First Business Financial Services, Inc.
CIK 1521951 · View on SEC EDGAR ↗
- Portfolio value
- $1.3B
- Positions
- 201
- As of
- June 30, 2026
#2,057 of 9,443 by 13F value · top 21.8%
Portfolio value QoQ: +14.6% 13F does not disclose cash
- Top 10 holdings weight
- 68.74%
- Top 25 holdings weight
- 83.23%
- Positions above 1%
- 17
- Effective number of positions
- 11.8
Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)
Turnover Q2 2026: 0.44% Est. buys $92,746,767 · sells $5,298,965
Median holding: 7.0 quarters Tracked Q4 2024–Q2 2026 · 85.2% still held
- New positions
- 15
- Increased
- 113
- Decreased
- 25
- Closed
- 6
On this page
- Sector breakdown How the portfolio splits across market sectors.
- Portfolio Every stock this institution reports holding, from its latest 13F.
- High-conviction bets The holdings this manager is most concentrated in.
- Biggest new bets Brand-new positions opened in the latest quarter.
- Top moves The biggest position increases and decreases this quarter.
- Exited positions Positions the manager fully sold out of last quarter.
Sector breakdown
Technology
7.5%
Financials
3.8%
Industrials
2.7%
Communications
2.3%
Communication Services
1.9%
Healthcare
1.9%
Retail
1.2%
Utilities
0.7%
Energy
0.6%
Financial Services
0.6%
Consumer Discretionary
0.5%
Consumer Staples
0.5%
Materials
0.4%
Consumer products
0.4%
Real Estate
0.3%
Telecommunication
0.2%
Other/Unmapped
74.3%
Full portfolio 201 positions
| Type | Streak | 8Q trend | |||||
|---|---|---|---|---|---|---|---|
| VTI | $294,127,404 | 22.81% | 794,853 | $38,381,843 | Down ×1 | ||
| IEFA | $151,396,683 | 11.74% | 1,567,578 | $10,527,839 | Up ×2 | ||
| IWF | $90,878,036 | 7.05% | 731,884 | $12,715,505 | Up ×2 | ||
| IJR | $74,451,917 | 5.77% | 502,002 | $12,179,941 | Up ×2 | ||
| IWD | $64,446,379 | 5.00% | 265,835 | $7,566,143 | Down ×1 | ||
| DGRO | $63,592,433 | 4.93% | 839,061 | $4,981,255 | Up ×2 | ||
| IJH | $54,878,570 | 4.26% | 711,692 | $7,098,799 | Up ×2 | ||
| AGG | $38,467,191 | 2.98% | 388,636 | $1,171,849 | Up ×1 | ||
| SPY SPY | $32,621,901 | 2.53% | 43,684 | $4,166,925 | Down ×2 | ||
| FBIZ First Business Financial Services, Inc. - Common Stock | $21,489,739 | 1.67% | 340,189 | $2,004,237 | Down ×1 | ||
| NVDA NVIDIA Corporation - Common Stock | $20,518,429 | 1.59% | 102,546 | $3,087,149 | Up ×3 | ||
| JPST | $18,397,518 | 1.43% | 363,803 | $699,049 | Up ×4 | ||
| AAPL Apple Inc. - Common Stock | $17,348,289 | 1.35% | 59,954 | $2,255,651 | Up ×3 | ||
| AVGO Broadcom Inc. - Common Stock | $15,581,432 | 1.21% | 41,248 | $2,691,269 | Down ×1 | ||
| GOOGL Alphabet Inc. - Class A Common Stock | $15,577,401 | 1.21% | 43,589 | $3,453,584 | Up ×3 | ||
| CIEN Ciena Corporation Common Stock | $14,132,052 | 1.10% | 28,808 | $2,465,740 | Down ×1 | ||
| LRCX Lam Research Corporation - Common Stock | $14,089,725 | 1.09% | 32,515 | $7,500,237 | Up ×3 | ||
| JPM JP Morgan Chase & Co. Common Stock | $11,823,487 | 0.92% | 36,121 | $1,427,873 | Up ×3 | ||
| ANET Arista Networks, Inc. Common Stock | $11,679,250 | 0.91% | 68,750 | $3,554,529 | Up ×3 | ||
| PWR Quanta Services, Inc. Common Stock | $11,228,304 | 0.87% | 15,594 | $2,703,670 | Up ×3 | ||
| LLY Eli Lilly and Company Common Stock | $7,966,614 | 0.62% | 6,642 | $2,065,370 | Up ×3 | ||
| VTIP Vanguard Short-Term Inflation-Protected Securities Index Fund ETF Shares | $7,543,089 | 0.59% | 150,171 | $908,630 | Up ×1 | ||
| MTUM | $6,971,448 | 0.54% | 20,335 | $2,091,251 | |||
| MSFT Microsoft Corporation - Common Stock | $6,954,585 | 0.54% | 18,644 | $274,127 | Up ×2 | ||
| XLK XLK | $6,953,599 | 0.54% | 36,498 | $2,103,015 | |||
| IVV | $6,469,661 | 0.50% | 8,639 | $2,240,779 | Up ×2 | ||
| MUB | $5,890,688 | 0.46% | 54,736 | $266,861 | Up ×4 | ||
| C Citigroup, Inc. Common Stock | $5,801,762 | 0.45% | 41,453 | $1,259,578 | Up ×3 | ||
| ADI Analog Devices, Inc. - Common Stock | $5,510,337 | 0.43% | 13,874 | $1,255,533 | Up ×3 | ||
| BAC Bank of America Corporation Common Stock | $4,560,109 | 0.35% | 80,030 | $774,671 | Up ×3 | ||
| NUE Nucor Corporation Common Stock | $4,556,797 | 0.35% | 20,457 | $1,234,827 | Up ×4 | ||
| COR Cencora, Inc. Common Stock | $4,533,906 | 0.35% | 16,022 | $-285,316 | Up ×3 | ||
| BRKA | $4,493,100 | 0.35% | 6 | $184,260 | |||
| COST Costco Wholesale Corporation - Common Stock | $4,418,225 | 0.34% | 4,723 | $-214,178 | Up ×3 | ||
| XOM Exxon Mobil Corporation Common Stock | $4,212,480 | 0.33% | 30,811 | $-749,396 | Up ×3 | ||
| TXN Texas Instruments Incorporated - Common Stock | $4,163,740 | 0.32% | 13,969 | $1,524,213 | Up ×3 | ||
| GD General Dynamics Corporation Common Stock | $3,649,026 | 0.28% | 10,301 | $264,190 | Up ×3 | ||
| CSCO Cisco Systems, Inc. - Common Stock | $3,645,723 | 0.28% | 31,038 | $1,236,553 | Down ×1 | ||
| RSSB | $3,633,002 | 0.28% | 118,108 | $1,504,962 | Up ×1 | ||
| EQIX Equinix, Inc. - Common Stock | $3,562,889 | 0.28% | 3,418 | $331,038 | Up ×3 | ||
| EXPE Expedia Group, Inc. - Common Stock | $3,242,000 | 0.25% | 12,670 | $424,680 | Up ×3 | ||
| KO Coca-Cola Company (The) Common Stock | $3,232,270 | 0.25% | 39,772 | $284,116 | Up ×3 | ||
| SYK Stryker Corporation Common Stock | $3,156,271 | 0.24% | 10,025 | $-19,551 | Up ×3 | ||
| RSG Republic Services, Inc. Common Stock | $3,080,924 | 0.24% | 14,459 | $-35,293 | Up ×2 | ||
| PRU Prudential Financial, Inc. Common Stock | $3,080,322 | 0.24% | 28,540 | $340,508 | Up ×3 | ||
| AMZN Amazon.com, Inc. - Common Stock | $3,071,488 | 0.24% | 12,887 | $496,021 | Up ×2 | ||
| TJX TJX Companies, Inc. (The) Common Stock | $3,054,089 | 0.24% | 20,159 | $-55,430 | Up ×3 | ||
| NEE NextEra Energy, Inc. Common Stock | $3,041,933 | 0.24% | 34,658 | $-53,200 | Up ×3 | ||
| TOL Toll Brothers, Inc. Common Stock | $2,979,669 | 0.23% | 18,086 | $661,999 | Up ×4 | ||
| TMUS T-Mobile US, Inc. - Common Stock | $2,930,746 | 0.23% | 17,473 | $-619,601 | Up ×3 | ||
| EA Electronic Arts Inc. - Common Stock | $2,896,600 | 0.22% | 14,127 | $3,685 | Down ×1 | ||
| XLE XLE | $2,880,899 | 0.22% | 54,244 | $-442,088 | |||
| XLI XLI | $2,595,628 | 0.20% | 14,013 | $329,306 | |||
| META Meta Platforms, Inc. - Class A Common Stock | $2,564,659 | 0.20% | 4,553 | $92,485 | Up ×3 | ||
| GOOG Alphabet Inc. - Class C Capital Stock | $2,480,023 | 0.19% | 7,019 | $505,279 | Up ×1 | ||
| DRI Darden Restaurants, Inc. Common Stock | $2,285,887 | 0.18% | 11,096 | $191,396 | Up ×3 | ||
| OSK Oshkosh Corporation (Holding Company)Common Stock | $2,268,127 | 0.18% | 14,778 | $197,030 | Up ×4 | ||
| ICE Intercontinental Exchange Inc. Common Stock | $2,192,220 | 0.17% | 17,807 | $-525,107 | Up ×3 | ||
| GLW Corning Incorporated Common Stock | $2,180,861 | 0.17% | 8,538 | $962,298 | Down ×1 | ||
| LOW Lowe's Companies, Inc. Common Stock | $2,144,486 | 0.17% | 9,726 | $-65,913 | Up ×3 | ||
| AMD Advanced Micro Devices, Inc. - Common Stock | $2,091,276 | 0.16% | 3,600 | $1,378,050 | Up ×2 | ||
| HWM Howmet Aerospace Inc. Common Stock | $2,053,553 | 0.16% | 7,638 | ||||
| QCOM QUALCOMM Incorporated - Common Stock | $1,948,795 | 0.15% | 10,546 | $644,511 | Up ×3 | ||
| PM Philip Morris International Inc Common Stock | $1,908,239 | 0.15% | 10,548 | $179,113 | Up ×1 | ||
| AEP American Electric Power Company, Inc. - Common Stock | $1,894,134 | 0.15% | 13,845 | $186,555 | Up ×3 | ||
| SLB SLB Limited Common Shares | $1,876,708 | 0.15% | 40,368 | $-116,145 | Up ×2 | ||
| IQV IQVIA Holdings, Inc. Common Stock | $1,804,675 | 0.14% | 9,340 | $275,954 | Up ×2 | ||
| ABBV AbbVie Inc. Common Stock | $1,773,307 | 0.14% | 7,047 | $214,774 | Down ×1 | ||
| IWB | $1,737,918 | 0.13% | 4,244 | $224,677 | |||
| NFLX Netflix, Inc. - Common Stock | $1,575,441 | 0.12% | 22,065 | $-455,824 | Up ×4 | ||
| GLD | $1,564,510 | 0.12% | 4,247 | $-262,932 | |||
| VB | $1,536,818 | 0.12% | 5,070 | $208,884 | |||
| KR Kroger Company (The) Common Stock | $1,531,351 | 0.12% | 27,577 | $-375,263 | Up ×3 | ||
| XLY XLY | $1,513,147 | 0.12% | 12,902 | $107,087 | |||
| CL Colgate-Palmolive Company Common Stock | $1,493,834 | 0.12% | 16,294 | $205,923 | Up ×3 | ||
| IWM | $1,487,228 | 0.12% | 4,950 | $259,628 | |||
| ASML ASML Holding N.V. - New York Registry Shares | $1,460,249 | 0.11% | 734 | $493,401 | Up ×1 | ||
| BRKB | $1,420,107 | 0.11% | 2,838 | $366,346 | Up ×2 | ||
| ATI ATI Inc. Common Stock | $1,410,842 | 0.11% | 7,158 | $322,219 | Down ×1 | ||
| APO Apollo Global Management, Inc. (New) Common Stock | $1,373,224 | 0.11% | 11,607 | $158,523 | Up ×4 | ||
| XLF XLF | $1,291,733 | 0.10% | 24,095 | $102,163 | |||
| IWO | $1,233,883 | 0.10% | 3,132 | $251,030 | |||
| JNJ Johnson & Johnson Common Stock | $1,212,961 | 0.09% | 4,776 | $77,048 | Up ×2 | ||
| MRK Merck & Company, Inc. Common Stock (new) | $1,164,467 | 0.09% | 9,062 | $105,434 | Up ×1 | ||
| VOX | $1,140,490 | 0.09% | 6,200 | $25,482 | |||
| WMT Walmart Inc. - Common Stock | $1,087,409 | 0.08% | 9,601 | $-7,995 | Up ×2 | ||
| ETN Eaton Corporation, PLC Ordinary Shares | $1,042,290 | 0.08% | 2,446 | $265,073 | Up ×2 | ||
| VO | $1,032,907 | 0.08% | 12,820 | $112,495 | Up ×2 | ||
| PLTR Palantir Technologies Inc. - Class A Common Stock | $1,021,796 | 0.08% | 8,758 | $-267,662 | Down ×1 | ||
| IWN | $1,018,405 | 0.08% | 4,604 | $145,533 | |||
| NULV | $950,110 | 0.07% | 19,006 | $88,749 | Up ×1 | ||
| CTA | $929,975 | 0.07% | 35,851 | $199,286 | Up ×1 | ||
| MRVL Marvell Technology, Inc. - Common Stock | $893,968 | 0.07% | 3,001 | $585,625 | Down ×1 | ||
| CRM Salesforce, Inc. Common Stock | $876,356 | 0.07% | 5,594 | $-114,675 | Up ×3 | ||
| TDG Transdigm Group Incorporated Common Stock | $871,154 | 0.07% | 654 | $115,512 | Up ×1 | ||
| AMAT Applied Materials, Inc. - Common Stock | $865,431 | 0.07% | 1,197 | $493,222 | Up ×2 | ||
| USMV | $838,623 | 0.07% | 8,694 | $32,341 | |||
| BLK BlackRock, Inc. Common Stock | $804,826 | 0.06% | 837 | $1,798 | Up ×1 | ||
| PG Procter & Gamble Company (The) Common Stock | $802,561 | 0.06% | 5,473 | $28,363 | Up ×1 | ||
| XLC XLC | $783,870 | 0.06% | 7,317 | $-27,293 | |||
| No matches | |||||||
Conviction holdings
Positions increased for 3+ consecutive quarters.
Share counts are as reported in 13F filings (not split-adjusted)
| Security | Value | % of portfolio | Streak |
|---|---|---|---|
| NVDA | $20,518,429 | 1.59% | up ×3 |
| JPST | $18,397,518 | 1.43% | up ×4 |
| AAPL | $17,348,289 | 1.35% | up ×3 |
| GOOGL | $15,577,401 | 1.21% | up ×3 |
| LRCX | $14,089,725 | 1.09% | up ×3 |
| JPM | $11,823,487 | 0.92% | up ×3 |
| ANET | $11,679,250 | 0.91% | up ×3 |
| PWR | $11,228,304 | 0.87% | up ×3 |
| LLY | $7,966,614 | 0.62% | up ×3 |
| MUB | $5,890,688 | 0.46% | up ×4 |
| C | $5,801,762 | 0.45% | up ×3 |
| ADI | $5,510,337 | 0.43% | up ×3 |
| BAC | $4,560,109 | 0.35% | up ×3 |
| NUE | $4,556,797 | 0.35% | up ×4 |
| COR | $4,533,906 | 0.35% | up ×3 |
Biggest new bets
New positions opened this quarter, largest first.
| Security | Value | Shares | % of portfolio |
|---|---|---|---|
| HWM | $2,053,553 | 7,638 | 0.16% |
| MU | $477,876 | 414 | 0.04% |
| INTC | $342,094 | 2,450 | 0.03% |
| Unknown issuer (CUSIP: 884903881) | $321,943 | 3,942 | 0.02% |
| STX | $309,765 | 321 | 0.02% |
| TSM | $270,782 | 567 | 0.02% |
| CVS | $239,176 | 2,312 | 0.02% |
| KEY | $225,683 | 9,791 | 0.02% |
| WEC | $225,366 | 1,930 | 0.02% |
| WFC | $224,368 | 2,715 | 0.02% |
| ENB | $213,913 | 3,946 | 0.02% |
| UBER | $210,852 | 2,922 | 0.02% |
| SPG | $208,218 | 931 | 0.02% |
| CEG | $206,644 | 832 | 0.02% |
| GNRC | $204,967 | 700 | 0.02% |
Top movers (QoQ)
| Security | Action | Shares Δ | Value Δ |
|---|---|---|---|
| VTI | Trimmed | -2K | +$38.4M |
| IWF | Bought more | +549K | +$12.7M |
| IJR | Bought more | +1K | +$12.2M |
| IEFA | Bought more | +12K | +$10.5M |
| IWD | Trimmed | -371 | +$7.6M |
| LRCX | Bought more | +2K | +$7.5M |
| IJH | Bought more | +4K | +$7.1M |
| DGRO | Bought more | +4K | +$5.0M |
| SPY | Trimmed | -70 | +$4.2M |
| ANET | Bought more | +3K | +$3.6M |
Exited positions
Includes corporate events (mergers, delistings) — not all exits are sells
Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.
| Security | Quarter | Shares before | Value before | Price since exit |
|---|---|---|---|---|
| DE | Dec. 31, 2025 | 10,040 | $4,590,890 | 34.0% |
| EOG | Dec. 31, 2025 | 13,820 | $1,549,498 | 45.5% |
| ADBE | Sept. 30, 2025 | 3,451 | $1,335,123 | -22.6% |
| LULU | June 30, 2025 | 4,670 | $1,321,890 | -50.4% |
| AEE | Dec. 31, 2025 | 11,155 | $1,164,359 | 8.7% |
| CTVA | Sept. 30, 2025 | 9,454 | $704,607 | 18.5% |
| VTEB | June 30, 2025 | 12,678 | $629,082 | No longer tracked |
| PLOW | Dec. 31, 2025 | 20,000 | $625,200 | 27.7% |
| HLT | Sept. 30, 2025 | 1,717 | $457,306 | 27.4% |
| TTC | Dec. 31, 2025 | 5,000 | $381,000 | 24.0% |
| CSX | Sept. 30, 2025 | 11,620 | $379,161 | 44.9% |
| TRI | June 30, 2026 | 3,942 | $354,701 | 29.1% |
| MRVL | March 31, 2025 | 3,136 | $346,371 | 300.1% |
| ADMA | March 31, 2025 | 20,000 | $343,000 | -50.6% |
| HWM | Dec. 31, 2025 | 1,666 | $326,919 | 34.6% |
| AMT | Sept. 30, 2025 | 1,359 | $300,366 | -8.1% |
| ARKK | March 31, 2025 | 5,057 | $287,086 | No longer tracked |
| FIS | March 31, 2026 | 3,963 | $263,381 | -13.1% |
| HCA | Dec. 31, 2025 | 591 | $251,884 | -10.9% |
| T | Dec. 31, 2025 | 8,629 | $243,683 | 2.1% |
| CRL | March 31, 2025 | 1,300 | $239,980 | 92.8% |
| GEV | Dec. 31, 2025 | 390 | $239,811 | 48.5% |
| NICE | Dec. 31, 2025 | 1,625 | $235,268 | -12.0% |
| WFC | March 31, 2026 | 2,473 | $230,484 | 6.3% |
| NKE | Dec. 31, 2025 | 3,246 | $226,344 | -36.3% |
| SIVR | June 30, 2026 | 3,160 | $226,288 | No longer tracked |
| EXAS | March 31, 2026 | 2,215 | $224,955 | No longer tracked |
| PYPL | Dec. 31, 2025 | 3,309 | $221,902 | 6.6% |
| PSX | Dec. 31, 2025 | 1,631 | $221,849 | 88.4% |
| DIS | June 30, 2026 | 2,281 | $219,843 | 11.3% |
| FISV | June 30, 2025 | 979 | $216,193 | -70.1% |
| HON | March 31, 2025 | 957 | $216,177 | 10.0% |
| MCHP | Dec. 31, 2025 | 3,362 | $215,908 | 19.8% |
| MCHP | March 31, 2025 | 3,762 | $215,751 | 57.7% |
| MPC | Dec. 31, 2025 | 1,116 | $215,098 | 123.1% |
| DHR | March 31, 2025 | 933 | $214,170 | 4.4% |
| AMGN | June 30, 2025 | 687 | $214,035 | 56.2% |
| INTC | Dec. 31, 2025 | 6,337 | $212,606 | 149.1% |
| SBUX | Sept. 30, 2025 | 2,309 | $211,574 | 22.5% |
| SHEL | June 30, 2026 | 2,257 | $209,901 | 20.9% |
| PPL | Dec. 31, 2025 | 5,553 | $206,349 | 0.2% |
| NVO | June 30, 2025 | 2,964 | $205,820 | -32.3% |
| CRWD | Sept. 30, 2025 | 398 | $202,705 | -61.8% |
| HON | Sept. 30, 2025 | 868 | $202,140 | 10.7% |
| ICLN | Dec. 31, 2025 | 11,001 | $170,295 | |
| F | Sept. 30, 2025 | 14,703 | $159,528 | 20.0% |
| UA | June 30, 2026 | 20,000 | $115,800 | -16.8% |
| DNN | June 30, 2026 | 10,000 | $35,300 | No longer tracked |
| GPRO | Dec. 31, 2025 | 10,000 | $21,200 | -55.8% |