CIK: 0001309148
Total reported value
$2.1B
Reporting period: 2026-03-31 · Number of holdings: 525
Hills Bank & Trust Co disclosed 525 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $2.1B and a quarterly turnover rate of 28.6%.
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Hills Bank & Trust Co's disclosed holdings carry a Herfindahl concentration index of 0.040 — mathematically equivalent to about 25 equally-sized positions, well below its 525 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 3.62), with a handful of outsized bets alongside many smaller positions.
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 23% 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.
Add SPYM
+763.3% $238.5M
Add AVLC
+8110.4% $91.1M
Trim SPY
-1.3% -$8.6M
Trim SPYV
-58.6% -$20.1M
Add GII
+104.2% $31.9M
Trim VEA
+1.0% $5.0M
Showing top 200 holdings (of 525 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | SPYM | Ste Str Spdr Pt S&p 500 ETF | ETF-Large Cap & Growth | 13.12% | +11.20% | +763.35% | |
| 2 | VEA | Vanguard Ftse Developed ETF | ETF-Other | 6.96% | -1.13% | +0.96% | |
| 3 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 6.64% | -1.85% | -1.34% | |
| 4 | AVLC | Avantis US Lg Cap Eq ETF | ETF-Other | 4.46% | +4.39% | +8110.35% | |
| 5 | SPMD | Ss Spdr P S&p 400 Midcap ETF | ETF-Other | 3.70% | -0.61% | +1.17% | |
| 6 | FTRB | Fed Hermes Ttl Rtrn Bnd | ETF-Other | 3.46% | -0.43% | +7.75% | |
| 7 | MDY | State Street Spdr S&p Midcap | ETF-Other | 3.44% | — | -1.85% | |
| 8 | VWO | Vanguard Ftse Emerging Marke | ETF-Emerging Markets | 2.94% | -0.45% | +3.81% | |
| 9 | GII | State Street Spdr S&p Global | ETF-Other | 2.80% | +1.29% | +104.16% | |
| 10 | BSCQ | Invesco Bulletshares 2026 Cb | ETF-Other | 2.76% | -0.45% | +3.51% | |
| 11 | BSCR | Invesco Bulletshares 2027 Cb | ETF-Other | 2.51% | -0.39% | +4.83% | |
| 12 | BSCS | Invesco Bulletshares 2028 Cb | ETF-Other | 2.45% | -0.41% | +3.94% | |
| 13 | BSCT | Invesco Bulletshares 2029 Cb | ETF-Other | 2.21% | -0.34% | +5.40% | |
| 14 | BSCU | Invesco Bulletshares 2030 Cb | ETF-Other | 2.12% | -0.33% | +5.45% | |
| 15 | BSCV | Invesco Bulletshares 2031 Cb | ETF-Other | 2.09% | -0.23% | +9.83% | |
| 16 | NVDA | Nvidia CORP | Stock-Tech | 1.91% | -0.61% | -2.46% | |
| 17 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 1.59% | -0.56% | -2.51% | |
| 18 | AAPL | Apple INC | Stock-Tech | 1.57% | -0.45% | +0.25% | |
| 19 | GUNR | Flexshares Global Upstream N | ETF-Other | 1.37% | -0.08% | -5.82% | |
| 20 | BND | Vanguard Total Bond Market | ETF-Other | 1.28% | — | +2.24% | |
| 21 | MSFT | Microsoft CORP | Stock-Tech | 1.26% | -0.83% | -4.93% | |
| 22 | JPIB | Jpmorgan Intl Bnd ETF | ETF-Other | 0.97% | -0.13% | +7.68% | |
| 23 | DFIC | Dimensional International Co | ETF-Other | 0.79% | +0.09% | +31.20% | |
| 24 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.76% | -0.28% | -3.57% | |
| 25 | EFA | Ishares Msci Eafe ETF | ETF-Other | 0.76% | — | +0.90% | |
| 26 | FAST | Fastenal Co | Stock-Industrials | 0.76% | -0.06% | -4.40% | |
| 27 | BSMT | Invesco Bulletshares 2029 Mb | ETF-Other | 0.73% | — | +4.13% | |
| 28 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 0.73% | — | -1.56% | |
| 29 | SPYV | Ss Spdr P S&p 500 Value ETF | ETF-Large Cap & Growth | 0.68% | -1.30% | -58.60% | |
| 30 | AMZN | Amazon.com INC | Stock-Consumer Disc | 0.66% | -0.26% | -4.34% | |
| 31 | IBMP | Ishares Ibonds Dec 2027 Term | ETF-Other | 0.55% | — | +1.57% | |
| 32 | IBMQ | Ishares Ibonds Dec 2028 Muni | ETF-Other | 0.49% | — | +1.69% | |
| 33 | BSMU | Invesco Bulletshares 2030 Mb | ETF-Other | 0.49% | — | +6.60% | |
| 34 | BSMV | Invesco Bulletshares 2031 Mb | ETF-Other | 0.48% | — | +8.62% | |
| 35 | IBMO | Ishares Ibonds Dec 2026 Term | ETF-Other | 0.48% | — | -0.14% | |
| 36 | HD | Home Depot INC | Stock-Consumer Disc | 0.47% | — | -2.20% | |
| 37 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.40% | -0.01% | -0.67% | |
| 38 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.39% | — | -5.25% | |
| 39 | MA | Mastercard INC - A | Stock-Financials | 0.39% | -0.18% | -6.76% | |
| 40 | ICE | Intercontinental Exchange In | Stock-Financials | 0.36% | — | -4.14% | |
| 41 | META | Meta Platforms Inc-class A | Stock-Comm Services | 0.36% | -0.16% | -3.65% | |
| 42 | XOM | Exxon Mobil CORP | Stock-Energy | 0.35% | +0.04% | -1.60% | |
| 43 | VOO | Vanguard S&p 500 ETF | ETF-Large Cap & Growth | 0.34% | — | -1.81% | |
| 44 | MCD | Mcdonald's CORP | Stock-Consumer Disc | 0.30% | — | -1.12% | |
| 45 | IJR | Ishares Core S&p Small-cap E | ETF-Small Cap | 0.30% | — | -0.23% | |
| 46 | KLAC | Kla CORP | Stock-Tech | 0.29% | — | +0.86% | |
| 47 | ITW | Illinois Tool Works | Stock-Industrials | 0.29% | — | -1.77% | |
| 48 | PANW | Palo Alto Networks INC | Stock-Tech | 0.29% | -0.13% | -4.74% | |
| 49 | BSMS | Invesco Bulletshares 2028 Mb | ETF-Other | 0.28% | — | +13.23% | |
| 50 | TJX | Tjx Companies INC | Stock-Consumer Disc | 0.27% | — | -5.36% |
Performance for Q3 2026
+1.4%
Performance Last 4 Quarters
+13.1%
Based on 86% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 525 | $2.1B | 29 | |
| 2025-12-31 | 508 | $1.7B | 12 | |
| 2025-09-30 | 471 | $1.7B | 29 | |
| 2025-06-30 | 477 | $1.6B | 0 | |
| 2025-03-31 | 460 | $1.4B | 100 | |
| 2024-12-31 | 466 | $1.3B | 0 | |
| 2024-09-30 | 468 | $1.3B | 0 | |
| 2024-06-30 | 443 | $1.2B | 0 | |
| 2024-03-31 | 440 | $1.2B | 0 | |
| 2023-12-31 | 429 | $1.0B | 0 | |
| 2023-09-30 | 414 | $860.9M | 0 | |
| 2023-06-30 | 393 | $777.6M | 0 | |
| 2023-03-31 | 391 | $722.7M | 0 | |
| 2022-12-31 | 387 | $677.1M | 0 | |
| 2022-09-30 | 382 | $679.1M | 0 | |
| 2022-06-30 | 391 | $615.2M | 0 | |
| 2022-03-31 | 402 | $701.8M | 0 | |
| 2021-12-31 | 374 | $727.9M | 0 | |
| 2021-09-30 | 369 | $662.0M | 0 | |
| 2021-06-30 | 371 | $659.5M | 100 | |
| 2021-03-31 | 366 | $616.1M | 13 | |
| 2020-12-31 | 349 | $572.3M | 13 | |
| 2020-09-30 | 330 | $511.1M | 14 | |
| 2020-06-30 | 331 | $473.5M | 38 | |
| 2020-03-31 | 278 | $339.7M | 27 | |
| 2019-12-31 | 300 | $424.1M | 9 | |
| 2019-09-30 | 297 | $396.6M | 9 | |
| 2019-06-30 | 291 | $386.5M | 8 | |
| 2019-03-31 | 290 | $371.6M | 18 | |
| 2018-12-31 | 264 | $322.6M | 18 | |
| 2018-09-30 | 268 | $372.2M | 10 | |
| 2018-06-30 | 262 | $347.0M | 11 | |
| 2018-03-31 | 249 | $331.4M | 9 | |
| 2017-12-31 | 260 | $341.2M | 10 | |
| 2017-09-30 | 249 | $318.6M | 7 | |
| 2017-06-30 | 253 | $309.1M | 10 | |
| 2017-03-31 | 249 | $294.6M | 8 | |
| 2016-12-31 | 247 | $284.6M | 8 | |
| 2016-09-30 | 247 | $276.9M | 13 | |
| 2016-06-30 | 243 | $271.6M | 10 | |
| 2016-03-31 | 240 | $271.0M | 13 | |
| 2015-12-31 | 219 | $264.3M | 18 | |
| 2015-09-30 | 183 | $253.3M | 13 | |
| 2015-06-30 | 165 | $270.1M | 4 | |
| 2015-03-31 | 166 | $267.7M | 12 | |
| 2014-12-31 | 173 | $254.4M | 8 | |
| 2014-09-30 | 163 | $244.9M | 7 | |
| 2014-06-30 | 155 | $239.6M | 9 | |
| 2014-03-31 | 153 | $234.0M | 12 | |
| 2013-12-31 | 158 | $225.9M | 14 | |
| 2013-09-30 | 156 | $205.4M | 9 | |
| 2013-06-30 | 154 | $192.2M | — |
Hills Bank & Trust Co's most significant position changes for 2026-03-31: New buy: Ishares Ibonds Dec 2031 CORP (IBDW); New buy: Ishrs Ibnds Dec 27 CORP ETF (IBDS); New buy: Ss Financial Select Sector (XLF); Add: Ste Str Spdr Pt S&p 500 ETF (SPYM) — shares +763.35%; Add: Avantis US Lg Cap Eq ETF (AVLC) — shares +8110.35%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | SPYM | Ste Str Spdr Pt S&p 500 ETF | +11.2% | +763.35% | Add |
| 2 | AVLC | Avantis US Lg Cap Eq ETF | +4.4% | +8110.35% | Add |
| 3 | GII | State Street Spdr S&p Global | +1.3% | +104.16% | Add |
| 4 | DFIC | Dimensional International Co | +0.1% | +31.20% | Add |
| 5 | XLK | Ss Technology Select Sector | +0.1% | +1296.24% | Add |
| 6 | RSPT | Invesco S&p 500 Equal Weight | +0.1% | +115.95% | Add |
| 7 | XOM | Exxon Mobil CORP | 0% | -1.60% | Trim |
| 8 | RSPN | Invesco S&p 500 Equal Weight | 0% | +90.11% | Add |
| 9 | XLRE | Ss Real Estate Select Sector | 0% | +77.21% | Add |
| 10 | XLU | St Sr Utl Sl Se Spdr Etf-usd | 0% | +64.85% | Add |
| 11 | XLB | Ss Materials Select Sector | 0% | +28.50% | Add |
| 12 | CATX | Perspective Therapeutics INC | 0% | -7.03% | Trim |
| 13 | RSPH | Invesco S&p 500 Equal Weight | 0% | +78.29% | Add |
| 14 | CVX | Chevron CORP | 0% | -3.53% | Trim |
| 15 | KLAC | Kla CORP | — | +0.86% | Add |
| 16 | JNJ | Johnson & Johnson | 0% | -0.67% | Trim |
| 17 | INTU | Intuit INC | -0.1% | -76.35% | Trim |
| 18 | FAST | Fastenal Co | -0.1% | -4.40% | Trim |
| 19 | ADBE | Adobe INC | -0.1% | -87.74% | Trim |
| 20 | GUNR | Flexshares Global Upstream N | -0.1% | -5.82% | Trim |
| 21 | RWO | State Street Spdr Dow Jones | -0.1% | -20.64% | Trim |
| 22 | TMO | Thermo Fisher Scientific INC | -0.1% | -1.07% | Trim |
| 23 | ABT | Abbott Laboratories | -0.1% | -12.95% | Trim |
| 24 | PANW | Palo Alto Networks INC | -0.1% | -4.74% | Trim |
| 25 | JPIB | Jpmorgan Intl Bnd ETF | -0.1% | +7.68% | Add |
| 26 | CRM | Salesforce INC | -0.2% | -26.25% | Trim |
| 27 | META | Meta Platforms Inc-class A | -0.2% | -3.65% | Trim |
| 28 | ORCL | Oracle CORP | -0.2% | -4.76% | Trim |
| 29 | MA | Mastercard INC - A | -0.2% | -6.76% | Trim |
| 30 | BSCV | Invesco Bulletshares 2031 Cb | -0.2% | +9.83% | Add |
| 31 | AMZN | Amazon.com INC | -0.3% | -4.34% | Trim |
| 32 | JPM | Jpmorgan Chase & Co | -0.3% | -3.57% | Trim |
| 33 | BSCU | Invesco Bulletshares 2030 Cb | -0.3% | +5.45% | Add |
| 34 | BSCT | Invesco Bulletshares 2029 Cb | -0.3% | +5.40% | Add |
| 35 | BSCR | Invesco Bulletshares 2027 Cb | -0.4% | +4.83% | Add |
| 36 | BSCS | Invesco Bulletshares 2028 Cb | -0.4% | +3.94% | Add |
| 37 | FTRB | Fed Hermes Ttl Rtrn Bnd | -0.4% | +7.75% | Add |
| 38 | VWO | Vanguard Ftse Emerging Marke | -0.5% | +3.81% | Add |
| 39 | AAPL | Apple INC | -0.5% | +0.25% | Add |
| 40 | BSCQ | Invesco Bulletshares 2026 Cb | -0.5% | +3.51% | Add |
| 41 | GOOG | Alphabet Inc-cl C | -0.6% | -2.51% | Trim |
| 42 | NVDA | Nvidia CORP | -0.6% | -2.46% | Trim |
| 43 | SPMD | Ss Spdr P S&p 400 Midcap ETF | -0.6% | +1.17% | Add |
| 44 | MSFT | Microsoft CORP | -0.8% | -4.93% | Trim |
| 45 | VEA | Vanguard Ftse Developed ETF | -1.1% | +0.96% | Add |
| 46 | SPYV | Ss Spdr P S&p 500 Value ETF | -1.3% | -58.60% | Trim |
| 47 | SPY | Ss Spdr S&p 500 ETF Trust-us | -1.9% | -1.34% | Trim |
| 48 | IBDW | Ishares Ibonds Dec 2031 CORP | — | NEW | New buy |
| 49 | IBDS | Ishrs Ibnds Dec 27 CORP ETF | — | NEW | New buy |
| 50 | XLF | Ss Financial Select Sector | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-01 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-05 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-13 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-05 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-04-25 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-10 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-10-28 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-07-25 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-08 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-07 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-10-26 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-07-21 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-04-17 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-06 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-03 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-02 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-08-16 | Amendment | View on EDGAR |
| 2022-03-31 | 2022-04-29 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-04 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-10-27 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-02 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-03 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-01 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-10-27 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-05 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-04-17 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-01-27 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-10-18 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-07-16 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-04-17 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-01-28 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-10-15 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-07-17 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-04-13 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-01-16 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-10-16 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-07-12 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-04-06 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-01-18 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-10-11 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-07-18 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-04-25 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-01-19 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-10-16 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-07-13 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-04-06 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-01-21 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-10-15 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-07-31 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-04-14 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-01-13 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-10-15 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-07-31 | 13F-HR | View on EDGAR |
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