CIK: 0001775863
Total reported value
$1.5B
Reporting period: 2025-12-31 · Number of holdings: 421
NICOLET ADVISORY SERVICES, LLC disclosed 421 holdings in its latest 13F filing for the period ending 2025-12-31, with total reported value of $1.5B and a quarterly turnover rate of 52.4%.
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Nicolet Advisory Services, LLC's disclosed holdings carry a Herfindahl concentration index of 0.053 — mathematically equivalent to about 19 equally-sized positions, well below its 421 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 4.64), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 26% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Add SPYM
+10918.7% $292.8M
Trim SPYV
-61.9% -$106.3M
Trim SPYG
-62.0% -$97.8M
Add AVEM
+54.5% $24.1M
Trim AMJB
-57.0% -$7.7M
Add VEA
+27.8% $12.6M
Showing top 200 holdings (of 421 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | SPYM | Ste Str Spdr Pt S&p 500 ETF | ETF-Large Cap & Growth | 19.90% | +19.70% | +10918.69% | |
| 2 | SPYV | Ss Spdr P S&p 500 Value ETF | ETF-Large Cap & Growth | 4.74% | -9.00% | -61.86% | |
| 3 | SPYG | Ss Spdr P S&p 500 Growth ETF | ETF-Large Cap & Growth | 4.27% | -8.27% | -61.97% | |
| 4 | AVEM | Avantis Emerging Markets Eq | ETF-Emerging Markets | 4.12% | +1.24% | +54.49% | |
| 5 | AAPL | Apple INC | Stock-Tech | 3.53% | -0.26% | +5.87% | |
| 6 | ITOT | Ishares Core S&p Total U.s. | ETF-Other | 3.15% | +0.08% | +14.28% | |
| 7 | VEA | Vanguard Ftse Developed ETF | ETF-Other | 3.15% | +0.49% | +27.83% | |
| 8 | VTEB | Vanguard Tax-exempt Bond ETF | ETF-Other | 2.37% | +0.18% | +23.86% | |
| 9 | VO | Vanguard Mid-cap ETF | ETF-Other | 2.17% | +0.05% | +16.07% | |
| 10 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 1.95% | — | +0.04% | |
| 11 | FBND | Fidelity Total Bond ETF | ETF-Other | 1.84% | -0.18% | +5.78% | |
| 12 | MSFT | Microsoft CORP | Stock-Tech | 1.77% | — | +8.76% | |
| 13 | VOO | Vanguard S&p 500 ETF | ETF-Large Cap & Growth | 1.63% | +0.33% | +39.10% | |
| 14 | JPM | Jpmorgan Chase & Co | Stock-Financials | 1.53% | -0.06% | +5.59% | |
| 15 | NVDA | Nvidia CORP | Stock-Tech | 1.46% | +0.05% | +19.75% | |
| 16 | BND | Vanguard Total Bond Market | ETF-Other | 1.30% | — | +2.67% | |
| 17 | UITB | Victoryshares Core Intermedi | ETF-Other | 1.24% | -0.06% | +9.93% | |
| 18 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 1.20% | -0.32% | -3.10% | |
| 19 | AVRE | Avantis Real Estate ETF | ETF-Other | 1.15% | -0.49% | -18.77% | |
| 20 | AMZN | Amazon.com INC | Stock-Consumer Disc | 1.08% | +0.14% | +19.05% | |
| 21 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 1.07% | +0.16% | +0.22% | |
| 22 | WEC | Wec Energy Group INC | Stock-Utilities | 0.98% | -0.23% | +2.74% | |
| 23 | VB | Vanguard Small-cap ETF | ETF-Other | 0.92% | +0.11% | +23.19% | |
| 24 | IVV | Ishares Core S&p 500 ETF | ETF-Large Cap & Growth | 0.85% | — | +0.92% | |
| 25 | VTV | Vanguard Value ETF | ETF-Other | 0.83% | +0.02% | +12.67% | |
| 26 | VGSH | Vanguard Short-term Treasury | ETF-Gov Bonds | 0.77% | — | -5.72% | |
| 27 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 0.76% | +0.31% | +43.13% | |
| 28 | MUB | Ishares National Muni Bond E | ETF-Other | 0.72% | — | +3.06% | |
| 29 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 0.68% | — | +2.81% | |
| 30 | SUB | Ishares Short-term National | ETF-Other | 0.56% | — | +14.19% | |
| 31 | YLD | Principal Act Hi Yld ETF | ETF-Other | 0.56% | -0.25% | -19.69% | |
| 32 | VUG | Vanguard Growth ETF | ETF-Other | 0.56% | — | -8.02% | |
| 33 | HD | Home Depot INC | Stock-Consumer Disc | 0.55% | — | +2.88% | |
| 34 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.54% | +0.04% | +19.21% | |
| 35 | AMLP | Alerian Mlp ETF | ETF-Other | 0.52% | -0.25% | -24.94% | |
| 36 | META | Meta Platforms Inc-class A | Stock-Comm Services | 0.49% | — | +17.00% | |
| 37 | AMJB | Alerian Mlp Etn2044 | ETF-Other | 0.44% | -0.67% | -57.00% | |
| 38 | OSK | Oshkosh CORP | Stock-Industrials | 0.43% | — | -0.30% | |
| 39 | WMT | Walmart INC | Stock-Consumer Staples | 0.40% | +0.02% | +4.36% | |
| 40 | AVGO | Broadcom INC | Stock-Tech | 0.38% | +0.03% | +21.27% | |
| 41 | VONE | Vanguard Russell 1000 | ETF-Other | 0.34% | +0.34% | NEW | |
| 42 | MDY | State Street Spdr S&p Midcap | ETF-Other | 0.34% | — | +13.61% | |
| 43 | BFC | Bank First CORP | Stock-Other | 0.34% | -0.12% | -9.86% | |
| 44 | PEP | Pepsico INC | Stock-Consumer Staples | 0.33% | -0.14% | -17.74% | |
| 45 | BA | Boeing Co/the | Stock-Industrials | 0.33% | — | +9.98% | |
| 46 | ABT | Abbott Laboratories | Stock-Healthcare | 0.31% | — | -7.56% | |
| 47 | XOM | Exxon Mobil CORP | Stock-Energy | 0.31% | — | +6.22% | |
| 48 | TSLA | Tesla INC | Stock-Consumer Disc | 0.31% | — | +5.08% | |
| 49 | ETN | Eaton Corporation plc | Stock-Industrials | 0.30% | — | +11.70% | |
| 50 | VGIT | Vanguard Intermediate-term T | ETF-Other | 0.30% | — | +5.06% |
Performance for Q3 2026
+3.3%
Performance Last 4 Quarters
+20.3%
Based on 76% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2025-12-31 | 421 | $1.5B | 52 | |
| 2025-09-30 | 415 | $1.3B | 27 | |
| 2025-06-30 | 407 | $1.2B | 0 | |
| 2025-03-31 | 380 | $1.0B | 100 | |
| 2024-12-31 | 380 | $1.1B | 0 | |
| 2024-09-30 | 369 | $1.1B | 0 | |
| 2024-06-30 | 354 | $1.0B | 0 | |
| 2024-03-31 | 343 | $984.6M | 0 | |
| 2023-12-31 | 320 | $929.9M | 0 | |
| 2023-09-30 | 315 | $902.8M | 0 | |
| 2023-06-30 | 309 | $911.3M | 0 | |
| 2023-03-31 | 285 | $867.9M | 0 | |
| 2022-12-31 | 241 | $756.5M | 0 | |
| 2022-09-30 | 193 | $613.1M | 0 | |
| 2022-06-30 | 186 | $673.6M | 0 | |
| 2022-03-31 | 201 | $766.0M | 0 | |
| 2021-12-31 | 208 | $813.3M | 0 | |
| 2021-09-30 | 209 | $788.2M | 0 | |
| 2021-06-30 | 196 | $766.7M | 96 | |
| 2021-03-31 | 183 | $712.8M | 8 | |
| 2020-12-31 | 179 | $713.3M | 14 | |
| 2020-09-30 | 183 | $643.6M | 16 | |
| 2020-06-30 | 208 | $650.8M | 42 | |
| 2020-03-31 | 198 | $567.7M | 36 | |
| 2019-12-31 | 170 | $636.5M | 26 | |
| 2019-09-30 | 165 | $659.2M | 16 | |
| 2019-06-30 | 161 | $654.9M | 15 | |
| 2019-03-31 | 151 | $589.3M | 0 |
Nicolet Advisory Services, LLC's most significant position changes for 2025-12-31: New buy: Vanguard Russell 1000 (VONE); New buy: Rtx CORP (RTX); New buy: State Street Spdr Msci Acwi (CWI); Sold out: Raytheon Technologies CORP; New buy: Lazard Listed Infrastructure (GLIX).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | SPYM | Ste Str Spdr Pt S&p 500 ETF | +19.7% | +10918.69% | Add |
| 2 | AVEM | Avantis Emerging Markets Eq | +1.2% | +54.49% | Add |
| 3 | VEA | Vanguard Ftse Developed ETF | +0.5% | +27.83% | Add |
| 4 | VOO | Vanguard S&p 500 ETF | +0.3% | +39.10% | Add |
| 5 | GOOG | Alphabet Inc-cl C | +0.3% | +43.13% | Add |
| 6 | VTEB | Vanguard Tax-exempt Bond ETF | +0.2% | +23.86% | Add |
| 7 | GOOGL | Alphabet Inc-cl A | +0.2% | +0.22% | Add |
| 8 | AMZN | Amazon.com INC | +0.1% | +19.05% | Add |
| 9 | VB | Vanguard Small-cap ETF | +0.1% | +23.19% | Add |
| 10 | MU | Micron Technology INC | +0.1% | +5.67% | Add |
| 11 | ITOT | Ishares Core S&p Total U.s. | +0.1% | +14.28% | Add |
| 12 | IWP | Ishares Russell Mid-cap Grow | +0.1% | +149.15% | Add |
| 13 | LLY | Eli Lilly & Co | +0.1% | +13.27% | Add |
| 14 | ADI | Analog Devices INC | +0.1% | +63.73% | Add |
| 15 | VO | Vanguard Mid-cap ETF | +0.1% | +16.07% | Add |
| 16 | NVDA | Nvidia CORP | +0.1% | +19.75% | Add |
| 17 | CAT | Caterpillar INC | +0.1% | +15.27% | Add |
| 18 | KO | Coca-cola Co/the | 0% | +19.21% | Add |
| 19 | AVGO | Broadcom INC | 0% | +21.27% | Add |
| 20 | VTV | Vanguard Value ETF | 0% | +12.67% | Add |
| 21 | WMT | Walmart INC | 0% | +4.36% | Add |
| 22 | SUB | Ishares Short-term National | — | +14.19% | Add |
| 23 | JPM | Jpmorgan Chase & Co | -0.1% | +5.59% | Add |
| 24 | UITB | Victoryshares Core Intermedi | -0.1% | +9.93% | Add |
| 25 | IEFA | Ishares Core Msci Eafe ETF | -0.1% | -55.63% | Trim |
| 26 | BFC | Bank First CORP | -0.1% | -9.86% | Trim |
| 27 | ORCL | Oracle CORP | -0.1% | +6.90% | Add |
| 28 | PEP | Pepsico INC | -0.1% | -17.74% | Trim |
| 29 | FBND | Fidelity Total Bond ETF | -0.2% | +5.78% | Add |
| 30 | WEC | Wec Energy Group INC | -0.2% | +2.74% | Add |
| 31 | AMLP | Alerian Mlp ETF | -0.3% | -24.94% | Trim |
| 32 | YLD | Principal Act Hi Yld ETF | -0.3% | -19.69% | Trim |
| 33 | AAPL | Apple INC | -0.3% | +5.87% | Add |
| 34 | IGF | Ishares Global Infrastructur | -0.3% | -86.03% | Trim |
| 35 | PG | Procter & Gamble Co/the | -0.3% | -3.10% | Trim |
| 36 | AVRE | Avantis Real Estate ETF | -0.5% | -18.77% | Trim |
| 37 | AMJB | Alerian Mlp Etn2044 | -0.7% | -57.00% | Trim |
| 38 | SPYG | Ss Spdr P S&p 500 Growth ETF | -8.3% | -61.97% | Trim |
| 39 | SPYV | Ss Spdr P S&p 500 Value ETF | -9% | -61.86% | Trim |
| 40 | VONE | Vanguard Russell 1000 | — | NEW | New buy |
| 41 | RTX | Rtx CORP | — | NEW | New buy |
| 42 | CWI | State Street Spdr Msci Acwi | — | NEW | New buy |
| 43 | ✓ | Raytheon Technologies CORP | — | EXIT | Sold out |
| 44 | GLIX | Lazard Listed Infrastructure | — | NEW | New buy |
| 45 | ✓ | Travelers Companies INC | — | EXIT | Sold out |
| 46 | TRV | Travelers Cos Inc/the | — | NEW | New buy |
| 47 | IWO | Ishares Russell 2000 Growth | — | NEW | New buy |
| 48 | AVDE | Avantis International Equity | — | NEW | New buy |
| 49 | GII | State Street Spdr S&p Global | — | EXIT | Sold out |
| 50 | VXF | Vanguard Extended Market ETF | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2025-12-31 | 2026-02-13 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-13 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-13 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-08 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-12 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-12 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-10 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-13 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-07 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-09 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-09 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-09 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-10 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-08 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-10 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-08 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-16 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-11 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-03 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-09 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-10-27 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-14 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-04-21 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-01-23 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-10-22 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-07-26 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-10 | 13F-HR | View on EDGAR |
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