Nicolet Bankshares Inc.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Nicolet Bankshares Inc. reported 197 stock positions worth $498.1 million. Its top holding was Nicolet Bankshares (NIC) at 19.4% of the portfolio, followed by SS SPDR P S&P 500 Value ETF (SPYV, 11.1%) and SS SPDR P S&P 500 Growth ETF (SPYG, 6.1%). Compared with Q4 2024, it opened 7 new positions, sold out of 3, added to 44 and reduced 92. The biggest buy was Nicolet Bankshares (NIC, shares +5%) and the biggest sale iShares 10-20 Year Treasury (TLH, shares −81%).
- Most Recent 13F
- Q2 2026
- Location
- GREEN BAY, WI
- CIK
- 0001174850
- Portfolio Value
- $498.1M (Q1 2025)
- SEC Filing
- 0001174850-25-000025 ↗ filed May 14, 2025
Holdings Value
Holdings 197 stocks · $498.1M
| NIC Nicolet Bankshares Inc. | 19.43% | 888,335 | $96.8M | Add +5.5% |
| SPYV SS SPDR P S&P 500 Value ETF | 11.11% | 1,083,789 | $55.3M | Add +0.5% |
| SPYG SS SPDR P S&P 500 Growth ETF | 6.06% | 375,568 | $30.2M | Add +0.6% |
| AAPL Apple Inc. | 2.89% | 64,752 | $14.4M | Reduce -4.6% |
| SPY SS SPDR S&P 500 ETF Trust-US | 2.54% | 22,584 | $12.6M | Add +0.5% |
| VOO Vanguard S&P 500 ETF | 2.30% | 22,280 | $11.4M | Add +26.4% |
| IVW iShares S&P 500 Growth ETF | 2.27% | 121,671 | $11.3M | Reduce -0.3% |
| MSFT Microsoft Corp. | 2.19% | 29,038 | $10.9M | Reduce -5.8% |
| AVEM Avantis Emerging Markets Eq | 2.19% | 181,017 | $10.9M | Add +4.0% |
| NVDA Nvidia Corp. | 1.66% | 76,102 | $8.2M | Reduce -10.1% |
| AMLP Alerian MLP ETF | 1.41% | 135,426 | $7.0M | Reduce -3.1% |
| AMJB Alerian MLP ETN2044 filed as JPMORGAN CHASE FINL CO LLC | 1.33% | 203,240 | $6.6M | Reduce -0.9% |
| IVV iShares Core S&P 500 ETF | 1.24% | 11,009 | $6.2M | Add +0.3% |
| AMZN Amazon.com Inc. | 1.24% | 32,404 | $6.2M | Reduce -10.6% |
| IVE iShares S&P 500 Value ETF | 1.23% | 32,054 | $6.1M | Add +0.3% |
| AVRE Avantis Real Estate ETF | 1.21% | 140,446 | $6.0M | Add +4.7% |
| COST Costco Wholesale Corp. | 1.20% | 6,343 | $6.0M | Reduce -5.4% |
| VEA Vanguard Ftse Developed ETF | 1.19% | 116,395 | $5.9M | Add +1.1% |
| IWF iShares Russell 1000 Growth | 1.14% | 15,767 | $5.7M | Add +3.7% |
| EFA iShares MSCI Eafe ETF | 1.13% | 68,741 | $5.6M | Add +2.5% |
| JPM JPMorgan Chase & Co. | 1.12% | 22,693 | $5.6M | Reduce -6.8% |
| GOOG Alphabet Inc. Class C | 0.93% | 29,490 | $4.6M | Reduce -11.9% |
| MA Mastercard Inc. Class A | 0.75% | 6,808 | $3.7M | Reduce -7.7% |
| META Meta Platforms Inc. Class A | 0.70% | 6,044 | $3.5M | Reduce -12.1% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.67% | 19,396 | $3.4M | Reduce -0.8% |
| PG The Procter & Gamble Co. | 0.65% | 19,130 | $3.3M | Reduce -2.3% |
| GOOGL Alphabet Inc. Class A | 0.63% | 20,405 | $3.2M | Reduce -1.2% |
| ABT Abbott Laboratories | 0.62% | 23,298 | $3.1M | Reduce -3.9% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.61% | 5,681 | $3.0M | Reduce -0.8% |
| XOM Exxon Mobil Corp. | 0.60% | 25,306 | $3.0M | Reduce -0.5% |
| HD Home Depot Inc. | 0.52% | 7,034 | $2.6M | Reduce -4.1% |
| KO The Coca-Cola Co. | 0.52% | 35,903 | $2.6M | Reduce -1.6% |
| MCD McDonald's Corp. | 0.49% | 7,750 | $2.4M | Reduce -5.9% |
| IWD iShares Russell 1000 Value E | 0.47% | 12,325 | $2.3M | Add +4.8% |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | 0.44% | 8,534 | $2.2M | Reduce -0.3% |
| WEC WEC Energy Group Inc. | 0.42% | 19,386 | $2.1M | Add +2.0% |
| BND Vanguard Total Bond Market | 0.42% | 28,574 | $2.1M | Reduce -2.5% |
| IWM iShares Russell 2000 ETF | 0.41% | 10,338 | $2.1M | Reduce -0.2% |
| CRM Salesforce Inc. | 0.41% | 7,679 | $2.1M | Reduce -4.7% |
| WMT Walmart Inc. | 0.41% | 23,079 | $2.0M | Add +9.5% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.40% | 5,374 | $2.0M | No change |
| CMG Chipotle Mexican Grill Inc. | 0.38% | 37,405 | $1.9M | Reduce -13.2% |
| PANW Palo Alto Networks Inc. | 0.37% | 10,879 | $1.9M | Reduce -8.0% |
| VTI VG Morningstar TS MKT ETF-US | 0.37% | 6,705 | $1.8M | Reduce -2.5% |
| CVX Chevron Corp. | 0.36% | 10,760 | $1.8M | Add +0.3% |
| ADBE Adobe Inc. | 0.34% | 4,477 | $1.7M | Reduce -7.5% |
| ORCL Oracle Corp. | 0.34% | 12,153 | $1.7M | Reduce -2.7% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.34% | 13,740 | $1.7M | Reduce -7.5% |
| HON Honeywell International Inc. | 0.33% | 7,753 | $1.6M | Reduce -2.1% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.32% | 6,220 | $1.6M | Add +33.3% |
| DE Deere & Co. | 0.32% | 3,359 | $1.6M | No change |
| ICE Intercontinental Exchange Inc. | 0.31% | 8,974 | $1.5M | Reduce -13.9% |
| GD General Dynamics Corp. | 0.30% | 5,546 | $1.5M | Reduce -4.7% |
| ETN Eaton Corp. PLC | 0.30% | 5,475 | $1.5M | Reduce -6.5% |
| CSCO Cisco Systems Inc. | 0.30% | 23,969 | $1.5M | Reduce -4.5% |
| JNJ Johnson & Johnson | 0.30% | 8,889 | $1.5M | Add +4.2% |
| ADI Analog Devices Inc. | 0.29% | 7,170 | $1.4M | Reduce -9.4% |
| VOE Vngrd Mrngstr MD-Cap Val ETF | 0.28% | 8,710 | $1.4M | No change |
| QQQ Invesco QQQ Trust Series 1 | 0.28% | 2,973 | $1.4M | No change |
| NSC Norfolk Southern Corp. | 0.28% | 5,796 | $1.4M | Reduce -14.6% |
| BMY Bristol-Myers Squibb Co. | 0.27% | 22,237 | $1.4M | Reduce -3.5% |
| MDLZ Mondelez International Inc. Class A | 0.27% | 19,747 | $1.3M | Reduce -6.7% |
| GWW WW Grainger Inc. filed as GRAINGER W W INC | 0.26% | 1,312 | $1.3M | Reduce -15.6% |
| V Visa Inc. Class A | 0.26% | 3,675 | $1.3M | Reduce -0.3% |
| SNDR Schneider National Inc. Class B | 0.26% | 56,000 | $1.3M | No change |
| DFAC Dimensional US Core Equity 2 | 0.25% | 38,413 | $1.3M | No change |
| VXUS Vanguard Total Intl Stock | 0.25% | 20,020 | $1.2M | No change |
| UNH Unitedhealth Group Inc. | 0.24% | 2,326 | $1.2M | Reduce -7.4% |
| WFC Wells Fargo & Co. | 0.24% | 16,898 | $1.2M | Add +13.4% |
| NEE Nextera Energy Inc. | 0.23% | 16,469 | $1.2M | Reduce -4.5% |
| CAT Caterpillar Inc. | 0.23% | 3,498 | $1.2M | Add +6.5% |
| DHR Danaher Corp. | 0.23% | 5,627 | $1.2M | Add +1.8% |
| ABBV Abbvie Inc. | 0.23% | 5,446 | $1.1M | Add +2.8% |
| PEP Pepsico Inc. | 0.22% | 7,397 | $1.1M | Reduce -4.1% |
| COR Cencora Inc. | 0.22% | 3,912 | $1.1M | Reduce -7.2% |
| FISV Fiserv Inc. | 0.22% | 4,869 | $1.1M | No change |
| AMT American Tower Corp. | 0.21% | 4,860 | $1.1M | Reduce -12.9% |
| LOW Lowe's Cos Inc. | 0.21% | 4,499 | $1.0M | Reduce -1.9% |
| TLH iShares 10-20 Year Treasury | 0.21% | 10,108 | $1.0M | Reduce -80.8% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.21% | 10,443 | $1.0M | Add +7.0% |
| GUNR NT Mstar GLBL NR ETF | 0.21% | 26,426 | $1.0M | Reduce -36.7% |
| LLY Eli Lilly & Co. | 0.20% | 1,228 | $1.0M | Reduce -0.4% |
| SCHW Schwab (charles) Corp. | 0.20% | 12,942 | $1.0M | Reduce -11.5% |
| INTU Intuit Inc. | 0.20% | 1,639 | $1.0M | Reduce -2.6% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.19% | 3,904 | $971K | Reduce -5.8% |
| CMCSA Comcast Corp. Class A | 0.19% | 26,177 | $966K | Reduce -5.2% |
| TFC Truist Financial Corp. | 0.19% | 23,397 | $963K | Reduce -17.1% |
| VOOG Vanguard S&P 500 Growth ETF | 0.19% | 2,841 | $950K | No change |
| ACN Accenture PLC Class A | 0.19% | 3,023 | $943K | Add +15.0% |
| GSK GSK PLC-Spon ADR | 0.19% | 23,993 | $929K | Reduce -4.9% |
| BX Blackstone Inc. | 0.18% | 6,590 | $921K | Reduce -19.0% |
| IWB iShares Russell 1000 ETF | 0.18% | 2,965 | $909K | No change |
| BFC Bank First Corp. | 0.18% | 8,914 | $898K | No change |
| PM Philip Morris International | 0.18% | 5,596 | $888K | No change |
| TMO Thermo Fisher Scientific Inc. | 0.17% | 1,697 | $844K | No change |
| EOG EOG Resources Inc. | 0.17% | 6,420 | $823K | Add +0.5% |
| FDX FedEx Corp. | 0.17% | 3,377 | $823K | Add +20.3% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.17% | 3,708 | $822K | Add +43.4% |
| PFE Pfizer Inc. | 0.16% | 32,062 | $812K | Reduce -3.8% |
| IBIT iShares Bitcoin Trust ETF | 0.16% | 17,294 | $810K | Add +13.4% |
Portfolio Sells Q4 2024 → Q1 2025
| TLH iShares 10-20 Year Treasury | Reduce -80.8% | 0.21% | −0.81 |
| NVDA Nvidia Corp. | Reduce -10.1% | 1.66% | −0.56 |
| AAPL Apple Inc. | Reduce -4.6% | 2.89% | −0.43 |
| MSFT Microsoft Corp. | Reduce -5.8% | 2.19% | −0.35 |
| MUB iShares National Muni Bond E | Reduce -72.6% | 0.12% | −0.32 |
| GOOG Alphabet Inc. Class C | Reduce -11.9% | 0.93% | −0.32 |
| AMZN Amazon.com Inc. | Reduce -10.6% | 1.24% | −0.31 |
| IVW iShares S&P 500 Growth ETF | Reduce -0.3% | 2.27% | −0.15 |
| VGLT Vanguard Long-Term Treasury | Reduce -72.4% | 0.06% | −0.14 |
| CMG Chipotle Mexican Grill Inc. | Reduce -13.2% | 0.38% | −0.13 |
| GOOGL Alphabet Inc. Class A | Reduce -1.2% | 0.63% | −0.13 |
| CRM Salesforce Inc. | Reduce -4.7% | 0.41% | −0.11 |
| GUNR NT Mstar GLBL NR ETF | Reduce -36.7% | 0.21% | −0.09 |
| BX Blackstone Inc. | Reduce -19.0% | 0.18% | −0.09 |
| META Meta Platforms Inc. Class A | Reduce -12.1% | 0.70% | −0.09 |
| ETN Eaton Corp. PLC | Reduce -6.5% | 0.30% | −0.08 |
| ADBE Adobe Inc. | Reduce -7.5% | 0.34% | −0.08 |
| AON Aon PLC Class A | Sold out | 0.00% | −0.07 |
| ORCL Oracle Corp. | Reduce -2.7% | 0.34% | −0.07 |
| GWW WW Grainger Inc. | Reduce -15.6% | 0.26% | −0.06 |
| PANW Palo Alto Networks Inc. | Reduce -8.0% | 0.37% | −0.05 |
| TFC Truist Financial Corp. | Reduce -17.1% | 0.19% | −0.05 |
| MRSH Marsh & McLennan Cos | Reduce -34.9% | 0.15% | −0.04 |
| TROW T Rowe Price Group Inc. | Sold out | 0.00% | −0.04 |
| DUK Duke Energy Corp. | Sold out | 0.00% | −0.04 |
| HD Home Depot Inc. | Reduce -4.1% | 0.52% | −0.04 |
| ADI Analog Devices Inc. | Reduce -9.4% | 0.29% | −0.04 |
| BBWI Bath & Body Works Inc. | Reduce -11.7% | 0.09% | −0.04 |
| POCT Innovator U.S. Equity Power | Reduce -26.3% | 0.11% | −0.04 |
| NSC Norfolk Southern Corp. | Reduce -14.6% | 0.28% | −0.04 |
| MCHP Microchip Technology Inc. | Reduce -21.4% | 0.08% | −0.04 |
| IWM iShares Russell 2000 ETF | Reduce -0.2% | 0.41% | −0.03 |
| IEMG iShares Core MSCI Emerging | Reduce -21.4% | 0.14% | −0.03 |
| PYPL PayPal Holdings Inc. | Reduce -0.4% | 0.10% | −0.03 |
| NKE Nike Inc. Class B | Reduce -5.0% | 0.12% | −0.03 |
| JPM JPMorgan Chase & Co. | Reduce -6.8% | 1.12% | −0.02 |
| CDW CDW Corp. | Reduce -11.9% | 0.10% | −0.02 |
| HON Honeywell International Inc. | Reduce -2.1% | 0.33% | −0.02 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -2.5% | 0.37% | −0.02 |
| TJX TJX Companies Inc. | Reduce -7.5% | 0.34% | −0.01 |
| FIS Fidelity National Info Serv | Reduce -4.4% | 0.12% | −0.01 |
| BA The Boeing Co. | Reduce -6.6% | 0.13% | −0.01 |
| LOW Lowe's Cos Inc. | Reduce -1.9% | 0.21% | −0.01 |
| HAL Halliburton Co. | Reduce -10.5% | 0.06% | −0.01 |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | Reduce -0.3% | 0.44% | −0.01 |
| PFE Pfizer Inc. | Reduce -3.8% | 0.16% | −0.01 |
| DD Dupont DE Nemours Inc. | Reduce -7.3% | 0.13% | −0.01 |
| BIIB Biogen Inc. | Reduce -7.6% | 0.05% | −0.01 |
| MA Mastercard Inc. Class A | Reduce -7.7% | 0.75% | −0.01 |
| CMCSA Comcast Corp. Class A | Reduce -5.2% | 0.19% | −0.01 |
Portfolio Buys Q4 2024 → Q1 2025
| NIC Nicolet Bankshares Inc. | Add +5.5% | 19.43% | +2.18 |
| VOO Vanguard S&P 500 ETF | Add +26.4% | 2.30% | +0.44 |
| SPYV SS SPDR P S&P 500 Value ETF | Add +0.5% | 11.11% | +0.34 |
| AVEM Avantis Emerging Markets Eq | Add +4.0% | 2.19% | +0.19 |
| EFA iShares MSCI Eafe ETF | Add +2.5% | 1.13% | +0.14 |
| AVRE Avantis Real Estate ETF | Add +4.7% | 1.21% | +0.11 |
| VEA Vanguard Ftse Developed ETF | Add +1.1% | 1.19% | +0.11 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Add +33.3% | 0.32% | +0.08 |
| WEC WEC Energy Group Inc. | Add +2.0% | 0.42% | +0.08 |
| RTX RTX Corp. | Add +50.5% | 0.14% | +0.06 |
| CVX Chevron Corp. | Add +0.3% | 0.36% | +0.06 |
| JNJ Johnson & Johnson | Add +4.2% | 0.30% | +0.06 |
| CARR Carrier Global Corp. | New | 0.05% | +0.05 |
| XLF SS Financial Select Sector | New | 0.05% | +0.05 |
| VEU Vanguard Ftse All-World Ex-U | Add +111.2% | 0.09% | +0.05 |
| EMR Emerson Electric Co. | New | 0.05% | +0.05 |
| VHT Vanguard Health Care ETF | Add +36.7% | 0.15% | +0.05 |
| ABBV Abbvie Inc. | Add +2.8% | 0.23% | +0.05 |
| VB Vanguard Most SM-Cap ETF-Usd | Add +43.4% | 0.17% | +0.04 |
| ROP Roper Technologies Inc. | New | 0.04% | +0.04 |
| TSCO Tractor Supply Company | New | 0.04% | +0.04 |
| VZ Verizon Communications Inc. | New | 0.04% | +0.04 |
| IWD iShares Russell 1000 Value E | Add +4.8% | 0.47% | +0.04 |
| ZTS Zoetis Inc. | New | 0.04% | +0.04 |
| WFC Wells Fargo & Co. | Add +13.4% | 0.24% | +0.04 |
| IVE iShares S&P 500 Value ETF | Add +0.3% | 1.23% | +0.03 |
| WMT Walmart Inc. | Add +9.5% | 0.41% | +0.03 |
| VWO Vanguard Ftse Emerging Marke | Add +27.8% | 0.13% | +0.03 |
| RSP Invesco S&P 500 Equal Weight | Add +27.3% | 0.12% | +0.03 |
| COP Conocophillips | Add +24.6% | 0.06% | +0.02 |
| EOG EOG Resources Inc. | Add +0.5% | 0.17% | +0.01 |
| AVGO Broadcom Inc. | Add +51.7% | 0.10% | +0.01 |
| GE General Electric | Add +1.5% | 0.06% | +0.01 |
| FDX FedEx Corp. | Add +20.3% | 0.17% | +0.01 |
| ACN Accenture PLC Class A | Add +15.0% | 0.19% | +0.01 |
| AMD Advanced Micro Devices | Add +24.2% | 0.09% | +0.01 |
| BDX Becton Dickinson and Co. | Add +0.9% | 0.10% | +0.00 |
| IBIT iShares Bitcoin Trust ETF | Add +13.4% | 0.16% | +0.00 |
| MAS Masco Corp. | Add +4.6% | 0.11% | +0.00 |
| BLK BlackRock Inc. | Add +7.1% | 0.16% | +0.00 |
| CATH Global X S&P 500 Ca Val ETF | Add +3.3% | 0.09% | +0.00 |
| IWR iShares Russell Mid-Cap ETF | Add +0.7% | 0.10% | −0.00 |
| CAT Caterpillar Inc. | Add +6.5% | 0.23% | −0.00 |
| DIS The Walt Disney Co. | Add +7.0% | 0.21% | −0.01 |
| IJR iShares Core S&P Small-Cap E | Add +0.3% | 0.11% | −0.01 |
| DHR Danaher Corp. | Add +1.8% | 0.23% | −0.02 |
| NOW ServiceNow Inc. | Add +11.2% | 0.12% | −0.02 |
| IVV iShares Core S&P 500 ETF | Add +0.3% | 1.24% | −0.02 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +0.5% | 2.54% | −0.03 |
| IWF iShares Russell 1000 Growth | Add +3.7% | 1.14% | −0.05 |
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 |