13F-HR: Ames National Corp Discloses Q3 2025 Equity Holdings

Ames National Corp filed its Q3 2025 13F-HR, revealing a total equity portfolio value of $168.4 million across 128 positions, including significant investments in technology and diversified ETFs.

Summary

• Ames National Corp, along with its included manager First National Bank, Ames, Iowa, filed a Form 13F-HR for the quarter ended September 30, 2025.
• The total fair market value of the institutional investment manager's holdings is $168,444,570.
• The report details 128 distinct holdings entries.
• Key holdings include significant allocations to broad market ETFs such as iShares Core S&P 500 Index ($39,282,556 combined value), Vanguard Short-Term Bond ($11,374,640 combined value), Vanguard Total Bond Market ($10,869,473 combined value), and iShares Core US Aggregate Bond ($10,804,845 combined value).
• Individual stock holdings feature large-cap technology companies like Microsoft ($8,712,437 combined value), Apple ($4,617,476 combined value), and Alphabet (Class A and C combined value of $3,348,650).
• The portfolio also includes substantial positions in consumer discretionary (Home Depot: $3,298,705 combined value), financials (JPMorgan Chase: $2,616,807 combined value), and a notable holding in its own stock, Ames National Corp ($1,800,732 combined value).

Sentiment

Score: 5

Explanation: The filing is a routine disclosure of investment holdings and does not inherently convey positive or negative sentiment regarding the reporting entity's performance or outlook. It is purely factual.

Positives

• The portfolio demonstrates broad diversification across various sectors and asset classes, including equities and fixed income ETFs.
• Significant exposure to large-cap, stable companies and widely recognized index funds provides a foundation of market participation.
• Inclusion of bond ETFs suggests a balanced approach to investment, potentially aiming for stability and income alongside equity growth.

Negatives

• This type of filing (Form 13F-HR) is a disclosure of holdings and does not typically contain information regarding the financial performance or operational negatives of the reporting entity itself.

Risks

• Market risk is inherent in all equity and bond investments, meaning the value of holdings can fluctuate based on overall market conditions.
• Concentration risk exists within specific large-cap technology stocks and broad market ETFs, making the portfolio susceptible to downturns in these particular segments.
• Interest rate risk affects the bond holdings, where rising interest rates could lead to a decrease in the value of fixed-income securities.
• While diversified, the portfolio's performance is largely tied to the performance of the U.S. equity and bond markets, as indicated by the significant ETF holdings.

Future Outlook

This Form 13F-HR filing is a historical disclosure of investment holdings as of a specific date and does not contain any forward-looking statements or guidance from management regarding future performance or strategic outlook.

Management Comments

• John P. Nelson, President/CEO, signed the report, representing that the information contained is true, correct, and complete, and that he is authorized to submit it.

Industry Context

The disclosed portfolio reflects a common strategy among institutional investment managers, emphasizing diversification through a mix of large-cap individual equities and a substantial allocation to exchange-traded funds (ETFs) covering broad market indices (S&P 500, Total Stock Market, Mid-Cap, Small-Cap) and various bond segments. This approach aligns with strategies focused on broad market exposure and risk management through diversification, typical for entities managing client assets or proprietary capital within a conservative framework.

Comparison to Industry Standards

• The portfolio's significant allocation to broad market ETFs (e.g., iShares Core S&P 500 Index, Vanguard Total Stock Market) is consistent with industry benchmarks for diversified institutional portfolios aiming for market-like returns.
• Holdings in major technology companies like Apple, Microsoft, and Alphabet are common across many institutional portfolios, reflecting their market capitalization and perceived growth potential.
• The inclusion of various bond ETFs (e.g., Vanguard Short-Term Bond, iShares Core US Aggregate Bond) indicates a balanced asset allocation strategy, often seen in portfolios designed for moderate risk profiles or income generation, comparable to balanced funds offered by major asset managers like BlackRock or Vanguard.
• The presence of a substantial holding in its own stock (Ames National Corp) is a characteristic often observed in bank holding companies or financial institutions, reflecting a belief in their own enterprise value and sometimes serving regulatory or strategic purposes.

Stakeholder Impact

• Shareholders of Ames National Corp gain transparency into the investment strategy and portfolio composition of the institutional investment manager.
• Investment professionals and analysts can use this data to assess the manager's investment philosophy and compare it against peers or market benchmarks.

Next Steps

• The next Form 13F-HR filing will be due for the quarter ending December 31, 2025, typically within 45 days after the quarter end.

Key Dates

Keywords

Institutional Holdings, Equity Portfolio, Investment Management, SEC Filing, 13F-HR, Ames National Corp, Q3 2025, ETFs, Large-Cap Stocks, Bond Holdings