First Affirmative Financial Network
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 11, 2025), First Affirmative Financial Network reported 269 stock positions worth $163.2 million. Its top holding was Vanguard Intermediate-Term T (VGIT) at 5.9% of the portfolio, followed by SS SPDR P St Term TSY ETF (SPTS, 4.0%) and Apple (AAPL, 3.6%). Compared with Q4 2024, it opened 24 new positions, sold out of 24, added to 112 and reduced 129. The biggest buy was Vanguard Intermediate-Term T (VGIT, shares +2%) and the biggest sale iShares ESG MSCI KLD 400 ETF (DSI, shares −36%).
- Most Recent 13F
- Q1 2026
- Location
- COLORADO SPRINGS, CO
- CIK
- 0001656282
- Portfolio Value
- $163.2M (Q1 2025)
- SEC Filing
- 0001656282-25-000004 ↗ filed Apr 11, 2025
Holdings Value
Holdings 269 stocks · $163.2M
| VGIT Vanguard Intermediate-Term T | 5.94% | 163,200 | $9.7M | Add +2.0% |
| SPTS SS SPDR P St Term TSY ETF | 3.97% | 221,525 | $6.5M | Add +4.4% |
| AAPL Apple Inc. | 3.57% | 26,247 | $5.8M | Reduce -3.7% |
| NVDA Nvidia Corp. | 2.91% | 43,840 | $4.8M | Reduce -1.8% |
| MSFT Microsoft Corp. | 2.90% | 12,617 | $4.7M | Reduce -9.1% |
| DSI iShares ESG MSCI KLD 400 ETF | 2.54% | 40,502 | $4.1M | Reduce -35.8% |
| GOOGL Alphabet Inc. Class A | 1.71% | 18,057 | $2.8M | Reduce -1.9% |
| AMZN Amazon.com Inc. | 1.56% | 13,352 | $2.5M | Reduce -2.4% |
| MA Mastercard Inc. Class A | 1.54% | 4,576 | $2.5M | Add +5.3% |
| GOOG Alphabet Inc. Class C | 1.26% | 13,168 | $2.1M | Add +1.6% |
| CGW Invesco S&P Global Water Ind | 1.24% | 36,265 | $2.0M | Add +1.6% |
| V Visa Inc. Class A | 1.21% | 5,618 | $2.0M | Reduce -0.3% |
| SAP Sap SE-Sponsored ADR | 1.15% | 6,977 | $1.9M | Add +1.5% |
| PG The Procter & Gamble Co. | 1.10% | 10,494 | $1.8M | Add +6.7% |
| TSM Taiwan Semiconductor-SP ADR | 1.07% | 10,481 | $1.7M | Reduce -4.1% |
| META Meta Platforms Inc. Class A | 0.90% | 2,561 | $1.5M | Reduce -9.2% |
| CSCO Cisco Systems Inc. | 0.89% | 23,514 | $1.5M | Add +12.1% |
| TBX Proshares Short 7-10 YR TSY | 0.85% | 49,111 | $1.4M | Reduce -13.0% |
| ICLN iShares Global Clean Energy | 0.83% | 118,772 | $1.4M | Add +6.8% |
| LLY Eli Lilly & Co. | 0.83% | 1,639 | $1.4M | Add +3.5% |
| EMNT PIMCO Enhcd St M-Active ESG | 0.82% | 13,539 | $1.3M | Reduce -13.7% |
| CHT Chunghwa Telecom LT-Spon ADR | 0.77% | 32,108 | $1.3M | Add +3.1% |
| NFLX Netflix Inc. | 0.77% | 1,344 | $1.3M | Add +0.5% |
| JNJ Johnson & Johnson | 0.76% | 7,442 | $1.2M | Reduce -1.3% |
| ADP Automatic Data Processing | 0.75% | 4,021 | $1.2M | Reduce -19.5% |
| SYK Stryker Corp. | 0.72% | 3,177 | $1.2M | Reduce -36.1% |
| AXP American Express Co. | 0.70% | 4,244 | $1.1M | Add +5.7% |
| AMAT Applied Materials Inc. | 0.69% | 7,708 | $1.1M | Add +2.8% |
| UL Unilever PLC | 0.64% | 17,626 | $1.0M | Reduce -5.0% |
| NVS Novartis AG-Sponsored ADR | 0.62% | 9,058 | $1.0M | Add +5.2% |
| TMO Thermo Fisher Scientific Inc. | 0.62% | 2,018 | $1.0M | Reduce -1.3% |
| ABBV Abbvie Inc. | 0.61% | 4,743 | $994K | Reduce -8.2% |
| AVGO Broadcom Inc. | 0.57% | 5,596 | $937K | Add +5.8% |
| HD Home Depot Inc. | 0.56% | 2,492 | $913K | Reduce -0.6% |
| SUB iShares Short-Term National | 0.54% | 8,299 | $876K | Add +4.7% |
| ASML ASML Holding NV-NY Reg SHS | 0.52% | 1,293 | $857K | Add +6.5% |
| DHR Danaher Corp. | 0.51% | 4,088 | $838K | Reduce -25.0% |
| CMCSA Comcast Corp. Class A | 0.51% | 22,671 | $837K | Add +0.3% |
| CB Chubb Ltd. | 0.50% | 2,714 | $820K | Reduce -6.0% |
| PVI Invesco Floating Rate Munici | 0.50% | 32,699 | $812K | Add +4.0% |
| CRM Salesforce Inc. | 0.49% | 2,998 | $805K | Add +2.2% |
| LIN Linde PLC | 0.49% | 1,720 | $801K | Reduce -34.2% |
| TSLA Tesla Inc. | 0.49% | 3,088 | $800K | Reduce -14.9% |
| TMUS T-Mobile US Inc. | 0.48% | 2,930 | $781K | Reduce -33.1% |
| UNH Unitedhealth Group Inc. | 0.48% | 1,484 | $777K | Reduce -7.4% |
| ADBE Adobe Inc. | 0.47% | 2,016 | $773K | Add +3.3% |
| COST Costco Wholesale Corp. | 0.46% | 801 | $758K | Reduce -0.9% |
| SPGI S&P Global Inc. | 0.45% | 1,447 | $735K | Add +0.4% |
| AWK American Water Works Co. Inc. | 0.44% | 4,912 | $725K | Add +0.4% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.44% | 2,913 | $724K | Reduce -6.7% |
| ITW Illinois Tool Works | 0.44% | 2,900 | $719K | Reduce -3.8% |
| ORCL Oracle Corp. | 0.44% | 5,122 | $716K | Add +3.5% |
| AZN Astrazeneca PLC-Spons ADR | 0.44% | 9,743 | $716K | Add +4.8% |
| EQIX Equinix Inc. | 0.44% | 872 | $711K | Reduce -6.8% |
| NOW ServiceNow Inc. | 0.43% | 872 | $694K | Add +5.8% |
| SHM SS SPDR N Ice St Muni ETF | 0.42% | 14,504 | $690K | Add +4.0% |
| KMB Kimberly-Clark Corp. | 0.42% | 4,852 | $690K | Add +0.8% |
| TAXF American Century Diver Muni | 0.42% | 13,928 | $689K | Add +17.7% |
| TELFY Telefonica SA-Spon ADR | 0.42% | 147,559 | $688K | Add +23.1% |
| EA SERIES TRUST | 0.42% | 28,868 | $684K | No change |
| ACN Accenture PLC Class A | 0.41% | 2,136 | $667K | Add +1.2% |
| JPM JPMorgan Chase & Co. | 0.40% | 2,675 | $656K | Reduce -4.5% |
| MRK Merck & Co. Inc. | 0.40% | 7,309 | $656K | No change |
| PEP Pepsico Inc. | 0.40% | 4,357 | $653K | Reduce -32.1% |
| WMT Walmart Inc. | 0.40% | 7,430 | $652K | Add +2.6% |
| AMGN Amgen Inc. | 0.39% | 2,069 | $645K | Reduce -40.3% |
| KO The Coca-Cola Co. | 0.39% | 8,953 | $641K | Add +12.6% |
| PGR Progressive Corp. | 0.39% | 2,265 | $641K | Reduce -8.4% |
| CTAS Cintas Corp. | 0.39% | 3,106 | $638K | Reduce -3.7% |
| INTU Intuit Inc. | 0.38% | 1,002 | $615K | Reduce -11.3% |
| AMT American Tower Corp. | 0.37% | 2,742 | $597K | Reduce -5.7% |
| O Realty Income Corp. | 0.37% | 10,273 | $596K | Add +12.4% |
| PANW Palo Alto Networks Inc. | 0.36% | 3,479 | $594K | Reduce -1.4% |
| TU Telus Corp. | 0.36% | 41,070 | $589K | Add +8.6% |
| ECL Ecolab Inc. | 0.36% | 2,318 | $588K | Reduce -4.3% |
| LOW Lowe's Cos Inc. | 0.36% | 2,517 | $587K | Reduce -19.7% |
| CNI Canadian Natl Railway Co. | 0.35% | 5,933 | $578K | Add +6.0% |
| ADI Analog Devices Inc. | 0.35% | 2,801 | $565K | Reduce -18.5% |
| BKNG Booking Holdings Inc. | 0.35% | 122 | $563K | Reduce -2.4% |
| CME Cme Group Inc. | 0.34% | 2,107 | $559K | Reduce -1.6% |
| DFSU Dimensional US Sus CORE1 ETF | 0.34% | 15,442 | $553K | New |
| CP Canadian Pacific Kansas City | 0.33% | 7,736 | $543K | Reduce -0.2% |
| ISRG Intuitive Surgical Inc. | 0.33% | 1,091 | $540K | Add +10.7% |
| VRTX Vertex Pharmaceuticals Inc. | 0.33% | 1,114 | $540K | Add +12.6% |
| ABT Abbott Laboratories | 0.33% | 4,045 | $537K | Reduce -4.7% |
| WAB Wabtec Corp. | 0.32% | 2,842 | $515K | Add +2.3% |
| TT Trane Technologies PLC | 0.31% | 1,525 | $514K | Reduce -8.8% |
| GWW WW Grainger Inc. filed as GRAINGER W W INC | 0.31% | 519 | $513K | Reduce -4.6% |
| TM Toyota Motor Corp. -Spon ADR | 0.31% | 2,899 | $512K | Add +5.0% |
| QCOM Qualcomm Inc. | 0.31% | 3,330 | $511K | Reduce -3.1% |
| MKC McCormick & Co.-Non VTG SHRS | 0.31% | 6,204 | $511K | Reduce -0.7% |
| TXN Texas Instruments Inc. | 0.31% | 2,827 | $508K | Reduce -5.3% |
| MUB iShares National Muni Bond E | 0.30% | 4,714 | $497K | Add +7.3% |
| IBMO iShares Ibonds Dec 2026 Term | 0.30% | 19,444 | $497K | Add +4.2% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.30% | 11,844 | $494K | Add +1.0% |
| AMD Advanced Micro Devices | 0.30% | 4,809 | $494K | Add +18.2% |
| ARCC Ares Capital Corp. | 0.29% | 21,081 | $467K | Add +2.3% |
| MUNI PIMCO Intermediate Municipal | 0.28% | 8,958 | $462K | Add +9.8% |
| LRCX Lam Research Corp. | 0.28% | 6,327 | $460K | Reduce -2.7% |
| PUK Prudential PLC-ADR | 0.28% | 21,342 | $459K | Add +27.6% |
Portfolio Sells Q4 2024 → Q1 2025
| DSI iShares ESG MSCI KLD 400 ETF | Reduce -35.8% | 2.54% | −1.47 |
| NVDA Nvidia Corp. | Reduce -1.8% | 2.91% | −0.55 |
| MSFT Microsoft Corp. | Reduce -9.1% | 2.90% | −0.47 |
| AAPL Apple Inc. | Reduce -3.7% | 3.57% | −0.37 |
| TSLA Tesla Inc. | Reduce -14.9% | 0.49% | −0.36 |
| SYK Stryker Corp. | Reduce -36.1% | 0.72% | −0.31 |
| GOOGL Alphabet Inc. Class A | Reduce -1.9% | 1.71% | −0.30 |
| DHR Danaher Corp. | Reduce -25.0% | 0.51% | −0.21 |
| TGT Target Corp. | Sold out | 0.00% | −0.21 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -4.1% | 1.07% | −0.18 |
| AMZN Amazon.com Inc. | Reduce -2.4% | 1.56% | −0.18 |
| DLR Digital Realty Trust Inc. | Sold out | 0.00% | −0.18 |
| HTLF Heartland Financial USA Inc. | Sold out | 0.00% | −0.16 |
| PEP Pepsico Inc. | Reduce -32.1% | 0.40% | −0.16 |
| DELL Dell Technologies -C | Sold out | 0.00% | −0.16 |
| HLT Hilton Worldwide Holdings Inc. | Sold out | 0.00% | −0.14 |
| RY Royal Bank of Canada | Sold out | 0.00% | −0.14 |
| CMG Chipotle Mexican Grill Inc. | Sold out | 0.00% | −0.14 |
| LIN Linde PLC | Reduce -34.2% | 0.49% | −0.14 |
| DECK Deckers Outdoor Corp. | Sold out | 0.00% | −0.14 |
| MS Morgan Stanley | Sold out | 0.00% | −0.13 |
| HASI Ha Sustainable Infrastructur | Sold out | 0.00% | −0.13 |
| RCI Rogers Communications Inc. Class B | Sold out | 0.00% | −0.13 |
| EMR Emerson Electric Co. | Sold out | 0.00% | −0.13 |
| AMGN Amgen Inc. | Reduce -40.3% | 0.39% | −0.13 |
| HOLX Hologic Inc. | Sold out | 0.00% | −0.13 |
| CLS Celestica Inc. | Sold out | 0.00% | −0.12 |
| GRMN Garmin Ltd. | Sold out | 0.00% | −0.12 |
| IBKR Interactive Brokers Gro Class A | Sold out | 0.00% | −0.12 |
| MRVL Marvell Technology Inc. | Sold out | 0.00% | −0.12 |
| REGN Regeneron Pharmaceuticals | Sold out | 0.00% | −0.12 |
| BMO Bank of Montreal | Sold out | 0.00% | −0.12 |
| GBDC Golub Capital BDC Inc. | Sold out | 0.00% | −0.10 |
| TBX Proshares Short 7-10 YR TSY | Reduce -13.0% | 0.85% | −0.10 |
| ADP Automatic Data Processing | Reduce -19.5% | 0.75% | −0.09 |
| LOW Lowe's Cos Inc. | Reduce -19.7% | 0.36% | −0.09 |
| HRZN Horizon Technology Finance C | Sold out | 0.00% | −0.08 |
| TMUS T-Mobile US Inc. | Reduce -33.1% | 0.48% | −0.08 |
| ADI Analog Devices Inc. | Reduce -18.5% | 0.35% | −0.08 |
| EQIX Equinix Inc. | Reduce -6.8% | 0.44% | −0.07 |
| EMNT PIMCO Enhcd St M-Active ESG | Reduce -13.7% | 0.82% | −0.07 |
| PLD Prologis Inc. | Reduce -36.2% | 0.14% | −0.06 |
| META Meta Platforms Inc. Class A | Reduce -9.2% | 0.90% | −0.05 |
| TJX TJX Companies Inc. | Reduce -19.8% | 0.26% | −0.04 |
| TT Trane Technologies PLC | Reduce -8.8% | 0.31% | −0.04 |
| BNS Bank of Nova Scotia | Reduce -9.6% | 0.20% | −0.04 |
| HUBS HubSpot Inc. | Reduce -9.7% | 0.12% | −0.03 |
| UPS United Parcel Service Class B | Reduce -6.9% | 0.21% | −0.03 |
| HPQ HP Inc. | Reduce -10.5% | 0.14% | −0.03 |
| ETN Eaton Corp. PLC | Reduce -2.5% | 0.18% | −0.03 |
Portfolio Buys Q4 2024 → Q1 2025
| VGIT Vanguard Intermediate-Term T | Add +2.0% | 5.94% | +0.58 |
| SPTS SS SPDR P St Term TSY ETF | Add +4.4% | 3.97% | +0.42 |
| DFSU Dimensional US Sus CORE1 ETF | New | 0.34% | +0.34 |
| MA Mastercard Inc. Class A | Add +5.3% | 1.54% | +0.22 |
| CSCO Cisco Systems Inc. | Add +12.1% | 0.89% | +0.17 |
| WPM Wheaton Precious Metals Corp. | New | 0.17% | +0.17 |
| SAP Sap SE-Sponsored ADR | Add +1.5% | 1.15% | +0.17 |
| SPOT Spotify Technology SA | New | 0.16% | +0.16 |
| SONY Sony Group Corp. - SP ADR | New | 0.16% | +0.16 |
| AEM Agnico Eagle Mines Ltd. | New | 0.16% | +0.16 |
| MCD McDonald's Corp. | New | 0.15% | +0.15 |
| UMBF Umb Financial Corp. | New | 0.15% | +0.15 |
| PG The Procter & Gamble Co. | Add +6.7% | 1.10% | +0.14 |
| NYF iShares New York Muni Bond E | New | 0.14% | +0.14 |
| TELFY Telefonica SA-Spon ADR | Add +23.1% | 0.42% | +0.14 |
| BUD Anheuser-Busch Inbev-SPN ADR | New | 0.14% | +0.14 |
| BLK BlackRock Inc. | New | 0.14% | +0.14 |
| FNV Franco-Nevada Corp. | New | 0.14% | +0.14 |
| PWR Quanta Services Inc. | New | 0.14% | +0.14 |
| NVS Novartis AG-Sponsored ADR | Add +5.2% | 0.62% | +0.14 |
| PDD PDD Holdings Inc. | New | 0.13% | +0.13 |
| DFSI Dimensional Int Sus COR1 ETF | New | 0.13% | +0.13 |
| PUK Prudential PLC-ADR | Add +27.6% | 0.28% | +0.13 |
| VTR Ventas Inc. | New | 0.13% | +0.13 |
| NEM Newmont Corp. | New | 0.13% | +0.13 |
| LLY Eli Lilly & Co. | Add +3.5% | 0.83% | +0.12 |
| AIG American International Group | New | 0.12% | +0.12 |
| CCAP Crescent Capital BDC Inc. | New | 0.12% | +0.12 |
| CGW Invesco S&P Global Water Ind | Add +1.6% | 1.24% | +0.12 |
| KO The Coca-Cola Co. | Add +12.6% | 0.39% | +0.11 |
| AMX America Movil Sab DE CV | New | 0.11% | +0.11 |
| VRTX Vertex Pharmaceuticals Inc. | Add +12.6% | 0.33% | +0.10 |
| ICLN iShares Global Clean Energy | Add +6.8% | 0.83% | +0.10 |
| TAK Takeda Pharmaceutic-SP ADR | Add +35.3% | 0.25% | +0.10 |
| CHT Chunghwa Telecom LT-Spon ADR | Add +3.1% | 0.77% | +0.09 |
| AWK American Water Works Co. Inc. | Add +0.4% | 0.44% | +0.09 |
| RDY Dr. Reddy's Laboratories-ADR | New | 0.09% | +0.09 |
| AZN Astrazeneca PLC-Spons ADR | Add +4.8% | 0.44% | +0.09 |
| O Realty Income Corp. | Add +12.4% | 0.37% | +0.08 |
| TAXF American Century Diver Muni | Add +17.7% | 0.42% | +0.08 |
| NFLX Netflix Inc. | Add +0.5% | 0.77% | +0.08 |
| ING ING Groep N.V.-Sponsored ADR | Add +15.8% | 0.22% | +0.08 |
| UMC United Microelectron-SP ADR | Add +55.9% | 0.16% | +0.07 |
| AXIAY Axia Energia-ADR | Add +16.3% | 0.20% | +0.07 |
| TU Telus Corp. | Add +8.6% | 0.36% | +0.06 |
| SAN Banco Santander SA-Spon ADR | Add +36.0% | 0.12% | +0.06 |
| KMB Kimberly-Clark Corp. | Add +0.8% | 0.42% | +0.06 |
| TRI Thomson Reuters Corp. | Add +12.1% | 0.26% | +0.06 |
| VIV Telefonica Brasil-ADR | Add +26.6% | 0.15% | +0.05 |
| SUB iShares Short-Term National | Add +4.7% | 0.54% | +0.05 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q1 2026Amended | 325 | $257.7M | SHE, NVDA, SPTS, AAPL, VGIT |
| Q3 2025 | 296 | $212.5M | SHE, SPTS, NVDA, AAPL, MSFT |
| Q2 2025 | 279 | $194.5M | VGIT, JSTC, NVDA, SPTS, MSFT |
| Q1 2025 | 269 | $163.2M | VGIT, SPTS, AAPL, NVDA, MSFT |
| Q4 2024 | 269 | $173.3M | VGIT, DSI, AAPL, SPTS, NVDA |
| Q3 2024 | 284 | $182.7M | VGIT, DSI, AAPL, SPTS, MSFT |
| Q2 2024 | 261 | $144.1M | VGIT, SPTS, NVDA, AAPL, DSI |
| Q1 2024 | 254 | $135.7M | VGIT, SPTS, DSI, NVDA, AAPL |