First National Advisers, LLC

OMAHA, NE · CIK 1941030 · 13F filing filed 2026-07-21

SEC-registered investment adviser since 2015 · limited liability company

Assets managed$7.4bn
Staff35 · 20 in investment roles
Main clients (by assets)Banks 70%, High net worth individuals 19%, Mutual funds and ETFs 7%
Websitefnbo.com
Form ADV · 2026-06-16SEC adviser record

$711.8m reported value +4.1% vs Q1 2026

251positions

36.5%in top 10

27 new 59 added 153 reduced 15 sold out vs Q1 2026

This report includes the holdings of 1 other manager that shares the investment decisions:

Tributary Capital Management, LLC – files its own report too; $30.6m of shares are in both

Shares in two reports are counted once in each security's totals.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	DIMENSIONAL ETF TRUST INTL CORE EQT MK DFAI	DFAI	1,441,680	$59.5m8.35%	8.35%	Reduced -18.8k	-18,779 -1.3%
2	APPLE INC COM AAPL	AAPL	131,469	$38.0m5.34%	5.34%	Reduced -21.0k	-21,038 -13.8%
3	NVIDIA CORPORATION COM NVDA	NVDA	178,445	$35.7m5.02%	5.02%	Reduced -7.3k	-7,323 -3.9%
4	ALPHABET INC CAP STK CL C GOOG	GOOG	70,861	$25.0m3.52%	3.52%	Reduced -4.2k	-4,186 -5.6%
5	MICROSOFT CORP COM MSFT	MSFT	60,186	$22.5m3.15%	3.15%	Reduced -12.1k	-12,074 -16.7%
6	AMAZON COM INC COM AMZN	AMZN	90,504	$21.6m3.03%	3.03%	Reduced -662	-662 -0.7%
7	BROADCOM INC COM AVGO	AVGO	41,212	$15.6m2.19%	2.19%	Reduced -5.1k	-5,108 -11.0%
8	JPMORGAN CHASE & CO COM JPM	JPM	44,312	$14.5m2.04%	2.04%	Reduced -3.4k	-3,352 -7.0%
9	PIMCO ETF TR COMMODITY STRAT CMDT	CMDT	461,835	$14.2m1.99%	1.99%	Reduced -44.1k	-44,099 -8.7%
10	SSGA ACTIVE ETF TR MULT ASS RLRTN RLY	RLY	391,401	$13.5m1.90%	1.90%	Reduced -30.3k	-30,297 -7.2%
11	META PLATFORMS INC CL A META	META	21,564	$12.1m1.71%	1.71%	Reduced -837	-837 -3.7%
12	J P MORGAN EXCHANGE TRADED F EQUITY PREMIUM JEPI	JEPI	198,912	$11.2m1.58%	1.58%	Reduced -12.8k	-12,762 -6.0%
13	BERKSHIRE HATHAWAY INC DEL CL A BRK.A	BRK.A	15	$11.2m1.58%	1.58%	Reduced -1	-1 -6.2%
14	ELI LILLY & CO COM LLY	LLY	9,217	$11.1m1.55%	1.55%	Reduced -365	-365 -3.8%
15	ALPHABET INC CAP STK CL A GOOGL	GOOGL	27,550	$9.8m1.38%	1.38%	Reduced -2.2k	-2,193 -7.4%
16	MICRON TECHNOLOGY INC COM MU	MU	8,140	$9.4m1.32%	1.32%	Added +7.3k	+7,339 916.2%
17	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	18,733	$9.4m1.32%	1.32%	Added +3.4k	+3,353 21.8%
18	ADVANCED MICRO DEVICES INC COM AMD	AMD	15,149	$8.8m1.24%	1.24%	Added +10.1k	+10,148 202.9%
19	RTX CORPORATION COM RTX	RTX	34,676	$6.6m0.92%	0.92%	Reduced -1.9k	-1,850 -5.1%
20	NEXTERA ENERGY INC COM NEE	NEE	70,500	$6.2m0.87%	0.87%	Reduced -4.9k	-4,867 -6.5%
21	TESLA INC COM TSLA	TSLA	14,257	$6.0m0.84%	0.84%	Reduced -612	-612 -4.1%
22	MASTERCARD INCORPORATED CL A MA	MA	11,507	$5.9m0.83%	0.83%	Reduced -620	-620 -5.1%
23	COSTCO WHSL CORP NEW COM COST	COST	6,251	$5.8m0.82%	0.82%	Reduced -215	-215 -3.3%
24	ABBVIE INC COM ABBV	ABBV	23,174	$5.8m0.82%	0.82%	Added +2.4k	+2,351 11.3%
25	APPLIED MATLS INC COM AMAT	AMAT	7,949	$5.7m0.81%	0.81%	Added +6.8k	+6,791 586.4%
26	AMGEN INC COM AMGN	AMGN	15,261	$5.5m0.78%	0.78%	Reduced -1.3k	-1,276 -7.7%
27	WALMART INC COM WMT	WMT	48,394	$5.5m0.77%	0.77%	Reduced -2.2k	-2,224 -4.4%
28	EXXON MOBIL CORP COM XOM	XOM	38,448	$5.3m0.74%	0.74%	Reduced -5.0k	-5,046 -11.6%
29	CORNING INC COM GLW	GLW	19,506	$5.0m0.70%	0.70%	Reduced -9.3k	-9,329 -32.4%
30	CSX CORP COM CSX	CSX	99,683	$4.7m0.67%	0.67%	Reduced -6.3k	-6,288 -5.9%
31	INVESTMENT MANAGERS SER TR I ASTORIA REAL PPI	PPI	219,280	$4.7m0.66%	0.66%	Reduced -17.1k	-17,070 -7.2%
32	MORGAN STANLEY COM NEW MS	MS	21,543	$4.5m0.63%	0.63%	Reduced -1.3k	-1,296 -5.7%
33	SOUTHERN CO COM SO	SO	46,945	$4.5m0.63%	0.63%	Added +4.4k	+4,413 10.4%
34	ARISTA NETWORKS INC COM SHS ANET	ANET	25,781	$4.4m0.62%	0.62%	Reduced -1.5k	-1,472 -5.4%
35	LITTELFUSE INC COM LFUS	LFUS	9,576	$4.4m0.61%	0.61%	Reduced -1.9k	-1,910 -16.6%
36	MASTEC INC COM MTZ	MTZ	10,390	$4.3m0.61%	0.61%	Reduced -3.4k	-3,354 -24.4%
37	VANGUARD INDEX FDS S&P 500 ETF SHS VOO	VOO	6,233	$4.3m0.60%	0.60%	Added +95	+95 1.6%
38	WELLS FARGO CO NEW COM WFC	WFC	51,409	$4.2m0.60%	0.60%	Reduced -3.4k	-3,397 -6.2%
39	AMETEK INC COM AME	AME	17,351	$4.2m0.59%	0.59%	Reduced -1.2k	-1,194 -6.4%
40	AMPHENOL CORP CL A APH	APH	23,725	$4.2m0.59%	0.59%	Reduced -5.8k	-5,774 -19.6%
41	PEPSICO INC COM PEP	PEP	30,808	$4.2m0.59%	0.59%	Reduced -591	-591 -1.9%
42	SCHWAB CHARLES CORP COM SCHW	SCHW	45,087	$4.2m0.58%	0.58%	Reduced -2.2k	-2,155 -4.6%
43	VANGUARD INDEX FDS TOTAL STK MKT VTI	VTI	11,073	$4.1m0.58%	0.58%	Reduced -116	-116 -1.0%
44	THERMO FISHER SCIENTIFIC INC COM TMO	TMO	7,735	$3.9m0.54%	0.54%	Added +1.4k	+1,356 21.3%
45	COCA COLA CO COM KO	KO	47,667	$3.9m0.54%	0.54%	Reduced -4.0k	-3,961 -7.7%
46	EATON CORP PLC SHS ETN	ETN	9,051	$3.9m0.54%	0.54%	Reduced -312	-312 -3.3%
47	LINDE PLC SHS LIN	LIN	7,171	$3.7m0.52%	0.52%	Reduced -388	-388 -5.1%
48	HOME DEPOT INC COM HD	HD	10,521	$3.7m0.52%	0.52%	Reduced -545	-545 -4.9%
49	NVENT ELECTRIC PLC SHS NVT	NVT	21,698	$3.7m0.52%	0.52%	Reduced -1.4k	-1,404 -6.1%
50	ORACLE CORP COM ORCL	ORCL	24,668	$3.6m0.51%	0.51%	Added +1.7k	+1,664 7.2%
51	WASTE MGMT INC DEL COM WM	WM	15,935	$3.6m0.50%	0.50%	Reduced -1.2k	-1,244 -7.2%
52	BLACKROCK INC COM BLK	BLK	3,684	$3.5m0.50%	0.50%	Reduced -140	-140 -3.7%
53	CHUBB LIMITED COM CB	CB	10,061	$3.4m0.48%	0.48%	Reduced -2.4k	-2,406 -19.3%
54	EDWARDS LIFESCIENCES CORP COM EW	EW	37,854	$3.4m0.48%	0.48%	Added +1.8k	+1,842 5.1%
55	BANK NEW YORK MELLON CORP COM BNY	BNY	22,834	$3.3m0.46%	0.46%	Reduced -5.1k	-5,060 -18.1%
56	LIVANOVA PLC SHS LIVN	LIVN	39,711	$3.3m0.46%	0.46%	New
57	OREILLY AUTOMOTIVE INC COM ORLY	ORLY	35,004	$3.2m0.45%	0.45%	Reduced -2.4k	-2,378 -6.4%
58	EOG RES INC COM EOG	EOG	24,485	$3.2m0.45%	0.45%	Reduced -8.2k	-8,194 -25.1%
59	MICROCHIP TECHNOLOGY INC. COM MCHP	MCHP	34,693	$3.2m0.44%	0.44%	Reduced -11.8k	-11,821 -25.4%
60	CHEVRON CORP NEW COM CVX	CVX	18,855	$3.1m0.44%	0.44%	Reduced -1.8k	-1,800 -8.7%
61	VANGUARD TAX-MANAGED FDS VAN FTSE DEV MKT VEA	VEA	41,672	$3.0m0.42%	0.42%	Added +1.2k	+1,198 3.0%
62	MUELLER WTR PRODS INC COM SER A MWA	MWA	113,761	$2.9m0.41%	0.41%	Reduced -5.9k	-5,871 -4.9%
63	QUANTA SVCS INC COM PWR	PWR	4,061	$2.9m0.41%	0.41%	Reduced -1.1k	-1,110 -21.5%
64	TEXAS INSTRS INC COM TXN	TXN	9,788	$2.9m0.41%	0.41%	Reduced -180	-180 -1.8%
65	MONOLITHIC PWR SYS INC COM MPWR	MPWR	2,083	$2.9m0.40%	0.40%	Reduced -612	-612 -22.7%
66	BALCHEM CORP COM BCPC	BCPC	16,890	$2.9m0.40%	0.40%	Reduced -1.3k	-1,316 -7.2%
67	CHURCH & DWIGHT CO INC COM CHD	CHD	28,951	$2.8m0.39%	0.39%	Added +5.2k	+5,223 22.0%
68	AVNET INC COM AVT	AVT	31,429	$2.8m0.39%	0.39%	New
69	RELIANCE INC COM RS	RS	7,368	$2.8m0.39%	0.39%	Reduced -795	-795 -9.7%
70	UNITED THERAPEUTICS CORP DEL COM UTHR	UTHR	4,940	$2.7m0.38%	0.38%	Reduced -383	-383 -7.2%
71	CINTAS CORP COM CTAS	CTAS	15,633	$2.7m0.37%	0.37%	Reduced -1.0k	-1,034 -6.2%
72	MOODYS CORP COM MCO	MCO	5,854	$2.7m0.37%	0.37%	Reduced -420	-420 -6.7%
73	CME GROUP INC COM CME	CME	11,987	$2.6m0.37%	0.37%	Reduced -800	-800 -6.3%
74	FIRST AMERN FINL CORP COM FAF	FAF	38,025	$2.6m0.37%	0.37%	Reduced -2.7k	-2,705 -6.6%
75	JOHNSON & JOHNSON COM JNJ	JNJ	10,083	$2.6m0.36%	0.36%	Added +215	+215 2.2%
76	BOOKING HOLDINGS INC COM BKNG	BKNG	14,345	$2.6m0.36%	0.36%	Reduced -4.6k	-4,555 -24.1%
77	TJX COS INC NEW COM TJX	TJX	16,420	$2.5m0.35%	0.35%	Reduced -1.5k	-1,541 -8.6%
78	KULICKE & SOFFA INDS INC COM KLIC	KLIC	18,483	$2.5m0.35%	0.35%	New
79	ATMOS ENERGY CORP COM ATO	ATO	13,769	$2.4m0.33%	0.33%	Reduced -1.0k	-1,044 -7.0%
80	SNOWFLAKE INC CL A SNOW	SNOW	9,295	$2.4m0.33%	0.33%	New
81	PHILLIPS 66 COM PSX	PSX	13,775	$2.3m0.33%	0.33%	Reduced -883	-883 -6.0%
82	T-MOBILE US INC COM TMUS	TMUS	13,296	$2.2m0.31%	0.31%	Added +4.0k	+3,970 42.6%
83	TEXAS ROADHOUSE INC COM TXRH	TXRH	11,328	$2.2m0.31%	0.31%	Reduced -764	-764 -6.3%
84	NICOLET BANKSHARES INC COM NIC	NIC	13,215	$2.2m0.31%	0.31%	Added +2.3k	+2,303 21.1%
85	CISCO SYS INC COM CSCO	CSCO	18,246	$2.1m0.30%	0.30%	Reduced -1.6k	-1,571 -7.9%
86	SHARKNINJA INC COM SHS SN	SN	13,569	$2.1m0.29%	0.29%	Reduced -4.3k	-4,340 -24.2%
87	FIRST INDL RLTY TR INC COM FR	FR	33,633	$2.1m0.29%	0.29%	Reduced -1.9k	-1,936 -5.4%
88	ABBOTT LABS COM ABT	ABT	22,384	$2.0m0.29%	0.29%	Reduced -33.3k	-33,272 -59.8%
89	ESSENTIAL PPTYS RLTY TR INC COM EPRT	EPRT	67,626	$2.0m0.28%	0.28%	New
90	CONOCOPHILLIPS COM COP	COP	19,189	$2.0m0.28%	0.28%	Reduced -2.4k	-2,418 -11.2%
91	DIAMONDBACK ENERGY INC COM FANG	FANG	11,326	$2.0m0.28%	0.28%	Reduced -1.7k	-1,656 -12.8%
92	VISA INC COM CL A V	V	5,666	$1.9m0.27%	0.27%	Reduced -246	-246 -4.2%
93	QUEST DIAGNOSTICS INC COM DGX	DGX	9,091	$1.9m0.27%	0.27%	Reduced -4.5k	-4,550 -33.4%
94	DOLLAR GEN CORP NEW COM DG	DG	16,655	$1.9m0.27%	0.27%	Reduced -1.0k	-1,031 -5.8%
95	DISNEY WALT CO COM DIS	DIS	18,746	$1.8m0.25%	0.25%	Reduced -829	-829 -4.2%
96	KEYSIGHT TECHNOLOGIES INC COM KEYS	KEYS	5,085	$1.8m0.25%	0.25%	Added +23	+23 0.5%
97	MARKEL GROUP INC COM MKL	MKL	905	$1.8m0.25%	0.25%	Reduced -355	-355 -28.2%
98	BROADRIDGE FINL SOLUTIONS IN COM BR	BR	12,856	$1.8m0.25%	0.25%	Reduced -115	-115 -0.9%
99	SUN CMNTYS INC COM SUI	SUI	14,045	$1.7m0.24%	0.24%	Reduced -739	-739 -5.0%
100	ROYAL CARIBBEAN GROUP COM RCL	RCL	5,135	$1.6m0.23%	0.23%	Reduced -3.6k	-3,643 -41.5%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
KENNAMETAL INC KMT	KMT	68,300	$2.5m68.3k shares
UFP TECHNOLOGIES INC UFPT	UFPT	8,914	$1.7m8.9k shares
EQUITABLE HLDGS INC EQH	EQH	44,335	$1.6m44.3k shares
POOL CORP POOL	POOL	5,606	$1.1m5.6k shares
ADOBE INC ADBE	ADBE	1,768	$429.8k1.8k shares
NIKE INC NKE	NKE	7,041	$371.9k7.0k shares
DUKE ENERGY CORP NEW DUK	DUK	2,475	$324.1k2.5k shares
TOPBUILD CORP BLD	BLD	905	$317.9k905 shares
ROBERT HALF INC. RHI	RHI	12,165	$309.0k12.2k shares
UMB FINL CORP UMBF	UMBF	2,724	$307.2k2.7k shares
PAYPAL HLDGS INC PYPL	PYPL	5,899	$266.8k5.9k shares
EQT CORP EQT	EQT	3,471	$220.9k3.5k shares
COMCAST CORP NEW CMCSA	CMCSA	7,591	$217.9k7.6k shares
BLACKBAUD INC BLKB	BLKB	5,381	$207.8k5.4k shares
LEIDOS HOLDINGS INC LDOS	LDOS	1,318	$205.0k1.3k shares

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
GOLDMAN SACHS ETF TR GIEQ · 13G · filed 2026-10-05	GIEQ	82.0%	-10.0 pts	13G	2026-10-05
INVESTMENT MANAGERS SER TR I PPI · 13G · filed 2026-09-08	PPI	23.5%≈ $38.1m	new	13G	2026-09-08
PIMCO ETF TR CMDT · 13G · filed 2026-09-08	CMDT	14.7%≈ $112.5m	new	13G	2026-09-08
SSGA ACTIVE ETF TR RLY · 13G · filed 2026-09-08	RLY	8.6%≈ $109.4m	new	13G	2026-09-08