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Livermore
Livermore
ZHEN

First National Corp

SEC CIK
0000816192
Latest filing
Oct 28, 2025

The latest 13F from First National Corp covers Q3 2025 (filed Oct 28, 2025): 174 long positions worth $527.5M. The top 10 holdings make up 38.7% of the portfolio, and the largest is SPDR S&P 500 ETF Trust (SPY) at 6.5%. Livermore has 20 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q3 2025

Share counts compared with Q2 2025: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
21
Est. +$6.17M
Added
61
Est. +$13.1M
Reduced
67
Est. −$12.2M
Sold out
10
Est. −$5.61M

Top 5 holdings

Share of this quarter's portfolio value

  1. SPYSPDR S&P 500 ETF Trust
    6.5%$34.3MHistory
  2. WisdomTree Tr97717Y527
    4.9%$26.0M
  3. Schwab U.S. Broad Market ETF808524102
    4.8%$25.3M
  4. GLDSPDR Gold Trust
    3.7%$19.5MHistory
  5. Schwab U.S. Large-Cap ETF808524201
    3.7%$19.4M

Biggest buys

New and added positions, by estimated amount bought

  1. ProShares Tr74347R206
    +$1.44MAdded
  2. iShares Tr464287432
    +$1.30MAdded
  3. iShares Tr464288760
    +$1.05MAdded
  4. PIMCO ETF Tr72201R718
    +$936.2KAdded
  5. J P Morgan Exchange Traded F46654Q757
    +$923.6KNew

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. ProShares Tr74347R206
    +0.47 pp1.9% → 2.3%
  2. iShares Tr464288760
    +0.23 pp0.8% → 1.0%
  3. Schwab U.S. Small-Cap ETF808524607
    +0.20 pp2.9% → 3.1%
  4. J P Morgan Exchange Traded F46654Q757
    +0.18 pp0.0% → 0.2%
  5. iShares Tr464287432
    +0.16 pp1.7% → 1.9%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. ProShares Tr74347R107
    −$3.14MSold out
  2. Invesco Exch Traded FD Tr II46138E586
    −$2.38MReduced
  3. GLDSPDR Gold Trust
    −$2.04MReducedHistory
  4. ProShares Tr74349Y753
    −$1.57MReduced
  5. COSTCostco Wholesale Corp
    −$780.7KReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. ProShares Tr74347R107
    −0.63 pp0.6% → 0.0%
  2. ProShares Tr74349Y753
    −0.61 pp2.5% → 1.9%
  3. Invesco Exch Traded FD Tr II46138E586
    −0.51 pp1.0% → 0.5%
  4. COSTCostco Wholesale Corp
    −0.24 pp0.7% → 0.5%History
  5. ProShares Tr74347B201
    −0.20 pp1.3% → 1.1%

Metrics

13F metrics for Q3 2025, computed only from the numbers in the filings. Definitions below.

Portfolio value
$527.5M
+$31.4M (+6.3%) vs. prior quarter
Positions
174
+11 vs. prior quarter
Top 10 concentration
38.7%
Top 10 as share of value
Turnover
3.5%
Q3 2025, one quarter
Average holding period
15.8 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

19 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $527.5M (Q3 2025)

Q1 2021: $403.1MQ2 2021: $291.4MQ3 2021: $446.0MQ4 2021: $447.2MQ1 2022: $471.7MQ2 2022: $382.3MQ3 2022: $365.3MQ4 2022: $404.5MQ1 2023: $420.4MQ2 2023: $421.3MQ3 2023: $372.4MQ4 2023: $407.5MQ1 2024: $406.8MQ2 2024: $419.9MQ3 2024: $449.6MQ4 2024: $441.7MQ1 2025: $452.9MQ2 2025: $496.0MQ3 2025: $527.5M
Q1 2021Q3 2025
13F filings of First National Corp by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q3 2025Oct 28, 2025174$527.5MSPYWisdomTree TrSchwab U.S. Broad Market ETFvs. Q2 2025SEC
Q2 2025Jul 8, 2025163$496.0MSPYWisdomTree TrSchwab U.S. Broad Market ETFvs. Q1 2025SEC
Q1 2025Apr 11, 2025160$452.9MSPYGLDSchwab U.S. Broad Market ETFvs. Q4 2024SEC
Q4 2024Jan 29, 2025153$441.7MSPYSchwab U.S. Broad Market ETFGLDvs. Q3 2024SEC
Q3 2024Oct 8, 2024145$449.6MSPYGLDSchwab U.S. Broad Market ETFvs. Q2 2024SEC
Q2 2024Jul 12, 2024155$419.9MSPYSchwab U.S. Broad Market ETFWisdomTree Trvs. Q1 2024SEC
Q1 2024Apr 15, 2024154$406.8MSchwab U.S. Broad Market ETFSPYWisdomTree Trvs. Q4 2023SEC
Q4 2023Jan 18, 2024154$407.5MSchwab U.S. Broad Market ETFSPYWisdomTree Trvs. Q3 2023SEC
Q3 2023Oct 24, 2023147$372.4MSchwab U.S. Broad Market ETFSPYWisdomTree Trvs. Q2 2023SEC
Q2 2023Jul 31, 2023157$421.3MSchwab U.S. Broad Market ETFSPYVanguard Utilities ETFvs. Q1 2023SEC
Q1 2023Apr 28, 2023164$420.4MSchwab U.S. Broad Market ETFSPYVanguard Utilities ETFvs. Q4 2022SEC
Q4 2022Jan 26, 2023154$404.5MiShares TrSchwab U.S. Broad Market ETFVanguard Utilities ETFvs. Q3 2022SEC
Q3 2022Oct 24, 2022151$365.3MVanguard Utilities ETFiShares TrSPYvs. Q2 2022SEC
Q2 2022Jul 18, 2022154$382.3MiShares TrVanguard Utilities ETFiShares Trvs. Q1 2022SEC
Q1 2022Apr 26, 2022163$471.7MiShares TrSchwab U.S. Broad Market ETFSPYvs. Q4 2021SEC
Q4 2021Jan 28, 2022159$447.2MSchwab U.S. Broad Market ETFiShares Semiconductor ETFSPYvs. Q3 2021SEC
Q3 2021Nov 9, 2021161$446.0MiShares TrSchwab U.S. Broad Market ETFiShares Semiconductor ETFvs. Q2 2021SEC
Q2 2021Jul 30, 2021Amended140$291.4MiShares Semiconductor ETFSchwab U.S. Broad Market ETFSchwab U.S. REIT ETFvs. Q1 2021SEC
Q1 2021May 10, 2021152$403.1MSchwab U.S. Broad Market ETFiShares Semiconductor ETFiShares Tr–SEC