First Business Financial Services, Inc.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 31, 2025), First Business Financial Services, Inc. reported 185 stock positions worth $1.1 billion. Its top holding was VG Morningstar TS MKT ETF-US (VTI) at 24.7% of the portfolio, followed by iShares Core MSCI Eafe ETF (IEFA, 12.8%) and iShares Russell 1000 Growth (IWF, 7.9%). Compared with Q1 2025, it opened 20 new positions, sold out of 5, added to 34 and reduced 50. The biggest buy was Nvidia (NVDA, shares +12%) and the biggest sale iShares Core U.S. Aggregate (AGG, shares −6%).
- Most Recent 13F
- Q2 2026
- Location
- MADISON, WI
- CIK
- 0001521951
- Portfolio Value
- $1.1B (Q2 2025)
- SEC Filing
- 0001140361-25-028130 ↗ filed Jul 31, 2025
Holdings Value
Holdings 185 stocks · $1.1B
| VTI VG Morningstar TS MKT ETF-US | 24.72% | 902,062 | $274.2M | Reduce -0.0% |
| IEFA iShares Core MSCI Eafe ETF | 12.82% | 1,703,005 | $142.2M | Reduce -0.5% |
| IWF iShares Russell 1000 Growth | 7.86% | 205,395 | $87.2M | Reduce -0.2% |
| IJR iShares Core S&P Small-Cap E | 5.55% | 562,741 | $61.5M | Reduce -1.2% |
| DGRO iShares Core Dividend Growth | 5.40% | 937,050 | $59.9M | Add +0.1% |
| IWD iShares Russell 1000 Value E | 5.17% | 295,296 | $57.4M | Reduce -0.3% |
| IJH iShares Core S&P Midcap ETF | 4.42% | 790,118 | $49.0M | Reduce -0.4% |
| AGG iShares Core U.S. Aggregate | 3.19% | 356,904 | $35.4M | Reduce -6.0% |
| SPY SS SPDR S&P 500 ETF Trust-US | 2.45% | 43,995 | $27.2M | No change |
| FBIZ First Business Financial Ser | 1.80% | 394,491 | $20.0M | Add +0.2% |
| NVDA Nvidia Corp. | 1.45% | 101,713 | $16.1M | Add +11.8% |
| AAPL Apple Inc. | 1.10% | 59,631 | $12.2M | Reduce -2.5% |
| AVGO Broadcom Inc. | 0.99% | 39,937 | $11.0M | Reduce -2.5% |
| JPST JPMorgan Ultra-Short Income | 0.90% | 197,067 | $10.0M | Reduce -5.2% |
| JPM JPMorgan Chase & Co. | 0.89% | 33,950 | $9.8M | Add +2.6% |
| MSFT Microsoft Corp. | 0.81% | 18,123 | $9.0M | Reduce -6.1% |
| GOOGL Alphabet Inc. Class A | 0.65% | 40,748 | $7.2M | Add +2.8% |
| ANET Arista Networks Inc. | 0.61% | 65,876 | $6.7M | Add +2.1% |
| CAT Caterpillar Inc. | 0.51% | 14,667 | $5.7M | No change |
| PWR Quanta Services Inc. | 0.50% | 14,628 | $5.5M | Add +9.6% |
| DE Deere & Co. | 0.46% | 10,040 | $5.1M | No change |
| MTUM iShares MSCI USA Momentum Fa | 0.44% | 20,335 | $4.9M | No change |
| LLY Eli Lilly & Co. | 0.43% | 6,180 | $4.8M | Reduce -5.4% |
| COR Cencora Inc. | 0.42% | 15,612 | $4.7M | Add +7.2% |
| XLK SS Technology Select Sector | 0.42% | 18,249 | $4.6M | Add +38.9% |
| COST Costco Wholesale Corp. | 0.41% | 4,584 | $4.5M | Add +1.7% |
| MUB iShares National Muni Bond E | 0.41% | 43,042 | $4.5M | Reduce -1.1% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.39% | 6 | $4.4M | No change |
| MGEE Mge Energy Inc. | 0.37% | 46,899 | $4.1M | Add +1.4% |
| SYK Stryker Corp. | 0.34% | 9,498 | $3.8M | Reduce -0.5% |
| IVV iShares Core S&P 500 ETF | 0.33% | 5,873 | $3.6M | No change |
| TMUS T-Mobile US Inc. | 0.33% | 15,191 | $3.6M | Reduce -5.6% |
| RSG Republic Services Inc. | 0.32% | 14,356 | $3.5M | Add +5.9% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.31% | 71,543 | $3.4M | Add +8.5% |
| C Citigroup Inc. | 0.30% | 38,852 | $3.3M | Reduce -14.2% |
| ADI Analog Devices Inc. | 0.29% | 13,433 | $3.2M | Reduce -5.0% |
| XOM Exxon Mobil Corp. | 0.28% | 29,272 | $3.2M | Add +0.8% |
| ICE Intercontinental Exchange Inc. | 0.27% | 16,389 | $3.0M | Reduce -1.4% |
| GD General Dynamics Corp. | 0.26% | 9,805 | $2.9M | Reduce -5.0% |
| LRCX Lam Research Corp. | 0.26% | 29,280 | $2.9M | Reduce -6.8% |
| TXN Texas Instruments Inc. | 0.24% | 13,067 | $2.7M | Reduce -3.4% |
| EA Electronic Arts Inc. | 0.24% | 16,949 | $2.7M | Reduce -1.6% |
| KO The Coca-Cola Co. | 0.24% | 38,152 | $2.7M | Add +66.5% |
| EQIX Equinix Inc. | 0.24% | 3,278 | $2.6M | Add +10.6% |
| CSCO Cisco Systems Inc. | 0.22% | 35,766 | $2.5M | Reduce -34.3% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.22% | 20,025 | $2.5M | Reduce -4.7% |
| DRI Darden Restaurants Inc. | 0.21% | 10,662 | $2.3M | Reduce -11.7% |
| XLE SS Energy Select Sector | 0.21% | 27,252 | $2.3M | No change |
| NFLX Netflix Inc. | 0.21% | 1,718 | $2.3M | New |
| CIEN Ciena Corp. | 0.20% | 27,680 | $2.3M | Add +13.9% |
| NEE Nextera Energy Inc. | 0.20% | 32,379 | $2.2M | Add +22.2% |
| AMZN Amazon.com Inc. | 0.19% | 9,569 | $2.1M | Add +4.4% |
| PRU Prudential Financial Inc. | 0.19% | 19,388 | $2.1M | Reduce -1.9% |
| XLI SS Industrial Select Sector | 0.19% | 14,013 | $2.1M | No change |
| NUE Nucor Corp. | 0.18% | 15,581 | $2.0M | New |
| LOW Lowe's Cos Inc. | 0.18% | 8,933 | $2.0M | Reduce -3.8% |
| EXPE Expedia Group Inc. | 0.17% | 11,406 | $1.9M | Add +0.9% |
| PM Philip Morris International | 0.17% | 10,487 | $1.9M | No change |
| IWB iShares Russell 1000 ETF | 0.17% | 5,578 | $1.9M | No change |
| KR Kroger Co. | 0.17% | 25,550 | $1.8M | Reduce -6.8% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.16% | 7,596 | $1.8M | Add +48.1% |
| EOG EOG Resources Inc. | 0.16% | 14,727 | $1.8M | Add +18.6% |
| TOL Toll Brothers Inc. | 0.14% | 14,015 | $1.6M | New |
| QCOM Qualcomm Inc. | 0.14% | 10,004 | $1.6M | Reduce -9.0% |
| GLD SPDR Gold Shares | 0.14% | 5,180 | $1.6M | Reduce -12.2% |
| IQV Iqvia Holdings Inc. | 0.13% | 9,466 | $1.5M | Reduce -8.2% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.13% | 43,929 | $1.5M | Add +3.0% |
| XLY SS Consumer Disc Select Sect | 0.13% | 6,451 | $1.4M | Add +14.2% |
| ABBV Abbvie Inc. | 0.12% | 7,428 | $1.4M | Add +0.3% |
| ADBE Adobe Inc. | 0.12% | 3,451 | $1.3M | Add +14.6% |
| OSK Oshkosh Corp. | 0.12% | 11,742 | $1.3M | New |
| GOOG Alphabet Inc. Class C | 0.12% | 7,416 | $1.3M | Reduce -0.8% |
| XLF SS Financial Select Sector | 0.11% | 24,095 | $1.3M | No change |
| PLTR Palantir Technologies Inc. Class A | 0.11% | 9,198 | $1.3M | No change |
| ACN Accenture PLC Class A | 0.11% | 4,167 | $1.2M | No change |
| IWM iShares Russell 2000 ETF | 0.11% | 5,642 | $1.2M | Reduce -4.7% |
| CRM Salesforce Inc. | 0.11% | 4,276 | $1.2M | New |
| PG The Procter & Gamble Co. | 0.10% | 7,245 | $1.2M | No change |
| CL Colgate-Palmolive Co. | 0.10% | 12,302 | $1.1M | New |
| APO Apollo Global Management Inc. | 0.10% | 7,777 | $1.1M | New |
| BRK.B Berkshire Hathaway Inc. Class B | 0.10% | 2,247 | $1.1M | Add +3.5% |
| AEE Ameren Corporation | 0.10% | 11,155 | $1.1M | No change |
| VOX Vanguard Communication Servi | 0.10% | 6,200 | $1.1M | No change |
| TDG Transdigm Group Inc. | 0.09% | 652 | $991K | No change |
| LNT Alliant Energy Corp. | 0.09% | 15,614 | $944K | No change |
| IWO iShares Russell 2000 Growth | 0.08% | 3,132 | $895K | No change |
| NULV Nuveen ESG Large-Cap Val ETF | 0.08% | 21,249 | $891K | Add +1.4% |
| MDLZ Mondelez International Inc. Class A | 0.08% | 12,980 | $875K | No change |
| BLK BlackRock Inc. | 0.08% | 831 | $872K | No change |
| WMT Walmart Inc. | 0.08% | 8,610 | $842K | No change |
| META Meta Platforms Inc. Class A | 0.08% | 1,138 | $840K | Add +21.3% |
| CVX Chevron Corp. | 0.07% | 5,807 | $832K | Reduce -0.3% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.07% | 2,969 | $831K | No change |
| USMV iShares MSCI USA Min Vol Fac | 0.07% | 8,694 | $816K | No change |
| JNJ Johnson & Johnson | 0.07% | 5,214 | $796K | Reduce -2.8% |
| TRI Thomson Reuters Corp. | 0.07% | 3,942 | $793K | No change |
| ITW Illinois Tool Works | 0.07% | 3,206 | $793K | No change |
| XLC SS Comm Select Sector SPDR | 0.07% | 7,057 | $766K | No change |
| ABT Abbott Laboratories | 0.07% | 5,443 | $740K | No change |
| ETN Eaton Corp. PLC | 0.07% | 2,062 | $736K | No change |
Portfolio Sells Q1 2025 → Q2 2025
| AGG iShares Core U.S. Aggregate | Reduce -6.0% | 3.19% | −0.50 |
| IJR iShares Core S&P Small-Cap E | Reduce -1.2% | 5.55% | −0.31 |
| IWD iShares Russell 1000 Value E | Reduce -0.3% | 5.17% | −0.30 |
| AAPL Apple Inc. | Reduce -2.5% | 1.10% | −0.23 |
| CTVA Corteva Inc. | Reduce -79.2% | 0.06% | −0.22 |
| UNH Unitedhealth Group Inc. | Reduce -60.6% | 0.05% | −0.19 |
| DIS The Walt Disney Co. | Reduce -86.5% | 0.03% | −0.18 |
| CSX CSX Corp. | Reduce -81.9% | 0.03% | −0.15 |
| JPST JPMorgan Ultra-Short Income | Reduce -5.2% | 0.90% | −0.13 |
| IJH iShares Core S&P Midcap ETF | Reduce -0.4% | 4.42% | −0.13 |
| HLT Hilton Worldwide Holdings Inc. | Reduce -77.7% | 0.04% | −0.13 |
| LULU Lululemon Athletica Inc. | Sold out | 0.00% | −0.13 |
| TMO Thermo Fisher Scientific Inc. | Reduce -70.0% | 0.03% | −0.11 |
| CSCO Cisco Systems Inc. | Reduce -34.3% | 0.22% | −0.11 |
| LLY Eli Lilly & Co. | Reduce -5.4% | 0.43% | −0.10 |
| TMUS T-Mobile US Inc. | Reduce -5.6% | 0.33% | −0.10 |
| VTEB Vanguard Tax-Exempt Bond ETF | Sold out | 0.00% | −0.06 |
| MUB iShares National Muni Bond E | Reduce -1.1% | 0.41% | −0.05 |
| IQV Iqvia Holdings Inc. | Reduce -8.2% | 0.13% | −0.04 |
| DRI Darden Restaurants Inc. | Reduce -11.7% | 0.21% | −0.04 |
| LOW Lowe's Cos Inc. | Reduce -3.8% | 0.18% | −0.03 |
| PRU Prudential Financial Inc. | Reduce -1.9% | 0.19% | −0.03 |
| TJX TJX Companies Inc. | Reduce -4.7% | 0.22% | −0.03 |
| GLD SPDR Gold Shares | Reduce -12.2% | 0.14% | −0.02 |
| QCOM Qualcomm Inc. | Reduce -9.0% | 0.14% | −0.02 |
| FISV Fiserv Inc. | Sold out | 0.00% | −0.02 |
| AMGN Amgen Inc. | Sold out | 0.00% | −0.02 |
| CVX Chevron Corp. | Reduce -0.3% | 0.07% | −0.02 |
| NVO Novo-Nordisk A/S-Spons ADR | Sold out | 0.00% | −0.02 |
| GD General Dynamics Corp. | Reduce -5.0% | 0.26% | −0.02 |
| PEP Pepsico Inc. | Reduce -5.9% | 0.06% | −0.02 |
| C Citigroup Inc. | Reduce -14.2% | 0.30% | −0.02 |
| MRK Merck & Co. Inc. | Reduce -2.9% | 0.06% | −0.02 |
| KR Kroger Co. | Reduce -6.8% | 0.17% | −0.02 |
| JNJ Johnson & Johnson | Reduce -2.8% | 0.07% | −0.02 |
| ICE Intercontinental Exchange Inc. | Reduce -1.4% | 0.27% | −0.01 |
| SYK Stryker Corp. | Reduce -0.5% | 0.34% | −0.01 |
| IWM iShares Russell 2000 ETF | Reduce -4.7% | 0.11% | −0.01 |
| USB US Bancorp | Reduce -7.5% | 0.05% | −0.00 |
| MDY State Street SPDR S&P Midcap | Reduce -3.1% | 0.05% | −0.00 |
| ATI Ati Inc. | Reduce -36.3% | 0.06% | −0.00 |
| NKE Nike Inc. Class B | Reduce -7.8% | 0.02% | −0.00 |
| EA Electronic Arts Inc. | Reduce -1.6% | 0.24% | −0.00 |
| CTAS Cintas Corp. | Reduce -0.6% | 0.04% | −0.00 |
| ICLN iShares Global Clean Energy | Reduce -4.3% | 0.01% | +0.00 |
| PYPL PayPal Holdings Inc. | Reduce -1.4% | 0.02% | +0.00 |
| GOOG Alphabet Inc. Class C | Reduce -0.8% | 0.12% | +0.00 |
| TXN Texas Instruments Inc. | Reduce -3.4% | 0.24% | +0.01 |
| ADI Analog Devices Inc. | Reduce -5.0% | 0.29% | +0.01 |
| LRCX Lam Research Corp. | Reduce -6.8% | 0.26% | +0.03 |
Portfolio Buys Q1 2025 → Q2 2025
| NVDA Nvidia Corp. | Add +11.8% | 1.45% | +0.48 |
| NFLX Netflix Inc. | New | 0.21% | +0.21 |
| NUE Nucor Corp. | New | 0.18% | +0.18 |
| PWR Quanta Services Inc. | Add +9.6% | 0.50% | +0.17 |
| XLK SS Technology Select Sector | Add +38.9% | 0.42% | +0.15 |
| TOL Toll Brothers Inc. | New | 0.14% | +0.14 |
| OSK Oshkosh Corp. | New | 0.12% | +0.12 |
| ANET Arista Networks Inc. | Add +2.1% | 0.61% | +0.12 |
| CRM Salesforce Inc. | New | 0.11% | +0.11 |
| CL Colgate-Palmolive Co. | New | 0.10% | +0.10 |
| APO Apollo Global Management Inc. | New | 0.10% | +0.10 |
| JPM JPMorgan Chase & Co. | Add +2.6% | 0.89% | +0.09 |
| KO The Coca-Cola Co. | Add +66.5% | 0.24% | +0.08 |
| CIEN Ciena Corp. | Add +13.9% | 0.20% | +0.06 |
| VB Vanguard Most SM-Cap ETF-Usd | Add +48.1% | 0.16% | +0.05 |
| GOOGL Alphabet Inc. Class A | Add +2.8% | 0.65% | +0.04 |
| COF Capital One Financial Corp. | New | 0.04% | +0.04 |
| BAC Bank of America Corp. | Add +8.5% | 0.31% | +0.03 |
| IBM Intl Business Machines Corp. | Add +105.2% | 0.06% | +0.03 |
| AMT American Tower Corp. | New | 0.03% | +0.03 |
| OKLO Oklo Inc. | New | 0.03% | +0.03 |
| GEV GE Vernova Inc. | New | 0.02% | +0.02 |
| COR Cencora Inc. | Add +7.2% | 0.42% | +0.02 |
| META Meta Platforms Inc. Class A | Add +21.3% | 0.08% | +0.02 |
| WWD Woodward Inc. | New | 0.02% | +0.02 |
| MRVL Marvell Technology Inc. | New | 0.02% | +0.02 |
| MCHP Microchip Technology Inc. | New | 0.02% | +0.02 |
| STRT Strattec Security Corp. | New | 0.02% | +0.02 |
| IVW iShares S&P 500 Growth ETF | New | 0.02% | +0.02 |
| FELG Fidelity Enh LRG Cap GWTH | New | 0.02% | +0.02 |
| AMAT Applied Materials Inc. | New | 0.02% | +0.02 |
| CRWD CrowdStrike Holdings Inc. Class A | New | 0.02% | +0.02 |
| HON Honeywell International Inc. | New | 0.02% | +0.02 |
| NEE Nextera Energy Inc. | Add +22.2% | 0.20% | +0.02 |
| AMZN Amazon.com Inc. | Add +4.4% | 0.19% | +0.02 |
| XLY SS Consumer Disc Select Sect | Add +14.2% | 0.13% | +0.02 |
| ADBE Adobe Inc. | Add +14.6% | 0.12% | +0.01 |
| SLV iShares Silver Trust | Add +17.6% | 0.04% | +0.00 |
| EOG EOG Resources Inc. | Add +18.6% | 0.16% | +0.00 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Add +7.5% | 0.03% | +0.00 |
| F Ford Motor Co. | Add +1.8% | 0.01% | +0.00 |
| EQIX Equinix Inc. | Add +10.6% | 0.24% | −0.00 |
| NULV Nuveen ESG Large-Cap Val ETF | Add +1.4% | 0.08% | −0.00 |
| RSG Republic Services Inc. | Add +5.9% | 0.32% | −0.00 |
| DUK Duke Energy Corp. | Add +0.7% | 0.04% | −0.00 |
| COST Costco Wholesale Corp. | Add +1.7% | 0.41% | −0.01 |
| EXPE Expedia Group Inc. | Add +0.9% | 0.17% | −0.01 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +3.5% | 0.10% | −0.02 |
| FBIZ First Business Financial Ser | Add +0.2% | 1.80% | −0.02 |
| ABBV Abbvie Inc. | Add +0.3% | 0.12% | −0.03 |
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 |