First Business Financial Services, Inc.

MADISON, WI · CIK 1521951 · 13F filing filed 2026-07-28

No investment adviser registration (Form ADV) found for this filer. It may be a parent company whose subsidiaries are the registered advisers, a bank or insurer, or a manager based outside the US.

Legal entityFIRST BUSINESS FINANCIAL SERVICES, INC. (US)

Others nearbyMadison, WI

$1.3bn reported value +14.6% vs Q1 2026

201positions

68.7%in top 10

15 new 109 added 27 reduced 6 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	VANGUARD INDEX FDS TOTAL STK MKT VTI	VTI	794,853	$294.1m22.81%	22.81%	Reduced -2.3k	-2,334 -0.3%
2	ISHARES TR CORE MSCI EAFE IEFA	IEFA	1,567,578	$151.4m11.74%	11.74%	Added +11.5k	+11,532 0.7%
3	ISHARES TR RUS 1000 GRW ETF IWF	IWF	731,884	$90.9m7.05%	7.05%	Reduced -1.3k	-1,348 -0.2%
4	ISHARES TR CORE S&P SCP ETF IJR	IJR	502,002	$74.5m5.77%	5.77%	Added +1.1k	+1,061 0.2%
5	ISHARES TR RUS 1000 VAL ETF IWD	IWD	265,835	$64.4m5.00%	5.00%	Reduced -371	-371 -0.1%
6	ISHARES TR CORE DIV GRWTH DGRO	DGRO	839,061	$63.6m4.93%	4.93%	Added +3.9k	+3,906 0.5%
7	ISHARES TR CORE S&P MCP ETF IJH	IJH	711,692	$54.9m4.26%	4.26%	Added +4.2k	+4,158 0.6%
8	ISHARES TR CORE US AGGBD ET AGG	AGG	388,636	$38.5m2.98%	2.98%	Added +12.9k	+12,940 3.4%
9	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	43,684	$32.6m2.53%	2.53%	Reduced -70	-70 -0.2%
10	FIRST BUSINESS FINL SVCS INC COM FBIZ	FBIZ	340,189	$21.5m1.67%	1.67%	Reduced -21.1k	-21,122 -5.8%
11	NVIDIA CORPORATION COM NVDA	NVDA	102,546	$20.5m1.59%	1.59%	Added +2.6k	+2,596 2.6%
12	J P MORGAN EXCHANGE TRADED F ULTRA SHRT ETF JPST	JPST	363,803	$18.4m1.43%	1.43%	Added +14.1k	+14,100 4.0%
13	APPLE INC COM AAPL	AAPL	59,954	$17.3m1.35%	1.35%	Added +485	+485 0.8%
14	BROADCOM INC COM AVGO	AVGO	41,248	$15.6m1.21%	1.21%	Reduced -399	-399 -1.0%
15	ALPHABET INC CAP STK CL A GOOGL	GOOGL	43,589	$15.6m1.21%	1.21%	Added +1.4k	+1,428 3.4%
16	CIENA CORP COM NEW CIEN	CIEN	28,808	$14.1m1.10%	1.10%	Reduced -1.2k	-1,242 -4.1%
17	LAM RESEARCH CORP COM NEW LRCX	LRCX	32,515	$14.1m1.09%	1.09%	Added +1.7k	+1,674 5.4%
18	JPMORGAN CHASE & CO COM JPM	JPM	36,121	$11.8m0.92%	0.92%	Added +781	+781 2.2%
19	ARISTA NETWORKS INC COM SHS ANET	ANET	68,750	$11.7m0.91%	0.91%	Added +2.6k	+2,577 3.9%
20	QUANTA SVCS INC COM PWR	PWR	15,594	$11.2m0.87%	0.87%	Added +67	+67 0.4%
21	ELI LILLY & CO COM LLY	LLY	6,642	$8.0m0.62%	0.62%	Added +226	+226 3.5%
22	VANGUARD MALVERN FDS STRM INFPROIDX VTIP	VTIP	150,171	$7.5m0.59%	0.59%	Added +17.3k	+17,349 13.1%
23	ISHARES TR MSCI USA MMENTM MTUM	MTUM	20,335	$7.0m0.54%	0.54%	Unchanged
24	MICROSOFT CORP COM MSFT	MSFT	18,644	$7.0m0.54%	0.54%	Added +597	+597 3.3%
25	SELECT SECTOR SPDR TR TECHNOLOGY XLK	XLK	36,498	$7.0m0.54%	0.54%	Unchanged
26	ISHARES TR CORE S&P500 ETF IVV	IVV	8,639	$6.5m0.50%	0.50%	Added +2.2k	+2,165 33.4%
27	ISHARES TR NATIONAL MUN ETF MUB	MUB	54,736	$5.9m0.46%	0.46%	Added +1.8k	+1,756 3.3%
28	CITIGROUP INC COM NEW C	C	41,453	$5.8m0.45%	0.45%	Added +1.4k	+1,402 3.5%
29	ANALOG DEVICES INC COM ADI	ADI	13,874	$5.5m0.43%	0.43%	Added +500	+500 3.7%
30	BANK AMERICA CORP COM BAC	BAC	80,030	$4.6m0.35%	0.35%	Added +2.4k	+2,380 3.1%
31	NUCOR CORP COM NUE	NUE	20,457	$4.6m0.35%	0.35%	Added +812	+812 4.1%
32	CENCORA INC COM COR	COR	16,022	$4.5m0.35%	0.35%	Added +681	+681 4.4%
33	BERKSHIRE HATHAWAY INC DEL CL A BRK.A	BRK.A	6	$4.5m0.35%	0.35%	Unchanged
34	COSTCO WHSL CORP NEW COM COST	COST	4,723	$4.4m0.34%	0.34%	Added +74	+74 1.6%
35	EXXON MOBIL CORP COM XOM	XOM	30,811	$4.2m0.33%	0.33%	Added +1.6k	+1,565 5.3%
36	TEXAS INSTRS INC COM TXN	TXN	13,969	$4.2m0.32%	0.32%	Added +373	+373 2.7%
37	GENERAL DYNAMICS CORP COM GD	GD	10,301	$3.6m0.28%	0.28%	Added +439	+439 4.5%
38	CISCO SYS INC COM CSCO	CSCO	31,038	$3.6m0.28%	0.28%	Reduced -12	-12 -0.0%
39	TIDAL TRUST II RET STCKD GL STK RSSB	RSSB	118,108	$3.6m0.28%	0.28%	Added +39.9k	+39,900 51.0%
40	EQUINIX INC COM EQIX	EQIX	3,418	$3.6m0.28%	0.28%	Added +121	+121 3.7%
41	EXPEDIA GROUP INC COM NEW EXPE	EXPE	12,670	$3.2m0.25%	0.25%	Added +468	+468 3.8%
42	COCA COLA CO COM KO	KO	39,772	$3.2m0.25%	0.25%	Added +1.0k	+1,006 2.6%
43	STRYKER CORPORATION COM SYK	SYK	10,025	$3.2m0.24%	0.24%	Added +360	+360 3.7%
44	REPUBLIC SVCS INC COM RSG	RSG	14,459	$3.1m0.24%	0.24%	Added +231	+231 1.6%
45	PRUDENTIAL FINL INC COM PRU	PRU	28,540	$3.1m0.24%	0.24%	Added +494	+494 1.8%
46	AMAZON COM INC COM AMZN	AMZN	12,887	$3.1m0.24%	0.24%	Added +521	+521 4.2%
47	TJX COS INC NEW COM TJX	TJX	20,159	$3.1m0.24%	0.24%	Added +688	+688 3.5%
48	NEXTERA ENERGY INC COM NEE	NEE	34,658	$3.0m0.24%	0.24%	Added +1.3k	+1,334 4.0%
49	TOLL BROTHERS INC COM TOL	TOL	18,086	$3.0m0.23%	0.23%	Added +1.1k	+1,103 6.5%
50	T-MOBILE US INC COM TMUS	TMUS	17,473	$2.9m0.23%	0.23%	Added +569	+569 3.4%
51	ELECTRONIC ARTS INC COM EA	EA	14,127	$2.9m0.22%	0.22%	Reduced -63	-63 -0.4%
52	SELECT SECTOR SPDR TR ENERGY XLE	XLE	54,244	$2.9m0.22%	0.22%	Unchanged
53	SELECT SECTOR SPDR TR INDL XLI	XLI	14,013	$2.6m0.20%	0.20%	Unchanged
54	META PLATFORMS INC CL A META	META	4,553	$2.6m0.20%	0.20%	Added +232	+232 5.4%
55	ALPHABET INC CAP STK CL C GOOG	GOOG	7,019	$2.5m0.19%	0.19%	Added +135	+135 2.0%
56	DARDEN RESTAURANTS INC COM DRI	DRI	11,096	$2.3m0.18%	0.18%	Added +412	+412 3.9%
57	OSHKOSH CORP COM OSK	OSK	14,778	$2.3m0.18%	0.18%	Added +709	+709 5.0%
58	INTERCONTINENTAL EXCHANGE IN COM ICE	ICE	17,807	$2.2m0.17%	0.17%	Added +530	+530 3.1%
59	CORNING INC COM GLW	GLW	8,538	$2.2m0.17%	0.17%	Reduced -424	-424 -4.7%
60	LOWES COS INC COM LOW	LOW	9,726	$2.1m0.17%	0.17%	Added +371	+371 4.0%
61	ADVANCED MICRO DEVICES INC COM AMD	AMD	3,600	$2.1m0.16%	0.16%	Added +94	+94 2.7%
62	HOWMET AEROSPACE INC COM HWM	HWM	7,638	$2.1m0.16%	0.16%	New
63	QUALCOMM INC COM QCOM	QCOM	10,546	$1.9m0.15%	0.15%	Added +418	+418 4.1%
64	PHILIP MORRIS INTL INC COM PM	PM	10,548	$1.9m0.15%	0.15%	Added +90	+90 0.9%
65	AMERICAN ELEC PWR CO INC COM AEP	AEP	13,845	$1.9m0.15%	0.15%	Added +818	+818 6.3%
66	SCHLUMBERGER LTD COM STK SLB	SLB	40,368	$1.9m0.15%	0.15%	Added +1.6k	+1,589 4.1%
67	IQVIA HLDGS INC COM IQV	IQV	9,340	$1.8m0.14%	0.14%	Added +376	+376 4.2%
68	ABBVIE INC COM ABBV	ABBV	7,047	$1.8m0.14%	0.14%	Reduced -119	-119 -1.7%
69	ISHARES TR RUS 1000 ETF IWB	IWB	4,244	$1.7m0.13%	0.13%	Unchanged
70	NETFLIX INC COM NFLX	NFLX	22,065	$1.6m0.12%	0.12%	Added +939	+939 4.4%
71	SPDR GOLD TR GOLD SHS GLD	GLD	4,247	$1.6m0.12%	0.12%	Unchanged
72	VANGUARD INDEX FDS SMALL CP ETF VB	VB	5,070	$1.5m0.12%	0.12%	Unchanged
73	KROGER CO COM KR	KR	27,577	$1.5m0.12%	0.12%	Added +1.2k	+1,228 4.7%
74	SELECT SECTOR SPDR TR SBI CONS DISCR XLY	XLY	12,902	$1.5m0.12%	0.12%	Unchanged
75	COLGATE PALMOLIVE CO COM CL	CL	16,294	$1.5m0.12%	0.12%	Added +1.2k	+1,183 7.8%
76	ISHARES TR RUSSELL 2000 ETF IWM	IWM	4,950	$1.5m0.12%	0.12%	Unchanged
77	ASML HOLDING N V N Y REGISTRY SHS ASML	ASML	734	$1.5m0.11%	0.11%	Added +2	+2 0.3%
78	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	2,838	$1.4m0.11%	0.11%	Added +639	+639 29.1%
79	ATI INC COM ATI	ATI	7,158	$1.4m0.11%	0.11%	Reduced -326	-326 -4.4%
80	APOLLO GLOBAL MGMT INC COM APO	APO	11,607	$1.4m0.11%	0.11%	Added +705	+705 6.5%
81	SELECT SECTOR SPDR TR FINANCIAL XLF	XLF	24,095	$1.3m0.10%	0.10%	Unchanged
82	ISHARES TR RUS 2000 GRW ETF IWO	IWO	3,132	$1.2m0.10%	0.10%	Unchanged
83	JOHNSON & JOHNSON COM JNJ	JNJ	4,776	$1.2m0.09%	0.09%	Added +129	+129 2.8%
84	MERCK & CO INC COM MRK	MRK	9,062	$1.2m0.09%	0.09%	Added +258	+258 2.9%
85	VANGUARD WORLD FD COMM SRVC ETF VOX	VOX	6,200	$1.1m0.09%	0.09%	Unchanged
86	WALMART INC COM WMT	WMT	9,601	$1.1m0.08%	0.08%	Added +787	+787 8.9%
87	EATON CORP PLC SHS ETN	ETN	2,446	$1.0m0.08%	0.08%	Added +273	+273 12.6%
88	VANGUARD INDEX FDS MID CAP ETF VO	VO	12,820	$1.0m0.08%	0.08%	Unchanged
89	PALANTIR TECHNOLOGIES INC CL A PLTR	PLTR	8,758	$1.0m0.08%	0.08%	Reduced -57	-57 -0.7%
90	ISHARES TR RUS 2000 VAL ETF IWN	IWN	4,604	$1.0m0.08%	0.08%	Unchanged
91	NUSHARES ETF TR NUVEEN ESG LRGVL NULV	NULV	19,006	$950.1k0.07%	0.07%	Added +75	+75 0.4%
92	SIMPLIFY EXCHANGE TRADED FUN MANAGED FUTURES CTA	CTA	35,851	$930.0k0.07%	0.07%	Added +11.7k	+11,672 48.3%
93	MARVELL TECHNOLOGY INC COM MRVL	MRVL	3,001	$894.0k0.07%	0.07%	Reduced -112	-112 -3.6%
94	SALESFORCE INC COM CRM	CRM	5,594	$876.4k0.07%	0.07%	Added +285	+285 5.4%
95	TRANSDIGM GROUP INC COM TDG	TDG	654	$871.2k0.07%	0.07%	Added +2	+2 0.3%
96	APPLIED MATLS INC COM AMAT	AMAT	1,197	$865.4k0.07%	0.07%	Added +108	+108 9.9%
97	ISHARES TR MSCI USA MIN VOL USMV	USMV	8,694	$838.6k0.07%	0.07%	Unchanged
98	BLACKROCK INC COM BLK	BLK	837	$804.8k0.06%	0.06%	Added +2	+2 0.2%
99	PROCTER AND GAMBLE CO COM PG	PG	5,473	$802.6k0.06%	0.06%	Added +113	+113 2.1%
100	SELECT SECTOR SPDR TR COMMUNICATION XLC	XLC	7,317	$783.9k0.06%	0.06%	Unchanged

Sold out since Q1 2026

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SHELL PLC SHEL	SHEL	2,257	$209.9k2.3k shares
UNDER ARMOUR INC UA	UA	20,000	$115.8k20.0k shares
DENISON MINES CORP DNN	DNN	10,000	$35.3k10.0k shares