First National Advisers, LLC

Registered adviser

CIK

1941030

Location

Omaha, NE

Portfolio Value

Small $711,829,145

Diversification

Diversified

Reports for

Tributary Capital Management, LLC

Filing Date

Global Rank

#3,126 / 8,827 ▼ 161

Top Industry

Semiconductors 13.8%

Period ended 4 months ago

Filed Jul 21, 2026 · 4mo

17 quarters · since Jun 2022

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Registered adviser

Form ADV roster, Nov 1, 2026

Form ADV adviser

CRD 277146

Roster of Nov 1, 2026

Regulatory AUM

$7,369,671,462

Main clients

Banks and thrifts (70% of AUM)

Form ADV history

Monthly rosters from Dec 2019; each row is a run with the same figures, newest first.

Rosters	Regulatory AUM	Main clients
Apr 2026 to Nov 2026	$7,369,671,462	Banks and thrifts (70%)
Apr 2025 to Mar 2026	$6,571,419,555	Banks and thrifts (69%)
Apr 2024 to Mar 2025	$6,237,040,948	Banks and thrifts (75%)
May 2023 to Mar 2024	$2,420,210,912	Banks and thrifts (62%)
Apr 2023	$2,420,210,912	Banks and thrifts (62%)
Apr 2022 to Mar 2023	$1,069,846,852	Registered funds and BDCs (70%)

3 earlier changes not shown.

Schedule 13D/13G stakes

Stakes of 5% or more disclosed on Schedule 13D or 13G, each on the filer's latest filing for the security. These are event-dated stakes, not the quarter-end 13F portfolio below.

Company	Schedule	Event date	Filed	Shares	% of class	Change	Status
GIEQ now GBIL Goldman Sachs ETF Trust	13G/A	Oct 5, 2026	33d	865,344	82%	+173,685 since Aug 31, 2026	Current
CMDT now BILZ PIMCO ETF Trust	13G	Aug 31, 2026	2mo	3,669,134	14.69%	—	Current
PPI now AAOX Investment Managers Series Trust II	13G	Aug 31, 2026	2mo	1,789,644	23.53%	—	Current
RLY now ALLW SSGA Active Trust	13G	Aug 31, 2026	2mo	3,171,260	8.6%	—	Current

A 13D or 13G stays in force until its filer amends it and no amendment is due without a material change, so a stake with no filing in 24 months reads unconfirmed, never sold. An amendment reporting under 5% ends the filer's duty to amend, not necessarily the holding. Shares are restated onto today's split basis.

Portfolio style

Measured from the filed 13F common-share book for Jun 30, 2026, never from the firm's own description.

Style

Diversified active

Top 10 weight 39.0%, 43.9 effective positions, active share 47.4% against the S&P 500 as of 2026-06-30; it meets none of the index-like, systematic-like or concentrated tests

Turnover

Low turnover

24.2% over the last four quarters (under 30%)

Horizon

Long horizon

Value-weighted holding period 12.0 quarters (12+)

Closest benchmark: the S&P 500 as of 2026-06-30, active share 47.4%; sector active share 7.9% against the combined 13F book's sector weights.

Over time 17 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

251 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026

Top Position

8.4%

+0.0 pts

Top 5

26.8%

−0.3 pts

Top 10

39.0%

−0.4 pts

HHI

228

Diversified−1

Portfolio Trend

17 quarters · across all stocks

Sector Breakdown

As of Jun 30, 2026

Sector	% Portfolio	Value	Positions
Technology	27.0%	$192,391,621	44
Unclassified	17.8%	$126,781,842	31
Financial Services	12.9%	$91,827,693	35
Industrials	7.7%	$54,947,233	33
Communication Services	7.5%	$53,706,011	9
Consumer Cyclical	7.5%	$53,338,876	23
Healthcare	7.0%	$50,076,097	25
Consumer Defensive	4.3%	$30,407,381	15
Energy	2.7%	$19,373,085	11
Utilities	2.3%	$16,330,403	7
Basic Materials	1.6%	$11,463,052	6
Real Estate	1.6%	$11,185,851	12

Last Quarter's Activity

Export CSV

Jun 30, 2026 vs Mar 31, 2026

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
AMTM	Amentum Holdings, Inc.	+30,337	43,079	$890,442
CHWY	Chewy, Inc.	+28,056	63,789	$1,253,453
BKNG	Booking Holdings Inc.	+13,589	14,345	$2,556,852
AMD	Advanced Micro Devices Inc	+10,148	15,149	$8,800,205
CLF	Cleveland-Cliffs Inc.	+9,948	53,722	$504,449
VUG	VANGUARD GROWTH INDEX FUND	+8,634	10,542	$908,087
MU	Micron Technology Inc	+7,339	8,140	$9,395,920
AMAT	Applied Materials Inc	+6,791	7,949	$5,747,127
VO	VANGUARD MID-CAP INDEX FUND	+6,665	8,238	$663,735
SSB	SouthState Bank Corp	+5,610	16,298	$1,628,169
CHD	Church & Dwight Co Inc	+5,223	28,951	$2,804,772
J	Jacobs Solutions Inc.	+4,574	7,997	$1,007,622
SO	Southern Co	+4,413	46,945	$4,493,105
TMUS	T-Mobile US, Inc.	+3,970	13,296	$2,230,138
BRK-B	Berkshire Hathaway Inc	+3,353	18,733	$9,373,805
VGT	VANGUARD INFORMATION TECHNOLOGY INDEX FUND	+3,045	3,480	$415,929
SBCF	Seacoast Banking Corp Of Florida	+2,862	13,397	$445,450
ABBV	AbbVie Inc.	+2,351	23,174	$5,831,505
NIC	Nicolet Bankshares Inc	+2,303	13,215	$2,185,628
EFA	iShares MSCI EAFE ETF	+1,978	4,828	$501,532
EW	Edwards Lifesciences Corp	+1,842	37,854	$3,424,272
INVH	Invitation Homes Inc.	+1,821	31,026	$937,295
ORCL	Oracle Corp	+1,664	24,668	$3,615,095
PM	Philip Morris International Inc.	+1,615	5,754	$1,040,956
PB	Prosperity Bancshares Inc	+1,463	11,206	$818,374
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
MIR	Mirion Technologies, Inc.	−92,687	11,992	$215,016
CMDT	PIMCO Commodity Strategy Active Exchange-Traded Fund	−44,099	461,835	$14,164,479
ABT	Abbott Laboratories	−33,272	22,384	$2,031,124
NSSC	Napco Security Technologies, Inc	−32,549	39,698	$1,507,730
RLY	State Street(R) Multi-Asset Real Return ETF	−30,297	391,401	$13,507,248
AAPL	Apple Inc.	−21,038	131,469	$38,041,869
DFAI	Dimensional International Core Equity Market ETF	−18,779	1,441,680	$59,469,300
PPI	Astoria Real Assets ETF	−17,070	219,280	$4,668,032
JEPI	JPMorgan Equity Premium Income ETF	−12,762	198,912	$11,234,549
PCT	PureCycle Technologies, Inc.	−12,251	169,470	$1,374,401
MSFT	Microsoft Corp	−12,074	60,186	$22,450,581
MCHP	Microchip Technology Inc	−11,821	34,693	$3,164,001
AMT	American Tower Corp	−11,790	1,727	$282,485
USB	US Bancorp De	−11,144	12,176	$735,430
GLW	Corning Inc	−9,329	19,506	$4,982,417
EOG	Eog Resources Inc	−8,194	24,485	$3,176,439
NVDA	Nvidia Corp	−7,323	178,445	$35,705,060
CSX	Csx Corp	−6,288	99,683	$4,737,932
UPS	United Parcel Service Inc	−6,061	3,355	$360,662
MWA	Mueller Water Products, Inc.	−5,871	113,761	$2,938,446
APH	Amphenol Corp	−5,774	23,725	$4,183,192
AVGO	Broadcom Inc.	−5,108	41,212	$15,567,833
BNY	Bank of New York Mellon Corp	−5,060	22,834	$3,302,024
XOM	ExxonMobil Holdings Corp	−5,046	38,448	$5,256,610
NEE	Nextera Energy Inc	−4,867	70,500	$6,187,785
No positions match the current search.

New Positions

Positions the filer opened this quarter

25 positions

Ticker	Company	Shares	Value
LIVN	LivaNova PLC	39,711	$3,265,435
AVT	Avnet Inc	31,429	$2,791,523
KLIC	Kulicke & Soffa Industries Inc	18,483	$2,472,286
SNOW	Snowflake Inc.	9,295	$2,365,577
EPRT	Essential Properties Realty Trust, Inc.	67,626	$2,018,636
AS	Amer Sports, Inc.	44,792	$1,515,761
MDT	Medtronic plc	10,171	$795,677
FLR	Fluor Corp	13,898	$728,116
INTC	Intel Corp	3,878	$541,485
TFC	Truist Financial Corp	9,736	$485,047
CP	Canadian Pacific Kansas City Ltd	5,327	$461,584
AIR	Aar Corp	3,043	$434,935
CAT	Caterpillar Inc	372	$396,142
HOMB	Home Bancshares Inc	13,855	$395,560
IBP	Installed Building Products, Inc.	1,521	$349,586
—		5,453	$314,474
SYK	Stryker Corp	980	$308,543
BAC	Bank Of America Corp	5,139	$292,820
BSX	Boston Scientific Corp	6,608	$282,029
TYL	Tyler Technologies Inc	890	$260,289
GS	Goldman Sachs Group Inc	254	$256,887
UNH	Unitedhealth Group Inc	588	$244,390
IBM	International Business Machines Corp	864	$242,965
IWM	iShares Russell 2000 ETF	806	$242,162
SCHG	Schwab U.S. Large-Cap Growth ETF	6,456	$218,471
No positions match the current search.

Sold Out

Positions the filer fully exited

15 positions

Ticker	Company	Shares	Value
KMT	Kennametal Inc	68,300	$2,467,679
UFPT	Ufp Technologies Inc	8,914	$1,725,750
EQH	Equitable Holdings, Inc.	44,335	$1,645,271
POOL	Pool Corp	5,606	$1,134,261
ADBE	Adobe Inc.	1,768	$429,765
NKE	NIKE, Inc.	7,041	$371,905
DUK	Duke Energy CORP	2,475	$324,076
—		905	$317,926
RHI	Robert Half Inc.	12,165	$308,991
UMBF	Umb Financial Corp	2,724	$307,239
PYPL	PayPal Holdings, Inc.	5,899	$266,811
EQT	EQT Corp	3,471	$220,894
CMCSA	Comcast Corp	7,591	$217,937
BLKB	Blackbaud Inc	5,381	$207,760
LDOS	Leidos Holdings, Inc.	1,318	$204,975
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

251 tracked positions · $711,829,145 total · filing declares 273 positions · $711,828,374 · as of Jun 30, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Showing 1–50 of 251 positions by value · page 1 of 6

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Held (qtrs)	Est. cost/share	% of Portfolio
DFAI	Dimensional International Core Equity Market ETF	Reduced	1,441,680	-18,779	$59,469,300	+4.5%	9	$32.08	8.35%
AAPL	Apple Inc. Technology	Reduced	131,469	-21,038	$38,041,869	−1.7%	17	before history	5.34%
NVDA	Nvidia Corp Technology	Reduced	178,445	-7,323	$35,705,060	+10.2%	17	before history	5.02%
GOOG	Alphabet Inc. Communication Services	Reduced	70,861	-4,186	$25,037,317	+16.3%	17	before history	3.52%
MSFT	Microsoft Corp Technology	Reduced	60,186	-12,074	$22,450,581	−16.1%	17	before history	3.15%
AMZN	Amazon Com Inc Consumer Cyclical	Reduced	90,504	-662	$21,570,723	+13.6%	17	before history	3.03%
AVGO	Broadcom Inc. Technology	Reduced	41,212	-5,108	$15,567,833	+8.6%	9	$285.93	2.19%
JPM	Jpmorgan Chase & Co Financial Services	Reduced	44,312	-3,352	$14,504,646	+3.5%	17	before history	2.04%
CMDT	PIMCO Commodity Strategy Active Exchange-Traded Fund	Reduced	461,835	-44,099	$14,164,479	−13.2%	2	$29.82	1.99%
RLY	State Street(R) Multi-Asset Real Return ETF	Reduced	391,401	-30,297	$13,507,248	−11.4%	2	$34.66	1.90%
META	Meta Platforms, Inc. Communication Services	Reduced	21,564	-837	$12,146,785	−5.2%	17	before history	1.71%
JEPI	JPMorgan Equity Premium Income ETF	Reduced	198,912	-12,762	$11,234,549	−6.4%	9	$56.78	1.58%
BRK-A	Berkshire Hathaway Inc Financial Services	Reduced	15	-1	$11,232,750	−2.2%	12	$538,686.80	1.58%
LLY	ELI LILLY & Co Healthcare	Reduced	9,217	-365	$11,055,147	+25.4%	17	before history	1.55%
GOOGL	Alphabet Inc. Communication Services	Reduced	27,550	-2,193	$9,845,543	+15.1%	17	before history	1.38%
MU	Micron Technology Inc Technology	Added	8,140	+7,339	$9,395,920	+3372.1%	2	$714.65	1.32%
BRK-B	Berkshire Hathaway Inc Financial Services	Added	18,733	+3,353	$9,373,805	+27.2%	13	$425.84	1.32%
AMD	Advanced Micro Devices Inc Technology	Added	15,149	+10,148	$8,800,205	+765.0%	11	$321.95	1.24%
RTX	RTX Corp Industrials	Reduced	34,676	-1,850	$6,579,076	−6.6%	17	before history	0.92%
NEE	Nextera Energy Inc Utilities	Reduced	70,500	-4,867	$6,187,785	−11.6%	17	before history	0.87%
TSLA	Tesla, Inc. Consumer Cyclical	Reduced	14,257	-612	$5,996,494	+8.5%	7	$352.68	0.84%
MA	Mastercard Inc Financial Services	Reduced	11,507	-620	$5,909,995	−2.5%	17	before history	0.83%
COST	Costco Wholesale Corp Consumer Defensive	Reduced	6,251	-215	$5,847,622	−9.2%	17	before history	0.82%
ABBV	AbbVie Inc. Healthcare	Added	23,174	+2,351	$5,831,505	+28.8%	6	$190.28	0.82%
AMAT	Applied Materials Inc Technology	Added	7,949	+6,791	$5,747,127	+1352.1%	5	$418.33	0.81%
AMGN	Amgen Inc Healthcare	Reduced	15,261	-1,276	$5,526,313	−5.0%	12	$281.23	0.78%
WMT	Walmart Inc. Consumer Defensive	Reduced	48,394	-2,224	$5,481,104	−12.9%	17	before history	0.77%
XOM	ExxonMobil Holdings Corp Energy	Reduced	38,448	-5,046	$5,256,610	−28.8%	17	before history	0.74%
GLW	Corning Inc Technology	Reduced	19,506	-9,329	$4,982,417	+27.1%	6	$49.92	0.70%
CSX	Csx Corp Industrials	Reduced	99,683	-6,288	$4,737,932	+8.9%	17	before history	0.67%
PPI	Astoria Real Assets ETF	Reduced	219,280	-17,070	$4,668,032	−5.0%	2	unpriced	0.66%
MS	Morgan Stanley Financial Services	Reduced	21,543	-1,296	$4,503,348	+19.8%	17	before history	0.63%
SO	Southern Co Utilities	Added	46,945	+4,413	$4,493,105	+9.4%	8	$87.50	0.63%
ANET	Arista Networks, Inc. Technology	Reduced	25,781	-1,472	$4,379,676	+30.9%	5	$92.77	0.62%
LFUS	Littelfuse Inc Technology	Reduced	9,576	-1,910	$4,360,239	+11.9%	12	$236.22	0.61%
MTZ	Mastec Inc Industrials	Reduced	10,390	-3,354	$4,322,863	−2.2%	17	before history	0.61%
VOO	VANGUARD 500 INDEX FUND	Added	6,233	+95	$4,280,886	+16.7%	11	unpriced	0.60%
WFC	Wells Fargo & Company Financial Services	Reduced	51,409	-3,397	$4,248,439	−2.6%	17	before history	0.60%
AME	Ametek Inc Industrials	Reduced	17,351	-1,194	$4,197,900	+5.6%	17	before history	0.59%
APH	Amphenol Corp Technology	Reduced	23,725	-5,774	$4,183,192	+12.2%	13	unpriced	0.59%
PEP	Pepsico Inc Consumer Defensive	Reduced	30,808	-591	$4,171,403	−14.4%	17	before history	0.59%
SCHW	Schwab Charles Corp Financial Services	Reduced	45,087	-2,155	$4,160,177	−6.3%	12	$89.88	0.58%
VTI	VANGUARD TOTAL STOCK MARKET INDEX FUND	Reduced	11,073	-116	$4,097,452	+14.1%	13	unpriced	0.58%
TMO	Thermo Fisher Scientific Inc. Healthcare	Added	7,735	+1,356	$3,878,019	+23.7%	17	before history	0.54%
KO	Coca Cola Co Consumer Defensive	Reduced	47,667	-3,961	$3,873,897	−1.3%	17	before history	0.54%
ETN	Eaton Corp plc Industrials	Reduced	9,051	-312	$3,856,812	+15.2%	17	before history	0.54%
LIN	Linde PLC Basic Materials	Reduced	7,171	-388	$3,721,318	−0.7%	14	$390.77	0.52%
HD	Home Depot, Inc. Consumer Cyclical	Reduced	10,521	-545	$3,710,546	+2.0%	17	before history	0.52%
NVT	nVent Electric plc Industrials	Reduced	21,698	-1,404	$3,680,197	+34.7%	3	$104.46	0.52%
ORCL	Oracle Corp Technology	Added	24,668	+1,664	$3,615,095	+6.8%	4	$246.92	0.51%

Showing the top 50 of 251 positions. Create a free account to see every position, past quarters, search, filters and CSV export.

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.