First Business Financial Services, Inc.

In its 13F for Q2 2026 (holdings as of June 30, 2026, filed July 28, 2026), First Business Financial Services, Inc. reported 201 stock positions worth $1.3 billion. Its top holding was VG Morningstar TS MKT ETF-US (VTI) at 22.8% of the portfolio, followed by iShares Core MSCI Eafe ETF (IEFA, 11.7%) and iShares Russell 1000 Growth (IWF, 7.0%). Compared with Q1 2026, it opened 14 new positions, sold out of 5, added to 110 and reduced 27. The biggest buy was Lam Research (LRCX, shares +5%) and the biggest sale First Business Financial Ser (FBIZ, shares −6%).

Most Recent 13F
Q2 2026
Location
MADISON, WI
CIK
0001521951
Portfolio Value
$1.3B (Q2 2026)
SEC Filing
0001140361-26-029854 ↗ filed Jul 28, 2026

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $932.5M Q1 2024 Q2 2024: $943.3M Q2 2024 Q3 2024: $999.2M Q3 2024 Q4 2024: $1.0B Q4 2024 Q1 2025: $1.0B Q1 2025 Q2 2025: $1.1B Q2 2025 Q3 2025: $1.1B Q3 2025 Q4 2025: $1.1B Q4 2025 Q1 2026: $1.1B Q1 2026 Q2 2026: $1.3B $1.3B Q2 2026

Holdings 201 stocks · $1.3B
VTI VG Morningstar TS MKT ETF-US 22.81% 794,853 $294.1M Reduce -0.3%
IEFA iShares Core MSCI Eafe ETF 11.74% 1,567,578 $151.4M Add +0.7%
IWF iShares Russell 1000 Growth 7.05% 731,884 $90.9M Reduce -0.2%
IJR iShares Core S&P Small-Cap E 5.77% 502,002 $74.5M Add +0.2%
IWD iShares Russell 1000 Value E 5.00% 265,835 $64.4M Reduce -0.1%
DGRO iShares Core Dividend Growth 4.93% 839,061 $63.6M Add +0.5%
IJH iShares Core S&P Midcap ETF 4.26% 711,692 $54.9M Add +0.6%
AGG iShares Core U.S. Aggregate 2.98% 388,636 $38.5M Add +3.4%
SPY SS SPDR S&P 500 ETF Trust-US 2.53% 43,684 $32.6M Reduce -0.2%
FBIZ First Business Financial Ser 1.67% 340,189 $21.5M Reduce -5.8%
NVDA Nvidia Corp. 1.59% 102,546 $20.5M Add +2.6%
JPST JPMorgan Ultra-Short Income 1.43% 363,803 $18.4M Add +4.0%
AAPL Apple Inc. 1.35% 59,954 $17.3M Add +0.8%
AVGO Broadcom Inc. 1.21% 41,248 $15.6M Reduce -1.0%
GOOGL Alphabet Inc. Class A 1.21% 43,589 $15.6M Add +3.4%
CIEN Ciena Corp. 1.10% 28,808 $14.1M Reduce -4.1%
LRCX Lam Research Corp. 1.09% 32,515 $14.1M Add +5.4%
JPM JPMorgan Chase & Co. 0.92% 36,121 $11.8M Add +2.2%
ANET Arista Networks Inc. 0.91% 68,750 $11.7M Add +3.9%
PWR Quanta Services Inc. 0.87% 15,594 $11.2M Add +0.4%
LLY Eli Lilly & Co. 0.62% 6,642 $8.0M Add +3.5%
VTIP Vanguard Short-Term Tips 0.58% 150,171 $7.5M Add +13.1%
MTUM iShares MSCI USA Momentum Fa 0.54% 20,335 $7.0M No change
MSFT Microsoft Corp. 0.54% 18,644 $7.0M Add +3.3%
XLK SS Technology Select Sector 0.54% 36,498 $7.0M No change
IVV iShares Core S&P 500 ETF 0.50% 8,639 $6.5M Add +33.4%
MUB iShares National Muni Bond E 0.46% 54,736 $5.9M Add +3.3%
C Citigroup Inc. 0.45% 41,453 $5.8M Add +3.5%
ADI Analog Devices Inc. 0.43% 13,874 $5.5M Add +3.7%
BAC Bank of America Corp. 0.35% 80,030 $4.6M Add +3.1%
NUE Nucor Corp. 0.35% 20,457 $4.6M Add +4.1%
COR Cencora Inc. 0.35% 16,022 $4.5M Add +4.4%
BRK.A Berkshire Hathaway Inc. Class A 0.35% 6 $4.5M No change
COST Costco Wholesale Corp. 0.34% 4,723 $4.4M Add +1.6%
XOM Exxon Mobil Corp. 0.33% 30,811 $4.2M Add +5.3%
TXN Texas Instruments Inc. 0.32% 13,969 $4.2M Add +2.7%
GD General Dynamics Corp. 0.28% 10,301 $3.6M Add +4.5%
CSCO Cisco Systems Inc. 0.28% 31,038 $3.6M Reduce -0.0%
RSSB RTRN Stack GLBL STK & BD ETF 0.28% 118,108 $3.6M Add +51.0%
EQIX Equinix Inc. 0.28% 3,418 $3.6M Add +3.7%
EXPE Expedia Group Inc. 0.25% 12,670 $3.2M Add +3.8%
KO The Coca-Cola Co. 0.25% 39,772 $3.2M Add +2.6%
SYK Stryker Corp. 0.24% 10,025 $3.2M Add +3.7%
RSG Republic Services Inc. 0.24% 14,459 $3.1M Add +1.6%
PRU Prudential Financial Inc. 0.24% 28,540 $3.1M Add +1.8%
AMZN Amazon.com Inc. 0.24% 12,887 $3.1M Add +4.2%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.24% 20,159 $3.1M Add +3.5%
NEE Nextera Energy Inc. 0.24% 34,658 $3.0M Add +4.0%
TOL Toll Brothers Inc. 0.23% 18,086 $3.0M Add +6.5%
TMUS T-Mobile US Inc. 0.23% 17,473 $2.9M Add +3.4%
EA Electronic Arts Inc. 0.22% 14,127 $2.9M Reduce -0.4%
XLE SS Energy Select Sector 0.22% 54,244 $2.9M No change
XLI SS Industrial Select Sector 0.20% 14,013 $2.6M No change
META Meta Platforms Inc. Class A 0.20% 4,553 $2.6M Add +5.4%
GOOG Alphabet Inc. Class C 0.19% 7,019 $2.5M Add +2.0%
DRI Darden Restaurants Inc. 0.18% 11,096 $2.3M Add +3.9%
OSK Oshkosh Corp. 0.18% 14,778 $2.3M Add +5.0%
ICE Intercontinental Exchange Inc. 0.17% 17,807 $2.2M Add +3.1%
GLW Corning Inc. 0.17% 8,538 $2.2M Reduce -4.7%
LOW Lowe's Cos Inc. 0.17% 9,726 $2.1M Add +4.0%
AMD Advanced Micro Devices 0.16% 3,600 $2.1M Add +2.7%
HWM Howmet Aerospace Inc. 0.16% 7,638 $2.1M New
QCOM Qualcomm Inc. 0.15% 10,546 $1.9M Add +4.1%
PM Philip Morris International 0.15% 10,548 $1.9M Add +0.9%
AEP American Electric Power 0.15% 13,845 $1.9M Add +6.3%
SLB SLB Ltd. filed as SLB LIMITED 0.15% 40,368 $1.9M Add +4.1%
IQV Iqvia Holdings Inc. 0.14% 9,340 $1.8M Add +4.2%
ABBV Abbvie Inc. 0.14% 7,047 $1.8M Reduce -1.7%
IWB iShares Russell 1000 ETF 0.13% 4,244 $1.7M No change
NFLX Netflix Inc. 0.12% 22,065 $1.6M Add +4.4%
GLD SPDR Gold Shares 0.12% 4,247 $1.6M No change
VB Vanguard Most SM-Cap ETF-Usd 0.12% 5,070 $1.5M No change
KR Kroger Co. 0.12% 27,577 $1.5M Add +4.7%
XLY SS Consumer Disc Select Sect 0.12% 12,902 $1.5M No change
CL Colgate-Palmolive Co. 0.12% 16,294 $1.5M Add +7.8%
IWM iShares Russell 2000 ETF 0.12% 4,950 $1.5M No change
ASML ASML Holding NV-NY Reg SHS filed as ASML HLDG NV 0.11% 734 $1.5M Add +0.3%
BRK.B Berkshire Hathaway Inc. Class B 0.11% 2,838 $1.4M Add +29.1%
ATI Ati Inc. 0.11% 7,158 $1.4M Reduce -4.4%
APO Apollo Global Management Inc. 0.11% 11,607 $1.4M Add +6.5%
XLF SS Financial Select Sector 0.10% 24,095 $1.3M No change
IWO iShares Russell 2000 Growth 0.10% 3,132 $1.2M No change
JNJ Johnson & Johnson 0.09% 4,776 $1.2M Add +2.8%
MRK Merck & Co. Inc. 0.09% 9,062 $1.2M Add +2.9%
VOX Vanguard Communication Servi 0.09% 6,200 $1.1M No change
WMT Walmart Inc. 0.08% 9,601 $1.1M Add +8.9%
ETN Eaton Corp. PLC 0.08% 2,446 $1.0M Add +12.6%
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.08% 12,820 $1.0M No change
PLTR Palantir Technologies Inc. Class A 0.08% 8,758 $1.0M Reduce -0.7%
IWN iShares Russell 2000 Value E 0.08% 4,604 $1.0M No change
NULV Nuveen ESG Large-Cap Val ETF 0.07% 19,006 $950K Add +0.4%
CTA Simplify Managed Futures St 0.07% 35,851 $930K Add +48.3%
MRVL Marvell Technology Inc. 0.07% 3,001 $894K Reduce -3.6%
CRM Salesforce Inc. 0.07% 5,594 $876K Add +5.4%
TDG Transdigm Group Inc. 0.07% 654 $871K Add +0.3%
AMAT Applied Materials Inc. 0.07% 1,197 $865K Add +9.9%
USMV iShares MSCI USA Min Vol Fac 0.07% 8,694 $839K No change
BLK BlackRock Inc. 0.06% 837 $805K Add +0.2%
PG The Procter & Gamble Co. 0.06% 5,473 $803K Add +2.1%
XLC SS Comm Select Sector SPDR 0.06% 7,317 $784K No change

Show all 201 holdings

Portfolio Sells Q1 2026 → Q2 2026
FBIZ First Business Financial Ser Reduce -5.8% 1.67% −0.07
IWD iShares Russell 1000 Value E Reduce -0.1% 5.00% −0.06
PLTR Palantir Technologies Inc. Class A Reduce -0.7% 0.08% −0.04
WTRG Essential Utilities Inc. Reduce -57.6% 0.02% −0.03
EA Electronic Arts Inc. Reduce -0.4% 0.22% −0.03
MCD McDonald's Corp. Reduce -46.0% 0.02% −0.03
SIVR Abrdn Physical Silver Shares Sold out 0.00% −0.02
DIS The Walt Disney Co. Sold out 0.00% −0.02
SHEL Shell PLC-ADR Sold out 0.00% −0.02
UA Under Armour Inc. Class C Sold out 0.00% −0.01
DOX Amdocs Ltd. Reduce -9.1% 0.02% −0.01
EOG EOG Resources Inc. Reduce -15.8% 0.02% −0.01
AON Aon PLC Class A Reduce -10.3% 0.03% −0.01
BX Blackstone Inc. Reduce -13.8% 0.02% −0.01
TMO Thermo Fisher Scientific Inc. Reduce -12.7% 0.02% −0.01
NOW ServiceNow Inc. Reduce -2.6% 0.02% −0.00
PNC PNC Financial Services Group Reduce -16.9% 0.02% −0.00
XEL Xcel Energy Inc. Reduce -0.1% 0.03% −0.00
DNN Denison Mines Corp. Sold out 0.00% −0.00
ABBV Abbvie Inc. Reduce -1.7% 0.14% −0.00
FELG Fidelity Enh LRG Cap GWTH Reduce -3.5% 0.02% −0.00
VUG Vanguard Mrngstar GR ETF-Sui Reduce -3.1% 0.06% 0.00
SPY SS SPDR S&P 500 ETF Trust-US Reduce -0.2% 2.53% +0.00
IVW iShares S&P 500 Growth ETF Reduce -3.6% 0.02% +0.00
ATI Ati Inc. Reduce -4.4% 0.11% +0.01
MRVL Marvell Technology Inc. Reduce -3.6% 0.07% +0.04
CIEN Ciena Corp. Reduce -4.1% 1.10% +0.06
GLW Corning Inc. Reduce -4.7% 0.17% +0.06
AVGO Broadcom Inc. Reduce -1.0% 1.21% +0.06
CSCO Cisco Systems Inc. Reduce -0.0% 0.28% +0.07
VTI VG Morningstar TS MKT ETF-US Reduce -0.3% 22.81% +0.07
IWF iShares Russell 1000 Growth Reduce -0.2% 7.05% +0.10

Portfolio Buys Q1 2026 → Q2 2026
LRCX Lam Research Corp. Add +5.4% 1.09% +0.51
IJR iShares Core S&P Small-Cap E Add +0.2% 5.77% +0.24
ANET Arista Networks Inc. Add +3.9% 0.91% +0.18
HWM Howmet Aerospace Inc. New 0.16% +0.16
GOOGL Alphabet Inc. Class A Add +3.4% 1.21% +0.13
IVV iShares Core S&P 500 ETF Add +33.4% 0.50% +0.13
PWR Quanta Services Inc. Add +0.4% 0.87% +0.11
AMD Advanced Micro Devices Add +2.7% 0.16% +0.10
LLY Eli Lilly & Co. Add +3.5% 0.62% +0.09
RSSB RTRN Stack GLBL STK & BD ETF Add +51.0% 0.28% +0.09
TXN Texas Instruments Inc. Add +2.7% 0.32% +0.09
NUE Nucor Corp. Add +4.1% 0.35% +0.06
ADI Analog Devices Inc. Add +3.7% 0.43% +0.05
C Citigroup Inc. Add +3.5% 0.45% +0.05
NVDA Nvidia Corp. Add +2.6% 1.59% +0.04
MU Micron Technology Inc. New 0.04% +0.04
QCOM Qualcomm Inc. Add +4.1% 0.15% +0.04
AMAT Applied Materials Inc. Add +9.9% 0.07% +0.03
ASML ASML Holding NV-NY Reg SHS Add +0.3% 0.11% +0.03
INTC Intel Corp. New 0.03% +0.03
TOL Toll Brothers Inc. Add +6.5% 0.23% +0.03
STX Seagate Technology Holdings New 0.02% +0.02
TSM Taiwan Semiconductor-SP ADR New 0.02% +0.02
CVS CVS Health Corp. New 0.02% +0.02
KEY Keycorp New 0.02% +0.02
WEC WEC Energy Group Inc. New 0.02% +0.02
WFC Wells Fargo & Co. New 0.02% +0.02
BAC Bank of America Corp. Add +3.1% 0.35% +0.02
GOOG Alphabet Inc. Class C Add +2.0% 0.19% +0.02
ENB Enbridge Inc. New 0.02% +0.02
BRK.B Berkshire Hathaway Inc. Class B Add +29.1% 0.11% +0.02
UBER Uber Technologies Inc. New 0.02% +0.02
SPG Simon Property Group Inc. New 0.02% +0.02
CEG Constellation Energy New 0.02% +0.02
GNRC Generac Holdings Inc. New 0.02% +0.02
GE General Electric Add +31.9% 0.05% +0.02
CAT Caterpillar Inc. Add +2.0% 0.05% +0.01
ETN Eaton Corp. PLC Add +12.6% 0.08% +0.01
IBM Intl Business Machines Corp. Add +21.5% 0.05% +0.01
AMZN Amazon.com Inc. Add +4.2% 0.24% +0.01
GEV GE Vernova Inc. Add +20.2% 0.03% +0.01
IJH iShares Core S&P Midcap ETF Add +0.6% 4.26% +0.01
HLT Hilton Worldwide Holdings Inc. Add +48.2% 0.03% +0.01
CTA Simplify Managed Futures St Add +48.3% 0.07% +0.01
CMI Cummins Inc. Add +1.3% 0.05% +0.01
UNH Unitedhealth Group Inc. Add +2.8% 0.02% +0.01
ROK Rockwell Automation Inc. Add +8.7% 0.03% +0.01
PAVE Global X US Infrastructure Add +22.0% 0.03% +0.01
MS Morgan Stanley Add +2.4% 0.03% +0.00
IQV Iqvia Holdings Inc. Add +4.2% 0.14% +0.00

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 201$1.3BVTI, IEFA, IWF, IJR, IWD
Q1 2026 192$1.1BVTI, IEFA, IWF, IJR, DGRO
Q4 2025 168$1.1BVTI, IEFA, IWF, IJR, DGRO
Q3 2025 185$1.1BVTI, IEFA, IWF, IJR, DGRO
Q2 2025 185$1.1BVTI, IEFA, IWF, IJR, DGRO
Q1 2025 170$1.0BVTI, IEFA, IWF, IJR, DGRO
Q4 2024 162$1.0BVTI, IEFA, IWF, IJR, DGRO
Q3 2024 159$999.2MVTI, IEFA, IWF, IJR, DGRO
Q2 2024 157$943.3MVTI, IEFA, IWF, IJR, DGRO
Q1 2024Amended 165$932.5MVTI, IEFA, IWF, IJR, DGRO