First Interstate Bank
Long book
$1.78B
Q1 2026
Positions
187
Top-10 weight
63%
concentration
Last quarter
+9.5%
SPY +14.8%
Turnover
17%
of book per quarter
Strategy in plain words
auto-generated from filingsFirst Interstate Bank is a wealth-management firm allocating client money, running a $1.78B US long book across 187 positions.
The portfolio is concentrated: the top 10 names carry 63% of the portfolio. Turnover is modest: positions are typically held for years. Current anchor positions: VANGUARD INT-TERM CORPORATE, FIRST INTERSTATE BANCSYS-A, INVESCO S&P 500 EQUAL WEIGHT, ISHARES CORE S&P 500 ETF, VANGUARD INTERMEDIATE-TERM T.
Over the last 9 quarters its long book ran on average 1.2pp 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
+1.1%
Q2 2024
+6.5%
Q3 2024
+0.4%
Q4 2024
-2.2%
Q1 2025
+5.3%
Q2 2025
+6.3%
Q3 2025
+2.7%
Q4 2025
+0.2%
Q1 2026
+9.5%
Sector allocation
Financials 48%
Technology 24%
Consumer discretionary 11%
Industrials 6%
Healthcare 4%
Energy 2%
Services media 2%
Consumer staples 1%
Long book by quarter
What does First Interstate own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| FIBK FIRST INTERSTATE BANCSYS-A | Financials | 4.7M | $155.4M | 8.7% | -0.3% |
| AAPL APPLE INC | Technology | 79.1K | $20.1M | 1.1% | +1.7% |
| GOOGL ALPHABET INC-CL A | Technology | 58.8K | $16.9M | 0.9% | -0.7% |
| MSFT MICROSOFT CORP | Technology | 42.0K | $15.5M | 0.9% | +0.9% |
| AMZN AMAZON.COM INC | Consumer discretionary | 68.3K | $14.2M | 0.8% | -1.4% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 21.9K | $10.5M | 0.6% | -4.0% |
| CSCO CISCO SYSTEMS INC | Technology | 131.1K | $10.2M | 0.6% | -3.9% |
| JPM JPMORGAN CHASE & CO | Financials | 29.5K | $8.7M | 0.5% | -5.1% |
| PANW PALO ALTO NETWORKS INC | Technology | 46.7K | $7.5M | 0.4% | -3.0% |
| WMT WALMART INC | Consumer discretionary | 55.7K | $6.9M | 0.4% | -35.3% |
| MCD MCDONALD'S CORP | Consumer discretionary | 22.0K | $6.8M | 0.4% | -4.6% |
| COST COSTCO WHOLESALE CORP | Consumer discretionary | 6.4K | $6.4M | 0.4% | -4.0% |
| AXP AMERICAN EXPRESS CO | Financials | 20.6K | $6.2M | 0.3% | -5.1% |
| HON HONEYWELL INTERNATIONAL INC | Industrials | 24.6K | $5.6M | 0.3% | -2.6% |
| NVDA NVIDIA CORP | Technology | 31.2K | $5.4M | 0.3% | -5.1% |
| DIS WALT DISNEY CO/THE | Services media | 53.1K | $5.1M | 0.3% | -1.5% |
| C CITIGROUP INC | Financials | 43.8K | $5.0M | 0.3% | -4.3% |
| LOW LOWE'S COS INC | Consumer discretionary | 21.0K | $5.0M | 0.3% | -4.2% |
| CRM SALESFORCE INC | Technology | 24.3K | $4.5M | 0.3% | +59.0% |
| ABT ABBOTT LABORATORIES | Healthcare | 42.9K | $4.4M | 0.2% | -2.8% |
| UNP UNION PACIFIC CORP | Industrials | 17.5K | $4.2M | 0.2% | -7.0% |
| META META PLATFORMS INC-CLASS A | Technology | 7.2K | $4.1M | 0.2% | +0.2% |
| BX BLACKSTONE INC | Financials | 34.1K | $3.9M | 0.2% | -4.4% |
| PFE PFIZER INC | Healthcare | 131.3K | $3.7M | 0.2% | -4.6% |
| MDLZ MONDELEZ INTERNATIONAL INC-A | Consumer staples | 59.6K | $3.4M | 0.2% | -5.1% |
| AVGO BROADCOM INC | Technology | 10.2K | $3.2M | 0.2% | -0.2% |
| HD HOME DEPOT INC | Consumer discretionary | 9.0K | $3.0M | 0.2% | -0.2% |
| AEM AGNICO EAGLE MINES LTD | Materials | 14.3K | $2.9M | 0.2% | Held |
| EMR EMERSON ELECTRIC CO | Industrials | 21.5K | $2.8M | 0.2% | -5.3% |
| KKR KKR & CO INC | Financials | 24.2K | $2.2M | 0.1% | -1.2% |
| BRK/A BERKSHIRE HATHAWAY INC-CL A | Financials | 3 | $2.2M | 0.1% | -25.0% |
| JNJ JOHNSON & JOHNSON | Healthcare | 8.7K | $2.1M | 0.1% | -8.4% |
| XOM EXXON MOBIL CORP | Energy | 12.3K | $2.1M | 0.1% | -28.0% |
| CAT CATERPILLAR INC | Industrials | 2.8K | $2.0M | 0.1% | -8.8% |
| GOOG ALPHABET INC-CL C | Technology | 6.9K | $2.0M | 0.1% | -0.5% |
| MPC MARATHON PETROLEUM CORP | Energy | 7.9K | $1.9M | 0.1% | -26.2% |
| PSX PHILLIPS 66 | Energy | 10.5K | $1.9M | 0.1% | -9.3% |
| MRK MERCK & CO. INC. | Healthcare | 15.8K | $1.9M | 0.1% | -8.0% |
| ORCL ORACLE CORP | Technology | 12.4K | $1.8M | 0.1% | +1.6% |
| CVX CHEVRON CORP | Energy | 6.2K | $1.3M | 0.1% | +0.8% |
| BA BOEING CO/THE | Industrials | 6.3K | $1.3M | 0.1% | +549.3% |
| TMO THERMO FISHER SCIENTIFIC INC | Other | 2.6K | $1.3M | 0.1% | -4.3% |
| ABBV ABBVIE INC | Healthcare | 5.7K | $1.2M | 0.1% | -22.9% |
| JCI JOHNSON CONTROLS INTERNATION | Industrials | 9.4K | $1.2M | 0.1% | -10.7% |
| APH AMPHENOL CORP-CL A | Technology | 9.6K | $1.2M | 0.1% | Held |
| DE DEERE & CO | Industrials | 2.1K | $1.2M | 0.1% | -1.4% |
| PEP PEPSICO INC | Consumer staples | 7.1K | $1.1M | 0.1% | -15.5% |
| WFC WELLS FARGO & CO | Financials | 13.4K | $1.1M | 0.1% | +4.1% |
| KO COCA-COLA CO/THE | Consumer staples | 13.9K | $1.1M | 0.1% | -14.6% |
| PG PROCTER & GAMBLE CO/THE | Other | 7.1K | $1.0M | 0.1% | -4.3% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | Apr 29, 2026 | 296 | $1.78B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Jan 29, 2026 | 315 | $1.86B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Oct 29, 2025 | 328 | $1.81B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 30, 2025 | 307 | $1.70B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | Apr 30, 2025 | 292 | $1.67B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 4, 2025 | 304 | $1.65B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Oct 29, 2024 | 326 | $1.65B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 7, 2024 | 295 | $1.51B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 1, 2024 | 293 | $1.44B | canonical | SEC ↗ |