Filed: 10/30/2025ACC: 0001140361-25-039810
📋 What this filing means
FIRST BUSINESS FINANCIAL SERVICES, INC. filed this quarterly 13F‑HR report disclosing 185 equity positions with a total reported market value of $1.09B. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.
185
Positions
$1.09B
Total AUM (reported)
7.54M
Total Shares
Allocation by class
COM$1.09B100.0%
Portfolio Concentration
Top 3$485.62M44.5%
4–10$300.21M27.5%
11–25$128.50M11.8%
Rest$175.74M16.1%
Top 3 weight
44.5%
Top 10 weight
72.1%
Voting Authority Distribution
Total shares with voting rights: 7.54M
Sole
Full voting authority
6.90M
shares
% of voting shares91.5%
Shared
Joint voting authority
0.00
shares
% of voting shares0.0%
None
No voting authority
637.30K
shares
% of voting shares8.5%
Investment Discretion (by position count)
Sole185
Shared0
Other0
Dominant voting typeSole · 91.5% of voting shares
Institutional Holdings185
Rows:
Vanguard Total Stock Market ET
SOLEShares807.13K
TypeSH
Market value$264.88M
24.30%
Sole
807.13K
Shared
0.00
None
0.00
iShares Core MSCI EAFE ETF
SOLEShares1.52M
TypeSH
Market value$132.80M
12.18%
Sole
1.52M
Shared
0.00
None
0.00
iShares Russell 1000 Growth ET
SOLEShares187.77K
TypeSH
Market value$87.95M
8.07%
Sole
187.77K
Shared
0.00
None
0.00
iShares Core S&P Small-Cap ETF
SOLEShares499.42K
TypeSH
Market value$59.35M
5.44%
Sole
499.42K
Shared
0.00
None
0.00
iShares Core Dividend Growth
SOLEShares824.03K
TypeSH
Market value$56.10M
5.15%
Sole
824.03K
Shared
0.00
None
0.00
iShares Russell 1000 Value ETF
SOLEShares265.43K
TypeSH
Market value$54.04M
4.96%
Sole
265.43K
Shared
0.00
None
0.00
iShares Core S&P Mid-Cap ETF
SOLEShares704.17K
TypeSH
Market value$45.95M
4.22%
Sole
704.17K
Shared
0.00
None
0.00
iShares Core US Aggregate Bond
SOLEShares363.29K
TypeSH
Market value$36.42M
3.34%
Sole
363.29K
Shared
0.00
None
0.00
SPDR S&P 500 ETF
SOLEShares43.79K
TypeSH
Market value$29.17M
2.68%
Sole
43.79K
Shared
0.00
None
0.00
First Business Financial Servi
SOLEShares374.23K
TypeSH
Market value$19.18M
1.76%
Sole
0.00
Shared
0.00
None
374.23K
Nvidia Corp
SOLEShares93.65K
TypeSH
Market value$17.47M
1.60%
Sole
89.70K
Shared
0.00
None
3.95K
Apple Inc
SOLEShares56.48K
TypeSH
Market value$14.38M
1.32%
Sole
51.87K
Shared
0.00
None
4.61K
Broadcom Inc
SOLEShares36.84K
TypeSH
Market value$12.15M
1.11%
Sole
36.84K
Shared
0.00
None
0.00
JPMorgan Ultra-Short Income ET
SOLEShares202.80K
TypeSH
Market value$10.29M
0.94%
Sole
202.80K
Shared
0.00
None
0.00
JPMorgan Chase & Co
SOLEShares31.58K
TypeSH
Market value$9.96M
0.91%
Sole
31.58K
Shared
0.00
None
0.00
Microsoft Corp
SOLEShares18.80K
TypeSH
Market value$9.74M
0.89%
Sole
17.36K
Shared
0.00
None
1.44K
Alphabet Inc Cap Stk Cl A
SOLEShares38.38K
TypeSH
Market value$9.33M
0.86%
Sole
38.38K
Shared
0.00
None
0.00
Arista Networks Inc
SOLEShares57.09K
TypeSH
Market value$8.32M
0.76%
Sole
57.09K
Shared
0.00
None
0.00
Caterpillar Inc
SOLEShares14.67K
TypeSH
Market value$7.00M
0.64%
Sole
584.00
Shared
0.00
None
14.08K
Quanta Services Inc
SOLEShares13.85K
TypeSH
Market value$5.74M
0.53%
Sole
13.85K
Shared
0.00
None
0.00
iShares Edge MSCI USA Momentum
SOLEShares20.34K
TypeSH
Market value$5.21M
0.48%
Sole
20.34K
Shared
0.00
None
0.00
Technology Select Sector SPDR
SOLEShares18.25K
TypeSH
Market value$5.14M
0.47%
Sole
18.25K
Shared
0.00
None
0.00
iShares National Muni Bond ETF
SOLEShares43.66K
TypeSH
Market value$4.65M
0.43%
Sole
43.66K
Shared
0.00
None
0.00
Deere & Co Com
SOLEShares10.04K
TypeSH
Market value$4.59M
0.42%
Sole
40.00
Shared
0.00
None
10K
Berkshire Hathaway Inc Class A
SOLEShares6.00
TypeSH
Market value$4.53M
0.42%
Sole
6.00
Shared
0.00
None
0.00
| Issuer | Class | Shares | Type | Value / Portfolio % | Voting — Sole | Shared | None |
|---|---|---|---|---|---|---|---|
Vanguard Total Stock Market ETSOLE | Com | 807.13K | SH | $264.88M 24.30% | 807.13K | 0.00 | 0.00 |
iShares Core MSCI EAFE ETFSOLE | Com | 1.52M | SH | $132.80M 12.18% | 1.52M | 0.00 | 0.00 |
iShares Russell 1000 Growth ETSOLE | Com | 187.77K | SH | $87.95M 8.07% | 187.77K | 0.00 | 0.00 |
iShares Core S&P Small-Cap ETFSOLE | Com | 499.42K | SH | $59.35M 5.44% | 499.42K | 0.00 | 0.00 |
iShares Core Dividend GrowthSOLE | Com | 824.03K | SH | $56.10M 5.15% | 824.03K | 0.00 | 0.00 |
iShares Russell 1000 Value ETFSOLE | Com | 265.43K | SH | $54.04M 4.96% | 265.43K | 0.00 | 0.00 |
iShares Core S&P Mid-Cap ETFSOLE | Com | 704.17K | SH | $45.95M 4.22% | 704.17K | 0.00 | 0.00 |
iShares Core US Aggregate BondSOLE | Com | 363.29K | SH | $36.42M 3.34% | 363.29K | 0.00 | 0.00 |
SPDR S&P 500 ETFSOLE | Com | 43.79K | SH | $29.17M 2.68% | 43.79K | 0.00 | 0.00 |
First Business Financial ServiSOLE | Com | 374.23K | SH | $19.18M 1.76% | 0.00 | 0.00 | 374.23K |
Nvidia CorpSOLE | Com | 93.65K | SH | $17.47M 1.60% | 89.70K | 0.00 | 3.95K |
Apple IncSOLE | Com | 56.48K | SH | $14.38M 1.32% | 51.87K | 0.00 | 4.61K |
Broadcom IncSOLE | Com | 36.84K | SH | $12.15M 1.11% | 36.84K | 0.00 | 0.00 |
JPMorgan Ultra-Short Income ETSOLE | Com | 202.80K | SH | $10.29M 0.94% | 202.80K | 0.00 | 0.00 |
JPMorgan Chase & CoSOLE | Com | 31.58K | SH | $9.96M 0.91% | 31.58K | 0.00 | 0.00 |
Microsoft CorpSOLE | Com | 18.80K | SH | $9.74M 0.89% | 17.36K | 0.00 | 1.44K |
Alphabet Inc Cap Stk Cl ASOLE | Com | 38.38K | SH | $9.33M 0.86% | 38.38K | 0.00 | 0.00 |
Arista Networks IncSOLE | Com | 57.09K | SH | $8.32M 0.76% | 57.09K | 0.00 | 0.00 |
Caterpillar IncSOLE | Com | 14.67K | SH | $7.00M 0.64% | 584.00 | 0.00 | 14.08K |
Quanta Services IncSOLE | Com | 13.85K | SH | $5.74M 0.53% | 13.85K | 0.00 | 0.00 |
iShares Edge MSCI USA MomentumSOLE | Com | 20.34K | SH | $5.21M 0.48% | 20.34K | 0.00 | 0.00 |
Technology Select Sector SPDRSOLE | Com | 18.25K | SH | $5.14M 0.47% | 18.25K | 0.00 | 0.00 |
iShares National Muni Bond ETFSOLE | Com | 43.66K | SH | $4.65M 0.43% | 43.66K | 0.00 | 0.00 |
Deere & Co ComSOLE | Com | 10.04K | SH | $4.59M 0.42% | 40.00 | 0.00 | 10K |
Berkshire Hathaway Inc Class ASOLE | Com | 6.00 | SH | $4.53M 0.42% | 6.00 | 0.00 | 0.00 |
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