First Business Financial Services, Inc.

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 1, 2026), First Business Financial Services, Inc. reported 192 stock positions worth $1.1 billion. Its top holding was VG Morningstar TS MKT ETF-US (VTI) at 22.7% of the portfolio, followed by iShares Core MSCI Eafe ETF (IEFA, 12.5%) and iShares Russell 1000 Growth (IWF, 6.9%). Compared with Q4 2025, it opened 27 new positions, sold out of 3, added to 86 and reduced 13. The biggest buy was a new position in Vanguard Short-Term Tips (VTIP) and the biggest sale SS SPDR S&P 500 ETF Trust-US (SPY, shares −0%).

Most Recent 13F
Q2 2026
Location
MADISON, WI
CIK
0001521951
Portfolio Value
$1.1B (Q1 2026)
SEC Filing
0001140361-26-018481 ↗ filed May 1, 2026

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 Q3 2025 Q4 2025: $1.1B Q4 2025 Q1 2026: $1.1B $1.1B Q1 2026 Q2 2026: $1.3B Q2 2026

Holdings 192 stocks · $1.1B
VTI VG Morningstar TS MKT ETF-US 22.74% 797,187 $255.7M Add +1.1%
IEFA iShares Core MSCI Eafe ETF 12.52% 1,556,046 $140.9M Add +2.8%
IWF iShares Russell 1000 Growth 6.95% 183,308 $78.2M Add +0.7%
IJR iShares Core S&P Small-Cap E 5.54% 500,941 $62.3M Add +1.7%
DGRO iShares Core Dividend Growth 5.21% 835,155 $58.6M Add +1.6%
IWD iShares Russell 1000 Value E 5.06% 266,206 $56.9M Add +1.4%
IJH iShares Core S&P Midcap ETF 4.25% 707,534 $47.8M Add +1.5%
AGG iShares Core U.S. Aggregate 3.32% 375,696 $37.3M Reduce -1.5%
SPY SS SPDR S&P 500 ETF Trust-US 2.53% 43,754 $28.5M Reduce -0.1%
FBIZ First Business Financial Ser 1.73% 361,311 $19.5M No change
JPST JPMorgan Ultra-Short Income 1.57% 349,703 $17.7M Add +60.6%
NVDA Nvidia Corp. 1.55% 99,950 $17.4M Add +5.8%
AAPL Apple Inc. 1.34% 59,469 $15.1M Add +4.5%
AVGO Broadcom Inc. 1.15% 41,647 $12.9M Add +10.1%
GOOGL Alphabet Inc. Class A 1.08% 42,161 $12.1M Add +8.2%
CIEN Ciena Corp. 1.04% 30,050 $11.7M Add +12.4%
JPM JPMorgan Chase & Co. 0.92% 35,340 $10.4M Add +10.1%
PWR Quanta Services Inc. 0.76% 15,527 $8.5M Add +10.0%
ANET Arista Networks Inc. 0.72% 66,173 $8.1M Add +12.1%
MSFT Microsoft Corp. 0.59% 18,047 $6.7M Add +2.1%
VTIP Vanguard Short-Term Tips 0.59% 132,822 $6.6M New
LRCX Lam Research Corp. 0.59% 30,841 $6.6M Add +14.8%
LLY Eli Lilly & Co. 0.52% 6,416 $5.9M Add +12.2%
MUB iShares National Muni Bond E 0.50% 52,980 $5.6M Add +17.4%
XOM Exxon Mobil Corp. 0.44% 29,246 $5.0M Add +8.7%
MTUM iShares MSCI USA Momentum Fa 0.43% 20,335 $4.9M No change
XLK SS Technology Select Sector 0.43% 36,498 $4.9M No change
COR Cencora Inc. 0.43% 15,341 $4.8M Add +11.6%
COST Costco Wholesale Corp. 0.41% 4,649 $4.6M Add +10.5%
C Citigroup Inc. 0.40% 40,051 $4.5M Add +11.5%
BRK.A Berkshire Hathaway Inc. Class A 0.38% 6 $4.3M No change
ADI Analog Devices Inc. 0.38% 13,374 $4.3M Add +11.8%
IVV iShares Core S&P 500 ETF 0.38% 6,474 $4.2M Add +10.2%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.34% 77,650 $3.8M Add +8.9%
TMUS T-Mobile US Inc. 0.32% 16,904 $3.6M Add +19.9%
GD General Dynamics Corp. 0.30% 9,862 $3.4M Add +11.8%
XLE SS Energy Select Sector 0.30% 54,244 $3.3M No change
NUE Nucor Corp. 0.30% 19,645 $3.3M Add +10.3%
EQIX Equinix Inc. 0.29% 3,297 $3.2M Add +11.9%
SYK Stryker Corp. 0.28% 9,665 $3.2M Add +11.2%
RSG Republic Services Inc. 0.28% 14,228 $3.1M Add +13.9%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.28% 19,471 $3.1M Add +8.5%
NEE Nextera Energy Inc. 0.28% 33,324 $3.1M Add +9.7%
KO The Coca-Cola Co. 0.26% 38,766 $2.9M Add +1.8%
EA Electronic Arts Inc. 0.26% 14,190 $2.9M No change
EXPE Expedia Group Inc. 0.25% 12,202 $2.8M Add +11.4%
PRU Prudential Financial Inc. 0.24% 28,046 $2.7M Add +11.6%
ICE Intercontinental Exchange Inc. 0.24% 17,277 $2.7M Add +17.2%
TXN Texas Instruments Inc. 0.23% 13,596 $2.6M Add +10.2%
AMZN Amazon.com Inc. 0.23% 12,366 $2.6M Add +14.2%
META Meta Platforms Inc. Class A 0.22% 4,321 $2.5M Add +12.4%
CSCO Cisco Systems Inc. 0.21% 31,050 $2.4M Add +2.4%
TOL Toll Brothers Inc. 0.21% 16,983 $2.3M Add +12.4%
XLI SS Industrial Select Sector 0.20% 14,013 $2.3M No change
LOW Lowe's Cos Inc. 0.20% 9,355 $2.2M Add +11.9%
RSSB RTRN Stack GLBL STK & BD ETF 0.19% 78,208 $2.1M New
DRI Darden Restaurants Inc. 0.19% 10,684 $2.1M Add +12.0%
OSK Oshkosh Corp. 0.18% 14,069 $2.1M Add +16.2%
NFLX Netflix Inc. 0.18% 21,126 $2.0M Add +6.2%
SLB SLB Ltd. filed as SLB LIMITED 0.18% 38,779 $2.0M Add +8.9%
GOOG Alphabet Inc. Class C 0.18% 6,884 $2.0M Reduce -0.2%
KR Kroger Co. 0.17% 26,349 $1.9M Add +17.1%
GLD SPDR Gold Shares 0.16% 4,247 $1.8M Reduce -19.1%
PM Philip Morris International 0.15% 10,458 $1.7M No change
AEP American Electric Power 0.15% 13,027 $1.7M Add +15.1%
ABBV Abbvie Inc. 0.14% 7,166 $1.6M Add +4.8%
IQV Iqvia Holdings Inc. 0.14% 8,964 $1.5M Add +13.1%
IWB iShares Russell 1000 ETF 0.13% 4,244 $1.5M No change
XLY SS Consumer Disc Select Sect 0.13% 12,902 $1.4M No change
VB Vanguard Most SM-Cap ETF-Usd 0.12% 5,070 $1.3M Add +0.6%
QCOM Qualcomm Inc. 0.12% 10,128 $1.3M Add +10.5%
PLTR Palantir Technologies Inc. Class A 0.11% 8,815 $1.3M Add +8.6%
CL Colgate-Palmolive Co. 0.11% 15,111 $1.3M Add +22.2%
IWM iShares Russell 2000 ETF 0.11% 4,950 $1.2M No change
GLW Corning Inc. 0.11% 8,962 $1.2M Add +7.1%
APO Apollo Global Management Inc. 0.11% 10,902 $1.2M Add +26.2%
XLF SS Financial Select Sector 0.11% 24,095 $1.2M No change
JNJ Johnson & Johnson 0.10% 4,647 $1.1M Add +0.3%
VOX Vanguard Communication Servi 0.10% 6,200 $1.1M No change
WMT Walmart Inc. 0.10% 8,814 $1.1M Add +6.1%
ATI Ati Inc. 0.10% 7,484 $1.1M No change
MRK Merck & Co. Inc. 0.09% 8,804 $1.1M No change
BRK.B Berkshire Hathaway Inc. Class B 0.09% 2,199 $1.1M Add +7.4%
CRM Salesforce Inc. 0.09% 5,309 $991K Add +23.6%
IWO iShares Russell 2000 Growth 0.09% 3,132 $983K No change
ASML ASML Holding NV-NY Reg SHS filed as ASML HLDG NV 0.09% 732 $967K No change
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.08% 3,205 $920K Add +8.0%
IWN iShares Russell 2000 Value E 0.08% 4,604 $873K No change
NULV Nuveen ESG Large-Cap Val ETF 0.08% 18,931 $861K Reduce -1.3%
XLC SS Comm Select Sector SPDR 0.07% 7,317 $811K No change
USMV iShares MSCI USA Min Vol Fac 0.07% 8,694 $806K No change
BLK BlackRock Inc. 0.07% 835 $803K No change
ETN Eaton Corp. PLC 0.07% 2,173 $777K Add +8.3%
PG The Procter & Gamble Co. 0.07% 5,360 $774K Reduce -15.7%
ACN Accenture PLC Class A 0.07% 3,889 $771K Add +0.1%
TDG Transdigm Group Inc. 0.07% 652 $756K No change
CTA Simplify Managed Futures St 0.07% 24,179 $731K New
AMD Advanced Micro Devices 0.06% 3,506 $713K Add +11.4%
SLV iShares Silver Trust 0.06% 10,330 $704K Reduce -15.5%
MDLZ Mondelez International Inc. Class A 0.06% 12,118 $698K No change
MA Mastercard Inc. Class A 0.06% 1,382 $691K Add +56.5%
VUG Vanguard Mrngstar GR ETF-Sui 0.06% 1,550 $677K Add +3.2%
ITW Illinois Tool Works 0.06% 2,506 $652K Reduce -3.8%
ISRG Intuitive Surgical Inc. 0.05% 1,340 $618K Add +8.1%
ABT Abbott Laboratories 0.05% 5,818 $597K Add +6.9%
PEP Pepsico Inc. 0.05% 3,809 $592K No change
MGEE Mge Energy Inc. 0.05% 7,458 $576K Add +19.3%
WTRG Essential Utilities Inc. 0.05% 14,146 $570K New
CVX Chevron Corp. 0.05% 2,731 $565K No change
MO Altria Group Inc. 0.05% 8,306 $548K Add +16.7%
MDY State Street SPDR S&P Midcap 0.05% 887 $547K No change
VTV Vanguard Mrngstr Val ETF-Aui 0.05% 2,689 $528K No change
HD Home Depot Inc. 0.05% 1,590 $523K Reduce -7.8%
SO The Southern Co. 0.05% 5,261 $508K Add +18.6%
TTEK Tetra Tech Inc. 0.04% 16,820 $507K No change
EFA iShares MSCI Eafe ETF 0.04% 5,128 $498K No change
TEL Te Connectivity PLC 0.04% 2,375 $496K No change
MCD McDonald's Corp. 0.04% 1,592 $495K Reduce -27.2%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.04% 2,004 $486K Add +13.6%
CTAS Cintas Corp. 0.04% 2,867 $485K Add +39.7%
WEYS Weyco Group Inc. 0.04% 14,156 $454K No change
MCK McKesson Corp. 0.04% 523 $453K No change
AMP Ameriprise Financial Inc. 0.04% 1,015 $451K No change
AON Aon PLC Class A 0.04% 1,384 $447K No change
AXP American Express Co. 0.04% 1,472 $445K No change
CMI Cummins Inc. 0.04% 824 $443K No change
PH Parker Hannifin Corp. 0.04% 470 $421K No change
VEA Vanguard Ftse Developed ETF 0.04% 6,562 $420K Add +2.0%
CAT Caterpillar Inc. 0.04% 589 $417K Reduce -12.3%
ACWX iShares MSCI Acwi Ex US ETF 0.04% 5,905 $404K No change
DUK Duke Energy Corp. 0.04% 3,073 $402K No change
LNT Alliant Energy Corp. 0.03% 5,444 $391K No change
WM Waste Management Inc. 0.03% 1,659 $381K No change
BMO Bank of Montreal filed as BANK MONTREAL MEDIUM 0.03% 2,785 $377K Add +13.1%
AMAT Applied Materials Inc. 0.03% 1,089 $372K Add +1.0%
V Visa Inc. Class A 0.03% 1,227 $371K No change
XLU St Sr Utl SL SE SPDR ETF-Usd 0.03% 7,904 $363K No change
VGT Vanguard Info Tech ETF 0.03% 519 $362K No change
WWD Woodward Inc. 0.03% 1,000 $358K No change
TRI Thomson Reuters Corp. 0.03% 3,942 $355K No change
UNP Union Pacific Corp. 0.03% 1,422 $345K No change
MS Morgan Stanley 0.03% 2,076 $342K No change
GE General Electric filed as GE AEROSPACE 0.03% 1,189 $337K No change
BX Blackstone Inc. 0.03% 2,917 $335K New
XEL Xcel Energy Inc. 0.03% 4,184 $332K No change
USCI United States Commodity Inde 0.03% 3,477 $331K New
OKLO Oklo Inc. 0.03% 6,650 $330K No change
IXN iShares Global Tech ETF 0.03% 3,143 $314K No change
GS Goldman Sachs Group Inc. 0.03% 371 $314K No change
MRVL Marvell Technology Inc. 0.03% 3,113 $308K No change
PHM Pultegroup Inc. 0.03% 2,605 $306K New
SPDW Ste STR SPDR PT DW Eu ETF 0.03% 6,444 $294K New
DOX Amdocs Ltd. 0.03% 4,450 $290K No change
COF Capital One Financial Corp. 0.03% 1,556 $284K No change
PNC PNC Financial Services Group 0.03% 1,360 $283K Add +0.9%
STRT Strattec Security Corp. 0.03% 3,598 $282K No change
EOG EOG Resources Inc. 0.02% 1,929 $279K New
PAVE Global X US Infrastructure 0.02% 5,401 $274K No change
SGOL Abrdn Physical Gold Shares 0.02% 6,096 $272K New
SCHW Schwab (charles) Corp. 0.02% 2,881 $271K No change
PSX Phillips 66 0.02% 1,471 $268K New
ORCL Oracle Corp. 0.02% 1,794 $264K No change
TMO Thermo Fisher Scientific Inc. 0.02% 535 $263K Add +30.2%
USB US Bancorp 0.02% 5,053 $263K Reduce -6.4%
GILD Gilead Sciences Inc. 0.02% 1,863 $260K Add +8.9%
NOW ServiceNow Inc. 0.02% 2,270 $237K Add +14.1%
ROK Rockwell Automation Inc. 0.02% 655 $235K Add +1.1%
VZ Verizon Communications Inc. 0.02% 4,520 $227K New
SIVR Abrdn Physical Silver Shares 0.02% 3,160 $226K New
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.02% 1,037 $225K No change
GEV GE Vernova Inc. 0.02% 257 $224K New
CRL Charles River Laboratories 0.02% 1,300 $224K No change
DGRW Wisdomtree U.S. Quality Divi 0.02% 2,543 $223K No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.02% 2,281 $220K No change
IVW iShares S&P 500 Growth ETF 0.02% 1,933 $219K No change
NSC Norfolk Southern Corp. 0.02% 758 $218K New
HLT Hilton Worldwide Holdings Inc. 0.02% 705 $214K New
FELG Fidelity Enh LRG Cap GWTH 0.02% 5,700 $214K No change
PPL PPL Corp. 0.02% 5,553 $212K New
SHEL Shell PLC-ADR 0.02% 2,257 $210K New
MPC Marathon Petroleum Corp. 0.02% 857 $209K New
RDVI FT Vest Rising Dividend Achi 0.02% 8,052 $206K New
MGV Vngrd Mrgstr MG CP VL ETF-Ui 0.02% 1,411 $205K New
GPIX GLDM SA S&P 500 PR in ETF-US 0.02% 4,076 $204K New
UNH Unitedhealth Group Inc. 0.02% 750 $203K Reduce -14.7%
MCHP Microchip Technology Inc. 0.02% 3,136 $203K New
GPIQ GS Nasdaq-100 PR Inc. ETF-Usd 0.02% 4,071 $201K New
TFC Truist Financial Corp. 0.02% 4,377 $201K Add +2.0%
IWS iShares Russell Mid-Cap Valu 0.02% 1,377 $201K New
CB Chubb Ltd. 0.02% 614 $200K New
UA Under Armour Inc. Class C 0.01% 20,000 $116K Add +100.0%
DNN Denison Mines Corp. 0.00% 10,000 $35K New

Portfolio Sells Q4 2025 → Q1 2026
SPY SS SPDR S&P 500 ETF Trust-US Reduce -0.1% 2.53% −0.21
AGG iShares Core U.S. Aggregate Reduce -1.5% 3.32% −0.18
GLD SPDR Gold Shares Reduce -19.1% 0.16% −0.03
FIS Fidelity National Info Serv Sold out 0.00% −0.02
GOOG Alphabet Inc. Class C Reduce -0.2% 0.18% −0.02
WFC Wells Fargo & Co. Sold out 0.00% −0.02
EXAS Exact Sciences Corp. Sold out 0.00% −0.02
MCD McDonald's Corp. Reduce -27.2% 0.04% −0.02
PG The Procter & Gamble Co. Reduce -15.7% 0.07% −0.01
SLV iShares Silver Trust Reduce -15.5% 0.06% −0.01
UNH Unitedhealth Group Inc. Reduce -14.7% 0.02% −0.01
HD Home Depot Inc. Reduce -7.8% 0.05% −0.01
USB US Bancorp Reduce -6.4% 0.02% −0.00
NULV Nuveen ESG Large-Cap Val ETF Reduce -1.3% 0.08% −0.00
ITW Illinois Tool Works Reduce -3.8% 0.06% −0.00
CAT Caterpillar Inc. Reduce -12.3% 0.04% +0.00

Portfolio Buys Q4 2025 → Q1 2026
VTIP Vanguard Short-Term Tips New 0.59% +0.59
JPST JPMorgan Ultra-Short Income Add +60.6% 1.57% +0.56
CIEN Ciena Corp. Add +12.4% 1.04% +0.46
PWR Quanta Services Inc. Add +10.0% 0.76% +0.21
RSSB RTRN Stack GLBL STK & BD ETF New 0.19% +0.19
LRCX Lam Research Corp. Add +14.8% 0.59% +0.16
XOM Exxon Mobil Corp. Add +8.7% 0.44% +0.14
IJR iShares Core S&P Small-Cap E Add +1.7% 5.54% +0.10
IEFA iShares Core MSCI Eafe ETF Add +2.8% 12.52% +0.09
ADI Analog Devices Inc. Add +11.8% 0.38% +0.08
EQIX Equinix Inc. Add +11.9% 0.29% +0.08
COST Costco Wholesale Corp. Add +10.5% 0.41% +0.08
CTA Simplify Managed Futures St New 0.07% +0.07
MUB iShares National Muni Bond E Add +17.4% 0.50% +0.06
TMUS T-Mobile US Inc. Add +19.9% 0.32% +0.05
SLB SLB Ltd. Add +8.9% 0.18% +0.05
NEE Nextera Energy Inc. Add +9.7% 0.28% +0.05
WTRG Essential Utilities Inc. New 0.05% +0.05
OSK Oshkosh Corp. Add +16.2% 0.18% +0.04
GLW Corning Inc. Add +7.1% 0.11% +0.04
KR Kroger Co. Add +17.1% 0.17% +0.04
TXN Texas Instruments Inc. Add +10.2% 0.23% +0.04
RSG Republic Services Inc. Add +13.9% 0.28% +0.03
AEP American Electric Power Add +15.1% 0.15% +0.03
BX Blackstone Inc. New 0.03% +0.03
USCI United States Commodity Inde New 0.03% +0.03
NUE Nucor Corp. Add +10.3% 0.30% +0.03
GD General Dynamics Corp. Add +11.8% 0.30% +0.03
PHM Pultegroup Inc. New 0.03% +0.03
SPDW Ste STR SPDR PT DW Eu ETF New 0.03% +0.03
IJH iShares Core S&P Midcap ETF Add +1.5% 4.25% +0.03
DRI Darden Restaurants Inc. Add +12.0% 0.19% +0.03
CL Colgate-Palmolive Co. Add +22.2% 0.11% +0.02
EOG EOG Resources Inc. New 0.02% +0.02
SGOL Abrdn Physical Gold Shares New 0.02% +0.02
PSX Phillips 66 New 0.02% +0.02
TJX TJX Companies Inc. Add +8.5% 0.28% +0.02
ICE Intercontinental Exchange Inc. Add +17.2% 0.24% +0.02
VZ Verizon Communications Inc. New 0.02% +0.02
SIVR Abrdn Physical Silver Shares New 0.02% +0.02
GEV GE Vernova Inc. New 0.02% +0.02
NSC Norfolk Southern Corp. New 0.02% +0.02
HLT Hilton Worldwide Holdings Inc. New 0.02% +0.02
C Citigroup Inc. Add +11.5% 0.40% +0.02
PPL PPL Corp. New 0.02% +0.02
SHEL Shell PLC-ADR New 0.02% +0.02
MPC Marathon Petroleum Corp. New 0.02% +0.02
TOL Toll Brothers Inc. Add +12.4% 0.21% +0.02
RDVI FT Vest Rising Dividend Achi New 0.02% +0.02
MGV Vngrd Mrgstr MG CP VL ETF-Ui New 0.02% +0.02

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