City State Bank

CIK 0001910666 · Q1 2026

13F Equity AUM

$385.3M

+5.5% QoQ

Positions

771

+16 QoQ

AUM Rank

#5,071

Top 41%

Skill Alpha (FF)

-2.8%/yr^ns

No Clear Edge

Rank #6,085 · Top 74%

vs S&P -5.9%/yr (unadj.)

Quarters Tracked

~4 years

Portfolio Concentration

Top 5: 17.9%Top 10: 29.4%Top 20: 45.3%

DFCF4.0%

AAPL3.9%

BIV3.7%

DFSD3.3%

BSV3.0%

VIG2.6%

VYM2.5%

VWOB2.2%

DFAT2.2%

BND2.1%

Others (761)70.6%

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

Sector Allocation

Financial Services66.0%

Technology12.0%

Industrials4.4%

Healthcare3.9%

Consumer Cyclical3.6%

Utilities2.8%

Communication Services2.6%

Consumer Defensive2.2%

Other2.4%

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

Position Sizing

Positions: 771Median: 0.01%Avg: 0.13%

0–0.5%

723(31.4%)

0.5–1%

21(14.9%)

1–3%

23(38.8%)

3–5%

4(14.9%)

5%+

0(0.0%)

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

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Portfolio Overlap

Shared: 761Unique: 10vs 20 funds

10.4%Low

771

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)

BANK OF AMERICA CORP /DE/

15.7%

14.1%

14.6%

15.7%

21.1%

15%

GEODE CAPITAL MANAGEMENT, LLC

14.2%

VANGUARD CAPITAL MANAGEMENT LLC

14.4%

VANGUARD PORTFOLIO MANAGEMENT LLC

16%

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

New34Increased161Decreased124Exited17

New Positions

Amcor Plc Ordinary S…0.1%

+5K

CORZ0.0%

+10K

FMBH0.0%

+3K

HNI0.0%

+4K

GPN0.0%

+740

BSCV0.0%

+1K

BSCS0.0%

+967

BSCR0.0%

+1K

BSCU0.0%

+1K

BSCT0.0%

+1K

Increased

DFSD3.3%

+67K(+34%)

DFCF4.0%

+50K(+16%)

DFAI1.3%

+26K(+24%)

DUHP1.0%

+25K(+33%)

DFIP0.7%

+22K(+58%)

DIHP0.6%

+22K(+46%)

DFGP1.2%

+17K(+24%)

BSV3.0%

+16K(+12%)

EBND1.1%

+15K(+7%)

DFLV0.8%

+15K(+21%)

Decreased

BLV0.0%

-8,415(-79%)

DVN0.0%

-4,000(-95%)

PFF0.1%

-3,700(-17%)

LQD0.2%

-1,500(-20%)

WTBA0.1%

-1,400(-16%)

MU1.2%

-1,368(-9%)

FCX0.0%

-1,271(-91%)

VTRS0.0%

-1,009(-13%)

SYY0.0%

-1,000(-89%)

AAPL3.9%

-876(-1%)

Exited

-7,750

-750

-22,600

-1,864

-160

-155

-68

STLD

-52

SLAI

-250

EXK

-50

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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