First Nebraska Trust Co

That concentration changes the filing’s risk profile. A casual scan might focus on the familiar technology names—AAPL, GOOGL, MSFT, AMAT, QCOM, CSCO, CRM, and PAYX—but the largest single exposure is a food distribution and consumer-defensive compounder. Walmart at 2.18%, Cardinal Health at 1.66%, Johnson & Johnson at 1.50%, and new positions in Clorox and Colgate reinforce the defensive tilt. The book is not hiding from technology, but it is not led by the usual AI mega-cap basket either.

The quarter’s changes show a mix of trimming large defensive winners and adding cyclical/energy exposure. First Nebraska reduced Sysco shares by 3.5%, cut Walmart shares by 24.2%, trimmed Apple slightly, and reduced Alphabet by 0.6%. It also exited Oracle, Becton Dickinson, and PayPal. On the other side, Amazon shares increased 58.6%, Chevron, EOG, and ConocoPhillips all rose slightly by share count, and Eaton increased 1.7%. New positions in CLX, SLB, and Colgate add another layer: more household-staples exposure alongside a fresh oilfield-services stake.