2026 Q1 Portfolio Activity
In 2026 Q1, FIRST BUSINESS FINANCIAL SERVICES, INC. maintained a portfolio of 195 distinct positions. The most significant new addition was Vanguard Short-Term Inflation, now representing 0.59% of the total fund value. They heavily accumulated shares in JPMorgan Ultra-Short Income ET, increasing the position by 60.6%.
Position History
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FIRST BUSINESS FINANCIAL SERVICES, INC.
Madison, WI
Bank Holding Company / Trust Services
AUM $1,125M
Total Positions
195
Quarter
2026 Q1
Top Holding
VTI (22.7%)
Top 10 Concentration
69.8%
Turnover Rate
23.4%
Sector HHI
0.18
Items per page:
Showing 1-50 of 195
FIRST BUSINESS FINANCIAL SERVICES, INC. Full Holdings List — 2026 Q1
| 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 | 22.74% | 24.29% |
#1
Prev: #1
|
6.5 |
—
|
8,285 | 1.1% |
P
S
|
797,187 | $255,745,561 | 2013 Q2 | 13F Filing | 2026-03-31 | 2026-05-01 | |||
|
IEFA
iShares Core MS...
|
ETF | 12.52% | 12.43% |
#2
Prev: #2
|
6.0 |
—
|
42,356 | 2.8% |
P
S
|
1,556,046 | $140,868,844 | 2015 Q4 | 13F Filing | 2026-03-31 | 2026-05-01 | |||
|
IWF
iShares Russell...
|
ETF | 6.95% | 7.91% |
#3
Prev: #3
|
4.3 |
—
|
1,234 | 0.7% |
P
S
|
183,308 | $78,162,531 | 2013 Q2 | 13F Filing | 2026-03-31 | 2026-05-01 | |||
|
IJR
iShares Core S&...
|
ETF | 5.54% | 5.44% |
#4
Prev: #4
|
3.2 |
—
|
8,230 | 1.7% |
P
S
|
500,941 | $62,271,976 | 2018 Q2 | 13F Filing | 2026-03-31 | 2026-05-01 | |||
|
DGRO
iShares Core Di...
|
ETF | 5.21% | 5.24% |
#5
Prev: #5
|
3.1 |
—
|
13,111 | 1.6% |
P
S
|
835,155 | $58,611,178 | 2022 Q2 | 13F Filing | 2026-03-31 | 2026-05-01 | |||
|
IWD
iShares Russell...
|
ETF | 5.06% | 5.07% |
#6
Prev: #6
|
2.5 |
—
|
3,783 | 1.4% |
P
S
|
266,206 | $56,880,236 | 2013 Q2 | 13F Filing | 2026-03-31 | 2026-05-01 | |||
|
IJH
iShares Core S&...
|
ETF | 4.25% | 4.22% |
#7
Prev: #7
|
2.2 |
—
|
10,762 | 1.5% |
P
S
|
707,534 | $47,779,771 | 2018 Q4 | 13F Filing | 2026-03-31 | 2026-05-01 | |||
|
AGG
iShares Core US...
|
ETF | 3.32% | 3.50% |
#8
Prev: #8
|
1.8 |
—
|
-5,839 | -1.5% |
P
S
|
375,696 | $37,295,342 | 2013 Q2 | 13F Filing | 2026-03-31 | 2026-05-01 | |||
|
SPY
State Street SP...
|
ETF | 2.53% | 2.74% |
#9
Prev: #9
|
1.5 |
—
|
-37 | -0.1% |
P
S
|
43,754 | $28,454,976 | 2013 Q2 | 13F Filing | 2026-03-31 | 2026-05-01 | |||
|
FBIZ
First Business ...
|
Financial Services | 1.73% | 1.80% |
#10
Prev: #10
|
1.7 |
—
|
no change | no change |
P
S
|
361,311 | $19,485,502 | 2013 Q2 | 13F Filing | 2026-03-31 | 2026-05-01 | |||
|
JPST
JPMorgan Ultra-...
|
ETF | 1.57% | 1.01% |
#11
4
Prev: #15
|
3.6 |
—
|
132,005 | 60.6% |
P
S
|
349,703 | $17,698,469 | 2022 Q4 | 13F Filing | 2026-03-31 | 2026-05-01 | |||
|
NVDA
Nvidia Corp
|
Technology | 1.55% | 1.62% |
#12
1
Prev: #11
|
2.6 |
—
|
5,449 | 5.8% |
P
S
|
99,950 | $17,431,280 | 2016 Q1 | 13F Filing | 2026-03-31 | 2026-05-01 | |||
|
AAPL
Apple Inc
|
Technology | 1.34% | 1.42% |
#13
1
Prev: #12
|
1.0 |
—
|
2,541 | 4.5% |
P
S
|
59,469 | $15,092,638 | 2015 Q2 | 13F Filing | 2026-03-31 | 2026-05-01 | |||
|
AVGO
Broadcom Inc
|
Technology | 1.15% | 1.20% |
#14
1
Prev: #13
|
2.5 |
—
|
3,824 | 10.1% |
P
S
|
41,647 | $12,890,163 | 2016 Q1 | 13F Filing | 2026-03-31 | 2026-05-01 | |||
|
GOOGL
Alphabet Inc Ca...
|
Communication Services | 1.08% | 1.12% |
#15
1
Prev: #14
|
2.4 |
—
|
3,183 | 8.2% |
P
S
|
42,161 | $12,123,817 | 2018 Q3 | 13F Filing | 2026-03-31 | 2026-05-01 | |||
|
CIEN
Ciena Corp
|
Technology | 1.04% | 0.57% |
#16
3
Prev: #19
|
2.4 |
—
|
3,310 | 12.4% |
P
S
|
30,050 | $11,666,312 | 2023 Q2 | 13F Filing | 2026-03-31 | 2026-05-01 | |||
|
JPM
JPMorgan Chase ...
|
Financial Services | 0.92% | 0.95% |
#17
1
Prev: #16
|
2.4 |
—
|
3,233 | 10.1% |
P
S
|
35,340 | $10,395,614 | 2017 Q1 | 13F Filing | 2026-03-31 | 2026-05-01 | |||
|
PWR
Quanta Services...
|
Industrials | 0.76% | 0.55% |
#18
3
Prev: #21
|
2.3 |
—
|
1,416 | 10.0% |
P
S
|
15,527 | $8,524,634 | 2019 Q2 | 13F Filing | 2026-03-31 | 2026-05-01 | |||
|
ANET
Arista Networks...
|
Technology | 0.72% | 0.71% |
#19
1
Prev: #18
|
2.3 |
—
|
7,132 | 12.1% |
P
S
|
66,173 | $8,124,721 | 2019 Q4 | 13F Filing | 2026-03-31 | 2026-05-01 | |||
|
MSFT
Microsoft Corp
|
Technology | 0.59% | 0.79% |
#20
3
Prev: #17
|
0.7 |
—
|
369 | 2.1% |
P
S
|
18,047 | $6,680,458 | 2013 Q3 | 13F Filing | 2026-03-31 | 2026-05-01 | |||
|
VTIP
Vanguard Short-...
|
ETF | 0.59% | — |
#21
Prev: #—
|
3.7 |
—
|
132,822 | — |
NEW
|
132,822 | $6,634,459 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-01 | |||
|
LRCX
Lam Research Co...
|
Technology | 0.59% | 0.42% |
#22
4
Prev: #26
|
2.2 |
—
|
3,982 | 14.8% |
P
S
|
30,841 | $6,589,488 | 2017 Q2 | 13F Filing | 2026-03-31 | 2026-05-01 | |||
|
LLY
Lilly Eli Co
|
Healthcare | 0.52% | 0.56% |
#23
3
Prev: #20
|
2.2 |
—
|
697 | 12.2% |
P
S
|
6,416 | $5,901,244 | 2019 Q4 | 13F Filing | 2026-03-31 | 2026-05-01 | |||
|
MUB
iShares Nationa...
|
ETF | 0.50% | 0.44% |
#24
Prev: #24
|
2.2 |
—
|
7,850 | 17.4% |
P
S
|
52,980 | $5,623,827 | 2013 Q2 | 13F Filing | 2026-03-31 | 2026-05-01 | |||
|
XOM
Exxon Mobil Cor...
|
Energy | 0.44% | 0.30% |
#25
8
Prev: #33
|
2.2 |
—
|
2,348 | 8.7% |
P
S
|
29,246 | $4,961,876 | 2017 Q1 | 13F Filing | 2026-03-31 | 2026-05-01 | |||
|
MTUM
iShares Edge MS...
|
ETF | 0.43% | 0.47% |
#26
3
Prev: #23
|
1.2 |
—
|
no change | no change |
P
S
|
20,335 | $4,880,197 | 2020 Q1 | 13F Filing | 2026-03-31 | 2026-05-01 | |||
|
XLK
State Street Te...
|
Unknown | 0.43% | 0.48% |
#27
5
Prev: #22
|
1.2 |
—
|
no change | no change |
P
S
|
36,498 | $4,850,584 | 2014 Q1 | 13F Filing | 2026-03-31 | 2026-05-01 | |||
|
COR
CENCORA INC
|
Healthcare | 0.43% | 0.43% |
#28
3
Prev: #25
|
2.2 |
—
|
1,599 | 11.6% |
P
S
|
15,341 | $4,819,222 | 2013 Q4 | 13F Filing | 2026-03-31 | 2026-05-01 | |||
|
COST
Costco Wholesal...
|
Consumer Defensive | 0.41% | 0.33% |
#29
2
Prev: #31
|
2.2 |
—
|
441 | 10.5% |
P
S
|
4,649 | $4,632,403 | 2014 Q1 | 13F Filing | 2026-03-31 | 2026-05-01 | |||
|
C
Citigroup Inc
|
Financial Services | 0.40% | 0.38% |
#30
2
Prev: #28
|
2.2 |
—
|
4,124 | 11.5% |
P
S
|
40,051 | $4,542,184 | 2017 Q2 | 13F Filing | 2026-03-31 | 2026-05-01 | |||
|
BRK/A
Berkshire Hatha...
|
Financial Services | 0.38% | 0.42% |
#31
4
Prev: #27
|
1.2 |
—
|
no change | no change |
P
S
|
6 | $4,308,840 | 2016 Q2 | 13F Filing | 2026-03-31 | 2026-05-01 | |||
|
ADI
Analog Devices ...
|
Technology | 0.38% | 0.30% |
#32
Prev: #32
|
2.2 |
—
|
1,415 | 11.8% |
P
S
|
13,374 | $4,254,804 | 2017 Q3 | 13F Filing | 2026-03-31 | 2026-05-01 | |||
|
IVV
iShares S&P 500...
|
ETF | 0.38% | 0.37% |
#33
4
Prev: #29
|
2.2 |
—
|
601 | 10.2% |
P
S
|
6,474 | $4,228,882 | 2014 Q3 | 13F Filing | 2026-03-31 | 2026-05-01 | |||
|
BAC
Bank of America...
|
Financial Services | 0.34% | 0.36% |
#34
4
Prev: #30
|
2.1 |
—
|
6,359 | 8.9% |
P
S
|
77,650 | $3,785,438 | 2018 Q4 | 13F Filing | 2026-03-31 | 2026-05-01 | |||
|
TMUS
T Mobile US Inc
|
Communication Services | 0.32% | 0.26% |
#35
4
Prev: #39
|
2.1 |
—
|
2,803 | 19.9% |
P
S
|
16,904 | $3,550,347 | 2019 Q4 | 13F Filing | 2026-03-31 | 2026-05-01 | |||
|
GD
General Dynamic...
|
Industrials | 0.30% | 0.27% |
#36
Prev: #36
|
2.1 |
—
|
1,040 | 11.8% |
P
S
|
9,862 | $3,384,836 | 2022 Q2 | 13F Filing | 2026-03-31 | 2026-05-01 | |||
|
XLE
State Street En...
|
Unknown | 0.30% | 0.22% |
#37
10
Prev: #47
|
1.1 |
—
|
no change | no change |
P
S
|
54,244 | $3,322,987 | 2014 Q2 | 13F Filing | 2026-03-31 | 2026-05-01 | |||
|
NUE
Nucor Corp
|
Basic Materials | 0.30% | 0.27% |
#38
1
Prev: #37
|
2.1 |
—
|
1,837 | 10.3% |
P
S
|
19,645 | $3,321,970 | 2025 Q2 | 13F Filing | 2026-03-31 | 2026-05-01 | |||
|
EQIX
Equinix Inc
|
Real Estate | 0.29% | 0.21% |
#39
11
Prev: #50
|
2.1 |
—
|
350 | 11.9% |
P
S
|
3,297 | $3,231,851 | 2024 Q2 | 13F Filing | 2026-03-31 | 2026-05-01 | |||
|
SYK
Stryker Corp
|
Healthcare | 0.28% | 0.28% |
#40
5
Prev: #35
|
2.1 |
—
|
976 | 11.2% |
P
S
|
9,665 | $3,175,822 | 2018 Q1 | 13F Filing | 2026-03-31 | 2026-05-01 | |||
|
RSG
Republic Servic...
|
Industrials | 0.28% | 0.24% |
#41
2
Prev: #43
|
2.1 |
—
|
1,733 | 13.9% |
P
S
|
14,228 | $3,116,217 | 2019 Q4 | 13F Filing | 2026-03-31 | 2026-05-01 | |||
|
TJX
TJX Companies I...
|
Consumer Cyclical | 0.28% | 0.25% |
#42
1
Prev: #41
|
2.1 |
—
|
1,531 | 8.5% |
P
S
|
19,471 | $3,109,519 | 2014 Q1 | 13F Filing | 2026-03-31 | 2026-05-01 | |||
|
NEE
Nextera Energy ...
|
Utilities | 0.28% | 0.22% |
#43
3
Prev: #46
|
2.1 |
—
|
2,953 | 9.7% |
P
S
|
33,324 | $3,095,133 | 2019 Q3 | 13F Filing | 2026-03-31 | 2026-05-01 | |||
|
KO
Coca-Cola Co
|
Consumer Defensive | 0.26% | 0.24% |
#44
2
Prev: #42
|
0.6 |
—
|
697 | 1.8% |
P
S
|
38,766 | $2,948,154 | 2014 Q1 | 13F Filing | 2026-03-31 | 2026-05-01 | |||
|
EA
Electronic Arts...
|
Communication Services | 0.26% | 0.27% |
#45
7
Prev: #38
|
1.1 |
—
|
no change | no change |
P
S
|
14,190 | $2,892,915 | 2019 Q4 | 13F Filing | 2026-03-31 | 2026-05-01 | |||
|
EXPE
Expedia Group I...
|
Consumer Cyclical | 0.25% | 0.28% |
#46
12
Prev: #34
|
2.1 |
—
|
1,249 | 11.4% |
P
S
|
12,202 | $2,817,320 | 2019 Q4 | 13F Filing | 2026-03-31 | 2026-05-01 | |||
|
PRU
Prudential Fina...
|
Financial Services | 0.24% | 0.26% |
#47
7
Prev: #40
|
2.1 |
—
|
2,905 | 11.6% |
P
S
|
28,046 | $2,739,814 | 2019 Q3 | 13F Filing | 2026-03-31 | 2026-05-01 | |||
|
ICE
Intercontinenta...
|
Financial Services | 0.24% | 0.22% |
#48
Prev: #48
|
2.1 |
—
|
2,532 | 17.2% |
P
S
|
17,277 | $2,717,327 | 2017 Q1 | 13F Filing | 2026-03-31 | 2026-05-01 | |||
|
TXN
Texas Instrumen...
|
Technology | 0.23% | 0.20% |
#49
4
Prev: #53
|
2.1 |
—
|
1,261 | 10.2% |
P
S
|
13,596 | $2,639,527 | 2018 Q1 | 13F Filing | 2026-03-31 | 2026-05-01 | |||
|
AMZN
Amazon.com Inc
|
Consumer Cyclical | 0.23% | 0.23% |
#50
5
Prev: #45
|
2.1 |
—
|
1,537 | 14.2% |
P
S
|
12,366 | $2,575,467 | 2020 Q2 | 13F Filing | 2026-03-31 | 2026-05-01 |
Showing 1-50 of 195 holdings