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NICOLET ADVISORY SERVICES, LLC — 13F Holdings & Portfolio

CIK 1775863 · latest 13F-HR filed 2026-02-13

Backtest portfolio

NICOLET ADVISORY SERVICES, LLC manages $1.48B in 13F-reported U.S. long-equity assets across 421 reported positions as of its 2025-12-31 13F-HR filing. Its largest disclosed positions are SPYM (19.90%), SPYV (4.74%), SPYG (4.27%). Quarter over quarter (versus its 2025-09-30 filing) the fund opened 35 new positions and exited 29; 193 existing positions rose in reported value and 116 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
$1.48B

Long-equity book

Holdings
421

Distinct positions

Period
2025-12-31

Filed 2026-02-13

Q/Q Activity
+35 / −29 / ↑193 / ↓116

vs 2025-09-30

Portfolio charts

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

Portfolio map

Q4 25
SPYM19.9% · +10919%SPYV4.7% · -62%SPYG4.3% · -62%AVEM4.1% · +54%AAPL3.5% · +6%ITOT3.2% · +14%VEA3.2% · +28%VTEB2.4% · +24%VO2.2% · +16%BRK.B2.0% · 0%FBND1.8% · +6%MSFT1.8% · +9%VOO1.6% · +39%JPM1.5% · +6%NVDA1.5% · +20%BND1.3% · +3%UITB1.2% · +10%PG1.2% · -3%AVRE1.2% · -19%AMZN1.1% · +19%GOOGL1.1% · +0%WEC1.0% · +3%VB0.9% · +23%IVV0.8% · +1%VTV0.8% · +13%VGSH0.8% · -6%GOOG0.8% · +43%MUB0.7% · +3%SPY0.7% · +3%SUB0.6% · +14%YLD0.6% · -20%VUG0.6% · -8%HD0.5% · +3%KO0.5% · +19%AMLP0.5% · -25%META0.5% · +17%AMJB0.4% · -57%OSK0.4% · -0%WMT0.4% · +4%AVGO0.4% · +21%VONE0.3% · newMDY0.3% · +14%BFC0.3% · -10%PEP0.3% · -18%BA0.3% · +10%ABT0.3% · -8%XOM0.3% · +6%TSLA0.3% · +5%ETN0.3% · +12%VGIT0.3% · +5%TJX0.3% · +14%LLY0.3% · +13%COST0.3% · +22%PM0.3% · +0%MU0.3% · +6%ORCL0.3% · +7%MA0.2% · +35%DFAC0.2% · -19%VTI0.2% · -3%CAT0.2% · +15%

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

Q3 25 → Q4 25

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

2 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 = 49.4%

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

Firm Profile & Key People

As of the firm’s regulatory filing dated Mar 31, 2026.

Assets Under Management
$4.29B
Discretionary
$4.29B
Employees
75
Accounts
9,812
Address
111 N. WASHINGTON STREET
GREEN BAY, WI 54301
Phone
(920) 430-1400
Website
Name Title / Status Ownership Type
HUFFORD, JOSHUA, M ControlCHIEF COMPLIANCE OFFICER
since Jan 2022
Less than 5%Individual
LONGLAIS, ADAM, E ControlCHIEF INVESTMENT OFFICER
since Jan 2020
Less than 5%Individual
MADSON, PATRICK, JOSEPH ControlPRESIDENT
since Mar 2016
Less than 5%Individual
MAERTZ, ANDREW, JOHN ControlVP, DIRECTOR OF SALES ENABLEMENT & SUPPORT SERVICES
since Mar 2025
Less than 5%Individual
Moore, H., Phillip ControlCHIEF FINANCIAL OFFICER
since May 2021
Less than 5%Individual
NICOLET BANKSHARES, INC. ControlSOLE MEMBER
since Mar 2016
75% or moreDomestic Entity
Ownership & leadership changes · 8 filings with changes since Jun 16, 2016

From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.

Mar 28, 2025 filing
  • No longer listedTHORSON, JOHN, MICHAEL · CHIEF OPERATIONS OFFICER · Less than 5% · control person · listed since Sep 2023
  • AddedMAERTZ, ANDREW, JOHN · VP, DIRECTOR OF SALES ENABLEMENT & SUPPORT SERVICES · Less than 5% · control person
Mar 29, 2024 filing
  • No longer listedBOBINSKI, JILL, ELIZABETH · CHIEF OPERATIONS OFFICER · Less than 5% · control person · listed since Jan 2020
  • AddedTHORSON, JOHN, MICHAEL · CHIEF OPERATIONS OFFICER · Less than 5% · control person
Apr 14, 2023 filing
  • No longer listedLAWSON, ANN, KUCHERA · CHIEF FINANCIAL OFFICER · Less than 5% · listed since Jun 2016
  • AddedMoore, H., Phillip · CHIEF FINANCIAL OFFICER · Less than 5% · control person
Mar 31, 2022 filing
  • No longer listedLOASBY, DAVID, ANDREW · CHIEF COMPLIANCE OFFICER · Less than 5% · control person · listed since May 2017
  • AddedHUFFORD, JOSHUA, M · CHIEF COMPLIANCE OFFICER · Less than 5% · control person
Mar 13, 2020 filing
  • No longer listedJOHNSON, JASON, DANIEL · CHIEF OPERATING OFFICER/CHIEF INVESTMENT OFFICER · Less than 5% · control person · listed since May 2016
  • AddedBOBINSKI, JILL, ELIZABETH · CHIEF OPERATIONS OFFICER · Less than 5% · control person
  • AddedLONGLAIS, ADAM, E · CHIEF INVESTMENT OFFICER · Less than 5% · control person
  • ChangedMADSON, PATRICK, JOSEPH · now a control person
Aug 24, 2018 filing
  • No longer listedLIDDIARD, DENISE, MICHELLE · CHIEF OPERATING OFFICER · Less than 5% · listed since Mar 2016
  • ChangedJOHNSON, JASON, DANIEL · title CHIEF INVESTMENT OFFICER → CHIEF OPERATING OFFICER/CHIEF INVESTMENT OFFICER
May 31, 2017 filing
  • AddedLOASBY, DAVID, ANDREW · CHIEF COMPLIANCE OFFICER · Less than 5% · control person
  • ChangedJOHNSON, JASON, DANIEL · title CHIEF COMPLIANCE OFFICER → CHIEF INVESTMENT OFFICER
Jul 1, 2016 filing
  • ChangedNICOLET BANKSHARES, INC. · ownership 10–25% → 75% or more
Jun 16, 2016 filing (earliest on record)
  • ListedJOHNSON, JASON, DANIEL · CHIEF COMPLIANCE OFFICER · Less than 5% · control person
  • ListedLAWSON, ANN, KUCHERA · CHIEF FINANCIAL OFFICER · Less than 5%
  • ListedLIDDIARD, DENISE, MICHELLE · CHIEF OPERATING OFFICER · Less than 5%
  • ListedMADSON, PATRICK, JOSEPH · PRESIDENT · Less than 5%
  • ListedNICOLET BANKSHARES, INC. · SOLE MEMBER · 10–25% · control person

Quarter-over-quarter changes

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

NICOLET ADVISORY SERVICES, LLC Holdings (2025-12-31)

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 SPDR SERIES TRUST SPYM 78464A854 $295.3M 19.90% 3,610,494 SH
2 SPDR SERIES TRUST SPYV 78464A508 $70.3M 4.74% 1,208,677 SH
3 SPDR SERIES TRUST SPYG 78464A409 $63.4M 4.27% 585,065 SH
4 AMERICAN CENTY ETF TR AVEM 025072604 $61.1M 4.12% 754,863 SH
5 APPLE INC AAPL 037833100 $52.5M 3.53% 201,637 SH
6 ISHARES TR ITOT 464287150 $46.8M 3.15% 307,968 SH
7 VANGUARD TAX-MANAGED FDS VEA 921943858 $46.8M 3.15% 720,525 SH
8 VANGUARD MUN BD FDS VTEB 922907746 $35.2M 2.37% 695,282 SH
9 VANGUARD INDEX FDS VO 922908629 $32.3M 2.17% 107,901 SH
10 BERKSHIRE HATHAWAY INC DEL BRK.B 084670702 $29.0M 1.95% 58,069 SH
11 FIDELITY MERRIMACK STR TR FBND 316188309 $27.3M 1.84% 591,999 SH
12 MICROSOFT CORP MSFT 594918104 $26.3M 1.77% 55,206 SH
13 VANGUARD INDEX FDS VOO 922908363 $24.2M 1.63% 37,910 SH
14 JPMORGAN CHASE & CO. JPM 46625H100 $22.7M 1.53% 70,008 SH
15 NVIDIA CORPORATION NVDA 67066G104 $21.7M 1.46% 117,178 SH
16 VANGUARD BD INDEX FDS BND 921937835 $19.3M 1.30% 260,374 SH
17 VICTORY PORTFOLIOS II UITB 92647N527 $18.5M 1.24% 389,946 SH
18 PROCTER AND GAMBLE CO PG 742718109 $17.8M 1.20% 124,120 SH
19 AMERICAN CENTY ETF TR AVRE 025072356 $17.1M 1.15% 388,797 SH
20 AMAZON COM INC AMZN 023135106 $16.0M 1.08% 64,931 SH
21 ALPHABET INC GOOGL 02079K305 $15.9M 1.07% 47,777 SH
22 WEC ENERGY GROUP INC WEC 92939U106 $14.5M 0.98% 138,208 SH
23 VANGUARD INDEX FDS VB 922908751 $13.6M 0.92% 50,012 SH
24 ISHARES TR IVV 464287200 $12.6M 0.85% 18,022 SH
25 VANGUARD INDEX FDS VTV 922908744 $12.4M 0.83% 62,921 SH
26 VANGUARD SCOTTSDALE FDS VGSH 92206C102 $11.4M 0.77% 194,125 SH
27 ALPHABET INC GOOG 02079K107 $11.2M 0.76% 33,704 SH
28 ISHARES TR MUB 464288414 $10.7M 0.72% 99,281 SH
29 SPDR S&P 500 ETF TR SPY 78462F103 $10.1M 0.68% 14,510 SH
30 ISHARES TR SUB 464288158 $8.3M 0.56% 77,478 SH
31 PRINCIPAL EXCHANGE TRADED FD YLD 74255Y102 $8.3M 0.56% 433,302 SH
32 VANGUARD INDEX FDS VUG 922908736 $8.2M 0.56% 16,740 SH
33 HOME DEPOT INC HD 437076102 $8.1M 0.55% 21,667 SH
34 COCA COLA CO KO 191216100 $8.1M 0.54% 114,363 SH
35 ALPS ETF TR AMLP 00162Q452 $7.8M 0.52% 160,871 SH
36 META PLATFORMS INC META 30303M102 $7.3M 0.49% 11,446 SH
37 JPMORGAN CHASE FINL CO LLC AMJB 48133Q309 $6.5M 0.44% 211,761 SH
38 OSHKOSH CORP OSK 688239201 $6.4M 0.43% 42,601 SH
39 WALMART INC WMT 931142103 $5.9M 0.40% 49,948 SH
40 BROADCOM INC AVGO 11135F101 $5.7M 0.38% 16,047 SH
41 VANGUARD SCOTTSDALE FDS VONE 92206C730 $5.1M 0.34% 16,135 SH
42 SPDR S&P MIDCAP 400 ETF TR MDY 78467Y107 $5.1M 0.34% 8,023 SH
43 BANK FIRST CORP BFC 06211J100 $5.0M 0.34% 40,765 SH
44 PEPSICO INC PEP 713448108 $5.0M 0.33% 35,081 SH
45 BOEING CO BA 097023105 $4.9M 0.33% 20,406 SH
46 ABBOTT LABS ABT 002824100 $4.5M 0.31% 36,484 SH
47 EXXON MOBIL CORP XOM 30231G102 $4.5M 0.31% 36,660 SH
48 TESLA INC TSLA 88160R101 $4.5M 0.31% 10,109 SH
49 EATON CORP PLC ETN G29183103 $4.5M 0.30% 13,674 SH
50 VANGUARD SCOTTSDALE FDS VGIT 92206C706 $4.5M 0.30% 74,685 SH
Filing History
Period Filed AUM Holdings Accession
2025-12-31 2026-02-13 $1.48B 421 0001775863-26-000003
2025-09-30 2025-11-13 $1.29B 415 0001775863-25-000013