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Livermore
Livermore
ZHEN

Hills Bank & Trust Co

SEC CIK
0001309148
Latest filing
Aug 10, 2026

The latest 13F from Hills Bank & Trust Co covers Q2 2026 (filed Aug 10, 2026): 383 long positions worth $2.35B. The top 10 holdings make up 51.9% of the portfolio, and the largest is State Street SPDR Portfolio S&P 500 ETF at 12.8%. Livermore has 23 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
45
Est. +$165.2M
Added
108
Est. +$168.2M
Reduced
158
Est. −$228.8M
Sold out
17
Est. −$4.17M

Top 5 holdings

Share of this quarter's portfolio value

  1. State Street SPDR Portfolio S&P 500 ETF78464A854
    12.8%$299.8M
  2. Vanguard Ftse Developed Markets ETF921943858
    7.3%$171.5M
  3. SPYSPDR S&P 500 ETF Trust
    6.6%$154.8MHistory
  4. Federated Hermes ETF Trust31423L404
    6.0%$140.9M
  5. American Centy ETF Tr025072158
    4.3%$101.3M

Share of portfolio

Top 5 holdings and the other 378 positions, by share of portfolio value

  1. State Street SPDR Portfolio S&P 500 ETF12.8%
  2. Vanguard Ftse Developed Markets ETF7.3%
  3. SPY6.6%
  4. Federated Hermes ETF Trust6.0%
  5. American Centy ETF Tr4.3%
  6. Other 378 positions63.1%

Biggest buys

New and added positions, by estimated amount bought

  1. Federated Hermes ETF Trust31423L404
    +$69.5MAdded
  2. J P Morgan Exchange Traded F46641Q852
    +$41.0MAdded
  3. Vanguard Wellesley Income FD921938866
    +$27.1MNew
  4. Vanguard Wellesley Income FD921938858
    +$26.9MNew
  5. Vanguard Wellesley Income FD921938700
    +$24.0MNew

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. Federated Hermes ETF Trust31423L404
    +2.54 pp3.5% → 6.0%
  2. J P Morgan Exchange Traded F46641Q852
    +1.64 pp1.0% → 2.6%
  3. Vanguard Wellesley Income FD921938866
    +1.15 pp0.0% → 1.2%
  4. Vanguard Wellesley Income FD921938858
    +1.15 pp0.0% → 1.1%
  5. Vanguard Wellesley Income FD921938700
    +1.02 pp0.0% → 1.0%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. Invesco Exch TRD SLF Idx FD46138J429
    −$33.1MReduced
  2. Invesco Exch TRD SLF Idx FD46138J791
    −$27.8MReduced
  3. Invesco Exch TRD SLF Idx FD46138J460
    −$26.2MReduced
  4. Invesco Exch TRD SLF Idx FD46138J577
    −$26.1MReduced
  5. Invesco Exch TRD SLF Idx FD46138J643
    −$25.1MReduced

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. Invesco Exch TRD SLF Idx FD46138J429
    −1.67 pp2.1% → 0.4%
  2. Invesco Exch TRD SLF Idx FD46138J791
    −1.51 pp2.8% → 1.2%
  3. Invesco Exch TRD SLF Idx FD46138J577
    −1.38 pp2.2% → 0.8%
  4. Invesco Exch TRD SLF Idx FD46138J460
    −1.38 pp2.1% → 0.7%
  5. Invesco Exch TRD SLF Idx FD46138J643
    −1.37 pp2.4% → 1.1%

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$2.35B
+$281.1M (+13.6%) vs. prior quarter
Positions
383
+28 vs. prior quarter
Top 10 concentration
51.9%
Top 10 as share of value
Turnover
10.5%
Q2 2026, one quarter
Average holding period
14.9 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $2.35B (Q2 2026)

Q1 2021: $616.1MQ2 2021: $659.5MQ3 2021: $662.0MQ4 2021: $727.7MQ1 2022: $701.8MQ2 2022: $615.2MQ3 2022: $679.1MQ4 2022: $677.1MQ1 2023: $722.7MQ2 2023: $777.6MQ3 2023: $860.9MQ4 2023: $1.02BQ1 2024: $1.18BQ2 2024: $1.23BQ3 2024: $1.32BQ4 2024: $1.33BQ1 2025: $1.42BQ2 2025: $1.59BQ3 2025: $1.70BQ4 2025: $1.72BQ1 2026: $2.07BQ2 2026: $2.35B
Q1 2021Q2 2026
13F filings of Hills Bank & Trust Co by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 10, 2026383$2.35BState Street SPDR Portfolio S&P 500 ETFVanguard Ftse Developed Markets ETFSPYvs. Q1 2026SEC
Q1 2026May 1, 2026355$2.07BState Street SPDR Portfolio S&P 500 ETFVanguard Ftse Developed Markets ETFSPYvs. Q4 2025SEC
Q4 2025Feb 5, 2026340$1.72BSPYVanguard Ftse Developed Markets ETFState Street SPDR Portfolio S&P 400 Mid Cap ETFvs. Q3 2025SEC
Q3 2025Nov 13, 2025323$1.70BSPYVanguard Ftse Developed Markets ETFState Street SPDR Portfolio S&P 400 Mid Cap ETFvs. Q2 2025SEC
Q2 2025Aug 5, 2025313$1.59BSPYVanguard Ftse Developed Markets ETFMDYvs. Q1 2025SEC
Q1 2025Apr 25, 2025299$1.42BSPYVanguard Ftse Developed Markets ETFMDYvs. Q4 2024SEC
Q4 2024Feb 10, 2025301$1.33BSPYMDYInvesco Exch TRD SLF Idx FDvs. Q3 2024SEC
Q3 2024Oct 28, 2024303$1.32BSPYMDYInvesco Exch TRD SLF Idx FDvs. Q2 2024SEC
Q2 2024Jul 25, 2024286$1.23BSPYMDYiShares Trvs. Q1 2024SEC
Q1 2024May 8, 2024284$1.18BSPYMDYiShares Trvs. Q4 2023SEC
Q4 2023Feb 7, 2024274$1.02BSPYMDYFlexshares Trvs. Q3 2023SEC
Q3 2023Oct 26, 2023267$860.9MSPYMDYFlexshares Trvs. Q2 2023SEC
Q2 2023Jul 21, 2023251$777.6MSPYMDYFlexshares Trvs. Q1 2023SEC
Q1 2023Apr 17, 2023251$722.7MSPYMDYFlexshares Trvs. Q4 2022SEC
Q4 2022Feb 6, 2023242$677.1MSPYMDYFlexshares Trvs. Q3 2022SEC
Q3 2022Nov 3, 2022241$679.1MSPYMDYVanguard Total Bond Market ETFvs. Q2 2022SEC
Q2 2022Aug 2, 2022248$615.2MSPYMDYFlexshares Trvs. Q1 2022SEC
Q1 2022Aug 16, 2022Amended255$701.8MSPYMDYFlexshares Trvs. Q4 2021SEC
Q4 2021Feb 4, 2022261$727.7MSPYMDYAAPLvs. Q3 2021SEC
Q3 2021Oct 27, 2021255$662.0MSPYMDYMSFTvs. Q2 2021SEC
Q2 2021Aug 2, 2021255$659.5MSPYMDYAAPLvs. Q1 2021SEC
Q1 2021May 3, 2021253$616.1MSPYMDYAAPL–SEC

13D and 13G filings

Companies where Hills Bank & Trust Co reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

1 company, largest stake first.

Companies where Hills Bank & Trust Co owns 5% or more
CompanyLatest formStakeChangeFirst filedLatest filingFiling
HBIAHills Bancorporation13G/A7.60%668.4K shares+0.10 ppfrom 7.50%Aug 7, 20252 filingsMar 13, 2026SEC

Latest filings

2 filings on file made by Hills Bank & Trust Co or listing it as a reporting person, newest first.

Schedule 13D and 13G filings by Hills Bank & Trust Co
CompanyFiled (ET)FormStakeChangeEvent dateFiling
HBIAHills BancorporationMar 13, 20264:14 PM ET13G/A7.60%668.4K shares+0.10 ppfrom 7.50%Dec 31, 2025SEC
HBIAHills BancorporationAug 7, 20258:58 AM ET13G/A7.50%670.2K shares–Dec 31, 2024SEC