AMERICAN NATIONAL BANK & TRUST

The most unusual structural fact in American National Bank & Trust's Q4 2025 filing is scale itself: reported value jumped from $325 million to $1.06 billion across 695 holdings, and Apple ($54.1 million), Microsoft ($47.8 million), and Amazon ($45.7 million) all appear as brand-new top-five lines. Alphabet remains the largest position at $73.6 million, but its weight collapsed from about 17.8% of the old book to 7.0% of the new one—on only a ~1.4% share trim. This reads less like a stock-picker epiphany than a trust platform absorbing a much larger asset base.