First Business Financial Services, Inc.

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 2, 2025), First Business Financial Services, Inc. reported 170 stock positions worth $1.0 billion. Its top holding was VG Morningstar TS MKT ETF-US (VTI) at 24.4% of the portfolio, followed by iShares Core MSCI Eafe ETF (IEFA, 12.7%) and iShares Russell 1000 Growth (IWF, 7.3%). Compared with Q4 2024, it opened 15 new positions, sold out of 7, added to 73 and reduced 22. The biggest buy was iShares Core MSCI Eafe ETF (IEFA, shares +3%) and the biggest sale iShares Core U.S. Aggregate (AGG, shares −9%).

Most Recent 13F
Q2 2026
Location
MADISON, WI
CIK
0001521951
Portfolio Value
$1.0B (Q1 2025)
SEC Filing
0001140361-25-017037 ↗ filed May 2, 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 Q4 2024 Q1 2025: $1.0B $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 170 stocks · $1.0B
VTI VG Morningstar TS MKT ETF-US 24.39% 902,459 $248.0M Add +2.7%
IEFA iShares Core MSCI Eafe ETF 12.73% 1,710,950 $129.4M Add +2.8%
IWF iShares Russell 1000 Growth 7.30% 205,734 $74.3M Add +1.3%
IJR iShares Core S&P Small-Cap E 5.86% 569,509 $59.6M Add +6.8%
DGRO iShares Core Dividend Growth 5.69% 936,380 $57.8M Add +3.5%
IWD iShares Russell 1000 Value E 5.48% 296,034 $55.7M Add +3.0%
IJH iShares Core S&P Midcap ETF 4.55% 793,501 $46.3M Add +5.1%
AGG iShares Core U.S. Aggregate 3.69% 379,765 $37.6M Reduce -8.8%
SPY SS SPDR S&P 500 ETF Trust-US 2.42% 43,995 $24.6M Add +2.7%
FBIZ First Business Financial Ser 1.83% 393,819 $18.6M Add +4.7%
AAPL Apple Inc. 1.34% 61,193 $13.6M Add +4.2%
JPST JPMorgan Ultra-Short Income 1.04% 207,948 $10.5M Add +0.7%
NVDA Nvidia Corp. 0.97% 90,986 $9.9M Add +8.1%
JPM JPMorgan Chase & Co. 0.80% 33,072 $8.1M Add +5.5%
MSFT Microsoft Corp. 0.71% 19,306 $7.2M Add +4.1%
AVGO Broadcom Inc. 0.67% 40,983 $6.9M Add +7.7%
GOOGL Alphabet Inc. Class A 0.60% 39,630 $6.1M Add +6.3%
LLY Eli Lilly & Co. 0.53% 6,530 $5.4M Add +8.6%
ANET Arista Networks Inc. 0.49% 64,524 $5.0M Add +8.6%
CAT Caterpillar Inc. 0.48% 14,667 $4.8M No change
BRK.A Berkshire Hathaway Inc. Class A 0.47% 6 $4.8M New
DE Deere & Co. 0.46% 10,040 $4.7M No change
MUB iShares National Muni Bond E 0.45% 43,532 $4.6M Add +8.4%
MGEE Mge Energy Inc. 0.42% 46,276 $4.3M Add +1.5%
TMUS T-Mobile US Inc. 0.42% 16,094 $4.3M Add +8.5%
COST Costco Wholesale Corp. 0.42% 4,508 $4.3M Add +7.8%
MTUM iShares MSCI USA Momentum Fa 0.40% 20,335 $4.1M No change
COR Cencora Inc. 0.40% 14,559 $4.0M Add +7.2%
SYK Stryker Corp. 0.35% 9,550 $3.6M Add +7.2%
XOM Exxon Mobil Corp. 0.34% 29,024 $3.5M Add +5.0%
PWR Quanta Services Inc. 0.33% 13,352 $3.4M Add +4.4%
CSCO Cisco Systems Inc. 0.33% 54,432 $3.4M Add +4.5%
IVV iShares Core S&P 500 ETF 0.32% 5,873 $3.3M No change
RSG Republic Services Inc. 0.32% 13,557 $3.3M Add +6.7%
C Citigroup Inc. 0.32% 45,303 $3.2M Add +7.9%
ICE Intercontinental Exchange Inc. 0.28% 16,629 $2.9M Add +6.5%
CTVA Corteva Inc. 0.28% 45,403 $2.9M Add +7.9%
ADI Analog Devices Inc. 0.28% 14,148 $2.9M Add +7.0%
GD General Dynamics Corp. 0.28% 10,327 $2.8M Add +7.9%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.27% 65,965 $2.8M Add +8.2%
XLK SS Technology Select Sector 0.27% 13,135 $2.7M Reduce -1.1%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.25% 21,013 $2.6M Add +7.4%
XLE SS Energy Select Sector 0.25% 27,252 $2.5M No change
DRI Darden Restaurants Inc. 0.25% 12,070 $2.5M Add +7.3%
EA Electronic Arts Inc. 0.24% 17,216 $2.5M Add +8.4%
UNH Unitedhealth Group Inc. 0.24% 4,721 $2.5M Add +6.4%
TXN Texas Instruments Inc. 0.24% 13,522 $2.4M Add +7.0%
EQIX Equinix Inc. 0.24% 2,964 $2.4M Add +5.5%
LRCX Lam Research Corp. 0.22% 31,433 $2.3M Add +6.3%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.22% 22,481 $2.2M Add +13.6%
PRU Prudential Financial Inc. 0.22% 19,756 $2.2M Add +6.6%
LOW Lowe's Cos Inc. 0.21% 9,290 $2.2M Add +5.5%
EXPE Expedia Group Inc. 0.19% 11,309 $1.9M Add +9.2%
CSX CSX Corp. 0.19% 64,310 $1.9M Add +7.5%
NEE Nextera Energy Inc. 0.18% 26,501 $1.9M Add +7.4%
KR Kroger Co. 0.18% 27,409 $1.9M Add +6.8%
XLI SS Industrial Select Sector 0.18% 14,013 $1.8M No change
IQV Iqvia Holdings Inc. 0.18% 10,309 $1.8M Add +5.1%
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.18% 42,657 $1.8M Add +6.2%
HLT Hilton Worldwide Holdings Inc. 0.17% 7,688 $1.7M Add +8.4%
AMZN Amazon.com Inc. 0.17% 9,169 $1.7M Add +6.0%
IWB iShares Russell 1000 ETF 0.17% 5,578 $1.7M No change
GLD SPDR Gold Shares 0.17% 5,900 $1.7M Add +7.3%
QCOM Qualcomm Inc. 0.17% 10,989 $1.7M Add +8.0%
PM Philip Morris International 0.16% 10,487 $1.7M No change
KO The Coca-Cola Co. 0.16% 22,918 $1.6M Reduce -4.3%
EOG EOG Resources Inc. 0.16% 12,420 $1.6M Add +7.0%
ABBV Abbvie Inc. 0.15% 7,409 $1.6M No change
CIEN Ciena Corp. 0.14% 24,301 $1.5M Add +8.1%
TMO Thermo Fisher Scientific Inc. 0.14% 2,887 $1.4M Add +8.6%
LULU Lululemon Athletica Inc. 0.13% 4,670 $1.3M Add +10.8%
ACN Accenture PLC Class A 0.13% 4,167 $1.3M No change
PG The Procter & Gamble Co. 0.12% 7,245 $1.2M Reduce -3.3%
XLF SS Financial Select Sector 0.12% 24,095 $1.2M No change
IWM iShares Russell 2000 ETF 0.12% 5,923 $1.2M No change
GOOG Alphabet Inc. Class C 0.11% 7,476 $1.2M No change
BRK.B Berkshire Hathaway Inc. Class B 0.11% 2,172 $1.2M Add +27.3%
ADBE Adobe Inc. 0.11% 3,012 $1.2M Add +5.2%
VB Vanguard Most SM-Cap ETF-Usd 0.11% 5,129 $1.1M No change
AEE Ameren Corporation 0.11% 11,155 $1.1M No change
XLY SS Consumer Disc Select Sect 0.11% 5,651 $1.1M No change
LNT Alliant Energy Corp. 0.10% 15,614 $1.0M No change
CVX Chevron Corp. 0.10% 5,822 $974K Add +3.4%
VOX Vanguard Communication Servi 0.09% 6,200 $920K No change
TDG Transdigm Group Inc. 0.09% 652 $902K No change
JNJ Johnson & Johnson 0.09% 5,364 $890K Add +0.8%
MDLZ Mondelez International Inc. Class A 0.09% 12,980 $881K Reduce -0.6%
NULV Nuveen ESG Large-Cap Val ETF 0.08% 20,949 $848K Reduce -3.3%
MRK Merck & Co. Inc. 0.08% 9,320 $837K Reduce -1.6%
USMV iShares MSCI USA Min Vol Fac 0.08% 8,694 $814K No change
IWO iShares Russell 2000 Growth 0.08% 3,132 $800K No change
ITW Illinois Tool Works 0.08% 3,206 $795K Reduce -3.8%
PEP Pepsico Inc. 0.08% 5,293 $794K Reduce -2.1%
BLK BlackRock Inc. 0.08% 831 $787K Add +0.1%
PLTR Palantir Technologies Inc. Class A 0.08% 9,198 $776K Reduce -7.9%
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.08% 2,969 $768K Add +4.8%
WMT Walmart Inc. 0.07% 8,610 $756K Add +6.9%
ABT Abbott Laboratories 0.07% 5,443 $722K No change
MCD McDonald's Corp. 0.07% 2,229 $696K Reduce -2.6%
IWN iShares Russell 2000 Value E 0.07% 4,604 $695K No change
TRI Thomson Reuters Corp. 0.07% 3,942 $681K No change
XLC SS Comm Select Sector SPDR 0.07% 7,057 $681K No change
HD Home Depot Inc. 0.06% 1,795 $658K Add +4.6%
SO The Southern Co. 0.06% 7,050 $648K Reduce -5.9%
VTEB Vanguard Tax-Exempt Bond ETF 0.06% 12,678 $629K New
ISRG Intuitive Surgical Inc. 0.06% 1,251 $620K No change
ATI Ati Inc. 0.06% 11,739 $611K Reduce -12.8%
PNC PNC Financial Services Group 0.06% 3,341 $587K No change
ETN Eaton Corp. PLC 0.06% 2,062 $561K No change
VUG Vanguard Mrngstar GR ETF-Sui 0.05% 1,502 $557K No change
AON Aon PLC Class A 0.05% 1,384 $552K Reduce -15.2%
META Meta Platforms Inc. Class A 0.05% 938 $541K No change
USB US Bancorp 0.05% 12,571 $531K No change
AMP Ameriprise Financial Inc. 0.05% 1,093 $529K No change
TTEK Tetra Tech Inc. 0.05% 17,555 $513K No change
ASML ASML Holding NV-NY Reg SHS 0.05% 737 $488K New
MDY State Street SPDR S&P Midcap 0.05% 915 $488K Reduce -0.2%
MA Mastercard Inc. Class A 0.05% 885 $485K No change
V Visa Inc. Class A 0.05% 1,352 $474K Add +12.7%
PLOW Douglas Dynamics Inc. 0.05% 20,000 $465K No change
VTV Vanguard Mrngstr Val ETF-Aui 0.05% 2,689 $464K No change
MO Altria Group Inc. 0.04% 7,116 $427K No change
CTAS Cintas Corp. 0.04% 2,064 $424K No change
EFA iShares MSCI Eafe ETF 0.04% 5,128 $419K No change
WM Waste Management Inc. 0.04% 1,759 $407K Add +6.2%
DOX Amdocs Ltd. 0.04% 4,450 $407K No change
DUK Duke Energy Corp. 0.04% 3,316 $404K Reduce -7.0%
WEYS Weyco Group Inc. 0.04% 13,096 $399K No change
TEL Te Connectivity PLC 0.04% 2,800 $396K No change
AXP American Express Co. 0.04% 1,468 $395K No change
GLW Corning Inc. 0.04% 8,369 $383K Reduce -12.1%
UNP Union Pacific Corp. 0.04% 1,619 $382K No change
TTC Toro Co. 0.04% 5,000 $364K No change
AMD Advanced Micro Devices 0.04% 3,536 $363K Add +6.2%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.04% 1,037 $358K No change
MCK McKesson Corp. 0.03% 523 $352K No change
VEA Vanguard Ftse Developed ETF 0.03% 6,514 $331K No change
ACWX iShares MSCI Acwi Ex US ETF 0.03% 5,905 $327K No change
SLV iShares Silver Trust 0.03% 10,400 $322K New
NOW ServiceNow Inc. 0.03% 403 $321K Reduce -5.8%
SCHW Schwab (charles) Corp. 0.03% 3,931 $308K No change
FIS Fidelity National Info Serv 0.03% 3,963 $296K No change
XEL Xcel Energy Inc. 0.03% 4,162 $295K Reduce -2.7%
XLU St Sr Utl SL SE SPDR ETF-Usd 0.03% 3,677 $290K New
PH Parker Hannifin Corp. 0.03% 470 $286K Add +3.3%
VGT Vanguard Info Tech ETF 0.03% 519 $281K No change
CMI Cummins Inc. 0.03% 824 $258K Reduce -4.6%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.03% 1,030 $256K No change
ORCL Oracle Corp. 0.02% 1,814 $254K Add +12.7%
NICE Nice Ltd. - Spon ADR 0.02% 1,625 $251K No change
MS Morgan Stanley 0.02% 2,084 $243K Add +18.3%
GE General Electric filed as GE AEROSPACE 0.02% 1,192 $239K New
IXN iShares Global Tech ETF 0.02% 3,143 $238K No change
BMO Bank of Montreal filed as BANK MONTREAL QUE 0.02% 2,492 $238K New
T AT&T Inc. 0.02% 8,396 $237K New
SBUX Starbucks Corp. 0.02% 2,309 $226K Reduce -2.0%
PYPL PayPal Holdings Inc. 0.02% 3,449 $225K No change
GS Goldman Sachs Group Inc. 0.02% 411 $225K New
ROK Rockwell Automation Inc. 0.02% 867 $224K No change
NKE Nike Inc. Class B 0.02% 3,522 $224K No change
INTC Intel Corp. 0.02% 9,601 $218K New
FISV Fiserv Inc. 0.02% 979 $216K New
HWM Howmet Aerospace Inc. 0.02% 1,666 $216K New
AMGN Amgen Inc. 0.02% 687 $214K New
NVO Novo-Nordisk A/S-Spons ADR 0.02% 2,964 $206K No change
HCA HCA Healthcare Inc. 0.02% 591 $204K New
PAVE Global X US Infrastructure 0.02% 5,401 $204K New
DGRW Wisdomtree U.S. Quality Divi 0.02% 2,543 $203K No change
F Ford Motor Co. filed as FORD MTR CO 0.01% 14,443 $145K Reduce -20.6%
ICLN iShares Global Clean Energy 0.01% 11,960 $137K Add +17.4%

Portfolio Sells Q4 2024 → Q1 2025
AGG iShares Core U.S. Aggregate Reduce -8.8% 3.69% −0.30
XLK SS Technology Select Sector Reduce -1.1% 0.27% −0.04
MRVL Marvell Technology Inc. Sold out 0.00% −0.03
ADMA Adma Biologics Inc. Sold out 0.00% −0.03
ARKK ARK Innovation ETF Sold out 0.00% −0.03
CRL Charles River Laboratories Sold out 0.00% −0.02
HON Honeywell International Inc. Sold out 0.00% −0.02
MCHP Microchip Technology Inc. Sold out 0.00% −0.02
DHR Danaher Corp. Sold out 0.00% −0.02
NOW ServiceNow Inc. Reduce -5.8% 0.03% −0.01
ATI Ati Inc. Reduce -12.8% 0.06% −0.01
MRK Merck & Co. Inc. Reduce -1.6% 0.08% −0.01
GLW Corning Inc. Reduce -12.1% 0.04% −0.01
ITW Illinois Tool Works Reduce -3.8% 0.08% −0.01
CMI Cummins Inc. Reduce -4.6% 0.03% −0.00
F Ford Motor Co. Reduce -20.6% 0.01% −0.00
MDY State Street SPDR S&P Midcap Reduce -0.2% 0.05% −0.00
AON Aon PLC Class A Reduce -15.2% 0.05% −0.00
PEP Pepsico Inc. Reduce -2.1% 0.08% −0.00
PG The Procter & Gamble Co. Reduce -3.3% 0.12% −0.00
NULV Nuveen ESG Large-Cap Val ETF Reduce -3.3% 0.08% −0.00
XEL Xcel Energy Inc. Reduce -2.7% 0.03% +0.00
SBUX Starbucks Corp. Reduce -2.0% 0.02% +0.00
PLTR Palantir Technologies Inc. Class A Reduce -7.9% 0.08% +0.00
DUK Duke Energy Corp. Reduce -7.0% 0.04% +0.00
SO The Southern Co. Reduce -5.9% 0.06% +0.00
MCD McDonald's Corp. Reduce -2.6% 0.07% +0.00
MDLZ Mondelez International Inc. Class A Reduce -0.6% 0.09% +0.01
KO The Coca-Cola Co. Reduce -4.3% 0.16% +0.01

Portfolio Buys Q4 2024 → Q1 2025
IEFA iShares Core MSCI Eafe ETF Add +2.8% 12.73% +1.16
BRK.A Berkshire Hathaway Inc. Class A New 0.47% +0.47
IWD iShares Russell 1000 Value E Add +3.0% 5.48% +0.22
DGRO iShares Core Dividend Growth Add +3.5% 5.69% +0.20
FBIZ First Business Financial Ser Add +4.7% 1.83% +0.10
TMUS T-Mobile US Inc. Add +8.5% 0.42% +0.10
COR Cencora Inc. Add +7.2% 0.40% +0.10
LLY Eli Lilly & Co. Add +8.6% 0.53% +0.07
RSG Republic Services Inc. Add +6.7% 0.32% +0.07
VTEB Vanguard Tax-Exempt Bond ETF New 0.06% +0.06
JPM JPMorgan Chase & Co. Add +5.5% 0.80% +0.05
ICE Intercontinental Exchange Inc. Add +6.5% 0.28% +0.05
ASML ASML Holding NV-NY Reg SHS New 0.05% +0.05
XOM Exxon Mobil Corp. Add +5.0% 0.34% +0.05
CTVA Corteva Inc. Add +7.9% 0.28% +0.04
COST Costco Wholesale Corp. Add +7.8% 0.42% +0.04
DRI Darden Restaurants Inc. Add +7.3% 0.25% +0.04
BRK.B Berkshire Hathaway Inc. Class B Add +27.3% 0.11% +0.04
GLD SPDR Gold Shares Add +7.3% 0.17% +0.04
SYK Stryker Corp. Add +7.2% 0.35% +0.03
SLV iShares Silver Trust New 0.03% +0.03
XLU St Sr Utl SL SE SPDR ETF-Usd New 0.03% +0.03
MUB iShares National Muni Bond E Add +8.4% 0.45% +0.03
GD General Dynamics Corp. Add +7.9% 0.28% +0.03
KR Kroger Co. Add +6.8% 0.18% +0.03
CSCO Cisco Systems Inc. Add +4.5% 0.33% +0.03
C Citigroup Inc. Add +7.9% 0.32% +0.02
GE General Electric New 0.02% +0.02
BMO Bank of Montreal New 0.02% +0.02
T AT&T Inc. New 0.02% +0.02
SLB SLB Ltd. Add +6.2% 0.18% +0.02
GS Goldman Sachs Group Inc. New 0.02% +0.02
INTC Intel Corp. New 0.02% +0.02
FISV Fiserv Inc. New 0.02% +0.02
HWM Howmet Aerospace Inc. New 0.02% +0.02
UNH Unitedhealth Group Inc. Add +6.4% 0.24% +0.02
AMGN Amgen Inc. New 0.02% +0.02
HCA HCA Healthcare Inc. New 0.02% +0.02
PAVE Global X US Infrastructure New 0.02% +0.02
TJX TJX Companies Inc. Add +7.4% 0.25% +0.02
EOG EOG Resources Inc. Add +7.0% 0.16% +0.02
CVX Chevron Corp. Add +3.4% 0.10% +0.02
EA Electronic Arts Inc. Add +8.4% 0.24% +0.01
LRCX Lam Research Corp. Add +6.3% 0.22% +0.01
QCOM Qualcomm Inc. Add +8.0% 0.17% +0.01
JNJ Johnson & Johnson Add +0.8% 0.09% +0.01
NEE Nextera Energy Inc. Add +7.4% 0.18% +0.01
V Visa Inc. Class A Add +12.7% 0.05% +0.01
WM Waste Management Inc. Add +6.2% 0.04% +0.01
JPST JPMorgan Ultra-Short Income Add +0.7% 1.04% +0.01

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