First Affirmative Financial Network — 13F Holdings & Portfolio
CIK 1656282 · latest 13F-HR filed 2026-05-11
First Affirmative Financial Network manages $257.7M in 13F-reported U.S. long-equity assets across 325 reported positions as of its 2026-03-31 13F-HR filing. Its largest disclosed positions are SHE (5.44%), NVDA (3.68%), SPTS (3.31%). Quarter over quarter (versus its 2025-09-30 filing) the fund opened 58 new positions and exited 29; 166 existing positions rose in reported value and 62 fell.
AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.
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AUM
$257.7M
Long-equity book
Holdings
325
Distinct positions
Period
2026-03-31
Filed 2026-05-11
Q/Q Activity
+58 / −29 / ↑166 / ↓62
vs 2025-09-30
Portfolio charts
Latest quarter's book, what changed, and how the portfolio has evolved across filings.
Portfolio map
Q1 26SHE5.4% · +18%NVDA3.7% · +24%SPTS3.3% · -5%AAPL3.2% · +14%VGIT2.5% · -2%MSFT2.4% · +26%TAXF2.3% · +508%GOOGL1.9% · -3%VTES1.8% · +1854%VTEB1.8% · +891%TSM1.8% · +17%DSI1.6% · -20%GOOG1.5% · +7%JSTC1.4% · -14%CSCO1.1% · +22%AMZN1.1% · +4%MA1.1% · +12%AVGO1.0% · +41%V0.9% · +30%AMAT0.9% · -6%PG0.9% · +23%ASML0.8% · +15%NFLX0.8% · +1334%AXP0.7% · +33%NVS0.7% · +15%JNJ0.7% · +2%LLY0.7% · +10%CHT0.6% · +16%EMNT0.6% · -2%SAP0.6% · +29%AZN0.6% · -41%META0.5% · +11%AMD0.5% · +23%TBX0.5% · -5%LRCX0.5% · +0%MRK0.5% · +30%CHGX0.5% · -0%ABBV0.5% · +4%KO0.5% · +29%SYK0.4% · +9%COST0.4% · +8%ADI0.4% · +46%UL0.4% · +9%WAB0.4% · +28%MU0.4% · -9%DHR0.4% · +20%EQIX0.4% · +15%TAK0.4% · +34%TM0.4% · +21%ASX0.4% · +14%TSLA0.4% · +10%CRM0.4% · +47%CME0.4% · +41%LIN0.4% · -4%TMO0.4% · +3%ORCL0.4% · +20%O0.4% · +34%HD0.3% · +8%ISRG0.3% · +50%IBM0.3% · +21%
Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.
Sector mix
% of 13F valueSectors from each company's SIC code; funds and ETFs grouped separately.
Biggest buys and sells
Q3 25 → Q1 26Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.
13F assets and positions
2 quartersTotal reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.
Top positions over time
reported valueThe eight largest current positions, valued at each quarter end.
Concentration
top 10 = 28.4%Cumulative share of the portfolio held in the largest N positions.
Firm Profile & Key People
As of the firm’s regulatory filing dated May 22, 2026.
Assets Under Management
$905.2M
Discretionary
$715.9M
Employees
23
Accounts
2,327
Address
5475 MARK DABLING BOULEVARD
SUITE 320
COLORADO SPRINGS, CO 80918
SUITE 320
COLORADO SPRINGS, CO 80918
Phone
(719) 478-7036
| Name | Title / Status | Ownership | Type |
|---|---|---|---|
| GAY, GEORGE, RICHARD Control | CHIEF EXECUTIVE OFFICER since Sep 2020 | Less than 5% | Individual |
| GUSMAN, THERESA, MARIE Control | CHIEF INVESTMENT OFFICER since Sep 2020 | Less than 5% | Individual |
| LEWIS, KATHLEEN, JOY Control | CHIEF COMPLIANCE OFFICER since Sep 2020 | Less than 5% | Individual |
| FIRST AFFIRMATIVE, LLC | FIRST AFFIRMATIVE, LLC since Sep 2020 | 75% or more | Domestic Entity |
| Rissman, David, Gabe Control Indirect owner via STAKE, PBC | OWNER since Oct 2018 | 25–50% | Individual |
| STAKE, PBC Control Indirect owner via FIRST AFFIRMATIVE, LLC | FULL OWNER since Jan 2026 | 75% or more | Domestic Entity |
Ownership & leadership changes · 18 filings with changes since Mar 27, 2012
From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.
Apr 17, 2026 filing
- AddedRissman, David, Gabe · OWNER · 25–50% · indirect via STAKE, PBC · control person
- AddedSTAKE, PBC · FULL OWNER · 75% or more · indirect via FIRST AFFIRMATIVE, LLC · control person
Mar 30, 2026 filing
- No longer listedALONZO, TONYA, S · CHIEF OPERATING OFFICER · Less than 5% · control person · listed since Oct 2022
Nov 24, 2025 filing
- ChangedGAY, GEORGE, RICHARD · ownership 10–25% → Less than 5%
- ChangedGUSMAN, THERESA, MARIE · ownership 10–25% → Less than 5%
- ChangedLEWIS, KATHLEEN, JOY · ownership 5–10% → Less than 5%
Nov 7, 2025 filing
- No longer listedDRILLER, SARAH, HASKINS · INVESTMENT SPECIALIST · Less than 5% · listed since Sep 2020
- No longer listedGONZALES, STEPHEN, ANTHONY · SUPERVISOR, ACCOUNT SERVICES · Less than 5% · listed since Sep 2020
- No longer listedMANNAR, JARED, DEVENDRAN · ACCOUNT SERVICES SPECIALIST · Less than 5% · listed since Sep 2020
- No longer listedMCNAMARA, JULIE, KAY · RETIRED · 5–10% · listed since Dec 2020
- No longer listedMITCHELL, CARYN, EILEEN · ACCOUNT SERVICES SPECIALIST · Less than 5% · listed since Sep 2020
- No longer listedMitchell, Kaitlyn, Morgan · INVESTMENT ANALYST · Less than 5% · listed since Sep 2020
- No longer listedThacker, Amy, Abbott · RESIGNED · 5–10% · control person · listed since Sep 2020
- No longer listedThomas, Matthew, Tyler · ACCOUNT SERVICES SPECIALIST · Less than 5% · listed since Sep 2020
- No longer listedWelle, Gail, Marie · ACCOUNTING SPECIALIST · Less than 5% · listed since Sep 2020
- No longer listedZandarski, Mark, Brandon · SALESFORCE WORKFLOW SPECIALIST · Less than 5% · listed since Sep 2020
- AddedFIRST AFFIRMATIVE, LLC · FIRST AFFIRMATIVE, LLC · 75% or more
Mar 27, 2025 filing
- No longer listedFINKBEINER, JOSEF, BRUCE · DIRECTOR, MANAGED ACCOUNT SERVICES · Less than 5% · listed since Sep 2020
- No longer listedHairgrove, William, David · SALES MANAGER · 5–10% · listed since Sep 2020
- No longer listedOGBOGU, BENEDICT, AZUBUIKE · SALES MANAGER · 5–10% · listed since Sep 2020
Mar 29, 2023 filing
- AddedALONZO, TONYA, S · CHIEF OPERATING OFFICER · Less than 5% · control person
- ChangedThacker, Amy, Abbott · title CHIEF OPERATING OFFICER → RESIGNED
Jun 16, 2021 filing
- No longer listedCote, Alexander · INVESTMENT ANALYST · Less than 5% · listed since Sep 2020
Mar 26, 2021 filing
- Listed againMCNAMARA, JULIE, KAY · RETIRED · 5–10%
Dec 22, 2020 filing
- No longer listedFOLIO FINANCIAL, INC. · DIRECT OWNER · 75% or more · control person · listed since Oct 2016
- No longer listedMCNAMARA, JULIE, KAY · SENIOR VICE PRESIDENT, CLIENT AND ADVISOR SERVICES · 5–10% · listed since Sep 2020
- No longer listedSchindel, Ann · INVESTMENT SPECIALIST · Less than 5% · listed since Sep 2020
Sep 22, 2020 filing
- No longer listedFYFFE, JAMES, COMPEAU · CHIEF FINANCIAL OFFICER · Less than 5% · control person · listed since Aug 2017
- No longer listedGeraghty, Peter, Richard · CHIEF LEGAL OFFICER · Less than 5% · control person · listed since Aug 2018
- No longer listedWALLMAN, STEVEN, MARK HARTE · SHAREHOLDER & CEO · 75% or more · indirect via FOLIO FINANCIAL, INC. · control person · listed since Jun 1998
- AddedCote, Alexander · INVESTMENT ANALYST · Less than 5%
- AddedDRILLER, SARAH, HASKINS · INVESTMENT SPECIALIST · Less than 5%
- AddedFINKBEINER, JOSEF, BRUCE · DIRECTOR, MANAGED ACCOUNT SERVICES · Less than 5%
- AddedGONZALES, STEPHEN, ANTHONY · SUPERVISOR, ACCOUNT SERVICES · Less than 5%
- AddedHairgrove, William, David · SALES MANAGER · 5–10%
- AddedMANNAR, JARED, DEVENDRAN · ACCOUNT SERVICES SPECIALIST · Less than 5%
- AddedMCNAMARA, JULIE, KAY · SENIOR VICE PRESIDENT, CLIENT AND ADVISOR SERVICES · 5–10%
- AddedMITCHELL, CARYN, EILEEN · ACCOUNT SERVICES SPECIALIST · Less than 5%
- AddedMitchell, Kaitlyn, Morgan · INVESTMENT ANALYST · Less than 5%
- AddedOGBOGU, BENEDICT, AZUBUIKE · SALES MANAGER · 5–10%
- AddedSchindel, Ann · INVESTMENT SPECIALIST · Less than 5%
- AddedThomas, Matthew, Tyler · ACCOUNT SERVICES SPECIALIST · Less than 5%
- AddedWelle, Gail, Marie · ACCOUNTING SPECIALIST · Less than 5%
- AddedZandarski, Mark, Brandon · SALESFORCE WORKFLOW SPECIALIST · Less than 5%
- ChangedGAY, GEORGE, RICHARD · ownership Less than 5% → 10–25%
- ChangedGUSMAN, THERESA, MARIE · ownership Less than 5% → 10–25%
- ChangedLEWIS, KATHLEEN, JOY · ownership Less than 5% → 5–10%
- ChangedThacker, Amy, Abbott · ownership Less than 5% → 5–10%
Older changes (9 more filings)
Mar 31, 2020 filing
- No longer listedFOLIOFN INC. · DIRECT OWNER · 75% or more · control person · listed since Oct 2016
- No longer listedWALLMAN, STEVEN, MARK HARTE · SHAREHOLDER & CEO · 75% or more · indirect via FOLIOFN, INC. · control person · listed since Jun 1998
- AddedFOLIO FINANCIAL, INC. · DIRECT OWNER · 75% or more · control person
- AddedWALLMAN, STEVEN, MARK HARTE · SHAREHOLDER & CEO · 75% or more · indirect via FOLIO FINANCIAL, INC. · control person
Sep 10, 2018 filing
- AddedGeraghty, Peter, Richard · CHIEF LEGAL OFFICER · Less than 5% · control person
Aug 16, 2018 filing
- No longer listedJACKSON, REBECCA, EMMIE · CHIEF OPERATING OFFICER · Less than 5% · control person · listed since Jul 2016
- No longer listedOKEEFE, RICHARD, KEVIN · CHIEF INVESTMENT OFFICER · Less than 5% · control person · listed since Jul 1999
- AddedGUSMAN, THERESA, MARIE · CHIEF INVESTMENT OFFICER · Less than 5% · control person
- AddedThacker, Amy, Abbott · CHIEF OPERATING OFFICER · Less than 5% · control person
Mar 29, 2018 filing
- No longer listedSCHUETH, STEVEN, JEROME · PRESIDENT · Less than 5% · control person · listed since Jul 1999
Aug 25, 2017 filing
- AddedFYFFE, JAMES, COMPEAU · CHIEF FINANCIAL OFFICER · Less than 5% · control person
Nov 30, 2016 filing
- AddedFOLIOFN INC. · DIRECT OWNER · 75% or more · control person
- AddedJACKSON, REBECCA, EMMIE · CHIEF OPERATING OFFICER · Less than 5% · control person
- AddedWALLMAN, STEVEN, MARK HARTE · SHAREHOLDER & CEO · 75% or more · indirect via FOLIOFN, INC. · control person
- ChangedGAY, GEORGE, RICHARD · ownership 25–50% → Less than 5%
- ChangedSCHUETH, STEVEN, JEROME · ownership 25–50% → Less than 5%
Apr 3, 2014 filing
- ChangedLEWIS, KATHLEEN, JOY · title COO/CHIEF COMPLIANCE OFFICER → CHIEF COMPLIANCE OFFICER
Mar 14, 2013 filing
- No longer listedKLAASSEN, JOHANN, ALBERT · INVESTMENT COMMITTEE MEMBER · Less than 5% · listed since Jul 2001
Mar 27, 2012 filing (earliest on record)
- ListedGAY, GEORGE, RICHARD · CHIEF EXECUTIVE OFFICER · 25–50% · control person
- ListedKLAASSEN, JOHANN, ALBERT · INVESTMENT COMMITTEE MEMBER · Less than 5%
- ListedLEWIS, KATHLEEN, JOY · COO/CHIEF COMPLIANCE OFFICER · Less than 5% · control person
- ListedOKEEFE, RICHARD, KEVIN · CHIEF INVESTMENT OFFICER · Less than 5% · control person
- ListedSCHUETH, STEVEN, JEROME · PRESIDENT · 25–50% · control person
Quarter-over-quarter changes
Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.
Top Adds (vs prior quarter)
- AMERICAN CENTY ETF TR$4.9M +505.9%
- VANGUARD WELLINGTON FD$4.5M +1839.4%
- VANGUARD MUN BD FDS$4.1M +887.3%
- SPDR SERIES TRUST$2.1M +18.0%
- TAIWAN SEMICONDUCTOR MANUFAC$1.3M +41.1%
Top Trims
- ISHARES TR-$1.3M -23.3%
- TIDAL TRUST I-$770.7K -17.8%
- MICROSOFT CORP-$670.8K -9.9%
- ORACLE CORP-$540.0K -37.3%
- SPDR SERIES TRUST-$480.5K -5.3%
New Positions
- ASTRAZENECA PLC$1.5M
- UNILEVER PLC$1.1M
- WOORI FINL GROUP INC$460.6K
- BCE INC$390.9K
- SHINHAN FINANCIAL GROUP CO L$389.7K
Exited Positions
- UNILEVER PLC$1.1M
- ASTRAZENECA PLC$973.2K
- TELEFONICA S A$822.1K
- WORKDAY INC$377.3K
- THOMSON REUTERS CORP$365.7K
First Affirmative Financial Network Holdings (2026-03-31)
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | SPDR SERIES TRUST | SHE | 78468R747 | $14.0M | 5.44% | 109,662 | SH |
| 2 | NVIDIA CORPORATION | NVDA | 67066G104 | $9.5M | 3.68% | 54,415 | SH |
| 3 | SPDR SERIES TRUST | SPTS | 78468R101 | $8.5M | 3.31% | 292,062 | SH |
| 4 | APPLE INC | AAPL | 037833100 | $8.3M | 3.23% | 32,778 | SH |
| 5 | VANGUARD SCOTTSDALE FDS | VGIT | 92206C706 | $6.5M | 2.53% | 109,307 | SH |
| 6 | MICROSOFT CORP | MSFT | 594918104 | $6.1M | 2.36% | 16,435 | SH |
| 7 | AMERICAN CENTY ETF TR | TAXF | 025072505 | $5.9M | 2.29% | 117,918 | SH |
| 8 | ALPHABET INC | GOOGL | 02079K305 | $5.0M | 1.93% | 17,343 | SH |
| 9 | VANGUARD WELLINGTON FD | VTES | 921935870 | $4.7M | 1.84% | 46,945 | SH |
| 10 | VANGUARD MUN BD FDS | VTEB | 922907746 | $4.5M | 1.76% | 90,921 | SH |
| 11 | TAIWAN SEMICONDUCTOR MANUFAC | TSM | 874039100 | $4.5M | 1.75% | 13,384 | SH |
| 12 | ISHARES TR | DSI | 464288570 | $4.1M | 1.60% | 33,981 | SH |
| 13 | ALPHABET INC | GOOG | 02079K107 | $3.9M | 1.51% | 13,549 | SH |
| 14 | TIDAL TRUST I | JSTC | 886364876 | $3.6M | 1.38% | 182,844 | SH |
| 15 | CISCO SYS INC | CSCO | 17275R102 | $2.9M | 1.12% | 37,241 | SH |
| 16 | AMAZON COM INC | AMZN | 023135106 | $2.8M | 1.09% | 13,459 | SH |
| 17 | MASTERCARD INCORPORATED | MA | 57636Q104 | $2.8M | 1.07% | 5,538 | SH |
| 18 | BROADCOM INC | AVGO | 11135F101 | $2.6M | 1.02% | 8,520 | SH |
| 19 | VISA INC | V | 92826C839 | $2.4M | 0.92% | 7,836 | SH |
| 20 | APPLIED MATLS INC | AMAT | 038222105 | $2.4M | 0.92% | 6,911 | SH |
| 21 | PROCTER & GAMBLE CO | PG | 742718109 | $2.3M | 0.89% | 15,911 | SH |
| 22 | ASML HLDG NV | ASML | N07059210 | $2.1M | 0.80% | 1,562 | SH |
| 23 | NETFLIX INC. | NFLX | 64110L106 | $2.0M | 0.78% | 20,865 | SH |
| 24 | AMERICAN EXPRESS CO | AXP | 025816109 | $1.9M | 0.75% | 6,358 | SH |
| 25 | NOVARTIS AG | NVS | 66987V109 | $1.9M | 0.75% | 12,575 | SH |
| 26 | JOHNSON & JOHNSON | JNJ | 478160104 | $1.8M | 0.71% | 7,524 | SH |
| 27 | ELI LILLY & CO | LLY | 532457108 | $1.7M | 0.66% | 1,848 | SH |
| 28 | CHUNGHWA TELECOM CO LTD | CHT | 17133Q502 | $1.7M | 0.65% | 39,508 | SH |
| 29 | PIMCO ETF TR | EMNT | 72201R643 | $1.6M | 0.62% | 16,263 | SH |
| 30 | SAP SE | SAP | 803054204 | $1.6M | 0.62% | 9,383 | SH |
| 31 | ASTRAZENECA PLC | AZN | G0593M107 | $1.5M | 0.57% | 7,477 | SH |
| 32 | META PLATFORMS INC | META | 30303M102 | $1.4M | 0.55% | 2,456 | SH |
| 33 | ADVANCED MICRO DEVICES INC | AMD | 007903107 | $1.3M | 0.52% | 6,630 | SH |
| 34 | PROSHARES TR | TBX | 74348A608 | $1.3M | 0.51% | 47,019 | SH |
| 35 | LAM RESEARCH CORP | LRCX | 512807306 | $1.3M | 0.51% | 6,111 | SH |
| 36 | MERCK & CO INC | MRK | 58933Y105 | $1.3M | 0.50% | 10,609 | SH |
| 37 | EA SERIES TRUST | CHGX | 02072L151 | $1.2M | 0.47% | 45,517 | SH |
| 38 | ABBVIE INC | ABBV | 00287Y109 | $1.2M | 0.47% | 5,527 | SH |
| 39 | COCA COLA CO | KO | 191216100 | $1.2M | 0.46% | 15,436 | SH |
| 40 | STRYKER CORPORATION | SYK | 863667101 | $1.2M | 0.45% | 3,514 | SH |
| 41 | COSTCO WHOLESALE CORPORATION | COST | 22160K105 | $1.2M | 0.45% | 1,155 | SH |
| 42 | ANALOG DEVICES INC | ADI | 032654105 | $1.1M | 0.44% | 3,591 | SH |
| 43 | UNILEVER PLC | UL | 904767803 | $1.1M | 0.44% | 19,862 | SH |
| 44 | WABTEC | WAB | 929740108 | $1.1M | 0.43% | 4,405 | SH |
| 45 | MICRON TECHNOLOGY INC | MU | 595112103 | $1.1M | 0.42% | 3,194 | SH |
| 46 | DANAHER CORP DEL | DHR | 235851102 | $1.1M | 0.41% | 5,582 | SH |
| 47 | EQUINIX INC | EQIX | 29444U700 | $1.0M | 0.41% | 1,067 | SH |
| 48 | TAKEDA PHARMACEUTICAL CO LTD | TAK | 874060205 | $1.0M | 0.40% | 56,101 | SH |
| 49 | TOYOTA MOTOR CORP | TM | 892331307 | $1.0M | 0.40% | 4,949 | SH |
| 50 | ASE TECHNOLOGY HLDG CO LTD | ASX | 00215W100 | $1.0M | 0.39% | 46,554 | SH |
Filing History
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-03-31 | 2026-05-08 | $212.5M | 296 | 0001656282-26-000004 |
| 2026-03-31 | 2026-05-11 | $257.7M | 325 | 0001656282-26-000005 |
| 2025-09-30 | 2025-11-20 | $212.5M | 296 | 0001656282-25-000008 |
Filer Information
Address
5475 MARK DABLING BLVD.SUITE 108
COLORADO SPRINGS, CO 80918
Phone
(719) 219-9119
Filing Manager
First Affirmative Financial Network
COLORADO SPRINGS, CO
Signatory
Kathleen Lewis
Chief Compliance Officer