NICOLET BANKSHARES INC

Portfolio Overview

NICOLET BANKSHARES INC disclosed 615 positions worth $3.1B in its Form 13F-HR for Q2 2026 — $3.1B in common stock plus $61,899 of put/call option positions (reported at underlying notional value, not premium at risk), followed by $AAPL. During the quarter the fund opened 82 new positions and exited 34 and a full exit from $SLNO. The portfolio is most concentrated in Other (61.5% of disclosed assets). All figures are sourced directly from NICOLET BANKSHARES INC’s Form 13F-HR filing with the SEC under CIK 1174850.

• STATE STREET SPDR - OTHER

  —

  Quality

  $441.8M5,001,980 sh
• 

  Apple Inc.

  $AAPL

  76.4#84

  Quality

  $116.8M387,221 sh

• SPDR SER TR - OTHER

  —

  Quality

  $115.8M1,884,218 sh

• AMERICAN CENTY ETF TR - OTHER

  —

  Quality

  $101.2M1,058,365 sh

• SPDR SER TR - OTHER

  —

  Quality

  $94.4M794,989 sh

• VANGUARD TAX-MANAGED FDS - OTHER

  —

  Quality

  $85.3M1,188,926 sh

• VANGUARD INDEX FDS - OTHER

  —

  Quality

  $57.1M82,963 sh

• ISHARES TR - CORE S&P TTL STK

  —

  Quality

  $54.7M331,608 sh

• VANGUARD MORN MID CAP ETF - OTHER

  —

  Quality

  $54.5M674,232 sh

• FIDELITY MERRIMACK STR TR - OTHER

  —

  Quality

  $46.7M1,027,399 sh

Company	Quality	Value	Shares
STATE STREET SPDR - OTHER	—	$441.8M	5,001,980
Apple Inc.$AAPL	76.4#84	$116.8M	387,221
SPDR SER TR - OTHER	—	$115.8M	1,884,218
AMERICAN CENTY ETF TR - OTHER	—	$101.2M	1,058,365
SPDR SER TR - OTHER	—	$94.4M	794,989
VANGUARD TAX-MANAGED FDS - OTHER	—	$85.3M	1,188,926
VANGUARD INDEX FDS - OTHER	—	$57.1M	82,963
ISHARES TR - CORE S&P TTL STK	—	$54.7M	331,608
VANGUARD MORN MID CAP ETF - OTHER	—	$54.5M	674,232
FIDELITY MERRIMACK STR TR - OTHER	—	$46.7M	1,027,399

Showing top 10 of 615 holdings.

Top Holdings — NICOLET BANKSHARES INC (Q2 2026)

Top 150 of 615 disclosed positions (by reported value) from the latest Form 13F-HR, with quarter-over-quarter share changes and 13F Pro quality scores. Sourced from SEC EDGAR.

#	Ticker	Company	Value	Weight	QoQ	Quality
1	—	STATE STREET SPDR - OTHER	$441.8M	14.1%	+8%	—
2	$AAPL	Apple Inc.	$116.8M	3.7%	+0%	76.4
3	—	SPDR SER TR - OTHER	$115.8M	3.7%	-0%	—
4	—	AMERICAN CENTY ETF TR - OTHER	$101.2M	3.2%	-1%	—
5	—	SPDR SER TR - OTHER	$94.4M	3.0%	-1%	—
6	—	VANGUARD TAX-MANAGED FDS - OTHER	$85.3M	2.7%	+14%	—
7	—	VANGUARD INDEX FDS - OTHER	$57.1M	1.8%	-8%	—
8	—	ISHARES TR - CORE S&P TTL STK	$54.7M	1.7%	+3%	—
9	—	VANGUARD MORN MID CAP ETF - OTHER	$54.5M	1.7%	+368%	—
10	—	FIDELITY MERRIMACK STR TR - OTHER	$46.7M	1.5%	+54%	—
11	$MSFT	MICROSOFT CORP	$42.6M	1.4%	-1%	79.8
12	$NVDA	NVIDIA CORP	$41.8M	1.3%	+7%	85.9
13	—	VANGUARD MUN BD FDS - OTHER	$39.9M	1.3%	-2%	—
14	—	SCHWAB STRATEGIC TR - OTHER	$39.2M	1.3%	-6%	—
15	—	ISHARES TR - OTHER	$38.6M	1.2%	+2%	—
16	$JPM	JPMORGAN CHASE & CO	$38.5M	1.2%	-2%	70.7
17	$BRK.B	BERKSHIRE HATHAWAY INC	$37.6M	1.2%	+1%	73.8
18	—	VANGUARD SCOTTSDALE FDS - OTHER	$33.5M	1.1%	-1%	—
19	$AMZN	AMAZON COM INC	$33.2M	1.1%	+1%	68.7
20	—	VICTORYSHARES - OTHER	$31.4M	1.0%	+38%	—
21	$SPY	SPDR S&P 500 ETF TRUST	$30.6M	1.0%	-0%	—
22	$GOOG	Alphabet Inc.	$29.7M	0.9%	-2%	78.2
23	—	ISHARES TR - OTHER	$29.6M	0.9%	-3%	—
24	—	AVANTIS GLOBAL - OTHER	$29.5M	0.9%	+4%	—
25	$GOOGL	Alphabet Inc.	$27.7M	0.9%	+1%	78.2
26	—	ISHARES TR - OTHER	$26.9M	0.9%	+0%	—
27	$PG	PROCTER & GAMBLE Co	$24.9M	0.8%	+2%	64.6
28	—	VANGUARD BD INDEX FDS - OTHER	$23.1M	0.7%	+7%	—
29	$MU	MICRON TECHNOLOGY INC	$23.1M	0.7%	-8%	86.2
30	—	VANGUARD SCOTTSDALE FDS - OTHER	$21.7M	0.7%	+4%	—
31	—	SCHWAB STRATEGIC TR - OTHER	$18.8M	0.6%	-7%	—
32	$WEC	WEC ENERGY GROUP, INC.	$18.7M	0.6%	-0%	60.1
33	—	VANGUARD MORN VALUE ETF - OTHER	$18.6M	0.6%	+3%	—
34	—	ISHARES TR - OTHER	$17.4M	0.6%	+0%	—
35	$CAT	CATERPILLAR INC	$17.1M	0.5%	-1%	66.5
36	—	VANGUARD MORN SMALL CAP ETF - OTHER	$16.9M	0.5%	+9%	—
37	—	STATE STREET SPDE - OTHER	$16.3M	0.5%	+1%	—
38	$META	Meta Platforms, Inc.	$16.1M	0.5%	-7%	79.6
39	$AVGO	Broadcom Inc.	$16.1M	0.5%	+2%	84.5
40	—	FEDERATED HERMES MDT SMALL CAP - OTHER	$16.0M	0.5%	+27%	—
41	$LLY	ELI LILLY & Co	$16.0M	0.5%	+20%	87.5
42	—	ISHARES TR - OTHER	$15.8M	0.5%	-2%	—
43	—	VANGUARD SCOTTSDALE FDS - OTHER	$15.2M	0.5%	-2%	—
44	—	VANGUARD SCOTTSDALE FDS - OTHER	$14.3M	0.5%	-1%	—
45	—	ALPS ETF TR - OTHER	$14.3M	0.5%	-1%	—
46	$ORCL	ORACLE CORP	$13.2M	0.4%	+5%	66.2
47	$AMD	ADVANCED MICRO DEVICES INC	$12.9M	0.4%	-90%	79.8
48	$HD	HOME DEPOT, INC.	$12.3M	0.4%	-3%	60.3
49	$KO	COCA COLA CO	$12.3M	0.4%	-0%	69.5
50	$JNJ	JOHNSON & JOHNSON	$12.2M	0.4%	+3%	69
51	$XOM.R34088	EXXON MOBIL CORP	$12.1M	0.4%	+0%	57.9
52	—	VANGUARD MORN GROWTH ETF - OTHER	$11.5M	0.4%	+495%	—
53	$CSCO	CISCO SYSTEMS, INC.	$11.4M	0.4%	-3%	70.3
54	$WMT	Walmart Inc.	$11.1M	0.3%	-0%	60.2
55	—	JPMORGAN CHASE FINL CO LLC - OTHER	$11.0M	0.3%	-2%	—
56	$ABBV	AbbVie Inc.	$10.7M	0.3%	-0%	72.6
57	—	JOHN HANCOCK HIGH YIELD - OTHER	$10.5M	0.3%	NEW	—
58	—	VANGUARD MORNINGSTAR - OTHER	$10.4M	0.3%	+3%	—
59	$COST	COSTCO WHOLESALE CORP /NEW	$10.1M	0.3%	-3%	66.2
60	—	ISHARES TR - SHRT NAT MUN ETF	$10.0M	0.3%	+21%	—
61	—	VANGUARD SCOTTSDALE FDS - OTHER	$9.9M	0.3%	+2%	—
62	$INTC	INTEL CORP	$9.8M	0.3%	-1%	45.6
63	—	ISHARES TR - OTHER	$9.3M	0.3%	-0%	—
64	$UAL	United Airlines Holdings, Inc.	$9.3M	0.3%	+53%	60.8
65	$STT	STATE STREET CORP	$8.6M	0.3%	+9%	71.5
66	—	AVANTIS US SMALL VALUE - OTHER	$8.6M	0.3%	+19%	—
67	—	ISHARES TR - OTHER	$8.2M	0.3%	+299%	—
68	$ETN	Eaton Corp plc	$8.1M	0.3%	-4%	—
69	—	AMERICAN CENTY ETF TR - OTHER	$8.0M	0.3%	+38%	—
70	$UMBF	UMB FINANCIAL CORP	$8.0M	0.3%	+0%	77.3
71	$BA	BOEING CO	$8.0M	0.3%	-2%	61.6
72	—	ISHARES TR - OTHER	$7.9M	0.3%	+0%	—
73	$BFC	Bank First Corp	$7.8M	0.3%	+0%	62.9
74	$PM	Philip Morris International Inc.	$7.7M	0.3%	+1%	75.9
75	$IBIT	iShares Bitcoin Trust ETF	$7.6M	0.2%	+932%	—
76	—	STATE STREET SPDR - OTHER	$7.5M	0.2%	-7%	—
77	$PEP	PEPSICO INC	$7.2M	0.2%	-9%	63.4
78	$MDY	SPDR S&P MIDCAP 400 ETF TRUST	$7.2M	0.2%	+1%	—
79	$MA	Mastercard Inc	$7.1M	0.2%	-6%	85.1
80	—	J P MORGAN EXCHANGE TRADED FD - OTHER	$7.1M	0.2%	+14%	—
81	$TJX	TJX COMPANIES INC /DE/	$7.0M	0.2%	-3%	68.7
82	$TSLA	Tesla, Inc.	$6.8M	0.2%	+14%	53.9
83	$URI	UNITED RENTALS, INC.	$6.8M	0.2%	-1%	63.9
84	$CVX	CHEVRON CORP	$6.7M	0.2%	-4%	62.8
85	$RTX	RTX Corp	$6.7M	0.2%	-2%	73.2
86	—	STATE STREET UTILS - OTHER	$6.6M	0.2%	+11%	—
87	—	VANECK ETF TRUST - OTHER	$6.6M	0.2%	-3%	—
88	$V	VISA INC.	$6.5M	0.2%	+2%	82.9
89	$C	CITIGROUP INC	$6.5M	0.2%	-6%	65
90	$PANW	Palo Alto Networks Inc	$6.4M	0.2%	-3%	65.5
91	$OSK	OSHKOSH CORP	$6.2M	0.2%	+1%	45.2
92	$DE	DEERE & CO	$6.1M	0.2%	+4%	55.4
93	—	VANGUARD MORN MID CAP VALUE ETF - OTHER	$6.1M	0.2%	+12%	—
94	—	VANGUARD BD INDEX FDS - OTHER	$6.1M	0.2%	+5%	—
95	$IBM	INTERNATIONAL BUSINESS MACHINES CORP	$6.1M	0.2%	+2%	70
96	—	DIMENSIONAL ETF TRUST - OTHER	$6.0M	0.2%	-13%	—
97	$AMAT	APPLIED MATERIALS INC /DE	$5.8M	0.2%	-0%	72.3
98	$ABT	ABBOTT LABORATORIES	$5.7M	0.2%	-27%	65.5
99	—	ISHARES INC - OTHER	$5.7M	0.2%	+5%	—
100	$ADI	ANALOG DEVICES INC	$5.6M	0.2%	-7%	79.2
101	$GE	GENERAL ELECTRIC CO	$5.6M	0.2%	+4%	73.8
102	$QQQ	INVESCO QQQ TRUST, SERIES 1	$5.5M	0.2%	-8%	—
103	—	J P MORGAN EXCHANGE TRADED FD - OTHER	$5.4M	0.2%	+27%	—
104	$LRCX	LAM RESEARCH CORP	$5.1M	0.2%	-1%	79.4
105	$CRM	Salesforce, Inc.	$5.1M	0.2%	+12%	77
106	—	ISHARES TR - OTHER	$5.0M	0.2%	-1%	—
107	$GS	GOLDMAN SACHS GROUP INC	$4.9M	0.2%	+8%	73.5
108	—	VANGUARD SCOTTSDALE FDS - OTHER	$4.9M	0.2%	+4%	—
109	—	LAZARD ACTIVE ETF TR - OTHER	$4.8M	0.1%	+38%	—
110	—	DBX ETF TR - OTHER	$4.8M	0.1%	+24%	—
111	—	VANGUARD MORN MID CAP GROWTH ETF - OTHER	$4.8M	0.1%	+14%	—
112	—	AMPLIFY ETF TR - OTHER	$4.7M	0.1%	+23%	—
113	—	SCHWAB STRATEGIC TR - OTHER	$4.5M	0.1%	+0%	—
114	$WFC	WELLS FARGO & COMPANY/MN	$4.5M	0.1%	-3%	61.8
115	$SCHW	SCHWAB CHARLES CORP	$4.5M	0.1%	-4%	79.4
116	—	ISHARES TR - OTHER	$4.5M	0.1%	-3%	—
117	—	SCHWAB STRATEGIC TR - OTHER	$4.4M	0.1%	+24%	—
118	$MCD	MCDONALDS CORP	$4.4M	0.1%	-7%	69
119	$NEE	NEXTERA ENERGY INC	$4.3M	0.1%	-4%	64.6
120	—	VANGUARD SCOTTSDALE FDS - INTER TERM TREAS	$4.3M	0.1%	+3%	—
121	$GEV	GE Vernova Inc.	$4.2M	0.1%	+18%	81.1
122	$UNH	UNITEDHEALTH GROUP INC	$4.2M	0.1%	+9%	62.7
123	$TMO	THERMO FISHER SCIENTIFIC INC.	$4.2M	0.1%	-12%	65.1
124	$LNT	ALLIANT ENERGY CORP	$4.1M	0.1%	+13%	53.6
125	—	VANGUARD STAR FDS - OTHER	$4.0M	0.1%	+5%	—
126	$BX	Blackstone Inc.	$4.0M	0.1%	+1%	74.4
127	—	ISHARES TR - RUS TP200 GR ETF	$3.9M	0.1%	NEW	—
128	—	ISHARES TR - OTHER	$3.9M	0.1%	+26%	—
129	$GLW	CORNING INC /NY	$3.8M	0.1%	-18%	73.7
130	$FIS	Fidelity National Information Services, Inc.	$3.8M	0.1%	+541%	68.9
131	$OMC	OMNICOM GROUP INC.	$3.8M	0.1%	+44%	59.1
132	—	SPDR SERIES TRUST - ST STR SP600 SML	$3.8M	0.1%	+3%	—
133	—	ISHARES TR - OTHER	$3.7M	0.1%	-11%	—
134	$GPN	GLOBAL PAYMENTS INC	$3.7M	0.1%	-6%	47
135	$IQV	IQVIA HOLDINGS INC.	$3.7M	0.1%	+201%	61.4
136	$T	AT&T INC.	$3.7M	0.1%	+9%	65.7
137	—	VANECK ETF TRUST - OTHER	$3.6M	0.1%	+0%	—
138	$MCK	MCKESSON CORP	$3.6M	0.1%	+0%	63.4
139	$MRK	Merck & Co., Inc.	$3.6M	0.1%	+2%	59.9
140	$EMR	EMERSON ELECTRIC CO	$3.6M	0.1%	-3%	65.3
141	$JAZZ	Jazz Pharmaceuticals plc	$3.6M	0.1%	-19%	—
142	—	SPDR SER TR - OTHER	$3.5M	0.1%	-2%	—
143	$BAC	BANK OF AMERICA CORP /DE/	$3.5M	0.1%	+19%	67.6
144	$UTHR	UNITED THERAPEUTICS Corp	$3.5M	0.1%	-14%	71.3
145	—	VANGUARD MORN LARGE CAP ETF - OTHER	$3.4M	0.1%	-4%	—
146	—	ISHARES TR - OTHER	$3.4M	0.1%	+1%	—
147	$FRMI	Fermi Inc.	$3.4M	0.1%	-56%	—
148	$GD	GENERAL DYNAMICS CORP	$3.4M	0.1%	-9%	68.7
149	$THC	TENET HEALTHCARE CORP	$3.4M	0.1%	+170%	66.2
150	—	ISHARES TR - OTHER	$3.4M	0.1%	+0%	—