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: Quarter ended September 30, 2020
Context: This filing discloses the equity securities held by the company as a registered investment manager. It does not contain the company's own operating financial results (revenue, profit, cash flow) but rather its investment portfolio composition.
Key Financial Metrics and Portfolio Composition
The filing details a diversified portfolio of equity securities and exchange-traded funds (ETFs). Key metrics derived from the table include:
- Total Holdings Disclosed: The table lists over 100 distinct issuers, including individual equities and broad market ETFs.
- Top Individual Equity Holdings (by Value):
- Fiserv Inc: $6,708,000
- First Business Financial Services Inc (Own Stock): $4,893,000
- Apple Inc: $5,607,000
- Amazon.com Inc: $435,000
- Alphabet Inc (Class A): $2,039,000
- Top ETF Holdings (by Value):
- Vanguard Total Stock Market ETF: $142,160,000
- iShares Edge MSCI Min Vol USA: $45,388,000
- iShares Core MSCI EAFE ETF: $45,744,000
- iShares Edge MSCI Min Vol EAFE: $42,880,000
- iShares Core S&P Small-Cap ETF: $37,626,000
- Voting Authority: The company reports "Sole" voting authority for the vast majority of holdings. Some positions (e.g., AT&T, Altria, Apple) show "Shared" or "None" voting authority for specific share blocks.
Material Changes and Portfolio Strategy
Note: As this is a standalone Form 13F table without a comparative prior period column in the provided text, specific quarter-over-quarter changes (buys/sells) cannot be calculated from this document alone.
Portfolio Characteristics:
- Heavy ETF Allocation: A significant portion of the reported value is concentrated in passive index funds and ETFs (Vanguard, iShares, SPDR), suggesting a strategy focused on broad market exposure and risk management (e.g., Minimum Volatility funds).
- Significant Own Stock Position: The company holds 342,405 shares of its own common stock (First Business Financial Services Inc) valued at approximately $4.9 million, with "None" voting authority reported for this block.
- Sector Exposure: The portfolio includes substantial exposure to Technology (Apple, Microsoft, Cisco), Financials (Fiserv, JPMorgan, Bank of America), and Healthcare (AbbVie, UnitedHealth, Merck).
Guidance, Risks, and Contingencies
Guidance and Outlook: The filing text does not provide management commentary, forward-looking guidance, or strategic outlook. Form 13F is a regulatory disclosure of holdings, not an earnings release.
Risks and Contingencies:
- Market Risk: The portfolio is heavily weighted toward equity markets via ETFs, exposing the holdings to general market volatility.
- Concentration Risk: While diversified across many issuers, the top 5 ETF holdings represent a very large aggregate value compared to individual stock positions.
- Regulatory Disclaimer: The filing includes a standard SEC disclaimer stating the Commission has not reviewed the information for accuracy or completeness.
Key Facts for Investor Verification
- Own Stock Ownership: Verify the 342,405 shares of First Business Financial Services Inc held by the company and the lack of voting authority on these shares.
- Passive vs. Active: Confirm the strategic intent behind the heavy allocation to "Minimum Volatility" and broad market ETFs versus the smaller active stock picks.
- Valuation Basis: Note that values are reported in thousands (e.g., $142,160 represents $142,160,000) and reflect the market value as of the reporting date.
- Missing Data: This document does not contain the company's operating revenue, net income, debt levels, or liquidity ratios. Those figures must be sourced from the company's 10-Q or 10-K filings.