City State Bank
Long book
$385.3M
Q1 2026
Positions
784
Top-10 weight
29%
concentration
Last quarter
+11.7%
SPY +14.8%
Turnover
6%
of book per quarter
Strategy in plain words
auto-generated from filingsCity State Bank is a wealth-management firm allocating client money, running a $385.3M US long book across 784 positions.
The portfolio is moderately concentrated (top 10 ≈ 29% of the book). The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: DIMENSIONAL CORE FIXED INC, APPLE INC, VANGUARD INTERMEDIATE-TERM B, DIMENSIONAL SHORT DURATION, VANGUARD SHORT-TERM BOND ETF.
Over the last 9 quarters its long book ran on average 0.6pp per quarter behind the S&P 500, beating the index in 4 of 9 quarters. Its holdings are mechanical (indexing / client flows), so position changes carry no stock-picking signal.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+2.1%
Q2 2024
+7.0%
Q3 2024
-0.7%
Q4 2024
+0.1%
Q1 2025
+5.4%
Q2 2025
+6.7%
Q3 2025
+3.0%
Q4 2025
-0.2%
Q1 2026
+11.7%
Sector allocation
Technology 35%
Financials 14%
Industrials 12%
Healthcare 10%
Consumer discretionary 9%
Utilities 8%
Energy 3%
Consumer staples 3%
Long book by quarter
What does City State own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| AAPL APPLE INC | Technology | 58.6K | $14.9M | 3.9% | -1.5% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 13.6K | $6.5M | 1.7% | +1.7% |
| MSFT MICROSOFT CORP | Technology | 16.5K | $6.1M | 1.6% | +7.0% |
| NVDA NVIDIA CORP | Technology | 35.1K | $6.1M | 1.6% | +1.1% |
| GOOG ALPHABET INC-CL C | Technology | 20.2K | $5.8M | 1.5% | +0.6% |
| LNT ALLIANT ENERGY CORP | Utilities | 73.0K | $5.2M | 1.4% | +0.6% |
| MU MICRON TECHNOLOGY INC | Technology | 13.8K | $4.7M | 1.2% | -9.0% |
| AMZN AMAZON.COM INC | Consumer discretionary | 20.3K | $4.2M | 1.1% | +3.0% |
| JNJ JOHNSON & JOHNSON | Healthcare | 11.4K | $2.8M | 0.7% | +0.6% |
| CAT CATERPILLAR INC | Industrials | 3.9K | $2.7M | 0.7% | -1.6% |
| LLY ELI LILLY & CO | Healthcare | 2.9K | $2.7M | 0.7% | -0.4% |
| JPM JPMORGAN CHASE & CO | Financials | 8.7K | $2.6M | 0.7% | +2.8% |
| RTX RTX CORP | Industrials | 12.4K | $2.4M | 0.6% | 0.0% |
| COST COSTCO WHOLESALE CORP | Consumer discretionary | 2.2K | $2.2M | 0.6% | -0.5% |
| ABBV ABBVIE INC | Healthcare | 9.2K | $2.0M | 0.5% | +3.1% |
| MRK MERCK & CO. INC. | Healthcare | 14.1K | $1.7M | 0.4% | -0.3% |
| TSLA TESLA INC | Industrials | 4.5K | $1.7M | 0.4% | +0.4% |
| WMT WALMART INC | Consumer discretionary | 13.1K | $1.6M | 0.4% | -0.4% |
| HD HOME DEPOT INC | Consumer discretionary | 4.9K | $1.6M | 0.4% | +5.4% |
| DE DEERE & CO | Industrials | 2.7K | $1.5M | 0.4% | -0.8% |
| META META PLATFORMS INC-CLASS A | Technology | 2.6K | $1.5M | 0.4% | +3.5% |
| XOM EXXON MOBIL CORP | Energy | 8.2K | $1.4M | 0.4% | +34.7% |
| CVX CHEVRON CORP | Energy | 6.4K | $1.3M | 0.3% | +0.2% |
| AMAT APPLIED MATERIALS INC | Technology | 3.8K | $1.3M | 0.3% | -4.8% |
| LMT LOCKHEED MARTIN CORP | Industrials | 2.1K | $1.3M | 0.3% | -11.8% |
| CASY CASEY'S GENERAL STORES INC | Consumer discretionary | 1.7K | $1.3M | 0.3% | -7.3% |
| FITB FIFTH THIRD BANCORP | Financials | 26.9K | $1.2M | 0.3% | +1.4% |
| VZ VERIZON COMMUNICATIONS INC | Communications | 24.1K | $1.2M | 0.3% | -0.4% |
| AMD ADVANCED MICRO DEVICES | Technology | 5.7K | $1.2M | 0.3% | +0.8% |
| KO COCA-COLA CO/THE | Consumer staples | 14.9K | $1.1M | 0.3% | -0.1% |
| GS GOLDMAN SACHS GROUP INC | Financials | 1.2K | $1.0M | 0.3% | +5.0% |
| NEE NEXTERA ENERGY INC | Utilities | 10.5K | $976K | 0.3% | +1.3% |
| IBM INTL BUSINESS MACHINES CORP | Technology | 3.9K | $957K | 0.2% | +1.3% |
| MELI MERCADOLIBRE INC | Services media | 539 | $932K | 0.2% | Held |
| HON HONEYWELL INTERNATIONAL INC | Industrials | 4.1K | $921K | 0.2% | +24.1% |
| PG PROCTER & GAMBLE CO/THE | Other | 6.1K | $879K | 0.2% | +9.4% |
| PFE PFIZER INC | Healthcare | 30.7K | $863K | 0.2% | +2.8% |
| CB CHUBB LTD | Financials | 2.6K | $859K | 0.2% | +0.1% |
| AMGN AMGEN INC | Healthcare | 2.4K | $836K | 0.2% | +7.8% |
| ADP AUTOMATIC DATA PROCESSING | Technology | 4.1K | $829K | 0.2% | -1.2% |
| CRWD CROWDSTRIKE HOLDINGS INC - A | Technology | 2.1K | $801K | 0.2% | +20.6% |
| SO SOUTHERN CO/THE | Utilities | 8.2K | $796K | 0.2% | +17.8% |
| MO ALTRIA GROUP INC | Consumer staples | 11.3K | $749K | 0.2% | +2.7% |
| AEP AMERICAN ELECTRIC POWER | Utilities | 5.7K | $741K | 0.2% | Held |
| PFG PRINCIPAL FINANCIAL GROUP | Financials | 7.9K | $715K | 0.2% | Held |
| USB US BANCORP | Financials | 13.7K | $712K | 0.2% | +28.1% |
| UNP UNION PACIFIC CORP | Industrials | 2.9K | $706K | 0.2% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | Apr 20, 2026 | 784 | $385.3M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Jan 28, 2026 | 767 | $365.1M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Oct 16, 2025 | 742 | $346.2M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 31, 2025 | 748 | $319.0M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | Apr 11, 2025 | 752 | $303.4M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Jan 13, 2025 | 727 | $283.5M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Oct 10, 2024 | 740 | $274.4M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR/ARESTATEMENT | Jul 9, 2024 | 730 | $244.9M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Jul 8, 2024 | 730 | $245K | SEC ↗ | |
| Q1 2024 | 13F-HR | Apr 11, 2024 | 711 | $226.5M | $K fixed canonical | SEC ↗ |