First Business Financial Services, Inc. has filed a Form 13F-HR with the Securities and Exchange Commission, disclosing its equity securities holdings as of September 30, 2026. The filing lists the company's total holdings as 207 positions with a total value of approximately $1.28 billion.
The portfolio is heavily weighted toward large-cap technology and exchange-traded funds. The largest individual holding is Apple Inc., with 18,791,653 shares valued at $56,428,000. Other significant stock positions include Nvidia Corp (23,979,672 shares), Arista Networks Inc (14,264,737 shares), and Microsoft Corp (9,919,999 shares). The filing also lists substantial positions in Broadcom Inc, JPMorgan Chase & Co, and Eli Lilly.
A significant portion of the portfolio is allocated to various ETFs. The iShares Core S&P 500 ETF holds 6,632,261 shares valued at $86,600,000. The iShares Russell 1000 ETF holds 1,766,056 shares valued at $4,244,000, and the iShares Russell 1000 Growth ETF holds 92,166,057 shares valued at $735,798,000. Other notable ETF holdings include the Vanguard Total Stock Market ETF, the iShares Core US Aggregate Bond ETF, and the State Street SPDR S&P 500 ETF.
The filing indicates that the sole voting power for all securities listed is held by Doug Heding, President of Private Wealth at First Business Financial Services.
