Nicolet Bankshares Inc.
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 13, 2025), Nicolet Bankshares Inc. reported 193 stock positions worth $512.1 million. Its top holding was Nicolet Bankshares (NIC) at 17.3% of the portfolio, followed by SS SPDR P S&P 500 Value ETF (SPYV, 10.8%) and SS SPDR P S&P 500 Growth ETF (SPYG, 6.4%). Compared with Q3 2024, it opened 1 new position, sold out of 12, added to 72 and reduced 75. The biggest buy was a new position in Avantis Emerging Markets Eq (AVEM) and the biggest sale Aon Class A (AON, shares −79%).
- Most Recent 13F
- Q2 2026
- Location
- GREEN BAY, WI
- CIK
- 0001174850
- Portfolio Value
- $512.1M (Q4 2024)
- SEC Filing
- 0001174850-25-000004 ↗ filed Feb 13, 2025
Holdings Value
Holdings 193 stocks · $512.1M
| NIC Nicolet Bankshares Inc. | 17.26% | 842,385 | $88.4M | Reduce -3.1% |
| SPYV SS SPDR P S&P 500 Value ETF | 10.77% | 1,078,673 | $55.2M | Add +0.4% |
| SPYG SS SPDR P S&P 500 Growth ETF | 6.41% | 373,318 | $32.8M | Reduce -3.0% |
| AAPL Apple Inc. | 3.32% | 67,900 | $17.0M | Reduce -1.0% |
| SPY SS SPDR S&P 500 ETF Trust-US | 2.57% | 22,467 | $13.2M | Reduce -0.5% |
| MSFT Microsoft Corp. | 2.54% | 30,821 | $13.0M | Add +2.3% |
| IVW iShares S&P 500 Growth ETF | 2.42% | 122,088 | $12.4M | Reduce -1.4% |
| NVDA Nvidia Corp. | 2.22% | 84,663 | $11.4M | Reduce -0.1% |
| AVEM Avantis Emerging Markets Eq | 2.00% | 174,069 | $10.2M | New |
| VOO Vanguard S&P 500 ETF | 1.85% | 17,621 | $9.5M | Add +10.5% |
| AMZN Amazon.com Inc. | 1.55% | 36,240 | $8.0M | Add +6.4% |
| AMLP Alerian MLP ETF | 1.31% | 139,734 | $6.7M | Reduce -2.7% |
| IVV iShares Core S&P 500 ETF | 1.26% | 10,980 | $6.5M | No change |
| GOOG Alphabet Inc. Class C | 1.25% | 33,492 | $6.4M | Reduce -2.6% |
| COST Costco Wholesale Corp. | 1.20% | 6,704 | $6.1M | Reduce -1.9% |
| IWF iShares Russell 1000 Growth | 1.19% | 15,208 | $6.1M | Reduce -0.7% |
| IVE iShares S&P 500 Value ETF | 1.19% | 31,970 | $6.1M | Reduce -0.0% |
| AMJB Alerian MLP ETN2044 filed as JPMORGAN CHASE FINL CO LLC | 1.18% | 205,018 | $6.1M | Add +1.5% |
| JPM JPMorgan Chase & Co. | 1.14% | 24,342 | $5.8M | Add +2.5% |
| AVRE Avantis Real Estate ETF | 1.10% | 134,205 | $5.6M | Add +4.7% |
| VEA Vanguard Ftse Developed ETF | 1.08% | 115,186 | $5.5M | Add +2.9% |
| TLH iShares 10-20 Year Treasury | 1.02% | 52,732 | $5.2M | Add +16.0% |
| EFA iShares MSCI Eafe ETF | 0.99% | 67,040 | $5.1M | Add +0.0% |
| META Meta Platforms Inc. Class A | 0.79% | 6,872 | $4.0M | Add +1.0% |
| GOOGL Alphabet Inc. Class A | 0.76% | 20,659 | $3.9M | Reduce -1.4% |
| MA Mastercard Inc. Class A | 0.76% | 7,372 | $3.9M | Reduce -0.8% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.65% | 19,546 | $3.3M | Reduce -0.7% |
| PG The Procter & Gamble Co. | 0.64% | 19,585 | $3.3M | Add +1.0% |
| HD Home Depot Inc. | 0.56% | 7,332 | $2.9M | Add +0.5% |
| ABT Abbott Laboratories | 0.54% | 24,230 | $2.7M | Reduce -1.5% |
| XOM Exxon Mobil Corp. | 0.53% | 25,427 | $2.7M | Add +0.7% |
| CRM Salesforce Inc. | 0.53% | 8,056 | $2.7M | Reduce -0.8% |
| CMG Chipotle Mexican Grill Inc. | 0.51% | 43,105 | $2.6M | Add +1.8% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.51% | 5,725 | $2.6M | Reduce -1.1% |
| MCD McDonald's Corp. | 0.47% | 8,234 | $2.4M | Add +0.9% |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | 0.45% | 8,556 | $2.3M | Reduce -1.1% |
| IWM iShares Russell 2000 ETF | 0.45% | 10,358 | $2.3M | Add +0.2% |
| MUB iShares National Muni Bond E | 0.45% | 21,413 | $2.3M | Add +265.4% |
| KO The Coca-Cola Co. | 0.44% | 36,468 | $2.3M | Reduce -5.0% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.43% | 5,374 | $2.2M | No change |
| IWD iShares Russell 1000 Value E | 0.43% | 11,760 | $2.2M | No change |
| ADBE Adobe Inc. | 0.42% | 4,840 | $2.2M | Add +4.2% |
| PANW Palo Alto Networks Inc. | 0.42% | 11,828 | $2.2M | Add +2.3% |
| BND Vanguard Total Bond Market | 0.41% | 29,309 | $2.1M | Add +54.7% |
| ORCL Oracle Corp. | 0.41% | 12,494 | $2.1M | Add +1.3% |
| VTI VG Morningstar TS MKT ETF-US | 0.39% | 6,876 | $2.0M | Reduce -3.5% |
| ETN Eaton Corp. PLC | 0.38% | 5,857 | $1.9M | Add +30.1% |
| WMT Walmart Inc. | 0.37% | 21,079 | $1.9M | Add +0.8% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.35% | 14,859 | $1.8M | Add +2.1% |
| HON Honeywell International Inc. | 0.35% | 7,918 | $1.8M | Add +1.4% |
| WEC WEC Energy Group Inc. | 0.35% | 19,001 | $1.8M | Reduce -13.0% |
| ADI Analog Devices Inc. | 0.33% | 7,914 | $1.7M | Add +0.9% |
| SNDR Schneider National Inc. Class B | 0.32% | 56,000 | $1.6M | Reduce -15.2% |
| GWW WW Grainger Inc. filed as GRAINGER W W INC | 0.32% | 1,554 | $1.6M | Add +9.6% |
| NSC Norfolk Southern Corp. | 0.31% | 6,783 | $1.6M | Add +21.2% |
| CVX Chevron Corp. | 0.30% | 10,731 | $1.6M | Add +3.8% |
| ICE Intercontinental Exchange Inc. | 0.30% | 10,422 | $1.6M | Add +0.4% |
| GD General Dynamics Corp. | 0.30% | 5,821 | $1.5M | Add +2.9% |
| QQQ Invesco QQQ Trust Series 1 | 0.30% | 2,973 | $1.5M | Reduce -2.2% |
| GUNR NT Mstar GLBL NR ETF | 0.30% | 41,744 | $1.5M | Add +100.6% |
| CSCO Cisco Systems Inc. | 0.29% | 25,095 | $1.5M | Add +3.0% |
| DE Deere & Co. | 0.28% | 3,359 | $1.4M | Reduce -4.7% |
| VOE Vngrd Mrngstr MD-Cap Val ETF | 0.28% | 8,710 | $1.4M | No change |
| BX Blackstone Inc. | 0.27% | 8,132 | $1.4M | Reduce -1.0% |
| DFAC Dimensional US Core Equity 2 | 0.26% | 38,413 | $1.3M | No change |
| BMY Bristol-Myers Squibb Co. | 0.25% | 23,045 | $1.3M | Reduce -1.9% |
| UNH Unitedhealth Group Inc. | 0.25% | 2,513 | $1.3M | Add +0.9% |
| DHR Danaher Corp. | 0.25% | 5,528 | $1.3M | Add +0.9% |
| MDLZ Mondelez International Inc. Class A | 0.25% | 21,154 | $1.3M | Add +1.7% |
| NEE Nextera Energy Inc. | 0.24% | 17,239 | $1.2M | Reduce -9.2% |
| JNJ Johnson & Johnson | 0.24% | 8,530 | $1.2M | Add +0.9% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.24% | 4,665 | $1.2M | Add +2.5% |
| TFC Truist Financial Corp. | 0.24% | 28,212 | $1.2M | Reduce -5.8% |
| CAT Caterpillar Inc. | 0.23% | 3,284 | $1.2M | No change |
| VXUS Vanguard Total Intl Stock | 0.23% | 20,020 | $1.2M | No change |
| PEP Pepsico Inc. | 0.23% | 7,715 | $1.2M | Reduce -0.1% |
| V Visa Inc. Class A | 0.23% | 3,685 | $1.2M | Reduce -6.6% |
| LOW Lowe's Cos Inc. | 0.22% | 4,587 | $1.1M | Reduce -3.5% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.21% | 9,756 | $1.1M | Add +17.1% |
| SCHW Schwab (charles) Corp. | 0.21% | 14,623 | $1.1M | Add +6.0% |
| INTU Intuit Inc. | 0.21% | 1,682 | $1.1M | Reduce -11.3% |
| WFC Wells Fargo & Co. | 0.20% | 14,898 | $1.0M | Add +5.5% |
| VOOG Vanguard S&P 500 Growth ETF | 0.20% | 2,841 | $1.0M | No change |
| CMCSA Comcast Corp. Class A | 0.20% | 27,599 | $1.0M | Add +3.2% |
| AMT American Tower Corp. | 0.20% | 5,582 | $1.0M | Reduce -9.9% |
| VGLT Vanguard Long-Term Treasury | 0.20% | 18,250 | $1.0M | Reduce -13.2% |
| FISV Fiserv Inc. | 0.20% | 4,869 | $1.0M | Reduce -8.9% |
| MRSH Marsh & McLennan Cos | 0.19% | 4,650 | $988K | Add +4.6% |
| IWB iShares Russell 1000 ETF | 0.19% | 2,965 | $955K | Reduce -2.5% |
| LLY Eli Lilly & Co. | 0.19% | 1,233 | $952K | Reduce -1.7% |
| COR Cencora Inc. | 0.18% | 4,214 | $947K | Add +2.7% |
| ABBV Abbvie Inc. | 0.18% | 5,296 | $941K | Reduce -0.4% |
| ACN Accenture PLC Class A | 0.18% | 2,629 | $925K | Add +108.5% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.18% | 4,143 | $911K | Reduce -52.6% |
| PFE Pfizer Inc. | 0.17% | 33,331 | $884K | Reduce -24.4% |
| BFC Bank First Corp. | 0.17% | 8,914 | $883K | No change |
| TMO Thermo Fisher Scientific Inc. | 0.17% | 1,697 | $883K | Reduce -5.6% |
| IEMG iShares Core MSCI Emerging | 0.17% | 16,830 | $879K | Add +12.5% |
| GSK GSK PLC-Spon ADR | 0.17% | 25,233 | $853K | Reduce -5.8% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.17% | 22,159 | $850K | Reduce -4.2% |
Portfolio Sells Q3 2024 → Q4 2024
| AON Aon PLC Class A | Reduce -79.0% | 0.07% | −0.26 |
| IBM Intl Business Machines Corp. | Reduce -52.6% | 0.18% | −0.21 |
| KO The Coca-Cola Co. | Reduce -5.0% | 0.44% | −0.11 |
| CVS CVS Health Corp. | Reduce -26.5% | 0.10% | −0.10 |
| AMT American Tower Corp. | Reduce -9.9% | 0.20% | −0.09 |
| PFE Pfizer Inc. | Reduce -24.4% | 0.17% | −0.08 |
| NEE Nextera Energy Inc. | Reduce -9.2% | 0.24% | −0.08 |
| EL Estee Lauder Companies Class A | Sold out | 0.00% | −0.08 |
| IVE iShares S&P 500 Value ETF | Reduce -0.0% | 1.19% | −0.08 |
| WEC WEC Energy Group Inc. | Reduce -13.0% | 0.35% | −0.07 |
| T AT&T Inc. | Reduce -60.8% | 0.04% | −0.07 |
| VGLT Vanguard Long-Term Treasury | Reduce -13.2% | 0.20% | −0.06 |
| SNDR Schneider National Inc. Class B | Reduce -15.2% | 0.32% | −0.06 |
| MANH Manhattan Associates Inc. | Sold out | 0.00% | −0.06 |
| GSK GSK PLC-Spon ADR | Reduce -5.8% | 0.17% | −0.05 |
| ZTS Zoetis Inc. | Sold out | 0.00% | −0.05 |
| TMO Thermo Fisher Scientific Inc. | Reduce -5.6% | 0.17% | −0.05 |
| AMLP Alerian MLP ETF | Reduce -2.7% | 1.31% | −0.05 |
| AES AES Corp. | Sold out | 0.00% | −0.05 |
| CSX CSX Corp. | Reduce -29.7% | 0.08% | −0.05 |
| ROP Roper Technologies Inc. | Sold out | 0.00% | −0.05 |
| TSCO Tractor Supply Company | Sold out | 0.00% | −0.05 |
| VTV Vanguard Mrngstr Val ETF-Aui | Reduce -0.7% | 0.65% | −0.05 |
| ASML ASML Holding NV-NY Reg SHS | Sold out | 0.00% | −0.05 |
| VZ Verizon Communications Inc. | Sold out | 0.00% | −0.04 |
| CDW CDW Corp. | Reduce -0.9% | 0.12% | −0.04 |
| TGT Target Corp. | Sold out | 0.00% | −0.04 |
| ECL Ecolab Inc. | Sold out | 0.00% | −0.04 |
| EVTC Evertec Inc. | Sold out | 0.00% | −0.04 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -0.5% | 2.57% | −0.04 |
| SNPS Synopsys Inc. | Sold out | 0.00% | −0.04 |
| FCX Freeport-McMoran Inc. | Reduce -1.7% | 0.10% | −0.04 |
| LOW Lowe's Cos Inc. | Reduce -3.5% | 0.22% | −0.04 |
| LLY Eli Lilly & Co. | Reduce -1.7% | 0.19% | −0.04 |
| NKE Nike Inc. Class B | Reduce -3.0% | 0.15% | −0.04 |
| PEP Pepsico Inc. | Reduce -0.1% | 0.23% | −0.04 |
| INTU Intuit Inc. | Reduce -11.3% | 0.21% | −0.03 |
| UNP Union Pacific Corp. | Reduce -9.1% | 0.14% | −0.03 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -1.1% | 0.51% | −0.03 |
| SPYG SS SPDR P S&P 500 Growth ETF | Reduce -3.0% | 6.41% | −0.03 |
| ABT Abbott Laboratories | Reduce -1.5% | 0.54% | −0.03 |
| SLB SLB Ltd. | Reduce -4.2% | 0.17% | −0.03 |
| ABBV Abbvie Inc. | Reduce -0.4% | 0.18% | −0.03 |
| EFX Equifax Inc. | Reduce -15.4% | 0.06% | −0.03 |
| LRCX Lam Research Corp. | Reduce -0.9% | 0.14% | −0.02 |
| POCT Innovator U.S. Equity Power | Reduce -11.5% | 0.15% | −0.02 |
| COST Costco Wholesale Corp. | Reduce -1.9% | 1.20% | −0.02 |
| PFG Principal Financial Group | Reduce -22.7% | 0.04% | −0.02 |
| TFC Truist Financial Corp. | Reduce -5.8% | 0.24% | −0.02 |
| DE Deere & Co. | Reduce -4.7% | 0.28% | −0.02 |
Portfolio Buys Q3 2024 → Q4 2024
| AVEM Avantis Emerging Markets Eq | New | 2.00% | +2.00 |
| MUB iShares National Muni Bond E | Add +265.4% | 0.45% | +0.32 |
| AMZN Amazon.com Inc. | Add +6.4% | 1.55% | +0.27 |
| VOO Vanguard S&P 500 ETF | Add +10.5% | 1.85% | +0.16 |
| JPM JPMorgan Chase & Co. | Add +2.5% | 1.14% | +0.13 |
| BND Vanguard Total Bond Market | Add +54.7% | 0.41% | +0.12 |
| GUNR NT Mstar GLBL NR ETF | Add +100.6% | 0.30% | +0.12 |
| ACN Accenture PLC Class A | Add +108.5% | 0.18% | +0.09 |
| ETN Eaton Corp. PLC | Add +30.1% | 0.38% | +0.08 |
| NOW ServiceNow Inc. | Add +68.0% | 0.14% | +0.07 |
| IBIT iShares Bitcoin Trust ETF | Add +8.0% | 0.16% | +0.06 |
| DIS The Walt Disney Co. | Add +17.1% | 0.21% | +0.05 |
| FDX FedEx Corp. | Add +49.1% | 0.15% | +0.05 |
| MAS Masco Corp. | Add +110.9% | 0.11% | +0.05 |
| WFC Wells Fargo & Co. | Add +5.5% | 0.20% | +0.04 |
| WMT Walmart Inc. | Add +0.8% | 0.37% | +0.03 |
| AVGO Broadcom Inc. | Add +18.2% | 0.09% | +0.03 |
| SCHW Schwab (charles) Corp. | Add +6.0% | 0.21% | +0.03 |
| NSC Norfolk Southern Corp. | Add +21.2% | 0.31% | +0.03 |
| CSCO Cisco Systems Inc. | Add +3.0% | 0.29% | +0.03 |
| PYPL PayPal Holdings Inc. | Add +18.7% | 0.13% | +0.03 |
| HON Honeywell International Inc. | Add +1.4% | 0.35% | +0.02 |
| TLH iShares 10-20 Year Treasury | Add +16.0% | 1.02% | +0.02 |
| GWW WW Grainger Inc. | Add +9.6% | 0.32% | +0.02 |
| AMJB Alerian MLP ETN2044 | Add +1.5% | 1.18% | +0.02 |
| BBWI Bath & Body Works Inc. | Add +2.8% | 0.13% | +0.02 |
| PANW Palo Alto Networks Inc. | Add +2.3% | 0.42% | +0.02 |
| BLK BlackRock Inc. | Add +6.8% | 0.16% | +0.02 |
| CMG Chipotle Mexican Grill Inc. | Add +1.8% | 0.51% | +0.02 |
| BDX Becton Dickinson and Co. | Add +27.2% | 0.10% | +0.01 |
| AMD Advanced Micro Devices | Add +56.4% | 0.08% | +0.01 |
| TJX TJX Companies Inc. | Add +2.1% | 0.35% | +0.01 |
| MCHP Microchip Technology Inc. | Add +49.9% | 0.11% | +0.00 |
| IGF iShares Global Infrastructur | Add +14.3% | 0.06% | +0.00 |
| MDY State Street SPDR S&P Midcap | Add +4.4% | 0.14% | +0.00 |
| BIIB Biogen Inc. | Add +33.1% | 0.06% | +0.00 |
| SPGI S&P Global Inc. | Add +9.3% | 0.05% | +0.00 |
| META Meta Platforms Inc. Class A | Add +1.0% | 0.79% | +0.00 |
| COR Cencora Inc. | Add +2.7% | 0.18% | −0.00 |
| IEMG iShares Core MSCI Emerging | Add +12.5% | 0.17% | −0.00 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Add +2.5% | 0.24% | −0.00 |
| SBUX Starbucks Corp. | Add +6.9% | 0.06% | −0.00 |
| PSX Phillips 66 | Add +11.2% | 0.04% | −0.00 |
| CVX Chevron Corp. | Add +3.8% | 0.30% | −0.00 |
| ITW Illinois Tool Works | Add +3.0% | 0.10% | −0.00 |
| AFL Aflac Inc. | Add +5.6% | 0.08% | −0.00 |
| RTX RTX Corp. | Add +1.3% | 0.08% | −0.01 |
| SCZ iShares MSCI Eafe Small-Cap | Add +0.8% | 0.05% | −0.01 |
| MRSH Marsh & McLennan Cos | Add +4.6% | 0.19% | −0.01 |
| LIN Linde PLC | Add +1.3% | 0.08% | −0.01 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 612 | $3.1B | SPYM, AAPL, SPYV, AVEM, SPYG |
| Q1 2026 | 562 | $2.7B | SPYM, SPYV, AAPL, AVEM, SPYG |
| Q4 2025 | 226 | $624.0M | NIC, SPYM, SPYV, VOO, SPYG |
| Q3 2025 | 218 | $622.3M | NIC, SPYV, SPYG, VOO, AAPL |
| Q2 2025 | 207 | $578.7M | NIC, SPYV, SPYG, VOO, MSFT |
| Q1 2025 | 197 | $498.1M | NIC, SPYV, SPYG, AAPL, SPY |
| Q4 2024 | 193 | $512.1M | NIC, SPYV, SPYG, AAPL, SPY |
| Q3 2024 | 204 | $496.0M | NIC, SPYV, SPYG, AAPL, MSFT |
| Q2 2024 | 208 | $476.7M | NIC, SPYV, SPYG, AAPL, MSFT |
| Q1 2024 | 216 | $482.1M | NIC, SPYV, SPYG, MSFT, AAPL |