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Livermore
Livermore
ZHEN

America First Investment Advisors, LLC

SEC CIK
0001308778
Latest filing
Aug 5, 2026

The latest 13F from America First Investment Advisors, LLC covers Q2 2026 (filed Aug 5, 2026): 45 long positions worth $538.9M. The top 10 holdings make up 56.6% of the portfolio, and the largest is iShares Tr at 8.2%. Livermore has 22 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: 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
5
Est. +$25.0M
Added
15
Est. +$5.91M
Reduced
12
Est. −$2.79M
Sold out
1
Est. −$25.2M

Top 5 holdings

Share of this quarter's portfolio value

  1. iShares Tr464287457
    8.2%$44.0M
  2. GOOGLAlphabet Inc.
    6.7%$36.2MHistory
  3. JNJJohnson & Johnson
    6.5%$35.3MHistory
  4. AMZNAmazon Com Inc
    5.4%$29.2MHistory
  5. ENBEnbridge Inc
    5.2%$28.2MHistory

Share of portfolio

Top 5 holdings and the other 40 positions, by share of portfolio value

  1. iShares Tr8.2%
  2. GOOGL6.7%
  3. JNJ6.5%
  4. AMZN5.4%
  5. ENB5.2%
  6. Other 40 positions67.9%

Biggest buys

New and added positions, by estimated amount bought

  1. VRSKVerisk Analytics, Inc.
    +$23.5MNewHistory
  2. ABTAbbott Laboratories
    +$1.58MAddedHistory
  3. BRK.ABerkshire Hathaway Inc
    +$1.50MAddedHistory
  4. ZONEZone Frontier Inc.
    +$980.9KAddedHistory
  5. CSCOCisco Systems, Inc.
    +$587.3KNewHistory

Largest weight increases

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

  1. VRSKVerisk Analytics, Inc.
    +4.36 pp0.0% → 4.4%History
  2. VVisa Inc.
    +0.57 pp4.1% → 4.7%History
  3. ADPAutomatic Data Processing Inc
    +0.47 pp4.3% → 4.8%History
  4. WRBBerkley W R Corp
    +0.32 pp4.7% → 5.0%History
  5. BRK.ABerkshire Hathaway Inc
    +0.32 pp1.1% → 1.4%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. PFEPfizer Inc
    −$25.2MSold outHistory
  2. BRK.BBerkshire Hathaway Inc
    −$826.1KReducedHistory
  3. GOOGLAlphabet Inc.
    −$713.3KReducedHistory
  4. SLBSLB Limited
    −$316.3KReducedHistory
  5. JNJJohnson & Johnson
    −$305.5KReducedHistory

Largest weight decreases

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

  1. PFEPfizer Inc
    −4.70 pp4.7% → 0.0%History
  2. FNVFranco Nevada Corp
    −0.85 pp5.2% → 4.4%History
  3. SLBSLB Limited
    −0.60 pp5.5% → 4.9%History
  4. BRK.BBerkshire Hathaway Inc
    −0.12 pp0.9% → 0.7%History
  5. iShares Tr464287457
    −0.10 pp8.3% → 8.2%

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$538.9M
+$2.38M (+0.4%) vs. prior quarter
Positions
45
+4 vs. prior quarter
Top 10 concentration
56.6%
Top 10 as share of value
Turnover
5.2%
Q2 2026, one quarter
Average holding period
18.1 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

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

Peak $549.1M (Q4 2025)

Q1 2021: $329.6MQ2 2021: $341.4MQ3 2021: $328.9MQ4 2021: $353.9MQ1 2022: $345.7MQ2 2022: $310.7MQ3 2022: $287.2MQ4 2022: $339.0MQ1 2023: $349.2MQ2 2023: $372.0MQ3 2023: $360.5MQ4 2023: $382.5MQ1 2024: $411.3MQ2 2024: $406.2MQ3 2024: $445.6MQ4 2024: $457.6MQ1 2025: $474.1MQ2 2025: $501.4MQ3 2025: $538.3MQ4 2025: $549.1MQ1 2026: $536.5MQ2 2026: $538.9M
Q1 2021Q2 2026
13F filings of America First Investment Advisors, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 5, 202645$538.9MiShares TrGOOGLJNJvs. Q1 2026SEC
Q1 2026May 8, 202641$536.5MiShares TrJNJGOOGLvs. Q4 2025SEC
Q4 2025Feb 9, 202642$549.1MiShares TrGOOGLRGLDvs. Q3 2025SEC
Q3 2025Nov 10, 202544$538.3MiShares TrFNVGOOGLvs. Q2 2025SEC
Q2 2025Aug 11, 202543$501.4MiShares TrWRBRGLDvs. Q1 2025SEC
Q1 2025May 14, 202542$474.1MiShares TrWRBFNVvs. Q4 2024SEC
Q4 2024Feb 12, 202542$457.6MiShares TrPLTRAMZNvs. Q3 2024SEC
Q3 2024Nov 8, 202442$445.6MiShares TrPLTRAMZNvs. Q2 2024SEC
Q2 2024Aug 7, 202480$406.2MiShares TrPLTRAMZNvs. Q1 2024SEC
Q1 2024Apr 22, 202485$411.3MiShares TrPLTRGOOGLvs. Q4 2023SEC
Q4 2023Feb 13, 202498$382.5MiShares TrGOOGLPLTRvs. Q3 2023SEC
Q3 2023Nov 3, 202396$360.5MPLTRiShares TrGOOGLvs. Q2 2023SEC
Q2 2023Aug 2, 202398$372.0MPLTRiShares TrGOOGLvs. Q1 2023SEC
Q1 2023May 3, 202399$349.2MiShares TrRGLDFNVvs. Q4 2022SEC
Q4 2022Jan 31, 202394$339.0MWRBADPPFEvs. Q3 2022SEC
Q3 2022Nov 3, 202282$287.2MADPWRBPFEvs. Q2 2022SEC
Q2 2022Jul 12, 202272$310.7MWRBPFEGOOGLvs. Q1 2022SEC
Q1 2022Apr 26, 202274$345.7MGOOGLWRBBAMvs. Q4 2021SEC
Q4 2021Jan 20, 202275$353.9MGOOGLPFEBAMvs. Q3 2021SEC
Q3 2021Nov 2, 202182$328.9MGOOGLBAMADPvs. Q2 2021SEC
Q2 2021Jul 27, 202177$341.4MGOOGLBAMFNVvs. Q1 2021SEC
Q1 2021Apr 28, 202177$329.6MGOOGLHONADP–SEC