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: June 30, 2020
Context: This filing discloses the equity securities held by the company as of the end of the second quarter of 2020. It details the issuer, class of security, CUSIP, value, and voting authority for each holding.
Key Financial Metrics and Portfolio Composition
The filing provides a snapshot of the investment portfolio rather than the company's operational financials (revenue, profit, cash flow). Key portfolio metrics include:
- Total Portfolio Value: The filing lists individual security values in thousands of dollars. The aggregate value is not explicitly summed in the text, but the portfolio is substantial, with significant allocations to ETFs and large-cap equities.
- Largest Holdings by Value:
- iShares Edge MSCI Min Vol USA: $42,465,000 (700,397 shares)
- iShares Core MSCI EAFE ETF: $42,709,000 (747,178 shares)
- iShares Edge MSCI Min Vol EAFE: $40,856,000 (618,473 shares)
- iShares Core S&P Small-Cap ETF: $35,946,000 (526,379 shares)
- iShares Core US Aggregate Bond: $53,928,000 (456,204 shares)
- Notable Equity Positions:
- First Business Financial Services, Inc. (Self-Holding): $5,447,000 (331,123 shares)
- Fiserv Inc: $6,436,000 (65,927 shares)
- Apple Inc: $4,457,000 (12,218 shares)
- Microsoft Corp: $2,349,000 (11,543 shares)
- Voting Authority: The company reports "SOLE" voting authority for the vast majority of holdings. Some positions (e.g., AT&T, Altria, Apple) show "SHARED" voting authority.
Material Changes and Portfolio Strategy
Comparison to Prior Period: The provided text contains only the data for the period ending June 30, 2020. It does not include the prior quarter's data (March 31, 2020) or a summary of changes (purchases/sales) between periods. Therefore, material changes in holdings cannot be determined from this text alone.
Portfolio Strategy Indicators:
- Heavy ETF Allocation: A significant portion of the portfolio is invested in iShares and SPDR ETFs, particularly those tracking minimum volatility, broad market indices (S&P 500, Russell 1000/2000), and international markets (MSCI EAFE).
- Fixed Income Exposure: Significant holdings in bond ETFs (iShares Core US Aggregate Bond, iShares National Muni Bond ETF) indicate a diversified approach including fixed income.
- Self-Holding: The company holds a substantial position in its own stock ($5.4 million), which may be related to treasury stock or employee benefit plans.
Guidance, Risks, and Contingencies
Guidance and Outlook: Form 13F filings are historical disclosures of holdings and do not contain forward-looking guidance, management commentary, or earnings outlooks.
Risks and Contingencies:
- Market Risk: The portfolio is exposed to general equity and fixed income market fluctuations.
- Concentration Risk: While diversified across many issuers, the portfolio has significant exposure to specific ETF strategies (e.g., Minimum Volatility).
- Regulatory Disclaimer: The filing includes a standard SEC disclaimer stating that the Commission has not reviewed the information for accuracy or completeness.
Key Facts for Investor Verification
- Self-Holding Verification: Verify the nature of the 331,123 shares of First Business Financial Services, Inc. held by the company (e.g., treasury stock vs. investment).
- Portfolio Turnover: Compare this filing with the Q1 2020 Form 13F to determine the turnover rate and specific trades made during the quarter.
- Valuation Accuracy: Confirm that the "Value" column (in thousands) aligns with the market prices of the securities as of June 30, 2020.
- Voting Rights: Review the "Shared" voting authority entries to understand any agreements with other managers or custodians.
- ETF Holdings: Analyze the underlying assets of the large ETF positions to understand the true sector and geographic exposure of the portfolio.