Nicolet Advisory Services, LLC
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 12, 2024), Nicolet Advisory Services, LLC reported 369 stock positions worth $1.1 billion. Its top holding was SS SPDR P S&P 500 Value ETF (SPYV) at 14.8% of the portfolio, followed by SS SPDR P S&P 500 Growth ETF (SPYG, 12.4%) and iShares Core S&P Total U.S. (ITOT, 3.4%). Compared with Q2 2024, it opened 27 new positions, sold out of 12, added to 180 and reduced 145. The biggest buy was Berkshire Hathaway Class B (BRK.B, shares +2%) and the biggest sale Bank First (BFC, shares −66%).
- Most Recent 13F
- Q4 2025
- Location
- GREEN BAY, WI
- CIK
- 0001775863
- Portfolio Value
- $1.1B (Q3 2024)
- SEC Filing
- 0001775863-24-000013 ↗ filed Nov 12, 2024
Holdings Value
Holdings 369 stocks · $1.1B
| SPYV SS SPDR P S&P 500 Value ETF | 14.84% | 3,000,995 | $157.2M | Reduce -2.2% |
| SPYG SS SPDR P S&P 500 Growth ETF | 12.37% | 1,599,478 | $131.0M | Reduce -1.5% |
| ITOT iShares Core S&P Total U.S. | 3.45% | 293,853 | $36.5M | Reduce -1.7% |
| AAPL Apple Inc. | 3.28% | 154,131 | $34.8M | Add +0.4% |
| VTEB Vanguard Tax-Exempt Bond ETF | 2.65% | 549,568 | $28.0M | Add +3.3% |
| VEA Vanguard Ftse Developed ETF | 2.54% | 518,851 | $26.9M | Reduce -2.8% |
| BRK.B Berkshire Hathaway Inc. Class B | 2.47% | 57,807 | $26.2M | Add +1.8% |
| FBND Fidelity Total Bond ETF | 2.35% | 535,474 | $24.9M | Add +6.4% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 2.34% | 94,734 | $24.8M | Reduce -1.2% |
| BND Vanguard Total Bond Market | 1.93% | 274,498 | $20.5M | Add +2.6% |
| PG The Procter & Gamble Co. | 1.82% | 113,495 | $19.3M | Reduce -2.0% |
| MSFT Microsoft Corp. | 1.81% | 45,962 | $19.1M | Add +3.3% |
| UITB Victoryshares Core Intermedi | 1.55% | 343,261 | $16.4M | Add +6.2% |
| TLH iShares 10-20 Year Treasury | 1.43% | 140,240 | $15.2M | Reduce -1.6% |
| AMJB Alerian MLP ETN2044 filed as JPMORGAN CHASE FINL CO LLC | 1.29% | 475,140 | $13.7M | Reduce -0.5% |
| JPM JPMorgan Chase & Co. | 1.27% | 65,417 | $13.4M | Add +0.7% |
| AVRE Avantis Real Estate ETF | 1.20% | 274,771 | $12.7M | Reduce -1.5% |
| VOO Vanguard S&P 500 ETF | 1.19% | 24,250 | $12.7M | Add +3.5% |
| MUB iShares National Muni Bond E | 1.15% | 112,031 | $12.2M | Reduce -2.3% |
| WEC WEC Energy Group Inc. | 1.06% | 116,995 | $11.3M | Add +0.8% |
| IVV iShares Core S&P 500 ETF | 1.05% | 19,545 | $11.2M | Reduce -2.5% |
| NVDA Nvidia Corp. | 1.02% | 88,378 | $10.9M | Add +5.6% |
| YLD Principal Act Hi YLD ETF | 0.98% | 534,036 | $10.4M | Reduce -32.1% |
| AMLP Alerian MLP ETF | 0.92% | 205,175 | $9.7M | Add +1.2% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.91% | 41,339 | $9.7M | Add +1.0% |
| AMZN Amazon.com Inc. | 0.88% | 51,439 | $9.4M | Add +3.9% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.83% | 50,539 | $8.8M | Add +3.7% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.71% | 19,855 | $7.5M | Reduce -4.4% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.71% | 13,247 | $7.5M | Reduce -2.0% |
| HD Home Depot Inc. | 0.71% | 18,242 | $7.5M | Add +4.6% |
| PEP Pepsico Inc. | 0.69% | 43,079 | $7.3M | Add +2.2% |
| VGSH Vanguard Short-Term Treasury | 0.68% | 122,273 | $7.2M | Add +1.6% |
| SUB iShares Short-Term National | 0.65% | 65,228 | $6.9M | Reduce -0.5% |
| GOOGL Alphabet Inc. Class A | 0.62% | 39,543 | $6.6M | Reduce -4.9% |
| BFC Bank First Corp. | 0.61% | 74,673 | $6.5M | Reduce -66.2% |
| KO The Coca-Cola Co. | 0.58% | 87,759 | $6.2M | Add +1.9% |
| IEMG iShares Core MSCI Emerging | 0.57% | 103,789 | $6.0M | Reduce -1.9% |
| META Meta Platforms Inc. Class A | 0.48% | 8,719 | $5.1M | Add +2.6% |
| XOM Exxon Mobil Corp. | 0.43% | 36,809 | $4.5M | Reduce -4.8% |
| IGF iShares Global Infrastructur | 0.41% | 80,224 | $4.4M | Reduce -3.6% |
| OSK Oshkosh Corp. | 0.39% | 41,948 | $4.2M | Reduce -3.9% |
| DFAC Dimensional US Core Equity 2 | 0.38% | 118,405 | $4.0M | Reduce -0.0% |
| UNH Unitedhealth Group Inc. | 0.36% | 6,405 | $3.8M | Add +14.1% |
| VGIT Vanguard Intermediate-Term T | 0.36% | 63,032 | $3.8M | Add +4.7% |
| ABT Abbott Laboratories | 0.35% | 32,768 | $3.7M | Add +7.1% |
| WMT Walmart Inc. | 0.34% | 45,330 | $3.6M | Add +1.7% |
| GOOG Alphabet Inc. Class C | 0.32% | 20,369 | $3.4M | Add +8.6% |
| GUNR NT Mstar GLBL NR ETF | 0.31% | 78,746 | $3.3M | Reduce -1.3% |
| ETN Eaton Corp. PLC | 0.30% | 9,581 | $3.1M | Add +17.4% |
| LLY Eli Lilly & Co. | 0.29% | 3,497 | $3.1M | Add +8.3% |
| SPDW Ste STR SPDR PT DW Eu ETF | 0.28% | 81,324 | $3.0M | Reduce -5.3% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.27% | 25,159 | $2.9M | Reduce -2.5% |
| COST Costco Wholesale Corp. | 0.26% | 3,172 | $2.8M | Add +11.7% |
| ORCL Oracle Corp. | 0.26% | 16,425 | $2.7M | Reduce -5.3% |
| MDY State Street SPDR S&P Midcap | 0.22% | 4,123 | $2.3M | Add +3.7% |
| ABBV Abbvie Inc. | 0.21% | 11,222 | $2.2M | Reduce -1.1% |
| TSLA Tesla Inc. | 0.21% | 9,044 | $2.2M | Add +3.3% |
| MCD McDonald's Corp. | 0.20% | 7,119 | $2.2M | Reduce -4.7% |
| SPMD SS SPDR P S&P 400 Midcap ETF | 0.20% | 39,466 | $2.1M | Reduce -3.1% |
| HON Honeywell International Inc. | 0.20% | 10,464 | $2.1M | Add +7.7% |
| VIG Vanguard Dividend Apprec ETF | 0.20% | 10,782 | $2.1M | Reduce -6.1% |
| MA Mastercard Inc. Class A | 0.20% | 4,220 | $2.1M | Add +1.0% |
| SPTM SS SPDR P S&P 1500 Comp ETF | 0.18% | 28,149 | $2.0M | Reduce -6.6% |
| ASB Associated Banc-Corp. | 0.18% | 93,819 | $1.9M | Reduce -0.6% |
| JNJ Johnson & Johnson | 0.18% | 11,983 | $1.9M | Reduce -2.5% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.17% | 8,188 | $1.8M | Reduce -16.0% |
| WFC Wells Fargo & Co. | 0.17% | 32,472 | $1.8M | Add +4.7% |
| BX Blackstone Inc. | 0.16% | 11,467 | $1.7M | Add +3.4% |
| TRV The Travelers Cos Inc. | 0.16% | 7,344 | $1.7M | New |
| BBAG JPMorgan Betabuilders US Agg | 0.16% | 35,257 | $1.7M | Reduce -3.1% |
| PM Philip Morris International | 0.15% | 13,297 | $1.6M | Reduce -4.0% |
| AVGO Broadcom Inc. | 0.15% | 9,087 | $1.6M | Add +23.0% |
| NEE Nextera Energy Inc. | 0.15% | 18,104 | $1.5M | Reduce -2.1% |
| SCZ iShares MSCI Eafe Small-Cap | 0.14% | 23,215 | $1.5M | Reduce -3.7% |
| MRK Merck & Co. Inc. | 0.14% | 13,856 | $1.5M | Reduce -7.1% |
| CAT Caterpillar Inc. | 0.14% | 3,892 | $1.5M | Reduce -0.2% |
| BA The Boeing Co. | 0.14% | 9,902 | $1.5M | Reduce -9.8% |
| V Visa Inc. Class A | 0.14% | 5,241 | $1.5M | Add +0.8% |
| CVX Chevron Corp. | 0.14% | 9,452 | $1.4M | Add +0.6% |
| CRM Salesforce Inc. | 0.13% | 5,026 | $1.4M | Reduce -0.8% |
| AXON Axon Enterprise Inc. | 0.13% | 3,366 | $1.4M | Add +5.5% |
| IWF iShares Russell 1000 Growth | 0.13% | 3,767 | $1.4M | Add +37.5% |
| MAS Masco Corp. | 0.13% | 16,648 | $1.4M | Add +1.4% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.13% | 14,344 | $1.3M | Reduce -0.9% |
| TMO Thermo Fisher Scientific Inc. | 0.13% | 2,220 | $1.3M | Reduce -2.1% |
| MPC Marathon Petroleum Corp. | 0.12% | 7,528 | $1.3M | Reduce -0.1% |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | 0.12% | 5,390 | $1.3M | Reduce -3.0% |
| SCHW Schwab (charles) Corp. | 0.12% | 20,155 | $1.3M | Add +30.2% |
| FISV Fiserv Inc. | 0.12% | 6,939 | $1.3M | Add +19.5% |
| DE Deere & Co. | 0.12% | 3,089 | $1.3M | Add +3.6% |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | 0.12% | 3,956 | $1.3M | Reduce -6.4% |
| CMCSA Comcast Corp. Class A | 0.12% | 30,684 | $1.3M | Add +4.0% |
| GD General Dynamics Corp. | 0.12% | 4,176 | $1.3M | Add +2.8% |
| ADBE Adobe Inc. | 0.12% | 2,436 | $1.2M | Add +12.8% |
| MU Micron Technology Inc. | 0.12% | 12,003 | $1.2M | Reduce -1.6% |
| ADI Analog Devices Inc. | 0.12% | 5,382 | $1.2M | Add +4.2% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.11% | 30,782 | $1.2M | Add +4.6% |
| MDLZ Mondelez International Inc. Class A | 0.11% | 16,885 | $1.2M | Reduce -0.1% |
| GII State Street SPDR S&P Global | 0.11% | 19,199 | $1.2M | Reduce -3.7% |
| ICE Intercontinental Exchange Inc. | 0.11% | 7,238 | $1.2M | Add +4.9% |
Portfolio Sells Q2 2024 → Q3 2024
| BFC Bank First Corp. | Reduce -66.2% | 0.61% | −1.14 |
| SPYG SS SPDR P S&P 500 Growth ETF | Reduce -1.5% | 12.37% | −0.71 |
| YLD Principal Act Hi YLD ETF | Reduce -32.1% | 0.98% | −0.45 |
| TRAVELERS COMPANIES INC | Sold out | 0.00% | −0.15 |
| GOOGL Alphabet Inc. Class A | Reduce -4.9% | 0.62% | −0.14 |
| VUG Vanguard Mrngstar GR ETF-Sui | Reduce -4.4% | 0.71% | −0.07 |
| VEA Vanguard Ftse Developed ETF | Reduce -2.8% | 2.54% | −0.06 |
| BA The Boeing Co. | Reduce -9.8% | 0.14% | −0.05 |
| HUM Humana Inc. | Reduce -46.6% | 0.03% | −0.05 |
| ITOT iShares Core S&P Total U.S. | Reduce -1.7% | 3.45% | −0.05 |
| FLTB Fidelity Ltd. TRM BND ETF | Sold out | 0.00% | −0.04 |
| MU Micron Technology Inc. | Reduce -1.6% | 0.12% | −0.04 |
| OSK Oshkosh Corp. | Reduce -3.9% | 0.39% | −0.04 |
| AMJB Alerian MLP ETN2044 | Reduce -0.5% | 1.29% | −0.04 |
| MRK Merck & Co. Inc. | Reduce -7.1% | 0.14% | −0.04 |
| IVV iShares Core S&P 500 ETF | Reduce -2.5% | 1.05% | −0.03 |
| BSX Boston Scientific Corp. | Sold out | 0.00% | −0.03 |
| PG The Procter & Gamble Co. | Reduce -2.0% | 1.82% | −0.03 |
| IUSV iShares Core S&P U.S. Value | Sold out | 0.00% | −0.03 |
| MUB iShares National Muni Bond E | Reduce -2.3% | 1.15% | −0.03 |
| EL Estee Lauder Companies Class A | Sold out | 0.00% | −0.02 |
| ABNB Airbnb Inc. Class A | Sold out | 0.00% | −0.02 |
| TRGP Targa Resources Corp. | Sold out | 0.00% | −0.02 |
| DLTR Dollar Tree Inc. | Sold out | 0.00% | −0.02 |
| AMAT Applied Materials Inc. | Reduce -7.6% | 0.05% | −0.02 |
| INTC Intel Corp. | Reduce -8.3% | 0.03% | −0.02 |
| MCK McKesson Corp. | Sold out | 0.00% | −0.02 |
| ENB Enbridge Inc. | Sold out | 0.00% | −0.02 |
| DG Dollar General Corp. | Sold out | 0.00% | −0.02 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -16.9% | 0.10% | −0.02 |
| SHEL Shell PLC-ADR | Sold out | 0.00% | −0.02 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -2.0% | 0.71% | −0.02 |
| UPS United Parcel Service Class B | Reduce -20.4% | 0.05% | −0.02 |
| PPG PPG Industries Inc. | Reduce -33.0% | 0.03% | −0.02 |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | Reduce -6.4% | 0.12% | −0.02 |
| SPAB SS SPDR P Agg Bond ETF | Reduce -13.8% | 0.10% | −0.01 |
| CPRT Copart Inc. | Reduce -8.0% | 0.10% | −0.01 |
| SPDW Ste STR SPDR PT DW Eu ETF | Reduce -5.3% | 0.28% | −0.01 |
| TFI SS SPDR N Ice Muni Bond ETF | Reduce -29.3% | 0.03% | −0.01 |
| SPTM SS SPDR P S&P 1500 Comp ETF | Reduce -6.6% | 0.18% | −0.01 |
| PNC PNC Financial Services Group | Reduce -23.7% | 0.05% | −0.01 |
| AOR iShares Core 60/40 Balanced | Reduce -22.5% | 0.04% | −0.01 |
| CMG Chipotle Mexican Grill Inc. | Reduce -4.0% | 0.10% | −0.01 |
| SYY Sysco Corp. | Reduce -34.5% | 0.02% | −0.01 |
| BSV Vanguard Short-Term Bond ETF | Reduce -25.0% | 0.02% | −0.01 |
| DIS The Walt Disney Co. | Reduce -0.9% | 0.13% | −0.01 |
| BBHY JPMorgan Betabuilders Usd Hi | Reduce -26.6% | 0.02% | −0.01 |
| SNPS Synopsys Inc. | Reduce -3.8% | 0.02% | −0.01 |
| IEFA iShares Core MSCI Eafe ETF | Reduce -10.4% | 0.07% | −0.01 |
| ASB Associated Banc-Corp. | Reduce -0.6% | 0.18% | −0.01 |
Portfolio Buys Q2 2024 → Q3 2024
| BRK.B Berkshire Hathaway Inc. Class B | Add +1.8% | 2.47% | +0.22 |
| WEC WEC Energy Group Inc. | Add +0.8% | 1.06% | +0.19 |
| FBND Fidelity Total Bond ETF | Add +6.4% | 2.35% | +0.17 |
| TRV The Travelers Cos Inc. | New | 0.16% | +0.16 |
| HD Home Depot Inc. | Add +4.6% | 0.71% | +0.13 |
| UITB Victoryshares Core Intermedi | Add +6.2% | 1.55% | +0.12 |
| UNH Unitedhealth Group Inc. | Add +14.1% | 0.36% | +0.09 |
| VTEB Vanguard Tax-Exempt Bond ETF | Add +3.3% | 2.65% | +0.09 |
| BND Vanguard Total Bond Market | Add +2.6% | 1.93% | +0.08 |
| VTV Vanguard Mrngstr Val ETF-Aui | Add +3.7% | 0.83% | +0.07 |
| KO The Coca-Cola Co. | Add +1.9% | 0.58% | +0.07 |
| PFGC Performance Food Group Co. | New | 0.06% | +0.06 |
| VB Vanguard Most SM-Cap ETF-Usd | Add +1.0% | 0.91% | +0.06 |
| ROL Rollins Inc. | New | 0.05% | +0.05 |
| ABT Abbott Laboratories | Add +7.1% | 0.35% | +0.04 |
| META Meta Platforms Inc. Class A | Add +2.6% | 0.48% | +0.04 |
| WMT Walmart Inc. | Add +1.7% | 0.34% | +0.04 |
| AXON Axon Enterprise Inc. | Add +5.5% | 0.13% | +0.04 |
| ETN Eaton Corp. PLC | Add +17.4% | 0.30% | +0.04 |
| FISV Fiserv Inc. | Add +19.5% | 0.12% | +0.04 |
| VOO Vanguard S&P 500 ETF | Add +3.5% | 1.19% | +0.04 |
| NOW ServiceNow Inc. | Add +39.9% | 0.09% | +0.03 |
| BX Blackstone Inc. | Add +3.4% | 0.16% | +0.03 |
| IWF iShares Russell 1000 Growth | Add +37.5% | 0.13% | +0.03 |
| ACN Accenture PLC Class A | Add +35.1% | 0.07% | +0.03 |
| ARMK Aramark | New | 0.03% | +0.03 |
| IWD iShares Russell 1000 Value E | Add +30.1% | 0.10% | +0.03 |
| MAS Masco Corp. | Add +1.4% | 0.13% | +0.03 |
| SBUX Starbucks Corp. | New | 0.03% | +0.03 |
| IVW iShares S&P 500 Growth ETF | Add +51.6% | 0.08% | +0.03 |
| PEP Pepsico Inc. | Add +2.2% | 0.69% | +0.02 |
| AVGO Broadcom Inc. | Add +23.0% | 0.15% | +0.02 |
| GEV GE Vernova Inc. | New | 0.02% | +0.02 |
| MA Mastercard Inc. Class A | Add +1.0% | 0.20% | +0.02 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | New | 0.02% | +0.02 |
| ARES Ares Management Corp. Class A | New | 0.02% | +0.02 |
| CBOE Cboe Global Markets Inc. | New | 0.02% | +0.02 |
| MKTX Marketaxess Holdings Inc. | New | 0.02% | +0.02 |
| COF Capital One Financial Corp. | New | 0.02% | +0.02 |
| TMUS T-Mobile US Inc. | New | 0.02% | +0.02 |
| HLI Houlihan Lokey Inc. | New | 0.02% | +0.02 |
| COST Costco Wholesale Corp. | Add +11.7% | 0.26% | +0.02 |
| ETR Entergy Corp. | New | 0.02% | +0.02 |
| BMY Bristol-Myers Squibb Co. | Add +3.6% | 0.08% | +0.02 |
| VGIT Vanguard Intermediate-Term T | Add +4.7% | 0.36% | +0.02 |
| KMI Kinder Morgan Inc. | New | 0.02% | +0.02 |
| CDL Victoryshares US Large Cap H | New | 0.02% | +0.02 |
| FNF Fidelity National Financial | New | 0.02% | +0.02 |
| IWN iShares Russell 2000 Value E | New | 0.02% | +0.02 |
| PGR Progressive Corp. | Add +4.2% | 0.11% | +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 |