First Business Financial Services, Inc.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 30, 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 24.3% of the portfolio, followed by iShares Core MSCI Eafe ETF (IEFA, 12.2%) and iShares Russell 1000 Growth (IWF, 8.1%). Compared with Q2 2025, it opened 9 new positions, sold out of 9, added to 17 and reduced 74. The biggest buy was iShares Core U.S. Aggregate (AGG, shares +2%) and the biggest sale iShares Core MSCI Eafe ETF (IEFA, shares −11%).

Most Recent 13F
Q2 2026
Location
MADISON, WI
CIK
0001521951
Portfolio Value
$1.1B (Q3 2025)
SEC Filing
0001140361-25-039810 ↗ filed Oct 30, 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 Q1 2025 Q2 2025: $1.1B Q2 2025 Q3 2025: $1.1B $1.1B Q3 2025 Q4 2025: $1.1B Q4 2025 Q1 2026: $1.1B Q1 2026 Q2 2026: $1.3B Q2 2026

Holdings 185 stocks · $1.1B
VTI VG Morningstar TS MKT ETF-US 24.30% 807,129 $264.9M Reduce -10.5%
IEFA iShares Core MSCI Eafe ETF 12.18% 1,520,975 $132.8M Reduce -10.7%
IWF iShares Russell 1000 Growth 8.07% 187,768 $88.0M Reduce -8.6%
IJR iShares Core S&P Small-Cap E 5.44% 499,418 $59.3M Reduce -11.3%
DGRO iShares Core Dividend Growth 5.15% 824,026 $56.1M Reduce -12.1%
IWD iShares Russell 1000 Value E 4.96% 265,429 $54.0M Reduce -10.1%
IJH iShares Core S&P Midcap ETF 4.22% 704,170 $46.0M Reduce -10.9%
AGG iShares Core U.S. Aggregate 3.34% 363,294 $36.4M Add +1.8%
SPY SS SPDR S&P 500 ETF Trust-US 2.68% 43,791 $29.2M Reduce -0.5%
FBIZ First Business Financial Ser 1.76% 374,233 $19.2M Reduce -5.1%
NVDA Nvidia Corp. 1.60% 93,654 $17.5M Reduce -7.9%
AAPL Apple Inc. 1.32% 56,477 $14.4M Reduce -5.3%
AVGO Broadcom Inc. 1.11% 36,835 $12.2M Reduce -7.8%
JPST JPMorgan Ultra-Short Income 0.94% 202,797 $10.3M Add +2.9%
JPM JPMorgan Chase & Co. 0.91% 31,583 $10.0M Reduce -7.0%
MSFT Microsoft Corp. 0.89% 18,803 $9.7M Add +3.8%
GOOGL Alphabet Inc. Class A 0.86% 38,376 $9.3M Reduce -5.8%
ANET Arista Networks Inc. 0.76% 57,092 $8.3M Reduce -13.3%
CAT Caterpillar Inc. 0.64% 14,667 $7.0M No change
PWR Quanta Services Inc. 0.53% 13,845 $5.7M Reduce -5.3%
MTUM iShares MSCI USA Momentum Fa 0.48% 20,335 $5.2M No change
XLK SS Technology Select Sector 0.47% 18,249 $5.1M No change
MUB iShares National Muni Bond E 0.43% 43,656 $4.6M Add +1.4%
DE Deere & Co. 0.42% 10,040 $4.6M No change
BRK.A Berkshire Hathaway Inc. Class A 0.42% 6 $4.5M No change
LLY Eli Lilly & Co. 0.39% 5,601 $4.3M Reduce -9.4%
COR Cencora Inc. 0.38% 13,344 $4.2M Reduce -14.5%
IVV iShares Core S&P 500 ETF 0.36% 5,873 $3.9M No change
COST Costco Wholesale Corp. 0.35% 4,179 $3.9M Reduce -8.8%
CIEN Ciena Corp. 0.35% 25,956 $3.8M Reduce -6.2%
MGEE Mge Energy Inc. 0.34% 44,382 $3.7M Reduce -5.4%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.33% 69,648 $3.6M Reduce -2.6%
C Citigroup Inc. 0.33% 34,915 $3.5M Reduce -10.1%
LRCX Lam Research Corp. 0.32% 26,211 $3.5M Reduce -10.5%
TMUS T-Mobile US Inc. 0.30% 13,679 $3.3M Reduce -9.9%
SYK Stryker Corp. 0.29% 8,430 $3.1M Reduce -11.2%
XOM Exxon Mobil Corp. 0.27% 26,362 $3.0M Reduce -9.9%
EA Electronic Arts Inc. 0.27% 14,682 $3.0M Reduce -13.4%
RSG Republic Services Inc. 0.27% 12,715 $2.9M Reduce -11.4%
GD General Dynamics Corp. 0.27% 8,540 $2.9M Reduce -12.9%
ADI Analog Devices Inc. 0.26% 11,623 $2.9M Reduce -13.5%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.24% 17,798 $2.6M Reduce -11.1%
KO The Coca-Cola Co. 0.23% 37,455 $2.5M Reduce -1.8%
XLE SS Energy Select Sector 0.22% 27,122 $2.4M Reduce -0.5%
ICE Intercontinental Exchange Inc. 0.22% 14,332 $2.4M Reduce -12.6%
AMZN Amazon.com Inc. 0.22% 10,929 $2.4M Add +14.2%
NFLX Netflix Inc. 0.22% 1,995 $2.4M Add +16.1%
NUE Nucor Corp. 0.21% 17,203 $2.3M Add +10.4%
EXPE Expedia Group Inc. 0.21% 10,616 $2.3M Reduce -6.9%
NEE Nextera Energy Inc. 0.20% 29,560 $2.2M Reduce -8.7%
EQIX Equinix Inc. 0.20% 2,845 $2.2M Reduce -13.2%
TXN Texas Instruments Inc. 0.20% 12,033 $2.2M Reduce -7.9%
XLI SS Industrial Select Sector 0.20% 14,013 $2.2M No change
CSCO Cisco Systems Inc. 0.19% 30,679 $2.1M Reduce -14.2%
LOW Lowe's Cos Inc. 0.19% 8,088 $2.0M Reduce -9.5%
TOL Toll Brothers Inc. 0.18% 14,579 $2.0M Add +4.0%
GLD SPDR Gold Shares 0.17% 5,180 $1.8M No change
PRU Prudential Financial Inc. 0.16% 17,155 $1.8M Reduce -11.5%
GOOG Alphabet Inc. Class C 0.16% 7,216 $1.8M Reduce -2.7%
DRI Darden Restaurants Inc. 0.16% 9,229 $1.8M Reduce -13.4%
PM Philip Morris International 0.16% 10,487 $1.7M No change
ABBV Abbvie Inc. 0.15% 7,278 $1.7M Reduce -2.0%
IQV Iqvia Holdings Inc. 0.15% 8,422 $1.6M Reduce -11.0%
IWB iShares Russell 1000 ETF 0.14% 4,244 $1.6M Reduce -23.9%
EOG EOG Resources Inc. 0.14% 13,820 $1.5M Reduce -6.2%
XLY SS Consumer Disc Select Sect 0.14% 6,451 $1.5M No change
OSK Oshkosh Corp. 0.14% 11,845 $1.5M Add +0.9%
QCOM Qualcomm Inc. 0.14% 8,985 $1.5M Reduce -10.2%
PLTR Palantir Technologies Inc. Class A 0.14% 8,116 $1.5M Reduce -11.8%
KR Kroger Co. 0.13% 21,530 $1.5M Reduce -15.7%
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.13% 39,793 $1.4M Reduce -9.4%
XLF SS Financial Select Sector 0.12% 24,095 $1.3M No change
VB Vanguard Most SM-Cap ETF-Usd 0.12% 5,039 $1.3M Reduce -33.7%
IWM iShares Russell 2000 ETF 0.11% 5,020 $1.2M Reduce -11.0%
AEP American Electric Power 0.11% 10,599 $1.2M New
AEE Ameren Corporation 0.11% 11,155 $1.2M No change
VOX Vanguard Communication Servi 0.11% 6,200 $1.2M No change
PG The Procter & Gamble Co. 0.10% 7,345 $1.1M Add +1.4%
APO Apollo Global Management Inc. 0.10% 7,962 $1.1M Add +2.4%
LNT Alliant Energy Corp. 0.10% 15,614 $1.1M No change
BRK.B Berkshire Hathaway Inc. Class B 0.09% 2,047 $1.0M Reduce -8.9%
ACN Accenture PLC Class A 0.09% 4,167 $1.0M No change
IWO iShares Russell 2000 Growth 0.09% 3,132 $1.0M No change
CRM Salesforce Inc. 0.09% 4,139 $981K Reduce -3.2%
BLK BlackRock Inc. 0.09% 831 $969K No change
CL Colgate-Palmolive Co. 0.08% 11,538 $922K Reduce -6.2%
NULV Nuveen ESG Large-Cap Val ETF 0.08% 21,003 $920K Reduce -1.2%
JNJ Johnson & Johnson 0.08% 4,947 $917K Reduce -5.1%
WMT Walmart Inc. 0.08% 8,592 $885K Reduce -0.2%
CVX Chevron Corp. 0.08% 5,649 $877K Reduce -2.7%
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.08% 2,969 $872K No change
TDG Transdigm Group Inc. 0.08% 652 $859K No change
META Meta Platforms Inc. Class A 0.08% 1,138 $836K No change
XLC SS Comm Select Sector SPDR 0.08% 7,057 $835K No change
USMV iShares MSCI USA Min Vol Fac 0.08% 8,694 $827K No change
IWN iShares Russell 2000 Value E 0.07% 4,604 $814K No change
MDLZ Mondelez International Inc. Class A 0.07% 12,980 $811K No change
ITW Illinois Tool Works 0.07% 3,006 $784K Reduce -6.2%
ETN Eaton Corp. PLC 0.07% 2,062 $772K No change
OKLO Oklo Inc. 0.07% 6,650 $742K Add +33.0%
MRK Merck & Co. Inc. 0.07% 8,824 $741K Reduce -2.5%
ABT Abbott Laboratories 0.07% 5,443 $729K No change
HD Home Depot Inc. 0.07% 1,795 $727K No change
VUG Vanguard Mrngstar GR ETF-Sui 0.07% 1,502 $720K No change
ASML ASML Holding NV-NY Reg SHS 0.07% 737 $713K No change
PEP Pepsico Inc. 0.07% 5,042 $708K Add +1.2%
GLW Corning Inc. 0.06% 8,369 $687K No change
SO The Southern Co. 0.06% 7,225 $685K Add +2.5%
MCD McDonald's Corp. 0.06% 2,229 $677K No change
PNC PNC Financial Services Group 0.06% 3,341 $671K No change
PLOW Douglas Dynamics Inc. 0.06% 20,000 $625K No change
TEL Te Connectivity PLC 0.06% 2,800 $615K No change
TRI Thomson Reuters Corp. 0.06% 3,942 $612K No change
ATI Ati Inc. 0.06% 7,484 $609K No change
TTEK Tetra Tech Inc. 0.05% 17,555 $586K No change
AMD Advanced Micro Devices 0.05% 3,536 $572K No change
ISRG Intuitive Surgical Inc. 0.05% 1,251 $559K No change
USB US Bancorp 0.05% 11,368 $549K Reduce -2.3%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.05% 1,938 $547K Reduce -8.3%
MDY State Street SPDR S&P Midcap 0.05% 887 $529K No change
SLV iShares Silver Trust 0.05% 12,230 $518K No change
ORCL Oracle Corp. 0.05% 1,814 $510K No change
MA Mastercard Inc. Class A 0.05% 885 $503K No change
VTV Vanguard Mrngstr Val ETF-Aui 0.05% 2,689 $501K No change
AMP Ameriprise Financial Inc. 0.05% 1,015 $499K Reduce -7.1%
AON Aon PLC Class A 0.05% 1,384 $494K No change
AXP American Express Co. 0.04% 1,468 $488K No change
EFA iShares MSCI Eafe ETF 0.04% 5,128 $479K No change
MO Altria Group Inc. 0.04% 7,116 $470K No change
V Visa Inc. Class A 0.04% 1,352 $462K No change
WEYS Weyco Group Inc. 0.04% 14,156 $426K Add +8.1%
CTAS Cintas Corp. 0.04% 2,052 $421K No change
COF Capital One Financial Corp. 0.04% 1,956 $416K No change
MCK McKesson Corp. 0.04% 523 $404K No change
DUK Duke Energy Corp. 0.04% 3,248 $402K Reduce -2.7%
VEA Vanguard Ftse Developed ETF 0.04% 6,514 $390K No change
WM Waste Management Inc. 0.04% 1,759 $388K No change
VGT Vanguard Info Tech ETF 0.04% 519 $388K No change
ACWX iShares MSCI Acwi Ex US ETF 0.04% 5,905 $384K No change
UNP Union Pacific Corp. 0.04% 1,619 $383K No change
TTC Toro Co. 0.04% 5,000 $381K No change
SCHW Schwab (charles) Corp. 0.03% 3,931 $375K No change
NOW ServiceNow Inc. 0.03% 403 $371K No change
DOX Amdocs Ltd. 0.03% 4,450 $365K No change
GE General Electric filed as GE AEROSPACE 0.03% 1,192 $359K No change
PH Parker Hannifin Corp. 0.03% 470 $356K No change
CMI Cummins Inc. 0.03% 824 $348K No change
XEL Xcel Energy Inc. 0.03% 4,312 $348K Add +3.6%
XLU St Sr Utl SL SE SPDR ETF-Usd 0.03% 3,952 $345K No change
UNH Unitedhealth Group Inc. 0.03% 984 $340K Reduce -47.0%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.03% 2,917 $334K Reduce -3.8%
MS Morgan Stanley 0.03% 2,084 $331K No change
GS Goldman Sachs Group Inc. 0.03% 411 $327K No change
HWM Howmet Aerospace Inc. 0.03% 1,666 $327K No change
BMO Bank of Montreal filed as BANK MONTREAL QUE 0.03% 2,492 $325K No change
IXN iShares Global Tech ETF 0.03% 3,143 $324K No change
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.03% 1,037 $321K No change
ROK Rockwell Automation Inc. 0.03% 867 $303K No change
MRVL Marvell Technology Inc. 0.02% 3,136 $264K No change
FIS Fidelity National Info Serv 0.02% 3,963 $261K No change
PAVE Global X US Infrastructure 0.02% 5,401 $257K No change
WWD Woodward Inc. 0.02% 1,000 $253K No change
HCA HCA Healthcare Inc. 0.02% 591 $252K No change
STRT Strattec Security Corp. 0.02% 3,598 $245K No change
T AT&T Inc. 0.02% 8,629 $244K Add +2.8%
GEV GE Vernova Inc. 0.02% 390 $240K Reduce -23.1%
NICE Nice Ltd. - Spon ADR 0.02% 1,625 $235K No change
FELG Fidelity Enh LRG Cap GWTH 0.02% 5,700 $234K No change
IVW iShares S&P 500 Growth ETF 0.02% 1,933 $233K No change
AMAT Applied Materials Inc. 0.02% 1,114 $228K No change
NKE Nike Inc. Class B 0.02% 3,246 $226K No change
DGRW Wisdomtree U.S. Quality Divi 0.02% 2,543 $226K No change
PYPL PayPal Holdings Inc. 0.02% 3,309 $222K Reduce -2.6%
PSX Phillips 66 0.02% 1,631 $222K New
MCHP Microchip Technology Inc. 0.02% 3,362 $216K No change
MPC Marathon Petroleum Corp. 0.02% 1,116 $215K New
TMO Thermo Fisher Scientific Inc. 0.02% 442 $214K Reduce -49.0%
INTC Intel Corp. 0.02% 6,337 $213K Reduce -34.0%
PPL PPL Corp. 0.02% 5,553 $206K New
CRL Charles River Laboratories 0.02% 1,300 $203K New
WFC Wells Fargo & Co. 0.02% 2,425 $203K New
GILD Gilead Sciences Inc. 0.02% 1,806 $200K New
ICLN iShares Global Clean Energy 0.02% 11,001 $170K Reduce -3.9%
UA Under Armour Inc. Class C 0.00% 10,000 $48K New
GPRO Gopro Inc. Class A 0.00% 10,000 $21K New

Portfolio Sells Q2 2025 → Q3 2025
IEFA iShares Core MSCI Eafe ETF Reduce -10.7% 12.18% −0.64
VTI VG Morningstar TS MKT ETF-US Reduce -10.5% 24.30% −0.43
DGRO iShares Core Dividend Growth Reduce -12.1% 5.15% −0.26
IWD iShares Russell 1000 Value E Reduce -10.1% 4.96% −0.22
IJH iShares Core S&P Midcap ETF Reduce -10.9% 4.22% −0.20
ADBE Adobe Inc. Sold out 0.00% −0.12
IJR iShares Core S&P Small-Cap E Reduce -11.3% 5.44% −0.10
CTVA Corteva Inc. Sold out 0.00% −0.06
COST Costco Wholesale Corp. Reduce -8.8% 0.35% −0.05
SYK Stryker Corp. Reduce -11.2% 0.29% −0.05
RSG Republic Services Inc. Reduce -11.4% 0.27% −0.05
ICE Intercontinental Exchange Inc. Reduce -12.6% 0.22% −0.05
DRI Darden Restaurants Inc. Reduce -13.4% 0.16% −0.05
VB Vanguard Most SM-Cap ETF-Usd Reduce -33.7% 0.12% −0.04
FBIZ First Business Financial Ser Reduce -5.1% 1.76% −0.04
LLY Eli Lilly & Co. Reduce -9.4% 0.39% −0.04
TXN Texas Instruments Inc. Reduce -7.9% 0.20% −0.04
HLT Hilton Worldwide Holdings Inc. Sold out 0.00% −0.04
COR Cencora Inc. Reduce -14.5% 0.38% −0.04
CSX CSX Corp. Sold out 0.00% −0.03
KR Kroger Co. Reduce -15.7% 0.13% −0.03
MGEE Mge Energy Inc. Reduce -5.4% 0.34% −0.03
CSCO Cisco Systems Inc. Reduce -14.2% 0.19% −0.03
EQIX Equinix Inc. Reduce -13.2% 0.20% −0.03
IWB iShares Russell 1000 ETF Reduce -23.9% 0.14% −0.03
AMT American Tower Corp. Sold out 0.00% −0.03
ADI Analog Devices Inc. Reduce -13.5% 0.26% −0.03
TMUS T-Mobile US Inc. Reduce -9.9% 0.30% −0.03
PRU Prudential Financial Inc. Reduce -11.5% 0.16% −0.02
UNH Unitedhealth Group Inc. Reduce -47.0% 0.03% −0.02
SBUX Starbucks Corp. Sold out 0.00% −0.02
CRWD CrowdStrike Holdings Inc. Class A Sold out 0.00% −0.02
HON Honeywell International Inc. Sold out 0.00% −0.02
EOG EOG Resources Inc. Reduce -6.2% 0.14% −0.02
CL Colgate-Palmolive Co. Reduce -6.2% 0.08% −0.02
KO The Coca-Cola Co. Reduce -1.8% 0.23% −0.02
CRM Salesforce Inc. Reduce -3.2% 0.09% −0.02
F Ford Motor Co. Sold out 0.00% −0.01
TMO Thermo Fisher Scientific Inc. Reduce -49.0% 0.02% −0.01
XOM Exxon Mobil Corp. Reduce -9.9% 0.27% −0.01
SLB SLB Ltd. Reduce -9.4% 0.13% −0.01
AMP Ameriprise Financial Inc. Reduce -7.1% 0.05% −0.01
QCOM Qualcomm Inc. Reduce -10.2% 0.14% −0.01
IBM Intl Business Machines Corp. Reduce -8.3% 0.05% −0.01
BRK.B Berkshire Hathaway Inc. Class B Reduce -8.9% 0.09% −0.00
DIS The Walt Disney Co. Reduce -3.8% 0.03% −0.00
PYPL PayPal Holdings Inc. Reduce -2.6% 0.02% −0.00
GEV GE Vernova Inc. Reduce -23.1% 0.02% −0.00
INTC Intel Corp. Reduce -34.0% 0.02% +0.00
ITW Illinois Tool Works Reduce -6.2% 0.07% +0.00

Portfolio Buys Q2 2025 → Q3 2025
AGG iShares Core U.S. Aggregate Add +1.8% 3.34% +0.15
AEP American Electric Power New 0.11% +0.11
MSFT Microsoft Corp. Add +3.8% 0.89% +0.08
JPST JPMorgan Ultra-Short Income Add +2.9% 0.94% +0.04
OKLO Oklo Inc. Add +33.0% 0.07% +0.04
TOL Toll Brothers Inc. Add +4.0% 0.18% +0.04
NUE Nucor Corp. Add +10.4% 0.21% +0.03
AMZN Amazon.com Inc. Add +14.2% 0.22% +0.03
MUB iShares National Muni Bond E Add +1.4% 0.43% +0.02
OSK Oshkosh Corp. Add +0.9% 0.14% +0.02
PSX Phillips 66 New 0.02% +0.02
MPC Marathon Petroleum Corp. New 0.02% +0.02
PPL PPL Corp. New 0.02% +0.02
CRL Charles River Laboratories New 0.02% +0.02
WFC Wells Fargo & Co. New 0.02% +0.02
GILD Gilead Sciences Inc. New 0.02% +0.02
NFLX Netflix Inc. Add +16.1% 0.22% +0.01
XEL Xcel Energy Inc. Add +3.6% 0.03% +0.01
PEP Pepsico Inc. Add +1.2% 0.07% +0.01
SO The Southern Co. Add +2.5% 0.06% +0.00
UA Under Armour Inc. Class C New 0.00% +0.00
GPRO Gopro Inc. Class A New 0.00% +0.00
T AT&T Inc. Add +2.8% 0.02% +0.00
WEYS Weyco Group Inc. Add +8.1% 0.04% −0.00
PG The Procter & Gamble Co. Add +1.4% 0.10% −0.00
APO Apollo Global Management Inc. Add +2.4% 0.10% −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