FIRST INTERSTATE BANK

CIK 0001125727 · Q1 2026

13F Equity AUM

$1.8B

-4.5% QoQ

Positions

187

-12 QoQ

AUM Rank

#1,922

Top 15%

Skill Alpha (FF)

-1.5%/yr^ns

No Clear Edge

Rank #4,520 · Top 55%

vs S&P -6.6%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 39.6%Top 10: 63.5%Top 20: 79.7%

VCIT9.0%

FIBK8.7%

RSP8.2%

IVV7.6%

VGIT6.0%

IJH5.9%

PFF4.9%

IJR4.8%

VTIP4.3%

GUNR4.1%

Others (177)36.5%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services87.5%

Technology4.2%

Other8.3%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 187Median: 0.06%Avg: 0.53%

0–0.5%

162(16.9%)

0.5–1%

10(7.9%)

1–3%

4(8.1%)

3–5%

5(21.7%)

5%+

6(45.5%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 185Unique: 2vs 20 funds

2.5%Low

187

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

3.5%

BANK OF AMERICA CORP /DE/

3.9%

3.7%

5.7%

4.1%

3.7%

VANGUARD CAPITAL MANAGEMENT LLC

3.3%

GEODE CAPITAL MANAGEMENT, LLC

3.1%

VANGUARD PORTFOLIO MANAGEMENT LLC

3.7%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New12Increased45Decreased97Exited23

New Positions

BUG0.2%

+153K

REVS0.1%

+46K

TTE0.0%

+7K

WM0.0%

+1K

IVE0.0%

+1K

RL0.0%

+926

LMT0.0%

+381

AMX0.0%

+9K

SEE0.0%

+5K

ET0.0%

+11K

Increased

VTIP4.3%

+145K(+11%)

VCIT9.0%

+126K(+7%)

VGIT6.0%

+70K(+4%)

VMBS3.6%

+45K(+3%)

IBDY2.8%

+38K(+2%)

CGHM0.3%

+33K(+21%)

IJH5.9%

+31K(+2%)

PFFD0.2%

+26K(+15%)

BKLN0.0%

+21K(+208%)

IHI0.1%

+19K(+61%)

Decreased

HEFA0.3%

-1,288,461(-90%)

PAVE2.2%

-449,547(-37%)

GUNR4.1%

-171,697(-12%)

XLE0.7%

-77,905(-27%)

IBDX0.1%

-34,754(-45%)

WMT0.4%

-30,472(-35%)

SOXX0.0%

-23,367(-94%)

IEF0.3%

-12,165(-18%)

FIBK8.7%

-12,163(-0%)

UNH0.0%

-8,927(-83%)

Exited

-35,500

-930

-834

-285

-3,364

-1,015

-6,713

-500

-2,355

-5,677

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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