EB
Exchange Bank Quarterly 13F Portfolio Update (Q3 2026)
Exchange BankCIK: 0002001155
Diversified strategyMomentum followerQuality / disciplined sizing
Total reported value
$161.6M
Reporting period: 2026-09-30 · Number of holdings: 203
Exchange Bank disclosed 203 holdings in its latest 13F filing for the period ending 2026-09-30, with total reported value of $161.6M and a quarterly turnover rate of 16.7%.
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Personality snowflake
- Concentration
- 7.31
- Portfolio Stability
- 16.74
- Momentum
- 100
- Sector conviction
- 47.55
- Diversification
- 100
- Sizing Uniformity
- 88.3
Exchange Bank's disclosed holdings carry a Herfindahl concentration index of 0.018 — mathematically equivalent to about 55 equally-sized positions, well below its 203 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 1.17), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 66% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govNew buy 30233Q108
Sold out XOM
Trim CAT
+1.2% -$1.8M
Add MSFT
-1.1% $1.3M
Add CVX
+2.0% $940.8K
Trim AGG
-19.7% -$852.1K
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
Showing top 129 holdings (of 203 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | AAPL | Apple Inc | Stock-Tech | 5.54% | +0.46% | -4.60% | |
| 2 | JNJ | Johnson & Johnson | Stock-Healthcare | 4.23% | -0.01% | -3.65% | |
| 3 | CAT | Caterpillar Inc | Stock-Industrials | 3.79% | -1.16% | +1.19% | |
| 4 | VTI | Vanguard Total Stock Mkt ETF | ETF-Other | 3.58% | +0.50% | +15.68% | |
| 5 | MSFT | Microsoft CORP | Stock-Tech | 3.03% | +0.79% | -1.15% | |
| 6 | CVX | Chevron CORP | Stock-Energy | 2.85% | +0.57% | +2.03% | |
| 7 | MUB | Ishares National Muni Bond E | ETF-Other | 2.82% | -0.05% | +5.40% | |
| 8 | ✓ | Stock-Other | 2.42% | +2.42% | NEW | ||
| 9 | JPM | Jpmorgan Chase & Co | Stock-Financials | 2.19% | -0.02% | -1.58% | |
| 10 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 2.08% | -0.04% | -0.10% | |
| 11 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 2.06% | -0.15% | -2.66% | |
| 12 | BND | Vanguard Total Bond Market | ETF-Other | 2.04% | -0.07% | +1.94% | |
| 13 | WMT | Walmart Inc | Stock-Consumer Staples | 1.83% | -0.17% | +0.17% | |
| 14 | NVDA | Nvidia CORP | Stock-Tech | 1.74% | +0.20% | -0.34% | |
| 15 | AGG | Ishares Core U.s. Aggregate | ETF-Other | 1.74% | -0.54% | -19.65% | |
| 16 | KO | Coca-cola Co/the | Stock-Consumer Staples | 1.65% | +0.08% | -0.30% | |
| 17 | VCSH | Vanguard S/t CORP Bond ETF | ETF-Corp Bonds | 1.63% | +0.30% | +26.02% | |
| 18 | VEA | Vanguard Ftse Developed ETF | ETF-Other | 1.60% | +0.22% | +17.30% | |
| 19 | IBM | Intl Business Machines CORP | Stock-Tech | 1.56% | -0.45% | +0.11% | |
| 20 | UNP | Union Pacific CORP | Stock-Industrials | 1.56% | -0.03% | -1.26% | |
| 21 | IJH | Ishares Core S&p Midcap ETF | ETF-Other | 1.46% | -0.12% | -0.41% | |
| 22 | BRK-A | Berkshire Hathaway Inc-cl A | Stock-Other | 1.39% | -0.01% | — | |
| 23 | SCHB | Schwab US Broad Market ETF | ETF-Other | 1.36% | — | -0.56% | |
| 24 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 1.35% | -0.06% | — | |
| 25 | VWO | Vanguard Ftse Emerging Marke | ETF-Emerging Markets | 1.31% | +0.15% | +14.34% | |
| 26 | MRK | Merck & Co. Inc. | Stock-Healthcare | 1.29% | +0.14% | -0.19% | |
| 27 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 1.18% | +0.04% | -0.75% | |
| 28 | PM | Philip Morris International | Stock-Consumer Staples | 1.18% | +0.05% | -0.55% | |
| 29 | TXN | Texas Instruments Inc | Stock-Tech | 1.18% | -0.08% | — | |
| 30 | IAGG | Ishares Intl Aggregate Bond | ETF-Other | 1.14% | +0.05% | +8.13% | |
| 31 | BMY | Bristol-myers Squibb Co | Stock-Healthcare | 1.13% | +0.08% | — | |
| 32 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 1.00% | -0.03% | -4.61% | |
| 33 | TGT | Target CORP | Stock-Consumer Disc | 0.97% | +0.16% | — | |
| 34 | NSC | Norfolk Southern CORP | Stock-Industrials | 0.96% | -0.03% | -0.98% | |
| 35 | ADP | Automatic Data Processing | Stock-Tech | 0.91% | +0.12% | — | |
| 36 | QUAL | Ishares Msci USA Quality Fac | ETF-Other | 0.87% | +0.25% | +40.36% | |
| 37 | SPHY | Ss Spdr P High Yield ETF | ETF-High Yield | 0.82% | +0.08% | +16.21% | |
| 38 | LLY | Eli Lilly & Co | Stock-Healthcare | 0.76% | -0.05% | -2.47% | |
| 39 | GE | General Electric | Stock-Industrials | 0.74% | -0.15% | — | |
| 40 | GL | Globe Life Inc | Stock-Financials | 0.69% | -0.06% | — | |
| 41 | ABBV | Abbvie Inc | Stock-Healthcare | 0.66% | +0.01% | -1.25% | |
| 42 | MRSH | Marsh & Mclennan Cos | Stock-Financials | 0.65% | +0.01% | — | |
| 43 | VYM | Vanguard High Dvd Yield ETF | ETF-Other | 0.64% | +0.15% | +34.35% | |
| 44 | BNY | Bank Of New York Mellon CORP | Stock-Financials | 0.63% | -0.03% | -4.19% | |
| 45 | NEE | Nextera Energy Inc | Stock-Utilities | 0.63% | -0.12% | -2.05% | |
| 46 | AVDV | Avantis Intl S/c Value ETF | ETF-Other | 0.63% | +0.09% | +10.26% | |
| 47 | IGSB | Ishares 1-5y Inv Grade CORP | ETF-Other | 0.61% | -0.02% | — | |
| 48 | GEV | GE Vernova Inc | Stock-Industrials | 0.56% | -0.14% | -0.21% | |
| 49 | META | Meta Platforms Inc-class A | Stock-Comm Services | 0.56% | +0.12% | -1.50% | |
| 50 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.56% | -0.01% | -1.58% |
1–50 of 129
Portfolio Performance
Performance for Q4 2026
+0.8%
Performance Last 4 Quarters
+14.5%
- Stdev
- +8.9%
- Beta
- +0.65
- Alpha
- +1.9%
- Max Drawdown
- -5.9%
- Annualized Perf
- +17.7%
- Batting Avg vs S&P
- +38.9%
- Sortino
- +3.67
- Stutzer
- +0.53
- Treynor
- +0.26
- Sterling
- +1.23
- Calmar
- +3.01
- Information Ratio
- -1.04
- Tracking Error
- +5.9%
- Stdev Down
- +4.6%
- Winning Months %
- +80.6%
- Losing Months %
- +19.4%
- Best 12 Months
- +27.1%
- Worst 12 Months
- +7.2%
- Efficiency Ratio
- +0.7
- Sharpe
- +1.88
- Stdev Sectors
- +7.6%
- Skewness
- -0.44
- Kurtosis
- 0
- Upside Potential
- +5.13
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q3 | 203 | $161.6M | 17 | ||
| 2026 Q2 | 205 | $160.6M | 20 | ||
| 2026 Q1 | 177 | $144.3M | 14 | ||
| 2025 Q4 | 186 | $144.6M | 9 | ||
| 2025 Q3 | 193 | $144.1M | 23 | ||
| 2025 Q2 | 193 | $126.4M | 0 | ||
| 2025 Q1 | 181 | $124.0M | 0 | ||
| 2024 Q4 | 180 | $124.4M | 0 | ||
| 2024 Q3 | 185 | $122.3M | 0 | ||
| 2024 Q2 | 178 | $117.7M | 0 | ||
| 2024 Q1 | 192 | $121.7M | 0 | ||
| 2023 Q4 | 178 | $115.4M | 0 | ||
| 2023 Q3 | 167 | $104.4M | 0 | ||
| 2023 Q2 | 168 | $103.4M | — |
Holding changes this quarter
Exchange Bank's most significant position changes for 2026-09-30: New buy: ; Sold out: Exxon Mobil CORP (XOM); Sold out: Ishares Short-term National (SUB); Sold out: Pnc Financial Services Group (PNC); New buy: Palo Alto Networks Inc (PANW).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | ✓ | +2.4% | NEW | New buy | |
| 2 | MSFT | Microsoft CORP | +0.8% | -1.15% | Trim |
| 3 | CVX | Chevron CORP | +0.6% | +2.03% | Add |
| 4 | VTI | Vanguard Total Stock Mkt ETF | +0.5% | +15.68% | Add |
| 5 | AAPL | Apple Inc | +0.5% | -4.60% | Trim |
| 6 | VCSH | Vanguard S/t CORP Bond ETF | +0.3% | +26.02% | Add |
| 7 | QUAL | Ishares Msci USA Quality Fac | +0.3% | +40.36% | Add |
| 8 | VEA | Vanguard Ftse Developed ETF | +0.2% | +17.30% | Add |
| 9 | NVDA | Nvidia CORP | +0.2% | -0.34% | Trim |
| 10 | TGT | Target CORP | +0.2% | — | Unchanged |
| 11 | VWO | Vanguard Ftse Emerging Marke | +0.2% | +14.34% | Add |
| 12 | VYM | Vanguard High Dvd Yield ETF | +0.2% | +34.35% | Add |
| 13 | MRK | Merck & Co. Inc. | +0.1% | -0.19% | Trim |
| 14 | PANW | Palo Alto Networks Inc | +0.1% | NEW | New buy |
| 15 | WAT | Waters CORP | +0.1% | NEW | New buy |
| 16 | IWF | Ishares Russell 1000 Growth | +0.1% | NEW | New buy |
| 17 | IEMG | Ishares Core Msci Emerging | +0.1% | NEW | New buy |
| 18 | DHR | Danaher CORP | +0.1% | NEW | New buy |
| 19 | ADP | Automatic Data Processing | +0.1% | — | Unchanged |
| 20 | META | Meta Platforms Inc-class A | +0.1% | -1.50% | Trim |
| 21 | AVDV | Avantis Intl S/c Value ETF | +0.1% | +10.26% | Add |
| 22 | SPHY | Ss Spdr P High Yield ETF | +0.1% | +16.21% | Add |
| 23 | KO | Coca-cola Co/the | +0.1% | -0.30% | Trim |
| 24 | BMY | Bristol-myers Squibb Co | +0.1% | — | Unchanged |
| 25 | A | Agilent Technologies Inc | +0.1% | — | Unchanged |
| 26 | VLO | Valero Energy CORP | +0.1% | — | Unchanged |
| 27 | PFE | Pfizer Inc | +0.1% | +0.20% | Add |
| 28 | CRWD | Crowdstrike Holdings Inc - A | +0.1% | +300.00% | Add |
| 29 | IVV | Ishares Core S&p 500 ETF | +0.1% | +10.22% | Add |
| 30 | IAGG | Ishares Intl Aggregate Bond | +0.1% | +8.13% | Add |
| 31 | PM | Philip Morris International | +0.1% | -0.55% | Trim |
| 32 | BDX | Becton Dickinson And Co | 0% | -0.92% | Trim |
| 33 | AMZN | Amazon.com Inc | 0% | -0.75% | Trim |
| 34 | VBR | Vanguard Small-cap Value ETF | 0% | +14.65% | Add |
| 35 | BR | Broadridge Financial Solutio | 0% | — | Unchanged |
| 36 | EFA | Ishares Msci Eafe ETF | 0% | +5.14% | Add |
| 37 | EMR | Emerson Electric Co | 0% | -0.67% | Trim |
| 38 | LMT | Lockheed Martin CORP | 0% | +12.73% | Add |
| 39 | PEP | Pepsico Inc | 0% | +13.00% | Add |
| 40 | VO | Vanguard Mid-cap ETF | 0% | +17.76% | Add |
| 41 | MA | Mastercard Inc - A | 0% | -2.71% | Trim |
| 42 | BLK | Blackrock Inc | 0% | -3.44% | Trim |
| 43 | V | Visa Inc-class A Shares | 0% | -1.87% | Trim |
| 44 | UNH | Unitedhealth Group Inc | 0% | +24.27% | Add |
| 45 | ABBV | Abbvie Inc | 0% | -1.25% | Trim |
| 46 | IAU | Ishares Gold Trust | 0% | -0.21% | Trim |
| 47 | DIS | Walt Disney Co/the | 0% | -0.46% | Trim |
| 48 | MRSH | Marsh & Mclennan Cos | 0% | — | Unchanged |
| 49 | MDT | Medtronic plc | 0% | — | Unchanged |
| 50 | SUSB | Ishares Esg Aware 1-5 Year U | 0% | +6.16% | Add |
1–50 of 136
Filing History
FAQ
What is Exchange Bank and what type of investor is it?
Exchange Bank is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-09-30), the firm manages a tracked equity portfolio valued at approximately $161.6M, spread across 203 disclosed positions.
What are Exchange Bank's largest equity positions?
Based on the latest 13F filing, Exchange Bank's top holdings by market value are:
1. Apple Inc (AAPL) — $9.0M (5.5%)
2. Johnson & Johnson (JNJ) — $6.8M (4.2%)
3. Caterpillar Inc (CAT) — $6.1M (3.8%)
4. Vanguard Total Stock Mkt ETF (VTI) — $5.8M (3.6%)
5. Microsoft CORP (MSFT) — $4.9M (3.0%)
What changes did Exchange Bank make in its most recent portfolio filing?
In the latest reported quarter, Exchange Bank made 100 notable position adjustments: 6 new positions were initiated, 29 existing holdings were added to, 58 positions were partially reduced, and 7 were completely exited. The largest of these moves: New buy: ; Sold out: Exxon Mobil CORP (XOM); Sold out: Ishares Short-term National (SUB); Sold out: Pnc Financial Services Group (PNC); New buy: Palo Alto Networks Inc (PANW)
What sectors does Exchange Bank focus on?
Exchange Bank is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 27.0%
• Industrials: 15.9%
• Health Care: 14.9%
• Consumer Staples: 13.2%
• Financials: 10.3%
• Communication Services: 6.6%
💡
Data Source Notice: AlphaSMO is the web's most authoritative 13F / Inside Trader database. Institutional holdings and insider trades presented here are precisely computed to deliver accurate portfolio reporting.
Investment Profile
Exchange Bank returned an annualized 17.7% over the trailing 36 months — outperforming the S&P 500 by 1.9 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.65 (less volatile than the market) and a 39% quarterly batting average against the index.
Its portfolio is broadly diversified and long-term-holding.
It has added to its VTI position over the past two quarters (+$2.2M, now $5.8M), while trimming AGG over the same stretch (-$905.4K, still holding $2.8M).
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Developer Access
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