# America First Investment Advisors, LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1308778. Source: https://holderbook.com/funds/1308778-america-first-investment-advisors-llc/

- Reported value: $538.9M
- Positions: 45
- Weight of the ten largest: 56.6%
- Filed: 2026-08-05

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| ISHARES TR | [SHY](https://holderbook.com/stocks/SHY/) | $44.0M | 535,584 | 8.2% | 31 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $36.2M | 101,223 | 6.7% | 31 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $35.3M | 138,957 | 6.5% | 31 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $29.2M | 122,618 | 5.4% | 31 |
| ENBRIDGE INC | [ENB](https://holderbook.com/stocks/ENB/) | $28.2M | 520,721 | 5.2% | 31 |
| BERKLEY W R CORP | [WRB](https://holderbook.com/stocks/WRB/) | $27.1M | 383,605 | 5.0% | 31 |
| THERMO FISHER SCIENTIFIC INC | [TMO](https://holderbook.com/stocks/TMO/) | $26.6M | 53,146 | 4.9% | 5 |
| SLB LIMITED | [SLB](https://holderbook.com/stocks/SLB/) | $26.3M | 565,988 | 4.9% | 6 |
| BROOKFIELD CORP | [BN](https://holderbook.com/stocks/BN/) | $26.2M | 616,181 | 4.9% | 15 |
| AUTOMATIC DATA PROCESSING IN | [ADP](https://holderbook.com/stocks/ADP/) | $25.9M | 115,688 | 4.8% | 31 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $25.3M | 73,704 | 4.7% | 26 |
| FRANCO NEV CORP | [FNV](https://holderbook.com/stocks/FNV/) | $23.7M | 113,625 | 4.4% | 31 |
| VERISK ANALYTICS INC | [VRSK](https://holderbook.com/stocks/VRSK/) | $23.5M | 130,923 | 4.4% | 1 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $23.2M | 45,228 | 4.3% | 26 |
| ABBOTT LABORATORIES | [ABT](https://holderbook.com/stocks/ABT/) | $21.7M | 238,903 | 4.0% | 31 |
| ROYAL GOLD INC | [RGLD](https://holderbook.com/stocks/RGLD/) | $21.5M | 107,569 | 4.0% | 31 |
| CME GROUP INC | [CME](https://holderbook.com/stocks/CME/) | $21.2M | 96,012 | 3.9% | 31 |
| FISERV INC | [FISV](https://holderbook.com/stocks/FISV/) | $20.1M | 409,492 | 3.7% | 3 |
| BROOKFIELD ASSET MANAGMT LTD | [BAM](https://holderbook.com/stocks/BAM/) | $12.8M | 285,378 | 2.4% | 15 |
| BERKSHIRE HATHAWAY INC DEL | [BRKA](https://holderbook.com/stocks/BRKA/) | $7.5M | 10 | 1.4% | 31 |
| CLOROX CO DEL | [CLX](https://holderbook.com/stocks/CLX/) | $7.2M | 75,110 | 1.3% | 31 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $4.0M | 8,001 | 0.7% | 31 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $3.8M | 3,335 | 0.7% | 31 |
| US BANCORP | [USB](https://holderbook.com/stocks/USB/) | $3.3M | 54,842 | 0.6% | 31 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $2.4M | 8,156 | 0.4% | 31 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $1.4M | 16,848 | 0.3% | 31 |
| PHILLIPS 66 | [PSX](https://holderbook.com/stocks/PSX/) | $1.1M | 6,580 | 0.2% | 31 |
| CLEANCORE SOLUTIONS INC | [ZONE](https://holderbook.com/stocks/ZONE/) | $1.0M | 1,253,713 | 0.2% | 4 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $867.4K | 2,325 | 0.2% | 31 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $827.8K | 2,529 | 0.2% | 29 |
| GENERAL DYNAMICS CORP | [GD](https://holderbook.com/stocks/GD/) | $679.4K | 1,918 | 0.1% | 31 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $678.2K | 908 | 0.1% | 31 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $658.7K | 4,492 | 0.1% | 31 |
| CASEYS GEN STORES INC | [CASY](https://holderbook.com/stocks/CASY/) | $635.8K | 800 | 0.1% | 2 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $610.3K | 3,682 | 0.1% | 31 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $587.3K | 5,000 | 0.1% | 1 |
| HERSHEY CO | [HSY](https://holderbook.com/stocks/HSY/) | $564.4K | 3,217 | 0.1% | 31 |
| INVESCO EXCHANGE TRADED FD T | [RSP](https://holderbook.com/stocks/RSP/) | $513.8K | 2,415 | 0.1% | 31 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $492.7K | 4,350 | 0.1% | 1 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $421.9K | 749 | 0.1% | 31 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $410.1K | 975 | 0.1% | 29 |
| MFA FINL INC | [MFA](https://holderbook.com/stocks/MFA/) | $384.9K | 39,725 | 0.1% | 17 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $381.7K | 2,819 | 0.1% | 30 |
| STARBUCKS CORP | [SBUX](https://holderbook.com/stocks/SBUX/) | $233.0K | 2,280 | 0.0% | 1 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $213.1K | 1,065 | 0.0% | 1 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | -0.8% | +14.8% | -15.6% | 100% |
| Q1 2026 | -1.1% | -4.6% | +3.5% | 100% |
| Q4 2025 | +2.0% | +2.4% | -0.3% | 100% |
| Q3 2025 | +8.0% | +7.8% | +0.2% | 100% |
| Q2 2025 | +2.4% | +10.5% | -8.0% | 100% |
| Q1 2025 | +5.1% | -4.6% | +9.7% | 100% |
| Q4 2024 | +10.6% | +2.1% | +8.5% | 100% |
| Q3 2024 | +11.6% | +5.4% | +6.1% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $538.9M | 45 |
| Q1 2026 | $536.5M | 41 |
| Q4 2025 | $549.1M | 42 |
| Q3 2025 | $538.3M | 44 |
| Q2 2025 | $501.4M | 43 |
| Q1 2025 | $474.1M | 42 |
| Q4 2024 | $457.6M | 42 |
| Q3 2024 | $445.6M | 42 |
| Q2 2024 | $406.2M | 80 |
| Q1 2024 | $411.3M | 85 |
| Q4 2023 | $382.5M | 98 |
| Q3 2023 | $360.5M | 96 |