First International Bank & Trust

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CIK 1910370

13F portfolio (2025-Q3)

$288M

Positions

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2025-Q2. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.

Implied return what this book implies · modeled, not advice methodology →

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As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).

Computing…

Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.

Exposures · what this manager owns, by sector & size (2025-Q3)

Holdings

Top 5

60.6%

Top 10

80.0%

Effective N

9.3

HHI

0.108

This quarter

2 new · 0 exit →

By sector

Unclassified93.7%

Information Technology2.0%

Consumer Discretionary1.6%

Financials1.3%

Industrials0.4%

Energy0.3%

Health Care0.2%

Consumer Staples0.2%

Other0.2%

By market cap

Unknown93.7%

Mega (>$200B)4.8%

Large ($10–200B)0.9%

Small ($300M–2B)0.5%

By region

Other93.7%

North America6.3%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	94.34%	33
Specialty Retail	1.54%	4
Software	1.27%	2
Banks	0.61%	1
Technology Hardware & Equipment	0.53%	3
Machinery	0.33%	1
Oil, Gas & Consumable Fuels	0.32%	2
Software & IT Services	0.21%	1
Pharmaceuticals & Biotechnology	0.18%	2
Diversified Telecommunication Services	0.16%	1
Commercial Services & Supplies	0.13%	1
Tobacco	0.09%	1
Equity Real Estate Investment Trusts (REITs)	0.08%	1
Aerospace & Defense	0.08%	1
Hotels, Restaurants & Leisure	0.07%	1
Beverages	0.07%	1

Top holdings

#	Ticker	Name	Sector	Weight
1		TWO RDS SHARED TR	Unclassified	24.83%
2	SPHQ	INVESCO EXCHANGE TRADED FD T	Unclassified	14.27%
3	RLY	SSGA ACTIVE ETF TR	Unclassified	8.34%
4	SPY	STATE STR SPDR S&P 500 ETF T	Unclassified	6.78%
5	DXJ	WISDOMTREE TR	Unclassified	6.35%
6		TWO RDS SHARED TR	Unclassified	5.12%
7	SMLF	iShares MSCI Multifactor USA Small-Cap ETF	Unclassified	4.61%
8	XMHQ	INVESCO EXCHANGE TRADED FD T	Unclassified	4.12%
9	LMBS	FIRST TR EXCHANGE-TRADED FD	Unclassified	3.56%
10	BIL	SPDR SERIES TRUST	Unclassified	1.98%

24/56 names classified · sector 6.3% of weight · industry 5.7% · mkt cap 6.3%; unclassified names shown, never dropped.

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

top 5/sector, rest → “Other” · 16 quarters

Information TechnologyMSFT, ALKT, AAPL, ADP, ORCL · other

Consumer DiscretionaryAMZN, MCD, WMT, COST, LOW · other

FinancialsBRK.B, AXP, AFL, UNH, AIG · other

Health CareABBV, JNJ, AMGN, MRK, ABT · other

Consumer StaplesPEP, KO, MDLZ, PM, CVS · other

IndustrialsDE, UPS, CAT, LEN, GD · other

EnergyXOM, COP, CVX, MPC, DVN

MaterialsPG, CL, FCX, NUE

Real EstateCSR, WELL, WY

UtilitiesNEE, DUK, SO, OKE

Communication ServicesDIS, VZ, CMCSA

UnclassifiedTWO RDS SHARED TR, TWO RDS SHARED TR ANFIELD DIVERSIF, MOAT, SPMD, SPHQ · other

Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 6.3% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2025-Q3), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

Only 6% of book weight classified — the grid is NOT representative of the whole book.

holdings, colored by sector (23 classified)First International Bank & Trust centroid (Large Core)

Information TechnologyConsumer DiscretionaryFinancialsIndustrialsEnergyHealth CareConsumer StaplesCommunication ServicesReal Estate

Style box summary for First International Bank & Trust: centroid Large Core. Heaviest cells: Large Growth 2.9%, Large Core 1.2%, Large Value 1.1%.

Classified: 5.7% of book weight (23/55 names) · unclassified 94.3%: , SPHQ, RLY, SPY, DXJ, SMLF, XMHQ, LMBS, BIL, JPST +22 more. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.

Contribution holdings-based, any period

No contribution data for this period.

Holdings· 56 positions (2025-Q3) · largest first · Δ vs 2025-Q2

#	Security	Shares	Value	Weight	Δ QoQ
1	TWO RDS SHARED TR	7,608,507	$71M	24.8%	TRIM −3%
2	SPHQINVESCO EXCHANGE TRADED FD T	560,123	$41M	14.3%	HOLD
3	RLYSSGA ACTIVE ETF TR	776,930	$24M	8.3%	TRIM −3%
4	SPYSTATE STR SPDR S&P 500 ETF T	29,273	$20M	6.8%	HOLD
5	DXJWISDOMTREE TR	142,667	$18M	6.3%	TRIM −5%
6	TWO RDS SHARED TR	715,906	$15M	5.1%	TRIM −4%
7	SMLFiShares MSCI Multifactor USA Small-Cap ETF	178,490	$13M	4.6%	HOLD
8	XMHQINVESCO EXCHANGE TRADED FD T	113,058	$12M	4.1%	HOLD
9	LMBSFIRST TR EXCHANGE-TRADED FD	205,968	$10M	3.6%	TRIM −2%
10	BILSPDR SERIES TRUST	62,008	$6M	2.0%	HOLD
11	JPSTJ P MORGAN EXCHANGE TRADED F	111,746	$6M	2.0%	HOLD
12	ICSHISHARES TR	111,382	$6M	2.0%	HOLD
13	BRK.ABERKSHIRE HATHAWAY INC DEL	5	$4M	1.3%	HOLD
14	SCHASCHWAB STRATEGIC TR	107,780	$3M	1.0%	TRIM −12%
15	MUNIPIMCO Intermediate Muni Bd Actv - ETF	57,322	$3M	1.0%	HOLD
16	SPMDSPDR SERIES TRUST	48,934	$3M	1.0%	TRIM −11%
17	JAAAJANUS DETROIT STR TR	54,571	$3M	1.0%	TRIM −16%
18	MSFTMICROSOFT CORP	4,854	$3M	0.9%	TRIM −5%
19	SHMSPDR SERIES TRUST	45,999	$2M	0.8%	HOLD
20	MUBISHARES TR	20,206	$2M	0.7%	HOLD
21	MOATVANECK ETF TRUST	20,492	$2M	0.7%	TRIM −9%
22	WMTWALMART INC	18,262	$2M	0.7%	HOLD
23	IGSBISHARES TR	33,249	$2M	0.6%	TRIM −23%
24	AXPAMERICAN EXPRESS CO	5,255	$2M	0.6%	ADD 4%
25	BRK.BBERKSHIRE HATHAWAY INC DEL	3,392	$2M	0.6%	ADD 11%
26	COSTCOSTCO WHSL CORP NEW	1,785	$2M	0.6%	ADD 4%
27	ALKTALKAMI TECHNOLOGY INC	46,310	$1M	0.4%	HOLD
28	VNQVANGUARD INDEX FDS	10,687	$977,006	0.3%	HOLD
29	AAPLAPPLE INC	3,819	$972,432	0.3%	TRIM −23%
30	DEDEERE & CO	2,086	$953,844	0.3%	HOLD
31	VUGVANGUARD INDEX FDS	1,511	$724,691	0.3%	HOLD
32	CVXCHEVRON CORP NEW	4,500	$698,805	0.2%	HOLD
33	AMZNAMAZON COM INC	2,921	$641,364	0.2%	TRIM −17%
34	ADPAUTOMATIC DATA PROCESSING IN	2,101	$616,644	0.2%	TRIM −14%
35	XLKSELECT SECTOR SPDR TR	2,178	$613,891	0.2%	HOLD
36	GSLCGOLDMAN SACHS ETF TR	3,623	$472,004	0.2%	HOLD
37	VZVERIZON COMMUNICATIONS INC	10,365	$455,542	0.2%	HOLD
38	VTVVANGUARD INDEX FDS	1,952	$364,028	0.1%	HOLD
39	VVISA INC	1,055	$360,156	0.1%	HOLD
40	XLCSELECT SECTOR SPDR TR	2,845	$336,763	0.1%	HOLD
41	XLVSELECT SECTOR SPDR TR	2,287	$318,282	0.1%	TRIM −7%
42	XLFSELECT SECTOR SPDR TR	5,649	$304,312	0.1%	HOLD
43	CSCOCISCO SYS INC	4,440	$303,785	0.1%	TRIM −9%
44	IFLNINVESCO EXCH TRADED FD TR II	15,761	$292,839	0.1%	HOLD
45	AMGNAMGEN INC	951	$268,372	0.1%	HOLD
46	IBMINTERNATIONAL BUSINESS MACHS	898	$253,380	0.1%	HOLD
47	LOWLOWES COS INC	1,002	$251,813	0.1%	TRIM −23%
48	PMPHILIP MORRIS INTL INC	1,516	$245,895	0.1%	HOLD
49	ABBVABBVIE INC	1,024	$237,097	0.1%	NEW
50	CSRCENTERSPACE	3,860	$227,354	0.1%	HOLD
51	XOMEXXON MOBIL CORP	1,991	$224,485	0.1%	TRIM −3%
52	BABOEING CO	1,000	$215,830	0.1%	HOLD
53	IWPISHARES TR	1,514	$215,609	0.1%	HOLD
54	MCDMCDONALDS CORP	699	$212,419	0.1%	TRIM −11%
55	KOCOCA COLA CO	3,185	$211,229	0.1%	HOLD
56	VOVANGUARD INDEX FDS	700	$205,618	0.1%	NEW

☆First International Bank & Trust