HoldCo Asset Management's Strategic Presentation to First Interstate BancSystem

Strategic Insights into HoldCo Asset Management's Presentation

On November 6, 2025, HoldCo Asset Management, LP, based in Florida and managing approximately $2.6 billion in regulatory assets, made waves in the financial sector with the release of a presentation directed at First Interstate BancSystem, Inc. This document, titled "Respect To The Board," outlines HoldCo's vision and strategic interests in the banking institution, marking an important moment in their ongoing relationship.

In the presentation, HoldCo reiterated its significant stake in First Interstate BancSystem by disclosing ownership of common stock listed on the NASDAQ Global Select Market under the symbol FIBK. Misha Zaitzeff, Co-CIO of HoldCo, stated, "Given the recent concessions made by the Board and management, we have decided not to pursue a proxy contest at the upcoming 2026 Annual Meeting." This indicates a shift in HoldCo’s approach, emphasizing a commitment to a long-term investment strategy that aims to enhance shareholder value without immediate confrontations.

Vik Ghei, co-CIO alongside Zaitzeff, added context to their intentions, asserting that while they prefer to maintain a collaborative relationship, they are prepared to act decisively should the Board’s decisions negatively impact shareholder interests. He stated, "If the Board pursues actions inconsistent with our expectations or detrimental to shareholders, we will not hesitate to take action necessary to protect shareholder rights, including possibly initiating a proxy contest or advocating for a sale of the company."

This proactive stance reflects HoldCo's serious commitment to stakeholder engagement and corporate governance, signalling their readiness to keep a close eye on First Interstate BancSystem’s strategic decisions and capital allocation efforts.

HoldCo’s message is clear: they are not merely passive investors but active participants in shaping the future of their portfolio companies. This presentation not only underscores their current position but also sets the stage for ongoing discussions around governance and operational performance.

As an investment advisory firm founded by Vik Ghei and Misha Zaitzeff, HoldCo aims to leverage its expertise to influence strategic long-term growth for its holdings. The company’s approach emphasizes thorough monitoring and intervention when necessary, reflecting a trend in asset management where shareholder activism is increasingly used to ensure accountability and drive corporate success.

The release of the presentation also includes a disclaimer, emphasizing that the information provided is for discussion and general informational purposes only, and should not be considered financial advice. Consequently, HoldCo retains the right to adjust its investment positions at any time without obligation to communicate those changes.

As financial markets continue to evolve in response to external pressures and corporate governance demands, HoldCo Asset Management's strategic maneuvers will be watched closely by financial analysts and investors alike. Their actions could serve as a bellwether for emerging trends in shareholder engagement and the evolving dynamics between institutional investors and corporate boards. Stakeholders within First Interstate BancSystem will keenly observe how this relationship develops, particularly in the lead-up to the 2026 Annual Meeting.

This recent development highlights the critical intersection between investment strategy, shareholder activism, and corporate governance, reminding all stakeholders of the delicate balance required to foster both growth and accountability in today’s market environment. The future indeed holds significant implications for both HoldCo Asset Management and First Interstate BancSystem as they navigate these waters together.