Nicolet Bankshares Inc.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Nicolet Bankshares Inc. reported 207 stock positions worth $578.7 million. Its top holding was Nicolet Bankshares (NIC) at 18.9% of the portfolio, followed by SS SPDR P S&P 500 Value ETF (SPYV, 10.0%) and SS SPDR P S&P 500 Growth ETF (SPYG, 6.5%). Compared with Q1 2025, it opened 14 new positions, sold out of 4, added to 114 and reduced 47. The biggest buy was Vanguard S&P 500 ETF (VOO, shares +87%) and the biggest sale Nicolet Bankshares (NIC, shares −0%).
- Most Recent 13F
- Q2 2026
- Location
- GREEN BAY, WI
- CIK
- 0001174850
- Portfolio Value
- $578.7M (Q2 2025)
- SEC Filing
- 0001174850-25-000038 ↗ filed Aug 13, 2025
Holdings Value
Holdings 207 stocks · $578.7M
| NIC Nicolet Bankshares Inc. | 18.93% | 887,279 | $109.6M | Reduce -0.1% |
| SPYV SS SPDR P S&P 500 Value ETF | 10.00% | 1,106,250 | $57.9M | Add +2.1% |
| SPYG SS SPDR P S&P 500 Growth ETF | 6.49% | 394,092 | $37.6M | Add +4.9% |
| VOO Vanguard S&P 500 ETF | 4.09% | 41,710 | $23.7M | Add +87.2% |
| MSFT Microsoft Corp. | 2.58% | 29,970 | $14.9M | Add +3.2% |
| SPY SS SPDR S&P 500 ETF Trust-US | 2.41% | 22,612 | $14.0M | Add +0.1% |
| AAPL Apple Inc. | 2.38% | 67,041 | $13.8M | Add +3.5% |
| IVW iShares S&P 500 Growth ETF | 2.31% | 121,681 | $13.4M | Add +0.0% |
| AVEM Avantis Emerging Markets Eq | 2.31% | 195,110 | $13.4M | Add +7.8% |
| NVDA Nvidia Corp. | 2.10% | 76,750 | $12.1M | Add +0.8% |
| IVV iShares Core S&P 500 ETF | 1.65% | 15,390 | $9.6M | Add +39.8% |
| VEA Vanguard Ftse Developed ETF | 1.44% | 146,382 | $8.3M | Add +25.8% |
| AMZN Amazon.com Inc. | 1.28% | 33,726 | $7.4M | Add +4.1% |
| JPM JPMorgan Chase & Co. | 1.18% | 23,566 | $6.8M | Add +3.9% |
| AMLP Alerian MLP ETF | 1.17% | 138,087 | $6.7M | Add +2.0% |
| IWF iShares Russell 1000 Growth | 1.15% | 15,719 | $6.7M | Reduce -0.3% |
| AVRE Avantis Real Estate ETF | 1.12% | 147,258 | $6.5M | Add +4.8% |
| COST Costco Wholesale Corp. | 1.09% | 6,360 | $6.3M | Add +0.3% |
| IVE iShares S&P 500 Value ETF | 1.09% | 32,138 | $6.3M | Add +0.3% |
| EFA iShares MSCI Eafe ETF | 1.07% | 69,273 | $6.2M | Add +0.8% |
| AMJB Alerian MLP ETN2044 filed as JPMORGAN CHASE FINL CO LLC | 1.01% | 192,984 | $5.8M | Reduce -5.0% |
| GOOG Alphabet Inc. Class C | 0.89% | 29,085 | $5.2M | Reduce -1.4% |
| META Meta Platforms Inc. Class A | 0.81% | 6,342 | $4.7M | Add +4.9% |
| VTI VG Morningstar TS MKT ETF-US | 0.73% | 13,868 | $4.2M | Add +106.8% |
| MA Mastercard Inc. Class A | 0.65% | 6,662 | $3.7M | Reduce -2.1% |
| GOOGL Alphabet Inc. Class A | 0.64% | 20,868 | $3.7M | Add +2.3% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.59% | 19,308 | $3.4M | Reduce -0.5% |
| ABT Abbott Laboratories | 0.57% | 24,284 | $3.3M | Add +4.2% |
| PG The Procter & Gamble Co. | 0.54% | 19,647 | $3.1M | Add +2.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.49% | 5,836 | $2.8M | Add +2.7% |
| XOM Exxon Mobil Corp. | 0.48% | 25,763 | $2.8M | Add +1.8% |
| BND Vanguard Total Bond Market | 0.46% | 36,188 | $2.7M | Add +26.6% |
| ORCL Oracle Corp. | 0.46% | 12,084 | $2.6M | Reduce -0.6% |
| HD Home Depot Inc. | 0.45% | 7,125 | $2.6M | Add +1.3% |
| KO The Coca-Cola Co. | 0.43% | 35,216 | $2.5M | Reduce -1.9% |
| WMT Walmart Inc. | 0.41% | 24,433 | $2.4M | Add +5.9% |
| IWD iShares Russell 1000 Value E | 0.41% | 12,215 | $2.4M | Reduce -0.9% |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | 0.40% | 8,132 | $2.3M | Reduce -4.7% |
| IWM iShares Russell 2000 ETF | 0.39% | 10,338 | $2.2M | No change |
| PANW Palo Alto Networks Inc. | 0.38% | 10,877 | $2.2M | Reduce -0.0% |
| MCD McDonald's Corp. | 0.38% | 7,526 | $2.2M | Reduce -2.9% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.38% | 5,012 | $2.2M | Reduce -6.7% |
| CRM Salesforce Inc. | 0.36% | 7,664 | $2.1M | Reduce -0.2% |
| ETN Eaton Corp. PLC | 0.36% | 5,774 | $2.1M | Add +5.5% |
| WEC WEC Energy Group Inc. | 0.35% | 19,370 | $2.0M | Reduce -0.1% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.35% | 7,180 | $2.0M | Add +15.4% |
| CMG Chipotle Mexican Grill Inc. | 0.32% | 33,324 | $1.9M | Reduce -10.9% |
| VOE Vngrd Mrngstr MD-Cap Val ETF | 0.32% | 11,357 | $1.9M | Add +30.4% |
| HON Honeywell International Inc. | 0.31% | 7,797 | $1.8M | Add +0.6% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.30% | 14,268 | $1.8M | Add +3.8% |
| DE Deere & Co. | 0.30% | 3,450 | $1.8M | Add +2.7% |
| ADBE Adobe Inc. | 0.30% | 4,497 | $1.7M | Add +0.5% |
| VXUS Vanguard Total Intl Stock | 0.30% | 24,918 | $1.7M | Add +24.5% |
| GD General Dynamics Corp. | 0.30% | 5,881 | $1.7M | Add +6.0% |
| ADI Analog Devices Inc. | 0.30% | 7,196 | $1.7M | Add +0.4% |
| QQQ Invesco QQQ Trust Series 1 | 0.29% | 3,095 | $1.7M | Add +4.1% |
| CSCO Cisco Systems Inc. | 0.29% | 24,406 | $1.7M | Add +1.8% |
| GUNR NT Mstar GLBL NR ETF | 0.28% | 40,516 | $1.6M | Add +53.3% |
| CVX Chevron Corp. | 0.28% | 11,284 | $1.6M | Add +4.9% |
| JNJ Johnson & Johnson | 0.28% | 10,491 | $1.6M | Add +18.0% |
| NSC Norfolk Southern Corp. | 0.27% | 6,066 | $1.6M | Add +4.7% |
| SNDR Schneider National Inc. Class B | 0.26% | 62,949 | $1.5M | Add +12.4% |
| ICE Intercontinental Exchange Inc. | 0.25% | 7,804 | $1.4M | Reduce -13.0% |
| DFAC Dimensional US Core Equity 2 | 0.23% | 37,807 | $1.4M | Reduce -1.6% |
| MDLZ Mondelez International Inc. Class A | 0.23% | 20,089 | $1.4M | Add +1.7% |
| WFC Wells Fargo & Co. | 0.23% | 16,879 | $1.4M | Reduce -0.1% |
| CAT Caterpillar Inc. | 0.23% | 3,444 | $1.3M | Reduce -1.5% |
| V Visa Inc. Class A | 0.23% | 3,735 | $1.3M | Add +1.6% |
| INTU Intuit Inc. | 0.23% | 1,656 | $1.3M | Add +1.0% |
| SPTM SS SPDR P S&P 1500 Comp ETF | 0.22% | 16,831 | $1.3M | New |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.21% | 9,992 | $1.2M | Reduce -4.3% |
| COR Cencora Inc. | 0.21% | 3,983 | $1.2M | Add +1.8% |
| SCHW Schwab (charles) Corp. | 0.21% | 13,049 | $1.2M | Add +0.8% |
| IBIT iShares Bitcoin Trust ETF | 0.20% | 19,014 | $1.2M | Add +9.9% |
| VOOG Vanguard S&P 500 Growth ETF | 0.19% | 2,841 | $1.1M | No change |
| LLY Eli Lilly & Co. | 0.19% | 1,444 | $1.1M | Add +17.6% |
| AVGO Broadcom Inc. | 0.19% | 4,076 | $1.1M | Add +36.1% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.19% | 3,804 | $1.1M | Reduce -2.6% |
| BX Blackstone Inc. | 0.19% | 7,313 | $1.1M | Add +11.0% |
| AMT American Tower Corp. | 0.19% | 4,865 | $1.1M | Add +0.1% |
| LOW Lowe's Cos Inc. | 0.18% | 4,775 | $1.1M | Add +6.1% |
| BFC Bank First Corp. | 0.18% | 8,914 | $1.0M | No change |
| NEE Nextera Energy Inc. | 0.18% | 14,978 | $1.0M | Reduce -9.1% |
| IWB iShares Russell 1000 ETF | 0.18% | 3,057 | $1.0M | Add +3.1% |
| IEMG iShares Core MSCI Emerging | 0.18% | 17,062 | $1.0M | Add +28.9% |
| PM Philip Morris International | 0.17% | 5,558 | $1.0M | Reduce -0.7% |
| ABBV Abbvie Inc. | 0.17% | 5,412 | $1.0M | Reduce -0.6% |
| DHR Danaher Corp. | 0.17% | 5,059 | $999K | Reduce -10.1% |
| BMY Bristol-Myers Squibb Co. | 0.17% | 21,216 | $982K | Reduce -4.6% |
| ACN Accenture PLC Class A | 0.17% | 3,269 | $977K | Add +8.1% |
| GWW WW Grainger Inc. filed as GRAINGER W W INC | 0.17% | 936 | $974K | Reduce -28.7% |
| GSK GSK PLC-Spon ADR | 0.17% | 25,119 | $965K | Add +4.7% |
| IWS iShares Russell Mid-Cap Valu | 0.17% | 7,292 | $964K | Add +175.8% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.17% | 4,055 | $961K | Add +9.4% |
| RTX RTX Corp. | 0.17% | 6,554 | $957K | Add +28.0% |
| VWO Vanguard Ftse Emerging Marke | 0.17% | 19,330 | $956K | Add +39.0% |
| BLK BlackRock Inc. | 0.17% | 910 | $955K | Add +8.1% |
| PEP Pepsico Inc. | 0.16% | 7,207 | $952K | Reduce -2.6% |
| LRCX Lam Research Corp. | 0.16% | 9,760 | $950K | No change |
| CMCSA Comcast Corp. Class A | 0.16% | 26,391 | $942K | Add +0.8% |
Portfolio Sells Q1 2025 → Q2 2025
| NIC Nicolet Bankshares Inc. | Reduce -0.1% | 18.93% | −0.50 |
| AMJB Alerian MLP ETN2044 | Reduce -5.0% | 1.01% | −0.32 |
| TLH iShares 10-20 Year Treasury | Reduce -54.4% | 0.08% | −0.13 |
| POCT Innovator U.S. Equity Power | Sold out | 0.00% | −0.11 |
| MCD McDonald's Corp. | Reduce -2.9% | 0.38% | −0.11 |
| BMY Bristol-Myers Squibb Co. | Reduce -4.6% | 0.17% | −0.10 |
| MA Mastercard Inc. Class A | Reduce -2.1% | 0.65% | −0.10 |
| GWW WW Grainger Inc. | Reduce -28.7% | 0.17% | −0.09 |
| KO The Coca-Cola Co. | Reduce -1.9% | 0.43% | −0.09 |
| VTV Vanguard Mrngstr Val ETF-Aui | Reduce -0.5% | 0.59% | −0.08 |
| WEC WEC Energy Group Inc. | Reduce -0.1% | 0.35% | −0.08 |
| ICE Intercontinental Exchange Inc. | Reduce -13.0% | 0.25% | −0.06 |
| DHR Danaher Corp. | Reduce -10.1% | 0.17% | −0.06 |
| PEP Pepsico Inc. | Reduce -2.6% | 0.16% | −0.06 |
| IWD iShares Russell 1000 Value E | Reduce -0.9% | 0.41% | −0.06 |
| ABBV Abbvie Inc. | Reduce -0.6% | 0.17% | −0.06 |
| NEE Nextera Energy Inc. | Reduce -9.1% | 0.18% | −0.05 |
| CMG Chipotle Mexican Grill Inc. | Reduce -10.9% | 0.32% | −0.05 |
| CRM Salesforce Inc. | Reduce -0.2% | 0.36% | −0.05 |
| MAS Masco Corp. | Reduce -30.1% | 0.06% | −0.05 |
| UPS United Parcel Service Class B | Sold out | 0.00% | −0.04 |
| TSCO Tractor Supply Company | Sold out | 0.00% | −0.04 |
| ZTS Zoetis Inc. | Sold out | 0.00% | −0.04 |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | Reduce -4.7% | 0.40% | −0.04 |
| TFC Truist Financial Corp. | Reduce -11.1% | 0.15% | −0.04 |
| FDX FedEx Corp. | Reduce -1.9% | 0.13% | −0.04 |
| DD Dupont DE Nemours Inc. | Reduce -7.5% | 0.09% | −0.03 |
| GOOG Alphabet Inc. Class C | Reduce -1.4% | 0.89% | −0.03 |
| VGLT Vanguard Long-Term Treasury | Reduce -28.9% | 0.03% | −0.02 |
| HAL Halliburton Co. | Reduce -5.4% | 0.04% | −0.02 |
| WH Wyndham Hotels & Resorts Inc. | Reduce -9.3% | 0.05% | −0.02 |
| VUG Vanguard Mrngstar GR ETF-Sui | Reduce -6.7% | 0.38% | −0.02 |
| DFAC Dimensional US Core Equity 2 | Reduce -1.6% | 0.23% | −0.02 |
| DVY iShares Select Dividend ETF | Reduce -3.8% | 0.09% | −0.02 |
| KMB Kimberly-Clark Corp. | Reduce -0.5% | 0.06% | −0.02 |
| CDW CDW Corp. | Reduce -11.6% | 0.09% | −0.02 |
| T AT&T Inc. | Reduce -16.6% | 0.04% | −0.01 |
| MDY State Street SPDR S&P Midcap | Reduce -0.1% | 0.12% | −0.01 |
| MCHP Microchip Technology Inc. | Reduce -32.0% | 0.06% | −0.01 |
| WFC Wells Fargo & Co. | Reduce -0.1% | 0.23% | −0.01 |
| ROP Roper Technologies Inc. | Reduce -2.2% | 0.03% | −0.01 |
| CSX CSX Corp. | Reduce -4.9% | 0.07% | −0.01 |
| PM Philip Morris International | Reduce -0.7% | 0.17% | −0.00 |
| IBM Intl Business Machines Corp. | Reduce -2.6% | 0.19% | −0.00 |
| CAT Caterpillar Inc. | Reduce -1.5% | 0.23% | −0.00 |
| AMAT Applied Materials Inc. | Reduce -6.0% | 0.06% | +0.00 |
| BA The Boeing Co. | Reduce -1.0% | 0.14% | +0.01 |
| DIS The Walt Disney Co. | Reduce -4.3% | 0.21% | +0.01 |
| IWF iShares Russell 1000 Growth | Reduce -0.3% | 1.15% | +0.01 |
| PANW Palo Alto Networks Inc. | Reduce -0.0% | 0.38% | +0.01 |
Portfolio Buys Q1 2025 → Q2 2025
| VOO Vanguard S&P 500 ETF | Add +87.2% | 4.09% | +1.79 |
| NVDA Nvidia Corp. | Add +0.8% | 2.10% | +0.44 |
| SPYG SS SPDR P S&P 500 Growth ETF | Add +4.9% | 6.49% | +0.43 |
| IVV iShares Core S&P 500 ETF | Add +39.8% | 1.65% | +0.41 |
| MSFT Microsoft Corp. | Add +3.2% | 2.58% | +0.39 |
| VTI VG Morningstar TS MKT ETF-US | Add +106.8% | 0.73% | +0.36 |
| VEA Vanguard Ftse Developed ETF | Add +25.8% | 1.44% | +0.25 |
| SPTM SS SPDR P S&P 1500 Comp ETF | New | 0.22% | +0.22 |
| YLD Principal Act Hi YLD ETF | New | 0.15% | +0.15 |
| AGG iShares Core U.S. Aggregate | New | 0.14% | +0.14 |
| AVEM Avantis Emerging Markets Eq | Add +7.8% | 2.31% | +0.12 |
| META Meta Platforms Inc. Class A | Add +4.9% | 0.81% | +0.11 |
| VXF Vanguard Extended Market ETF | New | 0.11% | +0.11 |
| IWS iShares Russell Mid-Cap Valu | Add +175.8% | 0.17% | +0.10 |
| JMBS Janus Henderson Mortg Backed | New | 0.10% | +0.10 |
| AVGO Broadcom Inc. | Add +36.1% | 0.19% | +0.09 |
| GUNR NT Mstar GLBL NR ETF | Add +53.3% | 0.28% | +0.07 |
| BOND PIMCO Active Bond Exchange-T | New | 0.06% | +0.06 |
| JPM JPMorgan Chase & Co. | Add +3.9% | 1.18% | +0.06 |
| IWN iShares Russell 2000 Value E | New | 0.06% | +0.06 |
| ETN Eaton Corp. PLC | Add +5.5% | 0.36% | +0.06 |
| VGSH Vanguard Short-Term Treasury | New | 0.05% | +0.05 |
| AMD Advanced Micro Devices | Add +30.2% | 0.14% | +0.05 |
| NFLX Netflix Inc. | Add +20.4% | 0.15% | +0.05 |
| VXUS Vanguard Total Intl Stock | Add +24.5% | 0.30% | +0.05 |
| IVW iShares S&P 500 Growth ETF | Add +0.0% | 2.31% | +0.05 |
| VYM Vanguard High DVD Yield ETF | New | 0.05% | +0.05 |
| IEFA iShares Core MSCI Eafe ETF | New | 0.05% | +0.05 |
| VOE Vngrd Mrngstr MD-Cap Val ETF | Add +30.4% | 0.32% | +0.04 |
| AMZN Amazon.com Inc. | Add +4.1% | 1.28% | +0.04 |
| AMP Ameriprise Financial Inc. | New | 0.04% | +0.04 |
| BND Vanguard Total Bond Market | Add +26.6% | 0.46% | +0.04 |
| VWO Vanguard Ftse Emerging Marke | Add +39.0% | 0.17% | +0.04 |
| IBIT iShares Bitcoin Trust ETF | Add +9.9% | 0.20% | +0.04 |
| OVL Overlay Shares Large Cap Eq | New | 0.04% | +0.04 |
| SPDW Ste STR SPDR PT DW Eu ETF | New | 0.04% | +0.04 |
| EFV iShares MSCI Eafe Value ETF | New | 0.04% | +0.04 |
| CARR Carrier Global Corp. | Add +67.0% | 0.09% | +0.04 |
| IEMG iShares Core MSCI Emerging | Add +28.9% | 0.18% | +0.03 |
| GS Goldman Sachs Group Inc. | Add +25.9% | 0.11% | +0.03 |
| RTX RTX Corp. | Add +28.0% | 0.17% | +0.03 |
| XLK SS Technology Select Sector | Add +54.5% | 0.07% | +0.03 |
| IWP iShares Russell Mid-Cap Grow | Add +19.2% | 0.15% | +0.03 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Add +15.4% | 0.35% | +0.02 |
| INTU Intuit Inc. | Add +1.0% | 0.23% | +0.02 |
| VEU Vanguard Ftse All-World Ex-U | Add +27.2% | 0.11% | +0.02 |
| NOW ServiceNow Inc. | Add +5.0% | 0.14% | +0.02 |
| IGF iShares Global Infrastructur | Add +40.9% | 0.08% | +0.02 |
| SCHE Schwab Emrg Mrkts Eqty ETF | Add +39.4% | 0.07% | +0.02 |
| GE General Electric | Add +18.9% | 0.07% | +0.02 |
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 |