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FIRST BUSINESS FINANCIAL SERVICES, INC.

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

Q3 2025 · Filed 2025-10-30
Market Value
$1.1B
-1.7%
Holdings
193
+4
New Purchases
9
Added To
17
Closed
9
Reduced
74
Top 10 Concentration
72.1%
Turnover
9.3%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
SPY 2.68% 2.45% +0.22% $29M
AAPL 1.32% 1.10% +0.22% $14M
GOOGL 0.86% 0.65% +0.21% $9M
IWF 8.07% 7.87% +0.20% $88M
ANET 0.76% 0.61% +0.16% $8M
NVDA 1.60% 1.45% +0.15% $17M
AGG 3.34% 3.20% +0.15% $36M
CIEN 0.35% 0.20% +0.14% $4M
CAT 0.64% 0.51% +0.13% $7M
AVGO 1.12% 0.99% +0.12% $12M
AEP 0.11% 0.00% +0.11% $1M
MSFT 0.89% 0.81% +0.08% $10M
LRCX 0.32% 0.26% +0.06% $4M
XLK 0.47% 0.42% +0.06% $5M
JPST 0.94% 0.90% +0.04% $10M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
IEFA 12.19% 12.83% -0.64% $133M
VTI 24.31% 24.74% -0.43% $265M
DGRO 5.15% 5.41% -0.26% $56M
IWD 4.96% 5.18% -0.22% $54M
IJH 4.22% 4.42% -0.20% $46M
ADBE 0.00% 0.12% -0.12% $0
IJR 5.45% 5.55% -0.10% $59M
CTVA 0.00% 0.06% -0.06% $0
COST 0.36% 0.41% -0.05% $4M
SYK 0.29% 0.34% -0.05% $3M
RSG 0.27% 0.32% -0.05% $3M
ICE 0.22% 0.27% -0.05% $2M
DRI 0.16% 0.21% -0.05% $2M
VB 0.12% 0.16% -0.04% $1M
FBIZ 1.76% 1.80% -0.04% $19M

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 57 $444M 40.8%
Large Cap 118 $615M 56.4%
Mid Cap 13 $10M 0.9%
Small Cap 4 $20M 1.9%
Micro Cap 1 $21K 0.0%

Portfolio Analytics

Avg Market Cap
$314.8B
Median Market Cap
$103.7B
Avg P/E
35.3
Median P/E
25.6
Avg Dividend Yield
0.02%
Avg Beta
0.98
# Stocks
149
# ETFs / Funds
44

Top Holdings (193 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 VTI 24.31% 807,129 $265M $328.17 -$9M -94,933 -10.5%
2 IEFA 12.19% 1,520,975 $133M $87.31 -$9M -182,030 -10.7%
3 IWF 8.07% 187,768 $88M $468.41 $746K -17,627 -8.6%
4 IJR 5.45% 499,418 $59M $118.83 -$2M -63,323 -11.2%
5 DGRO 5.15% 824,026 $56M $68.08 -$4M -113,024 -12.1%
6 IWD 4.96% 265,429 $54M $203.59 -$3M -29,867 -10.1%
7 IJH 4.22% 704,170 $46M $65.26 -$3M -85,948 -10.9%
8 AGG 3.34% 363,294 $36M $100.25 $1M +6,390 +1.8%
9 SPY 2.68% 43,791 $29M $666.18 $2M -204 -0.5%
10 FBIZ 1.76% 374,233 $19M $51.26 -$802K -20,258 -5.1%
11 NVDA 1.60% 93,654 $17M $186.58 $1M -8,059 -7.9%
12 AAPL 1.32% 56,477 $14M $254.63 $2M -3,154 -5.3%
13 AVGO 1.12% 36,835 $12M $329.91 $1M -3,102 -7.8%
14 JPST 0.94% 202,797 $10M $50.73 $301K +5,730 +2.9%
15 JPM 0.91% 31,583 $10M $315.43 $120K -2,367 -7.0%
16 MSFT 0.89% 18,803 $10M $517.95 $724K +680 +3.8%
17 GOOGL 0.86% 38,376 $9M $243.10 $2M -2,372 -5.8%
18 ANET 0.76% 57,092 $8M $145.71 $2M -8,784 -13.3%
19 CAT 0.64% 14,667 $7M $477.15 $1M
20 PWR 0.53% 13,845 $6M $414.42 $207K -783 -5.3%
21 MTUM 0.48% 20,335 $5M $256.45 $328K
22 XLK 0.47% 18,249 $5M $281.86 $522K
23 MUB 0.43% 43,656 $5M $106.49 $152K +614 +1.4%
24 DE 0.42% 10,040 $5M $457.26 -$514K
25 BRK-A 0.42% 6 $5M $754,200.00 $152K
26 LLY 0.39% 5,601 $4M $763.00 -$544K -579 -9.4%
27 ABC 0.38% 13,344 $4M $312.53 -$511K -2,268 -14.5%
28 IVV 0.36% 5,873 $4M $669.30 $284K
29 COST 0.36% 4,179 $4M $925.63 -$670K -405 -8.8%
30 CIEN 0.35% 25,956 $4M $145.67 $2M -1,724 -6.2%
31 MGEE 0.34% 44,382 $4M $84.18 -$412K -2,517 -5.4%
32 BAC 0.33% 69,648 $4M $51.59 $208K -1,895 -2.6%
33 C 0.33% 34,915 $4M $101.50 $237K -3,937 -10.1%
34 LRCX 0.32% 26,211 $4M $133.90 $660K -3,069 -10.5%
35 TMUS 0.30% 13,679 $3M $239.38 -$345K -1,512 -9.9%
36 SYK 0.29% 8,430 $3M $369.67 -$641K -1,068 -11.2%
37 XOM 0.27% 26,362 $3M $112.75 -$183K -2,910 -9.9%
38 EA 0.27% 14,682 $3M $201.70 $255K -2,267 -13.4%
39 RSG 0.27% 12,715 $3M $229.48 -$622K -1,641 -11.4%
40 GD 0.27% 8,540 $3M $341.00 $52K -1,265 -12.9%
41 ADI 0.26% 11,623 $3M $245.70 -$342K -1,810 -13.5%
42 TJX 0.24% 17,798 $3M $144.54 $100K -2,227 -11.1%
43 KO 0.23% 37,455 $2M $66.32 -$215K -697 -1.8%
44 XLE 0.22% 27,122 $2M $89.34 $112K -130 -0.5%
45 ICE 0.22% 14,332 $2M $168.48 -$592K -2,057 -12.6%
46 AMZN 0.22% 10,929 $2M $219.57 $300K +1,360 +14.2%
47 NFLX 0.22% 1,995 $2M $1,198.92 $91K +277 +16.1%
48 NUE 0.21% 17,203 $2M $135.43 $311K +1,622 +10.4%
49 EXPE 0.21% 10,616 $2M $213.75 $345K -790 -6.9%
50 NEE 0.20% 29,560 $2M $75.49 -$16K -2,819 -8.7%
51 EQIX 0.20% 2,845 $2M $783.24 -$379K -433 -13.2%
52 TXN 0.20% 12,033 $2M $183.73 -$502K -1,034 -7.9%
53 XLI 0.20% 14,013 $2M $154.23 $94K
54 CSCO 0.19% 30,679 $2M $68.42 -$382K -5,087 -14.2%
55 LOW 0.19% 8,088 $2M $251.31 $51K -845 -9.5%
56 TOL 0.18% 14,579 $2M $138.14 $414K +564 +4.0%
57 GLD 0.17% 5,180 $2M $355.47 $262K
58 PRU 0.16% 17,155 $2M $103.74 -$303K -2,233 -11.5%
59 GOOG 0.16% 7,216 $2M $243.55 $442K -200 -2.7%
60 DRI 0.16% 9,229 $2M $190.36 -$567K -1,433 -13.4%
61 PM 0.16% 10,487 $2M $162.20 -$209K
62 ABBV 0.15% 7,278 $2M $231.54 $306K -150 -2.0%
63 IQV 0.15% 8,422 $2M $189.94 $108K -1,044 -11.0%
64 IWB 0.14% 4,244 $2M $365.48 -$343K -1,334 -23.9%
65 EOG 0.14% 13,820 $2M $112.12 -$212K -907 -6.2%
66 XLY 0.14% 6,451 $2M $239.64 $144K
67 OSK 0.14% 11,845 $2M $129.70 $203K +103 +0.9%
68 QCOM 0.14% 8,985 $1M $166.36 -$98K -1,019 -10.2%
69 PLTR 0.14% 8,116 $1M $182.42 $227K -1,082 -11.8%
70 KR 0.13% 21,530 $1M $67.41 -$381K -4,020 -15.7%
71 SLB 0.13% 39,793 $1M $34.37 -$117K -4,136 -9.4%
72 XLF 0.12% 24,095 $1M $53.87 $36K
73 VB 0.12% 5,039 $1M $254.28 -$519K -2,557 -33.7%
74 IWM 0.11% 5,020 $1M $241.96 -$3K -622 -11.0%
75 AEP 0.11% 10,599 $1M $112.50 +10,599 NEW
76 AEE 0.11% 11,155 $1M $104.38 $93K
77 VOX 0.11% 6,200 $1M $187.73 $104K
78 PG 0.10% 7,345 $1M $153.65 -$26K +100 +1.4%
79 APO 0.10% 7,962 $1M $133.27 -$42K +185 +2.4%
80 LNT 0.10% 15,614 $1M $67.41 $108K
81 BRK-B 0.09% 2,047 $1M $502.74 -$62K -200 -8.9%
82 ACN 0.09% 4,167 $1M $246.60 -$218K
83 IWO 0.09% 3,132 $1M $320.04 $107K
84 CRM 0.09% 4,139 $981K $237.00 -$185K -137 -3.2%
85 BLK 0.09% 831 $969K $1,165.87 $97K
86 CL 0.08% 11,538 $922K $79.94 -$196K -764 -6.2%
87 NULV 0.08% 21,003 $920K $43.83 $30K -246 -1.2%
88 JNJ 0.08% 4,947 $917K $185.42 $121K -267 -5.1%
89 WMT 0.08% 8,592 $885K $103.06 $44K -18 -0.2%
90 CVX 0.08% 5,649 $877K $155.29 $46K -158 -2.7%
91 VO 0.08% 2,969 $872K $293.74 $41K
92 TDG 0.08% 652 $859K $1,318.02 -$132K
93 META 0.08% 1,138 $836K $734.38 -$4K
94 XLC 0.08% 7,057 $835K $118.37 $69K
95 USMV 0.08% 8,694 $827K $95.14 $11K
96 IWN 0.07% 4,604 $814K $176.81 $88K
97 MDLZ 0.07% 12,980 $811K $62.47 -$65K
98 ITW 0.07% 3,006 $784K $260.76 -$9K -200 -6.2%
99 ETN 0.07% 2,062 $772K $374.25 $36K
100 OKLO 0.07% 6,650 $742K $111.63 $462K +1,650 +33.0%

New Positions

SymbolValue% Port
AEP $1M 0.11%
PSX $222K 0.02%
MPC $215K 0.02%
PPL $206K 0.02%
CRL $203K 0.02%
WFC $203K 0.02%
GILD $200K 0.02%
UA $48K —%
GPRO $21K —%

Sold Out Positions

SymbolValue% Port
AMT —%
HLT —%
CTVA —%
CSX —%
HON —%
CRWD —%
ADBE —%
SBUX —%
F-PD —%
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