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

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

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
MGEE Mge Energy Inc. 0.06% 6,808 $623K Reduce -12.7%
ABT Abbott Laboratories 0.06% 5,443 $621K Reduce -3.6%
ISRG Intuitive Surgical Inc. 0.06% 1,251 $615K Add +1.0%
VUG Vanguard Mrngstar GR ETF-Sui 0.06% 1,502 $577K No change
AON Aon PLC Class A 0.06% 1,632 $565K No change
AMD Advanced Micro Devices 0.05% 3,331 $547K No change
META Meta Platforms Inc. Class A 0.05% 938 $537K Reduce -7.7%
MDY State Street SPDR S&P Midcap 0.05% 917 $522K No change
AMP Ameriprise Financial Inc. 0.05% 1,093 $514K No change
VTV Vanguard Mrngstr Val ETF-Aui 0.05% 2,689 $469K No change
WEYS Weyco Group Inc. 0.04% 13,096 $446K Add +8.3%
MA Mastercard Inc. Class A 0.04% 885 $437K Add +1.1%
GLW Corning Inc. 0.04% 9,519 $430K Reduce -16.5%
EFA iShares MSCI Eafe ETF 0.04% 5,128 $429K No change
CTAS Cintas Corp. 0.04% 2,064 $425K Add +0.6%
TEL Te Connectivity PLC 0.04% 2,800 $423K Reduce -1.4%
USB US Bancorp 0.04% 9,042 $413K No change
UNP Union Pacific Corp. 0.04% 1,619 $399K Reduce -2.0%
AXP American Express Co. 0.04% 1,468 $398K No change
DOX Amdocs Ltd. 0.04% 4,450 $389K Reduce -14.7%
NOW ServiceNow Inc. 0.04% 428 $383K New
PLTR Palantir Technologies Inc. Class A 0.04% 9,991 $372K Reduce -7.6%
MO Altria Group Inc. 0.04% 7,116 $363K No change
FIS Fidelity National Info Serv 0.04% 4,276 $358K Reduce -19.1%
NVO Novo-Nordisk A/S-Spons ADR 0.04% 2,964 $353K Add +1.0%
VEA Vanguard Ftse Developed ETF 0.03% 6,514 $344K No change
WM Waste Management Inc. 0.03% 1,657 $344K No change
ACWX iShares MSCI Acwi Ex US ETF 0.03% 5,905 $338K No change
V Visa Inc. Class A 0.03% 1,200 $330K Reduce -15.2%
NKE Nike Inc. Class B 0.03% 3,687 $326K Reduce -26.4%
VGT Vanguard Info Tech ETF 0.03% 519 $304K No change
MCHP Microchip Technology Inc. 0.03% 3,762 $302K No change
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.03% 1,047 $295K Add +1.0%
CMI Cummins Inc. 0.03% 904 $293K No change
PH Parker Hannifin Corp. 0.03% 455 $287K No change
NICE Nice Ltd. - Spon ADR 0.03% 1,625 $282K Reduce -17.2%
PYPL PayPal Holdings Inc. 0.03% 3,549 $277K Reduce -4.7%
ORCL Oracle Corp. 0.03% 1,609 $274K Add +1.3%
CAT Caterpillar Inc. 0.03% 667 $261K No change
DHR Danaher Corp. 0.03% 933 $259K No change
IXN iShares Global Tech ETF 0.03% 3,143 $259K No change
MCK McKesson Corp. 0.03% 523 $259K No change
CRL Charles River Laboratories 0.03% 1,300 $256K No change
SCHW Schwab (charles) Corp. 0.03% 3,931 $255K Reduce -21.0%
INTC Intel Corp. 0.03% 10,785 $253K Add +1.4%
AMGN Amgen Inc. 0.02% 762 $246K Reduce -17.1%
ARKK ARK Innovation ETF 0.02% 5,057 $240K No change
HCA HCA Healthcare Inc. 0.02% 591 $240K New
ROK Rockwell Automation Inc. 0.02% 867 $233K No change
SBUX Starbucks Corp. 0.02% 2,357 $230K Reduce -10.9%
MRVL Marvell Technology Inc. 0.02% 3,136 $226K No change
AMAT Applied Materials Inc. 0.02% 1,114 $225K No change
GE General Electric filed as GE AEROSPACE 0.02% 1,192 $225K New
LNT Alliant Energy Corp. 0.02% 3,614 $219K New
XEL Xcel Energy Inc. 0.02% 3,277 $214K New
DGRW Wisdomtree U.S. Quality Divi 0.02% 2,543 $212K New
ICLN iShares Global Clean Energy 0.01% 10,208 $150K New
F Ford Motor Co. filed as FORD MTR CO 0.01% 12,709 $134K New
FIRST CITIZENS BANCSHARE (FCNCA V0 PERP B) 0.00% 20,000 $20K 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

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