Nicolet Bankshares Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 9, 2026), Nicolet Bankshares Inc. reported 226 stock positions worth $624.0 million. Its top holding was Nicolet Bankshares (NIC) at 17.2% of the portfolio, followed by Ste STR SPDR PT S&P 500 ETF (SPYM, 6.4%) and SS SPDR P S&P 500 Value ETF (SPYV, 6.4%). Compared with Q3 2025, it opened 21 new positions, sold out of 13, added to 71 and reduced 98. The biggest buy was a new position in Ste STR SPDR PT S&P 500 ETF (SPYM) and the biggest sale SS SPDR P S&P 500 Value ETF (SPYV, shares −33%).
- Most Recent 13F
- Q2 2026
- Location
- GREEN BAY, WI
- CIK
- 0001174850
- Portfolio Value
- $624.0M (Q4 2025)
- SEC Filing
- 0001174850-26-000041 ↗ filed Feb 9, 2026
Holdings Value
Holdings 226 stocks · $624.0M
| NIC Nicolet Bankshares Inc. | 17.17% | 883,159 | $107.1M | Reduce -0.4% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 6.44% | 500,712 | $40.2M | New |
| SPYV SS SPDR P S&P 500 Value ETF | 6.44% | 706,930 | $40.2M | Reduce -33.2% |
| VOO Vanguard S&P 500 ETF | 4.93% | 49,029 | $30.7M | Add +14.3% |
| SPYG SS SPDR P S&P 500 Growth ETF | 3.82% | 223,453 | $23.8M | Reduce -42.6% |
| AVEM Avantis Emerging Markets Eq | 2.84% | 230,389 | $17.7M | Add +14.2% |
| AAPL Apple Inc. | 2.59% | 59,427 | $16.2M | Reduce -10.7% |
| SPY SS SPDR S&P 500 ETF Trust-US | 2.19% | 19,996 | $13.6M | Reduce -0.7% |
| IVW iShares S&P 500 Growth ETF | 2.10% | 106,070 | $13.1M | Reduce -1.4% |
| MSFT Microsoft Corp. | 2.04% | 26,263 | $12.7M | Reduce -13.3% |
| VEA Vanguard Ftse Developed ETF | 1.98% | 197,735 | $12.4M | Add +24.8% |
| NVDA Nvidia Corp. | 1.81% | 60,623 | $11.3M | Reduce -20.2% |
| IVV iShares Core S&P 500 ETF | 1.71% | 15,595 | $10.7M | Add +6.9% |
| VONE Vanguard Russell 1000 | 1.58% | 31,891 | $9.9M | New |
| AVRE Avantis Real Estate ETF | 1.33% | 190,247 | $8.3M | Add +3.0% |
| GOOGL Alphabet Inc. Class A | 1.20% | 23,915 | $7.5M | Add +12.2% |
| AMZN Amazon.com Inc. | 1.01% | 27,408 | $6.3M | Reduce -20.0% |
| JPM JPMorgan Chase & Co. | 1.01% | 19,500 | $6.3M | Reduce -18.3% |
| EFA iShares MSCI Eafe ETF | 0.98% | 63,912 | $6.1M | Reduce -5.0% |
| VTI VG Morningstar TS MKT ETF-US | 0.96% | 17,818 | $6.0M | Add +20.9% |
| AMLP Alerian MLP ETF | 0.94% | 125,324 | $5.9M | Reduce -4.3% |
| GOOG Alphabet Inc. Class C | 0.93% | 18,584 | $5.8M | Reduce -34.8% |
| IWF iShares Russell 1000 Growth | 0.91% | 12,016 | $5.7M | Reduce -18.6% |
| IVE iShares S&P 500 Value ETF | 0.91% | 26,794 | $5.7M | No change |
| AMJB Alerian MLP ETN2044 filed as JPMORGAN CHASE FINL CO LLC | 0.69% | 143,292 | $4.3M | Reduce -26.5% |
| COST Costco Wholesale Corp. | 0.68% | 4,924 | $4.2M | Reduce -23.3% |
| META Meta Platforms Inc. Class A | 0.67% | 6,293 | $4.2M | Reduce -6.6% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.60% | 19,454 | $3.7M | Add +1.1% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.54% | 11,692 | $3.4M | Add +83.2% |
| CWI State Street SPDR MSCI Acwi | 0.53% | 92,071 | $3.3M | Add +92.1% |
| MA Mastercard Inc. Class A | 0.49% | 5,385 | $3.1M | Reduce -19.7% |
| XOM Exxon Mobil Corp. | 0.47% | 24,462 | $2.9M | Reduce -7.1% |
| DFAC Dimensional US Core Equity 2 | 0.46% | 71,746 | $2.8M | Add +90.1% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.45% | 5,794 | $2.8M | Add +15.6% |
| VOE Vngrd Mrngstr MD-Cap Val ETF | 0.45% | 15,790 | $2.8M | Add +26.5% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.44% | 5,457 | $2.7M | Reduce -5.2% |
| IWD iShares Russell 1000 Value E | 0.41% | 12,122 | $2.5M | Reduce -0.8% |
| ABT Abbott Laboratories | 0.40% | 20,059 | $2.5M | Reduce -19.1% |
| CAT Caterpillar Inc. | 0.40% | 4,370 | $2.5M | Add +1.2% |
| PG The Procter & Gamble Co. | 0.39% | 16,916 | $2.4M | Reduce -13.0% |
| VV Vngrd Mrgstr LRG-Cap ETF-Usd | 0.38% | 7,527 | $2.4M | Reduce -4.3% |
| VXUS Vanguard Total Intl Stock | 0.38% | 31,064 | $2.3M | Add +16.4% |
| IWM iShares Russell 2000 ETF | 0.38% | 9,510 | $2.3M | Reduce -5.1% |
| JNJ Johnson & Johnson | 0.37% | 11,283 | $2.3M | Reduce -1.5% |
| HD Home Depot Inc. | 0.36% | 6,565 | $2.3M | Reduce -9.1% |
| KO The Coca-Cola Co. | 0.36% | 32,112 | $2.2M | Reduce -11.9% |
| IJH iShares Core S&P Midcap ETF | 0.35% | 33,399 | $2.2M | Add +28.9% |
| WMT Walmart Inc. | 0.34% | 19,231 | $2.1M | Reduce -22.6% |
| ORCL Oracle Corp. | 0.33% | 10,713 | $2.1M | Reduce -13.6% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.32% | 13,022 | $2.0M | Reduce -13.6% |
| QQQ Invesco QQQ Trust Series 1 | 0.31% | 3,176 | $2.0M | Add +3.3% |
| MCD McDonald's Corp. | 0.30% | 6,092 | $1.9M | Reduce -20.5% |
| ETN Eaton Corp. PLC | 0.29% | 5,763 | $1.8M | Reduce -6.4% |
| WEC WEC Energy Group Inc. | 0.28% | 16,674 | $1.8M | Reduce -13.8% |
| RTX RTX Corp. | 0.27% | 9,309 | $1.7M | Add +6.3% |
| ADI Analog Devices Inc. | 0.27% | 6,275 | $1.7M | Reduce -16.7% |
| BND Vanguard Total Bond Market | 0.27% | 22,937 | $1.7M | Add +7.1% |
| DE Deere & Co. | 0.27% | 3,601 | $1.7M | Add +0.2% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.27% | 6,498 | $1.7M | Add +29.1% |
| SNDR Schneider National Inc. Class B | 0.27% | 62,949 | $1.7M | No change |
| WFC Wells Fargo & Co. | 0.27% | 17,880 | $1.7M | Add +13.8% |
| AVGO Broadcom Inc. | 0.27% | 4,789 | $1.7M | Reduce -3.2% |
| PANW Palo Alto Networks Inc. | 0.26% | 8,910 | $1.6M | Reduce -18.8% |
| CVX Chevron Corp. | 0.26% | 10,746 | $1.6M | Reduce -4.8% |
| LRCX Lam Research Corp. | 0.25% | 9,265 | $1.6M | Reduce -5.1% |
| AMD Advanced Micro Devices | 0.25% | 7,246 | $1.6M | Reduce -0.1% |
| GD General Dynamics Corp. | 0.25% | 4,570 | $1.5M | Reduce -23.7% |
| INTU Intuit Inc. | 0.24% | 2,294 | $1.5M | Add +20.6% |
| CSCO Cisco Systems Inc. | 0.24% | 19,546 | $1.5M | Reduce -21.4% |
| SPTM SS SPDR P S&P 1500 Comp ETF | 0.23% | 17,456 | $1.4M | Reduce -9.8% |
| CRM Salesforce Inc. | 0.23% | 5,412 | $1.4M | Reduce -27.8% |
| LLY Eli Lilly & Co. | 0.23% | 1,316 | $1.4M | Reduce -4.5% |
| UITB Victoryshares Core Intermedi | 0.22% | 29,476 | $1.4M | Add +128.5% |
| VGT Vanguard Info Tech ETF | 0.22% | 1,849 | $1.4M | Add +178.5% |
| ABBV Abbvie Inc. | 0.21% | 5,869 | $1.3M | Add +2.8% |
| V Visa Inc. Class A | 0.21% | 3,754 | $1.3M | Add +0.5% |
| COR Cencora Inc. | 0.21% | 3,821 | $1.3M | Reduce -22.5% |
| AGG iShares Core U.S. Aggregate | 0.20% | 12,671 | $1.3M | Add +33.5% |
| SCHW Schwab (charles) Corp. | 0.20% | 12,658 | $1.3M | Reduce -12.3% |
| VOOG Vanguard S&P 500 Growth ETF | 0.20% | 2,841 | $1.3M | No change |
| NSC Norfolk Southern Corp. | 0.20% | 4,322 | $1.2M | Reduce -30.9% |
| LOW Lowe's Cos Inc. | 0.20% | 5,167 | $1.2M | Add +0.8% |
| VXF Vanguard Extended Market ETF | 0.19% | 5,804 | $1.2M | Add +57.1% |
| YLD Principal Act Hi YLD ETF | 0.19% | 63,107 | $1.2M | Add +13.5% |
| GUNR NT Mstar GLBL NR ETF | 0.19% | 25,409 | $1.2M | Reduce -9.2% |
| PFE Pfizer Inc. | 0.19% | 46,404 | $1.2M | Add +2.2% |
| ADBE Adobe Inc. | 0.18% | 3,272 | $1.1M | Reduce -33.6% |
| IWB iShares Russell 1000 ETF | 0.18% | 3,025 | $1.1M | Reduce -1.1% |
| NEE Nextera Energy Inc. | 0.18% | 13,947 | $1.1M | Reduce -16.8% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.18% | 3,725 | $1.1M | Reduce -0.2% |
| BFC Bank First Corp. | 0.17% | 8,914 | $1.1M | No change |
| EMR Emerson Electric Co. | 0.17% | 8,019 | $1.1M | Add +185.0% |
| PEP Pepsico Inc. | 0.17% | 7,366 | $1.1M | Add +0.1% |
| IWS iShares Russell Mid-Cap Valu | 0.16% | 7,292 | $1.0M | No change |
| DHR Danaher Corp. | 0.16% | 4,351 | $996K | Reduce -11.6% |
| TMO Thermo Fisher Scientific Inc. | 0.16% | 1,713 | $993K | Add +2.1% |
| GS Goldman Sachs Group Inc. | 0.16% | 1,122 | $986K | Add +17.4% |
| ICE Intercontinental Exchange Inc. | 0.16% | 6,037 | $978K | Reduce -20.6% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.16% | 8,565 | $974K | Reduce -17.4% |
| AVDE Avantis International Equity | 0.16% | 11,765 | $968K | New |
Portfolio Sells Q3 2025 → Q4 2025
| SPYV SS SPDR P S&P 500 Value ETF | Reduce -33.2% | 6.44% | −2.98 |
| SPYG SS SPDR P S&P 500 Growth ETF | Reduce -42.6% | 3.82% | −2.71 |
| NIC Nicolet Bankshares Inc. | Reduce -0.4% | 17.17% | −2.00 |
| MSFT Microsoft Corp. | Reduce -13.3% | 2.04% | −0.49 |
| NVDA Nvidia Corp. | Reduce -20.2% | 1.81% | −0.46 |
| COST Costco Wholesale Corp. | Reduce -23.3% | 0.68% | −0.27 |
| AMJB Alerian MLP ETN2044 | Reduce -26.5% | 0.69% | −0.24 |
| ORCL Oracle Corp. | Reduce -13.6% | 0.33% | −0.23 |
| IBIT iShares Bitcoin Trust ETF | Sold out | 0.00% | −0.21 |
| JPM JPMorgan Chase & Co. | Reduce -18.3% | 1.01% | −0.20 |
| IWF iShares Russell 1000 Growth | Reduce -18.6% | 0.91% | −0.20 |
| AMZN Amazon.com Inc. | Reduce -20.0% | 1.01% | −0.20 |
| GOOG Alphabet Inc. Class C | Reduce -34.8% | 0.93% | −0.18 |
| AAPL Apple Inc. | Reduce -10.7% | 2.59% | −0.13 |
| HON Honeywell International Inc. | Reduce -44.5% | 0.14% | −0.13 |
| ABT Abbott Laboratories | Reduce -19.1% | 0.40% | −0.13 |
| META Meta Platforms Inc. Class A | Reduce -6.6% | 0.67% | −0.13 |
| MA Mastercard Inc. Class A | Reduce -19.7% | 0.49% | −0.12 |
| CARR Carrier Global Corp. | Sold out | 0.00% | −0.11 |
| HD Home Depot Inc. | Reduce -9.1% | 0.36% | −0.11 |
| NSC Norfolk Southern Corp. | Reduce -30.9% | 0.20% | −0.10 |
| MDLZ Mondelez International Inc. Class A | Reduce -34.0% | 0.13% | −0.10 |
| PANW Palo Alto Networks Inc. | Reduce -18.8% | 0.26% | −0.10 |
| ADBE Adobe Inc. | Reduce -33.6% | 0.18% | −0.10 |
| PG The Procter & Gamble Co. | Reduce -13.0% | 0.39% | −0.09 |
| CMG Chipotle Mexican Grill Inc. | Reduce -37.9% | 0.12% | −0.08 |
| GD General Dynamics Corp. | Reduce -23.7% | 0.25% | −0.08 |
| ETN Eaton Corp. PLC | Reduce -6.4% | 0.29% | −0.08 |
| MCD McDonald's Corp. | Reduce -20.5% | 0.30% | −0.08 |
| WEC WEC Energy Group Inc. | Reduce -13.8% | 0.28% | −0.07 |
| TFC Truist Financial Corp. | Sold out | 0.00% | −0.07 |
| BX Blackstone Inc. | Reduce -25.5% | 0.15% | −0.07 |
| CMCSA Comcast Corp. Class A | Reduce -49.8% | 0.06% | −0.07 |
| AMT American Tower Corp. | Reduce -31.6% | 0.11% | −0.07 |
| WMT Walmart Inc. | Reduce -22.6% | 0.34% | −0.07 |
| FISV Fiserv Inc. | Reduce -23.5% | 0.04% | −0.06 |
| MAS Masco Corp. | Sold out | 0.00% | −0.06 |
| DD Dupont DE Nemours Inc. | Reduce -22.0% | 0.04% | −0.06 |
| CRM Salesforce Inc. | Reduce -27.8% | 0.23% | −0.06 |
| NOW ServiceNow Inc. | Reduce -31.6% | 0.07% | −0.05 |
| BLK BlackRock Inc. | Reduce -40.5% | 0.06% | −0.05 |
| ICE Intercontinental Exchange Inc. | Reduce -20.6% | 0.16% | −0.05 |
| PYPL PayPal Holdings Inc. | Reduce -32.9% | 0.07% | −0.05 |
| XLF SS Financial Select Sector | Sold out | 0.00% | −0.05 |
| AMLP Alerian MLP ETF | Reduce -4.3% | 0.94% | −0.04 |
| BBWI Bath & Body Works Inc. | Sold out | 0.00% | −0.04 |
| MRSH Marsh & McLennan Cos | Reduce -31.4% | 0.07% | −0.04 |
| GWW WW Grainger Inc. | Reduce -38.1% | 0.08% | −0.04 |
| COR Cencora Inc. | Reduce -22.5% | 0.21% | −0.04 |
| ZBH Zimmer Biomet Holdings Inc. | Reduce -41.9% | 0.04% | −0.04 |
Portfolio Buys Q3 2025 → Q4 2025
| SPYM Ste STR SPDR PT S&P 500 ETF | New | 6.44% | +6.44 |
| VONE Vanguard Russell 1000 | New | 1.58% | +1.58 |
| VOO Vanguard S&P 500 ETF | Add +14.3% | 4.93% | +0.70 |
| VEA Vanguard Ftse Developed ETF | Add +24.8% | 1.98% | +0.45 |
| AVEM Avantis Emerging Markets Eq | Add +14.2% | 2.84% | +0.41 |
| GOOGL Alphabet Inc. Class A | Add +12.2% | 1.20% | +0.37 |
| CWI State Street SPDR MSCI Acwi | Add +92.1% | 0.53% | +0.26 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Add +83.2% | 0.54% | +0.24 |
| DFAC Dimensional US Core Equity 2 | Add +90.1% | 0.46% | +0.22 |
| VTI VG Morningstar TS MKT ETF-US | Add +20.9% | 0.96% | +0.18 |
| AVDE Avantis International Equity | New | 0.16% | +0.16 |
| VGT Vanguard Info Tech ETF | Add +178.5% | 0.22% | +0.14 |
| IVV iShares Core S&P 500 ETF | Add +6.9% | 1.71% | +0.14 |
| UITB Victoryshares Core Intermedi | Add +128.5% | 0.22% | +0.13 |
| EMR Emerson Electric Co. | Add +185.0% | 0.17% | +0.11 |
| VOE Vngrd Mrngstr MD-Cap Val ETF | Add +26.5% | 0.45% | +0.10 |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | Add +211.7% | 0.14% | +0.09 |
| IJH iShares Core S&P Midcap ETF | Add +28.9% | 0.35% | +0.08 |
| JEPI JPMorgan Equity Premium Inco | New | 0.08% | +0.08 |
| VXF Vanguard Extended Market ETF | Add +57.1% | 0.19% | +0.07 |
| CAT Caterpillar Inc. | Add +1.2% | 0.40% | +0.07 |
| VTWO Vanguard Russell 2000 ETF | New | 0.07% | +0.07 |
| VUG Vanguard Mrngstar GR ETF-Sui | Add +15.6% | 0.45% | +0.07 |
| VB Vanguard Most SM-Cap ETF-Usd | Add +29.1% | 0.27% | +0.06 |
| MDT Medtronic PLC | New | 0.06% | +0.06 |
| EPD Enterprise Products Partners | New | 0.06% | +0.06 |
| VXUS Vanguard Total Intl Stock | Add +16.4% | 0.38% | +0.06 |
| WFC Wells Fargo & Co. | Add +13.8% | 0.27% | +0.06 |
| EDV Vanguard Extended Dur Treas | New | 0.05% | +0.05 |
| JPST JPMorgan Ultra-Short Income | Add +149.4% | 0.09% | +0.05 |
| MBB iShares MBS ETF | New | 0.05% | +0.05 |
| AGG iShares Core U.S. Aggregate | Add +33.5% | 0.20% | +0.05 |
| BOND PIMCO Active Bond Exchange-T | Add +73.3% | 0.12% | +0.05 |
| JMBS Janus Henderson Mortg Backed | Add +43.4% | 0.15% | +0.04 |
| IEI iShares 3-7 Year Treasury Bo | New | 0.04% | +0.04 |
| CRWD CrowdStrike Holdings Inc. Class A | New | 0.04% | +0.04 |
| RSPT Invesco S&P 500 Equal Weight | New | 0.04% | +0.04 |
| RTX RTX Corp. | Add +6.3% | 0.27% | +0.04 |
| AMG Affiliated Managers Group | New | 0.04% | +0.04 |
| MMM 3M Co. | New | 0.04% | +0.04 |
| DTE DTE Energy Company | New | 0.04% | +0.04 |
| GS Goldman Sachs Group Inc. | Add +17.4% | 0.16% | +0.04 |
| YUM Yum! Brands Inc. | Add +47.0% | 0.11% | +0.04 |
| XLI SS Industrial Select Sector | New | 0.03% | +0.03 |
| INTU Intuit Inc. | Add +20.6% | 0.24% | +0.03 |
| GLW Corning Inc. | New | 0.03% | +0.03 |
| IWR iShares Russell Mid-Cap ETF | Add +38.5% | 0.12% | +0.03 |
| GILD Gilead Sciences Inc. | New | 0.03% | +0.03 |
| CB Chubb Ltd. | New | 0.03% | +0.03 |
| BMY Bristol-Myers Squibb Co. | Add +6.7% | 0.15% | +0.03 |
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 |