FN
First National CORP /ma/ /adv Historical SEC 13F Holdings & Archive (Q3 2025)
First National CORP /ma/ /advCIK: 0000816192
Diversified strategyMomentum followerQuality / disciplined sizing
Total reported value
$527.5M
Reporting period: 2025-09-30 · Number of holdings: 174
FIRST NATIONAL CORP /MA/ /ADV disclosed 174 holdings in its latest 13F filing for the period ending 2025-09-30, with total reported value of $527.5M and a quarterly turnover rate of 28.4%.
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Personality snowflake
- Concentration
- 9.34
- Portfolio Stability
- 28.43
- Momentum
- 100
- Sector conviction
- 74.3
- Diversification
- 100
- Sizing Uniformity
- 82.45
First National CORP /ma/ /adv's disclosed holdings carry a Herfindahl concentration index of 0.023 — mathematically equivalent to about 43 equally-sized positions, well below its 174 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 1.76), 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.
Sector classification currently covers about 13% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govAdd AGG
-0.1% $13.0M
Trim SH
-13.7% -$8.6M
Trim TLT
+15.2% -$4.9M
Trim GLD
-9.4% -$3.4M
Add USFR
+3.3% $9.3M
Add QLD
+13.2% $5.9M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 6.50% | +0.22% | -0.46% | |
| 2 | USFR | Wisdomtree Floating Rate Tre | ETF-Other | 4.92% | +1.25% | +3.30% | |
| 3 | SCHB | Schwab US Broad Market ETF | ETF-Other | 4.80% | +0.11% | +0.12% | |
| 4 | GLD | Spdr Gold Shares | ETF-Commodities | 3.70% | -1.37% | -9.44% | |
| 5 | SCHX | Schwab US Large-cap ETF | ETF-Other | 3.69% | +0.15% | +1.47% | |
| 6 | SCHA | Schwab US Small-cap ETF | ETF-Other | 3.13% | +0.30% | +2.71% | |
| 7 | SCHD | Schwab US Dvd Equity ETF | ETF-Other | 3.12% | — | +1.30% | |
| 8 | SCHM | Schwab US Mid Cap ETF | ETF-Other | 3.10% | +0.03% | -1.14% | |
| 9 | AAPL | Apple Inc | Stock-Tech | 2.97% | -0.32% | -1.41% | |
| 10 | VO | Vanguard Mid-cap ETF | ETF-Other | 2.80% | +0.09% | +1.04% | |
| 11 | AGG | Ishares Core U.s. Aggregate | ETF-Other | 2.62% | +2.45% | -0.14% | |
| 12 | VB | Vanguard Small-cap ETF | ETF-Other | 2.54% | +0.17% | +1.88% | |
| 13 | QLD | Proshares Ultra Qqq | ETF-Other | 2.34% | +0.92% | +13.17% | |
| 14 | IMTB | Ishares Core 5-10 Year Usd | ETF-Other | 2.14% | +2.14% | NEW | |
| 15 | QQQ | Invesco Qqq Trust Series 1 | ETF-Tech | 2.07% | +0.32% | -3.80% | |
| 16 | BOND | Pimco Active Bond Exchange-t | ETF-Other | 1.89% | +0.10% | +9.98% | |
| 17 | LDUR | Pimco Enhanced Low Duration | ETF-Other | 1.88% | — | +10.42% | |
| 18 | TLT | Ishares 20+ Year Treasury Bd | ETF-Gov Bonds | 1.88% | -1.38% | +15.19% | |
| 19 | DFAI | Dimensional International Co | ETF-Other | 1.88% | -0.04% | +5.22% | |
| 20 | SH | Proshares Short S&p500 | ETF-Other | 1.86% | -2.21% | -13.74% | |
| 21 | SDY | Ss Spdr S&p Dividend ETF | ETF-Other | 1.67% | — | -0.22% | |
| 22 | SCHF | Schwab Intl Equity ETF | ETF-Other | 1.57% | +0.03% | +0.54% | |
| 23 | DGRO | Ishares Core Dividend Growth | ETF-Other | 1.56% | +0.11% | +5.75% | |
| 24 | VNQ | Vanguard Real Estate ETF | ETF-Other | 1.27% | — | -0.01% | |
| 25 | GSIE | Goldman Sachs Activebeta Int | ETF-Commodities | 1.17% | +0.06% | +3.84% | |
| 26 | TBT | Proshares Ultrashort 20+y Tr | ETF-Other | 1.06% | -0.37% | -7.06% | |
| 27 | ITA | Ishares U.s. Aerospace & Def | ETF-Other | 1.01% | +0.60% | +24.57% | |
| 28 | VEA | Vanguard Ftse Developed ETF | ETF-Other | 0.99% | +0.02% | +0.06% | |
| 29 | MSFT | Microsoft CORP | Stock-Tech | 0.86% | +0.25% | +4.33% | |
| 30 | VOO | Vanguard S&p 500 ETF | ETF-Large Cap & Growth | 0.83% | +0.05% | +0.98% | |
| 31 | VPU | Vanguard Utilities ETF | ETF-Other | 0.82% | -0.88% | -3.64% | |
| 32 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 0.80% | +0.21% | -0.85% | |
| 33 | SOXX | Ishares Semiconductor ETF | ETF-Other | 0.75% | +0.05% | +5.20% | |
| 34 | IVV | Ishares Core S&p 500 ETF | ETF-Large Cap & Growth | 0.73% | +0.01% | — | |
| 35 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 0.69% | +0.02% | -1.31% | |
| 36 | XCEM | Columbia Em Core Ex-china | ETF-Emerging Markets | 0.68% | +0.05% | -0.05% | |
| 37 | LLY | Eli Lilly & Co | Stock-Healthcare | 0.63% | — | -0.42% | |
| 38 | NVDA | Nvidia CORP | Stock-Tech | 0.61% | +0.23% | +11.55% | |
| 39 | VRP | Invesco Variable Rate Prefer | ETF-Other | 0.60% | +0.05% | +12.26% | |
| 40 | BRK-A | Berkshire Hathaway Inc-cl A | Stock-Other | 0.57% | — | — | |
| 41 | KBWP | Invesco Kbw Property & Casua | ETF-Other | 0.54% | -0.23% | -45.66% | |
| 42 | CWB | Ss Spdr Bb Conv Sec ETF | ETF-Other | 0.52% | — | +0.02% | |
| 43 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.49% | -0.27% | -23.35% | |
| 44 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 0.47% | +0.13% | +3.22% | |
| 45 | FNDX | Schwab Fndmntl US Lrg Co ETF | ETF-Other | 0.46% | — | -3.03% | |
| 46 | EFA | Ishares Msci Eafe ETF | ETF-Other | 0.46% | — | — | |
| 47 | ICF | Ishares Select U.s. Reit ETF | ETF-Other | 0.45% | — | +10.67% | |
| 48 | FLRN | Ss Spdr Bb Ig Float Rt ETF | ETF-Other | 0.43% | — | +0.72% | |
| 49 | FNDB | Schwab Fndmntl US Brd Mr ETF | ETF-Other | 0.43% | — | +2.00% | |
| 50 | BNDX | Vanguard Total Intl Bond ETF | ETF-Other | 0.42% | — | -0.32% |
1–50 of 174
Portfolio Performance
Performance for Q3 2026
+1.7%
Performance Last 4 Quarters
+19%
- Stdev
- +9.7%
- Beta
- +0.69
- Alpha
- +1.3%
- Max Drawdown
- -4.5%
- Annualized Perf
- +15.7%
- Batting Avg vs S&P
- +38.9%
- Sortino
- +2.99
- Stutzer
- +0.45
- Treynor
- +0.22
- Sterling
- +1.15
- Calmar
- +3.5
- Information Ratio
- -0.9
- Tracking Error
- +5.5%
- Stdev Down
- +5.1%
- Winning Months %
- +72.2%
- Losing Months %
- +27.8%
- Best 12 Months
- +26.4%
- Worst 12 Months
- +8.1%
- Efficiency Ratio
- +0.6
- Sharpe
- +1.56
- Stdev Sectors
- +12.3%
- Skewness
- -0.3
- Kurtosis
- -0.12
- Upside Potential
- +4.53
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2025 Q3 | 174 | $527.5M | 28 | ||
| 2025 Q2 | 163 | $496.0M | 0 | ||
| 2025 Q1 | 160 | $452.9M | 100 | ||
| 2024 Q4 | 153 | $441.7M | 0 | ||
| 2024 Q3 | 145 | $449.6M | 0 | ||
| 2024 Q2 | 155 | $419.9M | 0 | ||
| 2024 Q1 | 154 | $406.8M | 0 | ||
| 2023 Q4 | 154 | $407.5M | 0 | ||
| 2023 Q3 | 147 | $372.4M | 0 | ||
| 2023 Q2 | 157 | $421.3M | 0 | ||
| 2023 Q1 | 164 | $420.4M | 0 | ||
| 2022 Q4 | 154 | $404.5M | 0 | ||
| 2022 Q3 | 152 | $365.3M | 0 | ||
| 2022 Q2 | 154 | $382.3M | 0 | ||
| 2022 Q1 | 163 | $471.7M | 0 | ||
| 2021 Q4 | 159 | $447.2M | 0 | ||
| 2021 Q3 | 161 | $446.0M | 0 | ||
| 2021 Q2 | 152 | $403.1M | 100 | ||
| 2021 Q1 | 152 | $403.1M | 17 | ||
| 2020 Q4 | 150 | $367.1M | 100 | ||
| 2020 Q3 | 146 | $320.9M | 100 | ||
| 2020 Q2 | 141 | $291.1M | 100 | ||
| 2020 Q1 | 134 | $153.7M | 100 | ||
| 2019 Q4 | 145 | $268.8M | 13 | ||
| 2019 Q3 | 141 | $248.2M | 8 | ||
| 2019 Q2 | 137 | $242.2M | 18 | ||
| 2019 Q1 | 487 | $240.4M | 33 | ||
| 2018 Q4 | 411 | $217.0M | 0 |
Holding changes this quarter
First National CORP /ma/ /adv's most significant position changes for 2025-09-30: New buy: Ishares Core 5-10 Year Usd (IMTB); Sold out: Proshares Ultra S&p500 (SSO); New buy: JPM Interntl Value ETF (JIVE); New buy: Palantir Technologies Inc-a (PLTR); Add: Ishares Core U.s. Aggregate (AGG) — shares -0.14%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | AGG | Ishares Core U.s. Aggregate | +2.5% | -0.14% | Add |
| 2 | USFR | Wisdomtree Floating Rate Tre | +1.3% | +3.30% | Add |
| 3 | QLD | Proshares Ultra Qqq | +0.9% | +13.17% | Add |
| 4 | ITA | Ishares U.s. Aerospace & Def | +0.6% | +24.57% | Add |
| 5 | QQQ | Invesco Qqq Trust Series 1 | +0.3% | -3.80% | Add |
| 6 | SCHA | Schwab US Small-cap ETF | +0.3% | +2.71% | Add |
| 7 | MSFT | Microsoft CORP | +0.3% | +4.33% | Add |
| 8 | NVDA | Nvidia CORP | +0.2% | +11.55% | Add |
| 9 | SPY | Ss Spdr S&p 500 ETF Trust-us | +0.2% | -0.46% | Add |
| 10 | GOOGL | Alphabet Inc-cl A | +0.2% | -0.85% | Trim |
| 11 | VB | Vanguard Small-cap ETF | +0.2% | +1.88% | Add |
| 12 | SCHX | Schwab US Large-cap ETF | +0.2% | +1.47% | Add |
| 13 | GOOG | Alphabet Inc-cl C | +0.1% | +3.22% | Add |
| 14 | SCHB | Schwab US Broad Market ETF | +0.1% | +0.12% | Trim |
| 15 | DGRO | Ishares Core Dividend Growth | +0.1% | +5.75% | Add |
| 16 | BOND | Pimco Active Bond Exchange-t | +0.1% | +9.98% | Add |
| 17 | CGXU | Cap Group Intl Focus | +0.1% | +186.22% | Add |
| 18 | VO | Vanguard Mid-cap ETF | +0.1% | +1.04% | Add |
| 19 | GME | Gamestop Corp-class A | +0.1% | +0.04% | Add |
| 20 | TSLA | Tesla Inc | +0.1% | +7.47% | Add |
| 21 | GSIE | Goldman Sachs Activebeta Int | +0.1% | +3.84% | Add |
| 22 | VOO | Vanguard S&p 500 ETF | +0.1% | +0.98% | Add |
| 23 | XCEM | Columbia Em Core Ex-china | +0.1% | -0.05% | Add |
| 24 | SOXX | Ishares Semiconductor ETF | +0.1% | +5.20% | Trim |
| 25 | VRP | Invesco Variable Rate Prefer | +0.1% | +12.26% | Add |
| 26 | SCHM | Schwab US Mid Cap ETF | 0% | -1.14% | Add |
| 27 | SCHF | Schwab Intl Equity ETF | 0% | +0.54% | Trim |
| 28 | VEA | Vanguard Ftse Developed ETF | 0% | +0.06% | Add |
| 29 | AMZN | Amazon.com Inc | 0% | -1.31% | Add |
| 30 | IVV | Ishares Core S&p 500 ETF | 0% | — | Trim |
| 31 | LDUR | Pimco Enhanced Low Duration | — | +10.42% | Add |
| 32 | DFAI | Dimensional International Co | 0% | +5.22% | Trim |
| 33 | HTO | H2o America | -0.2% | -1.83% | Trim |
| 34 | V | Visa Inc-class A Shares | -0.2% | -54.65% | Trim |
| 35 | WTRG | Essential Utilities Inc | -0.2% | -4.69% | Trim |
| 36 | AWR | American States Water Co | -0.2% | -0.31% | Trim |
| 37 | CWT | California Water Service Grp | -0.2% | -5.80% | Trim |
| 38 | AWK | American Water Works Co Inc | -0.2% | -5.39% | Trim |
| 39 | KBWP | Invesco Kbw Property & Casua | -0.2% | -45.66% | Trim |
| 40 | COST | Costco Wholesale CORP | -0.3% | -23.35% | Trim |
| 41 | AAPL | Apple Inc | -0.3% | -1.41% | Trim |
| 42 | TBT | Proshares Ultrashort 20+y Tr | -0.4% | -7.06% | Trim |
| 43 | VPU | Vanguard Utilities ETF | -0.9% | -3.64% | Trim |
| 44 | GLD | Spdr Gold Shares | -1.4% | -9.44% | Trim |
| 45 | TLT | Ishares 20+ Year Treasury Bd | -1.4% | +15.19% | Trim |
| 46 | SH | Proshares Short S&p500 | -2.2% | -13.74% | Trim |
| 47 | IMTB | Ishares Core 5-10 Year Usd | — | NEW | New buy |
| 48 | SSO | Proshares Ultra S&p500 | — | EXIT | Sold out |
| 49 | JIVE | JPM Interntl Value ETF | — | NEW | New buy |
| 50 | PLTR | Palantir Technologies Inc-a | — | NEW | New buy |
Filing History
FAQ
What is First National CORP /ma/ /adv and what type of investor is it?
First National CORP /ma/ /adv 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 (2025-09-30), the firm manages a tracked equity portfolio valued at approximately $527.5M, spread across 174 disclosed positions.
What are First National CORP /ma/ /adv's largest equity positions?
Based on the latest 13F filing, First National CORP /ma/ /adv's top holdings by market value are:
1. Ss Spdr S&p 500 ETF Trust-us (SPY) — $34.3M (6.5%)
2. Wisdomtree Floating Rate Tre (USFR) — $26.0M (4.9%)
3. Schwab US Broad Market ETF (SCHB) — $25.3M (4.8%)
4. Spdr Gold Shares (GLD) — $19.5M (3.7%)
5. Schwab US Large-cap ETF (SCHX) — $19.4M (3.7%)
What changes did First National CORP /ma/ /adv make in its most recent portfolio filing?
In the latest reported quarter, First National CORP /ma/ /adv made 50 notable position adjustments: 3 new positions were initiated, 26 existing holdings were added to, 20 positions were partially reduced, and 1 were completely exited. The largest of these moves: New buy: Ishares Core 5-10 Year Usd (IMTB); Sold out: Proshares Ultra S&p500 (SSO); New buy: JPM Interntl Value ETF (JIVE); New buy: Palantir Technologies Inc-a (PLTR); Add: Ishares Core U.s. Aggregate (AGG) — shares -0.14%
What sectors does First National CORP /ma/ /adv focus on?
First National CORP /ma/ /adv is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 43.6%
• Communication Services: 14.0%
• Health Care: 13.8%
• Consumer Discretionary: 9.1%
• Consumer Staples: 7.3%
• Financials: 6.0%
Investment Profile
First National CORP /ma/ /adv returned an annualized 15.7% over the trailing 36 months — outperforming the S&P 500 by 1.3 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.69 (less volatile than the market) and a 39% quarterly batting average against the index.
Its portfolio is broadly diversified and moderately active, with 43.6% of the portfolio concentrated in Information Technology.
Its turnover score has risen from 0 to 28 over the past 4 quarters — a shift toward more active trading.
It has added to its AGG position over the past two quarters (+$13.0M, now $13.8M), while trimming SH over the same stretch (-$8.6M, still holding $9.8M).
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Developer Access
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