Business Context and Reporting Period
This filing is a Form 13F Information Table submitted by First Business Financial Services, Inc. for the reporting period ending December 31, 2015. The document discloses the company's holdings of equity securities and certain other investment vehicles as of the end of the quarter.
Key Financial Metrics and Portfolio Composition
The filing details a diversified portfolio consisting of individual common stocks and exchange-traded funds (ETFs). Key metrics derived from the table include:
- Total Portfolio Value: The aggregate value of reported holdings is approximately $10,362,000 (Column 4 total).
- Top Holdings by Value:
- First Business Financial Common Stock: 414,331 shares valued at $4,143,310 (approx. 40% of total reported value).
- Vanguard Total Stock Market ETF: 770,902 shares valued at $8,040,500 (Note: This value appears to be the sum of the "Sole" and "Other" discretion columns for this specific CUSIP, totaling $8,040,500 + $1,411,000? No, Column 4 is value. The table lists 770,902 shares at $80,405 value? Wait, Column 4 is Value (x$1000). Let's re-read the header. "VALUE (x$1000)".
- Correction on Values: Column 4 is Value in thousands.
- First Business Financial: $10,362,000 (10,362 x $1,000). This is the largest single line item.
- Vanguard Total Stock Market ETF: $80,405,000 (80,405 x $1,000).
- Ishares Core MSCI EAFE: $27,376,000.
- Ishares Core Fixed Income: $46,427,000.
- Asset Classes: The portfolio includes significant exposure to broad market indices (Vanguard Total Stock Market, SPDR S&P 500), international equities (MSCI EAFE), fixed income (Ishares Core Fixed Income, Vanguard Total Bond Market), and sector-specific ETFs (Health Care, Technology, Consumer Discretionary).
- Individual Stocks: Notable individual positions include Altria Group ($393k), American Tower ($333k), and Coca-Cola ($325k).
Material Changes
The filing text does not provide comparative data for the prior quarter (September 30, 2015). Therefore, material changes in holdings, additions, or deletions cannot be determined from this document alone.
Guidance, Outlook, and Risks
This Form 13F is a statutory disclosure of holdings and does not contain management commentary, financial guidance, outlook, or specific risk factors. The filing includes a standard disclaimer that the SEC has not reviewed the information for accuracy or completeness.
Important Facts for Investor Verification
- Significant Self-Holding: The company holds a substantial position in its own stock (First Business Financial Common Stock), valued at $10,362,000, representing a significant portion of the reported portfolio.
- Heavy ETF Allocation: A large percentage of the portfolio is allocated to passive index funds (Vanguard and Ishares), suggesting a strategy focused on broad market exposure rather than active stock picking for the majority of assets.
- Voting Authority: The company reports "Sole" voting authority for most holdings, with some "Shared" or "None" authority noted for specific positions (e.g., Apple Inc. shows shared voting authority).
- Valuation Basis: All values are reported in thousands of dollars; investors must multiply Column 4 figures by 1,000 to determine actual market value.