First Business Financial Services, Inc.
Long book
$1.12B
Q1 2026
Positions
192
Top-10 weight
70%
concentration
Last quarter
+13.0%
SPY +14.8%
Turnover
15%
of book per quarter
Strategy in plain words
auto-generated from filingsFirst Business Financial Services, Inc. is a wealth-management firm allocating client money, running a $1.12B US long book across 192 positions.
The portfolio is concentrated: the top 10 names carry 70% of the portfolio. Turnover is modest: positions are typically held for years. Current anchor positions: VANGUARD TOTAL STOCK MKT ETF, ISHARES CORE MSCI EAFE ETF, ISHARES RUSSELL 1000 GROWTH, ISHARES CORE S&P SMALL-CAP E, ISHARES CORE DIVIDEND GROWTH.
Over the last 9 quarters its long book ran on average 0.2pp per quarter behind the S&P 500, beating the index in 4 of 9 quarters. Its holdings are mechanical (indexing / client flows), so position changes carry no stock-picking signal.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+1.9%
Q2 2024
+6.8%
Q3 2024
+0.5%
Q4 2024
-2.7%
Q1 2025
+9.7%
Q2 2025
+7.7%
Q3 2025
+3.2%
Q4 2025
-1.3%
Q1 2026
+13.0%
Sector allocation
Technology 38%
Financials 20%
Industrials 14%
Consumer discretionary 9%
Healthcare 6%
Utilities 4%
Energy 3%
Consumer staples 2%
Long book by quarter
What does First Business own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| FBIZ FIRST BUSINESS FINANCIAL SER | Financials | 361.3K | $19.5M | 1.7% | Held |
| NVDA NVIDIA CORP | Technology | 100.0K | $17.4M | 1.5% | +5.8% |
| AAPL APPLE INC | Technology | 59.5K | $15.1M | 1.3% | +4.5% |
| AVGO BROADCOM INC | Technology | 41.6K | $12.9M | 1.1% | +10.1% |
| GOOGL ALPHABET INC-CL A | Technology | 42.2K | $12.1M | 1.1% | +8.2% |
| CIEN CIENA CORP | Technology | 30.1K | $11.7M | 1.0% | +12.4% |
| JPM JPMORGAN CHASE & CO | Financials | 35.3K | $10.4M | 0.9% | +10.1% |
| PWR QUANTA SERVICES INC | Industrials | 15.5K | $8.5M | 0.8% | +10.0% |
| ANET ARISTA NETWORKS INC | Technology | 66.2K | $8.1M | 0.7% | +12.1% |
| MSFT MICROSOFT CORP | Technology | 18.0K | $6.7M | 0.6% | +2.1% |
| LRCX LAM RESEARCH CORP | Industrials | 30.8K | $6.6M | 0.6% | +14.8% |
| LLY ELI LILLY & CO | Healthcare | 6.4K | $5.9M | 0.5% | +12.2% |
| XOM EXXON MOBIL CORP | Energy | 29.2K | $5.0M | 0.4% | +8.7% |
| COR CENCORA INC | Consumer discretionary | 15.3K | $4.8M | 0.4% | +11.6% |
| COST COSTCO WHOLESALE CORP | Consumer discretionary | 4.6K | $4.6M | 0.4% | +10.5% |
| C CITIGROUP INC | Financials | 40.1K | $4.5M | 0.4% | +11.5% |
| BRK/A BERKSHIRE HATHAWAY INC-CL A | Financials | 6 | $4.3M | 0.4% | Held |
| ADI ANALOG DEVICES INC | Technology | 13.4K | $4.3M | 0.4% | +11.8% |
| BAC BANK OF AMERICA CORP | Financials | 77.7K | $3.8M | 0.3% | +8.9% |
| TMUS T-MOBILE US INC | Communications | 16.9K | $3.6M | 0.3% | +19.9% |
| GD GENERAL DYNAMICS CORP | Industrials | 9.9K | $3.4M | 0.3% | +11.8% |
| NUE NUCOR CORP | Industrials | 19.6K | $3.3M | 0.3% | +10.3% |
| SYK STRYKER CORP | Healthcare | 9.7K | $3.2M | 0.3% | +11.2% |
| RSG REPUBLIC SERVICES INC | Utilities | 14.2K | $3.1M | 0.3% | +13.9% |
| TJX TJX COMPANIES INC | Consumer discretionary | 19.5K | $3.1M | 0.3% | +8.5% |
| NEE NEXTERA ENERGY INC | Utilities | 33.3K | $3.1M | 0.3% | +9.7% |
| KO COCA-COLA CO/THE | Consumer staples | 38.8K | $2.9M | 0.3% | +1.8% |
| EA ELECTRONIC ARTS INC | Technology | 14.2K | $2.9M | 0.3% | Held |
| EXPE EXPEDIA GROUP INC | Industrials | 12.2K | $2.8M | 0.3% | +11.4% |
| PRU PRUDENTIAL FINANCIAL INC | Financials | 28.0K | $2.7M | 0.2% | +11.6% |
| ICE INTERCONTINENTAL EXCHANGE IN | Financials | 17.3K | $2.7M | 0.2% | +17.2% |
| TXN TEXAS INSTRUMENTS INC | Technology | 13.6K | $2.6M | 0.2% | +10.2% |
| AMZN AMAZON.COM INC | Consumer discretionary | 12.4K | $2.6M | 0.2% | +14.2% |
| META META PLATFORMS INC-CLASS A | Technology | 4.3K | $2.5M | 0.2% | +12.4% |
| CSCO CISCO SYSTEMS INC | Technology | 31.1K | $2.4M | 0.2% | +2.4% |
| TOL TOLL BROTHERS INC | Industrials | 17.0K | $2.3M | 0.2% | +12.4% |
| LOW LOWE'S COS INC | Consumer discretionary | 9.4K | $2.2M | 0.2% | +11.9% |
| DRI DARDEN RESTAURANTS INC | Consumer discretionary | 10.7K | $2.1M | 0.2% | +12.0% |
| OSK OSHKOSH CORP | Industrials | 14.1K | $2.1M | 0.2% | +16.2% |
| NFLX NETFLIX INC | Services media | 21.1K | $2.0M | 0.2% | +6.2% |
| SLB SLB LTD | Energy | 38.8K | $2.0M | 0.2% | +8.9% |
| GOOG ALPHABET INC-CL C | Technology | 6.9K | $2.0M | 0.2% | -0.2% |
| KR KROGER CO | Consumer discretionary | 26.3K | $1.9M | 0.2% | +17.1% |
| PM PHILIP MORRIS INTERNATIONAL | Consumer staples | 10.5K | $1.7M | 0.2% | Held |
| AEP AMERICAN ELECTRIC POWER | Utilities | 13.0K | $1.7M | 0.2% | +15.1% |
| ABBV ABBVIE INC | Healthcare | 7.2K | $1.6M | 0.1% | +4.8% |
| IQV IQVIA HOLDINGS INC | Healthcare | 9.0K | $1.5M | 0.1% | +13.1% |
| QCOM QUALCOMM INC | Technology | 10.1K | $1.3M | 0.1% | +10.5% |
| PLTR PALANTIR TECHNOLOGIES INC-A | Technology | 8.8K | $1.3M | 0.1% | +8.6% |
| CL COLGATE-PALMOLIVE CO | Other | 15.1K | $1.3M | 0.1% | +22.2% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 1, 2026 | 192 | $1.12B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 6, 2026 | 168 | $1.09B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Oct 30, 2025 | 185 | $1.09B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 31, 2025 | 185 | $1.11B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 2, 2025 | 170 | $1.02B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 6, 2025 | 162 | $1.01B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 6, 2024 | 159 | $999.2M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 2, 2024 | 157 | $943.3M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR/ARESTATEMENT | May 15, 2024 | 165 | $932.5M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 6, 2024 | 162 | $860.2M | SEC ↗ |