First Business Financial Services, Inc.
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 6, 2024), First Business Financial Services, Inc. reported 159 stock positions worth $999.2 million. Its top holding was VG Morningstar TS MKT ETF-US (VTI) at 24.9% of the portfolio, followed by iShares Core MSCI Eafe ETF (IEFA, 12.9%) and iShares Russell 1000 Growth (IWF, 7.6%). Compared with Q2 2024, it opened 9 new positions, sold out of 7, added to 56 and reduced 43. The biggest buy was a new position in Aristotle Fltng RT Class I (PLFRX) and the biggest sale VG Morningstar TS MKT ETF-US (VTI, shares −3%).
- Most Recent 13F
- Q2 2026
- Location
- MADISON, WI
- CIK
- 0001521951
- Portfolio Value
- $999.2M (Q3 2024)
- SEC Filing
- 0001140361-24-045361 ↗ filed Nov 6, 2024
Holdings Value
Holdings 159 stocks · $999.2M
| VTI VG Morningstar TS MKT ETF-US | 24.87% | 877,618 | $248.5M | Reduce -3.0% |
| IEFA iShares Core MSCI Eafe ETF | 12.95% | 1,657,693 | $129.4M | Add +0.1% |
| IWF iShares Russell 1000 Growth | 7.63% | 203,112 | $76.2M | Reduce -3.6% |
| IJR iShares Core S&P Small-Cap E | 6.20% | 529,655 | $61.9M | Reduce -4.6% |
| DGRO iShares Core Dividend Growth | 5.64% | 898,495 | $56.3M | Add +1.2% |
| IWD iShares Russell 1000 Value E | 5.44% | 286,403 | $54.4M | Reduce -0.3% |
| IJH iShares Core S&P Midcap ETF | 4.68% | 749,645 | $46.7M | Reduce -1.3% |
| AGG iShares Core U.S. Aggregate | 4.17% | 411,275 | $41.6M | Reduce -11.1% |
| SPY SS SPDR S&P 500 ETF Trust-US | 2.46% | 42,854 | $24.6M | Reduce -3.9% |
| FBIZ First Business Financial Ser | 1.67% | 365,912 | $16.7M | Add +3.5% |
| PLFRX Aristotle Fltng RT Inc. Class I | 1.61% | 1,699,780 | $16.1M | New |
| AAPL Apple Inc. | 1.36% | 58,144 | $13.5M | Add +10.4% |
| JPST JPMorgan Ultra-Short Income | 1.03% | 201,911 | $10.2M | Reduce -10.4% |
| NVDA Nvidia Corp. | 0.99% | 81,760 | $9.9M | Add +8.2% |
| MSFT Microsoft Corp. | 0.79% | 18,335 | $7.9M | Add +1.3% |
| JPM JPMorgan Chase & Co. | 0.65% | 30,907 | $6.5M | Add +2.4% |
| AVGO Broadcom Inc. | 0.63% | 36,742 | $6.3M | Reduce -3.0% |
| GOOGL Alphabet Inc. Class A | 0.60% | 36,444 | $6.0M | Add +0.6% |
| ANET Arista Networks Inc. | 0.55% | 14,211 | $5.5M | Add +0.6% |
| LLY Eli Lilly & Co. | 0.52% | 5,894 | $5.2M | Add +6.4% |
| MTUM iShares MSCI USA Momentum Fa | 0.41% | 20,335 | $4.1M | No change |
| COST Costco Wholesale Corp. | 0.36% | 4,076 | $3.6M | Add +12.9% |
| PWR Quanta Services Inc. | 0.35% | 11,746 | $3.5M | Add +3.5% |
| IVV iShares Core S&P 500 ETF | 0.34% | 5,873 | $3.4M | No change |
| SYK Stryker Corp. | 0.31% | 8,627 | $3.1M | Add +12.0% |
| XLK SS Technology Select Sector | 0.30% | 13,285 | $3.0M | No change |
| COR Cencora Inc. | 0.30% | 13,255 | $3.0M | Add +4.2% |
| TMUS T-Mobile US Inc. | 0.30% | 14,343 | $3.0M | Add +7.6% |
| ADI Analog Devices Inc. | 0.30% | 12,817 | $3.0M | Reduce -3.4% |
| XOM Exxon Mobil Corp. | 0.28% | 24,135 | $2.8M | Add +1.2% |
| CSCO Cisco Systems Inc. | 0.27% | 50,979 | $2.7M | Add +7.0% |
| UNH Unitedhealth Group Inc. | 0.26% | 4,370 | $2.6M | Add +3.0% |
| TXN Texas Instruments Inc. | 0.25% | 12,156 | $2.5M | Add +5.0% |
| RSG Republic Services Inc. | 0.25% | 12,494 | $2.5M | Add +4.7% |
| C Citigroup Inc. | 0.25% | 39,361 | $2.5M | Add +3.3% |
| ICE Intercontinental Exchange Inc. | 0.24% | 15,163 | $2.4M | Add +4.3% |
| EQIX Equinix Inc. | 0.24% | 2,713 | $2.4M | Add +15.1% |
| XLE SS Energy Select Sector | 0.24% | 27,252 | $2.4M | No change |
| LOW Lowe's Cos Inc. | 0.24% | 8,764 | $2.4M | Add +2.1% |
| CTVA Corteva Inc. | 0.24% | 40,350 | $2.4M | Add +9.1% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.24% | 59,232 | $2.4M | Add +5.5% |
| LRCX Lam Research Corp. | 0.23% | 2,856 | $2.3M | Add +3.0% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.23% | 19,483 | $2.3M | Add +2.4% |
| IQV Iqvia Holdings Inc. | 0.23% | 9,553 | $2.3M | Add +3.7% |
| EA Electronic Arts Inc. | 0.22% | 15,286 | $2.2M | Add +8.7% |
| PRU Prudential Financial Inc. | 0.21% | 17,386 | $2.1M | Add +4.9% |
| CSX CSX Corp. | 0.21% | 60,236 | $2.1M | Add +8.6% |
| NEE Nextera Energy Inc. | 0.21% | 24,307 | $2.1M | Add +12.6% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.19% | 19,958 | $1.9M | Add +11.9% |
| XLI SS Industrial Select Sector | 0.19% | 14,013 | $1.9M | No change |
| GD General Dynamics Corp. | 0.19% | 6,244 | $1.9M | Add +9.6% |
| DRI Darden Restaurants Inc. | 0.18% | 10,878 | $1.8M | Add +8.1% |
| IWB iShares Russell 1000 ETF | 0.18% | 5,578 | $1.8M | No change |
| KO The Coca-Cola Co. | 0.17% | 23,335 | $1.7M | No change |
| QCOM Qualcomm Inc. | 0.17% | 9,791 | $1.7M | Reduce -1.8% |
| AMZN Amazon.com Inc. | 0.16% | 8,654 | $1.6M | Reduce -1.6% |
| TMO Thermo Fisher Scientific Inc. | 0.16% | 2,560 | $1.6M | Add +8.5% |
| HLT Hilton Worldwide Holdings Inc. | 0.16% | 6,831 | $1.6M | Add +6.5% |
| ACN Accenture PLC Class A | 0.15% | 4,229 | $1.5M | Reduce -8.8% |
| EXPE Expedia Group Inc. | 0.15% | 9,940 | $1.5M | Add +2.0% |
| ADBE Adobe Inc. | 0.15% | 2,828 | $1.5M | Add +2.7% |
| KR Kroger Co. | 0.14% | 24,935 | $1.4M | Reduce -2.5% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.14% | 33,970 | $1.4M | Add +3.0% |
| ABBV Abbvie Inc. | 0.14% | 6,994 | $1.4M | Reduce -5.0% |
| EOG EOG Resources Inc. | 0.14% | 11,152 | $1.4M | Add +14.4% |
| ELV Elevance Health Inc. | 0.14% | 2,635 | $1.4M | Add +6.0% |
| GLD SPDR Gold Shares | 0.13% | 5,500 | $1.3M | No change |
| CIEN Ciena Corp. | 0.13% | 21,361 | $1.3M | Add +18.3% |
| IWM iShares Russell 2000 ETF | 0.13% | 5,923 | $1.3M | No change |
| PG The Procter & Gamble Co. | 0.13% | 7,490 | $1.3M | Reduce -4.5% |
| PM Philip Morris International | 0.13% | 10,537 | $1.3M | Reduce -0.6% |
| GOOG Alphabet Inc. Class C | 0.13% | 7,476 | $1.2M | Add +1.2% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.12% | 5,129 | $1.2M | No change |
| XLY SS Consumer Disc Select Sect | 0.11% | 5,651 | $1.1M | No change |
| LULU Lululemon Athletica Inc. | 0.11% | 4,070 | $1.1M | Add +12.1% |
| XLF SS Financial Select Sector | 0.11% | 24,095 | $1.1M | No change |
| MRK Merck & Co. Inc. | 0.10% | 8,895 | $1.0M | Reduce -6.0% |
| MDLZ Mondelez International Inc. Class A | 0.10% | 13,060 | $962K | Reduce -3.3% |
| TDG Transdigm Group Inc. | 0.09% | 652 | $930K | No change |
| PEP Pepsico Inc. | 0.09% | 5,408 | $920K | Reduce -5.0% |
| NULV Nuveen ESG Large-Cap Val ETF | 0.09% | 21,694 | $905K | Add +84.2% |
| VOX Vanguard Communication Servi | 0.09% | 6,200 | $901K | No change |
| ATI Ati Inc. | 0.09% | 13,455 | $900K | No change |
| IWO iShares Russell 2000 Growth | 0.09% | 3,132 | $889K | No change |
| ITW Illinois Tool Works | 0.09% | 3,331 | $873K | No change |
| JNJ Johnson & Johnson | 0.09% | 5,324 | $863K | Reduce -1.1% |
| TTEK Tetra Tech Inc. | 0.08% | 17,555 | $828K | No change |
| USMV iShares MSCI USA Min Vol Fac | 0.08% | 8,694 | $794K | Reduce -45.0% |
| BLK BlackRock Finance Inc. | 0.08% | 830 | $788K | Reduce -0.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.08% | 1,706 | $785K | No change |
| IWN iShares Russell 2000 Value E | 0.08% | 4,604 | $768K | No change |
| CVX Chevron Corp. | 0.08% | 5,121 | $754K | Reduce -0.5% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.07% | 2,832 | $747K | No change |
| MCD McDonald's Corp. | 0.07% | 2,289 | $697K | Reduce -1.1% |
| HD Home Depot Inc. | 0.07% | 1,716 | $695K | Reduce -11.0% |
| PNC PNC Financial Services Group | 0.07% | 3,713 | $686K | Reduce -1.2% |
| ETN Eaton Corp. PLC | 0.07% | 2,062 | $683K | Add +0.5% |
| TRI Thomson Reuters Corp. | 0.07% | 3,942 | $673K | No change |
| WMT Walmart Inc. | 0.07% | 8,056 | $651K | No change |
| XLC SS Comm Select Sector SPDR | 0.06% | 7,057 | $638K | No change |
Portfolio Sells Q2 2024 → Q3 2024
| VTI VG Morningstar TS MKT ETF-US | Reduce -3.0% | 24.87% | −0.80 |
| AGG iShares Core U.S. Aggregate | Reduce -11.1% | 4.17% | −0.59 |
| FISV Fiserv Inc. | Sold out | 0.00% | −0.57 |
| IWF iShares Russell 1000 Growth | Reduce -3.6% | 7.63% | −0.51 |
| JPST JPMorgan Ultra-Short Income | Reduce -10.4% | 1.03% | −0.18 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -3.9% | 2.46% | −0.11 |
| IJR iShares Core S&P Small-Cap E | Reduce -4.6% | 6.20% | −0.08 |
| USMV iShares MSCI USA Min Vol Fac | Reduce -45.0% | 0.08% | −0.06 |
| QCOM Qualcomm Inc. | Reduce -1.8% | 0.17% | −0.04 |
| IJH iShares Core S&P Midcap ETF | Reduce -1.3% | 4.68% | −0.04 |
| KMB Kimberly-Clark Corp. | Sold out | 0.00% | −0.03 |
| ADI Analog Devices Inc. | Reduce -3.4% | 0.30% | −0.03 |
| MRK Merck & Co. Inc. | Reduce -6.0% | 0.10% | −0.02 |
| HON Honeywell International Inc. | Sold out | 0.00% | −0.02 |
| B Barrick Gold Corp. | Sold out | 0.00% | −0.02 |
| AMZN Amazon.com Inc. | Reduce -1.6% | 0.16% | −0.02 |
| ABTYX AB High Inc. Municipal-Adv | Sold out | 0.00% | −0.01 |
| SCHW Schwab (charles) Corp. | Reduce -21.0% | 0.03% | −0.01 |
| AVGO Broadcom Inc. | Reduce -3.0% | 0.63% | −0.01 |
| CVX Chevron Corp. | Reduce -0.5% | 0.08% | −0.01 |
| NICE Nice Ltd. - Spon ADR | Reduce -17.2% | 0.03% | −0.01 |
| PEP Pepsico Inc. | Reduce -5.0% | 0.09% | −0.01 |
| NKE Nike Inc. Class B | Reduce -26.4% | 0.03% | −0.01 |
| PG The Procter & Gamble Co. | Reduce -4.5% | 0.13% | −0.01 |
| FIS Fidelity National Info Serv | Reduce -19.1% | 0.04% | −0.01 |
| V Visa Inc. Class A | Reduce -15.2% | 0.03% | −0.01 |
| AMGN Amgen Inc. | Reduce -17.1% | 0.02% | −0.01 |
| DOX Amdocs Ltd. | Reduce -14.7% | 0.04% | −0.00 |
| GLW Corning Inc. | Reduce -16.5% | 0.04% | −0.00 |
| FLG New York Community Bancorp | Sold out | 0.00% | −0.00 |
| TEL Te Connectivity PLC | Reduce -1.4% | 0.04% | −0.00 |
| LLAP Terran Orbital Corp. | Sold out | 0.00% | −0.00 |
| HD Home Depot Inc. | Reduce -11.0% | 0.07% | −0.00 |
| META Meta Platforms Inc. Class A | Reduce -7.7% | 0.05% | −0.00 |
| ABT Abbott Laboratories | Reduce -3.6% | 0.06% | −0.00 |
| UNP Union Pacific Corp. | Reduce -2.0% | 0.04% | +0.00 |
| ACN Accenture PLC Class A | Reduce -8.8% | 0.15% | +0.00 |
| MGEE Mge Energy Inc. | Reduce -12.7% | 0.06% | +0.00 |
| SBUX Starbucks Corp. | Reduce -10.9% | 0.02% | +0.00 |
| MDLZ Mondelez International Inc. Class A | Reduce -3.3% | 0.10% | +0.00 |
| JNJ Johnson & Johnson | Reduce -1.1% | 0.09% | +0.00 |
| ABBV Abbvie Inc. | Reduce -5.0% | 0.14% | +0.00 |
| PYPL PayPal Holdings Inc. | Reduce -4.7% | 0.03% | +0.00 |
| PNC PNC Financial Services Group | Reduce -1.2% | 0.07% | +0.01 |
| MCD McDonald's Corp. | Reduce -1.1% | 0.07% | +0.01 |
| KR Kroger Co. | Reduce -2.5% | 0.14% | +0.01 |
| PLTR Palantir Technologies Inc. Class A | Reduce -7.6% | 0.04% | +0.01 |
| BLK BlackRock Finance Inc. | Reduce -0.7% | 0.08% | +0.01 |
| PM Philip Morris International | Reduce -0.6% | 0.13% | +0.01 |
| IWD iShares Russell 1000 Value E | Reduce -0.3% | 5.44% | +0.13 |
Portfolio Buys Q2 2024 → Q3 2024
| PLFRX Aristotle Fltng RT Inc. Class I | New | 1.61% | +1.61 |
| FBIZ First Business Financial Ser | Add +3.5% | 1.67% | +0.28 |
| DGRO iShares Core Dividend Growth | Add +1.2% | 5.64% | +0.21 |
| IEFA iShares Core MSCI Eafe ETF | Add +0.1% | 12.95% | +0.20 |
| AAPL Apple Inc. | Add +10.4% | 1.36% | +0.18 |
| EQIX Equinix Inc. | Add +15.1% | 0.24% | +0.05 |
| TMUS T-Mobile US Inc. | Add +7.6% | 0.30% | +0.05 |
| PWR Quanta Services Inc. | Add +3.5% | 0.35% | +0.04 |
| NEE Nextera Energy Inc. | Add +12.6% | 0.21% | +0.04 |
| NULV Nuveen ESG Large-Cap Val ETF | Add +84.2% | 0.09% | +0.04 |
| CIEN Ciena Corp. | Add +18.3% | 0.13% | +0.04 |
| NOW ServiceNow Inc. | New | 0.04% | +0.04 |
| LOW Lowe's Cos Inc. | Add +2.1% | 0.24% | +0.04 |
| COST Costco Wholesale Corp. | Add +12.9% | 0.36% | +0.04 |
| SYK Stryker Corp. | Add +12.0% | 0.31% | +0.03 |
| ICE Intercontinental Exchange Inc. | Add +4.3% | 0.24% | +0.03 |
| CSCO Cisco Systems Inc. | Add +7.0% | 0.27% | +0.03 |
| UNH Unitedhealth Group Inc. | Add +3.0% | 0.26% | +0.03 |
| CTVA Corteva Inc. | Add +9.1% | 0.24% | +0.03 |
| HCA HCA Healthcare Inc. | New | 0.02% | +0.02 |
| GE General Electric | New | 0.02% | +0.02 |
| LNT Alliant Energy Corp. | New | 0.02% | +0.02 |
| XEL Xcel Energy Inc. | New | 0.02% | +0.02 |
| DGRW Wisdomtree U.S. Quality Divi | New | 0.02% | +0.02 |
| ANET Arista Networks Inc. | Add +0.6% | 0.55% | +0.02 |
| TMO Thermo Fisher Scientific Inc. | Add +8.5% | 0.16% | +0.02 |
| IQV Iqvia Holdings Inc. | Add +3.7% | 0.23% | +0.02 |
| DRI Darden Restaurants Inc. | Add +8.1% | 0.18% | +0.02 |
| EXPE Expedia Group Inc. | Add +2.0% | 0.15% | +0.02 |
| ICLN iShares Global Clean Energy | New | 0.01% | +0.01 |
| GD General Dynamics Corp. | Add +9.6% | 0.19% | +0.01 |
| F Ford Motor Co. | New | 0.01% | +0.01 |
| TXN Texas Instruments Inc. | Add +5.0% | 0.25% | +0.01 |
| EA Electronic Arts Inc. | Add +8.7% | 0.22% | +0.01 |
| CSX CSX Corp. | Add +8.6% | 0.21% | +0.01 |
| HLT Hilton Worldwide Holdings Inc. | Add +6.5% | 0.16% | +0.01 |
| EOG EOG Resources Inc. | Add +14.4% | 0.14% | +0.01 |
| TJX TJX Companies Inc. | Add +2.4% | 0.23% | +0.01 |
| WEYS Weyco Group Inc. | Add +8.3% | 0.04% | +0.01 |
| RSG Republic Services Inc. | Add +4.7% | 0.25% | +0.01 |
| PRU Prudential Financial Inc. | Add +4.9% | 0.21% | +0.00 |
| JPM JPMorgan Chase & Co. | Add +2.4% | 0.65% | +0.00 |
| CTAS Cintas Corp. | Add +0.6% | 0.04% | +0.00 |
| DIS The Walt Disney Co. | Add +11.9% | 0.19% | +0.00 |
| NVDA Nvidia Corp. | Add +8.2% | 0.99% | +0.00 |
| ORCL Oracle Corp. | Add +1.3% | 0.03% | +0.00 |
| ISRG Intuitive Surgical Inc. | Add +1.0% | 0.06% | +0.00 |
| MA Mastercard Inc. Class A | Add +1.1% | 0.04% | +0.00 |
| AJG Arthur J Gallagher & Co. | Add +1.0% | 0.03% | +0.00 |
| ETN Eaton Corp. PLC | Add +0.5% | 0.07% | +0.00 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 201 | $1.3B | VTI, IEFA, IWF, IJR, IWD |
| Q1 2026 | 192 | $1.1B | VTI, IEFA, IWF, IJR, DGRO |
| Q4 2025 | 168 | $1.1B | VTI, IEFA, IWF, IJR, DGRO |
| Q3 2025 | 185 | $1.1B | VTI, IEFA, IWF, IJR, DGRO |
| Q2 2025 | 185 | $1.1B | VTI, IEFA, IWF, IJR, DGRO |
| Q1 2025 | 170 | $1.0B | VTI, IEFA, IWF, IJR, DGRO |
| Q4 2024 | 162 | $1.0B | VTI, IEFA, IWF, IJR, DGRO |
| Q3 2024 | 159 | $999.2M | VTI, IEFA, IWF, IJR, DGRO |
| Q2 2024 | 157 | $943.3M | VTI, IEFA, IWF, IJR, DGRO |
| Q1 2024Amended | 165 | $932.5M | VTI, IEFA, IWF, IJR, DGRO |