SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: FIRST BUSINESS FINANCIAL SERVICES, INC.
Filing Type: Form 13F Information Table (Statement of Holdings)
Reporting Period: Quarter ended September 30, 2021
Context: This filing discloses the equity securities held by the investment manager at the end of the quarter. It is a regulatory disclosure of portfolio composition, not a financial performance report of the company itself.
Key Financial Metrics and Portfolio Composition
The filing details a diversified portfolio of common stocks and exchange-traded funds (ETFs). Key metrics derived from the table include:
- Total Reported Value: The sum of individual position values (Column 4) indicates a portfolio size in the hundreds of millions of dollars.
- Largest Single Position: iShares Core MSCI EAFE ETF (Value: $117,559,000; Shares: 1,583,291).
- Significant Equity Holdings:
- First Business Financial Services, Inc. (Own Stock): 342,185 shares valued at $9,824,000.
- Apple Inc.: 53,932 shares valued at $7,631,000.
- Vanguard Total Stock Market ETF: 934,993 shares valued at $207,625,000.
- iShares Edge MSCI USA Momentum ETF: 396,164 shares valued at $69,566,000.
- Asset Classes: The portfolio includes significant exposure to broad market indices (S&P 500, Russell 1000/2000), international equities (EAFE, ACWI), and sector-specific ETFs (Technology, Financials, Energy).
Material Changes and Voting Authority
Voting Authority: The filing indicates that for the vast majority of holdings, the investment manager exercises "Sole" voting authority. However, several positions list "Shared" or "None" voting authority, often associated with derivative positions or specific fund structures.
Derivatives: The table includes columns for Put/Call options. While most entries show "SH" (Shares), specific holdings like AT&T Inc., Altria Group Inc., and Cisco Systems Inc. show values in the "Other" voting authority columns, suggesting the presence of options or other derivative instruments affecting voting rights.
Comparison to Prior Period: This filing is a snapshot of holdings as of September 30, 2021. The provided text does not contain data for the prior quarter (June 30, 2021); therefore, material changes in position size or new entries cannot be calculated from this document alone.
Guidance, Outlook, and Risks
Management Commentary: Form 13F filings are strictly factual disclosures of holdings. They do not contain management commentary, forward-looking guidance, or strategic outlooks.
Risks and Contingencies: The filing includes a standard disclaimer stating that the SEC has not reviewed the information for accuracy. The primary risk disclosed implicitly is the concentration of assets in specific ETFs and large-cap technology stocks, which exposes the portfolio to market volatility in those sectors.
Investor Verification Checklist
- Verify the total aggregate value of the portfolio by summing Column 4 to confirm the scale of assets under management.
- Confirm the ownership of the company's own stock (First Business Financial Services, Inc.) to assess insider or institutional confidence.
- Review the "Other Voting Authority" columns for positions like AT&T and Cisco to understand the extent of derivative usage (puts/calls).
- Compare the ETF holdings (e.g., iShares Core MSCI EAFE, Vanguard Total Stock Market) against the company's stated investment policy statement to ensure alignment.
- Note that revenue, profit, cash flow, and debt metrics for First Business Financial Services, Inc. are not present in this filing; refer to Form 10-Q or 10-K for those figures.