CIK: 0001910370
Total reported value
$287.7M
Reporting period: 2025-09-30 · Number of holdings: 84
First International Bank & Trust disclosed 84 holdings in its latest 13F filing for the period ending 2025-09-30, with total reported value of $287.7M and a quarterly turnover rate of 42.5%.
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First International Bank & Trust's disclosed holdings carry a Herfindahl concentration index of 0.108 — mathematically equivalent to about 9 equally-sized positions, well below its 84 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 2.26), with a handful of outsized bets alongside many smaller positions.
Recent activity leans toward initiating meaningfully larger new positions than it adds to existing ones (a 4.3 percentage-point tilt) — a pattern consistent with a more contrarian, new-idea-driven approach.
Sector classification currently covers about 6% 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.
Trim MOAT
-9.1% -$42.7M
Add SMLF
-1.0% $1.3M
Trim SPY
-1.3% -$4.4M
Add AFIF
-2.7% -$5.1M
Add XMHQ
-1.3% $837.3K
Add RLY
-3.5% -$525.7K
Showing top 56 holdings (of 84 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | AFIF | Anfield Universal Fixed Inco | ETF-Other | 24.83% | +0.63% | -2.65% | |
| 2 | SPHQ | Invesco S&p 500 Quality ETF | ETF-Large Cap & Growth | 14.27% | +14.27% | NEW | |
| 3 | RLY | Ss Multi-asset Real Ret ETF | ETF-Other | 8.34% | +0.59% | -3.49% | |
| 4 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 6.78% | -0.78% | -1.28% | |
| 5 | DXJ | Wisdomtree Japan Hedged Eq | ETF-Other | 6.35% | +0.26% | -4.69% | |
| 6 | AESR | Anfield US Equity Sector Rot | ETF-Other | 5.12% | -0.09% | -4.07% | |
| 7 | SMLF | Ishares US Smallcap Equity F | ETF-Other | 4.61% | +0.84% | -0.97% | |
| 8 | XMHQ | Invesco S&p Midcap Qual ETF | ETF-Other | 4.12% | +0.63% | -1.34% | |
| 9 | LMBS | First Trust Low Duration Opp | ETF-Other | 3.56% | +0.09% | -2.30% | |
| 10 | BIL | Ss Spdr Bb 1-3m T-bill ETF | ETF-Gov Bonds | 1.98% | -0.03% | +0.22% | |
| 11 | JPST | Jpmorgan Ultra-short Income | ETF-Other | 1.97% | -0.03% | +0.16% | |
| 12 | ICSH | Ishares Ultra Short Duration | ETF-Other | 1.96% | -0.04% | — | |
| 13 | BRK-A | Berkshire Hathaway Inc-cl A | Stock-Other | 1.31% | +0.55% | — | |
| 14 | SCHA | Schwab US Small-cap ETF | ETF-Other | 1.05% | -0.22% | -12.20% | |
| 15 | MUNI | Pimco Intermediate Municipal | ETF-Other | 1.04% | -0.21% | -0.31% | |
| 16 | SPMD | Ss Spdr P S&p 400 Midcap ETF | ETF-Other | 0.97% | -0.32% | -10.53% | |
| 17 | JAAA | Janus Henderson Aaa Clo ETF | ETF-Other | 0.96% | -0.14% | -16.05% | |
| 18 | MSFT | Microsoft CORP | Stock-Tech | 0.87% | +0.23% | -4.88% | |
| 19 | SHM | Ss Spdr N Ice St Muni ETF | ETF-Other | 0.77% | -0.12% | +0.60% | |
| 20 | MUB | Ishares National Muni Bond E | ETF-Other | 0.75% | -0.16% | +1.00% | |
| 21 | MOAT | Vaneck Morningstar Wide Moat | ETF-Other | 0.71% | -13.43% | -9.08% | |
| 22 | WMT | Walmart INC | Stock-Consumer Staples | 0.65% | +0.16% | -1.61% | |
| 23 | IGSB | Ishares 1-5y Inv Grade CORP | ETF-Other | 0.61% | -0.11% | -23.50% | |
| 24 | AXP | American Express Co | Stock-Financials | 0.61% | +0.19% | +3.63% | |
| 25 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.59% | +0.11% | +10.99% | |
| 26 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.57% | — | +3.60% | |
| 27 | ALKT | Alkami Technology INC | Stock-Other | 0.40% | — | — | |
| 28 | VNQ | Vanguard Real Estate ETF | ETF-Other | 0.34% | — | — | |
| 29 | AAPL | Apple INC | Stock-Tech | 0.34% | -0.14% | -22.85% | |
| 30 | DE | Deere & Co | Stock-Industrials | 0.33% | — | -0.14% | |
| 31 | VUG | Vanguard Growth ETF | ETF-Other | 0.25% | — | — | |
| 32 | CVX | Chevron CORP | Stock-Energy | 0.24% | — | — | |
| 33 | AMZN | Amazon.com INC | Stock-Consumer Disc | 0.22% | — | -17.25% | |
| 34 | ADP | Automatic Data Processing | Stock-Tech | 0.21% | — | -14.35% | |
| 35 | XLK | Ss Technology Select Sector | ETF-Tech | 0.21% | +0.07% | — | |
| 36 | GSLC | Goldman Activebeta US Lc ETF | ETF-Commodities | 0.16% | — | — | |
| 37 | VZ | Verizon Communications INC | Stock-Comm Services | 0.16% | — | -0.07% | |
| 38 | VTV | Vanguard Value ETF | ETF-Other | 0.13% | — | — | |
| 39 | V | Visa Inc-class A Shares | Stock-Financials | 0.13% | — | — | |
| 40 | XLC | Ss Comm Select Sector Spdr | ETF-Other | 0.12% | — | — | |
| 41 | XLV | Ss Health Care Select Sector | ETF-Other | 0.11% | -0.26% | -6.73% | |
| 42 | XLF | Ss Financial Select Sector | ETF-Other | 0.11% | — | — | |
| 43 | CSCO | Cisco Systems INC | Stock-Tech | 0.11% | — | -8.64% | |
| 44 | IFLN | Invesco Bloomberg Enhanced F | ETF-Other | 0.10% | — | — | |
| 45 | AMGN | Amgen INC | Stock-Healthcare | 0.09% | — | -0.21% | |
| 46 | IBM | Intl Business Machines CORP | Stock-Tech | 0.09% | — | -0.11% | |
| 47 | LOW | Lowe's Cos INC | Stock-Consumer Disc | 0.09% | — | -23.10% | |
| 48 | PM | Philip Morris International | Stock-Consumer Staples | 0.09% | — | -0.66% | |
| 49 | ABBV | Abbvie INC | Stock-Healthcare | 0.08% | — | — | |
| 50 | CSR | Centerspace | Stock-Other | 0.08% | — | — |
Performance for Q3 2026
+2.6%
Performance Last 4 Quarters
+11.7%
Based on 74% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2025-09-30 | 84 | $287.7M | 43 | |
| 2025-06-30 | 95 | $287.5M | 0 | |
| 2025-03-31 | 96 | $316.2M | 0 | |
| 2024-12-31 | 97 | $308.7M | 0 | |
| 2024-09-30 | 104 | $312.0M | 0 | |
| 2024-06-30 | 102 | $290.6M | 0 | |
| 2024-03-31 | 106 | $289.7M | 0 | |
| 2023-12-31 | 105 | $255.7M | 0 | |
| 2023-09-30 | 115 | $277.9M | 0 | |
| 2023-06-30 | 127 | $313.9M | 0 | |
| 2023-03-31 | 114 | $301.9M | 0 | |
| 2022-12-31 | 112 | $293.6M | 0 | |
| 2022-09-30 | 113 | $265.9M | 0 | |
| 2022-06-30 | 114 | $272.9M | 0 | |
| 2022-03-31 | 152 | $293.9M | 0 | |
| 2021-12-31 | 122 | $285.0M | 0 |
First International Bank & Trust's most significant position changes for 2025-09-30: New buy: Invesco S&p 500 Quality ETF (SPHQ); Sold out: Ishares Msci Global Min Vol (ACWV); Sold out: Invesco Qqq Trust Series 1 (QQQ); Sold out: Ss Spdr S&p 400 Mc Gr ETF (MDYG); Sold out: Vanguard Small-cap Grwth ETF (VBK).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | SMLF | Ishares US Smallcap Equity F | +0.8% | -0.97% | Trim |
| 2 | AFIF | Anfield Universal Fixed Inco | +0.6% | -2.65% | Trim |
| 3 | XMHQ | Invesco S&p Midcap Qual ETF | +0.6% | -1.34% | Trim |
| 4 | RLY | Ss Multi-asset Real Ret ETF | +0.6% | -3.49% | Trim |
| 5 | BRK-A | Berkshire Hathaway Inc-cl A | +0.6% | — | Add |
| 6 | DXJ | Wisdomtree Japan Hedged Eq | +0.3% | -4.69% | Trim |
| 7 | MSFT | Microsoft CORP | +0.2% | -4.88% | Trim |
| 8 | AXP | American Express Co | +0.2% | +3.63% | Add |
| 9 | WMT | Walmart INC | +0.2% | -1.61% | Add |
| 10 | BRK-B | Berkshire Hathaway Inc-cl B | +0.1% | +10.99% | Add |
| 11 | LMBS | First Trust Low Duration Opp | +0.1% | -2.30% | Trim |
| 12 | XLK | Ss Technology Select Sector | +0.1% | — | Unchanged |
| 13 | JPST | Jpmorgan Ultra-short Income | 0% | +0.16% | Trim |
| 14 | BIL | Ss Spdr Bb 1-3m T-bill ETF | 0% | +0.22% | Trim |
| 15 | ICSH | Ishares Ultra Short Duration | 0% | — | Trim |
| 16 | XOM | Exxon Mobil CORP | 0% | -3.11% | Trim |
| 17 | MCD | Mcdonald's CORP | -0.1% | -10.61% | Trim |
| 18 | AESR | Anfield US Equity Sector Rot | -0.1% | -4.07% | Trim |
| 19 | IWP | Ishares Russell Mid-cap Grow | -0.1% | — | Trim |
| 20 | IGSB | Ishares 1-5y Inv Grade CORP | -0.1% | -23.50% | Trim |
| 21 | SHM | Ss Spdr N Ice St Muni ETF | -0.1% | +0.60% | Trim |
| 22 | JAAA | Janus Henderson Aaa Clo ETF | -0.1% | -16.05% | Trim |
| 23 | AAPL | Apple INC | -0.1% | -22.85% | Trim |
| 24 | MUB | Ishares National Muni Bond E | -0.2% | +1.00% | Trim |
| 25 | MUNI | Pimco Intermediate Municipal | -0.2% | -0.31% | Trim |
| 26 | SCHA | Schwab US Small-cap ETF | -0.2% | -12.20% | Trim |
| 27 | XLV | Ss Health Care Select Sector | -0.3% | -6.73% | Trim |
| 28 | SPMD | Ss Spdr P S&p 400 Midcap ETF | -0.3% | -10.53% | Trim |
| 29 | SPY | Ss Spdr S&p 500 ETF Trust-us | -0.8% | -1.28% | Trim |
| 30 | MOAT | Vaneck Morningstar Wide Moat | -13.4% | -9.08% | Trim |
| 31 | SPHQ | Invesco S&p 500 Quality ETF | — | NEW | New buy |
| 32 | ACWV | Ishares Msci Global Min Vol | — | EXIT | Sold out |
| 33 | QQQ | Invesco Qqq Trust Series 1 | — | EXIT | Sold out |
| 34 | MDYG | Ss Spdr S&p 400 Mc Gr ETF | — | EXIT | Sold out |
| 35 | VBK | Vanguard Small-cap Grwth ETF | — | EXIT | Sold out |
| 36 | VOE | Vanguard Mid-cap Value ETF | — | EXIT | Sold out |
| 37 | ORCL | Oracle CORP | — | EXIT | Sold out |
| 38 | FLOT | Ishares Floating Rate Bond E | — | EXIT | Sold out |
| 39 | AFL | Aflac INC | — | EXIT | Sold out |
| 40 | PEP | Pepsico INC | — | EXIT | Sold out |
| 41 | JNJ | Johnson & Johnson | — | EXIT | Sold out |
| 42 | PG | Procter & Gamble Co/the | — | EXIT | Sold out |
| 43 | XLP | Ss Consumer Staples Sel Sect | — | EXIT | Sold out |
| 44 | PFE | Pfizer INC | — | EXIT | Sold out |
| 45 | CAT | Caterpillar INC | — | EXIT | Sold out |
| 46 | BA | Boeing Co/the | — | NEW | New buy |
| 47 | LMT | Lockheed Martin CORP | — | EXIT | Sold out |
| 48 | VV | Vanguard Large-cap ETF | — | EXIT | Sold out |
| 49 | XLU | St Sr Utl Sl Se Spdr Etf-usd | — | EXIT | Sold out |
| 50 | VO | Vanguard Mid-cap ETF | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2025-09-30 | 2025-10-07 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-07-08 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-12 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-01-10 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-10-04 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-07-03 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-04-16 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-01-09 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-10-12 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-07-17 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-04-14 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-09 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-01 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-09 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-04-08 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-03-29 | 13F-HR | View on EDGAR |
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