NICOLET BANKSHARES INC

CIK 0001174850 · Q1 2026

13F Equity AUM

$2.7B

+334.4% QoQ

Positions

562

+336 QoQ

AUM Rank

#1,495

Top 12%

Skill Alpha (FF)

-0.6%/yr^ns

No Clear Edge

Rank #3,088 · Top 38%

vs S&P -3.8%/yr (unadj.)

Quarters Tracked

~10 years

Portfolio Concentration

Top 5: 26.9%Top 10: 36.1%Top 20: 48.4%

SPYM13.2%

SPYV3.9%

AAPL3.6%

AVEM3.2%

SPYG2.9%

VEA2.5%

VOO2.0%

ITOT1.7%

MSFT1.5%

VO1.5%

Others (552)63.9%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services67.1%

Technology10.8%

Industrials4.6%

Healthcare3.9%

Communication Services3.2%

Consumer Cyclical3.0%

Consumer Defensive3.0%

Other4.6%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 562Median: 0.04%Avg: 0.18%

0–0.5%

522(37.3%)

0.5–1%

21(15.3%)

1–3%

15(23.5%)

3–5%

3(10.8%)

5%+

1(13.2%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 560Unique: 2vs 20 funds

7.7%Low

562

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

10.5%

BANK OF AMERICA CORP /DE/

11.6%

11.2%

16.9%

11.8%

11.2%

VANGUARD CAPITAL MANAGEMENT LLC

10.3%

GEODE CAPITAL MANAGEMENT, LLC

10.1%

VANGUARD PORTFOLIO MANAGEMENT LLC

12%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New339Increased202Decreased12Exited4

New Positions

ITOT1.7%

+322K

VTEB1.5%

+802K

SCHV1.3%

+1.2M

FBND1.1%

+667K

VONG1.1%

+265K

SCHB0.7%

+700K

SPAB0.6%

+633K

VCLT0.6%

+207K

FSCC0.4%

+342K

MU0.3%

+23K

Increased

SPYM13.2%

+4.1M(+826%)

SPYV3.9%

+1.2M(+167%)

VEA2.5%

+845K(+428%)

AVEM3.2%

+835K(+363%)

SPYG2.9%

+581K(+260%)

YLD0.4%

+492K(+779%)

UITB0.8%

+456K(+1546%)

AVRE1.0%

+407K(+214%)

MUB1.4%

+345K(+6248%)

AAPL3.6%

+328K(+551%)

Decreased

SNDR0.0%

-46,270(-74%)

CMG0.0%

-3,416(-17%)

EDV0.0%

-1,510(-29%)

SCHE0.0%

-1,500(-10%)

TSA0.0%

-500(-9%)

JMBS0.0%

-477(-2%)

VGT0.0%

-394(-21%)

RSPT0.0%

-370(-7%)

WH0.0%

-345(-11%)

DFUS0.0%

-336(-4%)

Exited

NIC

-883,159

TLH

-2,259

-6,023

TPLC

-4,544

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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