Business Context and Reporting Period
This filing is a Form 13F Information Table submitted by Nicolet Bankshares Inc to the U.S. Securities and Exchange Commission. The report covers the portfolio holdings as of the period ending September 30, 2018. As a Form 13F, this document discloses equity securities held by institutional investment managers and does not contain the company's own financial performance metrics (revenue, profit, cash flow) or operational commentary.
Key Financial Metrics and Portfolio Composition
The filing details the specific equity and ETF positions held by Nicolet Bankshares Inc. Key portfolio characteristics include:
- Top Holdings by Value: The largest single position is in Nicolet Bankshares Inc (Common Stock), valued at approximately $38.8 million (712,163 shares). Other significant holdings include Wells Fargo & Co ($2.2 million), Microsoft Corp ($3.3 million), Apple Inc ($5.6 million), and Intel Corp ($1.4 million).
- ETF Exposure: The portfolio holds substantial positions in Exchange Traded Funds (ETFs), including Vanguard FTSE Developed Market ($14.0 million), FlexShares Global Upstream Natural Resources ($14.0 million), and FlexShares IBOXX 5-Year Target Duration ($5.7 million).
- Voting Authority: The filing indicates that the vast majority of shares are held with Sole voting authority. A small portion of shares in certain positions (e.g., Nicolet Bankshares Inc, Alphabet Inc, Apple Inc) are held with Shared voting authority.
- Investment Discretion: Most positions are marked as "DFND" (Discretionary), indicating the manager has full discretion over the investment decisions.
Material Changes Versus Prior Period
Not Applicable. This filing is a snapshot of holdings as of September 30, 2018. The provided text does not contain comparative data from the prior quarter (June 30, 2018) or year-over-year figures to calculate material changes in position size or portfolio composition.
Guidance, Outlook, and Risks
Not Applicable. Form 13F filings are regulatory disclosures of holdings and do not include management guidance, future outlook, risk factors, or commentary on contingencies. The filing includes a standard disclaimer stating that the SEC has not reviewed the information for accuracy or completeness.
Important Facts for Investor Verification
- Self-Holding: Verify the significance of the $38.8 million holding in Nicolet Bankshares Inc's own stock, which represents a substantial portion of the reported portfolio value.
- Concentration Risk: Assess the concentration in large-cap technology and financial stocks (e.g., Apple, Microsoft, Wells Fargo, JPMorgan Chase) alongside broad market ETFs.
- Discretionary Authority: Confirm that the "DFND" designation applies to the majority of the portfolio, indicating active management discretion rather than non-discretionary accounts.
- Data Limitations: Acknowledge that this document does not reflect the bank's overall financial health, loan portfolio quality, or liquidity position, which would be found in 10-Q or 10-K filings.