Nicolet Advisory Services, LLC
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 10, 2024), Nicolet Advisory Services, LLC reported 343 stock positions worth $984.6 million. Its top holding was SS SPDR P S&P 500 Value ETF (SPYV) at 15.2% of the portfolio, followed by SS SPDR P S&P 500 Growth ETF (SPYG, 12.2%) and Vanguard Total Bond Market (BND, 5.5%). Compared with Q4 2023, it opened 38 new positions, sold out of 15, added to 159 and reduced 126. The biggest buy was Nvidia (NVDA, shares +19%) and the biggest sale Apple (AAPL, shares −1%).
- Most Recent 13F
- Q4 2025
- Location
- GREEN BAY, WI
- CIK
- 0001775863
- Portfolio Value
- $984.6M (Q1 2024)
- SEC Filing
- 0001775863-24-000006 ↗ filed May 10, 2024
Holdings Value
Holdings 343 stocks · $984.6M
| SPYV SS SPDR P S&P 500 Value ETF | 15.21% | 3,031,049 | $149.7M | Reduce -2.2% |
| SPYG SS SPDR P S&P 500 Growth ETF | 12.24% | 1,651,180 | $120.5M | Reduce -6.2% |
| BND Vanguard Total Bond Market | 5.47% | 749,330 | $53.9M | Add +0.9% |
| ITOT iShares Core S&P Total U.S. | 3.35% | 288,586 | $33.0M | Reduce -1.5% |
| VEA Vanguard Ftse Developed ETF | 2.75% | 541,200 | $27.0M | Reduce -1.6% |
| VTEB Vanguard Tax-Exempt Bond ETF | 2.68% | 525,296 | $26.3M | Reduce -1.4% |
| AAPL Apple Inc. | 2.59% | 150,090 | $25.5M | Reduce -1.0% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 2.47% | 98,494 | $24.4M | Reduce -7.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 2.36% | 56,108 | $23.3M | Add +1.8% |
| MSFT Microsoft Corp. | 1.84% | 42,443 | $18.1M | Add +4.1% |
| PG The Procter & Gamble Co. | 1.81% | 114,019 | $17.9M | Add +2.2% |
| BFC Bank First Corp. | 1.79% | 210,826 | $17.6M | Reduce -1.5% |
| YLD Principal Act Hi YLD ETF | 1.48% | 766,963 | $14.6M | Add +2.1% |
| TLH iShares 10-20 Year Treasury | 1.40% | 134,223 | $13.8M | Add +6.5% |
| AMJ JPMorgan Alerian MLP Index | 1.37% | 476,265 | $13.5M | Reduce -6.0% |
| MUB iShares National Muni Bond E | 1.31% | 120,939 | $12.9M | Add +3.6% |
| JPM JPMorgan Chase & Co. | 1.27% | 63,673 | $12.6M | Add +0.7% |
| VOO Vanguard S&P 500 ETF | 1.14% | 23,570 | $11.2M | Reduce -7.3% |
| AVRE Avantis Real Estate ETF | 1.12% | 262,255 | $11.0M | Add +3.6% |
| IVV iShares Core S&P 500 ETF | 1.06% | 20,025 | $10.4M | Reduce -4.8% |
| WEC WEC Energy Group Inc. | 0.94% | 113,518 | $9.3M | Reduce -5.5% |
| AMZN Amazon.com Inc. | 0.91% | 48,464 | $9.0M | Add +7.9% |
| AMLP Alerian MLP ETF | 0.91% | 188,533 | $8.9M | Add +0.3% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.86% | 37,601 | $8.5M | Reduce -13.9% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.80% | 49,109 | $7.9M | Reduce -6.0% |
| VGSH Vanguard Short-Term Treasury | 0.76% | 129,253 | $7.5M | Reduce -7.3% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.76% | 21,757 | $7.5M | Reduce -8.5% |
| PEP Pepsico Inc. | 0.71% | 40,851 | $7.0M | Add +1.1% |
| SUB iShares Short-Term National | 0.70% | 66,003 | $6.9M | Reduce -2.3% |
| GOOGL Alphabet Inc. Class A | 0.69% | 43,093 | $6.7M | Add +7.4% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.68% | 12,861 | $6.7M | Reduce -13.3% |
| NVDA Nvidia Corp. | 0.67% | 7,684 | $6.6M | Add +18.9% |
| IEMG iShares Core MSCI Emerging | 0.63% | 117,164 | $6.2M | Reduce -5.7% |
| HD Home Depot Inc. | 0.60% | 16,283 | $5.9M | Reduce -1.7% |
| META Meta Platforms Inc. Class A | 0.56% | 10,611 | $5.5M | Add +2.8% |
| OSK Oshkosh Corp. | 0.55% | 43,331 | $5.4M | Add +0.2% |
| KO The Coca-Cola Co. | 0.52% | 86,180 | $5.1M | Add +2.8% |
| XOM Exxon Mobil Corp. | 0.47% | 38,137 | $4.6M | Add +7.2% |
| IGF iShares Global Infrastructur | 0.41% | 84,342 | $4.0M | Reduce -2.9% |
| DFAC Dimensional US Core Equity 2 | 0.41% | 127,349 | $4.0M | Reduce -2.5% |
| GUNR NT Mstar GLBL NR ETF | 0.36% | 83,523 | $3.6M | Reduce -7.7% |
| VGIT Vanguard Intermediate-Term T | 0.36% | 60,326 | $3.5M | Reduce -7.0% |
| ABT Abbott Laboratories | 0.34% | 30,153 | $3.4M | Add +2.0% |
| SPDW Ste STR SPDR PT DW Eu ETF | 0.33% | 91,708 | $3.3M | Reduce -7.4% |
| SPAB SS SPDR P Agg Bond ETF | 0.30% | 118,815 | $3.0M | Reduce -4.5% |
| GOOG Alphabet Inc. Class C | 0.29% | 18,257 | $2.9M | Reduce -2.3% |
| BBAG JPMorgan Betabuilders US Agg | 0.29% | 62,909 | $2.9M | Reduce -15.3% |
| UNH Unitedhealth Group Inc. | 0.28% | 5,936 | $2.7M | Reduce -1.2% |
| ETN Eaton Corp. PLC | 0.26% | 8,009 | $2.5M | Reduce -11.3% |
| LLY Eli Lilly & Co. | 0.25% | 3,298 | $2.5M | Add +11.9% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.25% | 25,523 | $2.5M | Reduce -1.8% |
| WMT Walmart Inc. | 0.25% | 41,024 | $2.5M | Add +0.3% |
| SPMD SS SPDR P S&P 400 Midcap ETF | 0.24% | 44,621 | $2.4M | Reduce -9.5% |
| ORCL Oracle Corp. | 0.22% | 17,941 | $2.2M | Add +6.5% |
| MDY State Street SPDR S&P Midcap | 0.22% | 3,971 | $2.2M | Add +3.1% |
| VIG Vanguard Dividend Apprec ETF | 0.22% | 11,970 | $2.2M | Reduce -1.2% |
| MA Mastercard Inc. Class A | 0.21% | 4,334 | $2.0M | Add +1.2% |
| SPTM SS SPDR P S&P 1500 Comp ETF | 0.21% | 31,733 | $2.0M | Reduce -8.3% |
| ASB Associated Banc-Corp. | 0.20% | 92,146 | $2.0M | Reduce -3.9% |
| COST Costco Wholesale Corp. | 0.20% | 2,701 | $1.9M | Add +4.6% |
| ABBV Abbvie Inc. | 0.19% | 11,100 | $1.9M | Add +12.3% |
| HON Honeywell International Inc. | 0.19% | 9,478 | $1.9M | Reduce -0.4% |
| MCD McDonald's Corp. | 0.19% | 6,944 | $1.9M | Add +5.0% |
| MRK Merck & Co. Inc. | 0.19% | 14,502 | $1.8M | Add +6.8% |
| SCZ iShares MSCI Eafe Small-Cap | 0.18% | 28,553 | $1.8M | Reduce -2.4% |
| JNJ Johnson & Johnson | 0.18% | 11,869 | $1.8M | Add +2.3% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.18% | 9,386 | $1.8M | Reduce -5.0% |
| BA The Boeing Co. | 0.17% | 9,625 | $1.7M | Add +4.5% |
| TRAVELERS COMPANIES INC | 0.17% | 7,581 | $1.7M | New |
| WFC Wells Fargo & Co. | 0.17% | 28,861 | $1.7M | Add +7.0% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.16% | 13,581 | $1.6M | Reduce -0.3% |
| MPC Marathon Petroleum Corp. | 0.16% | 7,520 | $1.6M | Add +0.7% |
| CRM Salesforce Inc. | 0.16% | 5,049 | $1.5M | Add +0.1% |
| MU Micron Technology Inc. | 0.15% | 12,352 | $1.5M | Add +0.4% |
| V Visa Inc. Class A | 0.15% | 5,297 | $1.5M | Add +7.6% |
| CAT Caterpillar Inc. | 0.15% | 3,850 | $1.4M | Add +17.3% |
| TSLA Tesla Inc. | 0.14% | 8,006 | $1.4M | Reduce -3.5% |
| CVX Chevron Corp. | 0.14% | 8,465 | $1.4M | Add +14.9% |
| BX Blackstone Inc. | 0.14% | 10,294 | $1.4M | Add +4.2% |
| VNQ Vanguard Real Estate ETF | 0.14% | 15,640 | $1.3M | Reduce -6.0% |
| TMO Thermo Fisher Scientific Inc. | 0.13% | 2,230 | $1.3M | Add +4.1% |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | 0.13% | 5,572 | $1.3M | Reduce -0.7% |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | 0.13% | 4,320 | $1.2M | Reduce -14.8% |
| PSX Phillips 66 | 0.12% | 7,394 | $1.2M | Reduce -4.6% |
| MDLZ Mondelez International Inc. Class A | 0.12% | 17,727 | $1.2M | Reduce -4.8% |
| MAS Masco Corp. | 0.12% | 15,279 | $1.2M | Reduce -2.4% |
| PM Philip Morris International | 0.12% | 12,780 | $1.2M | Reduce -0.1% |
| NEE Nextera Energy Inc. | 0.12% | 17,582 | $1.1M | Add +38.0% |
| DE Deere & Co. | 0.12% | 2,774 | $1.1M | Add +5.2% |
| CMCSA Comcast Corp. Class A | 0.12% | 28,279 | $1.1M | Add +8.1% |
| GII State Street SPDR S&P Global | 0.11% | 20,710 | $1.1M | Reduce -10.7% |
| SHM SS SPDR N Ice St Muni ETF | 0.11% | 22,183 | $1.0M | Reduce -22.7% |
| GD General Dynamics Corp. | 0.10% | 3,561 | $1.0M | Add +4.8% |
| SCHW Schwab (charles) Corp. | 0.10% | 13,832 | $1000K | Reduce -6.3% |
| AMT American Tower Corp. | 0.10% | 5,148 | $993K | Add +19.2% |
| AOA iShares Core 80/20 Aggressiv | 0.10% | 13,366 | $975K | Reduce -3.5% |
| T AT&T Inc. | 0.10% | 57,513 | $972K | Add +2.0% |
| KMB Kimberly-Clark Corp. | 0.10% | 7,465 | $955K | Reduce -5.6% |
| RTX CORPORATION | 0.10% | 9,380 | $953K | New |
| USB US Bancorp | 0.10% | 21,662 | $952K | Add +8.7% |
Portfolio Sells Q4 2023 → Q1 2024
| AAPL Apple Inc. | Reduce -1.0% | 2.59% | −0.37 |
| VOE Vngrd Mrngstr MD-Cap Val ETF | Reduce -87.6% | 0.05% | −0.35 |
| SPYV SS SPDR P S&P 500 Value ETF | Reduce -2.2% | 15.21% | −0.33 |
| VTEB Vanguard Tax-Exempt Bond ETF | Reduce -1.4% | 2.68% | −0.24 |
| WEC WEC Energy Group Inc. | Reduce -5.5% | 0.94% | −0.17 |
| TRV The Travelers Cos Inc. | Sold out | 0.00% | −0.16 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Reduce -7.6% | 2.47% | −0.14 |
| BFC Bank First Corp. | Reduce -1.5% | 1.79% | −0.12 |
| VGSH Vanguard Short-Term Treasury | Reduce -7.3% | 0.76% | −0.11 |
| VB Vanguard Most SM-Cap ETF-Usd | Reduce -13.9% | 0.86% | −0.11 |
| RTX RTX Corp. | Sold out | 0.00% | −0.08 |
| BBAG JPMorgan Betabuilders US Agg | Reduce -15.3% | 0.29% | −0.08 |
| UNH Unitedhealth Group Inc. | Reduce -1.2% | 0.28% | −0.07 |
| TSLA Tesla Inc. | Reduce -3.5% | 0.14% | −0.07 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -13.3% | 0.68% | −0.07 |
| SUB iShares Short-Term National | Reduce -2.3% | 0.70% | −0.06 |
| VGIT Vanguard Intermediate-Term T | Reduce -7.0% | 0.36% | −0.06 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Reduce -59.1% | 0.04% | −0.05 |
| VEA Vanguard Ftse Developed ETF | Reduce -1.6% | 2.75% | −0.04 |
| IWB iShares Russell 1000 ETF | Reduce -61.4% | 0.03% | −0.04 |
| RSP Invesco S&P 500 Equal Weight | Sold out | 0.00% | −0.04 |
| SHM SS SPDR N Ice St Muni ETF | Reduce -22.7% | 0.11% | −0.04 |
| IEMG iShares Core MSCI Emerging | Reduce -5.7% | 0.63% | −0.04 |
| TGT Target Corp. | Sold out | 0.00% | −0.04 |
| VTV Vanguard Mrngstr Val ETF-Aui | Reduce -6.0% | 0.80% | −0.04 |
| SPAB SS SPDR P Agg Bond ETF | Reduce -4.5% | 0.30% | −0.04 |
| VOO Vanguard S&P 500 ETF | Reduce -7.3% | 1.14% | −0.03 |
| GUNR NT Mstar GLBL NR ETF | Reduce -7.7% | 0.36% | −0.03 |
| IGF iShares Global Infrastructur | Reduce -2.9% | 0.41% | −0.03 |
| VGLT Vanguard Long-Term Treasury | Reduce -29.3% | 0.05% | −0.03 |
| PHG Koninklijke Philips NVR- NY | Sold out | 0.00% | −0.03 |
| BMO Bank of Montreal | Reduce -22.1% | 0.08% | −0.03 |
| FIS Fidelity National Info Serv | Reduce -30.6% | 0.10% | −0.03 |
| VEU Vanguard Ftse All-World Ex-U | Reduce -42.6% | 0.04% | −0.03 |
| LIN Linde PLC | Sold out | 0.00% | −0.02 |
| TMUS T-Mobile US Inc. | Sold out | 0.00% | −0.02 |
| MDLZ Mondelez International Inc. Class A | Reduce -4.8% | 0.12% | −0.02 |
| SPDW Ste STR SPDR PT DW Eu ETF | Reduce -7.4% | 0.33% | −0.02 |
| SHY iShares 1-3 Year Treasury Bo | Sold out | 0.00% | −0.02 |
| IWD iShares Russell 1000 Value E | Reduce -24.4% | 0.08% | −0.02 |
| FERG Ferguson Jersey Ltd. | Reduce -36.7% | 0.06% | −0.02 |
| AMJ JPMorgan Alerian MLP Index | Reduce -6.0% | 1.37% | −0.02 |
| CRGY Crescent Energy Inc. Class A | Sold out | 0.00% | −0.02 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -34.0% | 0.05% | −0.02 |
| NKE Nike Inc. Class B | Reduce -4.7% | 0.09% | −0.02 |
| VYM Vanguard High DVD Yield ETF | Reduce -30.0% | 0.05% | −0.02 |
| GII State Street SPDR S&P Global | Reduce -10.7% | 0.11% | −0.02 |
| NFE New Fortress Energy Inc. | Reduce -25.1% | 0.03% | −0.02 |
| ASB Associated Banc-Corp. | Reduce -3.9% | 0.20% | −0.02 |
| VNQ Vanguard Real Estate ETF | Reduce -6.0% | 0.14% | −0.02 |
Portfolio Buys Q4 2023 → Q1 2024
| NVDA Nvidia Corp. | Add +18.9% | 0.67% | +0.32 |
| MSFT Microsoft Corp. | Add +4.1% | 1.84% | +0.23 |
| AMZN Amazon.com Inc. | Add +7.9% | 0.91% | +0.21 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +1.8% | 2.36% | +0.20 |
| TRAVELERS COMPANIES INC | New | 0.17% | +0.17 |
| META Meta Platforms Inc. Class A | Add +2.8% | 0.56% | +0.17 |
| JPM JPMorgan Chase & Co. | Add +0.7% | 1.27% | +0.10 |
| GOOGL Alphabet Inc. Class A | Add +7.4% | 0.69% | +0.10 |
| RTX CORPORATION | New | 0.10% | +0.10 |
| XOM Exxon Mobil Corp. | Add +7.2% | 0.47% | +0.08 |
| FDVV Fidelity High Dividend ETF | New | 0.06% | +0.06 |
| OSK Oshkosh Corp. | Add +0.2% | 0.55% | +0.06 |
| LLY Eli Lilly & Co. | Add +11.9% | 0.25% | +0.06 |
| PG The Procter & Gamble Co. | Add +2.2% | 1.81% | +0.05 |
| TARGET CORP | New | 0.04% | +0.04 |
| MU Micron Technology Inc. | Add +0.4% | 0.15% | +0.04 |
| CAT Caterpillar Inc. | Add +17.3% | 0.15% | +0.04 |
| RYAN Ryan Specialty Holdings Inc. | New | 0.04% | +0.04 |
| MPC Marathon Petroleum Corp. | Add +0.7% | 0.16% | +0.04 |
| AVGO Broadcom Inc. | Add +42.7% | 0.09% | +0.04 |
| AMLP Alerian MLP ETF | Add +0.3% | 0.91% | +0.04 |
| ORCL Oracle Corp. | Add +6.5% | 0.22% | +0.04 |
| CPRT Copart Inc. | Add +37.6% | 0.10% | +0.04 |
| BURL Burlington Stores Inc. | New | 0.04% | +0.04 |
| EL Estee Lauder Companies Class A | New | 0.03% | +0.03 |
| NOVT Novanta Inc. | New | 0.03% | +0.03 |
| AXON Axon Enterprise Inc. | Add +28.7% | 0.09% | +0.03 |
| NEE Nextera Energy Inc. | Add +38.0% | 0.12% | +0.03 |
| GMED Globus Medical Inc. Class A | New | 0.03% | +0.03 |
| TECH Bio-Techne Corp. | New | 0.03% | +0.03 |
| HUBS HubSpot Inc. | New | 0.03% | +0.03 |
| AXP American Express Co. | New | 0.03% | +0.03 |
| HQY Healthequity Inc. | New | 0.03% | +0.03 |
| CERT Certara Inc. | New | 0.03% | +0.03 |
| SNPS Synopsys Inc. | New | 0.03% | +0.03 |
| DV Doubleverify Holdings Inc. | New | 0.03% | +0.03 |
| ALRM Alarm.com Holdings Inc. | New | 0.03% | +0.03 |
| MPWR Monolithic Power Systems Inc. | Add +66.2% | 0.06% | +0.03 |
| MDT Medtronic PLC | New | 0.03% | +0.03 |
| CI The Cigna Group | New | 0.02% | +0.02 |
| OLLI Ollie's Bargain Outlet Holdi | New | 0.02% | +0.02 |
| DGRO iShares Core Dividend Growth | New | 0.02% | +0.02 |
| WFC Wells Fargo & Co. | Add +7.0% | 0.17% | +0.02 |
| NFLX Netflix Inc. | Add +14.5% | 0.08% | +0.02 |
| ENB Enbridge Inc. | New | 0.02% | +0.02 |
| ASML ASML Holding NV-NY Reg SHS | Add +13.2% | 0.07% | +0.02 |
| DOV Dover Corp. | New | 0.02% | +0.02 |
| UL Unilever PLC | New | 0.02% | +0.02 |
| EXLS Exlservice Holdings Inc. | Add +86.6% | 0.05% | +0.02 |
| ONTO Onto Innovation Inc. | New | 0.02% | +0.02 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q4 2025 | 421 | $1.5B | SPYM, SPYV, SPYG, AVEM, AAPL |
| Q3 2025 | 415 | $1.3B | SPYV, SPYG, AAPL, ITOT, AVEM |
| Q2 2025 | 407 | $1.2B | SPYV, SPYG, ITOT, AVEM, AAPL |
| Q1 2025 | 380 | $1.0B | SPYV, SPYG, BRK.B, ITOT, AAPL |
| Q4 2024 | 380 | $1.1B | SPYV, SPYG, ITOT, AAPL, VTEB |
| Q3 2024 | 369 | $1.1B | SPYV, SPYG, ITOT, AAPL, VTEB |
| Q2 2024 | 354 | $1.0B | SPYV, SPYG, ITOT, AAPL, VEA |
| Q1 2024 | 343 | $984.6M | SPYV, SPYG, BND, ITOT, VEA |