Nicolet Advisory Services, LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 8, 2025), Nicolet Advisory Services, LLC reported 380 stock positions worth $1.0 billion. Its top holding was SS SPDR P S&P 500 Value ETF (SPYV) at 13.9% of the portfolio, followed by SS SPDR P S&P 500 Growth ETF (SPYG, 11.3%) and Berkshire Hathaway Class B (BRK.B, 3.1%). Compared with Q4 2024, it opened 32 new positions, sold out of 32, added to 192 and reduced 143. The biggest buy was Berkshire Hathaway Class B (BRK.B, shares +6%) and the biggest sale iShares 10-20 Year Treasury (TLH, shares −94%).
- Most Recent 13F
- Q4 2025
- Location
- GREEN BAY, WI
- CIK
- 0001775863
- Portfolio Value
- $1.0B (Q1 2025)
- SEC Filing
- 0001775863-25-000004 ↗ filed May 8, 2025
Holdings Value
Holdings 380 stocks · $1.0B
| SPYV SS SPDR P S&P 500 Value ETF | 13.91% | 2,978,491 | $140.2M | Reduce -1.8% |
| SPYG SS SPDR P S&P 500 Growth ETF | 11.28% | 1,479,625 | $113.8M | Reduce -1.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 3.13% | 61,230 | $31.6M | Add +6.1% |
| ITOT iShares Core S&P Total U.S. | 3.07% | 270,954 | $30.9M | Reduce -6.9% |
| AAPL Apple Inc. | 3.01% | 159,099 | $30.3M | Add +2.4% |
| VTEB Vanguard Tax-Exempt Bond ETF | 2.68% | 557,911 | $27.1M | Add +3.6% |
| AVEM Avantis Emerging Markets Eq | 2.55% | 459,655 | $25.7M | Add +5.8% |
| VEA Vanguard Ftse Developed ETF | 2.44% | 511,212 | $24.6M | Reduce -5.8% |
| FBND Fidelity Total Bond ETF | 2.37% | 534,229 | $23.9M | Reduce -2.6% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 2.23% | 93,855 | $22.5M | Reduce -0.8% |
| PG The Procter & Gamble Co. | 2.13% | 131,332 | $21.5M | Add +0.8% |
| MSFT Microsoft Corp. | 1.83% | 48,480 | $18.5M | Add +3.0% |
| BND Vanguard Total Bond Market | 1.71% | 239,321 | $17.3M | Reduce -14.0% |
| UITB Victoryshares Core Intermedi | 1.58% | 345,073 | $15.9M | Reduce -2.1% |
| JPM JPMorgan Chase & Co. | 1.47% | 65,070 | $14.8M | Reduce -0.4% |
| WEC WEC Energy Group Inc. | 1.35% | 128,526 | $13.6M | Add +4.0% |
| AMJB Alerian MLP ETN2044 filed as JPMORGAN CHASE FINL CO LLC | 1.28% | 460,899 | $12.9M | Reduce -4.3% |
| AVRE Avantis Real Estate ETF | 1.22% | 304,330 | $12.3M | Add +5.5% |
| VOO Vanguard S&P 500 ETF | 1.20% | 25,089 | $12.1M | Reduce -8.0% |
| VGSH Vanguard Short-Term Treasury | 1.11% | 191,260 | $11.2M | Add +15.8% |
| MUB iShares National Muni Bond E | 1.02% | 100,299 | $10.3M | Reduce -7.0% |
| NVDA Nvidia Corp. | 0.99% | 92,443 | $9.9M | Add +2.0% |
| AMZN Amazon.com Inc. | 0.95% | 53,116 | $9.6M | Add +1.1% |
| IVV iShares Core S&P 500 ETF | 0.94% | 18,050 | $9.5M | Reduce -0.2% |
| YLD Principal Act Hi YLD ETF | 0.94% | 512,621 | $9.4M | Reduce -5.5% |
| AMLP Alerian MLP ETF | 0.90% | 198,683 | $9.1M | Reduce -2.0% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.85% | 42,439 | $8.6M | Reduce -2.2% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.73% | 46,388 | $7.4M | Reduce -3.5% |
| BFC Bank First Corp. | 0.72% | 72,827 | $7.2M | Add +0.2% |
| SUB iShares Short-Term National | 0.71% | 68,201 | $7.2M | Add +4.5% |
| HD Home Depot Inc. | 0.71% | 20,251 | $7.2M | Add +6.6% |
| GOOGL Alphabet Inc. Class A | 0.67% | 44,502 | $6.8M | Add +5.9% |
| KO The Coca-Cola Co. | 0.65% | 92,098 | $6.5M | Add +2.8% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.64% | 18,339 | $6.5M | Reduce -0.8% |
| PEP Pepsico Inc. | 0.61% | 42,990 | $6.2M | Add +4.8% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.61% | 11,642 | $6.1M | Reduce -7.1% |
| META Meta Platforms Inc. Class A | 0.51% | 9,454 | $5.2M | Add +4.8% |
| ABT Abbott Laboratories | 0.43% | 35,160 | $4.4M | Add +6.5% |
| WMT Walmart Inc. | 0.43% | 47,583 | $4.3M | Add +3.3% |
| IGF iShares Global Infrastructur | 0.40% | 76,143 | $4.0M | Reduce -4.5% |
| OSK Oshkosh Corp. | 0.37% | 44,253 | $3.7M | Add +4.8% |
| XOM Exxon Mobil Corp. | 0.36% | 36,027 | $3.6M | Add +4.5% |
| DFAC Dimensional US Core Equity 2 | 0.35% | 115,173 | $3.5M | Reduce -2.4% |
| COST Costco Wholesale Corp. | 0.34% | 3,598 | $3.5M | Add +2.2% |
| GOOG Alphabet Inc. Class C | 0.34% | 21,969 | $3.4M | Add +8.3% |
| GUNR NT Mstar GLBL NR ETF | 0.33% | 94,137 | $3.3M | Reduce -10.9% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.32% | 24,960 | $3.2M | Reduce -3.5% |
| ETN Eaton Corp. PLC | 0.31% | 11,652 | $3.2M | Add +7.9% |
| UNH Unitedhealth Group Inc. | 0.31% | 5,234 | $3.1M | Reduce -17.6% |
| MDY State Street SPDR S&P Midcap | 0.28% | 5,794 | $2.8M | Add +28.3% |
| LLY Eli Lilly & Co. | 0.27% | 3,814 | $2.7M | Add +16.0% |
| VGIT Vanguard Intermediate-Term T | 0.24% | 41,399 | $2.4M | Add +0.6% |
| MA Mastercard Inc. Class A | 0.24% | 4,874 | $2.4M | Add +13.4% |
| SPDW Ste STR SPDR PT DW Eu ETF | 0.24% | 70,095 | $2.4M | Reduce -8.5% |
| MCD McDonald's Corp. | 0.23% | 7,611 | $2.3M | Reduce -1.5% |
| TSLA Tesla Inc. | 0.22% | 8,657 | $2.2M | Add +4.6% |
| ORCL Oracle Corp. | 0.21% | 16,168 | $2.2M | Reduce -2.0% |
| WFC Wells Fargo & Co. | 0.21% | 33,939 | $2.1M | Add +2.5% |
| VIG Vanguard Dividend Apprec ETF | 0.21% | 11,506 | $2.1M | Reduce -0.1% |
| PM Philip Morris International | 0.21% | 13,733 | $2.1M | Add +1.5% |
| HON Honeywell International Inc. | 0.20% | 10,588 | $2.0M | Reduce -2.4% |
| AVGO Broadcom Inc. | 0.20% | 11,857 | $2.0M | Add +18.7% |
| ABBV Abbvie Inc. | 0.20% | 11,570 | $2.0M | Add +0.7% |
| JNJ Johnson & Johnson | 0.19% | 13,214 | $2.0M | Add +20.0% |
| V Visa Inc. Class A | 0.19% | 5,915 | $1.9M | Add +4.3% |
| ASB Associated Banc-Corp. | 0.19% | 98,302 | $1.9M | Reduce -0.1% |
| SPSM SS SPDR P S&P 600 Small Cap | 0.18% | 50,298 | $1.9M | Add +21.0% |
| TRAVELERS COMPANIES INC | 0.18% | 7,405 | $1.8M | New |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.17% | 7,666 | $1.8M | Reduce -1.3% |
| BA The Boeing Co. | 0.17% | 10,888 | $1.7M | Add +8.0% |
| IWF iShares Russell 1000 Growth | 0.16% | 4,803 | $1.7M | Add +22.2% |
| SCHW Schwab (charles) Corp. | 0.16% | 21,958 | $1.6M | Add +3.7% |
| SPMD SS SPDR P S&P 400 Midcap ETF | 0.16% | 33,498 | $1.6M | Reduce -10.3% |
| BX Blackstone Inc. | 0.15% | 12,075 | $1.5M | Add +0.7% |
| RTX CORPORATION | 0.15% | 12,079 | $1.5M | New |
| PGR Progressive Corp. | 0.15% | 5,610 | $1.5M | Add +14.2% |
| TFI SS SPDR N Ice Muni Bond ETF | 0.15% | 34,590 | $1.5M | Add +428.7% |
| IWB iShares Russell 1000 ETF | 0.15% | 5,172 | $1.5M | Add +19.1% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.14% | 17,116 | $1.5M | Add +11.1% |
| SCZ iShares MSCI Eafe Small-Cap | 0.14% | 23,638 | $1.4M | Reduce -3.6% |
| CRM Salesforce Inc. | 0.14% | 5,621 | $1.4M | Add +3.1% |
| FISV Fiserv Inc. | 0.14% | 6,882 | $1.4M | Reduce -0.3% |
| DE Deere & Co. | 0.14% | 3,153 | $1.4M | Reduce -0.7% |
| SPTM SS SPDR P S&P 1500 Comp ETF | 0.14% | 21,930 | $1.4M | Reduce -10.2% |
| NFLX Netflix Inc. | 0.14% | 1,515 | $1.4M | Add +3.2% |
| CVX Chevron Corp. | 0.14% | 10,147 | $1.4M | Reduce -6.0% |
| CSCO Cisco Systems Inc. | 0.13% | 22,791 | $1.3M | Add +4.9% |
| BBAG JPMorgan Betabuilders US Agg | 0.13% | 28,111 | $1.3M | Reduce -12.0% |
| CPRT Copart Inc. | 0.12% | 21,111 | $1.2M | Add +11.6% |
| AXON Axon Enterprise Inc. | 0.12% | 2,222 | $1.2M | Reduce -8.0% |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | 0.12% | 4,130 | $1.2M | Add +7.5% |
| AMT American Tower Corp. | 0.12% | 5,832 | $1.2M | Add +20.3% |
| GD General Dynamics Corp. | 0.12% | 4,457 | $1.2M | Add +5.2% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.11% | 31,586 | $1.1M | Reduce -1.2% |
| CAT Caterpillar Inc. | 0.11% | 3,886 | $1.1M | Add +0.5% |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | 0.11% | 4,822 | $1.1M | Reduce -8.6% |
| KMB Kimberly-Clark Corp. | 0.11% | 8,030 | $1.1M | Add +5.0% |
| VTI VG Morningstar TS MKT ETF-US | 0.11% | 4,267 | $1.1M | Add +0.7% |
| MDLZ Mondelez International Inc. Class A | 0.11% | 16,488 | $1.1M | Add +14.7% |
| T AT&T Inc. | 0.11% | 40,985 | $1.1M | Reduce -2.1% |
Portfolio Sells Q4 2024 → Q1 2025
| TLH iShares 10-20 Year Treasury | Reduce -94.4% | 0.08% | −1.29 |
| SPYG SS SPDR P S&P 500 Growth ETF | Reduce -1.1% | 11.28% | −0.75 |
| ITOT iShares Core S&P Total U.S. | Reduce -6.9% | 3.07% | −0.34 |
| TRV The Travelers Cos Inc. | Sold out | 0.00% | −0.16 |
| VOO Vanguard S&P 500 ETF | Reduce -8.0% | 1.20% | −0.14 |
| SPYV SS SPDR P S&P 500 Value ETF | Reduce -1.8% | 13.91% | −0.13 |
| BND Vanguard Total Bond Market | Reduce -14.0% | 1.71% | −0.11 |
| RTX RTX Corp. | Sold out | 0.00% | −0.10 |
| VB Vanguard Most SM-Cap ETF-Usd | Reduce -2.2% | 0.85% | −0.09 |
| IGE iShares North American Natur | Reduce -57.5% | 0.04% | −0.06 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -7.1% | 0.61% | −0.06 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Reduce -0.8% | 2.23% | −0.05 |
| AMJB Alerian MLP ETN2044 | Reduce -4.3% | 1.28% | −0.05 |
| VUG Vanguard Mrngstar GR ETF-Sui | Reduce -0.8% | 0.64% | −0.05 |
| MCHP Microchip Technology Inc. | Sold out | 0.00% | −0.04 |
| MRVL Marvell Technology Inc. | Sold out | 0.00% | −0.04 |
| ANET Arista Networks Inc. | Sold out | 0.00% | −0.04 |
| MRK Merck & Co. Inc. | Reduce -14.3% | 0.09% | −0.04 |
| ADI Analog Devices Inc. | Reduce -24.1% | 0.07% | −0.03 |
| TGT Target Corp. | Sold out | 0.00% | −0.03 |
| MAS Masco Corp. | Reduce -20.8% | 0.09% | −0.03 |
| SPMD SS SPDR P S&P 400 Midcap ETF | Reduce -10.3% | 0.16% | −0.03 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Sold out | 0.00% | −0.03 |
| ALRM Alarm.com Holdings Inc. | Sold out | 0.00% | −0.03 |
| ARES Ares Management Corp. Class A | Sold out | 0.00% | −0.03 |
| ACWI iShares MSCI Acwi ETF | Sold out | 0.00% | −0.03 |
| GUNR NT Mstar GLBL NR ETF | Reduce -10.9% | 0.33% | −0.03 |
| MU Micron Technology Inc. | Reduce -2.4% | 0.08% | −0.03 |
| JNK SS SPDR BB High Yield Bond | Sold out | 0.00% | −0.03 |
| USB US Bancorp | Reduce -38.4% | 0.03% | −0.03 |
| IVV iShares Core S&P 500 ETF | Reduce -0.2% | 0.94% | −0.03 |
| TTD Trade Desk Inc./the Class A | Sold out | 0.00% | −0.03 |
| GWW WW Grainger Inc. | Reduce -31.7% | 0.05% | −0.02 |
| EPAM Epam Systems Inc. | Reduce -18.1% | 0.03% | −0.02 |
| PFGC Performance Food Group Co. | Reduce -37.1% | 0.04% | −0.02 |
| SJNK SS SPDR BB St Hi Yield ETF | Sold out | 0.00% | −0.02 |
| HLI Houlihan Lokey Inc. | Sold out | 0.00% | −0.02 |
| XLF SS Financial Select Sector | Sold out | 0.00% | −0.02 |
| MUB iShares National Muni Bond E | Reduce -7.0% | 1.02% | −0.02 |
| NOC Northrop Grumman Corp. | Sold out | 0.00% | −0.02 |
| ASB Associated Banc-Corp. | Reduce -0.1% | 0.19% | −0.02 |
| DFAC Dimensional US Core Equity 2 | Reduce -2.4% | 0.35% | −0.02 |
| YLD Principal Act Hi YLD ETF | Reduce -5.5% | 0.94% | −0.02 |
| OC Owens Corning | Sold out | 0.00% | −0.02 |
| RJF Raymond James Financial Inc. | Sold out | 0.00% | −0.02 |
| FDVV Fidelity High Dividend ETF | Reduce -24.6% | 0.06% | −0.02 |
| WAT Waters Corp. | Sold out | 0.00% | −0.02 |
| ORCL Oracle Corp. | Reduce -2.0% | 0.21% | −0.02 |
| BAC Bank of America Corp. | Reduce -1.2% | 0.11% | −0.02 |
| SPTM SS SPDR P S&P 1500 Comp ETF | Reduce -10.2% | 0.14% | −0.02 |
Portfolio Buys Q4 2024 → Q1 2025
| BRK.B Berkshire Hathaway Inc. Class B | Add +6.1% | 3.13% | +0.79 |
| WEC WEC Energy Group Inc. | Add +4.0% | 1.35% | +0.28 |
| AVEM Avantis Emerging Markets Eq | Add +5.8% | 2.55% | +0.25 |
| PG The Procter & Gamble Co. | Add +0.8% | 2.13% | +0.23 |
| VGSH Vanguard Short-Term Treasury | Add +15.8% | 1.11% | +0.23 |
| VTEB Vanguard Tax-Exempt Bond ETF | Add +3.6% | 2.68% | +0.23 |
| TRAVELERS COMPANIES INC | New | 0.18% | +0.18 |
| RTX CORPORATION | New | 0.15% | +0.15 |
| KO The Coca-Cola Co. | Add +2.8% | 0.65% | +0.14 |
| AVRE Avantis Real Estate ETF | Add +5.5% | 1.22% | +0.14 |
| TFI SS SPDR N Ice Muni Bond ETF | Add +428.7% | 0.15% | +0.12 |
| ABT Abbott Laboratories | Add +6.5% | 0.43% | +0.09 |
| BFC Bank First Corp. | Add +0.2% | 0.72% | +0.09 |
| SUB iShares Short-Term National | Add +4.5% | 0.71% | +0.08 |
| PEP Pepsico Inc. | Add +4.8% | 0.61% | +0.08 |
| MNST Monster Beverage Corp. | New | 0.07% | +0.07 |
| PM Philip Morris International | Add +1.5% | 0.21% | +0.06 |
| JNJ Johnson & Johnson | Add +20.0% | 0.19% | +0.05 |
| CVS CVS Health Corp. | Add +63.0% | 0.08% | +0.05 |
| MDY State Street SPDR S&P Midcap | Add +28.3% | 0.28% | +0.05 |
| PGR Progressive Corp. | Add +14.2% | 0.15% | +0.05 |
| AMT American Tower Corp. | Add +20.3% | 0.12% | +0.04 |
| MA Mastercard Inc. Class A | Add +13.4% | 0.24% | +0.04 |
| COST Costco Wholesale Corp. | Add +2.2% | 0.34% | +0.04 |
| WMT Walmart Inc. | Add +3.3% | 0.43% | +0.03 |
| MDLZ Mondelez International Inc. Class A | Add +14.7% | 0.11% | +0.03 |
| HUBS HubSpot Inc. | New | 0.03% | +0.03 |
| LLY Eli Lilly & Co. | Add +16.0% | 0.27% | +0.03 |
| LNT Alliant Energy Corp. | New | 0.03% | +0.03 |
| V Visa Inc. Class A | Add +4.3% | 0.19% | +0.03 |
| HD Home Depot Inc. | Add +6.6% | 0.71% | +0.03 |
| CARR Carrier Global Corp. | Add +59.3% | 0.08% | +0.03 |
| VZ Verizon Communications Inc. | Add +28.0% | 0.08% | +0.03 |
| PHYS Sprott Physical Gold Trust | New | 0.03% | +0.03 |
| SPOT Spotify Technology SA | New | 0.03% | +0.03 |
| BIIB Biogen Inc. | New | 0.03% | +0.03 |
| JEPI JPMorgan Equity Premium Inco | New | 0.03% | +0.03 |
| MMM 3M Co. | New | 0.03% | +0.03 |
| CPRT Copart Inc. | Add +11.6% | 0.12% | +0.03 |
| NFLX Netflix Inc. | Add +3.2% | 0.14% | +0.03 |
| IWP iShares Russell Mid-Cap Grow | Add +47.8% | 0.09% | +0.03 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Add +35.6% | 0.10% | +0.03 |
| VGIT Vanguard Intermediate-Term T | Add +0.6% | 0.24% | +0.02 |
| IWN iShares Russell 2000 Value E | New | 0.02% | +0.02 |
| OSK Oshkosh Corp. | Add +4.8% | 0.37% | +0.02 |
| MO Altria Group Inc. | Add +12.0% | 0.09% | +0.02 |
| FCFS Firstcash Holdings Inc. | New | 0.02% | +0.02 |
| PFF iShares Preferred & Income S | Add +28.0% | 0.10% | +0.02 |
| TDG Transdigm Group Inc. | New | 0.02% | +0.02 |
| TARGET CORP | 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 |