First National Corp. /Ma/

Q3 2025Q2 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 11, 2025), First National Corp. /Ma/ reported 160 stock positions worth $452.9 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 6.3% of the portfolio, followed by SPDR Gold Shares (GLD, 5.1%) and Schwab US Broad Market ETF (SCHB, 4.7%). Compared with Q4 2024, it opened 10 new positions, sold out of 3, added to 87 and reduced 35. The biggest buy was iShares 20+ Year Treasury BD (TLT, shares +70%) and the biggest sale Proshares Ultra QQQ (QLD, shares −21%).

Most Recent 13F: Q3 2025
Location: ROCKLAND, MA
CIK: 0000816192
Portfolio Value: $452.9M (Q1 2025)
SEC Filing: 0001951757-25-000303 ↗ filed Apr 11, 2025

Holdings Value

Holdings 160 stocks · $452.9M


SPY SS SPDR S&P 500 ETF Trust-US	6.28%	50,877	$28.5M	Add +2.8%
GLD SPDR Gold Shares	5.07%	79,709	$23.0M	Reduce -12.1%
SCHB Schwab US Broad Market ETF	4.69%	986,961	$21.2M	Reduce -3.5%
SH Proshares Short S&P500	4.07%	413,339	$18.4M	Reduce -16.2%
SCHD Schwab US DVD Equity ETF	3.67%	595,077	$16.6M	Add +2.9%
USFR Wisdomtree Floating Rate Tre	3.67%	330,401	$16.6M	Add +7.2%
SCHX Schwab US Large-Cap ETF	3.54%	725,235	$16.0M	Add +0.9%
AAPL Apple Inc.	3.29%	67,053	$14.9M	Reduce -0.3%
TLT iShares 20+ Year Treasury BD	3.26%	162,381	$14.8M	Add +69.8%
SCHM Schwab US Mid Cap ETF	3.07%	530,901	$13.9M	Add +4.2%
SCHA Schwab US Small-Cap ETF	2.83%	547,808	$12.8M	Add +4.5%
VO Vngrd Mrngstr MD-Cap ETF-Usd	2.71%	47,399	$12.3M	Add +1.5%
VB Vanguard Most SM-Cap ETF-Usd	2.37%	48,350	$10.7M	Add +2.1%
DFAI Dimensional International Co.	1.92%	277,797	$8.7M	Reduce -1.6%
SDY SS SPDR S&P Dividend ETF	1.90%	63,338	$8.6M	Add +0.1%
LDUR PIMCO Enhanced Low Duration	1.88%	88,696	$8.5M	Add +10.5%
BOND PIMCO Active Bond Exchange-T	1.79%	87,483	$8.1M	Add +7.5%
QQQ Invesco QQQ Trust Series 1	1.75%	16,914	$7.9M	Add +0.9%
VPU Vanguard Utilities ETF	1.70%	44,976	$7.7M	Add +162.6%
SCHF Schwab Intl Equity ETF	1.54%	353,649	$7.0M	Add +1.4%
DGRO iShares Core Dividend Growth	1.45%	106,471	$6.6M	Add +3.4%
VNQ Vanguard Real Estate ETF	1.43%	71,526	$6.5M	Add +3.7%
TBT Proshares Ultrashort 20+Y TR	1.43%	192,396	$6.5M	Reduce -15.5%
QLD Proshares Ultra QQQ	1.42%	72,222	$6.4M	Reduce -21.3%
GSIE Goldman Sachs Activebeta Int	1.11%	140,646	$5.0M	Add +3.6%
VEA Vanguard Ftse Developed ETF	0.97%	86,119	$4.4M	Add +1.4%
VOO Vanguard S&P 500 ETF	0.78%	6,856	$3.5M	Add +3.6%
KBWP Invesco KBW Property & Casua	0.77%	28,155	$3.5M	Reduce -24.4%
COST Costco Wholesale Corp.	0.76%	3,635	$3.4M	Add +2.1%
LLY Eli Lilly & Co.	0.73%	4,019	$3.3M	Reduce -9.1%
IVV iShares Core S&P 500 ETF	0.72%	5,771	$3.2M	Add +1.6%
BRK.A Berkshire Hathaway Inc. Class A	0.71%	4	$3.2M	New
SOXX iShares Semiconductor ETF	0.70%	16,898	$3.2M	Reduce -26.7%
AMZN Amazon.com Inc.	0.67%	16,029	$3.0M	Add +0.5%
XCEM Columbia Em Core Ex-China	0.63%	95,960	$2.8M	Add +8.8%
MSFT Microsoft Corp.	0.61%	7,406	$2.8M	Reduce -7.0%
GOOGL Alphabet Inc. Class A	0.59%	17,403	$2.7M	Add +0.3%
SSO Proshares Ultra S&P500	0.59%	32,132	$2.7M	No change
VRP Invesco Variable Rate Prefer	0.55%	103,525	$2.5M	New
AWK American Water Works Co. Inc.	0.54%	16,482	$2.4M	Add +82.0%
WTRG Essential Utilities Inc.	0.53%	61,128	$2.4M	Add +111.6%
AWR American States Water Co. filed as AMER STATES WTR CO	0.53%	30,521	$2.4M	Add +139.1%
CWT California Water Service Grp	0.53%	49,153	$2.4M	Add +121.4%
CWB SS SPDR BB Conv Sec ETF	0.51%	29,966	$2.3M	Add +1.3%
FLRN SS SPDR BB Ig Float RT ETF	0.49%	72,529	$2.2M	Add +1.3%
HTO H2O America filed as SJW GROUP	0.49%	40,388	$2.2M	Add +113.5%
BNDX Vanguard Total Intl Bond ETF	0.49%	45,159	$2.2M	Add +0.9%
FNDX Schwab Fndmntl US LRG Co. ETF	0.48%	92,394	$2.2M	Add +0.3%
EFA iShares MSCI Eafe ETF	0.47%	26,029	$2.1M	No change
ICF iShares Select U.S. REIT ETF	0.45%	32,795	$2.0M	Add +2.8%
TFI SS SPDR N Ice Muni Bond ETF	0.44%	44,188	$2.0M	Add +0.7%
FNDB Schwab Fndmntl US BRD Mr ETF	0.43%	85,225	$2.0M	Add +0.2%
SCHP Schwab U.S. Tips ETF	0.41%	68,857	$1.9M	Add +2.5%
ITA iShares U.S. Aerospace & Def	0.41%	12,086	$1.9M	Reduce -56.8%
IJH iShares Core S&P Midcap ETF	0.39%	30,052	$1.8M	Add +1.5%
NVDA Nvidia Corp.	0.38%	16,041	$1.7M	Add +16.7%
FREL Fidelity MSCI RL Est Indx	0.38%	62,289	$1.7M	Add +12.2%
VTV Vanguard Mrngstr Val ETF-Aui	0.38%	9,900	$1.7M	Add +7.3%
IJR iShares Core S&P Small-Cap E	0.37%	15,931	$1.7M	Add +4.9%
JNJ Johnson & Johnson	0.35%	9,644	$1.6M	Reduce -1.2%
SPTL SS SPDR PF LNG TRM TSY E-Usd	0.34%	56,359	$1.5M	Add +101.2%
HDV iShares Core High Dividend E	0.34%	12,554	$1.5M	Add +1.6%
GOOG Alphabet Inc. Class C	0.34%	9,715	$1.5M	Add +0.4%
ABT Abbott Laboratories	0.33%	11,270	$1.5M	Add +1.1%
LEG Leggett & Platt Inc.	0.31%	178,005	$1.4M	No change
V Visa Inc. Class A	0.30%	3,927	$1.4M	Add +1.5%
CORP PIMCO Inv Grade Corp. BD ETF	0.30%	14,179	$1.4M	Add +1.6%
IEFA iShares Core MSCI Eafe ETF	0.29%	17,360	$1.3M	Add +4.5%
DUK Duke Energy Corp.	0.29%	10,701	$1.3M	Reduce -1.9%
FNDE Schwab Fndmntl Em MRK Eq ETF	0.29%	42,271	$1.3M	Add +4.0%
SPGI S&P Global Inc.	0.26%	2,325	$1.2M	Add +0.0%
VTI VG Morningstar TS MKT ETF-US	0.24%	3,968	$1.1M	Reduce -0.3%
JPM JPMorgan Chase & Co.	0.24%	4,433	$1.1M	Add +5.5%
XOM Exxon Mobil Corp.	0.24%	9,094	$1.1M	Add +3.7%
META Meta Platforms Inc. Class A	0.24%	1,853	$1.1M	No change
ABBV Abbvie Inc.	0.23%	4,897	$1.0M	Reduce -29.6%
SPYX SS SPDR S&P 500 Foss FL ETF	0.22%	22,206	$1.0M	Add +1.7%
VWO Vanguard Ftse Emerging Marke	0.22%	22,170	$1.0M	Add +0.3%
IWM iShares Russell 2000 ETF	0.22%	4,939	$985K	New
PG The Procter & Gamble Co.	0.21%	5,702	$972K	Add +1.6%
ESGV Vanguard ESG US Stock ETF	0.21%	9,513	$932K	Add +1.0%
IWV iShares Russell 3000 ETF	0.20%	2,902	$922K	No change
MRK Merck & Co. Inc.	0.20%	9,880	$887K	Reduce -3.3%
CSW CSW Industrials Inc.	0.18%	2,847	$830K	No change
HD Home Depot Inc.	0.18%	2,258	$827K	Add +0.2%
SO The Southern Co.	0.18%	8,704	$800K	Reduce -1.5%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS	0.17%	3,177	$790K	Reduce -0.3%
AGG iShares Core U.S. Aggregate	0.17%	7,789	$770K	No change
GME Gamestop Corp. Class A	0.15%	30,863	$689K	Add +96.9%
IVW iShares S&P 500 Growth ETF	0.14%	6,943	$644K	Add +11.4%
VUG Vanguard Mrngstar GR ETF-Sui	0.14%	1,727	$640K	Add +0.3%
KEX Kirby Corp.	0.14%	6,242	$631K	No change
AMGN Amgen Inc.	0.14%	1,983	$618K	Reduce -9.8%
KO The Coca-Cola Co.	0.13%	8,160	$584K	Reduce -0.4%
EFAX State Street SPDR MSCI Eafe	0.13%	13,569	$583K	Add +3.1%
GD General Dynamics Corp.	0.13%	2,092	$570K	Reduce -0.2%
TIP iShares Tips Bond ETF	0.13%	5,114	$568K	Add +0.6%
CVX Chevron Corp.	0.12%	3,372	$564K	Add +8.6%
TSLA Tesla Inc.	0.12%	2,029	$526K	Add +151.7%
PAYX Paychex Inc.	0.12%	3,406	$525K	Reduce -5.9%

Show all 160 holdings

Portfolio Sells Q4 2024 → Q1 2025


QLD Proshares Ultra QQQ	Reduce -21.3%	1.42%	−0.83
SH Proshares Short S&P500	Reduce -16.2%	4.07%	−0.67
SCHB Schwab US Broad Market ETF	Reduce -3.5%	4.69%	−0.56
AAPL Apple Inc.	Reduce -0.3%	3.29%	−0.52
ITA iShares U.S. Aerospace & Def	Reduce -56.8%	0.41%	−0.51
PFF iShares Preferred & Income S	Reduce -89.1%	0.06%	−0.50
TBT Proshares Ultrashort 20+Y TR	Reduce -15.5%	1.43%	−0.46
SOXX iShares Semiconductor ETF	Reduce -26.7%	0.70%	−0.42
KBWP Invesco KBW Property & Casua	Reduce -24.4%	0.77%	−0.20
MSFT Microsoft Corp.	Reduce -7.0%	0.61%	−0.15
HUBS HubSpot Inc.	Sold out	0.00%	−0.05
ABBV Abbvie Inc.	Reduce -29.6%	0.23%	−0.05
XLF SS Financial Select Sector	Sold out	0.00%	−0.05
MS Morgan Stanley	Sold out	0.00%	−0.05
LLY Eli Lilly & Co.	Reduce -9.1%	0.73%	−0.04
MRK Merck & Co. Inc.	Reduce -3.3%	0.20%	−0.03
XLE SS Energy Select Sector	Reduce -21.7%	0.10%	−0.02
VTI VG Morningstar TS MKT ETF-US	Reduce -0.3%	0.24%	−0.02
LMT Lockheed Martin Corp.	Reduce -9.5%	0.07%	−0.02
DIS The Walt Disney Co.	Reduce -0.8%	0.08%	−0.01
EMR Emerson Electric Co.	Reduce -1.1%	0.05%	−0.01
VLO Valero Energy Corp.	Reduce -11.9%	0.10%	−0.01
NEE Nextera Energy Inc.	Reduce -2.7%	0.10%	−0.01
WMT Walmart Inc.	Reduce -0.9%	0.06%	−0.00
QCOM Qualcomm Inc.	Reduce -0.3%	0.09%	−0.00
CL Colgate-Palmolive Co.	Reduce -2.5%	0.08%	−0.00
GD General Dynamics Corp.	Reduce -0.2%	0.13%	+0.00
PAYX Paychex Inc.	Reduce -5.9%	0.12%	+0.00
KMB Kimberly-Clark Corp.	Reduce -2.2%	0.09%	+0.00
AMGN Amgen Inc.	Reduce -9.8%	0.14%	+0.01
TRV The Travelers Cos Inc.	Reduce -0.3%	0.11%	+0.01
SO The Southern Co.	Reduce -1.5%	0.18%	+0.01
KO The Coca-Cola Co.	Reduce -0.4%	0.13%	+0.01
IBM Intl Business Machines Corp.	Reduce -0.3%	0.17%	+0.02
DUK Duke Energy Corp.	Reduce -1.9%	0.29%	+0.02
JNJ Johnson & Johnson	Reduce -1.2%	0.35%	+0.03
DFAI Dimensional International Co.	Reduce -1.6%	1.92%	+0.05
GLD SPDR Gold Shares	Reduce -12.1%	5.07%	+0.10

Portfolio Buys Q4 2024 → Q1 2025


TLT iShares 20+ Year Treasury BD	Add +69.8%	3.26%	+1.37
VPU Vanguard Utilities ETF	Add +162.6%	1.70%	+1.06
BRK.A Berkshire Hathaway Inc. Class A	New	0.71%	+0.71
VRP Invesco Variable Rate Prefer	New	0.55%	+0.55
AWR American States Water Co.	Add +139.1%	0.53%	+0.31
CWT California Water Service Grp	Add +121.4%	0.53%	+0.30
WTRG Essential Utilities Inc.	Add +111.6%	0.53%	+0.30
AWK American Water Works Co. Inc.	Add +82.0%	0.54%	+0.28
HTO H2O America	Add +113.5%	0.49%	+0.28
IWM iShares Russell 2000 ETF	New	0.22%	+0.22
SPTL SS SPDR PF LNG TRM TSY E-Usd	Add +101.2%	0.34%	+0.17
USFR Wisdomtree Floating Rate Tre	Add +7.2%	3.67%	+0.16
LDUR PIMCO Enhanced Low Duration	Add +10.5%	1.88%	+0.15
BOND PIMCO Active Bond Exchange-T	Add +7.5%	1.79%	+0.12
SCHD Schwab US DVD Equity ETF	Add +2.9%	3.67%	+0.09
T AT&T Inc.	New	0.09%	+0.09
SCHF Schwab Intl Equity ETF	Add +1.4%	1.54%	+0.08
GSIE Goldman Sachs Activebeta Int	Add +3.6%	1.11%	+0.08
SCHZ Schwab US Aggregate Bond ETF	New	0.07%	+0.07
MSTR Strategy Inc.	New	0.06%	+0.06
GILD Gilead Sciences Inc.	New	0.05%	+0.05
VEA Vanguard Ftse Developed ETF	Add +1.4%	0.97%	+0.05
C Citigroup Inc.	New	0.05%	+0.05
GE General Electric	New	0.05%	+0.05
IGOV iShares International Treasu	New	0.04%	+0.04
ABT Abbott Laboratories	Add +1.1%	0.33%	+0.04
TSLA Tesla Inc.	Add +151.7%	0.12%	+0.04
GME Gamestop Corp. Class A	Add +96.9%	0.15%	+0.04
VNQ Vanguard Real Estate ETF	Add +3.7%	1.43%	+0.04
FREL Fidelity MSCI RL Est Indx	Add +12.2%	0.38%	+0.04
XCEM Columbia Em Core Ex-China	Add +8.8%	0.63%	+0.03
FNDC Schwab Fndmnt Intl SM Eq ETF	Add +36.5%	0.10%	+0.03
V Visa Inc. Class A	Add +1.5%	0.30%	+0.03
IEFA iShares Core MSCI Eafe ETF	Add +4.5%	0.29%	+0.03
XOM Exxon Mobil Corp.	Add +3.7%	0.24%	+0.03
VTV Vanguard Mrngstr Val ETF-Aui	Add +7.3%	0.38%	+0.02
CVX Chevron Corp.	Add +8.6%	0.12%	+0.02
DGRO iShares Core Dividend Growth	Add +3.4%	1.45%	+0.02
HDV iShares Core High Dividend E	Add +1.6%	0.34%	+0.02
COST Costco Wholesale Corp.	Add +2.1%	0.76%	+0.02
FNDE Schwab Fndmntl Em MRK Eq ETF	Add +4.0%	0.29%	+0.02
VZ Verizon Communications Inc.	Add +9.4%	0.10%	+0.02
SCHP Schwab U.S. Tips ETF	Add +2.5%	0.41%	+0.02
UNP Union Pacific Corp.	Add +20.0%	0.09%	+0.02
DFIV Dimensional International Va	Add +5.0%	0.11%	+0.01
RTX RTX Corp.	Add +8.6%	0.07%	+0.01
JPM JPMorgan Chase & Co.	Add +5.5%	0.24%	+0.01
ICF iShares Select U.S. REIT ETF	Add +2.8%	0.45%	+0.01
EFAX State Street SPDR MSCI Eafe	Add +3.1%	0.13%	+0.01
WM Waste Management Inc.	Add +2.3%	0.06%	+0.01

All Filings

Quarter	Positions	13F Reported Value	Top Holdings
Q3 2025	174	$527.5M	SPY, USFR, SCHB, GLD, SCHX
Q2 2025	163	$496.0M	SPY, USFR, SCHB, GLD, SCHX
Q1 2025	160	$452.9M	SPY, GLD, SCHB, SH, SCHD
Q4 2024	153	$441.7M	SPY, SCHB, GLD, SH, AAPL
Q3 2024	145	$449.6M	SPY, GLD, SCHB, PROSHARES SHORT S&P500, USFR
Q2 2024	155	$419.9M	SPY, SCHB, USFR, SCHX, AAPL
Q1 2024	154	$406.8M	SCHB, SPY, USFR, AAPL, SCHD