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FIRST BUSINESS FINANCIAL SERVICES, INC.

401 CHARMANY DRIVE, MADISON, WI 53719 • 608-238-8008

Q2 2025 · Filed 2025-07-31
Market Value
$1.1B
+9.0%
Holdings
189
+13
New Purchases
20
Added To
34
Closed
5
Reduced
50
Top 10 Concentration
73.5%
Turnover
13.2%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
IWF 7.87% 7.31% +0.56% $87M
NVDA 1.45% 0.97% +0.48% $16M
VTI 24.74% 24.41% +0.34% $274M
AVGO 0.99% 0.68% +0.32% $11M
NFLX 0.21% 0.00% +0.21% $2M
NUE 0.18% 0.00% +0.18% $2M
PWR 0.50% 0.33% +0.17% $6M
XLK 0.42% 0.27% +0.15% $5M
TOL 0.14% 0.00% +0.14% $2M
OSK 0.12% 0.00% +0.12% $1M
ANET 0.61% 0.49% +0.12% $7M
CRM 0.11% 0.00% +0.11% $1M
CL 0.10% 0.00% +0.10% $1M
MSFT 0.81% 0.71% +0.10% $9M
APO 0.10% 0.00% +0.10% $1M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
AGG 3.20% 3.70% -0.50% $35M
IJR 5.55% 5.86% -0.31% $62M
IWD 5.18% 5.48% -0.30% $57M
DGRO 5.41% 5.69% -0.29% $60M
AAPL 1.10% 1.34% -0.23% $12M
CTVA 0.06% 0.28% -0.22% $705K
UNH 0.05% 0.24% -0.19% $580K
DIS 0.03% 0.22% -0.18% $376K
CSX 0.03% 0.19% -0.15% $379K
JPST 0.90% 1.04% -0.13% $10M
IJH 4.42% 4.56% -0.13% $49M
HLT 0.04% 0.17% -0.13% $457K
LULU 0.00% 0.13% -0.13% $0
TMO 0.03% 0.14% -0.11% $351K
CSCO 0.22% 0.33% -0.11% $2M

Sector Allocation Over Time

Industry Breakdown

IndustryWeight
Financial Services 79.8%
Technology 8.7%
Communication Services 2.3%
Industrials 2.2%
Healthcare 1.9%

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 56 $442M 39.9%
Large Cap 118 $635M 57.3%
Mid Cap 11 $10M 0.9%
Small Cap 4 $21M 1.9%

Portfolio Analytics

Avg Market Cap
$320.5B
Median Market Cap
$106.5B
Avg P/E
35.4
Median P/E
25.8
Avg Dividend Yield
0.02%
Avg Beta
0.97
# Stocks
144
# ETFs / Funds
45

Top Holdings (189 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 VTI 24.74% 902,062 $274M $303.93 $26M -397 -0.0%
2 IEFA 12.83% 1,703,005 $142M $83.48 $13M -7,945 -0.5%
3 IWF 7.87% 205,395 $87M $424.58 $13M -339 -0.2%
4 IJR 5.55% 562,741 $62M $109.29 $2M -6,768 -1.2%
5 DGRO 5.41% 937,050 $60M $63.94 $2M +670 +0.1%
6 IWD 5.18% 295,296 $57M $194.23 $2M -738 -0.2%
7 IJH 4.42% 790,118 $49M $62.02 $3M -3,383 -0.4%
8 AGG 3.20% 356,904 $35M $99.20 -$2M -22,861 -6.0%
9 SPY 2.45% 43,995 $27M $617.85 $3M
10 FBIZ 1.80% 394,491 $20M $50.66 $1M +672 +0.2%
11 NVDA 1.45% 101,713 $16M $157.99 $6M +10,727 +11.8%
12 AAPL 1.10% 59,631 $12M $205.17 -$1M -1,562 -2.5%
13 AVGO 0.99% 39,937 $11M $275.65 $4M -1,046 -2.5%
14 JPST 0.90% 197,067 $10M $50.68 -$541K -10,881 -5.2%
15 JPM 0.89% 33,950 $10M $289.91 $2M +878 +2.6%
16 MSFT 0.81% 18,123 $9M $497.41 $2M -1,183 -6.1%
17 GOOGL 0.65% 40,748 $7M $176.23 $1M +1,118 +2.8%
18 ANET 0.61% 65,876 $7M $102.31 $2M +1,352 +2.1%
19 CAT 0.51% 14,667 $6M $388.21 $857K
20 PWR 0.50% 14,628 $6M $378.08 $2M +1,276 +9.6%
21 DE 0.46% 10,040 $5M $508.49 $393K
22 MTUM 0.44% 20,335 $5M $240.32 $777K
23 LLY 0.43% 6,180 $5M $779.53 -$576K -350 -5.4%
24 ABC 0.42% 15,612 $5M $299.85 $633K +1,053 +7.2%
25 XLK 0.42% 18,249 $5M $253.23 $2M +5,114 +38.9%
26 COST 0.41% 4,584 $5M $989.94 $274K +76 +1.7%
27 MUB 0.41% 43,042 $4M $104.48 -$93K -490 -1.1%
28 BRK-A 0.39% 6 $4M $728,800.00 -$418K
29 MGEE 0.37% 46,899 $4M $88.44 -$154K +623 +1.4%
30 SYK 0.34% 9,498 $4M $395.63 $203K -52 -0.5%
31 IVV 0.33% 5,873 $4M $620.90 $347K
32 TMUS 0.33% 15,191 $4M $238.26 -$673K -903 -5.6%
33 RSG 0.32% 14,356 $4M $246.61 $257K +799 +5.9%
34 BAC 0.31% 71,543 $3M $47.32 $633K +5,578 +8.5%
35 C 0.30% 38,852 $3M $85.12 $91K -6,451 -14.2%
36 ADI 0.29% 13,433 $3M $238.02 $344K -715 -5.0%
37 XOM 0.28% 29,272 $3M $107.80 -$296K +248 +0.8%
38 ICE 0.27% 16,389 $3M $183.47 $138K -240 -1.4%
39 GD 0.26% 9,805 $3M $291.66 $45K -522 -5.0%
40 LRCX 0.26% 29,280 $3M $97.34 $565K -2,153 -6.8%
41 TXN 0.24% 13,067 $3M $207.62 $283K -455 -3.4%
42 EA 0.24% 16,949 $3M $159.70 $219K -267 -1.6%
43 KO 0.24% 38,152 $3M $70.75 $1M +15,234 +66.5%
44 EQIX 0.24% 3,278 $3M $795.47 $191K +314 +10.6%
45 CSCO 0.22% 35,766 $2M $69.38 -$878K -18,666 -34.3%
46 TJX 0.22% 20,025 $2M $123.49 -$86K -988 -4.7%
47 DRI 0.21% 10,662 $2M $217.97 -$184K -1,408 -11.7%
48 XLE 0.21% 27,252 $2M $84.81 -$235K
49 NFLX 0.21% 1,718 $2M $1,339.13 +1,718 NEW
50 CIEN 0.20% 27,680 $2M $81.33 $783K +3,379 +13.9%
51 NEE 0.20% 32,379 $2M $69.42 $369K +5,878 +22.2%
52 AMZN 0.19% 9,569 $2M $219.39 $355K +400 +4.4%
53 PRU 0.19% 19,388 $2M $107.44 -$123K -368 -1.9%
54 XLI 0.19% 14,013 $2M $147.52 $231K
55 NUE 0.18% 15,581 $2M $129.54 +15,581 NEW
56 LOW 0.18% 8,933 $2M $221.87 -$185K -357 -3.8%
57 EXPE 0.17% 11,406 $2M $168.68 $23K +97 +0.9%
58 PM 0.17% 10,487 $2M $182.13 $245K
59 IWB 0.17% 5,578 $2M $339.57 $183K
60 KR 0.17% 25,550 $2M $71.73 -$23K -1,859 -6.8%
61 VB 0.16% 7,596 $2M $236.98 $663K +2,467 +48.1%
62 EOG 0.16% 14,727 $2M $119.61 $169K +2,307 +18.6%
63 TOL 0.14% 14,015 $2M $114.13 +14,015 NEW
64 QCOM 0.14% 10,004 $2M $159.26 -$95K -985 -9.0%
65 GLD 0.14% 5,180 $2M $304.83 -$121K -720 -12.2%
66 IQV 0.13% 9,466 $1M $157.59 -$326K -843 -8.2%
67 SLB 0.13% 43,929 $1M $33.80 -$298K +1,272 +3.0%
68 XLY 0.13% 6,451 $1M $217.33 $286K +800 +14.2%
69 ABBV 0.12% 7,428 $1M $185.62 -$174K +19 +0.3%
70 ADBE 0.12% 3,451 $1M $386.88 $180K +439 +14.6%
71 OSK 0.12% 11,742 $1M $113.54 +11,742 NEW
72 GOOG 0.12% 7,416 $1M $177.39 $148K -60 -0.8%
73 XLF 0.11% 24,095 $1M $52.37 $62K
74 PLTR 0.11% 9,198 $1M $136.32 $478K
75 ACN 0.11% 4,167 $1M $298.89 -$55K
76 IWM 0.11% 5,642 $1M $215.79 $36K -281 -4.7%
77 CRM 0.11% 4,276 $1M $272.69 +4,276 NEW
78 PG 0.10% 7,245 $1M $159.32 -$80K
79 CL 0.10% 12,302 $1M $90.90 +12,302 NEW
80 APO 0.10% 7,777 $1M $141.87 +7,777 NEW
81 BRK-B 0.10% 2,247 $1M $485.77 -$65K +75 +3.5%
82 AEE 0.10% 11,155 $1M $96.04 -$49K
83 VOX 0.10% 6,200 $1M $171.03 $140K
84 TDG 0.09% 652 $991K $1,520.64 $90K
85 LNT 0.09% 15,614 $944K $60.47 -$61K
86 IWO 0.08% 3,132 $895K $285.86 $95K
87 NULV 0.08% 21,249 $891K $41.92 $42K +300 +1.4%
88 MDLZ 0.08% 12,980 $875K $67.44 -$5K
89 BLK 0.08% 831 $872K $1,049.25 $85K
90 WMT 0.08% 8,610 $842K $97.78 $86K
91 META 0.08% 1,138 $840K $738.09 $299K +200 +21.3%
92 CVX 0.08% 5,807 $832K $143.19 -$142K -15 -0.3%
93 VO 0.07% 2,969 $831K $279.83 $63K
94 USMV 0.07% 8,694 $816K $93.87 $2K
95 JNJ 0.07% 5,214 $796K $152.75 -$93K -150 -2.8%
96 ITW 0.07% 3,206 $793K $247.25 -$2K
97 XLC 0.07% 7,057 $766K $108.53 $85K
98 ABT 0.07% 5,443 $740K $136.01 $18K
99 ETN 0.07% 2,062 $736K $356.99 $176K
100 IWN 0.07% 4,604 $726K $157.76 $31K

New Positions

SymbolValue% Port
NFLX $2M 0.21%
NUE $2M 0.18%
TOL $2M 0.14%
OSK $1M 0.12%
CRM $1M 0.11%
CL $1M 0.10%
APO $1M 0.10%
COF $416K 0.04%
AMT $300K 0.03%
OKLO $280K 0.03%
GEV $268K 0.02%
WWD $245K 0.02%
MRVL $243K 0.02%
MCHP $237K 0.02%
STRT $224K 0.02%

Sold Out Positions

SymbolValue% Port
NVO —%
LULU —%
AMGN —%
VTEB —%
FI —%
View SEC EDGAR Filings for FIRST BUSINESS FINANCIAL SERVICES, INC. →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms