America First Investment Advisors, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 9, 2026), America First Investment Advisors, LLC reported 42 stock positions worth $549.1 million. Its top holding was iShares 1-3 Year Treasury Bo (SHY) at 7.6% of the portfolio, followed by Alphabet Class A (GOOGL, 6.0%) and Royal Gold (RGLD, 5.9%). Compared with Q3 2025, it opened 1 new position, sold out of 3, added to 12 and reduced 15. The biggest buy was a new position in Fiserv (FISV) and the biggest sale Brookfield Asset Mgmt-A (BAM, shares −34%).
- Most Recent 13F
- Q2 2026
- Location
- OMAHA, NE
- CIK
- 0001308778
- Portfolio Value
- $549.1M (Q4 2025)
- SEC Filing
- 0001308778-26-000002 ↗ filed Feb 9, 2026
Holdings Value
Holdings 42 stocks · $549.1M
| SHY iShares 1-3 Year Treasury Bo | 7.62% | 505,362 | $41.9M | Add +7.6% |
| GOOGL Alphabet Inc. Class A | 6.03% | 105,770 | $33.1M | Reduce -21.0% |
| RGLD Royal Gold Inc. | 5.89% | 145,422 | $32.3M | Reduce -5.2% |
| TMO Thermo Fisher Scientific Inc. | 5.62% | 53,300 | $30.9M | Reduce -4.3% |
| FNV Franco-Nevada Corp. | 5.53% | 146,440 | $30.4M | Reduce -7.3% |
| JNJ Johnson & Johnson | 5.49% | 145,660 | $30.1M | Reduce -2.7% |
| BN Brookfield Corp. | 5.16% | 617,483 | $28.3M | Reduce -1.3% |
| AMZN Amazon.com Inc. | 5.13% | 121,965 | $28.2M | Reduce -0.3% |
| WRB WR Berkley Corp. filed as BERKLEY W R CORP | 4.84% | 379,387 | $26.6M | Reduce -0.1% |
| CME Cme Group Inc. | 4.77% | 95,881 | $26.2M | Add +1.3% |
| V Visa Inc. Class A | 4.65% | 72,836 | $25.5M | Add +1.9% |
| MA Mastercard Inc. Class A | 4.63% | 44,541 | $25.4M | Add +1.8% |
| ENB Enbridge Inc. | 4.56% | 524,043 | $25.1M | Add +1.4% |
| FISV Fiserv Inc. | 4.56% | 372,979 | $25.1M | New |
| ABT Abbott Laboratories | 4.54% | 199,156 | $25.0M | Add +1.9% |
| SLB SLB Ltd. filed as SLB LIMITED | 4.06% | 580,380 | $22.3M | Add +3.1% |
| ADP Automatic Data Processing | 4.04% | 86,242 | $22.2M | Add +4.5% |
| PFE Pfizer Inc. | 3.79% | 834,814 | $20.8M | Add +3.7% |
| BAM Brookfield Asset Mgmt-A | 2.77% | 290,524 | $15.2M | Reduce -34.2% |
| CLX Clorox Company | 1.38% | 75,110 | $7.6M | No change |
| BRK.A Berkshire Hathaway Inc. Class A | 1.10% | 8 | $6.0M | Reduce -50.0% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.88% | 9,652 | $4.9M | Reduce -5.4% |
| USB US Bancorp | 0.53% | 54,842 | $2.9M | No change |
| AAPL Apple Inc. | 0.41% | 8,303 | $2.3M | Reduce -36.5% |
| KO The Coca-Cola Co. | 0.21% | 16,848 | $1.2M | No change |
| MFA Mfa Financial Inc. | 0.17% | 103,225 | $961K | No change |
| MU Micron Technology Inc. | 0.17% | 3,335 | $952K | No change |
| MSFT Microsoft Corp. | 0.16% | 1,820 | $880K | Reduce -23.8% |
| PSX Phillips 66 | 0.15% | 6,580 | $849K | No change |
| JPM JPMorgan Chase & Co. | 0.15% | 2,529 | $815K | No change |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.12% | 950 | $648K | Add +0.2% |
| GD General Dynamics Corp. | 0.12% | 1,918 | $646K | No change |
| PG The Procter & Gamble Co. | 0.12% | 4,492 | $644K | No change |
| HSY The Hershey Co. | 0.11% | 3,217 | $585K | No change |
| CVX Chevron Corp. | 0.11% | 3,792 | $578K | Add +11.6% |
| RSP Invesco S&P 500 Equal Weight | 0.08% | 2,427 | $465K | Add +21.8% |
| GHI Greystone Housing Impact Inv | 0.08% | 65,528 | $451K | Reduce -45.5% |
| TSLA Tesla Inc. | 0.08% | 929 | $418K | No change |
| PEP Pepsico Inc. | 0.07% | 2,819 | $405K | No change |
| META Meta Platforms Inc. Class A | 0.05% | 450 | $297K | No change |
| ORCL Oracle Corp. | 0.04% | 1,153 | $225K | Reduce -29.3% |
| ZONE Zone Frontier Inc. filed as CLEANCORE SOLUTIONS INC | 0.00% | 57,471 | $15K | No change |
Portfolio Sells Q3 2025 → Q4 2025
| BAM Brookfield Asset Mgmt-A | Reduce -34.2% | 2.77% | −1.90 |
| BRK.A Berkshire Hathaway Inc. Class A | Reduce -50.0% | 1.10% | −1.14 |
| FNV Franco-Nevada Corp. | Reduce -7.3% | 5.53% | −1.01 |
| WRB WR Berkley Corp. | Reduce -0.1% | 4.84% | −0.56 |
| AAPL Apple Inc. | Reduce -36.5% | 0.41% | −0.21 |
| BN Brookfield Corp. | Reduce -1.3% | 5.16% | −0.15 |
| GHI Greystone Housing Impact Inv | Reduce -45.5% | 0.08% | −0.15 |
| QQQ Invesco QQQ Trust Series 1 | Sold out | 0.00% | −0.07 |
| MSFT Microsoft Corp. | Reduce -23.8% | 0.16% | −0.07 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -5.4% | 0.88% | −0.07 |
| ORCL Oracle Corp. | Reduce -29.3% | 0.04% | −0.04 |
| LLY Eli Lilly & Co. | Sold out | 0.00% | −0.04 |
| GOOGL Alphabet Inc. Class A | Reduce -21.0% | 6.03% | −0.02 |
| NGD New Gold Inc. | Sold out | 0.00% | −0.01 |
| AMZN Amazon.com Inc. | Reduce -0.3% | 5.13% | +0.14 |
| RGLD Royal Gold Inc. | Reduce -5.2% | 5.89% | +0.17 |
| JNJ Johnson & Johnson | Reduce -2.7% | 5.49% | +0.33 |
| TMO Thermo Fisher Scientific Inc. | Reduce -4.3% | 5.62% | +0.60 |
Portfolio Buys Q3 2025 → Q4 2025
| FISV Fiserv Inc. | New | 4.56% | +4.56 |
| SLB SLB Ltd. | Add +3.1% | 4.06% | +0.46 |
| SHY iShares 1-3 Year Treasury Bo | Add +7.6% | 7.62% | +0.38 |
| V Visa Inc. Class A | Add +1.9% | 4.65% | +0.12 |
| CME Cme Group Inc. | Add +1.3% | 4.77% | +0.02 |
| RSP Invesco S&P 500 Equal Weight | Add +21.8% | 0.08% | +0.01 |
| MA Mastercard Inc. Class A | Add +1.8% | 4.63% | +0.01 |
| CVX Chevron Corp. | Add +11.6% | 0.11% | +0.01 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +0.2% | 0.12% | +0.00 |
| PFE Pfizer Inc. | Add +3.7% | 3.79% | −0.03 |
| ENB Enbridge Inc. | Add +1.4% | 4.56% | −0.28 |
| ABT Abbott Laboratories | Add +1.9% | 4.54% | −0.32 |
| ADP Automatic Data Processing | Add +4.5% | 4.04% | −0.46 |
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 |