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First Business Financial Services, Inc. — 13F Holdings & Portfolio

CIK 1521951 · latest 13F-HR filed 2026-07-28

Backtest portfolio

First Business Financial Services, Inc. manages $1.29B in 13F-reported U.S. long-equity assets across 201 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are VTI (22.81%), IEFA (11.74%), IWF (7.05%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 15 new positions and exited 6; 124 existing positions rose in reported value and 28 fell.

AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.

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AUM
$1.29B

Long-equity book

Holdings
201

Distinct positions

Period
2026-06-30

Filed 2026-07-28

Q/Q Activity
+15 / −6 / ↑124 / ↓28

vs 2026-03-31

Portfolio charts

Latest quarter's book, what changed, and how the portfolio has evolved across filings.

Portfolio map

Q2 26
VTI22.8% · -0%IEFA11.7% · +1%IWF7.0% · +299%IJR5.8% · +0%IWD5.0% · -0%DGRO4.9% · +0%IJH4.3% · +1%AGG3.0% · +3%SPY2.5% · -0%FBIZ1.7% · -6%NVDA1.6% · +3%JPST1.4% · +4%AAPL1.3% · +1%AVGO1.2% · -1%GOOGL1.2% · +3%CIEN1.1% · -4%LRCX1.1% · +5%JPM0.9% · +2%ANET0.9% · +4%PWR0.9% · +0%LLY0.6% · +4%VTIP0.6% · +13%MTUM0.5% · 0%MSFT0.5% · +3%XLK0.5% · 0%IVV0.5% · +33%MUB0.5% · +3%C0.5% · +4%ADI0.4% · +4%BAC0.4% · +3%NUE0.4% · +4%COR0.4% · +4%BRK.A0.3% · 0%COST0.3% · +2%XOM0.3% · +5%TXN0.3% · +3%GD0.3% · +4%CSCO0.3% · -0%RSSB0.3% · +51%EQIX0.3% · +4%EXPE0.3% · +4%KO0.3% · +3%SYK0.2% · +4%RSG0.2% · +2%PRU0.2% · +2%AMZN0.2% · +4%TJX0.2% · +4%NEE0.2% · +4%TOL0.2% · +6%TMUS0.2% · +3%EA0.2% · -0%XLE0.2% · 0%XLI0.2% · 0%META0.2% · +5%GOOG0.2% · +2%DRI0.2% · +4%OSK0.2% · +5%ICE0.2% · +3%GLW0.2% · -5%LOW0.2% · +4%

Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.

Sector mix

% of 13F value

Sectors from each company's SIC code; funds and ETFs grouped separately.

Biggest buys and sells

Q1 26 → Q2 26

Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.

13F assets and positions

3 quarters

Total reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.

Top positions over time

reported value

The eight largest current positions, valued at each quarter end.

Concentration

top 10 = 68.7%

Cumulative share of the portfolio held in the largest N positions.

Firm Profile & Key People

Name Title / Status Ownership Type

Quarter-over-quarter changes

Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.

First Business Financial Services, Inc. Holdings (2026-06-30)

Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).

# Issuer Symbol CUSIP Value Weight Shares Type
1 Vanguard Total Stock Market ET VTI 922908769 $294.1M 22.81% 794,853 SH
2 iShares Core MSCI EAFE ETF IEFA 46432F842 $151.4M 11.74% 1,567,578 SH
3 iShares Russell 1000 Growth ET IWF 464287614 $90.9M 7.05% 731,884 SH
4 iShares Core S&P Small-Cap ETF IJR 464287804 $74.5M 5.77% 502,002 SH
5 iShares Russell 1000 Value ETF IWD 464287598 $64.4M 5.00% 265,835 SH
6 iShares Core Dividend Growth DGRO 46434V621 $63.6M 4.93% 839,061 SH
7 iShares Core S&P Mid-Cap ETF IJH 464287507 $54.9M 4.26% 711,692 SH
8 iShares Core US Aggregate Bond AGG 464287226 $38.5M 2.98% 388,636 SH
9 State Street SPDR S&P 500 ETF SPY 78462F103 $32.6M 2.53% 43,684 SH
10 First Business Financial Servi FBIZ 319390100 $21.5M 1.67% 340,189 SH
11 Nvidia Corp NVDA 67066G104 $20.5M 1.59% 102,546 SH
12 JPMorgan Ultra-Short Income ET JPST 46641Q837 $18.4M 1.43% 363,803 SH
13 Apple Inc AAPL 037833100 $17.3M 1.35% 59,954 SH
14 Broadcom Inc AVGO 11135F101 $15.6M 1.21% 41,248 SH
15 Alphabet Inc Cap Stk Cl A GOOGL 02079K305 $15.6M 1.21% 43,589 SH
16 Ciena Corp CIEN 171779309 $14.1M 1.10% 28,808 SH
17 Lam Research Corporation LRCX 512807306 $14.1M 1.09% 32,515 SH
18 JPMorgan Chase & Co JPM 46625H100 $11.8M 0.92% 36,121 SH
19 Arista Networks Inc ANET 040413205 $11.7M 0.91% 68,750 SH
20 Quanta Services Inc PWR 74762E102 $11.2M 0.87% 15,594 SH
21 Lilly Eli Co LLY 532457108 $8.0M 0.62% 6,642 SH
22 Vanguard Short-Term Inflation VTIP 922020805 $7.5M 0.59% 150,171 SH
23 iShares Edge MSCI USA Momentum MTUM 46432F396 $7.0M 0.54% 20,335 SH
24 Microsoft Corp MSFT 594918104 $7.0M 0.54% 18,644 SH
25 State Street Technology Select XLK 81369Y803 $7.0M 0.54% 36,498 SH
26 iShares S&P 500 Core IVV 464287200 $6.5M 0.50% 8,639 SH
27 iShares National Muni Bond ETF MUB 464288414 $5.9M 0.46% 54,736 SH
28 Citigroup Inc C 172967424 $5.8M 0.45% 41,453 SH
29 Analog Devices Inc ADI 032654105 $5.5M 0.43% 13,874 SH
30 Bank of America Corp BAC 060505104 $4.6M 0.35% 80,030 SH
31 Nucor Corp NUE 670346105 $4.6M 0.35% 20,457 SH
32 CENCORA INC COR 03073E105 $4.5M 0.35% 16,022 SH
33 Berkshire Hathaway Inc Class A BRK.A 084670108 $4.5M 0.35% 6 SH
34 Costco Wholesale Corp COST 22160K105 $4.4M 0.34% 4,723 SH
35 Exxon Mobil Corp XOM 30231G102 $4.2M 0.33% 30,811 SH
36 Texas Instruments Inc TXN 882508104 $4.2M 0.32% 13,969 SH
37 General Dynamics Corp GD 369550108 $3.6M 0.28% 10,301 SH
38 Cisco Systems Inc CSCO 17275R102 $3.6M 0.28% 31,038 SH
39 Return Stacked Global Stocks & RSSB 88636J204 $3.6M 0.28% 118,108 SH
40 Equinix Inc EQIX 29444U700 $3.6M 0.28% 3,418 SH
41 Expedia Group Inc New EXPE 30212P303 $3.2M 0.25% 12,670 SH
42 Coca-Cola Co KO 191216100 $3.2M 0.25% 39,772 SH
43 Stryker Corp SYK 863667101 $3.2M 0.24% 10,025 SH
44 Republic Services Inc RSG 760759100 $3.1M 0.24% 14,459 SH
45 Prudential Financial Inc PRU 744320102 $3.1M 0.24% 28,540 SH
46 Amazon.com Inc AMZN 023135106 $3.1M 0.24% 12,887 SH
47 TJX Companies Inc TJX 872540109 $3.1M 0.24% 20,159 SH
48 Nextera Energy Inc NEE 65339F101 $3.0M 0.24% 34,658 SH
49 Toll Brothers Inc TOL 889478103 $3.0M 0.23% 18,086 SH
50 T Mobile US Inc TMUS 872590104 $2.9M 0.23% 17,473 SH
Filing History
Period Filed AUM Holdings Accession
2026-06-30 2026-07-28 $1.29B 201 0001140361-26-029854
2026-03-31 2026-05-01 $1.12B 192 0001140361-26-018481
2025-12-31 2026-02-06 $1.09B 168 0001140361-26-004002
Filer Information
Address
401 CHARMANY DRIVE
MADISON, WI 53719
Phone
(608) 238-8008
Filing Manager
First Business Financial Services, Inc.
MADISON, WI
Signatory
Doug Heding
President, Private Wealth