CIK: 0001174850
Total reported value
$2.7B
Reporting period: 2026-03-31 · Number of holdings: 832
NICOLET BANKSHARES INC disclosed 832 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $2.7B and a quarterly turnover rate of 138.4%.
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Nicolet Bankshares INC's disclosed holdings carry a Herfindahl concentration index of 0.027 — mathematically equivalent to about 37 equally-sized positions, well below its 832 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 3.78), 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 38% 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
+826.3% $317.0M
Trim VOO
+83.6% $23.2M
Trim SPYV
+166.7% $66.6M
Add MUB
+6247.9% $36.7M
Trim SPY
+105.0% $13.1M
Add AAPL
+551.1% $82.4M
Showing top 200 holdings (of 832 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 | 13.18% | +6.74% | +826.28% | |
| 2 | SPYV | Ss Spdr P S&p 500 Value ETF | ETF-Large Cap & Growth | 3.94% | -2.50% | +166.73% | |
| 3 | AAPL | Apple INC | Stock-Tech | 3.64% | +1.05% | +551.14% | |
| 4 | AVEM | Avantis Emerging Markets Eq | ETF-Emerging Markets | 3.19% | +0.35% | +362.55% | |
| 5 | SPYG | Ss Spdr P S&p 500 Growth ETF | ETF-Large Cap & Growth | 2.93% | -0.89% | +260.07% | |
| 6 | VEA | Vanguard Ftse Developed ETF | ETF-Other | 2.50% | +0.52% | +427.51% | |
| 7 | VOO | Vanguard S&p 500 ETF | ETF-Large Cap & Growth | 1.99% | -2.94% | +83.60% | |
| 8 | ITOT | Ishares Core S&p Total U.s. | ETF-Other | 1.71% | +1.71% | NEW | |
| 9 | MSFT | Microsoft CORP | Stock-Tech | 1.54% | -0.50% | +330.61% | |
| 10 | VO | Vanguard Mid-cap ETF | ETF-Other | 1.53% | +0.99% | +1132.40% | |
| 11 | VTEB | Vanguard Tax-exempt Bond ETF | ETF-Other | 1.48% | +1.48% | NEW | |
| 12 | MUB | Ishares National Muni Bond E | ETF-Other | 1.37% | +1.28% | +6247.89% | |
| 13 | SCHV | Schwab US Large-cap Value | ETF-Other | 1.34% | +1.34% | NEW | |
| 14 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 1.30% | +0.86% | +1251.79% | |
| 15 | JPM | Jpmorgan Chase & Co | Stock-Financials | 1.28% | +0.27% | +504.21% | |
| 16 | NVDA | Nvidia CORP | Stock-Tech | 1.28% | -0.53% | +225.98% | |
| 17 | FBND | Fidelity Total Bond ETF | ETF-Other | 1.12% | +1.12% | NEW | |
| 18 | VONG | Vanguard Russell 1000 Growth | ETF-Other | 1.07% | +1.07% | NEW | |
| 19 | AMZN | Amazon.com INC | Stock-Consumer Disc | 1.05% | +0.04% | +397.43% | |
| 20 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 0.99% | -1.20% | +104.95% | |
| 21 | IVV | Ishares Core S&p 500 ETF | ETF-Large Cap & Growth | 0.98% | -0.73% | +159.83% | |
| 22 | AVRE | Avantis Real Estate ETF | ETF-Other | 0.97% | -0.35% | +214.11% | |
| 23 | IEFA | Ishares Core Msci Eafe ETF | ETF-Other | 0.93% | +0.88% | +7521.68% | |
| 24 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 0.90% | -0.30% | +248.78% | |
| 25 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 0.87% | +0.48% | +866.60% | |
| 26 | UITB | Victoryshares Core Intermedi | ETF-Other | 0.84% | +0.62% | +1546.45% | |
| 27 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 0.82% | -0.11% | +313.44% | |
| 28 | BND | Vanguard Total Bond Market | ETF-Other | 0.80% | +0.53% | +1184.40% | |
| 29 | WEC | Wec Energy Group INC | Stock-Utilities | 0.69% | +0.41% | +863.04% | |
| 30 | VONE | Vanguard Russell 1000 | ETF-Other | 0.67% | — | +92.94% | |
| 31 | SCHB | Schwab US Broad Market ETF | ETF-Other | 0.65% | +0.65% | NEW | |
| 32 | META | Meta Platforms Inc-class A | Stock-Comm Services | 0.64% | -0.03% | +379.66% | |
| 33 | VTV | Vanguard Value ETF | ETF-Other | 0.60% | — | +325.51% | |
| 34 | AGG | Ishares Core U.s. Aggregate | ETF-Other | 0.60% | +0.40% | +1190.43% | |
| 35 | SPAB | Ss Spdr P Agg Bond ETF | ETF-Other | 0.60% | +0.60% | NEW | |
| 36 | VCLT | Vanguard Long-term CORP Bond | ETF-Corp Bonds | 0.57% | +0.57% | NEW | |
| 37 | XOM | Exxon Mobil CORP | Stock-Energy | 0.54% | +0.07% | +259.62% | |
| 38 | AMLP | Alerian Mlp ETF | ETF-Other | 0.54% | — | +122.29% | |
| 39 | VCSH | Vanguard S/t CORP Bond ETF | ETF-Corp Bonds | 0.53% | +0.49% | +5818.73% | |
| 40 | IVW | Ishares S&p 500 Growth ETF | ETF-Large Cap & Growth | 0.53% | — | +19.38% | |
| 41 | VB | Vanguard Small-cap ETF | ETF-Other | 0.50% | +0.23% | +688.33% | |
| 42 | AVGO | Broadcom INC | Stock-Tech | 0.48% | +0.21% | +770.45% | |
| 43 | ORCL | Oracle CORP | Stock-Tech | 0.47% | +0.14% | +709.51% | |
| 44 | WMT | Walmart INC | Stock-Consumer Staples | 0.45% | +0.12% | +415.04% | |
| 45 | HD | Home Depot INC | Stock-Consumer Disc | 0.44% | +0.08% | +453.16% | |
| 46 | CAT | Caterpillar INC | Stock-Industrials | 0.44% | +0.04% | +280.73% | |
| 47 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.42% | +0.06% | +367.24% | |
| 48 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.42% | +0.05% | +312.36% | |
| 49 | AMJB | Alerian Mlp Etn2044 | ETF-Other | 0.42% | — | +130.56% | |
| 50 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.41% | — | +126.91% |
Performance for Q3 2026
+2.6%
Performance Last 4 Quarters
+6.8%
Based on 76% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 832 | $2.7B | 100 | |
| 2025-12-31 | 231 | $624.0M | 28 | |
| 2025-09-30 | 223 | $622.3M | 25 | |
| 2025-06-30 | 212 | $578.7M | 0 | |
| 2025-03-31 | 204 | $498.1M | 100 | |
| 2024-12-31 | 200 | $423.8M | 0 | |
| 2024-09-30 | 211 | $413.0M | 0 | |
| 2024-06-30 | 219 | $403.3M | 0 | |
| 2024-03-31 | 227 | $404.7M | 0 | |
| 2023-12-31 | 213 | $371.5M | 0 | |
| 2023-09-30 | 197 | $325.9M | 0 | |
| 2023-06-30 | 211 | $352.1M | 0 | |
| 2023-03-31 | 208 | $308.1M | 0 | |
| 2022-12-31 | 207 | $290.5M | 0 | |
| 2022-09-30 | 193 | $350.2M | 0 | |
| 2022-06-30 | 213 | $383.7M | 0 | |
| 2022-03-31 | 220 | $464.7M | 0 | |
| 2021-12-31 | 217 | $453.5M | 0 | |
| 2021-09-30 | 215 | $387.8M | 0 | |
| 2021-06-30 | 218 | $380.4M | 98 | |
| 2021-03-31 | 214 | $362.3M | 14 | |
| 2020-12-31 | 199 | $324.4M | 14 | |
| 2020-09-30 | 192 | $288.3M | 13 | |
| 2020-06-30 | 188 | $265.1M | 24 | |
| 2020-03-31 | 175 | $221.7M | 34 | |
| 2019-12-31 | 192 | $270.4M | 14 | |
| 2019-09-30 | 190 | $249.9M | 22 | |
| 2019-06-30 | 185 | $239.5M | 8 | |
| 2019-03-31 | 186 | $241.9M | 19 | |
| 2018-12-31 | 175 | $207.9M | 23 | |
| 2018-09-30 | 191 | $247.4M | 10 | |
| 2018-06-30 | 197 | $238.0M | 8 | |
| 2018-03-31 | 194 | $235.1M | 9 | |
| 2017-12-31 | 185 | $232.8M | 11 | |
| 2017-09-30 | 180 | $224.4M | 12 | |
| 2017-06-30 | 180 | $212.4M | 23 | |
| 2017-03-31 | 174 | $190.3M | 14 | |
| 2016-12-31 | 169 | $183.4M | 19 | |
| 2016-09-30 | 162 | $171.7M | 20 | |
| 2016-06-30 | 148 | $152.6M | 15 | |
| 2016-03-31 | 145 | $140.7M | 35 | |
| 2015-12-31 | 135 | $100.7M | 0 |
Nicolet Bankshares INC's most significant position changes for 2026-03-31: Sold out: Nicolet Bankshares INC (NIC); New buy: Ishares Core S&p Total U.s. (ITOT); New buy: Vanguard Tax-exempt Bond ETF (VTEB); New buy: Schwab US Large-cap Value (SCHV); New buy: Fidelity Total Bond ETF (FBND).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | SPYM | Ste Str Spdr Pt S&p 500 ETF | +6.7% | +826.28% | Add |
| 2 | MUB | Ishares National Muni Bond E | +1.3% | +6247.89% | Add |
| 3 | AAPL | Apple INC | +1.1% | +551.14% | Add |
| 4 | VO | Vanguard Mid-cap ETF | +1% | +1132.40% | Add |
| 5 | IEFA | Ishares Core Msci Eafe ETF | +0.9% | +7521.68% | Add |
| 6 | BRK-B | Berkshire Hathaway Inc-cl B | +0.9% | +1251.79% | Add |
| 7 | UITB | Victoryshares Core Intermedi | +0.6% | +1546.45% | Add |
| 8 | BND | Vanguard Total Bond Market | +0.5% | +1184.40% | Add |
| 9 | VEA | Vanguard Ftse Developed ETF | +0.5% | +427.51% | Add |
| 10 | VCSH | Vanguard S/t CORP Bond ETF | +0.5% | +5818.73% | Add |
| 11 | PG | Procter & Gamble Co/the | +0.5% | +866.60% | Add |
| 12 | WEC | Wec Energy Group INC | +0.4% | +863.04% | Add |
| 13 | AGG | Ishares Core U.s. Aggregate | +0.4% | +1190.43% | Add |
| 14 | AVEM | Avantis Emerging Markets Eq | +0.4% | +362.55% | Add |
| 15 | JPM | Jpmorgan Chase & Co | +0.3% | +504.21% | Add |
| 16 | VB | Vanguard Small-cap ETF | +0.2% | +688.33% | Add |
| 17 | VGSH | Vanguard Short-term Treasury | +0.2% | +1054.18% | Add |
| 18 | AVGO | Broadcom INC | +0.2% | +770.45% | Add |
| 19 | YLD | Principal Act Hi Yld ETF | +0.2% | +779.42% | Add |
| 20 | LLY | Eli Lilly & Co | +0.2% | +745.74% | Add |
| 21 | ORCL | Oracle CORP | +0.1% | +709.51% | Add |
| 22 | WMT | Walmart INC | +0.1% | +415.04% | Add |
| 23 | HD | Home Depot INC | +0.1% | +453.16% | Add |
| 24 | XOM | Exxon Mobil CORP | +0.1% | +259.62% | Add |
| 25 | KO | Coca-cola Co/the | +0.1% | +367.24% | Add |
| 26 | JNJ | Johnson & Johnson | +0.1% | +312.36% | Add |
| 27 | AMZN | Amazon.com INC | 0% | +397.43% | Add |
| 28 | CAT | Caterpillar INC | 0% | +280.73% | Add |
| 29 | VTV | Vanguard Value ETF | — | +325.51% | Add |
| 30 | META | Meta Platforms Inc-class A | 0% | +379.66% | Add |
| 31 | GOOG | Alphabet Inc-cl C | -0.1% | +313.44% | Add |
| 32 | GOOGL | Alphabet Inc-cl A | -0.3% | +248.78% | Add |
| 33 | AVRE | Avantis Real Estate ETF | -0.4% | +214.11% | Add |
| 34 | MSFT | Microsoft CORP | -0.5% | +330.61% | Add |
| 35 | NVDA | Nvidia CORP | -0.5% | +225.98% | Add |
| 36 | IVV | Ishares Core S&p 500 ETF | -0.7% | +159.83% | Add |
| 37 | SPYG | Ss Spdr P S&p 500 Growth ETF | -0.9% | +260.07% | Add |
| 38 | SPY | Ss Spdr S&p 500 ETF Trust-us | -1.2% | +104.95% | Add |
| 39 | SPYV | Ss Spdr P S&p 500 Value ETF | -2.5% | +166.73% | Add |
| 40 | VOO | Vanguard S&p 500 ETF | -2.9% | +83.60% | Add |
| 41 | NIC | Nicolet Bankshares INC | — | EXIT | Sold out |
| 42 | ITOT | Ishares Core S&p Total U.s. | — | NEW | New buy |
| 43 | VTEB | Vanguard Tax-exempt Bond ETF | — | NEW | New buy |
| 44 | SCHV | Schwab US Large-cap Value | — | NEW | New buy |
| 45 | FBND | Fidelity Total Bond ETF | — | NEW | New buy |
| 46 | VONG | Vanguard Russell 1000 Growth | — | NEW | New buy |
| 47 | SCHB | Schwab US Broad Market ETF | — | NEW | New buy |
| 48 | SPAB | Ss Spdr P Agg Bond ETF | — | NEW | New buy |
| 49 | VCLT | Vanguard Long-term CORP Bond | — | NEW | New buy |
| 50 | FSCC | Fed Hermes Small Cap Core | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-14 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-09 | 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 | 2025-05-14 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-13 | 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 | 2024-05-09 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-13 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-09 | 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 | 2022-02-09 | 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 | 2021-02-02 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-10-27 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-07-22 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-04-22 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-01-24 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-10-22 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-07-30 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-04-26 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-06 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-10-29 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-07-31 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-03 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-02 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-02 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-07-27 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-04-24 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-06 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-04 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-07-28 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-04-15 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-16 | 13F-HR | View on EDGAR |
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