SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: FIRST BUSINESS FINANCIAL SERVICES, INC.
Filing Type: Form 13F Information Table (Institutional Investment Manager Holdings)
Reporting Period: March 31, 2016
Context: This filing discloses the equity securities held by the investment manager at the end of the first quarter of 2016. It is a regulatory disclosure of holdings, not a financial performance report of the company itself.
Key Financial Metrics and Holdings
The filing details a diversified portfolio of common stocks and mutual funds/ETFs. Key metrics derived from the table include:
- Total Portfolio Composition: The portfolio consists of individual equities and significant allocations to index funds (iShares, SPDR, Vanguard).
- Largest Single Equity Position: FIRST BUSINESS FINANCIAL (Common Stock) with 412,519 shares valued at approximately $3.9 million (calculated from $9,459 value per 100 shares).
- Largest Fund Position: VANGUARD TOTAL STOCK MARKET ETF with 1,076,074 shares valued at approximately $121.3 million.
- Notable Individual Holdings: Significant positions in ISHARES MSCI EAFE (973,797 shares), SELECT SECTOR SPDR TR (321,596 shares), and ISHARES RUSSELL 3000 GROWTH (256,000 shares).
- Voting Authority: The manager reports "SOLE" voting authority for the vast majority of positions, with some "OTHER" (OTR) authority noted for specific fund tranches.
Material Changes and Comparisons
Comparison to Prior Period: The provided text contains only the snapshot of holdings as of March 31, 2016. It does not include data from the prior quarter (December 31, 2015) or year-over-year comparisons. Therefore, material changes in position size, new acquisitions, or divestitures cannot be determined from this document alone.
Guidance, Outlook, and Risks
Management Commentary: None. Form 13F filings are factual disclosures of holdings and do not contain management commentary, forward-looking guidance, or strategic outlooks.
Risks and Contingencies: The filing includes a standard SEC disclaimer stating that the Commission has not reviewed the information for accuracy or completeness. No specific operational risks or contingencies related to the underlying investments are disclosed in this table.
Investor Verification Checklist
- Verify the total aggregate value of the portfolio by summing the "VALUE" column (expressed in thousands) to assess the scale of assets under management.
- Confirm the concentration risk by calculating the percentage of the portfolio held in the top 5 positions (e.g., Vanguard Total Stock Market ETF, iShares MSCI EAFE).
- Review the "Voting Authority" column to distinguish between shares held with sole discretion versus shared or other authority, particularly for the large fund holdings.
- Compare this list against the company's previous 13F filing (Q4 2015) to identify specific trades executed during Q1 2016.
- Note the significant holding in the company's own stock (FIRST BUSINESS FINANCIAL) and verify if this represents an internal investment or a specific fund mandate.