Data as of Q4 2025 (Dec 31, 2025)

NICOLET BANKSHARES INC

•CIK: 1174850•Filing: Q4 2025

**NICOLET BANKSHARES INC** manages $624M across a diversified portfolio of 226 positions. The fund exhibits a significant concentration in the technology and index space, notably holding NIC at $107.1M. Further top holdings include SPYM and SPYV, each valued at $40.2M, alongside substantial allocations to core ETFs like VOO ($30.7M) and SPY ($13.6M). This structure suggests a strategic, index-tilted approach with overweight exposure to specific sector leaders.

Total AUM
$624.0M
QoQ Performance
+0.3%
Positions
225
Top 10 Concentration
51.0%
Latest Filing
Q4 2025

Top Holdings Allocation

NIC
SPYM
SPYV
NIC17.2%
SPYM6.4%
SPYV6.4%
VOO4.9%
SPYG3.8%
AVEM2.8%
AAPL2.6%
SPY2.2%

📈 Biggest Buys

SPYM
STATE STREET SPDR PORTFOLIO S&P 500 ETF
NEW
6.4% of portfolio
VONE
VANGUARD RUSSELL 1000 ETF
NEW
1.6% of portfolio
VOO
VANGUARD S&P 500 ETF
+14.3%
4.9% of portfolio
VEA
VANGUARD FTSE DEVELOPED MARKETS
+24.8%
2.0% of portfolio
AVEM
AVANTIS EMERGING MARKETS EQUITY ETF
+14.2%
2.8% of portfolio

📉 Biggest Sells

SPYV
STATE STREET SPDR PORTFOLIO S&P 500 VALUE ETF
-33.2%
6.4% of portfolio
SPYG
STATE STREET SPDR S&P 500 GROWTH ETF
-42.6%
3.8% of portfolio
GOOG
ALPHABET INC CAP STK CL C
-34.8%
0.9% of portfolio
NVDA
NVIDIA CORP
-20.2%
1.8% of portfolio
MSFT
MICROSOFT CORP
-13.3%
2.0% of portfolio

Sector Breakdown

Other67.0%
Technology11.8%
ETF8.9%
Consumer3.2%
Financial2.9%
Healthcare2.4%
Industrial1.6%
Energy0.7%

🚪 Exited Positionssold since Q3 2025

IBIT
ISHARES BITCOIN TRUST ETF
SOLD
$1.3M
CARR
CARRIER GLOBAL CORP
SOLD
$694.2K
DD
DUPONT DE NEMOURS INC
SOLD
$601.4K
TFC
TRUIST FINL CORP
SOLD
$456.7K
AMAT
APPLIED MATLS INC
SOLD
$368.5K
+24 more exited positions

Changes from Q3 2025

NEW11 new positions
↑69 increased
↓90 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023

📌 Top Holdings

NIC17.2%
NICOLET BANKSHARES INC
$107.1M
SPYM6.4%
STATE STREET SPDR PORTFOLIO S&P 500 ETF
$40.2M
SPYV6.4%
STATE STREET SPDR PORTFOLIO S&P 500 VALUE ETF
$40.2M
VOO4.9%
VANGUARD S&P 500 ETF
$30.7M
SPYG3.8%
STATE STREET SPDR S&P 500 GROWTH ETF
$23.8M

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