Piscataqua Savings Bank

Piscataqua Savings Bank operates a $140M, 527-name 13F for Q1 2026 whose benchmark-like structure is built from mega-cap U.S. technology names at the top of the book — Microsoft (MSFT) at 6.9% and Apple (AAPL) at 6.7% anchor a single-stock allocation that carries through roughly 527 positions with no ETF vehicles and no conventional fixed-income overlay visible at the top layer. With whaleScore of 44.00 reflecting the tension between an extremely granular 527-name structure and only moderate top-position concentration, this filer occupies a middle category: the underlying mandate is closer to broad-market equity index replication at the name level than to an actively-conviction equity book, since individual positions average roughly $265K and top-three names total only about 18% of the portfolio. The Q1 activity — likely in the range of 90-110 changes reflecting a book this deep — is more consistent with benchmark tracking and maintenance than with concentrated active management, though the MSFT/AAPL ore concentration remains the primary AI signal worth surfacing.