Institutional Manager · CIK 0001174850

NICOLET BANKSHARES INC

GREEN BAY, WI · File #028-17319

Latest AUM

$624.0M

Positions

231

Top-10 Concentration

63.6%

Filings

Portfolio Value Over Time

2024-03

2024-06

2024-09

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
NEW	STATE STREET SPDR PORTFOLIO S&P 500 ETF	78464A854	+500,712	+$40.2M	$0
ADD	STATE STREET SPDR PORTFOLIO S&P 500 VALUE ETF	78464A508	+705,802	+$40.1M	+$835
REDUCE	STATE STREET SPDR S&P 500 GROWTH ETF	78464A409	-165,655	-$17.7M	+$852,146
NEW	VANGUARD RUSSELL 1000 ETF	92206C730	+31,891	+$9.9M	$0
ADD	VANGUARD S&P 500 ETF	922908363	+6,119	+$3.8M	+$632,923
REDUCE	ALPHABET INC CAP STK CL C	GOOG	-9,916	-$3.1M	+$2.0M
REDUCE	NVIDIA CORP	NVDA	-15,308	-$2.9M	-$6,074
ADD	VANGUARD FTSE DEVELOPED MARKETS	921943858	+39,239	+$2.5M	+$404,165
ADD	AVANTIS EMERGING MARKETS EQUITY ETF	025072604	+28,573	+$2.2M	+$385,469
REDUCE	MICROSOFT CORP	MSFT	-4,025	-$1.9M	-$1.0M

Sector Allocation

Financials

19.2%$120.1M

Technology

9.3%$58.3M

Industrials

2.5%$15.8M

Consumer Discretionary

2.2%$13.7M

Healthcare

2.2%$13.5M

Energy

1.0%$6.4M

Consumer Staples

0.9%$6.0M

Communication Services

0.8%$5.1M

Utilities

0.4%$2.3M

Materials

0.2%$1.2M

Filing History

Feb 9, 202613F HOLDINGS REPORTQ/E Dec 2025231 pos · $624.0M
Nov 13, 202513F HOLDINGS REPORTQ/E Sep 2025223 pos · $622.3M
Aug 13, 202513F HOLDINGS REPORTQ/E Jun 2025212 pos · $578.7M
May 14, 202513F HOLDINGS REPORTQ/E Mar 2025204 pos · $498.1M
Feb 13, 202513F HOLDINGS REPORTQ/E Dec 2024200 pos · $423.8M
Nov 12, 202413F HOLDINGS REPORTQ/E Sep 2024211 pos · $413.0M
Aug 14, 202413F HOLDINGS REPORTQ/E Jun 2024219 pos · $403.3M
May 9, 202413F HOLDINGS REPORTQ/E Mar 2024227 pos · $404.7M
Nov 9, 202313F HOLDINGS REPORTQ/E Dec 2023197 pos · $325.9M

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	NICOLET BANKSHARES INC	NIC	883,159	$107.1M	21.62%
2	STATE STREET SPDR PORTFOLIO S&P 500 ETF	78464A854	500,712	$40.2M	8.11%
3	STATE STREET SPDR PORTFOLIO S&P 500 VALUE ETF	78464A508	706,366	$40.1M	8.10%
4	VANGUARD S&P 500 ETF	922908363	49,029	$30.7M	6.20%
5	STATE STREET SPDR S&P 500 GROWTH ETF	78464A409	223,453	$23.8M	4.81%
6	AVANTIS EMERGING MARKETS EQUITY ETF	025072604	230,389	$17.7M	3.58%
7	APPLE INC	AAPL	59,427	$16.2M	3.26%
8	SPDR S&P 500 ETF TRUST	SPY	19,829	$13.5M	2.73%
9	ISHARES S&P 500 BARRA GROWTH INDEX FUND	464287309	106,070	$13.1M	2.64%
10	MICROSOFT CORP	MSFT	26,263	$12.7M	2.56%
11	VANGUARD FTSE DEVELOPED MARKETS	921943858	197,735	$12.4M	2.49%
12	NVIDIA CORP	NVDA	60,623	$11.3M	2.28%
13	ISHARES CORE S&P 500 ETF	464287200	15,595	$10.7M	2.16%
14	VANGUARD RUSSELL 1000 ETF	92206C730	31,891	$9.9M	1.99%
15	AVANTIS INVESTORS	025072356	190,060	$8.3M	1.67%
16	ALPHABET INC CAP STK CL A	GOOG	23,915	$7.5M	1.51%
17	AMAZON.COM INC	AMZN	27,408	$6.3M	1.28%
18	JPMORGAN CHASE & CO	VYLD	19,500	$6.3M	1.27%
19	ISHARES MSCI EAFE INDEX FD	464287465	63,912	$6.1M	1.24%
20	VANGUARD TOTAL STOCK MARKET ETF	922908769	17,818	$6.0M	1.21%