First Interstate Bank
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 30, 2025), First Interstate Bank reported 170 stock positions worth $1.7 billion. Its top holding was Vanguard Int-Term Corporate (VCIT) at 9.9% of the portfolio, followed by First Interstate Bancsys-A (FIBK, 8.6%) and Invesco S&P 500 Equal Weight (RSP, 8.5%). Compared with Q4 2024, it opened 6 new positions, sold out of 15, added to 40 and reduced 96. The biggest buy was Invesco S&P 500 Equal Weight (RSP, shares +109%) and the biggest sale iShares Core S&P 500 ETF (IVV, shares −36%).
- Most Recent 13F
- Q2 2026
- Location
- Billings, MT
- CIK
- 0001125727
- Portfolio Value
- $1.7B (Q1 2025)
- SEC Filing
- 0001125727-25-000007 ↗ filed Apr 30, 2025
Holdings Value
Holdings 170 stocks · $1.7B
| VCIT Vanguard Int-Term Corporate | 9.85% | 2,018,692 | $165.0M | Add +7.4% |
| FIBK First Interstate Bancsys-A | 8.64% | 5,053,342 | $144.8M | Add +14.1% |
| RSP Invesco S&P 500 Equal Weight | 8.48% | 819,635 | $142.0M | Add +108.7% |
| IVV iShares Core S&P 500 ETF | 6.90% | 205,694 | $115.6M | Reduce -36.0% |
| VGIT Vanguard Intermediate-Term T | 5.78% | 1,629,263 | $96.8M | Add +25.2% |
| PFF iShares Preferred & Income S | 5.52% | 3,009,036 | $92.5M | Add +79.7% |
| HEFA Isha Curr Hedged MSCI Eafe | 5.39% | 2,489,732 | $90.4M | Reduce -0.9% |
| IJH iShares Core S&P Midcap ETF | 5.15% | 1,479,545 | $86.3M | Add +0.7% |
| IJR iShares Core S&P Small-Cap E | 4.16% | 666,516 | $69.7M | Add +2.0% |
| VMBS Vanguard Mortgage-Backed Sec | 3.37% | 1,218,719 | $56.4M | Add +9.9% |
| IBDX iShares Ibonds Dec 2032 TC | 3.03% | 2,030,810 | $50.7M | Reduce -7.5% |
| IBDY iShares Ibonds Dec 2033 Corp. | 2.91% | 1,909,062 | $48.8M | Reduce -7.3% |
| PAVE Global X US Infrastructure | 2.74% | 1,217,759 | $45.9M | Add +4.2% |
| GUNR NT Mstar GLBL NR ETF | 1.80% | 778,114 | $30.2M | Add +10.1% |
| XLK SS Technology Select Sector | 1.64% | 132,784 | $27.4M | Reduce -5.6% |
| AAPL Apple Inc. | 1.10% | 82,968 | $18.4M | Reduce -4.9% |
| XLV SS Health Care Select Sector | 1.07% | 123,280 | $18.0M | Reduce -10.7% |
| MSFT Microsoft Corp. | 0.97% | 43,192 | $16.2M | Reduce -3.5% |
| XLC SS Comm Select Sector SPDR | 0.88% | 152,568 | $14.7M | Reduce -10.6% |
| XLE SS Energy Select Sector | 0.80% | 144,220 | $13.5M | Reduce -6.9% |
| AMZN Amazon.com Inc. | 0.79% | 69,867 | $13.3M | Reduce -5.2% |
| XLF SS Financial Select Sector | 0.77% | 259,691 | $12.9M | Reduce -7.7% |
| XLI SS Industrial Select Sector | 0.67% | 86,207 | $11.3M | Add +3.8% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.66% | 20,851 | $11.1M | Reduce -8.6% |
| GOOGL Alphabet Inc. Class A | 0.59% | 63,498 | $9.8M | Reduce -5.0% |
| JPM JPMorgan Chase & Co. | 0.57% | 38,721 | $9.5M | Reduce -6.9% |
| CSCO Cisco Systems Inc. | 0.53% | 142,636 | $8.8M | Reduce -4.9% |
| PANW Palo Alto Networks Inc. | 0.52% | 51,283 | $8.8M | Add +17.2% |
| LOW Lowe's Cos Inc. | 0.50% | 36,118 | $8.4M | Reduce -7.1% |
| WMT Walmart Inc. | 0.50% | 95,590 | $8.4M | Reduce -6.3% |
| MCD McDonald's Corp. | 0.46% | 24,813 | $7.8M | Reduce -2.0% |
| XLRE SS Real Estate Select Sector | 0.45% | 179,020 | $7.5M | Reduce -3.1% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.45% | 94,852 | $7.5M | Reduce -6.2% |
| XLP SS Consumer Staples Sel Sect | 0.44% | 91,019 | $7.4M | Add +0.5% |
| COST Costco Wholesale Corp. | 0.39% | 6,979 | $6.6M | Reduce -4.2% |
| AXP American Express Co. | 0.38% | 23,542 | $6.3M | Reduce -5.7% |
| XLB SS Materials Select Sector | 0.37% | 71,973 | $6.2M | Reduce -7.4% |
| UNH Unitedhealth Group Inc. | 0.35% | 11,323 | $5.9M | Reduce -5.5% |
| XSD SS SPDR S&P Semiconductor | 0.35% | 29,367 | $5.9M | Reduce -7.9% |
| XLY SS Consumer Disc Select Sect | 0.34% | 29,118 | $5.7M | Reduce -19.9% |
| HON Honeywell International Inc. | 0.34% | 26,548 | $5.6M | Add +0.0% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.33% | 55,590 | $5.5M | Reduce -3.1% |
| BX Blackstone Inc. | 0.29% | 35,344 | $4.9M | Reduce -3.7% |
| SOXX iShares Semiconductor ETF | 0.29% | 26,104 | $4.9M | Reduce -1.7% |
| IBB iShares Biotechnology ETF | 0.29% | 37,377 | $4.8M | Reduce -5.7% |
| KRE SS SPDR S&P Regional Bank | 0.27% | 79,037 | $4.5M | Reduce -5.5% |
| MDLZ Mondelez International Inc. Class A | 0.27% | 66,105 | $4.5M | Reduce -5.3% |
| UNP Union Pacific Corp. | 0.26% | 18,372 | $4.3M | Reduce -4.9% |
| CRM Salesforce Inc. | 0.25% | 15,837 | $4.3M | Reduce -3.1% |
| META Meta Platforms Inc. Class A | 0.25% | 7,262 | $4.2M | Add +156.9% |
| NVDA Nvidia Corp. | 0.24% | 37,158 | $4.0M | Add +75.0% |
| PFE Pfizer Inc. | 0.22% | 147,937 | $3.7M | Add +1.7% |
| PEP Pepsico Inc. | 0.22% | 24,397 | $3.7M | Reduce -7.3% |
| C Citigroup Inc. | 0.21% | 48,830 | $3.5M | Reduce -6.8% |
| ABT Abbott Laboratories | 0.20% | 25,289 | $3.4M | Reduce -1.7% |
| HD Home Depot Inc. | 0.20% | 9,020 | $3.3M | Add +0.3% |
| BMY Bristol-Myers Squibb Co. | 0.20% | 53,541 | $3.3M | Reduce -3.8% |
| VOO Vanguard S&P 500 ETF | 0.19% | 6,341 | $3.3M | Reduce -9.2% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.19% | 4 | $3.2M | Reduce -20.0% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.19% | 5,647 | $3.2M | Reduce -11.2% |
| EFA iShares MSCI Eafe ETF | 0.18% | 35,956 | $2.9M | Reduce -14.7% |
| AGG iShares Core U.S. Aggregate | 0.17% | 28,904 | $2.9M | Reduce -69.3% |
| EMR Emerson Electric Co. | 0.16% | 24,113 | $2.6M | Reduce -6.8% |
| MAS Masco Corp. | 0.16% | 37,484 | $2.6M | Reduce -3.0% |
| QQQ Invesco QQQ Trust Series 1 | 0.15% | 5,209 | $2.4M | New |
| FISV Fiserv Inc. | 0.12% | 8,859 | $2.0M | Reduce -3.3% |
| TLT iShares 20+ Year Treasury BD | 0.11% | 21,104 | $1.9M | Reduce -10.3% |
| EEM iShares MSCI Emerging Market | 0.11% | 43,422 | $1.9M | Reduce -13.6% |
| AVGO Broadcom Inc. | 0.10% | 10,385 | $1.7M | Add +0.6% |
| ORCL Oracle Corp. | 0.10% | 12,416 | $1.7M | Add +0.5% |
| ABBV Abbvie Inc. | 0.10% | 7,820 | $1.6M | Add +1.3% |
| JNJ Johnson & Johnson | 0.10% | 9,718 | $1.6M | Reduce -8.1% |
| BSV Vanguard Short-Term Bond ETF | 0.09% | 20,210 | $1.6M | Reduce -2.3% |
| AEM Agnico Eagle Mines Ltd. | 0.09% | 14,279 | $1.5M | No change |
| TMO Thermo Fisher Scientific Inc. | 0.09% | 2,891 | $1.4M | Reduce -3.6% |
| XOM Exxon Mobil Corp. | 0.08% | 11,891 | $1.4M | Reduce -12.3% |
| PG The Procter & Gamble Co. | 0.07% | 7,329 | $1.2M | Reduce -1.9% |
| SCHO Schwab Short-Term US Treas | 0.07% | 49,392 | $1.2M | No change |
| V Visa Inc. Class A | 0.07% | 3,416 | $1.2M | Reduce -9.4% |
| GOOG Alphabet Inc. Class C | 0.07% | 7,557 | $1.2M | Reduce -5.5% |
| MRK Merck & Co. Inc. | 0.07% | 12,222 | $1.1M | Reduce -13.1% |
| ADP Automatic Data Processing | 0.07% | 3,569 | $1.1M | Add +0.3% |
| CVX Chevron Corp. | 0.06% | 6,438 | $1.1M | Reduce -11.9% |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | 0.06% | 13,614 | $1.1M | No change |
| DE Deere & Co. | 0.06% | 1,992 | $935K | Add +6.1% |
| VWO Vanguard Ftse Emerging Marke | 0.05% | 19,141 | $866K | Reduce -1.4% |
| VCSH Vanguard S/T Corp. Bond ETF | 0.05% | 10,946 | $864K | Reduce -0.3% |
| T AT&T Inc. | 0.05% | 30,230 | $855K | No change |
| IBDS Ishrs Ibnds Dec 27 Corp. ETF | 0.05% | 35,211 | $851K | Reduce -1.6% |
| SYK Stryker Corp. | 0.05% | 2,248 | $837K | Add +0.6% |
| QCOM Qualcomm Inc. | 0.05% | 5,363 | $824K | Reduce -71.8% |
| MA Mastercard Inc. Class A | 0.05% | 1,502 | $823K | Reduce -3.2% |
| IWV iShares Russell 3000 ETF | 0.05% | 2,560 | $813K | Reduce -25.8% |
| VT Vanguard Tot World STK ETF | 0.05% | 6,850 | $794K | No change |
| IWM iShares Russell 2000 ETF | 0.05% | 3,971 | $792K | Add +4.4% |
| KO The Coca-Cola Co. | 0.05% | 10,706 | $767K | Reduce -8.2% |
| IBDQ iShares Ibonds Dec 2025 Term | 0.05% | 30,258 | $761K | Reduce -2.0% |
| IBDU iShares Ibonds Dec 2029 Term | 0.05% | 32,753 | $758K | Reduce -1.7% |
| IBDR iShares Ibonds Dec 2026 Term | 0.04% | 30,798 | $746K | Reduce -2.0% |
| DHR Danaher Corp. | 0.04% | 3,533 | $724K | Add +2.4% |
Portfolio Sells Q4 2024 → Q1 2025
| IVV iShares Core S&P 500 ETF | Reduce -36.0% | 6.90% | −4.56 |
| AGG iShares Core U.S. Aggregate | Reduce -69.3% | 0.17% | −0.38 |
| XLK SS Technology Select Sector | Reduce -5.6% | 1.64% | −0.34 |
| IBDX iShares Ibonds Dec 2032 TC | Reduce -7.5% | 3.03% | −0.24 |
| AAPL Apple Inc. | Reduce -4.9% | 1.10% | −0.22 |
| IBDY iShares Ibonds Dec 2033 Corp. | Reduce -7.3% | 2.91% | −0.21 |
| AMZN Amazon.com Inc. | Reduce -5.2% | 0.79% | −0.18 |
| GOOGL Alphabet Inc. Class A | Reduce -5.0% | 0.59% | −0.18 |
| MSFT Microsoft Corp. | Reduce -3.5% | 0.97% | −0.17 |
| XLY SS Consumer Disc Select Sect | Reduce -19.9% | 0.34% | −0.15 |
| ICE Intercontinental Exchange Inc. | Reduce -80.0% | 0.04% | −0.14 |
| QCOM Qualcomm Inc. | Reduce -71.8% | 0.05% | −0.13 |
| XSD SS SPDR S&P Semiconductor | Reduce -7.9% | 0.35% | −0.13 |
| XLC SS Comm Select Sector SPDR | Reduce -10.6% | 0.88% | −0.12 |
| SWKS Skyworks Solutions Inc. | Sold out | 0.00% | −0.12 |
| FDX FedEx Corp. | Sold out | 0.00% | −0.11 |
| BX Blackstone Inc. | Reduce -3.7% | 0.29% | −0.09 |
| LOW Lowe's Cos Inc. | Reduce -7.1% | 0.50% | −0.08 |
| CRM Salesforce Inc. | Reduce -3.1% | 0.25% | −0.08 |
| XLV SS Health Care Select Sector | Reduce -10.7% | 1.07% | −0.08 |
| AXP American Express Co. | Reduce -5.7% | 0.38% | −0.07 |
| DIS The Walt Disney Co. | Reduce -3.1% | 0.33% | −0.06 |
| WMT Walmart Inc. | Reduce -6.3% | 0.50% | −0.06 |
| SOXX iShares Semiconductor ETF | Reduce -1.7% | 0.29% | −0.05 |
| XLF SS Financial Select Sector | Reduce -7.7% | 0.77% | −0.05 |
| VTEB Vanguard Tax-Exempt Bond ETF | Sold out | 0.00% | −0.04 |
| KRE SS SPDR S&P Regional Bank | Reduce -5.5% | 0.27% | −0.04 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -11.2% | 0.19% | −0.04 |
| JPM JPMorgan Chase & Co. | Reduce -6.9% | 0.57% | −0.04 |
| EMR Emerson Electric Co. | Reduce -6.8% | 0.16% | −0.04 |
| VOO Vanguard S&P 500 ETF | Reduce -9.2% | 0.19% | −0.03 |
| HYMB SS SPDR N Ice HY Muni ETF | Reduce -45.7% | 0.04% | −0.03 |
| IBB iShares Biotechnology ETF | Reduce -5.7% | 0.29% | −0.03 |
| XLB SS Materials Select Sector | Reduce -7.4% | 0.37% | −0.03 |
| PEP Pepsico Inc. | Reduce -7.3% | 0.22% | −0.02 |
| NKE Nike Inc. Class B | Reduce -32.7% | 0.03% | −0.02 |
| GOOG Alphabet Inc. Class C | Reduce -5.5% | 0.07% | −0.02 |
| IWV iShares Russell 3000 ETF | Reduce -25.8% | 0.05% | −0.02 |
| IVE iShares S&P 500 Value ETF | Sold out | 0.00% | −0.02 |
| MRK Merck & Co. Inc. | Reduce -13.1% | 0.07% | −0.02 |
| EFA iShares MSCI Eafe ETF | Reduce -14.7% | 0.18% | −0.02 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Reduce -6.2% | 0.45% | −0.02 |
| AMD Advanced Micro Devices | Sold out | 0.00% | −0.02 |
| CMCSA Comcast Corp. Class A | Sold out | 0.00% | −0.02 |
| ADBE Adobe Inc. | Sold out | 0.00% | −0.02 |
| EEMS iShares MSCI Emerging MKT SM | Sold out | 0.00% | −0.02 |
| C Citigroup Inc. | Reduce -6.8% | 0.21% | −0.02 |
| BRK.A Berkshire Hathaway Inc. Class A | Reduce -20.0% | 0.19% | −0.02 |
| VZ Verizon Communications Inc. | Sold out | 0.00% | −0.01 |
| PWR Quanta Services Inc. | Sold out | 0.00% | −0.01 |
Portfolio Buys Q4 2024 → Q1 2025
| RSP Invesco S&P 500 Equal Weight | Add +108.7% | 8.48% | +4.31 |
| PFF iShares Preferred & Income S | Add +79.7% | 5.52% | +2.33 |
| VGIT Vanguard Intermediate-Term T | Add +25.2% | 5.78% | +1.21 |
| VCIT Vanguard Int-Term Corporate | Add +7.4% | 9.85% | +0.72 |
| VMBS Vanguard Mortgage-Backed Sec | Add +9.9% | 3.37% | +0.33 |
| GUNR NT Mstar GLBL NR ETF | Add +10.1% | 1.80% | +0.25 |
| META Meta Platforms Inc. Class A | Add +156.9% | 0.25% | +0.15 |
| QQQ Invesco QQQ Trust Series 1 | New | 0.15% | +0.15 |
| NVDA Nvidia Corp. | Add +75.0% | 0.24% | +0.07 |
| PANW Palo Alto Networks Inc. | Add +17.2% | 0.52% | +0.04 |
| BLK BlackRock Inc. | New | 0.04% | +0.04 |
| GBCI Glacier Bancorp Inc. | New | 0.04% | +0.04 |
| CVS CVS Health Corp. | New | 0.02% | +0.02 |
| ABBV Abbvie Inc. | Add +1.3% | 0.10% | +0.01 |
| XLP SS Consumer Staples Sel Sect | Add +0.5% | 0.44% | +0.01 |
| WM Waste Management Inc. | New | 0.01% | +0.01 |
| IBDZ ISHARESIBONDSDEC2034TMCORP | New | 0.01% | +0.01 |
| XLI SS Industrial Select Sector | Add +3.8% | 0.67% | +0.01 |
| DE Deere & Co. | Add +6.1% | 0.06% | +0.01 |
| RSG Republic Services Inc. | Add +2.3% | 0.03% | +0.01 |
| IBM Intl Business Machines Corp. | Add +5.8% | 0.04% | +0.01 |
| CI The Cigna Group | Add +4.4% | 0.03% | +0.01 |
| ARCO Arcos Dorados Holdings Inc. Class A | Add +74.7% | 0.01% | +0.00 |
| IBDV iShares Ibonds Dec 2030 Corp. | Add +8.4% | 0.03% | +0.00 |
| ECL Ecolab Inc. | Add +0.7% | 0.03% | +0.00 |
| MDT Medtronic PLC | Add +1.4% | 0.02% | +0.00 |
| ADP Automatic Data Processing | Add +0.3% | 0.07% | +0.00 |
| CHD Church & Dwight Co. Inc. | Add +5.3% | 0.02% | +0.00 |
| WMB Williams Cos Inc. | Add +2.4% | 0.02% | +0.00 |
| SYK Stryker Corp. | Add +0.6% | 0.05% | +0.00 |
| SHW The Sherwin-Williams Co. | Add +1.8% | 0.03% | +0.00 |
| CL Colgate-Palmolive Co. | Add +0.5% | 0.02% | +0.00 |
| MU Micron Technology Inc. | Add +0.2% | 0.01% | +0.00 |
| AME Ametek Inc. | Add +0.5% | 0.01% | −0.00 |
| BMI Badger Meter Inc. | Add +6.5% | 0.03% | −0.00 |
| IWM iShares Russell 2000 ETF | Add +4.4% | 0.05% | −0.00 |
| DHR Danaher Corp. | Add +2.4% | 0.04% | −0.00 |
| PFE Pfizer Inc. | Add +1.7% | 0.22% | −0.01 |
| HD Home Depot Inc. | Add +0.3% | 0.20% | −0.01 |
| ORCL Oracle Corp. | Add +0.5% | 0.10% | −0.02 |
| HON Honeywell International Inc. | Add +0.0% | 0.34% | −0.03 |
| AVGO Broadcom Inc. | Add +0.6% | 0.10% | −0.04 |
| FIBK First Interstate Bancsys-A | Add +14.1% | 8.64% | −0.06 |
| PAVE Global X US Infrastructure | Add +4.2% | 2.74% | −0.12 |
| IJH iShares Core S&P Midcap ETF | Add +0.7% | 5.15% | −0.39 |
| IJR iShares Core S&P Small-Cap E | Add +2.0% | 4.16% | −0.40 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 196 | $1.9B | FIBK, VCIT, IVV, RSP, IJH |
| Q1 2026 | 187 | $1.8B | VCIT, FIBK, RSP, IVV, VGIT |
| Q4 2025 | 199 | $1.9B | FIBK, VCIT, RSP, IVV, VGIT |
| Q3 2025 | 201 | $1.8B | VCIT, FIBK, RSP, IVV, VGIT |
| Q2 2025 | 181 | $1.7B | VCIT, FIBK, RSP, IVV, VGIT |
| Q1 2025 | 170 | $1.7B | VCIT, FIBK, RSP, IVV, VGIT |
| Q4 2024 | 179 | $1.7B | IVV, VCIT, FIBK, IJH, HEFA |
| Q3 2024 | 187 | $1.6B | IVV, VCIT, FIBK, IJH, HEFA |
| Q2 2024 | 169 | $1.5B | IVV, VCIT, FIBK, VGIT, HEFA |
| Q1 2024 | 170 | $1.4B | IVV, VCIT, VGIT, FIBK, IJH |