Nicolet Bankshares Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Nicolet Bankshares Inc. reported 218 stock positions worth $622.3 million. Its top holding was Nicolet Bankshares (NIC) at 19.2% of the portfolio, followed by SS SPDR P S&P 500 Value ETF (SPYV, 9.4%) and SS SPDR P S&P 500 Growth ETF (SPYG, 6.5%). Compared with Q2 2025, it opened 17 new positions, sold out of 6, added to 84 and reduced 71. The biggest buy was a new position in State Street SPDR MSCI Acwi (CWI) and the biggest sale SS SPDR P S&P 500 Value ETF (SPYV, shares −4%).
- Most Recent 13F
- Q2 2026
- Location
- GREEN BAY, WI
- CIK
- 0001174850
- Portfolio Value
- $622.3M (Q3 2025)
- SEC Filing
- 0001174850-25-000085 ↗ filed Nov 13, 2025
Holdings Value
Holdings 218 stocks · $622.3M
| NIC Nicolet Bankshares Inc. | 19.17% | 887,044 | $119.3M | Reduce -0.0% |
| SPYV SS SPDR P S&P 500 Value ETF | 9.41% | 1,058,711 | $58.6M | Reduce -4.3% |
| SPYG SS SPDR P S&P 500 Growth ETF | 6.54% | 389,108 | $40.7M | Reduce -1.3% |
| VOO Vanguard S&P 500 ETF | 4.22% | 42,910 | $26.3M | Add +2.9% |
| AAPL Apple Inc. | 2.72% | 66,541 | $16.9M | Reduce -0.8% |
| MSFT Microsoft Corp. | 2.52% | 30,288 | $15.7M | Add +1.1% |
| AVEM Avantis Emerging Markets Eq | 2.44% | 201,816 | $15.2M | Add +3.4% |
| NVDA Nvidia Corp. | 2.28% | 75,931 | $14.2M | Reduce -1.1% |
| SPY SS SPDR S&P 500 ETF Trust-US | 2.16% | 20,134 | $13.4M | Reduce -11.0% |
| IVW iShares S&P 500 Growth ETF | 2.09% | 107,585 | $13.0M | Reduce -11.6% |
| IVV iShares Core S&P 500 ETF | 1.57% | 14,593 | $9.8M | Reduce -5.2% |
| VEA Vanguard Ftse Developed ETF | 1.53% | 158,496 | $9.5M | Add +8.3% |
| AVRE Avantis Real Estate ETF | 1.32% | 184,695 | $8.2M | Add +25.4% |
| JPM JPMorgan Chase & Co. | 1.21% | 23,860 | $7.5M | Add +1.3% |
| AMZN Amazon.com Inc. | 1.21% | 34,263 | $7.5M | Add +1.6% |
| GOOG Alphabet Inc. Class C | 1.12% | 28,500 | $6.9M | Reduce -2.0% |
| IWF iShares Russell 1000 Growth | 1.11% | 14,770 | $6.9M | Reduce -6.0% |
| EFA iShares MSCI Eafe ETF | 1.01% | 67,256 | $6.3M | Reduce -2.9% |
| AMLP Alerian MLP ETF | 0.99% | 130,978 | $6.1M | Reduce -5.2% |
| COST Costco Wholesale Corp. | 0.95% | 6,417 | $5.9M | Add +0.9% |
| AMJB Alerian MLP ETN2044 filed as JPMORGAN CHASE FINL CO LLC | 0.93% | 194,978 | $5.8M | Add +1.0% |
| IVE iShares S&P 500 Value ETF | 0.89% | 26,794 | $5.5M | Reduce -16.6% |
| GOOGL Alphabet Inc. Class A | 0.83% | 21,323 | $5.2M | Add +2.2% |
| META Meta Platforms Inc. Class A | 0.79% | 6,736 | $4.9M | Add +6.2% |
| VTI VG Morningstar TS MKT ETF-US | 0.78% | 14,739 | $4.8M | Add +6.3% |
| MA Mastercard Inc. Class A | 0.61% | 6,708 | $3.8M | Add +0.7% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.58% | 19,251 | $3.6M | Reduce -0.3% |
| ORCL Oracle Corp. | 0.56% | 12,393 | $3.5M | Add +2.6% |
| ABT Abbott Laboratories | 0.53% | 24,797 | $3.3M | Add +2.1% |
| PG The Procter & Gamble Co. | 0.48% | 19,434 | $3.0M | Reduce -1.1% |
| XOM Exxon Mobil Corp. | 0.48% | 26,328 | $3.0M | Add +2.2% |
| HD Home Depot Inc. | 0.47% | 7,223 | $2.9M | Add +1.4% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.47% | 5,756 | $2.9M | Reduce -1.4% |
| WMT Walmart Inc. | 0.41% | 24,849 | $2.6M | Add +1.7% |
| IWD iShares Russell 1000 Value E | 0.40% | 12,215 | $2.5M | No change |
| IWM iShares Russell 2000 ETF | 0.39% | 10,017 | $2.4M | Reduce -3.1% |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | 0.39% | 7,863 | $2.4M | Reduce -3.3% |
| KO The Coca-Cola Co. | 0.39% | 36,468 | $2.4M | Add +3.6% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.39% | 5,012 | $2.4M | No change |
| MCD McDonald's Corp. | 0.37% | 7,660 | $2.3M | Add +1.8% |
| ETN Eaton Corp. PLC | 0.37% | 6,160 | $2.3M | Add +6.7% |
| PANW Palo Alto Networks Inc. | 0.36% | 10,975 | $2.2M | Add +0.9% |
| WEC WEC Energy Group Inc. | 0.36% | 19,344 | $2.2M | Reduce -0.1% |
| VOE Vngrd Mrngstr MD-Cap Val ETF | 0.35% | 12,484 | $2.2M | Add +9.9% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.35% | 15,074 | $2.2M | Add +5.7% |
| JNJ Johnson & Johnson | 0.34% | 11,458 | $2.1M | Add +9.2% |
| CAT Caterpillar Inc. | 0.33% | 4,320 | $2.1M | Add +25.4% |
| GD General Dynamics Corp. | 0.33% | 5,987 | $2.0M | Add +1.8% |
| VXUS Vanguard Total Intl Stock | 0.32% | 26,688 | $2.0M | Add +7.1% |
| NSC Norfolk Southern Corp. | 0.30% | 6,259 | $1.9M | Add +3.2% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.30% | 6,381 | $1.9M | Reduce -11.1% |
| ADI Analog Devices Inc. | 0.30% | 7,536 | $1.9M | Add +4.7% |
| QQQ Invesco QQQ Trust Series 1 | 0.30% | 3,075 | $1.8M | Reduce -0.7% |
| CRM Salesforce Inc. | 0.29% | 7,499 | $1.8M | Reduce -2.1% |
| CVX Chevron Corp. | 0.28% | 11,282 | $1.8M | Reduce -0.0% |
| ADBE Adobe Inc. | 0.28% | 4,926 | $1.7M | Add +9.5% |
| CSCO Cisco Systems Inc. | 0.27% | 24,861 | $1.7M | Add +1.9% |
| IJH iShares Core S&P Midcap ETF | 0.27% | 25,914 | $1.7M | Add +86.2% |
| HON Honeywell International Inc. | 0.27% | 8,033 | $1.7M | Add +3.0% |
| CWI State Street SPDR MSCI Acwi | 0.27% | 47,928 | $1.7M | New |
| DE Deere & Co. | 0.26% | 3,595 | $1.6M | Add +4.2% |
| AVGO Broadcom Inc. | 0.26% | 4,946 | $1.6M | Add +21.3% |
| BND Vanguard Total Bond Market | 0.26% | 21,423 | $1.6M | Reduce -40.8% |
| SPTM SS SPDR P S&P 1500 Comp ETF | 0.25% | 19,350 | $1.6M | Add +15.0% |
| COR Cencora Inc. | 0.25% | 4,932 | $1.5M | Add +23.8% |
| RTX RTX Corp. | 0.24% | 8,760 | $1.5M | Add +33.7% |
| DFAC Dimensional US Core Equity 2 | 0.23% | 37,742 | $1.5M | Reduce -0.2% |
| MDLZ Mondelez International Inc. Class A | 0.22% | 22,220 | $1.4M | Add +10.6% |
| SCHW Schwab (charles) Corp. | 0.22% | 14,429 | $1.4M | Add +10.6% |
| BX Blackstone Inc. | 0.22% | 7,917 | $1.4M | Add +8.3% |
| SNDR Schneider National Inc. Class B | 0.21% | 62,949 | $1.3M | No change |
| ABBV Abbvie Inc. | 0.21% | 5,708 | $1.3M | Add +5.5% |
| WFC Wells Fargo & Co. | 0.21% | 15,710 | $1.3M | Reduce -6.9% |
| LRCX Lam Research Corp. | 0.21% | 9,760 | $1.3M | No change |
| INTU Intuit Inc. | 0.21% | 1,903 | $1.3M | Add +14.9% |
| LOW Lowe's Cos Inc. | 0.21% | 5,125 | $1.3M | Add +7.3% |
| IBIT iShares Bitcoin Trust ETF | 0.21% | 19,771 | $1.3M | Add +4.0% |
| ICE Intercontinental Exchange Inc. | 0.21% | 7,600 | $1.3M | Reduce -2.6% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.21% | 5,035 | $1.3M | Add +24.2% |
| V Visa Inc. Class A | 0.20% | 3,735 | $1.3M | No change |
| NEE Nextera Energy Inc. | 0.20% | 16,766 | $1.3M | Add +11.9% |
| CMG Chipotle Mexican Grill Inc. | 0.20% | 31,674 | $1.2M | Reduce -5.0% |
| VOOG Vanguard S&P 500 Growth ETF | 0.20% | 2,841 | $1.2M | No change |
| GUNR NT Mstar GLBL NR ETF | 0.20% | 27,975 | $1.2M | Reduce -30.9% |
| NFLX Netflix Inc. | 0.20% | 1,016 | $1.2M | Add +56.3% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.19% | 10,367 | $1.2M | Add +3.8% |
| AMD Advanced Micro Devices | 0.19% | 7,254 | $1.2M | Add +27.3% |
| PFE Pfizer Inc. | 0.19% | 45,392 | $1.2M | Add +30.6% |
| AMT American Tower Corp. | 0.18% | 5,886 | $1.1M | Add +21.0% |
| GSK GSK PLC-Spon ADR | 0.18% | 26,212 | $1.1M | Add +4.3% |
| IWB iShares Russell 1000 ETF | 0.18% | 3,057 | $1.1M | No change |
| YLD Principal Act Hi YLD ETF | 0.17% | 55,621 | $1.1M | Add +26.3% |
| BFC Bank First Corp. | 0.17% | 8,914 | $1.1M | No change |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.17% | 3,731 | $1.1M | Reduce -1.9% |
| LLY Eli Lilly & Co. | 0.17% | 1,378 | $1.1M | Reduce -4.6% |
| PEP Pepsico Inc. | 0.17% | 7,359 | $1.0M | Add +2.1% |
| IWS iShares Russell Mid-Cap Valu | 0.16% | 7,292 | $1.0M | No change |
| DHR Danaher Corp. | 0.16% | 4,922 | $976K | Reduce -2.7% |
| AGG iShares Core U.S. Aggregate | 0.15% | 9,489 | $951K | Add +14.0% |
| PM Philip Morris International | 0.14% | 5,524 | $896K | Reduce -0.6% |
Portfolio Sells Q2 2025 → Q3 2025
| SPYV SS SPDR P S&P 500 Value ETF | Reduce -4.3% | 9.41% | −0.59 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -11.0% | 2.16% | −0.26 |
| IVW iShares S&P 500 Growth ETF | Reduce -11.6% | 2.09% | −0.23 |
| BND Vanguard Total Bond Market | Reduce -40.8% | 0.26% | −0.20 |
| IVE iShares S&P 500 Value ETF | Reduce -16.6% | 0.89% | −0.20 |
| AMLP Alerian MLP ETF | Reduce -5.2% | 0.99% | −0.18 |
| CMG Chipotle Mexican Grill Inc. | Reduce -5.0% | 0.20% | −0.12 |
| GUNR NT Mstar GLBL NR ETF | Reduce -30.9% | 0.20% | −0.08 |
| IVV iShares Core S&P 500 ETF | Reduce -5.2% | 1.57% | −0.08 |
| TFC Truist Financial Corp. | Reduce -52.0% | 0.07% | −0.08 |
| CRM Salesforce Inc. | Reduce -2.1% | 0.29% | −0.08 |
| PG The Procter & Gamble Co. | Reduce -1.1% | 0.48% | −0.06 |
| EFA iShares MSCI Eafe ETF | Reduce -2.9% | 1.01% | −0.06 |
| ACN Accenture PLC Class A | Reduce -16.6% | 0.11% | −0.06 |
| FDX FedEx Corp. | Reduce -42.1% | 0.07% | −0.06 |
| BLK BlackRock Inc. | Reduce -36.3% | 0.11% | −0.06 |
| CDW CDW Corp. | Reduce -52.9% | 0.03% | −0.05 |
| BMY Bristol-Myers Squibb Co. | Reduce -22.9% | 0.12% | −0.05 |
| VYM Vanguard High DVD Yield ETF | Sold out | 0.00% | −0.05 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Reduce -11.1% | 0.30% | −0.05 |
| GWW WW Grainger Inc. | Reduce -14.1% | 0.12% | −0.05 |
| CI The Cigna Group | Sold out | 0.00% | −0.04 |
| ICE Intercontinental Exchange Inc. | Reduce -2.6% | 0.21% | −0.04 |
| IWF iShares Russell 1000 Growth | Reduce -6.0% | 1.11% | −0.04 |
| HAL Halliburton Co. | Sold out | 0.00% | −0.04 |
| IEMG iShares Core MSCI Emerging | Reduce -23.9% | 0.14% | −0.04 |
| AMP Ameriprise Financial Inc. | Sold out | 0.00% | −0.04 |
| VWO Vanguard Ftse Emerging Marke | Reduce -24.4% | 0.13% | −0.04 |
| BBWI Bath & Body Works Inc. | Reduce -31.5% | 0.04% | −0.04 |
| VGLT Vanguard Long-Term Treasury | Sold out | 0.00% | −0.03 |
| ROP Roper Technologies Inc. | Sold out | 0.00% | −0.03 |
| DVY iShares Select Dividend ETF | Reduce -35.0% | 0.06% | −0.03 |
| PM Philip Morris International | Reduce -0.6% | 0.14% | −0.03 |
| SCZ iShares MSCI Eafe Small-Cap | Reduce -43.3% | 0.04% | −0.03 |
| LLY Eli Lilly & Co. | Reduce -4.6% | 0.17% | −0.03 |
| TLH iShares 10-20 Year Treasury | Reduce -26.6% | 0.06% | −0.02 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -1.4% | 0.47% | −0.02 |
| IBM Intl Business Machines Corp. | Reduce -1.9% | 0.17% | −0.02 |
| MRSH Marsh & McLennan Cos | Reduce -2.9% | 0.12% | −0.02 |
| WFC Wells Fargo & Co. | Reduce -6.9% | 0.21% | −0.02 |
| SDY SS SPDR S&P Dividend ETF | Reduce -23.4% | 0.06% | −0.02 |
| DHR Danaher Corp. | Reduce -2.7% | 0.16% | −0.02 |
| MCHP Microchip Technology Inc. | Reduce -11.2% | 0.05% | −0.02 |
| MUB iShares National Muni Bond E | Reduce -8.3% | 0.09% | −0.01 |
| VTV Vanguard Mrngstr Val ETF-Aui | Reduce -0.3% | 0.58% | −0.01 |
| NKE Nike Inc. Class B | Reduce -1.4% | 0.11% | −0.01 |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | Reduce -3.3% | 0.39% | −0.01 |
| LIN Linde PLC | Reduce -4.8% | 0.08% | −0.01 |
| KMB Kimberly-Clark Corp. | Reduce -3.3% | 0.05% | −0.01 |
| ZBH Zimmer Biomet Holdings Inc. | Reduce -9.2% | 0.08% | −0.01 |
Portfolio Buys Q2 2025 → Q3 2025
| CWI State Street SPDR MSCI Acwi | New | 0.27% | +0.27 |
| GOOGL Alphabet Inc. Class A | Add +2.2% | 0.83% | +0.20 |
| AVRE Avantis Real Estate ETF | Add +25.4% | 1.32% | +0.20 |
| VOO Vanguard S&P 500 ETF | Add +2.9% | 4.22% | +0.13 |
| AVEM Avantis Emerging Markets Eq | Add +3.4% | 2.44% | +0.13 |
| IJH iShares Core S&P Midcap ETF | Add +86.2% | 0.27% | +0.12 |
| ORCL Oracle Corp. | Add +2.6% | 0.56% | +0.10 |
| CAT Caterpillar Inc. | Add +25.4% | 0.33% | +0.10 |
| UITB Victoryshares Core Intermedi | New | 0.10% | +0.10 |
| C Citigroup Inc. | New | 0.10% | +0.10 |
| VEA Vanguard Ftse Developed ETF | Add +8.3% | 1.53% | +0.08 |
| RTX RTX Corp. | Add +33.7% | 0.24% | +0.07 |
| KKR KKR & Co. Inc. | New | 0.07% | +0.07 |
| AVGO Broadcom Inc. | Add +21.3% | 0.26% | +0.07 |
| TPR Tapestry Inc. | New | 0.07% | +0.07 |
| JNJ Johnson & Johnson | Add +9.2% | 0.34% | +0.06 |
| VGSH Vanguard Short-Term Treasury | Add +136.3% | 0.12% | +0.06 |
| VTI VG Morningstar TS MKT ETF-US | Add +6.3% | 0.78% | +0.05 |
| AMD Advanced Micro Devices | Add +27.3% | 0.19% | +0.05 |
| TJX TJX Companies Inc. | Add +5.7% | 0.35% | +0.05 |
| NFLX Netflix Inc. | Add +56.3% | 0.20% | +0.05 |
| COR Cencora Inc. | Add +23.8% | 0.25% | +0.04 |
| PFE Pfizer Inc. | Add +30.6% | 0.19% | +0.04 |
| VB Vanguard Most SM-Cap ETF-Usd | Add +24.2% | 0.21% | +0.04 |
| VCSH Vanguard S/T Corp. Bond ETF | New | 0.04% | +0.04 |
| ABBV Abbvie Inc. | Add +5.5% | 0.21% | +0.04 |
| SNPS Synopsys Inc. | New | 0.04% | +0.04 |
| APD Air Products & Chemicals Inc. | New | 0.04% | +0.04 |
| TSLA Tesla Inc. | New | 0.04% | +0.04 |
| JPST JPMorgan Ultra-Short Income | New | 0.04% | +0.04 |
| TSCO Tractor Supply Company | New | 0.03% | +0.03 |
| LHX L3HARRIS Technologies Inc. | New | 0.03% | +0.03 |
| ASML ASML Holding NV-NY Reg SHS | New | 0.03% | +0.03 |
| NSC Norfolk Southern Corp. | Add +3.2% | 0.30% | +0.03 |
| TPLC Timothy PLN US LRG/Mid Cap | New | 0.03% | +0.03 |
| FBTC Fidelity Wise Origin Bitcoin | New | 0.03% | +0.03 |
| TROW T Rowe Price Group Inc. | New | 0.03% | +0.03 |
| SPTM SS SPDR P S&P 1500 Comp ETF | Add +15.0% | 0.25% | +0.03 |
| GEV GE Vernova Inc. | New | 0.03% | +0.03 |
| GD General Dynamics Corp. | Add +1.8% | 0.33% | +0.03 |
| JPM JPMorgan Chase & Co. | Add +1.3% | 1.21% | +0.03 |
| BX Blackstone Inc. | Add +8.3% | 0.22% | +0.03 |
| VOE Vngrd Mrngstr MD-Cap Val ETF | Add +9.9% | 0.35% | +0.03 |
| YLD Principal Act Hi YLD ETF | Add +26.3% | 0.17% | +0.03 |
| LOW Lowe's Cos Inc. | Add +7.3% | 0.21% | +0.02 |
| IGF iShares Global Infrastructur | Add +35.5% | 0.10% | +0.02 |
| NEE Nextera Energy Inc. | Add +11.9% | 0.20% | +0.02 |
| CARR Carrier Global Corp. | Add +66.4% | 0.11% | +0.02 |
| RSP Invesco S&P 500 Equal Weight | Add +20.4% | 0.13% | +0.02 |
| HD Home Depot Inc. | Add +1.4% | 0.47% | +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 |