2026 Q2 Portfolio Activity
In 2026 Q2, FIRST BUSINESS FINANCIAL SERVICES, INC. maintained a portfolio of 207 distinct positions. The most significant new addition was Howmet Aerospace Inc, now representing 0.16% of the total fund value. They heavily accumulated shares in Lam Research Corporation, increasing the position by 5.4%.
Position History
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FIRST BUSINESS FINANCIAL SERVICES, INC.
Madison, WI
Bank Holding Company / Trust Services
AUM $1,289M
Total Positions
207
Quarter
2026 Q2
Top Holding
VTI (22.8%)
Top 10 Concentration
68.7%
Turnover Rate
23.4%
Sector HHI
0.18
Items per page:
Showing 1-50 of 207
FIRST BUSINESS FINANCIAL SERVICES, INC. Full Holdings List — 2026 Q2
| Stock | History | Sector / Type | Port % | Prev % | Rank / Prev | Conviction | Change | % Change | Influence | Shares | Mkt Value | Avg Cost | Price Held | 1st Owned | Source | Source Date | Date Reported | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
VTI
Vanguard Total ...
|
ETF | 22.81% | 22.74% |
#1
Prev: #1
|
6.5 |
—
|
-2,334 | -0.3% |
P
S
|
794,853 | $294,127,404 | 2013 Q2 | 13F Filing | 2026-06-30 | 2026-07-28 | |||
|
IEFA
iShares Core MS...
|
ETF | 11.74% | 12.52% |
#2
Prev: #2
|
6.0 |
—
|
11,532 | 0.7% |
P
S
|
1,567,578 | $151,396,683 | 2015 Q4 | 13F Filing | 2026-06-30 | 2026-07-28 | |||
|
IWF
iShares Russell...
|
ETF | 7.05% | 6.95% |
#3
Prev: #3
|
6.8 |
—
|
548,576 | 299.3% |
P
S
|
731,884 | $90,878,036 | 2013 Q2 | 13F Filing | 2026-06-30 | 2026-07-28 | |||
|
IJR
iShares Core S&...
|
ETF | 5.77% | 5.54% |
#4
Prev: #4
|
3.3 |
—
|
1,061 | 0.2% |
P
S
|
502,002 | $74,451,917 | 2018 Q2 | 13F Filing | 2026-06-30 | 2026-07-28 | |||
|
IWD
iShares Russell...
|
ETF | 5.00% | 5.06% |
#5
1
Prev: #6
|
3.0 |
—
|
-371 | -0.1% |
P
S
|
265,835 | $64,446,379 | 2013 Q2 | 13F Filing | 2026-06-30 | 2026-07-28 | |||
|
DGRO
iShares Core Di...
|
ETF | 4.93% | 5.21% |
#6
1
Prev: #5
|
2.5 |
—
|
3,906 | 0.5% |
P
S
|
839,061 | $63,592,433 | 2022 Q2 | 13F Filing | 2026-06-30 | 2026-07-28 | |||
|
IJH
iShares Core S&...
|
ETF | 4.26% | 4.25% |
#7
Prev: #7
|
2.2 |
—
|
4,158 | 0.6% |
P
S
|
711,692 | $54,878,570 | 2018 Q4 | 13F Filing | 2026-06-30 | 2026-07-28 | |||
|
AGG
iShares Core US...
|
ETF | 2.98% | 3.32% |
#8
Prev: #8
|
1.7 |
—
|
12,940 | 3.4% |
P
S
|
388,636 | $38,467,191 | 2013 Q2 | 13F Filing | 2026-06-30 | 2026-07-28 | |||
|
SPY
State Street SP...
|
ETF | 2.53% | 2.53% |
#9
Prev: #9
|
1.5 |
—
|
-70 | -0.2% |
P
S
|
43,684 | $32,621,901 | 2013 Q2 | 13F Filing | 2026-06-30 | 2026-07-28 | |||
|
FBIZ
First Business ...
|
Financial Services | 1.67% | 1.73% |
#10
Prev: #10
|
1.2 |
—
|
-21,122 | -5.8% |
P
S
|
340,189 | $21,489,739 | 2013 Q2 | 13F Filing | 2026-06-30 | 2026-07-28 | |||
|
NVDA
Nvidia Corp
|
Technology | 1.59% | 1.55% |
#11
1
Prev: #12
|
1.1 |
—
|
2,596 | 2.6% |
P
S
|
102,546 | $20,518,429 | 2016 Q1 | 13F Filing | 2026-06-30 | 2026-07-28 | |||
|
JPST
JPMorgan Ultra-...
|
ETF | 1.43% | 1.57% |
#12
1
Prev: #11
|
1.1 |
—
|
14,100 | 4.0% |
P
S
|
363,803 | $18,397,518 | 2022 Q4 | 13F Filing | 2026-06-30 | 2026-07-28 | |||
|
AAPL
Apple Inc
|
Technology | 1.35% | 1.34% |
#13
Prev: #13
|
1.0 |
—
|
485 | 0.8% |
P
S
|
59,954 | $17,348,289 | 2015 Q2 | 13F Filing | 2026-06-30 | 2026-07-28 | |||
|
AVGO
Broadcom Inc
|
Technology | 1.21% | 1.15% |
#14
Prev: #14
|
1.0 |
—
|
-399 | -1.0% |
P
S
|
41,248 | $15,581,432 | 2016 Q1 | 13F Filing | 2026-06-30 | 2026-07-28 | |||
|
GOOGL
Alphabet Inc Ca...
|
Communication Services | 1.21% | 1.08% |
#15
Prev: #15
|
1.0 |
—
|
1,428 | 3.4% |
P
S
|
43,589 | $15,577,401 | 2018 Q3 | 13F Filing | 2026-06-30 | 2026-07-28 | |||
|
CIEN
Ciena Corp
|
Technology | 1.10% | 1.04% |
#16
Prev: #16
|
0.9 |
—
|
-1,242 | -4.1% |
P
S
|
28,808 | $14,132,052 | 2023 Q2 | 13F Filing | 2026-06-30 | 2026-07-28 | |||
|
LRCX
Lam Research Co...
|
Technology | 1.09% | 0.59% |
#17
5
Prev: #22
|
2.4 |
—
|
1,674 | 5.4% |
P
S
|
32,515 | $14,089,725 | 2017 Q2 | 13F Filing | 2026-06-30 | 2026-07-28 | |||
|
JPM
JPMorgan Chase ...
|
Financial Services | 0.92% | 0.92% |
#18
1
Prev: #17
|
0.9 |
—
|
781 | 2.2% |
P
S
|
36,121 | $11,823,487 | 2017 Q1 | 13F Filing | 2026-06-30 | 2026-07-28 | |||
|
ANET
Arista Networks...
|
Technology | 0.91% | 0.72% |
#19
Prev: #19
|
0.9 |
—
|
2,577 | 3.9% |
P
S
|
68,750 | $11,679,250 | 2019 Q4 | 13F Filing | 2026-06-30 | 2026-07-28 | |||
|
PWR
Quanta Services...
|
Industrials | 0.87% | 0.76% |
#20
2
Prev: #18
|
0.8 |
—
|
67 | 0.4% |
P
S
|
15,594 | $11,228,304 | 2019 Q2 | 13F Filing | 2026-06-30 | 2026-07-28 | |||
|
LLY
Lilly Eli Co
|
Healthcare | 0.62% | 0.52% |
#21
2
Prev: #23
|
0.7 |
—
|
226 | 3.5% |
P
S
|
6,642 | $7,966,614 | 2019 Q4 | 13F Filing | 2026-06-30 | 2026-07-28 | |||
|
VTIP
Vanguard Short-...
|
ETF | 0.59% | 0.59% |
#22
1
Prev: #21
|
2.2 |
—
|
17,349 | 13.1% |
P
S
|
150,171 | $7,543,089 | 2026 Q1 | 13F Filing | 2026-06-30 | 2026-07-28 | |||
|
MTUM
iShares Edge MS...
|
ETF | 0.54% | 0.43% |
#23
3
Prev: #26
|
1.2 |
—
|
no change | no change |
P
S
|
20,335 | $6,971,448 | 2020 Q1 | 13F Filing | 2026-06-30 | 2026-07-28 | |||
|
MSFT
Microsoft Corp
|
Technology | 0.54% | 0.59% |
#24
4
Prev: #20
|
0.7 |
—
|
597 | 3.3% |
P
S
|
18,644 | $6,954,585 | 2013 Q3 | 13F Filing | 2026-06-30 | 2026-07-28 | |||
|
XLK
State Street Te...
|
Unknown | 0.54% | 0.43% |
#25
2
Prev: #27
|
1.2 |
—
|
no change | no change |
P
S
|
36,498 | $6,953,599 | 2014 Q1 | 13F Filing | 2026-06-30 | 2026-07-28 | |||
|
IVV
iShares S&P 500...
|
ETF | 0.50% | 0.38% |
#26
7
Prev: #33
|
2.7 |
—
|
2,165 | 33.4% |
P
S
|
8,639 | $6,469,661 | 2014 Q3 | 13F Filing | 2026-06-30 | 2026-07-28 | |||
|
MUB
iShares Nationa...
|
ETF | 0.46% | 0.50% |
#27
3
Prev: #24
|
0.7 |
—
|
1,756 | 3.3% |
P
S
|
54,736 | $5,890,688 | 2013 Q2 | 13F Filing | 2026-06-30 | 2026-07-28 | |||
|
C
Citigroup Inc
|
Financial Services | 0.45% | 0.40% |
#28
2
Prev: #30
|
0.7 |
—
|
1,402 | 3.5% |
P
S
|
41,453 | $5,801,762 | 2017 Q2 | 13F Filing | 2026-06-30 | 2026-07-28 | |||
|
ADI
Analog Devices ...
|
Technology | 0.43% | 0.38% |
#29
3
Prev: #32
|
0.7 |
—
|
500 | 3.7% |
P
S
|
13,874 | $5,510,337 | 2017 Q3 | 13F Filing | 2026-06-30 | 2026-07-28 | |||
|
BAC
Bank of America...
|
Financial Services | 0.35% | 0.34% |
#30
4
Prev: #34
|
0.6 |
—
|
2,380 | 3.1% |
P
S
|
80,030 | $4,560,109 | 2018 Q4 | 13F Filing | 2026-06-30 | 2026-07-28 | |||
|
NUE
Nucor Corp
|
Basic Materials | 0.35% | 0.30% |
#31
7
Prev: #38
|
0.6 |
—
|
812 | 4.1% |
P
S
|
20,457 | $4,556,797 | 2025 Q2 | 13F Filing | 2026-06-30 | 2026-07-28 | |||
|
COR
CENCORA INC
|
Healthcare | 0.35% | 0.43% |
#32
4
Prev: #28
|
0.6 |
—
|
681 | 4.4% |
P
S
|
16,022 | $4,533,906 | 2013 Q4 | 13F Filing | 2026-06-30 | 2026-07-28 | |||
|
BRK/A
Berkshire Hatha...
|
Financial Services | 0.35% | 0.38% |
#33
2
Prev: #31
|
1.1 |
—
|
no change | no change |
P
S
|
6 | $4,493,100 | 2016 Q2 | 13F Filing | 2026-06-30 | 2026-07-28 | |||
|
COST
Costco Wholesal...
|
Consumer Defensive | 0.34% | 0.41% |
#34
5
Prev: #29
|
0.6 |
—
|
74 | 1.6% |
P
S
|
4,723 | $4,418,225 | 2014 Q1 | 13F Filing | 2026-06-30 | 2026-07-28 | |||
|
XOM
Exxon Mobil Cor...
|
Energy | 0.33% | 0.44% |
#35
10
Prev: #25
|
2.1 |
—
|
1,565 | 5.4% |
P
S
|
30,811 | $4,212,480 | 2017 Q1 | 13F Filing | 2026-06-30 | 2026-07-28 | |||
|
TXN
Texas Instrumen...
|
Technology | 0.32% | 0.23% |
#36
13
Prev: #49
|
0.6 |
—
|
373 | 2.7% |
P
S
|
13,969 | $4,163,740 | 2018 Q1 | 13F Filing | 2026-06-30 | 2026-07-28 | |||
|
GD
General Dynamic...
|
Industrials | 0.28% | 0.30% |
#37
1
Prev: #36
|
0.6 |
—
|
439 | 4.5% |
P
S
|
10,301 | $3,649,026 | 2022 Q2 | 13F Filing | 2026-06-30 | 2026-07-28 | |||
|
CSCO
Cisco Systems I...
|
Technology | 0.28% | 0.21% |
#38
14
Prev: #52
|
0.6 |
—
|
-12 | -0.0% |
P
S
|
31,038 | $3,645,723 | 2018 Q3 | 13F Filing | 2026-06-30 | 2026-07-28 | |||
|
RSSB
Return Stacked ...
|
Unknown | 0.28% | 0.19% |
#39
17
Prev: #56
|
3.1 |
—
|
39,900 | 51.0% |
P
S
|
118,108 | $3,633,002 | 2026 Q1 | 13F Filing | 2026-06-30 | 2026-07-28 | |||
|
EQIX
Equinix Inc
|
Real Estate | 0.28% | 0.29% |
#40
1
Prev: #39
|
0.6 |
—
|
121 | 3.7% |
P
S
|
3,418 | $3,562,889 | 2024 Q2 | 13F Filing | 2026-06-30 | 2026-07-28 | |||
|
EXPE
Expedia Group I...
|
Consumer Cyclical | 0.25% | 0.25% |
#41
5
Prev: #46
|
0.6 |
—
|
468 | 3.8% |
P
S
|
12,670 | $3,242,000 | 2019 Q4 | 13F Filing | 2026-06-30 | 2026-07-28 | |||
|
KO
Coca-Cola Co
|
Consumer Defensive | 0.25% | 0.26% |
#42
2
Prev: #44
|
0.6 |
—
|
1,006 | 2.6% |
P
S
|
39,772 | $3,232,270 | 2014 Q1 | 13F Filing | 2026-06-30 | 2026-07-28 | |||
|
SYK
Stryker Corp
|
Healthcare | 0.24% | 0.28% |
#43
3
Prev: #40
|
0.6 |
—
|
360 | 3.7% |
P
S
|
10,025 | $3,156,271 | 2018 Q1 | 13F Filing | 2026-06-30 | 2026-07-28 | |||
|
RSG
Republic Servic...
|
Industrials | 0.24% | 0.28% |
#44
3
Prev: #41
|
0.6 |
—
|
231 | 1.6% |
P
S
|
14,459 | $3,080,924 | 2019 Q4 | 13F Filing | 2026-06-30 | 2026-07-28 | |||
|
PRU
Prudential Fina...
|
Financial Services | 0.24% | 0.24% |
#45
2
Prev: #47
|
0.6 |
—
|
494 | 1.8% |
P
S
|
28,540 | $3,080,322 | 2019 Q3 | 13F Filing | 2026-06-30 | 2026-07-28 | |||
|
AMZN
Amazon.com Inc
|
Consumer Cyclical | 0.24% | 0.23% |
#46
4
Prev: #50
|
0.6 |
—
|
521 | 4.2% |
P
S
|
12,887 | $3,071,488 | 2020 Q2 | 13F Filing | 2026-06-30 | 2026-07-28 | |||
|
TJX
TJX Companies I...
|
Consumer Cyclical | 0.24% | 0.28% |
#47
5
Prev: #42
|
0.6 |
—
|
688 | 3.5% |
P
S
|
20,159 | $3,054,089 | 2014 Q1 | 13F Filing | 2026-06-30 | 2026-07-28 | |||
|
NEE
Nextera Energy ...
|
Utilities | 0.24% | 0.28% |
#48
5
Prev: #43
|
0.6 |
—
|
1,334 | 4.0% |
P
S
|
34,658 | $3,041,933 | 2019 Q3 | 13F Filing | 2026-06-30 | 2026-07-28 | |||
|
TOL
Toll Brothers I...
|
Consumer Cyclical | 0.23% | 0.21% |
#49
4
Prev: #53
|
2.1 |
—
|
1,103 | 6.5% |
P
S
|
18,086 | $2,979,669 | 2025 Q2 | 13F Filing | 2026-06-30 | 2026-07-28 | |||
|
TMUS
T Mobile US Inc
|
Communication Services | 0.23% | 0.32% |
#50
15
Prev: #35
|
0.6 |
—
|
569 | 3.4% |
P
S
|
17,473 | $2,930,746 | 2019 Q4 | 13F Filing | 2026-06-30 | 2026-07-28 |
Showing 1-50 of 207 holdings