Skip to main content
Livermore
Livermore
ZHEN

First National Advisers, LLC

SEC CIK
0001941030
Latest filing
Jul 21, 2026

The latest 13F from First National Advisers, LLC covers Q2 2026 (filed Jul 21, 2026): 251 long positions worth $711.8M. The top 10 holdings make up 36.5% of the portfolio, and the largest is Dimensional ETF Trust at 8.4%. Livermore has 17 filings on Form 13F from this institution, going back to Q2 2022.

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
27
Est. +$22.1M
Added
59
Est. +$29.8M
Reduced
153
Est. −$69.9M
Sold out
15
Est. −$10.2M

Top 5 holdings

Share of this quarter's portfolio value

  1. Dimensional ETF Trust25434V203
    8.4%$59.5M
  2. AAPLApple Inc.
    5.3%$38.0MHistory
  3. NVDANVIDIA Corp
    5.0%$35.7MHistory
  4. GOOGAlphabet Inc.
    3.5%$25.0MHistory
  5. MSFTMicrosoft Corp
    3.2%$22.5MHistory

Share of portfolio

Top 5 holdings and the other 246 positions, by share of portfolio value

  1. Dimensional ETF Trust8.4%
  2. AAPL5.3%
  3. NVDA5.0%
  4. GOOG3.5%
  5. MSFT3.2%
  6. Other 246 positions74.6%

Biggest buys

New and added positions, by estimated amount bought

  1. MUMicron Technology Inc
    +$8.47MAddedHistory
  2. AMDAdvanced Micro Devices Inc
    +$5.89MAddedHistory
  3. AMATApplied Materials Inc
    +$4.91MAddedHistory
  4. LIVNLivaNova PLC
    +$3.27MNewHistory
  5. AVTAvnet Inc
    +$2.79MNewHistory

Largest weight increases

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

  1. MUMicron Technology Inc
    +1.28 pp<0.1% → 1.3%History
  2. AMDAdvanced Micro Devices Inc
    +1.09 pp0.1% → 1.2%History
  3. AMATApplied Materials Inc
    +0.75 pp0.1% → 0.8%History
  4. LIVNLivaNova PLC
    +0.46 pp0.0% → 0.5%History
  5. AVTAvnet Inc
    +0.39 pp0.0% → 0.4%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. AAPLApple Inc.
    −$6.09MReducedHistory
  2. MSFTMicrosoft Corp
    −$4.50MReducedHistory
  3. ABTAbbott Laboratories
    −$3.02MReducedHistory
  4. KMTKennametal Inc
    −$2.47MSold outHistory
  5. GLWCorning Inc
    −$2.38MReducedHistory

Largest weight decreases

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

  1. MSFTMicrosoft Corp
    −0.76 pp3.9% → 3.2%History
  2. ABTAbbott Laboratories
    −0.55 pp0.8% → 0.3%History
  3. PIMCO ETF Tr72201R593
    −0.40 pp2.4% → 2.0%
  4. KMTKennametal Inc
    −0.36 pp0.4% → 0.0%History
  5. XOMExxonMobil Holdings Corp
    −0.34 pp1.1% → 0.7%History

Metrics

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

Portfolio value
$711.8M
+$28.3M (+4.1%) vs. prior quarter
Positions
251
+12 vs. prior quarter
Top 10 concentration
36.5%
Top 10 as share of value
Turnover
7.4%
Q2 2026, one quarter
Average holding period
12.0 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 (Q2 2022), so positions held before then are understated.

13F filings by quarter

17 quarters, going back to Q2 2022. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $736.9M (Q3 2025)

Q2 2022: $48.2MQ3 2022: $67.5MQ4 2022: $78.1MQ1 2023: $88.2MQ2 2023: $108.6MQ3 2023: $224.0MQ4 2023: $347.4MQ1 2024: $446.9MQ2 2024: $547.2MQ3 2024: $627.1MQ4 2024: $618.5MQ1 2025: $624.7MQ2 2025: $683.0MQ3 2025: $736.9MQ4 2025: $727.3MQ1 2026: $683.5MQ2 2026: $711.8M
Q2 2022Q2 2026
13F filings of First National Advisers, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 21, 2026251$711.8MDimensional ETF TrustAAPLNVDAvs. Q1 2026SEC
Q1 2026May 8, 2026239$683.5MDimensional ETF TrustAAPLNVDAvs. Q4 2025SEC
Q4 2025Feb 4, 2026235$727.3MDimensional ETF TrustAAPLNVDAvs. Q3 2025SEC
Q3 2025Oct 28, 2025228$736.9MDimensional ETF TrustAAPLMSFTvs. Q2 2025SEC
Q2 2025Aug 13, 2025221$683.0MMSFTDimensional ETF TrustNVDAvs. Q1 2025SEC
Q1 2025May 7, 2025212$624.7MAAPLDimensional ETF TrustMSFTvs. Q4 2024SEC
Q4 2024Feb 10, 2025175$618.5MAAPLMSFTDimensional ETF Trustvs. Q3 2024SEC
Q3 2024Oct 15, 2024215$627.1MAAPLMSFTDimensional ETF Trustvs. Q2 2024SEC
Q2 2024Aug 13, 2024208$547.2MMSFTAAPLNVDAvs. Q1 2024SEC
Q1 2024May 15, 2024203$446.9MMSFTAAPLNVDAvs. Q4 2023SEC
Q4 2023Feb 8, 2024154$347.4MMSFTAAPLAMZNvs. Q3 2023SEC
Q3 2023Nov 9, 2023151$224.0MAAPLMSFTBRK.Avs. Q2 2023SEC
Q2 2023Aug 11, 2023115$108.6MAAPLMSFTAMZNvs. Q1 2023SEC
Q1 2023May 10, 2023110$88.2MAAPLMSFTAMZNvs. Q4 2022SEC
Q4 2022Feb 9, 2023108$78.1MAAPLMSFTGOOGvs. Q3 2022SEC
Q3 2022Nov 7, 2022129$67.5MAAPLMSFTAMZNvs. Q2 2022SEC
Q2 2022Aug 12, 202288$48.2MAAPLMSFTGOOG–SEC

13D and 13G filings

Companies where First National Advisers, LLC reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

4 companies, largest stake first.

Companies where First National Advisers, LLC owns 5% or more
CompanyLatest formStakeChangeFirst filedLatest filingFiling
Goldman Sachs ETF TrustShares of beneficial interest, no par value per share (Goldman Sachs Data Enhanced International Equity ETF)13G92.00%691.7K sharesNewSep 8, 20261 filingSep 8, 2026SEC
Investment Managers Series Trust IIShares of beneficial interest, no par value per share (Astoria Real Assets ETF)13G23.53%1.79M sharesNewSep 8, 20261 filingSep 8, 2026SEC
PIMCO ETF TrustShares of beneficial interest, no par value per share (PIMCO Commodity Strategy Active Exchange-Traded Fund)13G14.69%3.67M sharesNewSep 8, 20261 filingSep 8, 2026SEC
SSGA Active TrustShares of beneficial interest, no par value per share (State Street Multi-Asset Real Return ETF)13G8.60%3.17M sharesNewSep 8, 20261 filingSep 8, 2026SEC

Latest filings

4 filings on file made by First National Advisers, LLC or listing it as a reporting person, newest first.

Schedule 13D and 13G filings by First National Advisers, LLC
CompanyFiled (ET)FormStakeChangeEvent dateFiling
SSGA Active TrustShares of beneficial interest, no par value per share (State Street Multi-Asset Real Return ETF)Sep 8, 20265:08 PM ET13G8.60%3.17M sharesNewAug 31, 2026SEC
PIMCO ETF TrustShares of beneficial interest, no par value per share (PIMCO Commodity Strategy Active Exchange-Traded Fund)Sep 8, 20265:07 PM ET13G14.69%3.67M sharesNewAug 31, 2026SEC
Investment Managers Series Trust IIShares of beneficial interest, no par value per share (Astoria Real Assets ETF)Sep 8, 20265:06 PM ET13G23.53%1.79M sharesNewAug 31, 2026SEC
Goldman Sachs ETF TrustShares of beneficial interest, no par value per share (Goldman Sachs Data Enhanced International Equity ETF)Sep 8, 20265:05 PM ET13G92.00%691.7K sharesNewAug 31, 2026SEC