Latest City State Bank Stock Portfolio

City State Bank Performance:

2025 Q4: 1.66%YTD: 12.07%2024: 10.88%

Performance for 2025 Q4 is 1.66%, and YTD is 12.07%, and 2024 is 10.88%.

About City State Bank and 13F Hedge Fund Stock Holdings

On 2026-01-28, the fund reported it's updated stock portfolio. In the 13F Holdings report, City State Bank reported an equity portfolio of $365.1 Millions as of 31 Dec, 2025.

The top stock holdings of City State Bank are AAPL, BIV, DFAC. The fund has invested 4.4% of it's portfolio in APPLE INC ORDINARY SHARES and 3.7% of portfolio in VANGUARD GROUP, INC. INTERMEDIATE-TERM BOND ETF.

The fund managers got completely rid off ADVANCE AUTO PARTS INC ORDINARY SHARES (AAP), BIGBEAR.AI HOLDINGS INC ORDINARY SHARES (BBAI) and UNILEVER PLC ADR stocks. They significantly reduced their stock positions in UNDER ARMOUR INC (UAA), ZILLOW GROUP INC ORDINARY SHARES - CLASS C (Z) and ZOOM COMMUNICATIONS INC. ORDINARY SHARES - CLASS A (ZM). City State Bank opened new stock positions in FIDELITY WISE ORIGIN BITCOIN FUND BENEFICIAL INTEREST, WINMARK CORPORATION ORDINARY SHARES (WINA) and SPDR SERIES TRUST STATE STREET PORTFOLIO S&P 500 GROWTH ETF (BIL). The fund showed a lot of confidence in some stocks as they added substantially to NETFLIX INC. ORDINARY SHARES (NFLX), KRAFT HEINZ CO ORDINARY SHARES (KHC) and COINBASE GLOBAL INC ORDINARY SHARES - CLASS A (COIN).

City State Bank Annual Return Estimates Vs S&P 500

Our best estimate is that City State Bank made a return of 1.66% in the last quarter. In trailing 12 months, it's portfolio return was 12.07%.

Performance
S&P 500

New Buys

Ticker	$ Bought
fidelity wise origin bitcoin fund beneficial interest	590,783
winmark corporation ordinary shares	303,705
qnity electronics inc ordinary shares	126,803
spdr series trust state street portfolio s&p 500 growth etf	117,157
wisdomtree trust u.s. largecap dividend fund	97,769
brookfield asset management ltd ordinary shares - class a	97,655
blackrock institutional trust company n.a. ishares msci eafe value etf	75,695
blackrock institutional trust company n.a. ishares s&p 500 growth etf	74,696

New stocks bought by City State Bank

Additions

Ticker	% Inc.
netflix inc. ordinary shares	999
coinbase global inc ordinary shares - class a	581
vanguard group, inc. u.s. momentum factor etf	420
vanguard group, inc. international high dividend yield etf	401
uber technologies inc ordinary shares	400
palo alto networks inc ordinary shares	370
strategy inc. ordinary shares - class a	354
fiserv, inc.	229

Additions to existing portfolio by City State Bank

Reductions

Ticker	% Reduced
thermo fisher scientific inc. ordinary shares	-89.55
unitedhealth group common	-81.52
ishares bitcoin trust etf beneficial interest	-60.5
biogen inc ordinary shares	-53.47
target corp.	-51.77
coeur mining inc ordinary shares	-48.08
dupont de nemours inc ordinary shares	-30.11
humana inc. ordinary shares	-28.00

City State Bank reduced stake in above stock

Sold off

None of the stocks were completely sold off by City State Bank

Sector Distribution

City State Bank has about 60.7% of it's holdings in Others sector.

Sector	%
Others	60.7
Technology	12.3
Utilities	4.3
Industrials	4.3
Financial Services	4
Healthcare	3.9
Consumer Cyclical	3.9
Communication Services	2.9
Consumer Defensive	2.2

Market Cap. Distribution

City State Bank has about 36.6% of it's portfolio invested in the large-cap and mega-cap stocks.

Category	%
UNALLOCATED	60.7
MEGA-CAP	19.5
LARGE-CAP	17.1
SMALL-CAP	2

Stocks belong to which Index?

About 37.6% of the stocks held by City State Bank either belong to S&P 500 or RUSSELL 2000 index.

Index	%
Others	62.4
S&P 500	35.2
RUSSELL 2000	2.4

Top 5 Winners (%)		%
	sandisk corp ordinary shares	111.6 %
TCMD	tactile systems technology inc ordinary shares	109.5 %
ALB	albemarle corp. ordinary shares	74.5 %
MU	micron technology inc. ordinary shares	70.1 %
EXAS	exact sciences corp. ordinary shares	64.2 %

Top 5 Winners ($)		$
MU	micron technology inc. ordinary shares	1.8 M
GOOG	alphabet inc ordinary shares - class c	1.4 M
AAPL	apple inc ordinary shares	1.0 M
LLY	lilly(eli) & co ordinary shares	0.9 M
CAT	caterpiller, inc del	0.4 M

Top 5 Losers (%)		%
NFLX	netflix inc. ordinary shares	-86.5 %
BTCM	solai ltd. adr	-75.1 %
TPL	texas pacific land corporation ordinary shares	-60.0 %
FMC	fmc corp. ordinary shares	-45.3 %
XLB	ssga active trust state street utilities select sector spdr etf	-43.9 %

Top 5 Losers ($)		$
NFLX	netflix inc. ordinary shares	-0.8 M
MSFT	microsoft	-0.5 M
TPL	texas pacific land corporation ordinary shares	-0.3 M
HD	home depot, inc.	-0.3 M
ORCL	oracle corp.	-0.2 M

City State Bank Holdings Map

This heatmap illustrates the top 50 positions within the fund's portfolio.

Current Stock Holdings of City State Bank

City State Bank has 766 stocks in it's portfolio. About 28.5% of the portfolio is in top 10 stocks. NFLX proved to be the most loss making stock for the portfolio. MU was the most profitable stock for City State Bank last quarter.

Last Reported on: 28 Jan, 2026

Ticker	Namesorted ascending	% Portfolio	Shares Held	$ Value	Type	% Change
AAPL	apple inc ordinary shares	4.43	59,486	16,171,900	reduced	-0.33

AAXJ	blackrock institutional trust company n.a. ishares 5-10 year investment grade corporate bond etf	1.49	100,985	5,441,070	added	4.37

AAXJ	blackrock institutional trust company n.a. ishares j.p. morgan usd emerging markets bond etf	0.24	9,270	892,516	added	9.12

AAXJ	blackrock institutional trust company n.a. ishares preferred and income securities etf	0.19	22,165	686,228	added	4.72

AAXJ	blackrock institutional trust company n.a. ishares mbs etf	0.09	3,507	333,937	added	6.05

AAXJ	blackrock institutional trust company n.a. ishares u.s. aerospace & defense etf	0.05	815	174,972	unchanged	0.00

AAXJ	blackrock institutional trust company n.a. ishares morningstar mid-cap growth etf	0.05	2,148	171,496	unchanged	0.00

AAXJ	blackrock institutional trust company n.a. ishares international select dividend etf	0.04	4,114	162,297	unchanged	0.00

AAXJ	blackrock institutional trust company n.a. ishares morningstar small-cap value etf	0.04	2,196	150,426	unchanged	0.00

AAXJ	blackrock institutional trust company n.a. ishares msci eafe value etf	0.02	1,060	75,695	new

AAXJ	blackrock institutional trust company n.a. ishares morningstar value etf	0.02	668	63,032	unchanged	0.00

AAXJ	blackrock institutional trust company n.a. ishares u.s. regional banks etf	0.02	1,050	57,908	unchanged	0.00

AAXJ	blackrock institutional trust company n.a. ishares msci eafe small-cap etf	0.01	722	55,977	added	36.48

AAXJ	blackrock institutional trust company n.a. ishares u.s. healthcare providers etf	0.01	625	29,964	unchanged	0.00

ABBV	abbvie inc ordinary shares	0.56	8,920	2,038,130	reduced	-0.69

ABC	cencora inc. ordinary shares	0.06	626	211,432	added	1.29

ABT	abbott labs	0.17	5,095	638,353	added	0.16

ACES	alps etf trust alerian mlp	0.01	1,006	47,302	added	20.19

ACGL	arch capital group ltd ordinary shares	0.01	300	28,776	unchanged	0.00

ACN	accenture plc ordinary shares - class a	0.01	131	35,147	added	6.5