SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: FIRST BUSINESS FINANCIAL SERVICES, INC.
Filing Type: Form 13F Information Table (Quarterly Report of Holdings)
Reporting Period: June 30, 2015
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.
Key Financial Metrics and Portfolio Composition
The filing details the specific holdings, share counts, and market values (in thousands) of the portfolio. Key metrics include:
- Total Portfolio Value: The filing lists individual security values but does not explicitly state a consolidated total portfolio value in the text provided.
- Largest Single Holding: FIRST BUSINESS FINANCIAL COMMON STOCK (224,027 shares, valued at $10,502,000).
- Largest ETF/Mutual Fund Holding: VANGUARD TOTAL STOCK MARKET ETF (971,091 shares, valued at $103,926,000).
- Significant Equity Holdings: Includes positions in ALIBABA GROUP ($5,000k), ISHARES MSCI EAFE ($771,325k), and ISHARES RUSSELL 1000 GROWTH ($280,552k).
- Voting Authority: The manager reports "SOLE" discretion for the majority of holdings, with some "SHARED" or "NONE" authority noted for specific positions.
Material Changes and Comparisons
Comparison to Prior Period: The provided text contains only the snapshot of holdings as of June 30, 2015. It does not include data from the prior quarter (March 31, 2015) or year-over-year comparisons. Therefore, material changes in position size or new entries cannot be determined from this document alone.
Guidance, Outlook, and Risks
Management Commentary: Form 13F filings are factual disclosures of holdings and do not contain management commentary, forward-looking guidance, or strategic outlooks.
Risks and Contingencies: No specific risk factors or contingencies are disclosed in this table. The standard SEC disclaimer notes that the Commission has not reviewed the information for accuracy or completeness.
Key Facts for Investor Verification
- Concentration Risk: Verify the total portfolio value to assess the concentration of the $103.9 million position in the Vanguard Total Stock Market ETF and the $10.5 million position in the company's own stock.
- Ownership Structure: Confirm the distinction between "SOLE" and "SHARED" voting authority, particularly for the large positions in Apple Inc. and Fidelity National Information.
- Foreign Exposure: Note the presence of foreign stocks including Alibaba Group, Bank of Montreal, and Interoil Corporation, which may carry currency or geopolitical risks not detailed in this table.
- Data Completeness: Cross-reference this filing with the company's 10-Q or 10-K for the same period to understand how these holdings impact the company's overall financial statements and liquidity.