FIRST BUSINESS FINANCIAL SERVICES, INC.

FundStock

CIK 0001521951 · Q2 2026

13F Equity AUM

$1.3B

+14.6% QoQ

Positions

201

+9 QoQ

AUM Rank

#2,052

Top 23%

Skill Alpha (FF)

-1.5%/yr

Underperformer

Rank #5,125 · Top 62%

vs S&P -3.4%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 52.4%Top 10: 68.7%Top 20: 80.4%

VTI22.8%

IEFA11.7%

IWF7.0%

IJR5.8%

IWD5.0%

DGRO4.9%

IJH4.3%

AGG3.0%

SPY2.5%

FBIZ1.7%

Others (191)31.3%

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

Sector Allocation

Financial Services78.0%

Technology10.0%

Industrials2.2%

Communication Services2.2%

Other7.6%

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

Position Sizing

Positions: 201Median: 0.06%Avg: 0.50%

0–0.5%

175(16.3%)

0.5–1%

9(6.0%)

1–3%

10(16.1%)

3–5%

3(14.2%)

5%+

4(47.4%)

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

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Portfolio Overlap

Shared: 0Unique: 201vs 20 funds

0%Low

201

Fund positions

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.

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Position Changes This Quarter

New15Increased113Decreased25Exited6

New Positions

HWM0.2%

+8K

MU0.0%

+414

Thomson Reuters Corp…0.0%

+4K

INTC0.0%

+2K

TSM0.0%

+567

STX0.0%

+321

CEG0.0%

+832

UBER0.0%

+3K

ENB0.0%

+4K

GNRC0.0%

+700

Increased

IWF7.0%

+549K(+299%)

RSSB0.3%

+40K(+51%)

VTIP0.6%

+17K(+13%)

JPST1.4%

+14K(+4%)

AGG3.0%

+13K(+3%)

CTA0.1%

+12K(+48%)

IEFA11.7%

+12K(+1%)

VO0.1%

+10K(+300%)

VUG0.1%

+7K(+481%)

IJH4.3%

+4K(+1%)

Decreased

FBIZ1.7%

-21,122(-6%)

WTRG0.0%

-8,146(-58%)

VTI22.8%

-2,334(-0%)

CIEN1.1%

-1,242(-4%)

MCD0.0%

-733(-46%)

GLW0.2%

-424(-5%)

DOX0.0%

-404(-9%)

BX0.0%

-403(-14%)

AVGO1.2%

-399(-1%)

IWD5.0%

-371(-0%)

Exited

-3,942

-2,257

-3,160

-2,281

-20,000

DML

-10,000

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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