America First Investment Advisors, LLC
Long book
$536.5M
Q1 2026
Positions
41
Top-10 weight
56%
concentration
Last quarter
+2.4%
SPY +14.8%
Turnover
7%
of book per quarter
Strategy in plain words
auto-generated from filingsAmerica First Investment Advisors, LLC is a concentrated fundamental stock-picker, running a $536.5M US long book across 41 positions.
The portfolio is concentrated: the top 10 names carry 56% of the portfolio. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: ISHARES 1-3 YEAR TREASURY BO, JOHNSON & JOHNSON, ALPHABET INC-CL A, SLB LTD, ENBRIDGE INC.
Over the last 9 quarters its long book ran on average 0.4pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-0.6%
Q2 2024
+12.1%
Q3 2024
+11.3%
Q4 2024
+5.6%
Q1 2025
+3.0%
Q2 2025
+8.5%
Q3 2025
+2.5%
Q4 2025
-0.5%
Q1 2026
+2.4%
Sector allocation
Financials 22%
Healthcare 17%
Services media 14%
Energy 12%
Technology 12%
Other 7%
Materials 6%
Consumer discretionary 5%
Long book by quarter
What does America First own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| JNJ JOHNSON & JOHNSON | Healthcare | 140.2K | $34.3M | 6.4% | -3.8% |
| GOOGL ALPHABET INC-CL A | Technology | 103.2K | $29.7M | 5.5% | -2.4% |
| SLB SLB LTD | Energy | 572.8K | $29.4M | 5.5% | -1.3% |
| ENB ENBRIDGE INC | Energy | 522.3K | $28.3M | 5.3% | -0.3% |
| FNV FRANCO-NEVADA CORP | Materials | 113.9K | $28.1M | 5.2% | -22.2% |
| CME CME GROUP INC | Financials | 95.1K | $28.1M | 5.2% | -0.8% |
| RGLD ROYAL GOLD INC | Financials | 107.3K | $27.3M | 5.1% | -26.2% |
| TMO THERMO FISHER SCIENTIFIC INC | Other | 52.8K | $26.0M | 4.8% | -0.9% |
| AMZN AMAZON.COM INC | Consumer discretionary | 123.8K | $25.8M | 4.8% | +1.5% |
| PFE PFIZER INC | Healthcare | 898.1K | $25.2M | 4.7% | +7.6% |
| WRB WR BERKLEY CORP | Financials | 380.3K | $25.2M | 4.7% | +0.2% |
| BN BROOKFIELD CORP | Real estate | 616.0K | $24.9M | 4.6% | -0.2% |
| ADP AUTOMATIC DATA PROCESSING | Technology | 114.5K | $23.3M | 4.3% | +32.8% |
| ABT ABBOTT LABORATORIES | Healthcare | 221.5K | $22.7M | 4.2% | +11.2% |
| FISV FISERV INC | Services media | 401.4K | $22.4M | 4.2% | +7.6% |
| MA MASTERCARD INC - A | Services media | 44.7K | $22.3M | 4.2% | +0.3% |
| V VISA INC-CLASS A SHARES | Services media | 73.1K | $22.1M | 4.1% | +0.4% |
| BAM BROOKFIELD ASSET MGMT-A | Financials | 284.9K | $12.7M | 2.4% | -1.9% |
| CLX CLOROX COMPANY | Other | 75.1K | $7.8M | 1.5% | Held |
| BRK/A BERKSHIRE HATHAWAY INC-CL A | Financials | 8 | $5.7M | 1.1% | Held |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 9.7K | $4.6M | 0.9% | Held |
| USB US BANCORP | Financials | 54.8K | $2.9M | 0.5% | Held |
| AAPL APPLE INC | Technology | 8.3K | $2.1M | 0.4% | Held |
| KO COCA-COLA CO/THE | Consumer staples | 16.8K | $1.3M | 0.2% | Held |
| PSX PHILLIPS 66 | Energy | 6.6K | $1.2M | 0.2% | Held |
| MU MICRON TECHNOLOGY INC | Technology | 3.3K | $1.1M | 0.2% | Held |
| MSFT MICROSOFT CORP | Technology | 2.3K | $845K | 0.2% | +25.4% |
| CVX CHEVRON CORP | Energy | 3.8K | $785K | 0.1% | Held |
| JPM JPMORGAN CHASE & CO | Financials | 2.5K | $744K | 0.1% | Held |
| HSY HERSHEY CO/THE | Consumer staples | 3.2K | $669K | 0.1% | Held |
| GD GENERAL DYNAMICS CORP | Industrials | 1.9K | $658K | 0.1% | Held |
| PG PROCTER & GAMBLE CO/THE | Other | 4.5K | $649K | 0.1% | Held |
| CASY CASEY'S GENERAL STORES INC | Consumer discretionary | 800 | $582K | 0.1% | New |
| PEP PEPSICO INC | Consumer staples | 2.8K | $438K | 0.1% | Held |
| META META PLATFORMS INC-CLASS A | Technology | 759 | $434K | 0.1% | +68.7% |
| TSLA TESLA INC | Industrials | 975 | $362K | 0.1% | +5.0% |
| ZONE CLEANCORE SOLUTIONS INC-CL B | Other | 57.5K | $20K | 0.0% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 8, 2026 | 41 | $536.5M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 9, 2026 | 42 | $549.1M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 10, 2025 | 44 | $538.3M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 11, 2025 | 43 | $501.4M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 14, 2025 | 42 | $474.1M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 12, 2025 | 42 | $457.6M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 8, 2024 | 42 | $445.6M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 7, 2024 | 80 | $406.2M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | Apr 22, 2024 | 85 | $411.3M | canonical | SEC ↗ |
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