First National Advisers, LLC

CIK 0001941030 · Q1 2026

13F Equity AUM

$683.5M

-6.0% QoQ

Positions

239

+4 QoQ

AUM Rank

#3,572

Top 29%

Skill Alpha (FF)

-4.1%/yr^ns

No Clear Edge

Rank #7,054 · Top 86%

vs S&P -4.4%/yr (unadj.)

Quarters Tracked

~4 years

Portfolio Concentration

Top 5: 25.8%Top 10: 37.3%Top 20: 50.4%

DFAI8.3%

AAPL5.7%

NVDA4.7%

MSFT3.9%

GOOG3.1%

AMZN2.8%

CMDT2.4%

RLY2.2%

AVGO2.1%

JPM2.0%

Others (229)62.7%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services30.1%

Technology23.3%

Industrials8.4%

Consumer Cyclical7.5%

Communication Services7.4%

Healthcare6.7%

Consumer Defensive4.6%

Energy3.9%

Other8.2%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 239Median: 0.14%Avg: 0.42%

0–0.5%

189(30.5%)

0.5–1%

31(20.1%)

1–3%

14(23.6%)

3–5%

3(11.8%)

5%+

2(14.0%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 238Unique: 1vs 20 funds

3.3%Low

239

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

JPMORGAN CHASE & CO

4.9%

MORGAN STANLEY

4.5%

BANK OF AMERICA CORP /DE/

BlackRock, Inc.

5.8%

FMR LLC

7.7%

STATE STREET CORP

6.4%

VANGUARD CAPITAL MANAGEMENT LLC

6.3%

VANGUARD PORTFOLIO MANAGEMENT LLC

7.5%

GEODE CAPITAL MANAGEMENT, LLC

6.1%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New23Increased50Decreased152Exited19

New Positions

CMDT2.4%

+506K

RLY2.2%

+422K

PPI0.7%

+236K

KMT0.4%

+68K

NIC0.2%

+11K

INVH0.1%

+29K

PB0.1%

+10K

RYAN0.1%

+13K

CLF0.1%

+44K

NKE0.1%

+7K

Increased

DFAI8.3%

+193K(+15%)

CHWY0.1%

+28K(+344%)

ZBH0.2%

+7K(+164%)

SO0.6%

+6K(+17%)

8CW0.1%

+6K(+189%)

VEA0.4%

+4K(+11%)

NFLX0.1%

+4K(+79%)

HCQ0.0%

+3K(+25%)

SF0.1%

+3K(+47%)

CRM0.2%

+3K(+64%)

Decreased

PCT0.1%

-26,686(-13%)

LW0.1%

-25,328(-70%)

NVDA4.7%

-23,671(-11%)

GLW0.6%

-16,932(-37%)

CSX0.6%

-16,522(-13%)

RHI0.1%

-13,506(-53%)

CFR0.2%

-13,062(-53%)

NEE1.0%

-12,626(-14%)

GOOG3.1%

-12,589(-14%)

JT50.5%

-12,548(-9%)

Exited

-44,637

-32,696

-35,009

-64,500

-3,118

-3,190

-2,765

-1,155

-7,391

-4,555

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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