CIK: 0001521951
Total reported value
$1.1B
Reporting period: 2026-03-31 · Number of holdings: 192
First Business Financial Services, Inc. disclosed 192 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $1.1B and a quarterly turnover rate of 8.4%.
Browse other institutions with $1B to $10B AUMBrowse other institutions starting with "F"
First Business Financial Services, Inc.'s disclosed holdings carry a Herfindahl concentration index of 0.086 — mathematically equivalent to about 12 equally-sized positions, well below its 192 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 3.95), 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 23% 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.
Trim VTI
+1.1% -$8.7M
Trim IWF
+0.7% -$8.0M
Add JPST
+60.6% $6.7M
Add CIEN
+12.4% $5.4M
Add PWR
+10.0% $2.6M
Trim SPY
-0.1% -$1.4M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | VTI | Vanguard Total Stock Mkt ETF | ETF-Other | 22.74% | -1.55% | +1.05% | |
| 2 | IEFA | Ishares Core Msci Eafe ETF | ETF-Other | 12.52% | +0.09% | +2.80% | |
| 3 | IWF | Ishares Russell 1000 Growth | ETF-Other | 6.95% | -0.96% | +0.68% | |
| 4 | IJR | Ishares Core S&p Small-cap E | ETF-Small Cap | 5.54% | +0.10% | +1.67% | |
| 5 | DGRO | Ishares Core Dividend Growth | ETF-Other | 5.21% | -0.03% | +1.59% | |
| 6 | IWD | Ishares Russell 1000 Value E | ETF-Other | 5.06% | -0.01% | +1.44% | |
| 7 | IJH | Ishares Core S&p Midcap ETF | ETF-Other | 4.25% | +0.03% | +1.54% | |
| 8 | AGG | Ishares Core U.s. Aggregate | ETF-Other | 3.32% | -0.18% | -1.53% | |
| 9 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 2.53% | -0.21% | -0.08% | |
| 10 | FBIZ | First Business Financial Ser | Stock-Other | 1.73% | — | — | |
| 11 | JPST | Jpmorgan Ultra-short Income | ETF-Other | 1.57% | +0.56% | +60.64% | |
| 12 | NVDA | Nvidia CORP | Stock-Tech | 1.55% | — | +5.77% | |
| 13 | AAPL | Apple INC | Stock-Tech | 1.34% | -0.08% | +4.46% | |
| 14 | AVGO | Broadcom INC | Stock-Tech | 1.15% | — | +10.11% | |
| 15 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 1.08% | — | +8.17% | |
| 16 | CIEN | Ciena CORP | Stock-Tech | 1.04% | +0.47% | +12.38% | |
| 17 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.92% | — | +10.07% | |
| 18 | PWR | Quanta Services INC | Stock-Industrials | 0.76% | +0.21% | +10.03% | |
| 19 | ANET | Arista Networks INC | Stock-Tech | 0.72% | +0.01% | +12.08% | |
| 20 | MSFT | Microsoft CORP | Stock-Tech | 0.59% | -0.19% | +2.09% | |
| 21 | VTIP | Vanguard Short-term Tips | ETF-Other | 0.59% | +0.59% | NEW | |
| 22 | LRCX | Lam Research CORP | Stock-Tech | 0.59% | +0.17% | +14.83% | |
| 23 | LLY | Eli Lilly & Co | Stock-Healthcare | 0.52% | — | +12.19% | |
| 24 | MUB | Ishares National Muni Bond E | ETF-Other | 0.50% | +0.06% | +17.39% | |
| 25 | XOM | Exxon Mobil CORP | Stock-Energy | 0.44% | +0.14% | +8.73% | |
| 26 | MTUM | Ishares Msci USA Momentum Fa | ETF-Other | 0.43% | — | — | |
| 27 | XLK | Ss Technology Select Sector | ETF-Tech | 0.43% | -0.05% | — | |
| 28 | COR | Cencora INC | Stock-Healthcare | 0.43% | — | +11.64% | |
| 29 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.41% | +0.08% | +10.48% | |
| 30 | C | Citigroup INC | Stock-Financials | 0.40% | +0.02% | +11.48% | |
| 31 | BRK-A | Berkshire Hathaway Inc-cl A | Stock-Other | 0.38% | — | — | |
| 32 | ADI | Analog Devices INC | Stock-Tech | 0.38% | +0.08% | +11.83% | |
| 33 | IVV | Ishares Core S&p 500 ETF | ETF-Large Cap & Growth | 0.38% | — | +10.23% | |
| 34 | BAC | Bank Of America CORP | Stock-Financials | 0.34% | — | +8.92% | |
| 35 | TMUS | T-mobile US INC | Stock-Comm Services | 0.32% | +0.06% | +19.88% | |
| 36 | GD | General Dynamics CORP | Stock-Industrials | 0.30% | +0.03% | +11.79% | |
| 37 | XLE | Ss Energy Select Sector | ETF-Other | 0.30% | +0.08% | — | |
| 38 | NUE | Nucor CORP | Stock-Materials | 0.30% | +0.03% | +10.32% | |
| 39 | EQIX | Equinix INC | Stock-Real Estate | 0.29% | +0.08% | +11.88% | |
| 40 | SYK | Stryker CORP | Stock-Healthcare | 0.28% | — | +11.23% | |
| 41 | RSG | Republic Services INC | Stock-Industrials | 0.28% | +0.04% | +13.87% | |
| 42 | TJX | Tjx Companies INC | Stock-Consumer Disc | 0.28% | +0.03% | +8.53% | |
| 43 | NEE | Nextera Energy INC | Stock-Utilities | 0.28% | +0.06% | +9.72% | |
| 44 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.26% | +0.02% | +1.83% | |
| 45 | EA | Electronic Arts INC | Stock-Comm Services | 0.26% | — | — | |
| 46 | EXPE | Expedia Group INC | Stock-Consumer Disc | 0.25% | -0.03% | +11.40% | |
| 47 | PRU | Prudential Financial INC | Stock-Financials | 0.24% | — | +11.55% | |
| 48 | ICE | Intercontinental Exchange In | Stock-Financials | 0.24% | +0.02% | +17.17% | |
| 49 | TXN | Texas Instruments INC | Stock-Tech | 0.23% | +0.03% | +10.22% | |
| 50 | AMZN | Amazon.com INC | Stock-Consumer Disc | 0.23% | — | +14.19% |
Performance for Q3 2026
+2.4%
Performance Last 4 Quarters
+25%
Based on 67% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 192 | $1.1B | 8 | |
| 2025-12-31 | 168 | $1.1B | 6 | |
| 2025-09-30 | 185 | $1.1B | 13 | |
| 2025-06-30 | 185 | $1.1B | 0 | |
| 2025-03-31 | 170 | $1.0B | 100 | |
| 2024-12-31 | 162 | $1.0B | 0 | |
| 2024-09-30 | 159 | $999.2M | 0 | |
| 2024-06-30 | 157 | $943.3M | 0 | |
| 2024-03-31 | 165 | $932.5M | 0 | |
| 2023-12-31 | 162 | $860.2M | 0 | |
| 2023-09-30 | 168 | $784.8M | 0 | |
| 2023-06-30 | 167 | $810.7M | 0 | |
| 2023-03-31 | 168 | $796.8M | 0 | |
| 2022-12-31 | 163 | $744.2M | 0 | |
| 2022-09-30 | 161 | $700.3M | 0 | |
| 2022-06-30 | 159 | $742.4M | 0 | |
| 2022-03-31 | 171 | $904.4M | 0 | |
| 2021-12-31 | 170 | $945.1M | 0 | |
| 2021-09-30 | 156 | $873.9M | 0 | |
| 2021-06-30 | 155 | $855.5M | 100 | |
| 2021-03-31 | 134 | $753.4M | 10 | |
| 2020-12-31 | 125 | $688.2M | 28 | |
| 2020-09-30 | 123 | $599.1M | 8 | |
| 2020-06-30 | 121 | $557.9M | 13 | |
| 2020-03-31 | 115 | $502.3M | 46 | |
| 2019-12-31 | 124 | $631.9M | 11 | |
| 2019-09-30 | 118 | $585.0M | 20 | |
| 2019-06-30 | 117 | $575.6M | 4 | |
| 2019-03-31 | 105 | $561.0M | 40 | |
| 2018-12-31 | 154 | $587.8M | 37 | |
| 2018-09-30 | 118 | $634.5M | 18 | |
| 2018-06-30 | 88 | $558.3M | 19 | |
| 2018-03-31 | 80 | $538.4M | 20 | |
| 2017-12-31 | 78 | $545.4M | 10 | |
| 2017-09-30 | 80 | $502.9M | 12 | |
| 2017-06-30 | 76 | $487.3M | 16 | |
| 2017-03-31 | 76 | $474.4M | 41 | |
| 2016-12-31 | 70 | $431.5M | 13 | |
| 2016-09-30 | 80 | $408.9M | 13 | |
| 2016-06-30 | 81 | $388.6M | 27 | |
| 2016-03-31 | 85 | $366.9M | 76 | |
| 2015-12-31 | 70 | $334.4M | 48 | |
| 2015-09-30 | 90 | $312.4M | 31 | |
| 2015-06-30 | 87 | $344.5M | 23 | |
| 2015-03-31 | 79 | $331.5M | 29 | |
| 2014-12-31 | 79 | $310.3M | 29 | |
| 2014-09-30 | 83 | $276.1M | 7 | |
| 2014-06-30 | 76 | $269.2M | 15 | |
| 2014-03-31 | 81 | $251.4M | 30 | |
| 2013-12-31 | 61 | $240.3M | 49 | |
| 2013-09-30 | 41 | $187.7M | 17 | |
| 2013-06-30 | 36 | $170.6M | — |
First Business Financial Services, Inc.'s most significant position changes for 2026-03-31: New buy: Vanguard Short-term Tips (VTIP); New buy: Rtrn Stack Glbl Stk & Bd ETF (RSSB); New buy: Simplify Managed Futures St (CTA); New buy: Essential Utilities INC (WTRG); New buy: Blackstone INC (BX).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | JPST | Jpmorgan Ultra-short Income | +0.6% | +60.64% | Add |
| 2 | CIEN | Ciena CORP | +0.5% | +12.38% | Add |
| 3 | PWR | Quanta Services INC | +0.2% | +10.03% | Add |
| 4 | LRCX | Lam Research CORP | +0.2% | +14.83% | Add |
| 5 | XOM | Exxon Mobil CORP | +0.1% | +8.73% | Add |
| 6 | IJR | Ishares Core S&p Small-cap E | +0.1% | +1.67% | Add |
| 7 | IEFA | Ishares Core Msci Eafe ETF | +0.1% | +2.80% | Add |
| 8 | ADI | Analog Devices INC | +0.1% | +11.83% | Add |
| 9 | COST | Costco Wholesale CORP | +0.1% | +10.48% | Add |
| 10 | EQIX | Equinix INC | +0.1% | +11.88% | Add |
| 11 | XLE | Ss Energy Select Sector | +0.1% | — | Unchanged |
| 12 | MUB | Ishares National Muni Bond E | +0.1% | +17.39% | Add |
| 13 | TMUS | T-mobile US INC | +0.1% | +19.88% | Add |
| 14 | NEE | Nextera Energy INC | +0.1% | +9.72% | Add |
| 15 | SLB | Slb LTD | +0.1% | +8.89% | Add |
| 16 | OSK | Oshkosh CORP | 0% | +16.18% | Add |
| 17 | KR | Kroger Co | 0% | +17.07% | Add |
| 18 | GLW | Corning INC | 0% | +7.09% | Add |
| 19 | RSG | Republic Services INC | 0% | +13.87% | Add |
| 20 | IJH | Ishares Core S&p Midcap ETF | 0% | +1.54% | Add |
| 21 | TXN | Texas Instruments INC | 0% | +10.22% | Add |
| 22 | NUE | Nucor CORP | 0% | +10.32% | Add |
| 23 | GD | General Dynamics CORP | 0% | +11.79% | Add |
| 24 | AEP | American Electric Power | 0% | +15.06% | Add |
| 25 | TJX | Tjx Companies INC | 0% | +8.53% | Add |
| 26 | DRI | Darden Restaurants INC | 0% | +12.04% | Add |
| 27 | C | Citigroup INC | 0% | +11.48% | Add |
| 28 | ICE | Intercontinental Exchange In | 0% | +17.17% | Add |
| 29 | CL | Colgate-palmolive Co | 0% | +22.16% | Add |
| 30 | KO | Coca-cola Co/the | 0% | +1.83% | Add |
| 31 | ANET | Arista Networks INC | 0% | +12.08% | Add |
| 32 | IWD | Ishares Russell 1000 Value E | 0% | +1.44% | Add |
| 33 | DGRO | Ishares Core Dividend Growth | 0% | +1.59% | Add |
| 34 | EXPE | Expedia Group INC | 0% | +11.40% | Add |
| 35 | XLK | Ss Technology Select Sector | -0.1% | — | Unchanged |
| 36 | AAPL | Apple INC | -0.1% | +4.46% | Add |
| 37 | AGG | Ishares Core U.s. Aggregate | -0.2% | -1.53% | Trim |
| 38 | MSFT | Microsoft CORP | -0.2% | +2.09% | Add |
| 39 | SPY | Ss Spdr S&p 500 ETF Trust-us | -0.2% | -0.08% | Trim |
| 40 | IWF | Ishares Russell 1000 Growth | -1% | +0.68% | Add |
| 41 | VTI | Vanguard Total Stock Mkt ETF | -1.6% | +1.05% | Add |
| 42 | VTIP | Vanguard Short-term Tips | — | NEW | New buy |
| 43 | RSSB | Rtrn Stack Glbl Stk & Bd ETF | — | NEW | New buy |
| 44 | CTA | Simplify Managed Futures St | — | NEW | New buy |
| 45 | WTRG | Essential Utilities INC | — | NEW | New buy |
| 46 | BX | Blackstone INC | — | NEW | New buy |
| 47 | USCI | United States Commodity Inde | — | NEW | New buy |
| 48 | PHM | Pultegroup INC | — | NEW | New buy |
| 49 | SPDW | Ste Str Spdr Pt Dw EU ETF | — | NEW | New buy |
| 50 | EOG | Eog Resources INC | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-01 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-06 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-10-30 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-07-31 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-02 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-06 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-06 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-02 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-15 | Amendment | View on EDGAR |
| 2024-03-31 | 2024-05-06 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-14 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-14 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-07 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-09 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-02 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-15 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-02 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-09 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-10 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-10-26 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-07-20 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-04-20 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-01-28 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-04 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-12 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-01 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-10 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-05 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-07-24 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-03 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-06 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-01 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-06 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-14 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-07 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-10-26 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-09 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-11 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-10 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-02 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-07-28 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-10 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-09 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-05 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-03 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-05 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-03 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-04 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-05 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-06 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-01-31 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-10-25 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-14 | 13F-HR | View on EDGAR |
Institutions with a similar AUM
CIK 0001742315
Total reported value
$1.1B
108 stks
2026-03-31
AUM within 0.1% of this institution
CIK 0001559832
Total reported value
$1.1B
97 stks
2026-03-31
AUM within 0.1% of this institution
CIK 0001853322
Total reported value
$1.1B
766 stks
2026-03-31
AUM within 0.1% of this institution
Institutions with overlapping top holdings
CIK 0001803329
Total reported value
$540.1M
221 stks
2026-06-30
3 of the top 5 holdings overlap, including Vanguard Total Stock Mkt ETF
CIK 0001962685
Total reported value
$124.1M
103 stks
2026-03-31
3 of the top 5 holdings overlap, including Ishares Core Dividend Growth
CIK 0000036270
Total reported value
$29.2B
11,679 stks
2026-03-31
2 of the top 5 holdings overlap, including Ishares Core Msci Eafe ETF