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: Ended June 30, 2023
Context: This filing discloses the equity securities held by the investment manager at the end of the second quarter of 2023. It does not contain the company's own operating financial results (revenue, profit, etc.) but rather its investment portfolio composition.
Key Financial Metrics and Portfolio Composition
The filing details a diversified portfolio consisting of individual equities and Exchange Traded Funds (ETFs). Key metrics derived from the table include:
- Total Holdings Disclosed: 130+ distinct securities.
- Largest Single Equity Position: First Business Financial Services, Inc. (Common Stock) with 362,895 shares valued at approximately $10.7 million.
- Largest ETF Position: iShares Core MSCI EAFE ETF with 1,634,686 shares valued at approximately $110.3 million.
- Significant Sector Exposure: Heavy allocation to broad market index funds (iShares, Vanguard, SPDR) and technology/financial sector equities.
- Voting Authority: The manager reports "Sole" voting authority for the vast majority of holdings, with some "Shared" authority noted for specific positions (e.g., Apple Inc., Alphabet Inc.).
Material Changes and Portfolio Activity
Note: As this is a snapshot of holdings at a single point in time (June 30, 2023), the filing text does not provide comparative data against the prior quarter (March 31, 2023) to calculate material changes, buy/sell activity, or percentage shifts in allocation. The filing lists current positions only.
Guidance, Outlook, and Risks
Guidance and Outlook: The filing text does not contain management commentary, forward-looking guidance, or strategic outlook statements. Form 13F is a regulatory disclosure of holdings, not an earnings release.
Risks and Contingencies: No specific risk factors or contingencies are disclosed in this document. The standard SEC disclaimer notes that the Commission has not reviewed the information for accuracy or completeness.
Investor Verification Checklist
- Verify the total aggregate value of the portfolio by summing the "Value" column to assess total assets under management for this specific account.
- Confirm the concentration risk by analyzing the percentage of the portfolio held in the top 10 positions (notably iShares Core MSCI EAFE ETF and First Business Financial Services, Inc.).
- Review the "Other Voting Authority" column to identify any shared control arrangements that may impact corporate governance decisions.
- Compare this list against the prior quarter's 13F filing (if available) to determine net buying or selling activity.
- Validate the CUSIP numbers for the "First Business Financial Services, Inc." holding to ensure the reported shares align with the company's own treasury stock or insider reporting.