Institutional Manager · CIK 0001388829

AMG National Trust Bank

GREENWOOD VILLAGE, CO · File #028-12422

Latest AUM

$4.25B

Positions

640

Top-10 Concentration

54.5%

Filings

Portfolio Value Over Time

2024-03

2024-06

2024-09

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
ADD	ISHARES TR	464287655	+728,728	+$179.4M	+$197,318
REDUCE	LOWES COS INC	548661107	-433,134	-$104.5M	-$4.4M
REDUCE	VANGUARD BD INDEX FDS	921937835	-1,343,939	-$99.5M	-$416,026
ADD	VANGUARD INDEX FDS	922908769	+249,169	+$83.5M	+$95,301
ADD	ISHARES TR	464287614	+120,383	+$57.0M	+$16,905
REDUCE	INVESCO QQQ TR	IVZ	-85,446	-$52.5M	+$1.2M
ADD	ISHARES TR	46435G102	+493,679	+$48.6M	-$27,201
REDUCE	ISHARES TR	464288240	-656,921	-$44.1M	+$1.4M
REDUCE	ISHARES TR	464287473	-296,941	-$41.9M	+$428,715
REDUCE	ABRDN SILVER ETF TRUST	SIVR	-574,399	-$38.9M	+$13.7M

Sector Allocation

Consumer Discretionary

4.5%$189.1M

4.4%$186.6M

2.8%$119.3M

2.7%$114.1M

1.6%$69.5M

1.0%$40.9M

0.8%$34.1M

0.7%$31.8M

Communication Services

0.5%$20.0M

Utilities

0.2%$7.1M

Real Estate

0.1%$2.8M

Filing History

Jan 30, 202613F HOLDINGS REPORTQ/E Dec 2025640 pos · $4.25B
Nov 10, 202513F HOLDINGS REPORTQ/E Sep 2025627 pos · $4.12B
Aug 4, 202513F HOLDINGS REPORTQ/E Jun 2025619 pos · $3.82B
May 5, 202513F HOLDINGS REPORTQ/E Mar 2025618 pos · $3.58B
Feb 7, 202513F HOLDINGS REPORTQ/E Dec 2024619 pos · $3.64B
Nov 7, 202413F HOLDINGS REPORTQ/E Sep 2024611 pos · $3.71B
Jul 25, 202413F HOLDINGS REPORTQ/E Jun 2024616 pos · $3.71B
May 6, 202413F HOLDINGS REPORTQ/E Mar 2024600 pos · $3.42B
Nov 8, 202313F HOLDINGS REPORTQ/E Dec 2023586 pos · $2.86B

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	SPDR S&P 500 ETF TR	SPY	536,442	$365.8M	11.81%
2	ISHARES TR	464287499	3,530,760	$339.9M	10.97%
3	VANGUARD INDEX FDS	922908363	309,477	$194.1M	6.26%
4	ISHARES TR	464287655	775,652	$190.9M	6.16%
5	ISHARES TR	46432F834	1,526,471	$129.2M	4.17%
6	LOWES COS INC	548661107	427,226	$103.0M	3.33%
7	VANGUARD BD INDEX FDS	921937835	1,389,489	$102.9M	3.32%
8	ISHARES TR	464287200	129,669	$88.8M	2.87%
9	VANGUARD INDEX FDS	922908769	262,592	$88.0M	2.84%
10	APPLE INC	AAPL	313,511	$85.2M	2.75%
11	ISHARES TR	464287622	223,876	$83.6M	2.70%
12	ISHARES TR	46432F842	848,682	$75.9M	2.45%
13	ISHARES TR	464287465	648,421	$62.3M	2.01%
14	VANGUARD STAR FDS	921909768	789,409	$59.6M	1.92%
15	ISHARES TR	464287614	123,842	$58.6M	1.89%
16	INVESCO QQQ TR	IVZ	85,095	$52.3M	1.69%
17	ISHARES TR	46435G102	511,228	$50.4M	1.63%
18	VANGUARD INDEX FDS	922908629	157,386	$45.7M	1.47%
19	ISHARES TR	464288240	661,088	$44.4M	1.43%
20	ISHARES TR	464287473	305,685	$43.1M	1.39%