First Business Financial Services, Inc.

CIK

1521951

Location

MADISON, WI

Portfolio Value

Small $304,546,754

Diversification

Diversified

Filing Date

Global Rank

#3,381 / 8,603 ▲ 208 · as of Mar 2026

Top Industry

Semiconductors 14.6%

3Y Alpha vs SPY

+3.7%

Period ended 3 months ago

Filed May 1, 2026 · 2mo

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+93.7%

SPY

+76.0%

Annualised alpha

+3.9%

Max drawdown

−18.5%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

140 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

9.3%

−1.1 pts

Top 5

30.7%

−3.0 pts

Top 10

47.3%

−2.1 pts

HHI

309

Diversified−35

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Technology	32.1%	$97,690,099	25
Financial Services	17.2%	$52,235,987	25
Unclassified	10.6%	$32,363,086	7
Industrials	8.2%	$25,096,656	21
Communication Services	7.7%	$23,517,262	7
Healthcare	7.2%	$21,795,934	14
Consumer Cyclical	5.7%	$17,398,891	12
Consumer Defensive	5.3%	$16,211,898	10
Utilities	2.7%	$8,123,902	10
Energy	1.2%	$3,559,219	7
Basic Materials	1.1%	$3,321,969	1
Real Estate	1.1%	$3,231,851	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
ANET	Arista Networks, Inc.	+7,132	66,173	$8,124,720
BAC	Bank Of America Corp /De/	+6,359	77,650	$3,785,437
NVDA	Nvidia Corp	+5,449	99,950	$17,431,280
C	Citigroup Inc	+4,124	40,051	$4,542,183
LRCX	Lam Research Corp	+3,982	30,841	$6,589,488
KR	Kroger Co	+3,842	26,349	$1,906,613
AVGO	Broadcom Inc.	+3,824	41,647	$12,890,162
CIEN	Ciena Corp	+3,310	30,050	$11,666,311
JPM	Jpmorgan Chase & Co	+3,233	35,340	$10,395,614
GOOGL	Alphabet Inc.	+3,183	42,161	$12,123,817
SLB	Slb Limited/Nv	+3,166	38,779	$1,992,852
NEE	Nextera Energy Inc	+2,953	33,324	$3,095,133
PRU	Prudential Financial Inc	+2,905	28,046	$2,739,813
TMUS	T-Mobile US, Inc.	+2,803	16,904	$3,550,347
CL	Colgate Palmolive Co	+2,741	15,111	$1,287,910
AAPL	Apple Inc.	+2,541	59,469	$15,092,637
ICE	Intercontinental Exchange, Inc.	+2,532	17,277	$2,717,326
APO	Apollo Global Management, Inc.	+2,266	10,902	$1,214,700
OSK	Oshkosh Corp	+1,959	14,069	$2,071,097
TOL	Toll Brothers, Inc.	+1,874	16,983	$2,317,670
NUE	Nucor Corp	+1,837	19,645	$3,321,969
RSG	Republic Services, Inc.	+1,733	14,228	$3,116,216
AEP	American Electric Power Co Inc	+1,705	13,027	$1,707,579
COR	Cencora, Inc.	+1,599	15,341	$4,819,221
AMZN	Amazon Com Inc	+1,537	12,366	$2,575,466
No positions match the current search.

Trimmed

Positions the filer reduced

10 positions

Ticker	Company	Δ Shares	Shares	Value
SLV	iShares Silver Trust	−1,900	10,330	$703,886
GLD	Spdr Gold Trust	−1,000	4,247	$1,827,441
PG	PROCTER & GAMBLE Co	−1,000	5,360	$774,198
MCD	Mcdonalds Corp	−596	1,592	$494,777
USB	US Bancorp De	−344	5,053	$262,806
HD	Home Depot, Inc.	−134	1,590	$522,935
UNH	Unitedhealth Group Inc	−129	750	$202,942
ITW	Illinois Tool Works Inc	−100	2,506	$652,286
CAT	Caterpillar Inc	−83	589	$417,282
SPY	Spdr S&P 500 ETF Trust	−37	43,754	$28,454,976
No positions match the current search.

New Positions

Positions the filer opened this quarter

18 positions

Ticker	Company	Shares	Value
WTRG	Essential Utilities, Inc.	14,146	$569,659
BX	Blackstone Inc.	2,917	$335,425
USCI	United States Commodity Index Funds Trust	3,477	$331,427
PHM	Pultegroup Inc/Mi/	2,605	$306,374
EOG	Eog Resources Inc	1,929	$278,875
SGOL	abrdn Gold ETF Trust	6,096	$272,003
PSX	Phillips 66	1,471	$267,986
VZ	Verizon Communications Inc	4,520	$226,904
SIVR	abrdn Silver ETF Trust	3,160	$226,287
GEV	GE Vernova Inc.	257	$224,335
NSC	Norfolk Southern Corp	758	$217,546
HLT	Hilton Worldwide Holdings Inc.	705	$214,376
PPL	PPL Corp	5,553	$212,124
SHEL	Shell plc	2,257	$209,901
MPC	Marathon Petroleum Corp	857	$209,262
MCHP	Microchip Technology Inc	3,136	$202,616
CB	Chubb Ltd	614	$200,121
DNN	Denison Mines Corp.	10,000	$35,300
No positions match the current search.

Sold Out

Positions the filer fully exited

3 positions

Ticker	Company	Shares	Value
FIS	Fidelity National Information Services, Inc.	3,963	$263,380
WFC	Wells Fargo & Company/Mn	2,473	$230,483
EXAS	EXACT SCIENCES CORP	2,215	$224,955
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

140 positions · $304,546,754 total · as of Mar 31, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Showing 1–50 of 140 positions by value · page 1 of 3

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
SPY	Spdr S&P 500 ETF Trust	Reduced	43,754	-37	$28,454,976	−4.7%	9.34%
FBIZ	First Business Financial Services, Inc. Financial Services	Held	361,311	0	$19,485,502	−0.7%	6.40%
NVDA	Nvidia Corp Technology	Added	99,950	+5,449	$17,431,280	−1.1%	5.72%
AAPL	Apple Inc. Technology	Added	59,469	+2,541	$15,092,637	−2.5%	4.96%
AVGO	Broadcom Inc. Technology	Added	41,647	+3,824	$12,890,162	−1.5%	4.23%
GOOGL	Alphabet Inc. Communication Services	Added	42,161	+3,183	$12,123,817	−0.6%	3.98%
CIEN	Ciena Corp Technology	Added	30,050	+3,310	$11,666,311	+86.6%	3.83%
JPM	Jpmorgan Chase & Co Financial Services	Added	35,340	+3,233	$10,395,614	+0.5%	3.41%
PWR	Quanta Services, Inc. Industrials	Added	15,527	+1,416	$8,524,633	+43.1%	2.80%
ANET	Arista Networks, Inc. Technology	Added	66,173	+7,132	$8,124,720	+5.0%	2.67%
MSFT	Microsoft Corp Technology	Added	18,047	+369	$6,680,457	−21.9%	2.19%
LRCX	Lam Research Corp Technology	Added	30,841	+3,982	$6,589,488	+43.3%	2.16%
LLY	ELI LILLY & Co Healthcare	Added	6,416	+697	$5,901,244	−4.0%	1.94%
COR	Cencora, Inc. Healthcare	Added	15,341	+1,599	$4,819,221	+3.8%	1.58%
COST	Costco Wholesale Corp /New Consumer Defensive	Added	4,649	+441	$4,632,403	+27.7%	1.52%
C	Citigroup Inc Financial Services	Added	40,051	+4,124	$4,542,183	+8.3%	1.49%
ADI	Analog Devices Inc Technology	Added	13,374	+1,415	$4,254,804	+31.2%	1.40%
BAC	Bank Of America Corp /De/ Financial Services	Added	77,650	+6,359	$3,785,437	−3.5%	1.24%
TMUS	T-Mobile US, Inc. Communication Services	Added	16,904	+2,803	$3,550,347	+24.0%	1.17%
GD	General Dynamics Corp Industrials	Added	9,862	+1,040	$3,384,835	+14.0%	1.11%
NUE	Nucor Corp Basic Materials	Added	19,645	+1,837	$3,321,969	+14.4%	1.09%
EQIX	Equinix Inc Real Estate	Added	3,297	+350	$3,231,851	+43.1%	1.06%
SYK	Stryker Corp Healthcare	Added	9,665	+976	$3,175,822	+4.0%	1.04%
RSG	Republic Services, Inc. Industrials	Added	14,228	+1,733	$3,116,216	+17.7%	1.02%
TJX	Tjx Companies Inc /De/ Consumer Cyclical	Added	19,471	+1,531	$3,109,518	+12.8%	1.02%
NEE	Nextera Energy Inc Utilities	Added	33,324	+2,953	$3,095,133	+26.9%	1.02%
KO	Coca Cola Co Consumer Defensive	Added	38,766	+697	$2,948,154	+10.8%	0.97%
EA	Electronic Arts Inc. Communication Services	Held	14,190	0	$2,892,915	−0.2%	0.95%
EXPE	Expedia Group, Inc. Consumer Cyclical	Added	12,202	+1,249	$2,817,319	−9.2%	0.93%
PRU	Prudential Financial Inc Financial Services	Added	28,046	+2,905	$2,739,813	−3.5%	0.90%
ICE	Intercontinental Exchange, Inc. Financial Services	Added	17,277	+2,532	$2,717,326	+13.8%	0.89%
TXN	Texas Instruments Inc Technology	Added	13,596	+1,261	$2,639,527	+23.3%	0.87%
AMZN	Amazon Com Inc Consumer Cyclical	Added	12,366	+1,537	$2,575,466	+3.0%	0.85%
META	Meta Platforms, Inc. Communication Services	Added	4,321	+478	$2,472,173	−2.5%	0.81%
CSCO	Cisco Systems, Inc. Technology	Added	31,050	+729	$2,409,169	+3.1%	0.79%
TOL	Toll Brothers, Inc. Consumer Cyclical	Added	16,983	+1,874	$2,317,670	+13.4%	0.76%
LOW	Lowes Companies Inc Consumer Cyclical	Added	9,355	+995	$2,210,399	+9.6%	0.73%
DRI	Darden Restaurants Inc Consumer Cyclical	Added	10,684	+1,148	$2,094,491	+19.4%	0.69%
OSK	Oshkosh Corp Industrials	Added	14,069	+1,959	$2,071,097	+36.1%	0.68%
NFLX	Netflix Inc Communication Services	Added	21,126	+1,237	$2,031,264	+8.9%	0.67%
SLB	Slb Limited/Nv Energy	Added	38,779	+3,166	$1,992,852	+45.8%	0.65%
KR	Kroger Co Consumer Defensive	Added	26,349	+3,842	$1,906,613	+35.6%	0.63%
GLD	Spdr Gold Trust	Reduced	4,247	-1,000	$1,827,441	−12.1%	0.60%
PM	Philip Morris International Inc. Consumer Defensive	Held	10,458	0	$1,729,125	+3.1%	0.57%
AEP	American Electric Power Co Inc Utilities	Added	13,027	+1,705	$1,707,579	+30.8%	0.56%
ABBV	AbbVie Inc. Healthcare	Added	7,166	+326	$1,558,533	−0.3%	0.51%
IQV	Iqvia Holdings Inc. Healthcare	Added	8,964	+1,039	$1,528,720	−14.4%	0.50%
QCOM	Qualcomm Inc/De Technology	Added	10,128	+959	$1,304,283	−16.8%	0.43%
PLTR	Palantir Technologies Inc. Technology	Added	8,815	+699	$1,289,458	−10.6%	0.42%
CL	Colgate Palmolive Co Consumer Defensive	Added	15,111	+2,741	$1,287,910	+31.8%	0.42%