Institutional Manager · CIK 0001950054

ALM First Financial Advisors, LLC

DALLAS, TX · File #028-22726

Latest AUM

$504.9M

Positions

Top-10 Concentration

84.3%

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
REDUCE	Vanguard S&P 500 ETF	922908363	-18,407	-$10.1M	+$7.6M
NEW	ISHARES TR CORE U S AGGREGATE BD ETF	464287200	+2,955	+$2.0M	$0
NEW	STATE STREET CORP	SPY	+2,969	+$2.0M	$0
ADD	Technology Select Sector SPDR Fund	81369Y803	+1,807	+$212,407	-$203,454
REDUCE	Cambria Shareholder Yield ETF	132061201	0	$0	+$191,657
REDUCE	Cambria Foreign Shareholder Yield ETF	132061300	0	$0	+$627,308
REDUCE	Cambria Global Value ETF	132061409	0	$0	+$2.2M
REDUCE	Cambria Global Momentum ETF	132061508	0	$0	+$2.2M
REDUCE	Cambria Emerging Shareholder Yield ETF	132061706	0	$0	+$444,371
REDUCE	Cambria Global Real Estate ETF	132061813	0	$0	-$683,218

Sector Allocation

Financials

1.2%$6.1M

Filing History

Jan 15, 202613F HOLDINGS REPORTQ/E Dec 202525 pos · $504.9M
Nov 6, 202513F HOLDINGS REPORTQ/E Sep 202523 pos · $495.5M
Aug 5, 202513F HOLDINGS REPORTQ/E Jun 202523 pos · $462.3M
Apr 29, 202513F HOLDINGS REPORTQ/E Mar 202523 pos · $437.5M
Jan 15, 202513F HOLDINGS REPORTQ/E Dec 202427 pos · $423.1M
Oct 7, 202413F HOLDINGS REPORTQ/E Sep 202423 pos · $403.6M
Sep 20, 202413F HOLDINGS REPORT (Amended)Q/E Sep 202422 pos · $347.5M
Sep 20, 202413F HOLDINGS REPORT (Amended)Q/E Sep 202416 pos · $320.7M
Sep 20, 202413F HOLDINGS REPORT (Amended)Q/E Sep 202416 pos · $312.6M
Sep 20, 202413F HOLDINGS REPORT (Amended)Q/E Sep 202422 pos · $361.0M
Sep 20, 202413F HOLDINGS REPORT (Amended)Q/E Sep 202422 pos · $334.0M
Sep 20, 202413F HOLDINGS REPORT (Amended)Q/E Sep 202422 pos · $340.7M
Sep 20, 202413F HOLDINGS REPORT (Amended)Q/E Sep 202422 pos · $342.6M
Aug 9, 202413F HOLDINGS REPORTQ/E Jun 202416 pos · $252.4M
May 13, 202413F HOLDINGS REPORTQ/E Mar 202416 pos · $256.0M
Nov 13, 202313F HOLDINGS REPORTQ/E Dec 202316 pos · $235.1M

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	Vanguard S&P 500 ETF	922908363	261,088	$143.2M	28.35%
2	Cambria Global Momentum ETF	132061508	1,903,510	$63.2M	12.52%
3	Cambria Trinity ETF	132061839	2,200,716	$61.9M	12.27%
4	Vanguard Total Bond Market ETF	921937835	517,396	$38.3M	7.59%
5	Cambria Global Value ETF	132061409	1,020,791	$31.0M	6.14%
6	Cambria Value and Momentum ETF	132061888	845,886	$28.1M	5.57%
7	Cambria Foreign Shareholder Yield ETF	132061300	482,545	$15.7M	3.11%
8	Cambria Shareholder Yield ETF	132061201	236,286	$15.5M	3.07%
9	Cambria Emerging Shareholder Yield ETF	132061706	393,249	$15.1M	2.99%
10	VanEck JP Morgan EM Local C	92189H300	527,748	$13.6M	2.70%
11	iMGP DBi Managed Futures Strategy ETF	53700T827	472,305	$13.3M	2.62%
12	Schwab US Equity	808524870	475,034	$12.6M	2.49%
13	First Trust Managed Futures Stragegy Fund	33739G103	261,004	$12.3M	2.43%
14	Cambria Global Real Estate ETF	132061813	498,954	$12.2M	2.42%
15	Graniteshares Gold Trust	BAR	233,353	$9.4M	1.87%
16	Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF	IVZ	462,463	$6.1M	1.21%
17	Vanguard Total Stock Market Index Fund	922908769	14,000	$3.8M	0.74%
18	Ishares Trust Russell 1000	464287614	7,285	$2.8M	0.56%
19	ISHARES TR CORE U S AGGREGATE BD ETF	464287200	2,955	$2.0M	0.40%
20	STATE STREET CORP	SPY	2,969	$2.0M	0.40%