First Business Financial Services, Inc.

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 6, 2025), First Business Financial Services, Inc. reported 162 stock positions worth $1.0 billion. Its top holding was VG Morningstar TS MKT ETF-US (VTI) at 25.2% of the portfolio, followed by iShares Core MSCI Eafe ETF (IEFA, 11.6%) and iShares Russell 1000 Growth (IWF, 8.1%). Compared with Q3 2024, it opened 11 new positions, sold out of 8, added to 63 and reduced 13. The biggest buy was Caterpillar (CAT, shares +2099%) and the biggest sale an exit from Aristotle Fltng RT Class I (PLFRX).

Most Recent 13F
Q2 2026
Location
MADISON, WI
CIK
0001521951
Portfolio Value
$1.0B (Q4 2024)
SEC Filing
0001140361-25-003418 ↗ filed Feb 6, 2025

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 $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 162 stocks · $1.0B
VTI VG Morningstar TS MKT ETF-US 25.19% 878,973 $254.7M Add +0.1%
IEFA iShares Core MSCI Eafe ETF 11.56% 1,664,076 $117.0M Add +0.4%
IWF iShares Russell 1000 Growth 8.07% 203,157 $81.6M Add +0.0%
IJR iShares Core S&P Small-Cap E 6.08% 533,412 $61.5M Add +0.7%
DGRO iShares Core Dividend Growth 5.49% 904,501 $55.5M Add +0.7%
IWD iShares Russell 1000 Value E 5.26% 287,455 $53.2M Add +0.4%
IJH iShares Core S&P Midcap ETF 4.65% 754,722 $47.0M Add +0.7%
AGG iShares Core U.S. Aggregate 3.99% 416,621 $40.4M Add +1.3%
SPY SS SPDR S&P 500 ETF Trust-US 2.48% 42,830 $25.1M Reduce -0.1%
FBIZ First Business Financial Ser 1.72% 376,088 $17.4M Add +2.8%
AAPL Apple Inc. 1.45% 58,728 $14.7M Add +1.0%
NVDA Nvidia Corp. 1.12% 84,189 $11.3M Add +3.0%
JPST JPMorgan Ultra-Short Income 1.03% 206,520 $10.4M Add +2.3%
AVGO Broadcom Inc. 0.87% 38,053 $8.8M Add +3.6%
MSFT Microsoft Corp. 0.77% 18,548 $7.8M Add +1.2%
JPM JPMorgan Chase & Co. 0.74% 31,355 $7.5M Add +1.4%
GOOGL Alphabet Inc. Class A 0.70% 37,275 $7.1M Add +2.3%
ANET Arista Networks Inc. 0.65% 59,415 $6.6M Add +4.5%
CAT Caterpillar Inc. 0.53% 14,667 $5.3M Add +2098.9%
LLY Eli Lilly & Co. 0.46% 6,015 $4.6M Add +2.0%
MGEE Mge Energy Inc. 0.42% 45,584 $4.3M Add +569.6%
MUB iShares National Muni Bond E 0.42% 40,162 $4.3M New
DE Deere & Co. 0.42% 10,040 $4.3M New
MTUM iShares MSCI USA Momentum Fa 0.42% 20,335 $4.2M No change
PWR Quanta Services Inc. 0.40% 12,794 $4.0M Add +8.9%
COST Costco Wholesale Corp. 0.38% 4,180 $3.8M Add +2.5%
IVV iShares Core S&P 500 ETF 0.34% 5,873 $3.5M No change
TMUS T-Mobile US Inc. 0.32% 14,830 $3.3M Add +3.4%
SYK Stryker Corp. 0.32% 8,905 $3.2M Add +3.2%
XLK SS Technology Select Sector 0.31% 13,285 $3.1M No change
CSCO Cisco Systems Inc. 0.30% 52,106 $3.1M Add +2.2%
COR Cencora Inc. 0.30% 13,585 $3.1M Add +2.5%
XOM Exxon Mobil Corp. 0.29% 27,646 $3.0M Add +14.6%
C Citigroup Inc. 0.29% 41,999 $3.0M Add +6.7%
ADI Analog Devices Inc. 0.28% 13,224 $2.8M Add +3.2%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.26% 60,947 $2.7M Add +2.9%
EQIX Equinix Inc. 0.26% 2,809 $2.6M Add +3.5%
RSG Republic Services Inc. 0.25% 12,708 $2.6M Add +1.7%
GD General Dynamics Corp. 0.25% 9,574 $2.5M Add +53.3%
CTVA Corteva Inc. 0.24% 42,064 $2.4M Add +4.3%
TXN Texas Instruments Inc. 0.23% 12,642 $2.4M Add +4.0%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.23% 19,561 $2.4M Add +0.4%
XLE SS Energy Select Sector 0.23% 27,252 $2.3M No change
ICE Intercontinental Exchange Inc. 0.23% 15,620 $2.3M Add +3.0%
EA Electronic Arts Inc. 0.23% 15,886 $2.3M Add +3.9%
UNH Unitedhealth Group Inc. 0.22% 4,437 $2.2M Add +1.5%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.22% 19,791 $2.2M Reduce -0.8%
PRU Prudential Financial Inc. 0.22% 18,528 $2.2M Add +6.6%
LOW Lowe's Cos Inc. 0.21% 8,802 $2.2M Add +0.4%
LRCX Lam Research Corp. 0.21% 29,585 $2.1M Add +3.6%
DRI Darden Restaurants Inc. 0.21% 11,247 $2.1M Add +3.4%
CSX CSX Corp. 0.19% 59,840 $1.9M Reduce -0.7%
EXPE Expedia Group Inc. 0.19% 10,355 $1.9M Add +4.2%
IQV Iqvia Holdings Inc. 0.19% 9,806 $1.9M Add +2.6%
CIEN Ciena Corp. 0.19% 22,474 $1.9M Add +5.2%
AMZN Amazon.com Inc. 0.19% 8,654 $1.9M No change
XLI SS Industrial Select Sector 0.18% 14,013 $1.8M No change
IWB iShares Russell 1000 ETF 0.18% 5,578 $1.8M No change
NEE Nextera Energy Inc. 0.17% 24,674 $1.8M Add +1.5%
HLT Hilton Worldwide Holdings Inc. 0.17% 7,090 $1.8M Add +3.8%
LULU Lululemon Athletica Inc. 0.16% 4,215 $1.6M Add +3.6%
KR Kroger Co. 0.16% 25,668 $1.6M Add +2.9%
QCOM Qualcomm Inc. 0.15% 10,172 $1.6M Add +3.9%
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.15% 40,154 $1.5M Add +18.2%
KO The Coca-Cola Co. 0.15% 23,945 $1.5M Add +2.6%
ACN Accenture PLC Class A 0.14% 4,167 $1.5M Reduce -1.5%
GOOG Alphabet Inc. Class C 0.14% 7,476 $1.4M No change
EOG EOG Resources Inc. 0.14% 11,605 $1.4M Add +4.1%
TMO Thermo Fisher Scientific Inc. 0.14% 2,659 $1.4M Add +3.9%
GLD SPDR Gold Shares 0.13% 5,500 $1.3M No change
ABBV Abbvie Inc. 0.13% 7,409 $1.3M Add +5.9%
IWM iShares Russell 2000 ETF 0.13% 5,923 $1.3M No change
ADBE Adobe Inc. 0.13% 2,862 $1.3M Add +1.2%
XLY SS Consumer Disc Select Sect 0.13% 5,651 $1.3M No change
PM Philip Morris International 0.12% 10,487 $1.3M Reduce -0.5%
PG The Procter & Gamble Co. 0.12% 7,490 $1.3M No change
VB Vanguard Most SM-Cap ETF-Usd 0.12% 5,129 $1.2M No change
XLF SS Financial Select Sector 0.12% 24,095 $1.2M No change
AEE Ameren Corporation 0.10% 11,155 $994K New
VOX Vanguard Communication Servi 0.10% 6,200 $961K No change
MRK Merck & Co. Inc. 0.09% 9,469 $942K Add +6.5%
LNT Alliant Energy Corp. 0.09% 15,614 $923K Add +332.0%
IWO iShares Russell 2000 Growth 0.09% 3,132 $901K No change
NULV Nuveen ESG Large-Cap Val ETF 0.08% 21,653 $852K Reduce -0.2%
BLK BlackRock Inc. 0.08% 830 $851K No change
ITW Illinois Tool Works 0.08% 3,331 $845K No change
TDG Transdigm Group Inc. 0.08% 652 $826K No change
PEP Pepsico Inc. 0.08% 5,408 $822K No change
CVX Chevron Corp. 0.08% 5,629 $815K Add +9.9%
MDLZ Mondelez International Inc. Class A 0.08% 13,060 $780K No change
BRK.B Berkshire Hathaway Inc. Class B 0.08% 1,706 $773K No change
USMV iShares MSCI USA Min Vol Fac 0.08% 8,694 $772K No change
JNJ Johnson & Johnson 0.08% 5,324 $770K No change
IWN iShares Russell 2000 Value E 0.07% 4,604 $756K No change
PLTR Palantir Technologies Inc. Class A 0.07% 9,991 $756K No change
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.07% 2,832 $748K No change
ATI Ati Inc. 0.07% 13,455 $741K No change
WMT Walmart Inc. 0.07% 8,056 $728K No change
TTEK Tetra Tech Inc. 0.07% 17,555 $699K No change
ETN Eaton Corp. PLC 0.07% 2,062 $684K No change

Show all 162 holdings

Portfolio Sells Q3 2024 → Q4 2024
PLFRX Aristotle Fltng RT Inc. Class I Sold out 0.00% −1.61
ELV Elevance Health Inc. Sold out 0.00% −0.14
INTC Intel Corp. Sold out 0.00% −0.03
AMGN Amgen Inc. Sold out 0.00% −0.02
HCA HCA Healthcare Inc. Sold out 0.00% −0.02
AMAT Applied Materials Inc. Sold out 0.00% −0.02
GE General Electric Sold out 0.00% −0.02
CSX CSX Corp. Reduce -0.7% 0.19% −0.02
NKE Nike Inc. Class B Reduce -4.5% 0.03% −0.01
NULV Nuveen ESG Large-Cap Val ETF Reduce -0.2% 0.08% −0.01
PNC PNC Financial Services Group Reduce -10.0% 0.06% −0.01
ACN Accenture PLC Class A Reduce -1.5% 0.14% −0.00
FIS Fidelity National Info Serv Reduce -7.3% 0.03% −0.00
ICLN iShares Global Clean Energy Reduce -0.2% 0.01% −0.00
PM Philip Morris International Reduce -0.5% 0.12% −0.00
FIRST CITIZENS BANCSHARE (FCNCA V0 PERP B) Sold out 0.00% −0.00
AJG Arthur J Gallagher & Co. Reduce -1.0% 0.03% −0.00
CMI Cummins Inc. Reduce -4.4% 0.03% +0.00
PYPL PayPal Holdings Inc. Reduce -2.8% 0.03% +0.00
SPY SS SPDR S&P 500 ETF Trust-US Reduce -0.1% 2.48% +0.02
DIS The Walt Disney Co. Reduce -0.8% 0.22% +0.03

Portfolio Buys Q3 2024 → Q4 2024
CAT Caterpillar Inc. Add +2098.9% 0.53% +0.50
IWF iShares Russell 1000 Growth Add +0.0% 8.07% +0.44
MUB iShares National Muni Bond E New 0.42% +0.42
DE Deere & Co. New 0.42% +0.42
MGEE Mge Energy Inc. Add +569.6% 0.42% +0.36
VTI VG Morningstar TS MKT ETF-US Add +0.1% 25.19% +0.32
AVGO Broadcom Inc. Add +3.6% 0.87% +0.24
NVDA Nvidia Corp. Add +3.0% 1.12% +0.12
ANET Arista Networks Inc. Add +4.5% 0.65% +0.10
AEE Ameren Corporation New 0.10% +0.10
AAPL Apple Inc. Add +1.0% 1.45% +0.10
GOOGL Alphabet Inc. Class A Add +2.3% 0.70% +0.09
JPM JPMorgan Chase & Co. Add +1.4% 0.74% +0.09
LNT Alliant Energy Corp. Add +332.0% 0.09% +0.07
SO The Southern Co. New 0.06% +0.06
GD General Dynamics Corp. Add +53.3% 0.25% +0.06
CIEN Ciena Corp. Add +5.2% 0.19% +0.06
FBIZ First Business Financial Ser Add +2.8% 1.72% +0.05
PWR Quanta Services Inc. Add +8.9% 0.40% +0.05
LULU Lululemon Athletica Inc. Add +3.6% 0.16% +0.05
PLOW Douglas Dynamics Inc. New 0.05% +0.05
C Citigroup Inc. Add +6.7% 0.29% +0.05
EXPE Expedia Group Inc. Add +4.2% 0.19% +0.04
TTC Toro Co. New 0.04% +0.04
DUK Duke Energy Corp. New 0.04% +0.04
ADMA Adma Biologics Inc. New 0.03% +0.03
CSCO Cisco Systems Inc. Add +2.2% 0.30% +0.03
BAC Bank of America Corp. Add +2.9% 0.26% +0.03
DRI Darden Restaurants Inc. Add +3.4% 0.21% +0.03
TMUS T-Mobile US Inc. Add +3.4% 0.32% +0.03
IBM Intl Business Machines Corp. New 0.02% +0.02
MS Morgan Stanley New 0.02% +0.02
HON Honeywell International Inc. New 0.02% +0.02
EQIX Equinix Inc. Add +3.5% 0.26% +0.02
USB US Bancorp Add +39.0% 0.06% +0.02
COST Costco Wholesale Corp. Add +2.5% 0.38% +0.02
HLT Hilton Worldwide Holdings Inc. Add +3.8% 0.17% +0.02
KR Kroger Co. Add +2.9% 0.16% +0.01
XOM Exxon Mobil Corp. Add +14.6% 0.29% +0.01
EA Electronic Arts Inc. Add +3.9% 0.23% +0.01
SLB SLB Ltd. Add +18.2% 0.15% +0.01
XEL Xcel Energy Inc. Add +30.5% 0.03% +0.01
PRU Prudential Financial Inc. Add +6.6% 0.22% +0.01
CVX Chevron Corp. Add +9.9% 0.08% +0.01
SYK Stryker Corp. Add +3.2% 0.32% +0.01
TJX TJX Companies Inc. Add +0.4% 0.23% +0.00
F Ford Motor Co. Add +43.1% 0.02% +0.00
EOG EOG Resources Inc. Add +4.1% 0.14% +0.00
COR Cencora Inc. Add +2.5% 0.30% +0.00
JPST JPMorgan Ultra-Short Income Add +2.3% 1.03% +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