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FIRST BUSINESS FINANCIAL SERVICES, INC.

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

Q4 2025 · Filed 2026-02-06
Market Value
$1.1B
-0.1%
Holdings
186
-7
New Purchases
2
Added To
53
Closed
19
Reduced
65
Top 10 Concentration
72.7%
Turnover
11.3%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
GOOGL 1.12% 0.86% +0.26% $12M
IEFA 12.44% 12.19% +0.25% $135M
CIEN 0.57% 0.35% +0.23% $6M
LLY 0.56% 0.39% +0.17% $6M
AGG 3.50% 3.34% +0.16% $38M
META 0.23% 0.08% +0.16% $3M
IWD 5.07% 4.96% +0.11% $55M
AAPL 1.42% 1.32% +0.10% $15M
LRCX 0.42% 0.32% +0.10% $5M
PRU 0.26% 0.16% +0.10% $3M
DGRO 5.24% 5.15% +0.09% $57M
AVGO 1.20% 1.12% +0.09% $13M
EXPE 0.29% 0.21% +0.08% $3M
JPST 1.01% 0.94% +0.07% $11M
SPY 2.74% 2.68% +0.07% $30M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
CAT 0.04% 0.64% -0.61% $385K
DE 0.00% 0.42% -0.42% $0
MGEE 0.05% 0.34% -0.30% $490K
IWF 7.92% 8.07% -0.16% $86M
EOG 0.00% 0.14% -0.14% $0
MSFT 0.79% 0.89% -0.11% $9M
AEE 0.00% 0.11% -0.11% $0
LNT 0.03% 0.10% -0.06% $354K
PLOW 0.00% 0.06% -0.06% $0
ANET 0.71% 0.76% -0.05% $8M
NFLX 0.17% 0.22% -0.05% $2M
CVX 0.04% 0.08% -0.04% $416K
TMUS 0.26% 0.30% -0.04% $3M
PNC 0.03% 0.06% -0.04% $281K
TTC 0.00% 0.03% -0.03% $0

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 $447M 41.0%
Large Cap 111 $616M 56.5%
Mid Cap 13 $6M 0.5%
Small Cap 4 $20M 1.9%
Micro Cap 1 $0 0.0%

Portfolio Analytics

Avg Market Cap
$322.2B
Median Market Cap
$104.5B
Avg P/E
34.8
Median P/E
24.6
Avg Dividend Yield
0.02%
Avg Beta
0.98
# Stocks
142
# ETFs / Funds
44

Top Holdings (186 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 VTI 24.30% 788,902 $264M $335.27 -$380K -18,227 -2.3%
2 IEFA 12.44% 1,513,690 $135M $89.46 $3M -7,285 -0.5%
3 IWF 7.92% 182,074 $86M $473.30 -$2M -5,694 -3.0%
4 IJR 5.44% 492,711 $59M $120.18 -$132K -6,707 -1.3%
5 DGRO 5.24% 822,044 $57M $69.42 $967K -1,982 -0.2%
6 IWD 5.07% 262,423 $55M $210.34 $1M -3,006 -1.1%
7 IJH 4.22% 696,772 $46M $66.00 $33K -7,398 -1.1%
8 AGG 3.50% 381,535 $38M $99.88 $2M +18,241 +5.0%
9 SPY 2.74% 43,791 $30M $681.92 $689K
10 FBIZ 1.80% 361,311 $20M $54.30 $436K -12,922 -3.5%
11 NVDA 1.62% 94,501 $18M $186.50 $150K +847 +0.9%
12 AAPL 1.42% 56,928 $15M $271.86 $1M +451 +0.8%
13 AVGO 1.20% 37,823 $13M $346.10 $938K +988 +2.7%
14 GOOGL 1.12% 38,978 $12M $313.00 $3M +602 +1.6%
15 JPST 1.01% 217,698 $11M $50.59 $725K +14,901 +7.3%
16 JPM 0.95% 32,107 $10M $322.22 $383K +524 +1.7%
17 MSFT 0.79% 17,678 $9M $483.62 -$1M -1,125 -6.0%
18 ANET 0.71% 59,041 $8M $131.03 -$583K +1,949 +3.4%
19 CIEN 0.57% 26,740 $6M $233.87 $2M +784 +3.0%
20 LLY 0.56% 5,719 $6M $1,074.68 $2M +118 +2.1%
21 PWR 0.55% 14,111 $6M $422.06 $218K +266 +1.9%
22 XLK 0.48% 36,498 $5M $143.97 $111K +18,249 +100.0%
23 MTUM 0.47% 20,335 $5M $250.31 -$125K
24 MUB 0.44% 45,130 $5M $107.11 $185K +1,474 +3.4%
25 ABC 0.43% 13,742 $5M $337.75 $471K +398 +3.0%
26 LRCX 0.42% 26,859 $5M $171.18 $1M +648 +2.5%
27 BRK-A 0.42% 6 $5M $754,800.00 $4K
28 C 0.39% 35,927 $4M $116.69 $648K +1,012 +2.9%
29 IVV 0.37% 5,873 $4M $684.94 $92K
30 BAC 0.36% 71,291 $4M $55.00 $328K +1,643 +2.4%
31 COST 0.33% 4,208 $4M $862.34 -$239K +29 +0.7%
32 ADI 0.30% 11,959 $3M $271.20 $388K +336 +2.9%
33 XOM 0.30% 26,898 $3M $120.34 $265K +536 +2.0%
34 EXPE 0.29% 10,953 $3M $283.31 $834K +337 +3.2%
35 SYK 0.28% 8,689 $3M $351.47 -$62K +259 +3.1%
36 GD 0.27% 8,822 $3M $336.66 $58K +282 +3.3%
37 NUE 0.27% 17,808 $3M $163.11 $575K +605 +3.5%
38 EA 0.27% 14,190 $3M $204.33 -$62K -492 -3.4%
39 TMUS 0.26% 14,101 $3M $203.04 -$411K +422 +3.1%
40 PRU 0.26% 25,141 $3M $112.88 $1M +7,986 +46.5%
41 TJX 0.25% 17,940 $3M $153.61 $183K +142 +0.8%
42 KO 0.24% 38,069 $3M $69.91 $177K +614 +1.6%
43 RSG 0.24% 12,495 $3M $211.93 -$270K -220 -1.7%
44 META 0.23% 3,843 $3M $660.09 $2M +2,705 +237.7%
45 AMZN 0.23% 10,829 $2M $230.82 $100K -100 -0.9%
46 NEE 0.22% 30,371 $2M $80.28 $207K +811 +2.7%
47 XLE 0.22% 54,244 $2M $44.71 $2K +27,122 +100.0%
48 ICE 0.22% 14,745 $2M $161.96 -$27K +413 +2.9%
49 CSCO 0.21% 30,321 $2M $77.03 $237K -358 -1.2%
50 EQIX 0.21% 2,947 $2M $766.16 $30K +102 +3.6%
51 XLI 0.20% 14,013 $2M $155.12 $12K
52 GOOG 0.20% 6,896 $2M $313.80 $407K -320 -4.4%
53 TXN 0.20% 12,335 $2M $173.49 -$71K +302 +2.5%
54 GLD 0.19% 5,247 $2M $396.31 $238K +67 +1.3%
55 TOL 0.19% 15,109 $2M $135.22 $29K +530 +3.6%
56 LOW 0.19% 8,360 $2M $241.16 -$16K +272 +3.4%
57 NFLX 0.17% 19,889 $2M $93.76 -$527K +17,894 +896.9%
58 IQV 0.16% 7,925 $2M $225.41 $187K -497 -5.9%
59 DRI 0.16% 9,536 $2M $184.02 -$2K +307 +3.3%
60 PM 0.15% 10,458 $2M $160.40 -$24K -29 -0.3%
61 IWB 0.15% 4,244 $2M $373.44 $34K
62 QCOM 0.14% 9,169 $2M $171.05 $74K +184 +2.0%
63 ABBV 0.14% 6,840 $2M $228.49 -$122K -438 -6.0%
64 XLY 0.14% 12,902 $2M $119.41 -$5K +6,451 +100.0%
65 OSK 0.14% 12,110 $2M $125.63 -$15K +265 +2.2%
66 PLTR 0.13% 8,116 $1M $177.75 -$38K
67 KR 0.13% 22,507 $1M $62.48 -$45K +977 +4.5%
68 SLB 0.13% 35,613 $1M $38.38 -$858 -4,180 -10.5%
69 XLF 0.12% 24,095 $1M $54.77 $22K
70 AEP 0.12% 11,322 $1M $115.31 $113K +723 +6.8%
71 VB 0.12% 5,039 $1M $257.95 $18K
72 APO 0.11% 8,636 $1M $144.76 $189K +674 +8.5%
73 IWM 0.11% 4,950 $1M $246.16 $4K -70 -1.4%
74 VOX 0.11% 6,200 $1M $193.63 $37K
75 CRM 0.10% 4,295 $1M $264.91 $157K +156 +3.8%
76 ACN 0.10% 3,884 $1M $268.30 $14K -283 -6.8%
77 BRK-B 0.09% 2,047 $1M $502.65 -$184
78 IWO 0.09% 3,132 $1M $323.01 $9K
79 CL 0.09% 12,370 $977K $79.02 $55K +832 +7.2%
80 JNJ 0.09% 4,635 $959K $206.95 $42K -312 -6.3%
81 MRK 0.09% 8,804 $927K $105.26 $186K -20 -0.2%
82 WMT 0.09% 8,309 $926K $111.41 $40K -283 -3.3%
83 PG 0.08% 6,360 $911K $143.31 -$217K -985 -13.4%
84 BLK 0.08% 835 $894K $1,070.34 -$75K +4 +0.5%
85 TDG 0.08% 652 $867K $1,329.85 $8K
86 NULV 0.08% 19,185 $864K $45.05 -$56K -1,818 -8.7%
87 VO 0.08% 2,969 $862K $290.22 -$10K
88 XLC 0.08% 7,317 $861K $117.72 $26K +260 +3.7%
89 ATI 0.08% 7,484 $859K $114.76 $250K
90 IWN 0.08% 4,604 $834K $181.21 $20K
91 USMV 0.08% 8,694 $819K $94.16 -$9K
92 SLV 0.07% 12,230 $788K $64.42 $270K
93 ASML 0.07% 732 $783K $1,069.86 $70K -5 -0.7%
94 GLW 0.07% 8,369 $733K $87.56 $46K
95 VUG 0.07% 1,502 $733K $487.86 $12K
96 ISRG 0.06% 1,240 $702K $566.36 $143K -11 -0.9%
97 ABT 0.06% 5,443 $682K $125.29 -$47K
98 AMD 0.06% 3,146 $674K $214.16 $102K -390 -11.0%
99 MCD 0.06% 2,188 $669K $305.63 -$9K -41 -1.8%
100 MDLZ 0.06% 12,118 $652K $53.83 -$159K -862 -6.6%

New Positions

SymbolValue% Port
EXAS $225K 0.02%
TFC $211K 0.02%

Sold Out Positions

SymbolValue% Port
HCA —%
HWM —%
PSX —%
AEE —%
EOG —%
NKE —%
GEV —%
DE —%
PLOW —%
T —%
MPC —%
PPL —%
TTC —%
GPRO —%
INTC —%
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