# First Business Financial Services, Inc.

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1521951. Source: https://holderbook.com/funds/1521951-first-business-financial-services-inc/

- Reported value: $1.3B
- Positions: 201
- Weight of the ten largest: 68.7%
- Filed: 2026-07-28

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| VANGUARD INDEX FDS | [VTI](https://holderbook.com/stocks/VTI/) | $294.1M | 794,853 | 22.8% | 31 |
| ISHARES TR | [IEFA](https://holderbook.com/stocks/IEFA/) | $151.4M | 1,567,578 | 11.7% | 31 |
| ISHARES TR | [IWF](https://holderbook.com/stocks/IWF/) | $90.9M | 731,884 | 7.0% | 31 |
| ISHARES TR | [IJR](https://holderbook.com/stocks/IJR/) | $74.5M | 502,002 | 5.8% | 31 |
| ISHARES TR | [IWD](https://holderbook.com/stocks/IWD/) | $64.4M | 265,835 | 5.0% | 31 |
| ISHARES TR | [DGRO](https://holderbook.com/stocks/DGRO/) | $63.6M | 839,061 | 4.9% | 17 |
| ISHARES TR | [IJH](https://holderbook.com/stocks/IJH/) | $54.9M | 711,692 | 4.3% | 31 |
| ISHARES TR | [AGG](https://holderbook.com/stocks/AGG/) | $38.5M | 388,636 | 3.0% | 31 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $32.6M | 43,684 | 2.5% | 31 |
| FIRST BUSINESS FINL SVCS INC | [FBIZ](https://holderbook.com/stocks/FBIZ/) | $21.5M | 340,189 | 1.7% | 31 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $20.5M | 102,546 | 1.6% | 24 |
| J P MORGAN EXCHANGE TRADED F | [JPST](https://holderbook.com/stocks/JPST/) | $18.4M | 363,803 | 1.4% | 15 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $17.3M | 59,954 | 1.3% | 31 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $15.6M | 41,248 | 1.2% | 31 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $15.6M | 43,589 | 1.2% | 31 |
| CIENA CORP | [CIEN](https://holderbook.com/stocks/CIEN/) | $14.1M | 28,808 | 1.1% | 13 |
| LAM RESEARCH CORP | [LRCX](https://holderbook.com/stocks/LRCX/) | $14.1M | 32,515 | 1.1% | 7 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $11.8M | 36,121 | 0.9% | 31 |
| ARISTA NETWORKS INC | [ANET](https://holderbook.com/stocks/ANET/) | $11.7M | 68,750 | 0.9% | 7 |
| QUANTA SVCS INC | [PWR](https://holderbook.com/stocks/PWR/) | $11.2M | 15,594 | 0.9% | 29 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $8.0M | 6,642 | 0.6% | 27 |
| VANGUARD MALVERN FDS | [VTIP](https://holderbook.com/stocks/VTIP/) | $7.5M | 150,171 | 0.6% | 2 |
| ISHARES TR | [MTUM](https://holderbook.com/stocks/MTUM/) | $7.0M | 20,335 | 0.5% | 26 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $7.0M | 18,644 | 0.5% | 31 |
| SELECT SECTOR SPDR TR | [XLK](https://holderbook.com/stocks/XLK/) | $7.0M | 36,498 | 0.5% | 26 |
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $6.5M | 8,639 | 0.5% | 31 |
| ISHARES TR | [MUB](https://holderbook.com/stocks/MUB/) | $5.9M | 54,736 | 0.5% | 7 |
| CITIGROUP INC | [C](https://holderbook.com/stocks/C/) | $5.8M | 41,453 | 0.4% | 21 |
| ANALOG DEVICES INC | [ADI](https://holderbook.com/stocks/ADI/) | $5.5M | 13,874 | 0.4% | 31 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $4.6M | 80,030 | 0.4% | 25 |
| NUCOR CORP | [NUE](https://holderbook.com/stocks/NUE/) | $4.6M | 20,457 | 0.4% | 5 |
| CENCORA INC | [COR](https://holderbook.com/stocks/COR/) | $4.5M | 16,022 | 0.4% | 31 |
| BERKSHIRE HATHAWAY INC DEL | [BRKA](https://holderbook.com/stocks/BRKA/) | $4.5M | 6 | 0.3% | 6 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $4.4M | 4,723 | 0.3% | 25 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $4.2M | 30,811 | 0.3% | 31 |
| TEXAS INSTRS INC | [TXN](https://holderbook.com/stocks/TXN/) | $4.2M | 13,969 | 0.3% | 31 |
| GENERAL DYNAMICS CORP | [GD](https://holderbook.com/stocks/GD/) | $3.6M | 10,301 | 0.3% | 17 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $3.6M | 31,038 | 0.3% | 31 |
| TIDAL TRUST II | [RSSB](https://holderbook.com/stocks/RSSB/) | $3.6M | 118,108 | 0.3% | 2 |
| EQUINIX INC | [EQIX](https://holderbook.com/stocks/EQIX/) | $3.6M | 3,418 | 0.3% | 9 |
| EXPEDIA GROUP INC | [EXPE](https://holderbook.com/stocks/EXPE/) | $3.2M | 12,670 | 0.3% | 27 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $3.2M | 39,772 | 0.3% | 31 |
| STRYKER CORPORATION | [SYK](https://holderbook.com/stocks/SYK/) | $3.2M | 10,025 | 0.2% | 31 |
| REPUBLIC SVCS INC | [RSG](https://holderbook.com/stocks/RSG/) | $3.1M | 14,459 | 0.2% | 27 |
| PRUDENTIAL FINL INC | [PRU](https://holderbook.com/stocks/PRU/) | $3.1M | 28,540 | 0.2% | 17 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $3.1M | 12,887 | 0.2% | 25 |
| TJX COS INC NEW | [TJX](https://holderbook.com/stocks/TJX/) | $3.1M | 20,159 | 0.2% | 31 |
| NEXTERA ENERGY INC | [NEE](https://holderbook.com/stocks/NEE/) | $3.0M | 34,658 | 0.2% | 28 |
| TOLL BROTHERS INC | [TOL](https://holderbook.com/stocks/TOL/) | $3.0M | 18,086 | 0.2% | 5 |
| T-MOBILE US INC | [TMUS](https://holderbook.com/stocks/TMUS/) | $2.9M | 17,473 | 0.2% | 27 |
| ELECTRONIC ARTS INC | [EA](https://holderbook.com/stocks/EA/) | $2.9M | 14,127 | 0.2% | 27 |
| SELECT SECTOR SPDR TR | [XLE](https://holderbook.com/stocks/XLE/) | $2.9M | 54,244 | 0.2% | 26 |
| SELECT SECTOR SPDR TR | [XLI](https://holderbook.com/stocks/XLI/) | $2.6M | 14,013 | 0.2% | 26 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $2.6M | 4,553 | 0.2% | 22 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $2.5M | 7,019 | 0.2% | 31 |
| DARDEN RESTAURANTS INC | [DRI](https://holderbook.com/stocks/DRI/) | $2.3M | 11,096 | 0.2% | 27 |
| OSHKOSH CORP | [OSK](https://holderbook.com/stocks/OSK/) | $2.3M | 14,778 | 0.2% | 5 |
| INTERCONTINENTAL EXCHANGE IN | [ICE](https://holderbook.com/stocks/ICE/) | $2.2M | 17,807 | 0.2% | 31 |
| CORNING INC | [GLW](https://holderbook.com/stocks/GLW/) | $2.2M | 8,538 | 0.2% | 29 |
| LOWES COS INC | [LOW](https://holderbook.com/stocks/LOW/) | $2.1M | 9,726 | 0.2% | 31 |
| ADVANCED MICRO DEVICES INC | [AMD](https://holderbook.com/stocks/AMD/) | $2.1M | 3,600 | 0.2% | 21 |
| HOWMET AEROSPACE INC | [HWM](https://holderbook.com/stocks/HWM/) | $2.1M | 7,638 | 0.2% | 1 |
| QUALCOMM INC | [QCOM](https://holderbook.com/stocks/QCOM/) | $1.9M | 10,546 | 0.2% | 27 |
| PHILIP MORRIS INTL INC | [PM](https://holderbook.com/stocks/PM/) | $1.9M | 10,548 | 0.1% | 31 |
| AMERICAN ELEC PWR CO INC | [AEP](https://holderbook.com/stocks/AEP/) | $1.9M | 13,845 | 0.1% | 4 |
| SLB LIMITED | [SLB](https://holderbook.com/stocks/SLB/) | $1.9M | 40,368 | 0.1% | 19 |
| IQVIA HLDGS INC | [IQV](https://holderbook.com/stocks/IQV/) | $1.8M | 9,340 | 0.1% | 13 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $1.8M | 7,047 | 0.1% | 25 |
| ISHARES TR | [IWB](https://holderbook.com/stocks/IWB/) | $1.7M | 4,244 | 0.1% | 31 |
| NETFLIX INC | [NFLX](https://holderbook.com/stocks/NFLX/) | $1.6M | 22,065 | 0.1% | 5 |
| SPDR GOLD TR | [GLD](https://holderbook.com/stocks/GLD/) | $1.6M | 4,247 | 0.1% | 30 |
| VANGUARD INDEX FDS | [VB](https://holderbook.com/stocks/VB/) | $1.5M | 5,070 | 0.1% | 31 |
| KROGER CO | [KR](https://holderbook.com/stocks/KR/) | $1.5M | 27,577 | 0.1% | 31 |
| SELECT SECTOR SPDR TR | [XLY](https://holderbook.com/stocks/XLY/) | $1.5M | 12,902 | 0.1% | 18 |
| COLGATE PALMOLIVE CO | [CL](https://holderbook.com/stocks/CL/) | $1.5M | 16,294 | 0.1% | 5 |
| ISHARES TR | [IWM](https://holderbook.com/stocks/IWM/) | $1.5M | 4,950 | 0.1% | 31 |
| ASML HLDG NV | [ASML](https://holderbook.com/stocks/ASML/) | $1.5M | 734 | 0.1% | 6 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $1.4M | 2,838 | 0.1% | 19 |
| ATI INC | [ATI](https://holderbook.com/stocks/ATI/) | $1.4M | 7,158 | 0.1% | 29 |
| APOLLO GLOBAL MGMT INC | [APO](https://holderbook.com/stocks/APO/) | $1.4M | 11,607 | 0.1% | 5 |
| SELECT SECTOR SPDR TR | [XLF](https://holderbook.com/stocks/XLF/) | $1.3M | 24,095 | 0.1% | 26 |
| ISHARES TR | [IWO](https://holderbook.com/stocks/IWO/) | $1.2M | 3,132 | 0.1% | 31 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $1.2M | 4,776 | 0.1% | 31 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $1.2M | 9,062 | 0.1% | 31 |
| VANGUARD WORLD FD | [VOX](https://holderbook.com/stocks/VOX/) | $1.1M | 6,200 | 0.1% | 26 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $1.1M | 9,601 | 0.1% | 31 |
| EATON CORP PLC | [ETN](https://holderbook.com/stocks/ETN/) | $1.0M | 2,446 | 0.1% | 21 |
| VANGUARD INDEX FDS | [VO](https://holderbook.com/stocks/VO/) | $1.0M | 12,820 | 0.1% | 22 |
| PALANTIR TECHNOLOGIES INC | [PLTR](https://holderbook.com/stocks/PLTR/) | $1.0M | 8,758 | 0.1% | 19 |
| ISHARES TR | [IWN](https://holderbook.com/stocks/IWN/) | $1.0M | 4,604 | 0.1% | 31 |
| NUSHARES ETF TR | [NULV](https://holderbook.com/stocks/NULV/) | $950.1K | 19,006 | 0.1% | 16 |
| SIMPLIFY EXCHANGE TRADED FUN | [CTA](https://holderbook.com/stocks/CTA/) | $930.0K | 35,851 | 0.1% | 2 |
| MARVELL TECHNOLOGY INC | [MRVL](https://holderbook.com/stocks/MRVL/) | $894.0K | 3,001 | 0.1% | 5 |
| SALESFORCE INC | [CRM](https://holderbook.com/stocks/CRM/) | $876.4K | 5,594 | 0.1% | 5 |
| TRANSDIGM GROUP INC | [TDG](https://holderbook.com/stocks/TDG/) | $871.2K | 654 | 0.1% | 25 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $865.4K | 1,197 | 0.1% | 5 |
| ISHARES TR | [USMV](https://holderbook.com/stocks/USMV/) | $838.6K | 8,694 | 0.1% | 28 |
| BLACKROCK INC | [BLK](https://holderbook.com/stocks/BLK/) | $804.8K | 837 | 0.1% | 7 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $802.6K | 5,473 | 0.1% | 31 |
| SELECT SECTOR SPDR TR | [XLC](https://holderbook.com/stocks/XLC/) | $783.9K | 7,317 | 0.1% | 18 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +13.1% | +14.8% | -1.7% | 100% |
| Q1 2026 | -1.5% | -4.6% | +3.1% | 100% |
| Q4 2025 | +2.6% | +2.4% | +0.3% | 100% |
| Q3 2025 | +7.4% | +7.8% | -0.5% | 100% |
| Q2 2025 | +9.1% | +10.5% | -1.4% | 100% |
| Q1 2025 | -3.0% | -4.6% | +1.5% | 100% |
| Q4 2024 | -0.1% | +2.1% | -2.2% | 98% |
| Q3 2024 | +6.4% | +5.4% | +1.0% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $1.3B | 201 |
| Q1 2026 | $1.1B | 192 |
| Q4 2025 | $1.1B | 168 |
| Q3 2025 | $1.1B | 185 |
| Q2 2025 | $1.1B | 185 |
| Q1 2025 | $1.0B | 170 |
| Q4 2024 | $1.0B | 162 |
| Q3 2024 | $999.2M | 159 |
| Q2 2024 | $943.3M | 157 |
| Q1 2024 | $932.5M | 165 |
| Q4 2023 | $860.2M | 162 |
| Q3 2023 | $784.8M | 168 |