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, 2022. 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, or cash flow).
Key Financial Metrics and Portfolio Composition
The filing details a diversified portfolio of equity securities and exchange-traded funds (ETFs). Key portfolio characteristics include:
- Top Holdings by Value: The largest single position is SPDR Portfolio S&P 500 Value ETF with a reported value of approximately $1,110,182,000 (1,110,182 shares). Other significant holdings include JPM Alerian MLP Index ETN ($351,452,000), SPDR Portfolio S&P 500 Growth ETF ($441,648,000), and Vanguard FTSE Developed Markets ($159,334,000).
- Notable Individual Stocks: Significant positions in individual equities include Apple Inc. ($80,639,000), Alphabet Inc. (Class C) ($36,571,000), Amazon.com Inc. ($33,417,000), and Microsoft Corp. ($33,176,000).
- Self-Holding: The portfolio includes a substantial holding of the reporting company's own stock, Nicolet Bankshares Inc., with 934,905 shares valued at $65,855,000. This position is listed under "Other" voting authority.
- Asset Classes: The portfolio is heavily weighted toward U.S. large-cap equities via ETFs (S&P 500, Russell 1000) and specific sector exposures including MLPs (Master Limited Partnerships), Real Estate, and Technology.
Material Changes and Voting Authority
This filing represents a snapshot of holdings at a specific date and does not provide comparative data against the prior quarter (June 30, 2022) within the text provided. Therefore, material changes in position size cannot be calculated from this document alone.
Voting Authority: The vast majority of holdings are reported with Sole voting authority. A small number of positions, including the company's own stock and certain ETFs, are reported with Other voting authority, indicating shared or no voting rights.
Guidance, Outlook, and Risks
Management Commentary: Form 13F filings are regulatory disclosures of holdings and 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 or completeness. The portfolio's heavy concentration in broad market ETFs and specific sectors (such as MLPs and Technology) implies exposure to general market volatility and sector-specific risks, though no specific risk factors are detailed in this table.
Important Facts for Investor Verification
- Portfolio Concentration: Verify the total asset value under management by summing the reported values, noting that the top 5 holdings (mostly ETFs) represent a significant portion of the disclosed portfolio.
- Self-Holding Status: Confirm the nature of the 934,905 shares of Nicolet Bankshares Inc. held in the portfolio, as this represents a significant internal stake reported under "Other" voting authority.
- ETF Exposure: Note the heavy reliance on passive index funds (SPDR, Vanguard, iShares) rather than active stock picking for the bulk of the portfolio value.
- Data Limitations: Acknowledge that this document does not provide Nicolet Bankshares Inc.'s own financial results (earnings, deposits, loan growth) for the quarter; those would be found in a Form 10-Q.