CIK: 0001941030
Total reported value
$683.5M
Reporting period: 2026-03-31 · Number of holdings: 261
First National Advisers, LLC disclosed 261 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $683.5M and a quarterly turnover rate of 26.5%.
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First National Advisers, LLC's disclosed holdings carry a Herfindahl concentration index of 0.022 — mathematically equivalent to about 46 equally-sized positions, well below its 261 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 2.04), 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.
Add DFAI
+15.2% $8.6M
Trim MSFT
-9.9% -$12.1M
Trim NVDA
-11.3% -$6.7M
Trim GOOG
-14.4% -$6.0M
Trim AAPL
-6.3% -$5.5M
Trim VTI
-41.8% -$2.9M
Showing top 200 holdings (of 261 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | DFAI | Dimensional International Co | ETF-Other | 8.32% | +1.68% | +15.20% | |
| 2 | AAPL | Apple INC | Stock-Tech | 5.66% | -0.42% | -6.31% | |
| 3 | NVDA | Nvidia CORP | Stock-Tech | 4.74% | -0.63% | -11.30% | |
| 4 | MSFT | Microsoft CORP | Stock-Tech | 3.91% | -1.43% | -9.94% | |
| 5 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 3.15% | -0.63% | -14.37% | |
| 6 | AMZN | Amazon.com INC | Stock-Consumer Disc | 2.78% | -0.17% | -1.79% | |
| 7 | CMDT | Pimco Commodity Active Strat | ETF-Commodities | 2.39% | +2.39% | NEW | |
| 8 | RLY | Ss Multi-asset Real Ret ETF | ETF-Other | 2.23% | +2.23% | NEW | |
| 9 | AVGO | Broadcom INC | Stock-Tech | 2.10% | -0.25% | -6.08% | |
| 10 | JPM | Jpmorgan Chase & Co | Stock-Financials | 2.05% | -0.32% | -10.72% | |
| 11 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.88% | -0.26% | -4.83% | |
| 12 | JEPI | Jpmorgan Equity Premium Inco | ETF-Other | 1.76% | — | -1.67% | |
| 13 | BRK-A | Berkshire Hathaway Inc-cl A | Stock-Other | 1.68% | — | — | |
| 14 | LLY | Eli Lilly & Co | Stock-Healthcare | 1.29% | -0.24% | -7.53% | |
| 15 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 1.25% | — | +0.78% | |
| 16 | XOM | Exxon Mobil CORP | Stock-Energy | 1.08% | +0.26% | -12.10% | |
| 17 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 1.08% | — | +13.34% | |
| 18 | RTX | Rtx CORP | Stock-Industrials | 1.03% | -0.04% | -13.85% | |
| 19 | NEE | Nextera Energy INC | Stock-Utilities | 1.02% | — | -14.35% | |
| 20 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.94% | — | -3.00% | |
| 21 | WMT | Walmart INC | Stock-Consumer Staples | 0.92% | — | -11.34% | |
| 22 | MA | Mastercard INC - A | Stock-Financials | 0.89% | -0.18% | -11.35% | |
| 23 | AMGN | Amgen INC | Stock-Healthcare | 0.85% | -0.07% | -18.89% | |
| 24 | ABT | Abbott Laboratories | Stock-Healthcare | 0.84% | -0.23% | -10.19% | |
| 25 | TSLA | Tesla INC | Stock-Consumer Disc | 0.81% | -0.19% | -8.24% | |
| 26 | PPI | Astoria Real Assets ETF | ETF-Other | 0.72% | +0.72% | NEW | |
| 27 | PEP | Pepsico INC | Stock-Consumer Staples | 0.71% | — | -4.57% | |
| 28 | EOG | Eog Resources INC | Stock-Energy | 0.69% | +0.14% | -14.09% | |
| 29 | ABBV | Abbvie INC | Stock-Healthcare | 0.66% | -0.09% | -12.42% | |
| 30 | SCHW | Schwab (charles) CORP | Stock-Financials | 0.65% | — | -7.74% | |
| 31 | MTZ | Mastec INC | Stock-Industrials | 0.65% | — | -37.92% | |
| 32 | WFC | Wells Fargo & Co | Stock-Financials | 0.64% | -0.16% | -12.65% | |
| 33 | CSX | Csx CORP | Stock-Industrials | 0.64% | — | -13.49% | |
| 34 | CVX | Chevron CORP | Stock-Energy | 0.63% | — | -13.54% | |
| 35 | SO | Southern Co/the | Stock-Utilities | 0.60% | +0.16% | +16.50% | |
| 36 | CB | Chubb Limited | Stock-Financials | 0.59% | — | -13.05% | |
| 37 | AME | Ametek INC | Stock-Industrials | 0.58% | — | -13.86% | |
| 38 | WM | Waste Management INC | Stock-Industrials | 0.58% | — | -13.93% | |
| 39 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.57% | — | -3.85% | |
| 40 | GLW | Corning INC | Stock-Tech | 0.57% | — | -37.00% | |
| 41 | LFUS | Littelfuse INC | Stock-Tech | 0.57% | — | -15.62% | |
| 42 | CME | Cme Group INC | Stock-Financials | 0.55% | — | -13.44% | |
| 43 | MS | Morgan Stanley | Stock-Financials | 0.55% | -0.09% | -12.91% | |
| 44 | LIN | Linde plc | Stock-Materials | 0.55% | — | -10.55% | |
| 45 | APH | Amphenol Corp-cl A | Stock-Tech | 0.55% | -0.10% | -16.17% | |
| 46 | BLK | Blackrock INC | Stock-Financials | 0.54% | -0.08% | -8.84% | |
| 47 | VOO | Vanguard S&p 500 ETF | ETF-Large Cap & Growth | 0.54% | — | +3.95% | |
| 48 | HD | Home Depot INC | Stock-Consumer Disc | 0.53% | — | -12.65% | |
| 49 | VTI | Vanguard Total Stock Mkt ETF | ETF-Other | 0.53% | -0.36% | -41.76% | |
| 50 | ORLY | O'reilly Automotive INC | Stock-Consumer Disc | 0.50% | — | -12.18% |
Performance for Q3 2026
+1.8%
Performance Last 4 Quarters
+17.4%
Based on 69% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 261 | $683.5M | 27 | |
| 2025-12-31 | 261 | $727.3M | 16 | |
| 2025-09-30 | 255 | $736.9M | 30 | |
| 2025-06-30 | 221 | $683.0M | 0 | |
| 2025-03-31 | 212 | $624.7M | 0 | |
| 2024-12-31 | 175 | $618.5M | 0 | |
| 2024-09-30 | 215 | $627.1M | 0 | |
| 2024-06-30 | 208 | $547.2M | 0 | |
| 2024-03-31 | 203 | $446.9M | 0 | |
| 2023-12-31 | 154 | $347.4M | 0 | |
| 2023-09-30 | 250 | $224.0M | 0 | |
| 2023-06-30 | 141 | $108.6M | 0 | |
| 2023-03-31 | 113 | $88.2M | 0 | |
| 2022-12-31 | 111 | $78.1M | 0 | |
| 2022-09-30 | 129 | $67.5M | 0 | |
| 2022-06-30 | 88 | $48.2M | 0 |
First National Advisers, LLC's most significant position changes for 2026-03-31: New buy: Pimco Commodity Active Strat (CMDT); New buy: Ss Multi-asset Real Ret ETF (RLY); New buy: Astoria Real Assets ETF (PPI); Sold out: Ingersoll-rand INC (IR); Sold out: Brown & Brown INC (BRO).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | DFAI | Dimensional International Co | +1.7% | +15.20% | Add |
| 2 | XOM | Exxon Mobil CORP | +0.3% | -12.10% | Trim |
| 3 | SO | Southern Co/the | +0.2% | +16.50% | Add |
| 4 | EOG | Eog Resources INC | +0.1% | -14.09% | Trim |
| 5 | RTX | Rtx CORP | 0% | -13.85% | Trim |
| 6 | AMGN | Amgen INC | -0.1% | -18.89% | Trim |
| 7 | BLK | Blackrock INC | -0.1% | -8.84% | Trim |
| 8 | ANET | Arista Networks INC | -0.1% | -13.77% | Trim |
| 9 | ABBV | Abbvie INC | -0.1% | -12.42% | Trim |
| 10 | MS | Morgan Stanley | -0.1% | -12.91% | Trim |
| 11 | CTAS | Cintas CORP | -0.1% | -14.05% | Trim |
| 12 | XEL | Xcel Energy INC | -0.1% | -36.50% | Trim |
| 13 | APH | Amphenol Corp-cl A | -0.1% | -16.17% | Trim |
| 14 | MCO | Moody's CORP | -0.1% | -11.01% | Trim |
| 15 | DIS | Walt Disney Co/the | -0.1% | -18.52% | Trim |
| 16 | EQH | Equitable Holdings INC | -0.1% | -14.35% | Trim |
| 17 | BR | Broadridge Financial Solutio | -0.1% | -5.30% | Trim |
| 18 | PCT | Purecycle Technologies INC | -0.1% | -12.80% | Trim |
| 19 | RVTY | Revvity INC | -0.1% | -56.61% | Trim |
| 20 | JLL | Jones Lang Lasalle INC | -0.1% | -43.45% | Trim |
| 21 | ACN | Accenture plc | -0.1% | -15.53% | Trim |
| 22 | LW | Lamb Weston Holdings INC | -0.1% | -70.45% | Trim |
| 23 | TJX | Tjx Companies INC | -0.2% | -32.92% | Trim |
| 24 | WFC | Wells Fargo & Co | -0.2% | -12.65% | Trim |
| 25 | AMZN | Amazon.com INC | -0.2% | -1.79% | Trim |
| 26 | BKNG | Booking Holdings INC | -0.2% | -12.60% | Trim |
| 27 | MA | Mastercard INC - A | -0.2% | -11.35% | Trim |
| 28 | TSLA | Tesla INC | -0.2% | -8.24% | Trim |
| 29 | ORCL | Oracle CORP | -0.2% | -12.44% | Trim |
| 30 | CFR | Cullen/frost Bankers INC | -0.2% | -53.29% | Trim |
| 31 | LOW | Lowe's Cos INC | -0.2% | -77.37% | Trim |
| 32 | ABT | Abbott Laboratories | -0.2% | -10.19% | Trim |
| 33 | LLY | Eli Lilly & Co | -0.2% | -7.53% | Trim |
| 34 | AVGO | Broadcom INC | -0.3% | -6.08% | Trim |
| 35 | META | Meta Platforms Inc-class A | -0.3% | -4.83% | Trim |
| 36 | JPM | Jpmorgan Chase & Co | -0.3% | -10.72% | Trim |
| 37 | VTI | Vanguard Total Stock Mkt ETF | -0.4% | -41.76% | Trim |
| 38 | AAPL | Apple INC | -0.4% | -6.31% | Trim |
| 39 | NVDA | Nvidia CORP | -0.6% | -11.30% | Trim |
| 40 | GOOG | Alphabet Inc-cl C | -0.6% | -14.37% | Trim |
| 41 | MSFT | Microsoft CORP | -1.4% | -9.94% | Trim |
| 42 | CMDT | Pimco Commodity Active Strat | — | NEW | New buy |
| 43 | RLY | Ss Multi-asset Real Ret ETF | — | NEW | New buy |
| 44 | PPI | Astoria Real Assets ETF | — | NEW | New buy |
| 45 | IR | Ingersoll-rand INC | — | EXIT | Sold out |
| 46 | BRO | Brown & Brown INC | — | EXIT | Sold out |
| 47 | SYF | Synchrony Financial | — | EXIT | Sold out |
| 48 | KMT | Kennametal INC | — | NEW | New buy |
| 49 | NIC | Nicolet Bankshares INC | — | NEW | New buy |
| 50 | REET | Ishares Global Reit ETF | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-08 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-04 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-10-28 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-13 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-07 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-10 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-10-15 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-13 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-15 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-08 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-09 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-11 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-10 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-09 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-07 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-12 | 13F-HR | View on EDGAR |
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