First International Bank & Trust

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 12, 2025), First International Bank & Trust reported 70 stock positions worth $316.2 million. Its top holding was Two RDS Shared TR at 24.2% of the portfolio, followed by Vaneck Morningstar Wide Moat (MOAT, 14.1%) and SS Multi-Asset Real Ret ETF (RLY, 7.8%). Compared with Q4 2024, it opened 4 new positions, sold out of 4, added to 24 and reduced 15. The biggest buy was a new position in iShares US Smallcap Equity F (SMLF) and the biggest sale Schwab US Small-Cap ETF (SCHA, shares −81%).

Most Recent 13F
Q3 2025
Location
WATFORD CITY, ND
CIK
0001910370
Portfolio Value
$316.2M (Q1 2025)
SEC Filing
0000930413-25-001716 ↗ filed May 12, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $289.7M Q1 2024 Q2 2024: $290.6M Q2 2024 Q3 2024: $312.0M Q3 2024 Q4 2024: $308.7M Q4 2024 Q1 2025: $316.2M $316.2M Q1 2025 Q2 2025: $287.5M Q2 2025 Q3 2025: $287.7M Q3 2025

Holdings 70 stocks · $316.2M
TWO RDS SHARED TR 24.20% 8,309,480 $76.5M Add +13.5%
MOAT Vaneck Morningstar Wide Moat 14.14% 508,006 $44.7M Add +4.5%
RLY SS Multi-Asset Real Ret ETF 7.75% 859,049 $24.5M Add +1.9%
SPY SS SPDR S&P 500 ETF Trust-US 7.56% 42,722 $23.9M Reduce -5.6%
DXJ Wisdomtree Japan Hedged Eq 6.09% 174,685 $19.2M Add +1.9%
ANFIELD US EQUITY SECTOR ROT 5.21% 999,859 $16.5M Reduce -5.5%
SMLF iShares US Smallcap Equity F 3.77% 191,796 $11.9M New
XMHQ Invesco S&P Midcap Qual ETF 3.49% 120,499 $11.0M New
LMBS First Trust Low Duration Opp 3.47% 223,285 $11.0M Add +5.8%
BIL SS SPDR BB 1-3M T-Bill ETF 2.01% 69,318 $6.4M Add +7.2%
ICSH iShares Ultra Short Duration 2.00% 125,028 $6.3M Add +7.3%
JPST JPMorgan Ultra-Short Income 2.00% 125,189 $6.3M Add +7.0%
SPMD SS SPDR P S&P 400 Midcap ETF 1.29% 80,005 $4.1M Reduce -59.4%
SCHA Schwab US Small-Cap ETF 1.27% 171,781 $4.0M Reduce -80.7%
MUNI PIMCO Intermediate Municipal 1.25% 76,478 $3.9M Add +7.1%
JAAA Janus Henderson Aaa Clo ETF 1.10% 68,699 $3.5M Add +796.0%
MUB iShares National Muni Bond E 0.91% 27,380 $2.9M Add +8.4%
SHM SS SPDR N Ice St Muni ETF 0.89% 59,076 $2.8M Add +8.2%
BRK.A Berkshire Hathaway Inc. Class A 0.76% 3 $2.4M No change
IGSB iShares 1-5Y Inv Grade Corp. 0.72% 43,460 $2.3M Add +0.5%
MSFT Microsoft Corp. 0.64% 5,355 $2.0M Reduce -8.5%
ACWV iShares MSCI Global Min Vol 0.56% 15,100 $1.8M No change
COST Costco Wholesale Corp. 0.51% 1,695 $1.6M Add +27.4%
WMT Walmart Inc. 0.49% 17,636 $1.5M Add +28.9%
BRK.B Berkshire Hathaway Inc. Class B 0.48% 2,849 $1.5M Add +32.1%
AAPL Apple Inc. 0.48% 6,806 $1.5M Add +25.9%
AXP American Express Co. 0.42% 4,979 $1.3M Add +28.1%
ALKT Alkami Technology Inc. 0.38% 46,310 $1.2M Add +5.0%
XLV SS Health Care Select Sector 0.37% 8,025 $1.2M No change
DE Deere & Co. 0.34% 2,282 $1.1M Add +12.9%
QQQ Invesco QQQ Trust Series 1 0.33% 2,257 $1.1M No change
VNQ Vanguard Real Estate ETF 0.32% 11,187 $1.0M Add +136.3%
MDYG SS SPDR S&P 400 MC GR ETF 0.25% 10,044 $798K No change
ADP Automatic Data Processing 0.24% 2,453 $749K No change
AMZN Amazon.com Inc. 0.23% 3,833 $729K Reduce -30.4%
CVX Chevron Corp. 0.23% 4,334 $725K Add +37.1%
VUG Vanguard Mrngstar GR ETF-Sui 0.22% 1,916 $710K No change
VBK Van Morst SML-Cap Gro-Usd Inc. 0.21% 2,676 $674K Reduce -20.6%
VOE Vngrd Mrngstr MD-Cap Val ETF 0.18% 3,636 $584K No change
IWP iShares Russell Mid-Cap Grow 0.16% 4,357 $512K Reduce -8.2%
VZ Verizon Communications Inc. 0.15% 10,372 $470K Add +47.2%
ORCL Oracle Corp. 0.15% 3,365 $470K Reduce -8.2%
XLK SS Technology Select Sector 0.14% 2,178 $450K No change
MCD McDonald's Corp. 0.13% 1,302 $407K No change
GSLC Goldman Activebeta US LC ETF 0.13% 3,623 $399K No change
FLOT iShares Floating Rate Bond E 0.13% 7,742 $395K No change
AFL Aflac Inc. 0.12% 3,481 $387K Reduce -4.0%
IFLN Invesco Bloomberg Enhanced F 0.12% 21,384 $386K Reduce -88.9%
XOM Exxon Mobil Corp. 0.12% 3,117 $371K Reduce -27.0%
V Visa Inc. Class A 0.12% 1,055 $370K No change
PEP Pepsico Inc. 0.12% 2,441 $366K No change
VTV Vanguard Mrngstr Val ETF-Aui 0.11% 2,057 $355K No change
JNJ Johnson & Johnson 0.11% 2,100 $348K No change
LOW Lowe's Cos Inc. 0.11% 1,485 $346K No change
PG The Procter & Gamble Co. 0.10% 1,803 $307K No change
XLP SS Consumer Staples Sel Sect 0.10% 3,677 $300K No change
CSCO Cisco Systems Inc. 0.09% 4,860 $300K No change
ABBV Abbvie Inc. 0.09% 1,425 $299K Reduce -11.0%
AMGN Amgen Inc. 0.09% 953 $297K Add +0.6%
KO The Coca-Cola Co. 0.09% 4,039 $289K No change
XLF SS Financial Select Sector 0.09% 5,649 $281K No change
XLC SS Comm Select Sector SPDR 0.09% 2,845 $274K No change
CSR Centerspace 0.08% 3,860 $250K No change
PM Philip Morris International 0.08% 1,526 $242K New
PFE Pfizer Inc. 0.07% 9,062 $230K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.07% 899 $224K Reduce -8.4%
CAT Caterpillar Inc. 0.07% 670 $221K Reduce -7.6%
LMT Lockheed Martin Corp. 0.07% 482 $215K No change
VV Vngrd Mrgstr LRG-Cap ETF-Usd 0.07% 817 $210K No change
XLU St Sr Utl SL SE SPDR ETF-Usd 0.07% 2,629 $207K New

Portfolio Sells Q4 2024 → Q1 2025
SCHA Schwab US Small-Cap ETF Reduce -80.7% 1.27% −6.17
SPMD SS SPDR P S&P 400 Midcap ETF Reduce -59.4% 1.29% −2.20
SPY SS SPDR S&P 500 ETF Trust-US Reduce -5.6% 7.56% −1.04
IFLN Invesco Bloomberg Enhanced F Reduce -88.9% 0.12% −1.01
ANFIELD US EQUITY SECTOR ROT Reduce -5.5% 5.21% −0.71
MSFT Microsoft Corp. Reduce -8.5% 0.64% −0.16
AMZN Amazon.com Inc. Reduce -30.4% 0.23% −0.16
AVGO Broadcom Inc. Sold out 0.00% −0.11
OKE Oneok Inc. Sold out 0.00% −0.10
VBK Van Morst SML-Cap Gro-Usd Inc. Reduce -20.6% 0.21% −0.09
SLYV SS SPDR S&P 600 SC Val ETF Sold out 0.00% −0.09
IYW iShares Ustechnology ETF Sold out 0.00% −0.07
ORCL Oracle Corp. Reduce -8.2% 0.15% −0.05
IWP iShares Russell Mid-Cap Grow Reduce -8.2% 0.16% −0.03
XOM Exxon Mobil Corp. Reduce -27.0% 0.12% −0.03
CAT Caterpillar Inc. Reduce -7.6% 0.07% −0.02
IBM Intl Business Machines Corp. Reduce -8.4% 0.07% +0.00
AFL Aflac Inc. Reduce -4.0% 0.12% +0.00
ABBV Abbvie Inc. Reduce -11.0% 0.09% +0.00

Portfolio Buys Q4 2024 → Q1 2025
SMLF iShares US Smallcap Equity F New 3.77% +3.77
XMHQ Invesco S&P Midcap Qual ETF New 3.49% +3.49
TWO RDS SHARED TR Add +13.5% 24.20% +2.50
JAAA Janus Henderson Aaa Clo ETF Add +796.0% 1.10% +0.98
RLY SS Multi-Asset Real Ret ETF Add +1.9% 7.75% +0.37
VNQ Vanguard Real Estate ETF Add +136.3% 0.32% +0.18
BRK.B Berkshire Hathaway Inc. Class B Add +32.1% 0.48% +0.16
LMBS First Trust Low Duration Opp Add +5.8% 3.47% +0.14
COST Costco Wholesale Corp. Add +27.4% 0.51% +0.11
ICSH iShares Ultra Short Duration Add +7.3% 2.00% +0.10
BIL SS SPDR BB 1-3M T-Bill ETF Add +7.2% 2.01% +0.10
JPST JPMorgan Ultra-Short Income Add +7.0% 2.00% +0.10
WMT Walmart Inc. Add +28.9% 0.49% +0.09
CVX Chevron Corp. Add +37.1% 0.23% +0.08
PM Philip Morris International New 0.08% +0.08
XLU St Sr Utl SL SE SPDR ETF-Usd New 0.07% +0.07
DE Deere & Co. Add +12.9% 0.34% +0.06
VZ Verizon Communications Inc. Add +47.2% 0.15% +0.06
SHM SS SPDR N Ice St Muni ETF Add +8.2% 0.89% +0.05
MUNI PIMCO Intermediate Municipal Add +7.1% 1.25% +0.05
AXP American Express Co. Add +28.1% 0.42% +0.05
MUB iShares National Muni Bond E Add +8.4% 0.91% +0.04
AAPL Apple Inc. Add +25.9% 0.48% +0.04
AMGN Amgen Inc. Add +0.6% 0.09% +0.01
IGSB iShares 1-5Y Inv Grade Corp. Add +0.5% 0.72% −0.00
DXJ Wisdomtree Japan Hedged Eq Add +1.9% 6.09% −0.04
ALKT Alkami Technology Inc. Add +5.0% 0.38% −0.14
MOAT Vaneck Morningstar Wide Moat Add +4.5% 14.14% −0.47

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q3 2025 56$287.7MTWO RDS SHARED TR, SPHQ, RLY, SPY, DXJ
Q2 2025 63$287.5MTWO RDS SHARED TR, SPHQ, RLY, SPY, DXJ
Q1 2025 70$316.2MTWO RDS SHARED TR, MOAT, RLY, SPY, DXJ
Q4 2024 70$308.7MTWO RDS SHARED TR, MOAT, SPY, SCHA, RLY
Q3 2024 74$312.0MTWO RDS SHARED TR, MOAT, SPY, RLY, SCHA
Q2 2024 71$290.6MTWO RDS SHARED TR, MOAT, SPY, RLY, SCHA
Q1 2024 69$289.7MTWO RDS SHARED TR, MOAT, RLY, SPY, SCHA