First National Advisers, LLC
Long book
$683.5M
Q1 2026
Positions
239
Top-10 weight
37%
concentration
Last quarter
+9.5%
SPY +14.8%
Turnover
16%
of book per quarter
Strategy in plain words
auto-generated from filingsFirst National Advisers, LLC is an institutional manager, running a $683.5M US long book across 239 positions.
The portfolio is moderately concentrated (top 10 ≈ 37% of the book). Turnover is modest: positions are typically held for years. Current anchor positions: DIMENSIONAL INTERNATIONAL CO, APPLE INC, NVIDIA CORP, MICROSOFT CORP, ALPHABET INC-CL C.
Over the last 9 quarters its long book ran on average 1.4pp per quarter behind the S&P 500, beating the index in 2 of 9 quarters. Signal value of individual moves is limited — treat changes as weak evidence.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+2.5%
Q2 2024
+5.1%
Q3 2024
-0.2%
Q4 2024
-2.6%
Q1 2025
+7.7%
Q2 2025
+6.7%
Q3 2025
+1.7%
Q4 2025
-2.5%
Q1 2026
+9.5%
Sector allocation
Technology 36%
Financials 15%
Industrials 11%
Consumer discretionary 10%
Healthcare 8%
Energy 5%
Services media 4%
Utilities 4%
Long book by quarter
What does First National own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| AAPL APPLE INC | Technology | 152.5K | $38.7M | 5.7% | -6.3% |
| NVDA NVIDIA CORP | Technology | 185.8K | $32.4M | 4.7% | -11.3% |
| MSFT MICROSOFT CORP | Technology | 72.3K | $26.7M | 3.9% | -9.9% |
| GOOG ALPHABET INC-CL C | Technology | 75.0K | $21.5M | 3.1% | -14.4% |
| AMZN AMAZON.COM INC | Consumer discretionary | 91.2K | $19.0M | 2.8% | -1.8% |
| AVGO BROADCOM INC | Technology | 46.3K | $14.3M | 2.1% | -6.1% |
| JPM JPMORGAN CHASE & CO | Financials | 47.7K | $14.0M | 2.1% | -10.7% |
| META META PLATFORMS INC-CLASS A | Technology | 22.4K | $12.8M | 1.9% | -4.8% |
| BRK/A BERKSHIRE HATHAWAY INC-CL A | Financials | 16 | $11.5M | 1.7% | Held |
| LLY ELI LILLY & CO | Healthcare | 9.6K | $8.8M | 1.3% | -7.5% |
| GOOGL ALPHABET INC-CL A | Technology | 29.7K | $8.6M | 1.3% | +0.8% |
| XOM EXXON MOBIL CORP | Energy | 43.5K | $7.4M | 1.1% | -12.1% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 15.4K | $7.4M | 1.1% | +13.3% |
| RTX RTX CORP | Industrials | 36.5K | $7.0M | 1.0% | -13.8% |
| NEE NEXTERA ENERGY INC | Utilities | 75.4K | $7.0M | 1.0% | -14.3% |
| COST COSTCO WHOLESALE CORP | Consumer discretionary | 6.5K | $6.4M | 0.9% | -3.0% |
| WMT WALMART INC | Consumer discretionary | 50.6K | $6.3M | 0.9% | -11.3% |
| MA MASTERCARD INC - A | Services media | 12.1K | $6.1M | 0.9% | -11.4% |
| AMGN AMGEN INC | Healthcare | 16.5K | $5.8M | 0.9% | -18.9% |
| ABT ABBOTT LABORATORIES | Healthcare | 55.7K | $5.7M | 0.8% | -10.2% |
| TSLA TESLA INC | Industrials | 14.9K | $5.5M | 0.8% | -8.2% |
| PEP PEPSICO INC | Consumer staples | 31.4K | $4.9M | 0.7% | -4.6% |
| EOG EOG RESOURCES INC | Energy | 32.7K | $4.7M | 0.7% | -14.1% |
| ABBV ABBVIE INC | Healthcare | 20.8K | $4.5M | 0.7% | -12.4% |
| SCHW SCHWAB (CHARLES) CORP | Financials | 47.2K | $4.4M | 0.6% | -7.7% |
| MTZ MASTEC INC | Industrials | 13.7K | $4.4M | 0.6% | -37.9% |
| WFC WELLS FARGO & CO | Financials | 54.8K | $4.4M | 0.6% | -12.6% |
| CSX CSX CORP | Industrials | 106.0K | $4.4M | 0.6% | -13.5% |
| CVX CHEVRON CORP | Energy | 20.7K | $4.3M | 0.6% | -13.5% |
| SO SOUTHERN CO/THE | Utilities | 42.5K | $4.1M | 0.6% | +16.5% |
| CB CHUBB LTD | Financials | 12.5K | $4.1M | 0.6% | -13.0% |
| AME AMETEK INC | Technology | 18.5K | $4.0M | 0.6% | -13.9% |
| WM WASTE MANAGEMENT INC | Utilities | 17.2K | $3.9M | 0.6% | -13.9% |
| KO COCA-COLA CO/THE | Consumer staples | 51.6K | $3.9M | 0.6% | -3.8% |
| GLW CORNING INC | Industrials | 28.8K | $3.9M | 0.6% | -37.0% |
| LFUS LITTELFUSE INC | Industrials | 11.5K | $3.9M | 0.6% | -15.6% |
| CME CME GROUP INC | Financials | 12.8K | $3.8M | 0.6% | -13.4% |
| MS MORGAN STANLEY | Financials | 22.8K | $3.8M | 0.5% | -12.9% |
| LIN LINDE PLC | Materials | 7.6K | $3.7M | 0.5% | -10.6% |
| APH AMPHENOL CORP-CL A | Technology | 29.5K | $3.7M | 0.5% | -16.2% |
| BLK BLACKROCK INC | Financials | 3.8K | $3.7M | 0.5% | -8.8% |
| HD HOME DEPOT INC | Consumer discretionary | 11.1K | $3.6M | 0.5% | -12.6% |
| ORLY O'REILLY AUTOMOTIVE INC | Consumer discretionary | 37.4K | $3.5M | 0.5% | -12.2% |
| ORCL ORACLE CORP | Technology | 23.0K | $3.4M | 0.5% | -12.4% |
| ETN EATON CORP PLC | Industrials | 9.4K | $3.3M | 0.5% | -5.8% |
| ANET ARISTA NETWORKS INC | Technology | 27.3K | $3.3M | 0.5% | -13.8% |
| BNY BANK OF NEW YORK MELLON CORP | Financials | 27.9K | $3.3M | 0.5% | -12.6% |
| MWA MUELLER WATER PRODUCTS INC-A | Industrials | 119.6K | $3.3M | 0.5% | -9.5% |
| BKNG BOOKING HOLDINGS INC | Industrials | 756 | $3.2M | 0.5% | -12.6% |
| UTHR UNITED THERAPEUTICS CORP | Healthcare | 5.3K | $3.2M | 0.5% | -15.1% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 8, 2026 | 261 | $683.5M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 4, 2026 | 261 | $727.3M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Oct 28, 2025 | 255 | $736.9M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 13, 2025 | 221 | $683.0M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 7, 2025 | 212 | $624.7M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 10, 2025 | 175 | $618.5M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Oct 15, 2024 | 215 | $627.1M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 13, 2024 | 208 | $547.2M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 203 | $446.9M | canonical | SEC ↗ |
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