Institutional Manager · CIK 0001521951
FIRST BUSINESS FINANCIAL SERVICES, INC.
MADISON, WI · File #028-15585
Latest AUM
$1.09B
Positions
168
Top-10 Concentration
78.9%
Filings
10
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 |
|---|---|---|---|---|---|
| REDUCE | Caterpillar Inc | CAT | -13,995 | -$8.0M | +$1.4M |
| REDUCE | Vanguard Total Stock Market ET | 922908769 | -18,227 | -$6.1M | +$5.7M |
| EXITED | Deere & Co Com | 244199105 | -10,040 | -$4.6M | $0 |
| REDUCE | MGE Energy Inc | MGEE | -38,130 | -$3.0M | -$255,639 |
| REDUCE | iShares Russell 1000 Growth ET | 464287614 | -5,694 | -$2.7M | +$918,185 |
| ADD | State Street Technology Select | 81369Y803 | +18,249 | +$2.6M | -$2.5M |
| ADD | iShares Core US Aggregate Bond | 464287226 | +18,241 | +$1.8M | -$134,419 |
| ADD | Meta Platforms Inc | META | +2,705 | +$1.8M | -$84,542 |
| ADD | Netflix Inc | NFLX | +17,894 | +$1.7M | -$2.2M |
| EXITED | EOG Res Inc | 26875P101 | -13,820 | -$1.5M | $0 |
Sector Allocation
Filing History
- 13F HOLDINGS REPORTQ/E Dec 2025168 pos · $1.09B
- 13F HOLDINGS REPORTQ/E Sep 2025185 pos · $1.09B
- 13F HOLDINGS REPORTQ/E Jun 2025185 pos · $1.11B
- 13F HOLDINGS REPORTQ/E Mar 2025170 pos · $1.02B
- 13F HOLDINGS REPORTQ/E Dec 2024162 pos · $1.01B
- 13F HOLDINGS REPORTQ/E Sep 2024159 pos · $999.2M
- 13F HOLDINGS REPORTQ/E Jun 2024157 pos · $943.3M
- 13F HOLDINGS REPORT (Amended)Q/E Mar 2024165 pos · $932.5M
- 13F HOLDINGS REPORTQ/E Mar 2024162 pos · $860.2M
- 13F HOLDINGS REPORTQ/E Dec 2023168 pos · $784.8M
Top 20 Holdings — Dec 2025
| # | Issuer | Ticker | Shares | Value | % of Portfolio |
|---|---|---|---|---|---|
| 1 | Vanguard Total Stock Market ET | 922908769 | 788,902 | $264.5M | 26.39% |
| 2 | iShares Core MSCI EAFE ETF | 46432F842 | 1,513,690 | $135.4M | 13.51% |
| 3 | iShares Russell 1000 Growth ET | 464287614 | 182,074 | $86.2M | 8.60% |
| 4 | iShares Core S&P Small-Cap ETF | 464287804 | 492,711 | $59.2M | 5.91% |
| 5 | iShares Core Dividend Growth | 46434V621 | 822,044 | $57.1M | 5.69% |
| 6 | iShares Russell 1000 Value ETF | 464287598 | 262,423 | $55.2M | 5.51% |
| 7 | iShares Core S&P Mid-Cap ETF | 464287507 | 696,772 | $46.0M | 4.59% |
| 8 | iShares Core US Aggregate Bond | 464287226 | 381,535 | $38.1M | 3.80% |
| 9 | SPDR S&P 500 ETF | SPY | 43,791 | $29.9M | 2.98% |
| 10 | First Business Financial Servi | 319390100 | 361,311 | $19.6M | 1.96% |
| 11 | Nvidia Corp | NVDA | 94,501 | $17.6M | 1.76% |
| 12 | Apple Inc | AAPL | 56,928 | $15.5M | 1.54% |
| 13 | Broadcom Inc | AVGO | 37,823 | $13.1M | 1.31% |
| 14 | Alphabet Inc Cap Stk Cl A | GOOG | 38,978 | $12.2M | 1.22% |
| 15 | JPMorgan Ultra-Short Income ET | 46641Q837 | 217,698 | $11.0M | 1.10% |
| 16 | JPMorgan Chase & Co | VYLD | 32,107 | $10.3M | 1.03% |
| 17 | Microsoft Corp | MSFT | 17,678 | $8.5M | 0.85% |
| 18 | Arista Networks Inc | ANET | 59,041 | $7.7M | 0.77% |
| 19 | Ciena Corp | CIEN | 26,740 | $6.3M | 0.62% |
| 20 | Lilly Eli Co | LLY | 5,719 | $6.1M | 0.61% |