2026 Q3 Portfolio Activity
In 2026 Q3, FIRST BUSINESS FINANCIAL SERVICES, INC. maintained a portfolio of 215 distinct positions. The most significant new addition was Northern Trust Global Natural, now representing 0.83% of the total fund value. They heavily accumulated shares in Generac Holdings Inc, increasing the position by 1990.7%. The fund also reduced its exposure to iShares Core S&P Mid-Cap ETF by 66.8%.
Position History
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FIRST BUSINESS FINANCIAL SERVICES, INC.
Madison, WI
Bank Holding Company / Trust Services
AUM $1,280M
Total Positions
215
Quarter
2026 Q3
Top Holding
VTI (23.2%)
Top 10 Concentration
67.1%
Turnover Rate
23.4%
Sector HHI
0.18
Items per page:
Showing 1-50 of 215
FIRST BUSINESS FINANCIAL SERVICES, INC. Full Holdings List — 2026 Q3
| 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 | 23.24% | 22.81% |
#1
Prev: #1
|
6.5 |
—
|
364 | 0.0% |
P
S
|
795,217 | $297,602,010 | 2013 Q2 | 13F Filing | 2026-09-30 | 2026-10-29 | |||
|
IEFA
iShares Core MS...
|
ETF | 11.81% | 11.74% |
#2
Prev: #2
|
6.0 |
—
|
-7,207 | -0.5% |
P
S
|
1,560,371 | $151,168,742 | 2015 Q4 | 13F Filing | 2026-09-30 | 2026-10-29 | |||
|
IWF
iShares Russell...
|
ETF | 7.20% | 7.05% |
#3
Prev: #3
|
4.4 |
—
|
3,914 | 0.5% |
P
S
|
735,798 | $92,166,057 | 2013 Q2 | 13F Filing | 2026-09-30 | 2026-10-29 | |||
|
IJR
iShares Core S&...
|
ETF | 5.35% | 5.77% |
#4
Prev: #4
|
3.1 |
—
|
1,293 | 0.3% |
P
S
|
503,295 | $68,468,252 | 2018 Q2 | 13F Filing | 2026-09-30 | 2026-10-29 | |||
|
IWD
iShares Russell...
|
ETF | 5.12% | 5.00% |
#5
Prev: #5
|
3.0 |
—
|
-1,444 | -0.5% |
P
S
|
264,391 | $65,550,461 | 2013 Q2 | 13F Filing | 2026-09-30 | 2026-10-29 | |||
|
DGRO
iShares Core Di...
|
ETF | 4.99% | 4.93% |
#6
Prev: #6
|
2.5 |
—
|
8,245 | 1.0% |
P
S
|
847,306 | $63,878,399 | 2022 Q2 | 13F Filing | 2026-09-30 | 2026-10-29 | |||
|
AGG
iShares Core US...
|
ETF | 3.12% | 2.98% |
#7
1
Prev: #8
|
3.2 |
—
|
33,988 | 8.7% |
P
S
|
422,624 | $39,954,873 | 2013 Q2 | 13F Filing | 2026-09-30 | 2026-10-29 | |||
|
SPY
State Street SP...
|
ETF | 2.60% | 2.53% |
#8
1
Prev: #9
|
2.0 |
—
|
no change | no change |
P
S
|
43,684 | $33,314,729 | 2013 Q2 | 13F Filing | 2026-09-30 | 2026-10-29 | |||
|
NVDA
Nvidia Corp
|
Technology | 1.87% | 1.59% |
#9
2
Prev: #11
|
1.2 |
—
|
2,453 | 2.4% |
P
S
|
104,999 | $23,979,672 | 2016 Q1 | 13F Filing | 2026-09-30 | 2026-10-29 | |||
|
FBIZ
First Business ...
|
Financial Services | 1.76% | 1.67% |
#10
Prev: #10
|
1.2 |
—
|
-13,000 | -3.8% |
P
S
|
327,189 | $22,504,059 | 2013 Q2 | 13F Filing | 2026-09-30 | 2026-10-29 | |||
|
JPST
JPMorgan Ultra-...
|
ETF | 1.57% | 1.43% |
#11
1
Prev: #12
|
2.6 |
—
|
34,523 | 9.5% |
P
S
|
398,326 | $20,063,681 | 2022 Q4 | 13F Filing | 2026-09-30 | 2026-10-29 | |||
|
AAPL
Apple Inc
|
Technology | 1.47% | 1.35% |
#12
1
Prev: #13
|
1.1 |
—
|
-3,526 | -5.9% |
P
S
|
56,428 | $18,791,653 | 2015 Q2 | 13F Filing | 2026-09-30 | 2026-10-29 | |||
|
IJH
iShares Core S&...
|
ETF | 1.33% | 4.26% |
#13
6
Prev: #7
|
0.5 |
—
|
-475,154 | -66.8% |
P
S
|
236,538 | $17,018,909 | 2018 Q4 | 13F Filing | 2026-09-30 | 2026-10-29 | |||
|
GOOGL
Alphabet Inc Ca...
|
Communication Services | 1.21% | 1.21% |
#14
1
Prev: #15
|
1.0 |
—
|
1,258 | 2.9% |
P
S
|
44,847 | $15,430,956 | 2018 Q3 | 13F Filing | 2026-09-30 | 2026-10-29 | |||
|
AVGO
Broadcom Inc
|
Technology | 1.17% | 1.21% |
#15
1
Prev: #14
|
1.0 |
—
|
1,548 | 3.8% |
P
S
|
42,796 | $15,029,527 | 2016 Q1 | 13F Filing | 2026-09-30 | 2026-10-29 | |||
|
ANET
Arista Networks...
|
Technology | 1.11% | 0.91% |
#16
3
Prev: #19
|
0.9 |
—
|
1,316 | 1.9% |
P
S
|
70,066 | $14,264,737 | 2019 Q4 | 13F Filing | 2026-09-30 | 2026-10-29 | |||
|
JPM
JPMorgan Chase ...
|
Financial Services | 0.95% | 0.92% |
#17
1
Prev: #18
|
0.9 |
—
|
714 | 2.0% |
P
S
|
36,835 | $12,186,123 | 2017 Q1 | 13F Filing | 2026-09-30 | 2026-10-29 | |||
|
LRCX
Lam Research Co...
|
Technology | 0.90% | 1.09% |
#18
1
Prev: #17
|
2.4 |
—
|
2,475 | 7.6% |
P
S
|
34,990 | $11,494,565 | 2017 Q2 | 13F Filing | 2026-09-30 | 2026-10-29 | |||
|
GUNR
Northern Trust ...
|
ETF | 0.83% | — |
#19
Prev: #—
|
3.8 |
—
|
188,023 | — |
NEW
|
188,023 | $10,628,940 | 2026 Q3 | 13F Filing | 2026-09-30 | 2026-10-29 | |||
|
CIEN
Ciena Corp
|
Technology | 0.79% | 1.10% |
#20
4
Prev: #16
|
0.8 |
—
|
108 | 0.4% |
P
S
|
28,916 | $10,173,227 | 2023 Q2 | 13F Filing | 2026-09-30 | 2026-10-29 | |||
|
IGF
iShares Global ...
|
ETF | 0.78% | — |
#21
Prev: #—
|
3.8 |
—
|
162,671 | — |
NEW
|
162,671 | $10,014,027 | 2026 Q3 | 13F Filing | 2026-09-30 | 2026-10-29 | |||
|
PWR
Quanta Services...
|
Industrials | 0.78% | 0.87% |
#22
2
Prev: #20
|
0.8 |
—
|
-92 | -0.6% |
P
S
|
15,502 | $9,960,190 | 2019 Q2 | 13F Filing | 2026-09-30 | 2026-10-29 | |||
|
MSFT
Microsoft Corp
|
Technology | 0.77% | 0.54% |
#23
1
Prev: #24
|
0.8 |
—
|
697 | 3.7% |
P
S
|
19,341 | $9,919,999 | 2013 Q3 | 13F Filing | 2026-09-30 | 2026-10-29 | |||
|
VTIP
Vanguard Short-...
|
ETF | 0.64% | 0.59% |
#24
2
Prev: #22
|
2.3 |
—
|
16,006 | 10.7% |
P
S
|
166,177 | $8,179,232 | 2026 Q1 | 13F Filing | 2026-09-30 | 2026-10-29 | |||
|
LLY
Lilly Eli Co
|
Healthcare | 0.61% | 0.62% |
#25
4
Prev: #21
|
0.7 |
—
|
138 | 2.1% |
P
S
|
6,780 | $7,845,002 | 2019 Q4 | 13F Filing | 2026-09-30 | 2026-10-29 | |||
|
XLK
State Street Te...
|
Unknown | 0.56% | 0.54% |
#26
1
Prev: #25
|
1.2 |
—
|
no change | no change |
P
S
|
36,498 | $7,144,484 | 2014 Q1 | 13F Filing | 2026-09-30 | 2026-10-29 | |||
|
IVV
iShares S&P 500...
|
ETF | 0.52% | 0.50% |
#27
1
Prev: #26
|
0.7 |
—
|
21 | 0.2% |
P
S
|
8,660 | $6,632,261 | 2014 Q3 | 13F Filing | 2026-09-30 | 2026-10-29 | |||
|
MTUM
iShares Edge MS...
|
ETF | 0.50% | 0.54% |
#28
5
Prev: #23
|
1.2 |
—
|
no change | no change |
P
S
|
20,335 | $6,453,109 | 2020 Q1 | 13F Filing | 2026-09-30 | 2026-10-29 | |||
|
MUB
iShares Nationa...
|
ETF | 0.47% | 0.46% |
#29
2
Prev: #27
|
2.2 |
—
|
4,970 | 9.1% |
P
S
|
59,706 | $6,036,277 | 2013 Q2 | 13F Filing | 2026-09-30 | 2026-10-29 | |||
|
ADI
Analog Devices ...
|
Technology | 0.44% | 0.43% |
#30
1
Prev: #29
|
0.7 |
—
|
300 | 2.2% |
P
S
|
14,174 | $5,622,968 | 2017 Q3 | 13F Filing | 2026-09-30 | 2026-10-29 | |||
|
C
Citigroup Inc
|
Financial Services | 0.43% | 0.45% |
#31
3
Prev: #28
|
0.7 |
—
|
848 | 2.0% |
P
S
|
42,301 | $5,477,133 | 2017 Q2 | 13F Filing | 2026-09-30 | 2026-10-29 | |||
|
XOM
ExxonMobil Hold...
|
Energy | 0.39% | 0.33% |
#32
3
Prev: #35
|
0.7 |
—
|
170 | 0.6% |
P
S
|
30,981 | $5,042,158 | 2017 Q1 | 13F Filing | 2026-09-30 | 2026-10-29 | |||
|
NUE
Nucor Corp
|
Basic Materials | 0.38% | 0.35% |
#33
2
Prev: #31
|
0.7 |
—
|
369 | 1.8% |
P
S
|
20,826 | $4,868,078 | 2025 Q2 | 13F Filing | 2026-09-30 | 2026-10-29 | |||
|
COR
CENCORA INC
|
Healthcare | 0.38% | 0.35% |
#34
2
Prev: #32
|
0.7 |
—
|
40 | 0.2% |
P
S
|
16,062 | $4,822,616 | 2013 Q4 | 13F Filing | 2026-09-30 | 2026-10-29 | |||
|
BRK/A
Berkshire Hatha...
|
Financial Services | 0.35% | 0.35% |
#35
2
Prev: #33
|
1.1 |
—
|
no change | no change |
P
S
|
6 | $4,482,030 | 2016 Q2 | 13F Filing | 2026-09-30 | 2026-10-29 | |||
|
BAC
Bank of America...
|
Financial Services | 0.35% | 0.35% |
#36
6
Prev: #30
|
0.6 |
—
|
1,209 | 1.5% |
P
S
|
81,239 | $4,421,839 | 2018 Q4 | 13F Filing | 2026-09-30 | 2026-10-29 | |||
|
COST
Costco Wholesal...
|
Consumer Defensive | 0.34% | 0.34% |
#37
3
Prev: #34
|
0.6 |
—
|
80 | 1.7% |
P
S
|
4,803 | $4,372,363 | 2014 Q1 | 13F Filing | 2026-09-30 | 2026-10-29 | |||
|
TXN
Texas Instrumen...
|
Technology | 0.31% | 0.32% |
#38
2
Prev: #36
|
0.6 |
—
|
298 | 2.1% |
P
S
|
14,267 | $3,996,044 | 2018 Q1 | 13F Filing | 2026-09-30 | 2026-10-29 | |||
|
GD
General Dynamic...
|
Industrials | 0.28% | 0.28% |
#39
2
Prev: #37
|
0.6 |
—
|
397 | 3.9% |
P
S
|
10,698 | $3,549,917 | 2022 Q2 | 13F Filing | 2026-09-30 | 2026-10-29 | |||
|
EQIX
Equinix Inc
|
Real Estate | 0.28% | 0.28% |
#40
Prev: #40
|
0.6 |
—
|
76 | 2.2% |
P
S
|
3,494 | $3,534,461 | 2024 Q2 | 13F Filing | 2026-09-30 | 2026-10-29 | |||
|
RSSB
Return Stacked ...
|
Unknown | 0.28% | 0.28% |
#41
2
Prev: #39
|
0.6 |
—
|
506 | 0.4% |
P
S
|
118,614 | $3,521,057 | 2026 Q1 | 13F Filing | 2026-09-30 | 2026-10-29 | |||
|
KO
Coca-Cola Co
|
Consumer Defensive | 0.27% | 0.25% |
#42
Prev: #42
|
0.6 |
—
|
560 | 1.4% |
P
S
|
40,332 | $3,471,779 | 2014 Q1 | 13F Filing | 2026-09-30 | 2026-10-29 | |||
|
EXPE
Expedia Group I...
|
Consumer Cyclical | 0.27% | 0.25% |
#43
2
Prev: #41
|
0.6 |
—
|
306 | 2.4% |
P
S
|
12,976 | $3,417,359 | 2019 Q4 | 13F Filing | 2026-09-30 | 2026-10-29 | |||
|
AMZN
Amazon.com Inc
|
Consumer Cyclical | 0.27% | 0.24% |
#44
2
Prev: #46
|
2.1 |
—
|
732 | 5.7% |
P
S
|
13,619 | $3,393,174 | 2020 Q2 | 13F Filing | 2026-09-30 | 2026-10-29 | |||
|
XLE
State Street En...
|
Unknown | 0.26% | 0.22% |
#45
7
Prev: #52
|
1.1 |
—
|
no change | no change |
P
S
|
54,244 | $3,336,006 | 2014 Q2 | 13F Filing | 2026-09-30 | 2026-10-29 | |||
|
PRU
Prudential Fina...
|
Financial Services | 0.26% | 0.24% |
#46
1
Prev: #45
|
0.6 |
—
|
597 | 2.1% |
P
S
|
29,137 | $3,309,380 | 2019 Q3 | 13F Filing | 2026-09-30 | 2026-10-29 | |||
|
CSCO
Cisco Systems I...
|
Technology | 0.24% | 0.28% |
#47
9
Prev: #38
|
0.6 |
—
|
-2,700 | -8.7% |
P
S
|
28,338 | $3,050,019 | 2018 Q3 | 13F Filing | 2026-09-30 | 2026-10-29 | |||
|
GNRC
Generac Holding...
|
Industrials | 0.24% | 0.02% |
#48
152
Prev: #200
|
3.1 |
—
|
13,935 | 1990.7% |
P
S
|
14,635 | $3,028,713 | 2021 Q2 | 13F Filing | 2026-09-30 | 2026-10-29 | |||
|
TMUS
T Mobile US Inc
|
Communication Services | 0.23% | 0.23% |
#49
1
Prev: #50
|
0.6 |
—
|
554 | 3.2% |
P
S
|
18,027 | $2,939,843 | 2019 Q4 | 13F Filing | 2026-09-30 | 2026-10-29 | |||
|
ICE
Intercontinenta...
|
Financial Services | 0.22% | 0.17% |
#50
8
Prev: #58
|
2.1 |
—
|
1,124 | 6.3% |
P
S
|
18,931 | $2,878,080 | 2017 Q1 | 13F Filing | 2026-09-30 | 2026-10-29 |
Showing 1-50 of 215 holdings