials | 0.58% | -0.07% | -4.56% | |
| 43 | VTI | Vanguard Total Stock Mkt ETF | ETF-Other | 0.58% | +0.05% | -1.04% | |
| 44 | TMO | Thermo Fisher Scientific Inc | Stock-Healthcare | 0.54% | +0.08% | +21.26% | |
| 45 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.54% | -0.03% | -7.67% | |
| 46 | ETN | Eaton Corporation plc | Stock-Industrials | 0.54% | +0.05% | -3.33% | |
| 47 | LIN | Linde plc | Stock-Materials | 0.52% | -0.03% | -5.13% | |
| 48 | HD | Home Depot Inc | Stock-Consumer Disc | 0.52% | -0.01% | -4.92% | |
| 49 | NVT | nVent Electric plc | Stock-Industrials | 0.52% | +0.12% | -6.08% | |
| 50 | ORCL | Oracle CORP | Stock-Tech | 0.51% | +0.01% | +7.23% |
1–50 of 200
Portfolio Performance
Performance for Q3 2026
+3.1%
Performance Last 4 Quarters
+16.8%
- Stdev
- +11.8%
- Beta
- +0.88
- Alpha
- -2.1%
- Max Drawdown
- -8.8%
- Annualized Perf
- +15.8%
- Batting Avg vs S&P
- +33.3%
- Sortino
- +2.41
- Stutzer
- +0.38
- Treynor
- +0.18
- Sterling
- +0.99
- Calmar
- +1.81
- Information Ratio
- -1.22
- Tracking Error
- +3.7%
- Stdev Down
- +6.4%
- Winning Months %
- +69.4%
- Losing Months %
- +30.6%
- Best 12 Months
- +29.6%
- Worst 12 Months
- +3.9%
- Efficiency Ratio
- +0.52
- Sharpe
- +1.31
- Stdev Sectors
- +8.8%
- Skewness
- -0.14
- Kurtosis
- +0.02
- Upside Potential
- +3.98
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 273 | $711.8M | 21 | ||
| 2026 Q1 | 261 | $683.5M | 27 | ||
| 2025 Q4 | 261 | $727.3M | 16 | ||
| 2025 Q3 | 255 | $736.9M | 30 | ||
| 2025 Q2 | 221 | $683.0M | 0 | ||
| 2025 Q1 | 212 | $624.7M | 0 | ||
| 2024 Q4 | 175 | $618.5M | 0 | ||
| 2024 Q3 | 215 | $627.1M | 0 | ||
| 2024 Q2 | 208 | $547.2M | 0 | ||
| 2024 Q1 | 203 | $446.9M | 0 | ||
| 2023 Q4 | 154 | $347.4M | 0 | ||
| 2023 Q3 | 250 | $224.0M | 0 | ||
| 2023 Q2 | 141 | $108.6M | 0 | ||
| 2023 Q1 | 113 | $88.2M | 0 | ||
| 2022 Q4 | 111 | $78.1M | 0 | ||
| 2022 Q3 | 129 | $67.5M | 0 | ||
| 2022 Q2 | 88 | $48.2M | 0 |
Holding changes this quarter
First National Advisers, LLC's most significant position changes for 2026-06-30: New buy: LivaNova PLC (LIVN); New buy: Avnet Inc (AVT); New buy: Kulicke & Soffa Industries (KLIC); Sold out: Kennametal Inc (KMT); New buy: Snowflake Inc (SNOW).
Showing top 200 changes by size (of 266 total)
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | MU | Micron Technology Inc | +1.3% | +916.23% | Add |
| 2 | AMD | Advanced Micro Devices | +1.1% | +202.92% | Add |
| 3 | AMAT | Applied Materials Inc | +0.8% | +586.44% | Add |
| 4 | LIVN | LivaNova PLC | +0.5% | NEW | New buy |
| 5 | AVT | Avnet Inc | +0.4% | NEW | New buy |
| 6 | GOOG | Alphabet Inc-cl C | +0.4% | -5.58% | Trim |
| 7 | KLIC | Kulicke & Soffa Industries | +0.4% | NEW | New buy |
| 8 | SNOW | Snowflake Inc | +0.3% | NEW | New buy |
| 9 | NVDA | Nvidia CORP | +0.3% | -3.94% | Trim |
| 10 | EPRT | Essential Properties Realty | +0.3% | NEW | New buy |
| 11 | LLY | Eli Lilly & Co | +0.3% | -3.81% | Trim |
| 12 | AMZN | Amazon.com Inc | +0.3% | -0.73% | Trim |
| 13 | BRK-B | Berkshire Hathaway Inc-cl B | +0.2% | +21.80% | Add |
| 14 | AS | Amer Sports, Inc. | +0.2% | NEW | New buy |
| 15 | ABBV | Abbvie Inc | +0.2% | +11.29% | Add |
| 16 | GOOGL | Alphabet Inc-cl A | +0.1% | -7.37% | Trim |
| 17 | GLW | Corning Inc | +0.1% | -32.35% | Trim |
| 18 | ANET | Arista Networks Inc | +0.1% | -5.40% | Trim |
| 19 | TXN | Texas Instruments Inc | +0.1% | -1.81% | Trim |
| 20 | NVT | nVent Electric plc | +0.1% | -6.08% | Trim |
| 21 | MDT | Medtronic plc | +0.1% | NEW | New buy |
| 22 | FLR | Fluor CORP | +0.1% | NEW | New buy |
| 23 | AVGO | Broadcom Inc | +0.1% | -11.03% | Trim |
| 24 | HUM | Humana Inc | +0.1% | +23.70% | Add |
| 25 | SSB | Southstate Bank CORP | +0.1% | +52.49% | Add |
| 26 | MS | Morgan Stanley | +0.1% | -5.67% | Trim |
| 27 | TMO | Thermo Fisher Scientific Inc | +0.1% | +21.26% | Add |
| 28 | CSCO | Cisco Systems Inc | +0.1% | -7.93% | Trim |
| 29 | J | Jacobs Solutions Inc | +0.1% | +133.63% | Add |
| 30 | AMTM | Amentum Holdings Inc | +0.1% | +238.09% | Add |
| 31 | INTC | Intel CORP | +0.1% | NEW | New buy |
| 32 | CHD | Church & Dwight Co Inc | +0.1% | +22.01% | Add |
| 33 | MKSI | Mks Inc | +0.1% | +48.03% | Add |
| 34 | NIC | Nicolet Bankshares Inc | +0.1% | +21.11% | Add |
| 35 | TFC | Truist Financial CORP | +0.1% | NEW | New buy |
| 36 | VOO | Vanguard S&p 500 ETF | +0.1% | +1.55% | Add |
| 37 | EW | Edwards Lifesciences CORP | +0.1% | +5.12% | Add |
| 38 | CP | Canadian Pacific Kansas City | +0.1% | NEW | New buy |
| 39 | AIR | Aar CORP | +0.1% | NEW | New buy |
| 40 | CAT | Caterpillar Inc | +0.1% | NEW | New buy |
| 41 | HOMB | Home Bancshares Inc | +0.1% | NEW | New buy |
| 42 | ETN | Eaton Corporation plc | +0.1% | -3.33% | Trim |
| 43 | VTI | Vanguard Total Stock Mkt ETF | +0.1% | -1.04% | Trim |
| 44 | PCT | Purecycle Technologies Inc | +0.1% | -6.74% | Trim |
| 45 | PM | Philip Morris International | +0.1% | +39.02% | Add |
| 46 | IBP | Installed Building Products | +0.1% | NEW | New buy |
| 47 | LFUS | Littelfuse Inc | 0% | -16.63% | Trim |
| 48 | APH | Amphenol Corp-cl A | 0% | -19.57% | Trim |
| 49 | VEA | Vanguard Ftse Developed ETF | 0% | +2.96% | Add |
| 50 | KEYS | Keysight Technologies In | 0% | +0.45% | Add |
1–50 of 200
* This report is exclusively curated by the AlphaSMO team. AlphaSMO is the web's most authoritative 13F / Inside Trader database, delivering precise insider trading and institutional holdings insights.
Filing History
FAQ
What is First National Advisers, LLC and what type of investor is it?
First National Advisers, LLC is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $711.8M, spread across 273 disclosed positions.
What are First National Advisers, LLC's largest equity positions?
Based on the latest 13F filing, First National Advisers, LLC's top holdings by market value are:
1. Dimensional International Co (DFAI) — $59.5M (8.3%)
2. Apple Inc (AAPL) — $38.0M (5.3%)
3. Nvidia CORP (NVDA) — $35.7M (5.0%)
4. Alphabet Inc-cl C (GOOG) — $25.0M (3.5%)
5. Microsoft CORP (MSFT) — $22.5M (3.1%)
What changes did First National Advisers, LLC make in its most recent portfolio filing?
In the latest reported quarter, First National Advisers, LLC made 197 notable position adjustments: 27 new positions were initiated, 43 existing holdings were added to, 112 positions were partially reduced, and 15 were completely exited. The largest of these moves: New buy: LivaNova PLC (LIVN); New buy: Avnet Inc (AVT); New buy: Kulicke & Soffa Industries (KLIC); Sold out: Kennametal Inc (KMT); New buy: Snowflake Inc (SNOW)
What sectors does First National Advisers, LLC focus on?
First National Advisers, LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 34.6%
• Financials: 12.4%
• Consumer Discretionary: 9.7%
• Communication Services: 9.7%
• Industrials: 9.3%
• Health Care: 8.3%
Investment Profile
First National Advisers, LLC returned an annualized 15.8% over the trailing 36 months — underperforming the S&P 500 by 2.1 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.88 (less volatile than the market) and a 33% quarterly batting average against the index.
Its portfolio is broadly diversified and moderately active, with 34.6% of the portfolio concentrated in Information Technology.
Its turnover score has risen from 0 to 21 over the past 4 quarters — a shift toward more active trading.
It has added to its DFAI position over the past two quarters (+$11.2M, now $59.5M), while trimming MSFT over the same stretch (-$16.4M, still holding $22.5M).
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Developer Access
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