America First Investment Advisors, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 11, 2025), America First Investment Advisors, LLC reported 43 stock positions worth $501.4 million. Its top holding was iShares 1-3 Year Treasury Bo (SHY) at 7.5% of the portfolio, followed by WR Berkley (WRB, 5.6%) and Royal Gold (RGLD, 5.5%). Compared with Q1 2025, it opened 1 new position, added to 8 and reduced 18. The biggest buy was a new position in Thermo Fisher Scientific (TMO) and the biggest sale WR Berkley (WRB, shares −7%).
- Most Recent 13F
- Q2 2026
- Location
- OMAHA, NE
- CIK
- 0001308778
- Portfolio Value
- $501.4M (Q2 2025)
- SEC Filing
- 0001308778-25-000004 ↗ filed Aug 11, 2025
Holdings Value
Holdings 43 stocks · $501.4M
| SHY iShares 1-3 Year Treasury Bo | 7.48% | 452,822 | $37.5M | Add +0.3% |
| WRB WR Berkley Corp. filed as BERKLEY W R CORP | 5.65% | 385,565 | $28.3M | Reduce -6.7% |
| RGLD Royal Gold Inc. | 5.51% | 155,320 | $27.6M | Reduce -5.8% |
| AMZN Amazon.com Inc. | 5.44% | 124,295 | $27.3M | Reduce -1.8% |
| FNV Franco-Nevada Corp. | 5.40% | 165,073 | $27.1M | Reduce -4.5% |
| BN Brookfield Corp. | 5.31% | 430,459 | $26.6M | Reduce -0.9% |
| ABT Abbott Laboratories | 5.29% | 195,110 | $26.5M | Reduce -1.2% |
| CME Cme Group Inc. | 5.23% | 95,161 | $26.2M | Reduce -3.0% |
| ADP Automatic Data Processing | 5.06% | 82,208 | $25.4M | Reduce -2.5% |
| V Visa Inc. Class A | 5.05% | 71,366 | $25.3M | Reduce -2.3% |
| BAM Brookfield Asset Mgmt-A | 4.91% | 445,219 | $24.6M | Reduce -1.1% |
| MA Mastercard Inc. Class A | 4.91% | 43,769 | $24.6M | Reduce -1.2% |
| GOOGL Alphabet Inc. Class A | 4.84% | 137,672 | $24.3M | Add +0.2% |
| ENB Enbridge Inc. | 4.67% | 516,668 | $23.4M | Reduce -0.2% |
| JNJ Johnson & Johnson | 4.59% | 150,762 | $23.0M | Add +0.2% |
| TMO Thermo Fisher Scientific Inc. | 4.52% | 55,901 | $22.7M | New |
| PFE Pfizer Inc. | 3.85% | 796,840 | $19.3M | Add +1.6% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 3.75% | 556,760 | $18.8M | Add +5.0% |
| BRK.A Berkshire Hathaway Inc. Class A | 2.47% | 17 | $12.4M | No change |
| CLX Clorox Company | 1.80% | 75,110 | $9.0M | No change |
| BRK.B Berkshire Hathaway Inc. Class B | 0.86% | 8,897 | $4.3M | Reduce -1.0% |
| AAPL Apple Inc. | 0.53% | 13,065 | $2.7M | No change |
| USB US Bancorp | 0.49% | 54,842 | $2.5M | No change |
| GHI Greystone Housing Impact Inv | 0.27% | 120,189 | $1.4M | Add +111.7% |
| KO The Coca-Cola Co. | 0.24% | 16,848 | $1.2M | No change |
| MSFT Microsoft Corp. | 0.24% | 2,386 | $1.2M | Reduce -3.9% |
| MFA Mfa Financial Inc. | 0.19% | 103,225 | $977K | No change |
| PSX Phillips 66 | 0.16% | 6,580 | $785K | Reduce -6.9% |
| JPM JPMorgan Chase & Co. | 0.15% | 2,529 | $733K | Reduce -0.3% |
| PG The Procter & Gamble Co. | 0.14% | 4,492 | $716K | No change |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.12% | 946 | $584K | Add +0.2% |
| GD General Dynamics Corp. | 0.11% | 1,918 | $559K | No change |
| HSY The Hershey Co. | 0.11% | 3,217 | $534K | No change |
| CVX Chevron Corp. | 0.10% | 3,398 | $487K | Reduce -6.6% |
| MU Micron Technology Inc. | 0.08% | 3,335 | $411K | No change |
| PEP Pepsico Inc. | 0.07% | 2,819 | $372K | Reduce -0.5% |
| RSP Invesco S&P 500 Equal Weight | 0.07% | 2,023 | $368K | Add +5.5% |
| QQQ Invesco QQQ Trust Series 1 | 0.07% | 648 | $357K | No change |
| ORCL Oracle Corp. | 0.07% | 1,631 | $357K | No change |
| META Meta Platforms Inc. Class A | 0.06% | 430 | $317K | No change |
| TSLA Tesla Inc. | 0.06% | 886 | $281K | No change |
| LLY Eli Lilly & Co. | 0.05% | 301 | $235K | No change |
| NGD New Gold Inc. | 0.02% | 22,660 | $112K | No change |
Portfolio Sells Q1 2025 → Q2 2025
| WRB WR Berkley Corp. | Reduce -6.7% | 5.65% | −0.55 |
| ADP Automatic Data Processing | Reduce -2.5% | 5.06% | −0.38 |
| FNV Franco-Nevada Corp. | Reduce -4.5% | 5.40% | −0.35 |
| V Visa Inc. Class A | Reduce -2.3% | 5.05% | −0.34 |
| CME Cme Group Inc. | Reduce -3.0% | 5.23% | −0.26 |
| ABT Abbott Laboratories | Reduce -1.2% | 5.29% | −0.23 |
| MA Mastercard Inc. Class A | Reduce -1.2% | 4.91% | −0.22 |
| RGLD Royal Gold Inc. | Reduce -5.8% | 5.51% | −0.18 |
| ENB Enbridge Inc. | Reduce -0.2% | 4.67% | −0.17 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -1.0% | 0.86% | −0.15 |
| CVX Chevron Corp. | Reduce -6.6% | 0.10% | −0.03 |
| PSX Phillips 66 | Reduce -6.9% | 0.16% | −0.03 |
| PEP Pepsico Inc. | Reduce -0.5% | 0.07% | −0.02 |
| JPM JPMorgan Chase & Co. | Reduce -0.3% | 0.15% | +0.01 |
| MSFT Microsoft Corp. | Reduce -3.9% | 0.24% | +0.04 |
| BAM Brookfield Asset Mgmt-A | Reduce -1.1% | 4.91% | +0.31 |
| AMZN Amazon.com Inc. | Reduce -1.8% | 5.44% | +0.36 |
| BN Brookfield Corp. | Reduce -0.9% | 5.31% | +0.51 |
Portfolio Buys Q1 2025 → Q2 2025
| TMO Thermo Fisher Scientific Inc. | New | 4.52% | +4.52 |
| GOOGL Alphabet Inc. Class A | Add +0.2% | 4.84% | +0.36 |
| GHI Greystone Housing Impact Inv | Add +111.7% | 0.27% | +0.12 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +0.2% | 0.12% | +0.01 |
| RSP Invesco S&P 500 Equal Weight | Add +5.5% | 0.07% | +0.00 |
| PFE Pfizer Inc. | Add +1.6% | 3.85% | −0.34 |
| SHY iShares 1-3 Year Treasury Bo | Add +0.3% | 7.48% | −0.40 |
| JNJ Johnson & Johnson | Add +0.2% | 4.59% | −0.67 |
| SLB SLB Ltd. | Add +5.0% | 3.75% | −0.92 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 45 | $538.9M | SHY, GOOGL, JNJ, AMZN, ENB |
| Q1 2026 | 41 | $536.5M | SHY, JNJ, GOOGL, SLB, ENB |
| Q4 2025 | 42 | $549.1M | SHY, GOOGL, RGLD, TMO, FNV |
| Q3 2025 | 44 | $538.3M | SHY, FNV, GOOGL, RGLD, WRB |
| Q2 2025 | 43 | $501.4M | SHY, WRB, RGLD, AMZN, FNV |
| Q1 2025 | 42 | $474.1M | SHY, WRB, FNV, RGLD, ABT |
| Q4 2024 | 42 | $457.6M | SHY, PLTR, AMZN, GOOGL, BN |
| Q3 2024 | 42 | $445.6M | SHY, PLTR, AMZN, BN, ADP |
| Q2 2024 | 80 | $406.2M | SHY, PLTR, AMZN, GOOGL, WRB |
| Q1 2024 | 85 | $411.3M | SHY, PLTR, GOOGL, AMZN, WRB |