FIRST BUSINESS FINANCIAL SERVICES, INC.

Q4 2025 13F-HR Holdings

Location
Madison, WI
Holdings as of
12/31/2025
Date filed
2/6/2026
Form type
13F-HR
Num holdings
168
Total value ($000)
$1,089,042
Net value change ($000)
-1,040 (-0.1%)
New positions
2
Sold out positions
19
Turnover %
1.1%
Sector allocation + QoQ delta (equities-only)
Prev filing: 10/30/2025 Next filing: — SEC filing

Snapshot: Change Analysis

Compared to Q3 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
GOOGL 2,871 30.8%
IEFA 2,619 2.0%
CIEN 2,473 65.4%
LLY 1,872 43.8%
META 1,701 203.5%
AGG 1,688 4.6%
IWD 1,159 2.1%
AAPL 1,095 7.6%
LRCX 1,088 31.0%
PRU 1,058 59.4%
Top Reduces (Value $000, Stocks/ETFs)
CAT -6,613 -94.5%
DE -4,591 -100.0%
MGEE -3,246 -86.9%
IWF -1,776 -2.0%
EOG -1,549 -100.0%
MSFT -1,190 -12.2%
AEE -1,164 -100.0%
LNT -699 -66.4%
PLOW -625 -100.0%
ANET -583 -7.0%
Instrument mix + QoQ Δ (ex-options)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type