America First Investment Advisors, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 10, 2025), America First Investment Advisors, LLC reported 44 stock positions worth $538.3 million. Its top holding was iShares 1-3 Year Treasury Bo (SHY) at 7.2% of the portfolio, followed by Franco-Nevada (FNV, 6.5%) and Alphabet Class A (GOOGL, 6.0%). Compared with Q2 2025, it opened 1 new position, added to 13 and reduced 14. The biggest buy was Enbridge (ENB, shares +0%) and the biggest sale Cme (CME, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- OMAHA, NE
- CIK
- 0001308778
- Portfolio Value
- $538.3M (Q3 2025)
- SEC Filing
- 0001308778-25-000010 ↗ filed Nov 10, 2025
Holdings Value
Holdings 44 stocks · $538.3M
| SHY iShares 1-3 Year Treasury Bo | 7.24% | 469,851 | $39.0M | Add +3.8% |
| FNV Franco-Nevada Corp. | 6.54% | 157,936 | $35.2M | Reduce -4.3% |
| GOOGL Alphabet Inc. Class A | 6.05% | 133,933 | $32.6M | Reduce -2.7% |
| RGLD Royal Gold Inc. | 5.71% | 153,348 | $30.8M | Reduce -1.3% |
| WRB WR Berkley Corp. filed as BERKLEY W R CORP | 5.40% | 379,648 | $29.1M | Reduce -1.5% |
| BN Brookfield Corp. | 5.31% | 416,853 | $28.6M | Reduce -3.2% |
| JNJ Johnson & Johnson | 5.16% | 149,681 | $27.8M | Reduce -0.7% |
| TMO Thermo Fisher Scientific Inc. | 5.02% | 55,722 | $27.0M | Reduce -0.3% |
| AMZN Amazon.com Inc. | 4.99% | 122,362 | $26.9M | Reduce -1.6% |
| ABT Abbott Laboratories | 4.86% | 195,497 | $26.2M | Add +0.2% |
| ENB Enbridge Inc. | 4.84% | 516,782 | $26.1M | Add +0.0% |
| CME Cme Group Inc. | 4.75% | 94,662 | $25.6M | Reduce -0.5% |
| BAM Brookfield Asset Mgmt-A | 4.67% | 441,474 | $25.1M | Reduce -0.8% |
| MA Mastercard Inc. Class A | 4.62% | 43,747 | $24.9M | Reduce -0.1% |
| V Visa Inc. Class A | 4.53% | 71,495 | $24.4M | Add +0.2% |
| ADP Automatic Data Processing | 4.50% | 82,512 | $24.2M | Add +0.4% |
| PFE Pfizer Inc. | 3.81% | 805,016 | $20.5M | Add +1.0% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 3.60% | 563,100 | $19.4M | Add +1.1% |
| BRK.A Berkshire Hathaway Inc. Class A | 2.24% | 16 | $12.1M | Reduce -5.9% |
| CLX Clorox Company | 1.72% | 75,110 | $9.3M | No change |
| BRK.B Berkshire Hathaway Inc. Class B | 0.95% | 10,201 | $5.1M | Add +14.7% |
| AAPL Apple Inc. | 0.62% | 13,077 | $3.3M | Add +0.1% |
| USB US Bancorp | 0.49% | 54,842 | $2.7M | No change |
| GHI Greystone Housing Impact Inv | 0.23% | 120,189 | $1.2M | No change |
| MSFT Microsoft Corp. | 0.23% | 2,388 | $1.2M | Add +0.1% |
| KO The Coca-Cola Co. | 0.21% | 16,848 | $1.1M | No change |
| MFA Mfa Financial Inc. | 0.18% | 103,225 | $949K | No change |
| PSX Phillips 66 | 0.17% | 6,580 | $895K | No change |
| JPM JPMorgan Chase & Co. | 0.15% | 2,529 | $798K | No change |
| PG The Procter & Gamble Co. | 0.13% | 4,492 | $690K | No change |
| GD General Dynamics Corp. | 0.12% | 1,918 | $654K | No change |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.12% | 948 | $631K | Add +0.2% |
| HSY The Hershey Co. | 0.11% | 3,217 | $602K | No change |
| MU Micron Technology Inc. | 0.10% | 3,335 | $558K | No change |
| CVX Chevron Corp. | 0.10% | 3,398 | $528K | No change |
| ORCL Oracle Corp. | 0.09% | 1,631 | $459K | No change |
| TSLA Tesla Inc. | 0.08% | 929 | $413K | Add +4.8% |
| PEP Pepsico Inc. | 0.07% | 2,819 | $396K | No change |
| QQQ Invesco QQQ Trust Series 1 | 0.07% | 648 | $389K | No change |
| RSP Invesco S&P 500 Equal Weight | 0.07% | 1,992 | $378K | Reduce -1.5% |
| META Meta Platforms Inc. Class A | 0.06% | 450 | $330K | Add +4.7% |
| LLY Eli Lilly & Co. | 0.04% | 301 | $230K | No change |
| ZONE Zone Frontier Inc. filed as CLEANCORE SOLUTIONS INC | 0.02% | 57,471 | $116K | New |
| NGD New Gold Inc. | 0.01% | 10,000 | $72K | Reduce -55.9% |
Portfolio Sells Q2 2025 → Q3 2025
| CME Cme Group Inc. | Reduce -0.5% | 4.75% | −0.48 |
| AMZN Amazon.com Inc. | Reduce -1.6% | 4.99% | −0.45 |
| MA Mastercard Inc. Class A | Reduce -0.1% | 4.62% | −0.28 |
| WRB WR Berkley Corp. | Reduce -1.5% | 5.40% | −0.25 |
| BAM Brookfield Asset Mgmt-A | Reduce -0.8% | 4.67% | −0.24 |
| BRK.A Berkshire Hathaway Inc. Class A | Reduce -5.9% | 2.24% | −0.23 |
| NGD New Gold Inc. | Reduce -55.9% | 0.01% | −0.01 |
| RSP Invesco S&P 500 Equal Weight | Reduce -1.5% | 0.07% | −0.00 |
| BN Brookfield Corp. | Reduce -3.2% | 5.31% | +0.00 |
| RGLD Royal Gold Inc. | Reduce -1.3% | 5.71% | +0.21 |
| TMO Thermo Fisher Scientific Inc. | Reduce -0.3% | 5.02% | +0.50 |
| JNJ Johnson & Johnson | Reduce -0.7% | 5.16% | +0.56 |
| FNV Franco-Nevada Corp. | Reduce -4.3% | 6.54% | +1.14 |
| GOOGL Alphabet Inc. Class A | Reduce -2.7% | 6.05% | +1.21 |
Portfolio Buys Q2 2025 → Q3 2025
| ENB Enbridge Inc. | Add +0.0% | 4.84% | +0.17 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +14.7% | 0.95% | +0.09 |
| AAPL Apple Inc. | Add +0.1% | 0.62% | +0.08 |
| ZONE Zone Frontier Inc. | New | 0.02% | +0.02 |
| TSLA Tesla Inc. | Add +4.8% | 0.08% | +0.02 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +0.2% | 0.12% | +0.00 |
| META Meta Platforms Inc. Class A | Add +4.7% | 0.06% | −0.00 |
| MSFT Microsoft Corp. | Add +0.1% | 0.23% | −0.01 |
| PFE Pfizer Inc. | Add +1.0% | 3.81% | −0.04 |
| SLB SLB Ltd. | Add +1.1% | 3.60% | −0.16 |
| SHY iShares 1-3 Year Treasury Bo | Add +3.8% | 7.24% | −0.24 |
| ABT Abbott Laboratories | Add +0.2% | 4.86% | −0.43 |
| V Visa Inc. Class A | Add +0.2% | 4.53% | −0.52 |
| ADP Automatic Data Processing | Add +0.4% | 4.50% | −0.56 |
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 |