FNWD · Finward Bancorp · Holdings

$42.11 -0.32 (-0.75%)

Market Cap

$183.85M

4.33M

Volume · Oct 21 1228 Avg daily vol (3M) 16.57K

Institutional ownership from SEC Form 13F filings. Investment managers with more than $100 million in U.S. equities must disclose their positions every quarter, within 45 days of quarter-end, so the holdings shown can lag the market by up to a quarter.

Use institutional holdings through the 13F API or MCP → See every holder of FNWD: 13F, 13D and 13G, insiders and funds →

Institutional holdings are being reconciled with SEC filings. Holder totals and changes may be incomplete until reconciliation finishes.

The Sep 30, 2026 filing window is still open — showing the latest known positions. Funds that have not filed yet carry their prior-quarter positions; a fund that filed without this stock counts as sold out. Each fund's Change is measured against its own previous reported quarter, shown in the Reported column. Pick a completed quarter in the Quarter selector below to put every fund on one quarter and see the stock-wide activity breakdown.

Quarter:

Holders: 70

Total Value: $74,229,095

Total Shares: 1,998,098

Institutional Ownership Trend

27 quarters

Holder Concentration

Across 71 13F filers

Top Holder

20.9%

of institutional value

Top 5

60.3%

of institutional value

Top 10

72.4%

of institutional value

HHI

1,020

Broadly held

Who Holds FNWD

Last 8 quarters through Sep 30, 2026 (filing window open)

Each kind of 13F filer's share of the common shares 13F filers report. Holder type comes from regulatory records, never the filer's name; style, turnover and horizon are measured from each filer's own 13F book. The quarter selector does not change this card.

Jun 30, 2026, the newest closed quarter: 71 filers, like-for-like change -4.5%; actively managed books +13.1%; index-like books -49.6%.

Holder type	Share	Filers	Change	New	Exited
Registered adviser	72.6%	33	+6.0%	8	9
Exempt adviser	0.4%	1	new	1	0
Adviser	1.4%	2	0.0%	0	0
Bank	11.6%	11	-14.2%	0	3
Non-US	0.0%	1	-98.8%	0	1
Holding company	4.8%	5	-66.2%	0	0
Benefit plan	0.0%	0	-100.0%	0	1
Unknown	9.2%	18	+32.1%	5	4

Style	Share	Filers	Change	New	Exited
Index-like	14.8%	10	-49.6%	0	6
Systematic-like	4.3%	6	+497.5%	5	2
Concentrated	28.8%	12	+3.3%	2	1
Diversified active	52.1%	43	+11.6%	7	9
Not measured	0.0%	0	—	0	0
Unknown	0.0%	0	—	0	0

Turnover	Share	Filers	Change	New	Exited
Low turnover	62.0%	37	-17.5%	1	13
Medium turnover	21.8%	19	+26.1%	5	2
High turnover	6.5%	10	+241.4%	7	2
Unknown	9.7%	5	-6.6%	1	1
Not measured	0.0%	0	—	0	0

Holding horizon	Share	Filers	Change	New	Exited
Short horizon	10.3%	7	-0.7%	3	1
Medium horizon	8.8%	7	-46.2%	1	5
Long horizon	76.3%	53	-2.1%	6	12
Unknown	4.6%	4	new	4	0
Not measured	0.0%	0	—	0	0

13F book size	Share	Filers	Change	New	Exited
Under $1B	37.8%	17	+13.1%	6	0
$1B to $10B	4.5%	8	+16.0%	0	5
$10B to $100B	10.5%	17	+29.1%	4	4
$100B or more	47.1%	29	-20.4%	4	9
Not measured	0.0%	0	—	0	0

Client base	Share	Filers	Change	New	Exited
Individuals and high net worth	0.9%	12	+1.6%	1	2
Pooled investment vehicles	35.7%	12	+27.2%	6	0
Registered funds and BDCs	13.6%	4	-20.1%	0	2
Pension and profit sharing plans	0.0%	0	—	0	0
Diversified	22.4%	5	+1.9%	1	1
Insurance companies	0.0%	0	-100.0%	0	1
Governments and sovereign funds	0.0%	0	-100.0%	0	2
Other investment advisers	0.0%	0	-100.0%	0	1
Unknown	27.4%	38	-24.3%	6	9

Private funds	Share	Filers	Change	New	Exited
Hedge funds	39.3%	15	+25.0%	8	1
Private equity funds	0.0%	0	—	0	0
Venture capital funds	0.0%	1	+150.0%	0	0
Real estate funds	0.6%	4	+4.1%	1	1
Securitized asset funds	0.0%	1	0.0%	0	0
Other private funds	1.2%	1	-10.4%	0	1
Mixed private funds	20.9%	1	+0.8%	0	0
No private funds	11.1%	11	-23.8%	0	6
Unknown	27.0%	37	-25.3%	5	9

Location	Share	Filers	Change	New	Exited
United States	98.5%	64	-5.2%	10	15
Outside the US	1.5%	7	+105.5%	4	3

The Sep 30, 2026 filing window is still open, so its bar carries the Jun 30, 2026 positions of filers that have not filed yet.

How the mix is measured

Shares are 13F common shares restated to today's split basis; options and principal amounts are left out. The change compares only filers with a 13F in both quarters and keeps each filer in its bucket of the later quarter on both sides; a filer that continues under a new CIK is compared through its successor. Holder type comes from each filer's current regulatory profile; client base and private funds come from the Form ADV roster current at each quarter end (rosters from December 2019, so an earlier quarter reads Unknown). Style, turnover, horizon and book size are measured from each filer's 13F book in the newest measured quarter, and Not measured means none was. Actively managed books are those measured systematic-like, concentrated or diversified active.

Excluded 2 holders with no observed 2026-06-30 13F.

Conviction and Crowding

71 13F filers, quarter ended Jun 30, 2026

Measured across every 13F filer's common-share book once the quarter's filing window closed. Crowding counts filers with high turnover or that advise private funds on Form ADV.

Conviction holders

2.82% of filers hold it in their top 10

Mar 31, 2026: 2

Holders above 5%

median weight 0.000%

Mar 31, 2026: 0

Crowding

29.5%

of shares outstanding, 80th percentile

Mar 31, 2026: 25.2%

Private-fund advisers

28.6%

of shares outstanding

Institutional ownership

46.2%

47.5% of the estimated free float

Top 10 holders

72.4%

of 13F shares, Herfindahl 0.102

Active holders

+13.1%

like-for-like share change of active filers

5% stakes on record

2 13D, 1 13G (1 institutional, 0 passive, 0 exempt)

How long holders have held it value-weighted 12.0 quarters

Under 1 year 24.3% 1 to 3 years 19.9% 3 years or more 55.7% Since coverage start 0.000%

Managers in the top fifth by current three-year FundScore alpha were net buyers of $0 (0 buying, 0 selling).

Estimated Holder Cost Basis

Quarter ended Jun 30, 2026, on that quarter's share basis

Estimated, never filed: each 13F buy is costed at its quarter's average traded price and each sale keeps the average cost, so this is what holders paid on average if they traded evenly through each quarter.

Estimated avg cost

$32.51

estimated per share

Mar 31, 2026: $32.22

Quarter-end price

$36.78

implied by 13F values

Estimated gain or loss

+13.1%

price against the estimated cost

Estimated at a loss

7.50%

of costed 13F value

Estimated cost covers 84.1% of the 13F shares; positions already held when a filer's 13F history starts, or bought in a quarter without a trusted average price, have no estimate.

Shared Holders

Companies FNWD's active holders also own, quarter ended Jun 30, 2026

#	Company	Shared holders	Similarity
1	VABK Virginia National Bankshares Corp	4	0.426
2	AVBH Avidbank Holdings, Inc.	3	0.335
3	COSO CoastalSouth Bancshares, Inc.	3	0.320
4	USCB Uscb Financial Holdings, Inc.	3	0.306
5	FCBM First Carolina Financial Services, Inc.	3	0.294
6	QCRH Qcr Holdings Inc	3	0.257
7	CNOB ConnectOne Bancorp, Inc.	3	0.250
8	BANC Banc Of California, Inc.	3	0.191
9	EBC Eastern Bankshares, Inc.	3	0.168
10	FLG Flagstar Bank, National Association	3	0.155

Shareholder Targets

13F filers that own its peers but not FNWD, quarter ended Jun 30, 2026

Found through its holder-overlap peers: VABK, AVBH, COSO, USCB, FCBM, QCRH, CNOB, BANC, EBC, FLG, AMZN, GOOGL. 6,697 filers in all.

#	Filer	In peers	Of book	Largest peers
1	VANGUARD PORTFOLIO MANAGEMENT LLC Registered adviser, Diversified active	$92,788,300,722 11 held	4.17%	GOOGL, AMZN, EBC
2	Invesco Ltd. Adviser, Diversified active	$90,447,193,322 7 held	7.17%	GOOGL, AMZN, BANC
3	NORGES BANK Non-US, Index-like	$88,948,279,675 4 held	8.84%	GOOGL, AMZN, FLG
4	PRICE T ROWE ASSOCIATES INC /MD/ Registered adviser, Diversified active	$83,127,904,131 8 held	8.39%	GOOGL, AMZN, QCRH
5	Capital Research Global Investors Adviser, Diversified active	$68,099,808,278 2 held	9.45%	GOOGL, AMZN
6	BANK OF AMERICA CORP /DE/ Bank, Diversified active	$59,780,798,067 10 held	4.60%	GOOGL, AMZN, EBC
7	Capital World Investors Adviser, Diversified active	$58,959,423,859 2 held	6.99%	GOOGL, AMZN
8	CHARLES SCHWAB INVESTMENT MANAGEMENT INC Registered adviser, Diversified active	$42,082,643,519 11 held	5.64%	GOOGL, AMZN, FLG
9	Bank of New York Mellon Corp Bank, Index-like	$40,295,960,292 11 held	6.98%	GOOGL, AMZN, EBC
10	Berkshire Hathaway Inc Insurer, Concentrated	$37,764,088,381 1 held	12.6%	GOOGL

Fund Ownership of FNWD by Fund Type

Registered funds' Form N-PORT reports for the quarter ended Jun 30, 2026

Index funds and index ETFs hold 6.43% of shares outstanding.

Fund type	Of shares outstanding	Change	Shares	Funds
Index funds	1.98%	-0.35 pp	85,997	17
Index ETFs	4.45%	-2.07 pp	192,601	13
Active ETFs	0.21%	-0.14 pp	9,313	7
Active funds	0.88%	-0.03 pp	37,959	18
Unclassified	0.25%	+0.25 pp	10,617	3
All registered funds	7.77%	-2.36 pp	336,487	58

How fund types are measured

Each fund series counts once, with its latest Form N-PORT report dated inside the quarter; only long share positions count, restated to today's split basis. The fund type is the series' latest Form N-CEN answer on or before the quarter end (the index-fund box and the exchange-traded flag), never its name. Unclassified funds have no usable N-CEN; unit investment trusts are among them, so index ownership is a floor. Funds sit inside their advisers' 13F reports, so these shares overlap the 13F figures and are never added to them.

Holder type: Registered adviser 32 Exempt adviser 1 Adviser 2 Bank 11 Non-US 1 Holding company 5 Unknown 18

Showing 70 of 70

All Common Calls Puts

Compact Export CSV

Holder

Value (USD)

% of 13F

ALLIANCEBERNSTEIN L.P.

$15,344,248

20.67%

417,190

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Equitable Holdings, Inc.	417,190	$15,344,248	100.0%	Defined

PL Capital Advisors, LLC

$14,554,434

19.61%

395,716

VANGUARD CAPITAL MANAGEMENT LLC

$5,963,840

8.03%

162,149

Finward Bancorp

$5,363,311

7.23%

128,771

ENDEAVOUR CAPITAL ADVISORS INC

$3,661,191

4.93%

99,543

Elizabeth Park Capital Advisors, Ltd.

$2,119,337

2.86%

57,622

WELLINGTON MANAGEMENT GROUP LLP

$1,973,467

2.66%

53,656

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Wellington Management Company LLP	45,179	$1,661,683	84.2%	Defined
Wellington Trust Company, NA joint	8,477	$311,784	15.8%	Defined

RENAISSANCE TECHNOLOGIES LLC

$1,666,134

2.24%

45,300

HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC

$1,652,893

2.23%

44,940

GEODE CAPITAL MANAGEMENT, LLC

$1,543,656

2.08%

41,970

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
GEODE CAPITAL MANAGEMENT TRUST COMPANY, LLC	8,290	$304,906	19.8%	Defined
Held directly	33,680	$1,238,750	80.2%	Defined

ACADIAN ASSET MANAGEMENT LLC

$1,521,772

2.05%

41,375

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Acadian Inc	41,375	$1,521,772	100.0%	Defined

Caldwell Trust Co

$1,487,015

2.00%

40,430

MILLENNIUM MANAGEMENT LLC

$1,327,243

1.79%

36,086

FIFTH THIRD BANCORP

$1,096,227

1.48%

29,805

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Fifth Third Bank, National Association	29,805	$1,096,227	100.0%	Defined

RAFFLES ASSOCIATES LP

$977,612

1.32%

26,580

DIMENSIONAL FUND ADVISORS LP

$878,341

1.18%

23,881

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Dimensional Fund Advisors Ltd.	375	$13,792	1.6%	Defined
DFA Australia Ltd.	1,112	$40,899	4.7%	Defined
Dimensional Ireland Ltd	2,323	$85,439	9.7%	Defined
Held directly	20,071	$738,211	84.0%	Sole

VANGUARD FIDUCIARY TRUST CO

$875,658

1.18%

23,808

Fiduciary Trust Co

$858,077

1.16%

23,330

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Fiduciary Trust Co of New England	2,250	$82,755	9.6%	Defined
Held directly	21,080	$775,322	90.4%	Sole

BlackRock, Inc.

$827,658

1.12%

22,503

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
BlackRock Investment Management, LLC	770	$28,320	3.4%	Sole
BlackRock Fund Advisors	11,927	$438,675	53.0%	Sole
BlackRock Institutional Trust Company, N.A.	9,410	$346,099	41.8%	Sole
Aperio Group, LLC	396	$14,564	1.8%	Sole

Fourthstone LLC

$771,497

1.04%

20,976

PNC FINANCIAL SERVICES GROUP, INC.

$736,813

0.99%

20,033

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
PNC Bank, National Association	20,033	$736,813	100.0%	Defined

AQR CAPITAL MANAGEMENT LLC

$726,770

0.98%

19,760

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Prism Planning Partners LLC	58	$2,133	0.3%	Other
Compound Planning, Inc.	1	$36	0.0%	Other
Arax Advisory Partners	455	$16,734	2.3%	Other
HALBERT HARGROVE GLOBAL ADVISORS, LLC	150	$5,517	0.8%	Other
Stokes Family Office, LLC	11	$404	0.1%	Other
Held directly	19,085	$701,946	96.6%	Defined

OLD NATIONAL BANCORP /IN/

$666,358

0.90%

15,999

STATE STREET CORP

$607,605

0.82%

16,520

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
STATE STREET GLOBAL ADVISORS TRUST COMPANY	16,520	$607,605	100.0%	Defined

CITADEL ADVISORS LLC

$592,525

0.80%

16,110

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Citadel Securities GP LLC	16,110	$592,525	100.0%	Defined

JANE STREET GROUP, LLC

$576,967

0.78%

15,687

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Jane Street Capital, LLC	2,462	$90,552	15.7%	Defined
Jane Street Global Trading, LLC	13,225	$486,415	84.3%	Defined

Squarepoint Ops LLC

$512,602

0.69%

13,937

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Squarepoint Capital LLP	13,937	$512,602	100.0%	Defined

Black Maple Capital Management LP

$448,605

0.60%

12,197

Mesirow Financial Investment Management, Inc.

$392,332

0.53%

10,667

SUSQUEHANNA INTERNATIONAL GROUP, LLP

$386,521

0.52%

10,509

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
SUSQUEHANNA SECURITIES, LLC	10,509	$386,521	100.0%	Other

GOLDMAN SACHS GROUP INC

$356,177

0.48%

9,684

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
GOLDMAN SACHS & CO. LLC	9,684	$356,177	100.0%	Defined

ARROWSTREET CAPITAL, LIMITED PARTNERSHIP

$352,021

0.47%

9,571

MORGAN STANLEY

$347,199

0.47%

9,440

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
MORGAN STANLEY & CO INTERNATIONAL PLC	315	$11,585	3.3%	Defined
MORGAN STANLEY & CO. LLC	162	$5,958	1.7%	Defined
MORGAN STANLEY CAPITAL SERVICES, LLC	619	$22,766	6.6%	Defined
MORGAN STANLEY SMITH BARNEY LLC	439	$16,145	4.7%	Defined
PARAMETRIC PORTFOLIO ASSOCIATES LLC	7,905	$290,745	83.7%	Defined

UBS Group AG

$327,597

0.44%

8,907

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
UBS Financial Services Inc	65	$2,390	0.7%	Defined
UBS AG	3,426	$126,008	38.5%	Defined
UBS Europe SE	5,134	$188,828	57.6%	Defined
UBS Securities LLC	282	$10,371	3.2%	Defined

NORTHERN TRUST CORP

$314,137

0.42%

8,541

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
NORTHERN TRUST CO joint	8,541	$314,137	100.0%	Defined

Private Advisor Group, LLC

$308,363

0.42%

8,384

COMMONWEALTH EQUITY SERVICES, LLC

$294,276

0.40%

8,001

Qube Research & Technologies Ltd

$269,523

0.36%

7,328

Daytona Street Capital LLC

$249,900

0.34%

6,000

AMERICAN CENTURY COMPANIES INC

$239,695

0.32%

6,517

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
AMERICAN CENTURY INVESTMENT MANAGEMENT INC	6,517	$239,695	100.0%	Defined

TWO SIGMA INVESTMENTS, LP

$231,934

0.31%

6,306

Quadrature Capital Ltd

$231,309

0.31%

6,289

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Quadrature US Inc.	6,289	$231,309	100.0%	Other

Aster Capital Management (DIFC) Ltd

$217,369

0.29%

5,910

NEW YORK STATE COMMON RETIREMENT FUND

$68,888

0.09%

1,873

Russell Investments Group, Ltd.

$65,137

0.09%

1,771

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Russell Investment Management, LLC	1,771	$65,137	100.0%	Defined

Vanguard Global Advisers, LLC

$47,409

0.06%

1,289

LOS ANGELES CAPITAL MANAGEMENT LLC

$32,476

0.04%

883

FEDERATED HERMES, INC.

$29,607

0.04%

805

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
FEDERATED MDTA LLC	805	$29,607	100.0%	Defined

State of Alaska, Department of Revenue

$24,115

0.03%

579

Trust Co

$20,825

0.03%

500

ROYAL BANK OF CANADA

$20,081

0.03%

546

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
RBC CMA LTD.	9	$331	1.6%	Defined
RBC Capital Markets, LLC	537	$19,750	98.4%	Defined

Arax Advisory Partners

$16,808

0.02%

457

Johnson Financial Group, Inc.

$11,438

0.02%

311

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Johnson Wealth Inc.	311	$11,438	100.0%	Defined

HORIZON BANCORP INC /IN/

$9,857

0.01%

268

UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC

$8,349

0.01%

227

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
UBS Group AG	227	$8,349	100.0%	Defined

FMR LLC

$7,208

0.01%

196

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Fidelity Management & Research Co LLC	196	$7,208	100.0%	Defined

BARCLAYS PLC

$4,890

0.01%

133

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
BARCLAYS BANK PLC	1	$36	0.7%	Defined
BARCLAYS CAPITAL INC.	132	$4,854	99.3%	Defined

HUNTINGTON NATIONAL BANK

$3,236

0.00%

EverSource Wealth Advisors, LLC

$1,838

0.00%

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
BMSS Wesson Wealth Solutions, LLC	3	$110	6.0%	Sole
Held directly	47	$1,728	94.0%	Sole

JPMORGAN CHASE & CO

$1,802

0.00%

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
J.P. Morgan Securities plc	49	$1,802	100.0%	Defined

Essential Partners LLC

$1,082

0.00%

IFP Advisors, Inc

$1,041

0.00%

BNP PARIBAS ARBITRAGE, SA

$1,029

0.00%

Allworth Financial LP

$882

0.00%

Covestor Ltd

$294

0.00%

True Wealth Design, LLC

$291

0.00%

ROTHSCHILD INVESTMENT LLC

$183

0.00%

Farther Finance Advisors, LLC

$83

0.00%

Basecamp Wealth Advisors LLC

$36

0.00%

Capital Advisors, Ltd. LLC

0.00%

Key facts CIK 919864 CUSIP 31812F109 13F (30d) 10 filings 10 filers Visit website Investor relations