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FIRST BUSINESS FINANCIAL SERVICES, INC. — 13F Holdings & Portfolio

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

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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, exited 6, added to 124, and trimmed 28.

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.

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
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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

Firm Profile & Key People
Name Title / Status Ownership Type

Top Adds (vs prior quarter)

  • Vanguard Total Stock Market ET$38.4M +15.0%
  • iShares Russell 1000 Growth ET$12.7M +16.3%
  • iShares Core S&P Small-Cap ETF$12.2M +19.6%
  • iShares Core MSCI EAFE ETF$10.5M +7.5%
  • iShares Russell 1000 Value ETF$7.6M +13.3%
Show all 124 →

Top Trims

  • Exxon Mobil Corp-$749.4K -15.1%
  • T Mobile US Inc-$619.6K -17.5%
  • Intercontinental Exchange Inc-$525.1K -19.3%
  • Netflix Inc-$455.8K -22.4%
  • State Street Energy Select Sec-$442.1K -13.3%
Show all 28 →

New Positions

  • Howmet Aerospace Inc$2.1M
  • Micron Technology Inc$477.9K
  • Intel Corp$342.1K
  • Thomson Reuters Corp NPV$321.9K
  • Seagate Technology Hldngs Plc$309.8K
Show all 15 →

Exited Positions

  • Thomson Reuters Corp.$354.7K
  • Abrdn Physical Silver Shares E$226.3K
  • Walt Disney Company$219.8K
  • Shell Plc ADR$209.9K
  • Under Armour Inc$115.8K
Show all 6 →
All Holdings

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