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VOL. XII · NO. 117Established MMXIV · George Town, Grand CaymanAtlantic Edition · $4.50

The Cayman Journal

Finance · Business · Technology · Caribbean & Global Affairs
13F HOLDINGS REPORT

NICOLET BANKSHARES INC

Quarter ended Q4 2025 · Filed February 9, 2026 · Accession 0001174850-26-000041

Total Value
$624.0M
Positions
231
Other Managers
0
Confidential Omitted
No
View on SEC.gov

Holdings (231)

#IssuerTicker / CUSIPSharesValue% of Filing
1NICOLET BANKSHARES INCNIC883,159$107.1M17.17%
2STATE STREET SPDR PORTFOLIO S&P 500 ETF78464A854500,712$40.2M6.44%
3STATE STREET SPDR PORTFOLIO S&P 500 VALUE ETF78464A508706,366$40.1M6.43%
4VANGUARD S&P 500 ETF92290836349,029$30.7M4.93%
5STATE STREET SPDR S&P 500 GROWTH ETF78464A409223,453$23.8M3.82%
6AVANTIS EMERGING MARKETS EQUITY ETF025072604230,389$17.7M2.84%
7APPLE INCAAPL59,427$16.2M2.59%
8SPDR S&P 500 ETF TRUSTSPY19,829$13.5M2.17%
9ISHARES S&P 500 BARRA GROWTH INDEX FUND464287309106,070$13.1M2.10%
10MICROSOFT CORPMSFT26,263$12.7M2.04%
11VANGUARD FTSE DEVELOPED MARKETS921943858197,735$12.4M1.98%
12NVIDIA CORPNVDA60,623$11.3M1.81%
13ISHARES CORE S&P 500 ETF46428720015,595$10.7M1.71%
14VANGUARD RUSSELL 1000 ETF92206C73031,891$9.9M1.58%
15AVANTIS INVESTORS025072356190,060$8.3M1.33%
16ALPHABET INC CAP STK CL AGOOG23,915$7.5M1.20%
17AMAZON.COM INCAMZN27,408$6.3M1.01%
18JPMORGAN CHASE & COVYLD19,500$6.3M1.01%
19ISHARES MSCI EAFE INDEX FD46428746563,912$6.1M0.98%
20VANGUARD TOTAL STOCK MARKET ETF92290876917,818$6.0M0.96%
21ALPS ETF TR ALERIAN MLP ETF NEW00162Q452124,991$5.9M0.94%
22ALPHABET INC CAP STK CL CGOOG18,584$5.8M0.93%
23ISHARES RUSSELL 1000 GROWTH INDEX FD46428761412,016$5.7M0.91%
24ISHARES S&P 500/VALUE46428740826,794$5.7M0.91%
25JPM ALERIAN MLP INDEX ETN 1/28/2044VYLD143,292$4.3M0.69%
26COSTCO WHOLESALE CORP22160K1054,924$4.2M0.68%
27META PLATFORMS INC CL AMETA6,293$4.2M0.67%
28VANGUARD VALUE ETF92290874419,454$3.7M0.60%
29VANGUARD MID-CAP ETF92290862911,491$3.3M0.53%
30SPDR INDEX SHS FDS78463X84892,071$3.3M0.53%
31MASTERCARD INCMA5,385$3.1M0.49%
32EXXON MOBIL CORPXOM24,462$2.9M0.47%
33DIMENSIONAL ETF TRUST US CORE EQUITY 225434V70871,746$2.8M0.46%
34VANGUARD GROWTH ETF9229087365,794$2.8M0.45%
35VANGUARD MID-CAP VALUE INDEX92290851215,790$2.8M0.45%
36BERKSHIRE HATHAWAY INC DEL CL B NEWBRK-A5,457$2.7M0.44%
37ISHARES RUSSELL 1000 VALUE INDEX FUND46428759812,122$2.5M0.41%
38ABBOTT LABSABLZF20,059$2.5M0.40%
39CATERPILLAR INCCAT4,370$2.5M0.40%
40PROCTER & GAMBLE CO74271810916,916$2.4M0.39%
41VANGUARD LARGE-CAP ETF9229086377,527$2.4M0.38%
42VANGUARD TOTAL INTL STOCK INDEX FD ETF SHS92190976831,064$2.3M0.38%
43ISHARES RUSSELL 2000 INDEX FD4642876559,510$2.3M0.38%
44JOHNSON & JOHNSONJNJ11,283$2.3M0.37%
45HOME DEPOT INCHD6,565$2.3M0.36%
46COCA COLA COKO32,112$2.2M0.36%
47ISHARES CORE S&P MID-CAP ETF46428750733,399$2.2M0.35%
48WALMART INCWMT19,231$2.1M0.34%
49ORACLE CORPORATIONORCL-PD10,713$2.1M0.33%
50TJX COS INC87254010913,022$2.0M0.32%
51INVESCO QQQ TR UNIT SER 1IVZ3,176$2.0M0.31%
52MCDONALDS CORPMCD6,092$1.9M0.30%
53EATON CORP PLC SHSETN5,763$1.8M0.29%
54WEC ENERGY GROUP INCWEC16,674$1.8M0.28%
55RTX CORPORATIONRTX9,309$1.7M0.27%
56ANALOG DEVICES INCADI6,275$1.7M0.27%
57VANGUARD TOTAL BOND MARKET ETF92193783522,937$1.7M0.27%
58DEERE & CODE3,601$1.7M0.27%
59VANGUARD SMALL-CAP ETF9229087516,498$1.7M0.27%
60SCHNEIDER NATIONAL INCSNDR62,949$1.7M0.27%
61WELLS FARGO & COMPANY94974610117,880$1.7M0.27%
62BROADCOM INCAVGO4,789$1.7M0.27%
63PALO ALTO NETWORKS INCPANW8,910$1.6M0.26%
64CHEVRON CORPORATIONCVX10,746$1.6M0.26%
65LAM RESEARCH CORPLRCX9,265$1.6M0.25%
66ADVANCED MICRO DEVICES INCAMD7,246$1.6M0.25%
67GENERAL DYNAMICS CORPGD4,570$1.5M0.25%
68INTUITINTU2,294$1.5M0.24%
69CISCO SYSTEMS INCCSCO19,546$1.5M0.24%
70SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF78464A80517,456$1.4M0.23%
71SALESFORCE, INC.CRM5,412$1.4M0.23%
72LILLY (ELI) & COLLY1,316$1.4M0.23%
73VICTORYSHARES CORE INTERMEDIATE BOND ETF92647N52729,476$1.4M0.22%
74VANGUARD INFORMATION TECHNOLOGY ETF92204A7021,849$1.4M0.22%
75ABBVIE INCABBV5,869$1.3M0.21%
76VISA INC CL AV3,754$1.3M0.21%
77CENCORA, INC.COR3,821$1.3M0.21%
78ISHARES CORE U.S. AGGREGATE46428722612,671$1.3M0.20%
79SCHWAB CHARLES CORPSCHW-PJ12,658$1.3M0.20%
80VANGUARD S&P 500 GROWTH INDX ETF9219325052,841$1.3M0.20%
81NORFOLK SOUTHN CORP6558441084,322$1.2M0.20%
82LOWES COS INC5486611075,167$1.2M0.20%
83VANGUARD INDEX FDS9229086525,804$1.2M0.19%
84PRINCIPAL ACTIVE HIGH YIELD ETF74255Y10263,107$1.2M0.19%
85FLEXSHARES MSTAR GBL UPSTRM ETFFLEX25,409$1.2M0.19%
86PFIZER INCPFE46,404$1.2M0.19%
87ADOBE SYS INCADBE3,272$1.1M0.18%
88ISHARES RUSSELL 10004642876223,025$1.1M0.18%
89NEXTERA ENERGY INCNEE-PW13,947$1.1M0.18%
90INTERNATIONAL BUSINESS MACHSINTR3,725$1.1M0.18%
91BANK FIRST CORPORATIONBFC8,914$1.1M0.17%
92EMERSON ELEC COEMR8,019$1.1M0.17%
93PEPSICO INCPEP7,366$1.1M0.17%
94ISHARES RUSSELL MIDCAP VALUE INDEX FD4642874737,292$1.0M0.16%
95DANAHER CORP2358511024,351$996,0310.16%
96THERMO FISHER SCIENTIFIC INCTMO1,713$992,5980.16%
97GOLDMAN SACHS GROUPGSCE1,122$986,2380.16%
98INTERCONTINENTAL EXCHANGE, INC45866F1046,037$977,7530.16%
99DISNEY WALT CO2546871068,565$974,4400.16%
100AMERICAN CENTY ETF TR02507270311,765$968,4950.16%
101NETFLIX INCNFLX10,310$966,6660.15%
102BRISTOL MYERS SQUIBB COCELG-RI17,463$941,9540.15%
103ISHARES RUSSELL MIDCAP GROWTH INDEX FD4642874816,748$924,0710.15%
104BOEING COBA-PA4,217$915,5950.15%
105GSK PLCGLAXF18,645$914,3510.15%
106BLACKSTONE INCBX5,895$908,6550.15%
107JANUS DETROIT STR TR47103U85219,815$905,3470.15%
108PHILIP MORRIS INTL INC7181721095,600$898,2400.14%
109Invesco S&P 500 Equal Weight ETFIVZ4,610$883,0920.14%
110VANGUARD MID-CAP GROWTH INDE9229085383,157$881,2450.14%
111HONEYWELL INTL INC4385161064,459$869,9060.14%
112ISHARES CORE MSCI EMK ETF46434G10312,861$864,5160.14%
113VANGUARD FTSE EMERGING MARKETS ETF92204285815,950$857,4720.14%
114VANGUARD FTSE ALL-WORLD EX-U92204277511,533$848,3670.14%
115VANGUARD SHORT-TERM TREASURY INDEX FUND92206C10214,445$848,3550.14%
116VANGUARD HEALTH CARE ETF92204A5042,832$815,1910.13%
117UNITEDHEALTH GROUP INCUNH2,454$810,0900.13%
118MONDELEZ INTL INC CL A60920710514,672$789,7940.13%
119ISHARES CORE S&P SMALL-CAP ETF4642878046,368$765,3060.12%
120CITIGROUP INCC-PR6,462$754,0510.12%
121ISHARES RUSSELL MIDCAP INDEX FD4642874997,818$752,6390.12%
122SPDR S&P MIDCAP 400 ETF TRMDY1,235$745,0510.12%
123CVS HEALTH CORPORATIONCVS9,376$744,0790.12%
124UNION PAC CORPUNP3,211$742,7690.12%
125AMPHENOL CORP CL A0320951015,444$735,7020.12%
126CHIPOTLE MEXICAN GRILL INC-CL ACMG19,662$727,4940.12%
127PIMCO ACTIVE BD ETF72201R7757,769$723,1390.12%
128ACCENTURE PLC CLASS AACN2,663$714,4830.11%
129AMERICAN TOWER CORP03027X1004,026$706,8450.11%
130YUM! BRANDS INCYUM4,590$694,3750.11%
131MERCK & CO INCMRK6,564$690,9270.11%
132EOG RES INCEOG6,199$650,9570.10%
133ISHARES S&P GLOBAL INFRASTRUCTURE IDX ETF46428837210,545$647,0410.10%
134GE AEROSPACE3696043012,084$642,0120.10%
135FREEPORT-MCMORAN INCFCX11,660$592,2110.09%
136ISHARES NATIONAL MUNI BOND ETF4642884145,527$591,9970.09%
137EVERGY INCEVRG8,000$579,9200.09%
138FIDELITY NATL INFORMATION31620M1068,681$576,9390.09%
139DIMENSIONAL U.S. EQUITY MARKET ETF25434V4017,736$573,7790.09%
140O REILLY AUTOMOTIVE INC67103H1076,180$563,6780.09%
141KKR & CO INC CL AKKRT4,356$555,3030.09%
142GLOBAL X FDS S&P 500 CATHOLIC37954Y8896,668$548,2880.09%
143JPMORGAN ULTRA SHORT INC ETF46641Q83710,730$542,8310.09%
144SLB LIMITEDSLB13,594$521,7380.08%
145NIKE INCNKE8,127$517,7710.08%
146GRAINGER W W INC384802104498$502,5070.08%
147STATE STREET TECHNOLOGY SELECT SECTOR SPDR ETF81369Y8033,480$501,0160.08%
148ILLINOIS TOOL WKS INC4523081092,017$496,7870.08%
149SCHWAB EMERGING MARKETS EQUITY ETF80852470615,092$494,2630.08%
150JPMORGAN EQUITY PREMIUM INCOME ETF46641Q3328,631$494,0380.08%
151AMGEN INCAMGN1,479$484,0910.08%
152SPDR GOLD TRUSTGLD1,218$482,7060.08%
153TAPESTRY INCTPR3,750$479,1380.08%
154BECTON DICKINSON & COBDX2,419$469,4550.08%
155STATE STREET UTILITIES SELECT SECTOR SPDR ETF81369Y88610,972$468,3950.08%
156LOCKHEED MARTIN CORPLMT963$465,7740.07%
157MARSH5717481022,474$458,9760.07%
158AFLAC INCAFL4,087$450,6730.07%
159CSX CORPCSX12,394$449,2830.07%
160WISDOMTREE L/C DIVIDEND FUNDWT5,084$447,7990.07%
161CONOCOPHILLIPSCOP4,655$435,7550.07%
162VANGUARD RUSSELL 2000 ETF92206C6644,364$434,3050.07%
163SERVICENOW INCNOW2,714$415,7580.07%
164ISHARES RUSSELL 2000 VALUE INDEX FUND4642876302,289$414,7900.07%
165INTEL CORPINTC11,107$409,8480.07%
166COPART INCCPRT10,442$408,8040.07%
167PAYPAL HLDGS INCPYPL6,947$405,5660.06%
168COMCAST CORP CL ACCZ13,481$402,9470.06%
169MEDTRONIC PLCMDT4,082$392,1170.06%
170ENTERPRISE PRODS PARTNERS L P COM UNIT29379210712,025$385,5220.06%
171OVERLAY SHARES LG CAP EQUITY ETF53656F8057,200$383,1120.06%
172BIOGEN INCBIIB2,169$381,7220.06%
173STATE STREET SPDR S&P DIVIDEND ETF78464A7632,655$369,4700.06%
174BLACKROCK INCBLK345$369,2670.06%
175LINDE PLCLIN849$362,0050.06%
176FEDEX CORPORATIONFDX1,230$355,2980.06%
177SS&C TECHNOLOGIES HLDGS INCSSNC4,063$355,1870.06%
178ISHARES DOW JONES SELECT DIV IND4642871682,475$349,3220.06%
179QUALCOMM INCQCOM2,016$344,8370.06%
180VANGUARD EXTENDED TREAS INDEX ETF9219107095,232$340,1320.05%
181SCHWAB INTERNATIONAL EQUITY ETF80852480513,576$326,3670.05%
182ISHARES CORE MSCI EAFE46432F8423,634$325,0980.05%
183ISHARES TR4642885883,285$312,7980.05%
184TESLA, INCTSLA693$311,6560.05%
185ISHARES SELECT U.S. REIT ETF4642875644,942$294,8890.05%
186MICROCHIP TECHNOLOGY INCMCHPP4,488$285,9750.05%
187VERTEX PHARMACEUTICALS INCVRTX617$279,7230.04%
188KIMBERLY CLARK CORPKMB2,748$277,2460.04%
189ZIMMER BIOMET HOLDINGS, INC.ZBH3,054$274,6160.04%
190EQUIFAX INCEFX1,260$273,3950.04%
191FISERV INCFISV3,885$260,9550.04%
192ISHARES BARCLAYS 3-7 YEAR TREASURY BD FD4642886612,186$260,8990.04%
193SMITH A O CORPAOS3,900$260,8320.04%
194ALTRIA GROUP INCMO4,516$260,3930.04%
195S&P GLOBAL INCSPGI495$258,6820.04%
196ACI WORLDWIDE INCACIW5,387$257,5520.04%
197PHILLIPS 66 COMPSX1,971$254,3380.04%
198PRINCIPAL FINL GROUP INCPFG2,845$250,9570.04%
199CROWDSTRIKE HLDGS INC CL ACRWD531$248,9120.04%
200WYNDHAM HOTELS & RESORTS INCWH3,265$246,7030.04%
201INVESCO S&P EW TECH ETFIVZ5,400$245,7540.04%
202VANGUARD SHORT-TERM CORPORATE BOND ETF92206C4093,080$245,5680.04%
203AMERICAN WTR WKS CO INC0304201031,875$244,6880.04%
204DUPONT DE NEMOURS INCDD6,023$242,1250.04%
205AIR PRODS & CHEMS INCAIIR970$239,6090.04%
206STARBUCKS CORPSBUX2,842$239,3250.04%
207ISHARES MSCI EAFE SM CAPIDX4642882733,083$239,0250.04%
208STRYKER CORPSYK668$234,7820.04%
209STATE STREET ENERGY SELECT SECTOR SPDR ETF81369Y5065,210$232,9390.04%
210AFFILIATED MANAGERS GROUPMGRE803$231,4890.04%
211APPLIED MATLS INC038222105900$231,2910.04%
212ISHARES TR4642888773,238$231,2260.04%
213SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF78463X8895,178$229,9550.04%
214iShares 10-20 Year Treasury Bond ETF4642886532,259$229,6730.04%
2153M COMMM1,418$227,0220.04%
216DTE ENERGY CODTK1,750$225,7150.04%
217GE VERNOVA INCGEV335$219,1500.04%
218STATE STREET INDUSTRIAL SELECT SECTOR SPDR ETF81369Y7041,400$217,1680.03%
219ASML HOLDING NV NY REGISTRY SHSASMLF199$212,9020.03%
220CORNING INCGLW2,425$212,3330.03%
221TIMOTHY PLAN U S LARGE CAP CORE ETF8874323594,544$206,5250.03%
222CHUBB LIMITEDCB649$202,5660.03%
223GILEAD SCIENCES INCGILD1,650$202,5210.03%
224PARKER HANNIFIN CORPPH230$202,1610.03%
225AMERIPRISE FINANCIAL INC03076C106410$201,0390.03%
226L3HARRIS TECHNOLOGIES INCLHX684$200,8020.03%
227SPDR S&P 500 ETF TRUSTSPY167$113,8810.02%
228VANGUARD MID-CAP ETF922908629201$58,3340.01%
229STATE STREET SPDR PORTFOLIO S&P 500 VALUE ETF78464A508564$32,0410.01%
230ALPS ETF TR ALERIAN MLP ETF NEW00162Q452333$15,6580.00%
231AVANTIS INVESTORS025072356187$8,1400.00%