FIRST BUSINESS FINANCIAL SERVICES, INC.

Pension/Endowment

FIRST BUSINESS FINANCIAL SERVICES, INC. is a Pension/Endowment based in Glastonbury, CT led by William Michael Tremko, reporting $48.9B in AUM as of Q3 2025 with 75% ETF concentration, 72% concentrated in top 10 holdings, and 24% allocation to VTI.

CEOWilliam Michael Tremko

Portfolio Value: $1.1B
Positions: 185
Top Holding: VTI at 24.3%
Last Reported: Q3 2025

Address95 Glastonbury Blvd., Suite 102, Glastonbury, CT, 06033, United States

Top Holdings

Largest long holdings in FIRST BUSINESS FINANCIAL SERVICES, INC.'s portfolio (72.1% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Vanguard Total Stock Market VTI	ETF ETF	$264.9M	24.30%	-$31.2M Sold	— 807.1K shares	≤ Q2 2013 Held for 12y 5m+
2 iShares Core MSCI EAFE ETF IEFA	ETF ETF	$132.8M	12.18%	-$15.9M Sold	— 1.5M shares	Q4 2015 Held for 9y 11m
3 iShares Russell 1000 Growth IWF	ETF ETF	$88.0M	8.07%	-$8.3M Sold	— 187.8K shares	≤ Q2 2013 Held for 12y 5m+
4 iShares Core S&P Small-Cap ETF IJR	ETF ETF	$59.3M	5.44%	-$7.5M Sold	— 499.4K shares	Q2 2018 Held for 7y 5m
5 iShares Core Dividend Growth DGRO	ETF ETF	$56.1M	5.15%	-$7.7M Sold	— 824.0K shares	Q2 2022 Held for 3y 5m
6 iShares Russell 1000 Value IWD	ETF ETF	$54.0M	4.96%	-$6.1M Sold	— 265.4K shares	≤ Q2 2013 Held for 12y 5m+
7 iShares Core S&P Mid-Cap ETF IJH	ETF ETF	$46.0M	4.22%	-$5.6M Sold	— 704.2K shares	Q4 2018 Held for 6y 11m
8 iShares Core U.S. Aggregate Bond AGG	ETF ETF	$36.4M	3.34%	+$640.6K Bought	— 363.3K shares	≤ Q2 2013 Held for 12y 5m+
9 SPDR S&P 500 ETF Trust SPY	ETF ETF	$29.2M	2.68%	-$135.9K Sold	— 43.8K shares	≤ Q2 2013 Held for 12y 5m+
10 First Business Financial Services FBIZ	Banks - Regional Financial Services	$19.2M	1.76%	-$1.0M Sold	4.50% 374.2K shares	≤ Q2 2013 Held for 12y 5m+

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in FIRST BUSINESS FINANCIAL SERVICES, INC.'s latest filing

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Market Value

$1.1B

Prior: $1.1B

Q/Q Change

-1.69%

-$18.8M

Net Flows % of MV

-9.3%

Turnover Ratio

5.08%

New Purchases

5 stocks

$1.7M

Added To

17 stocks

+$2.6M

Sold Out Of

9 stocks

$4.0M

Reduced Holdings

74 stocks

-$101.7M

Increased Positions

Position	Shares Δ	Change
1 American Electric Power AEP	New	0 → 10.6K +$1.2M
2 PPL PPL	New	0 → 5.6K +$206.3K
3 Gilead Sciences GILD	New	0 → 1.8K +$200.5K
4 Under Armour, Inc. UA	New	0 → 10.0K +$48.3K
5 GoPro GPRO	New	0 → 10.0K +$21.2K

Decreased Positions

Position	Shares Δ	Change
1 Adobe ADBE	Sold	3.5K → 0 −$1.3M
2 Corteva CTVA	Sold	9.5K → 0 −$704.6K
3 Hilton Worldwide HLT	Sold	1.7K → 0 −$457.3K
4 CSX CSX	Sold	11.6K → 0 −$379.2K
5 American Tower AMT	Sold	1.4K → 0 −$300.4K

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Analytics

Portfolio insights and performance metrics for FIRST BUSINESS FINANCIAL SERVICES, INC.

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Sector Allocation

ETF

75.10%

Technology

8.20%

Financial Services

5.00%

Industrials

3.00%

Healthcare

1.80%

Communication Services

1.70%

Consumer Cyclical

1.50%

Consumer Defensive

1.30%

Utilities

1.10%

Energy

0.70%

Basic Materials

0.20%

Real Estate

0.20%

Market Cap Distribution

Mega Cap (> $200B)

12.23%

Large Cap ($10B - $200B)

9.45%

Mid Cap ($2B - $10B)

0.63%

Small Cap ($300M - $2B)

1.82%

Micro Cap ($50M - $300M)

0.06%

Nano Cap (< $50M)

0.38%

N/A (ETF or Unknown)

75.43%

Portfolio Concentration

Top 10 Holdings %

72.09%

Top 20 Holdings %

81.67%

Top 50 Holdings %

90.94%

Top 100 Holdings %

96.91%