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NAS
Nicolet Advisory Services Portfolio holdings
AUM
$1.48B
1-Year Est. Return
17.28%
This Fund
S&P 500
This Quarter
Est. Return
+2.31%
1 Year Est. Return
+17.28%
3 Year Est. Return
+62.72%
5 Year Est. Return
+62.5%
10 Year Est. Return
–
AUM
$1.48B
AUM Growth
+$199M
(+15%)
Cap. Flow
+$152M
Cap. Flow
% of AUM
10.26%
Top 10 Holdings %
Top 10 Hldgs %
49.35%
Holding
449
New
35
Increased
207
Reduced
159
Closed
28
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
SPYM
State Street SPDR Portfolio S&P 500 ETF
SPYM
|
+$285M |
| 2 |
Avantis Emerging Markets Equity ETF
AVEM
|
+$20.4M |
| 3 |
Vanguard FTSE Developed Markets ETF
VEA
|
+$9.61M |
| 4 |
Vanguard Tax-Exempt Bond Index Fund
VTEB
|
+$6.74M |
| 5 |
Vanguard S&P 500 ETF
VOO
|
+$6.62M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
State Street SPDR Portfolio S&P 500 Value ETF
SPYV
|
+$110M |
| 2 |
State Street SPDR Portfolio S&P 500 Growth ETF
SPYG
|
+$101M |
| 3 |
Alerian MLP Index ETNs due January 28 2044
AMJB
|
+$8.34M |
| 4 |
Avantis Real Estate ETF
AVRE
|
+$3.96M |
| 5 |
iShares Global Infrastructure ETF
IGF
|
+$3.77M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 10.43% |
| 2 | Financials | 6.63% |
| 3 | Industrials | 3.55% |
| 4 | Consumer Staples | 3.5% |
| 5 | Consumer Discretionary | 3.11% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
SPYM
1
State Street SPDR Portfolio S&P 500 ETF
SPYM
$161B
| $295M | 19.9% |
3,610,494
+3,577,727
| +10,919% | +$285M |
|
|
2
State Street SPDR Portfolio S&P 500 Value ETF
SPYV
$36B
| $70.3M | 4.74% |
1,208,677
-1,960,787
| -62% | -$110M |
|
|
3
State Street SPDR Portfolio S&P 500 Growth ETF
SPYG
$51.5B
| $63.4M | 4.27% |
585,065
-953,384
| -62% | -$101M |
|
|
4
Avantis Emerging Markets Equity ETF
AVEM
$25.5B
| $61.1M | 4.12% |
754,863
+266,256
| +54% | +$20.4M |
|
5
Apple
AAPL
$4.42T
| $52.5M | 3.54% |
201,637
+11,187
| +6% | +$3M |
|
6
iShares Core S&P Total US Stock Market ETF
ITOT
$94.1B
| $46.8M | 3.15% |
307,968
+38,473
| +14% | +$5.68M |
|
|
7
Vanguard FTSE Developed Markets ETF
VEA
$229B
| $46.8M | 3.15% |
720,525
+156,856
| +28% | +$9.61M |
|
|
8
Vanguard Tax-Exempt Bond Index Fund
VTEB
$45.1B
| $35.2M | 2.37% |
695,282
+133,935
| +24% | +$6.74M |
|
9
Vanguard Morningstar Mid-Cap ETF
VO
$107B
| $32.3M | 2.17% |
431,604
+59,752
| +16% | +$4.35M |
|
10
Berkshire Hathaway Class B
BRK.B
$1.1T
| $29M | 1.95% |
58,069
+23
| +0% | +$11.4K |
|
11
Fidelity Total Bond ETF
FBND
$26.9B
| $27.3M | 1.84% |
591,999
+32,356
| +6% | +$1.5M |
|
12
Microsoft
MSFT
$3.44T
| $26.3M | 1.77% |
55,206
+4,447
| +9% | +$2.23M |
|
|
13
Vanguard S&P 500 ETF
VOO
$976B
| $24.2M | 1.63% |
37,910
+10,656
| +39% | +$6.62M |
|
14
JPMorgan Chase
JPM
$941B
| $22.7M | 1.53% |
70,008
+3,709
| +6% | +$1.15M |
|
15
NVIDIA
NVDA
$4.8T
| $21.7M | 1.46% |
117,178
+19,323
| +20% | +$3.6M |
|
16
Vanguard Total Bond Market
BND
$157B
| $19.3M | 1.3% |
260,374
+6,767
| +3% | +$504K |
|
17
Victory Portfolios II VictoryShares Core Intermediate Bond ETF
UITB
$2.64B
| $18.5M | 1.25% |
389,946
+35,216
| +10% | +$1.68M |
|
18
Procter & Gamble
PG
$335B
| $17.8M | 1.2% |
124,120
-3,968
| -3% | -$585K |
|
|
19
Avantis Real Estate ETF
AVRE
$873M
| $17.1M | 1.15% |
388,797
-89,828
| -19% | -$3.96M |
|
20
Amazon
AMZN
$2.91T
| $16M | 1.08% |
64,931
+10,391
| +19% | +$2.38M |
|
21
Alphabet (Google) Class A
GOOGL
$4.32T
| $15.9M | 1.07% |
47,777
+104
| +0.2% | +$29.7K |
|
22
WEC Energy
WEC
$35.9B
| $14.5M | 0.98% |
138,208
+3,692
| +3% | +$409K |
|
23
Vanguard Morningstar Small-Cap ETF
VB
$79.5B
| $13.6M | 0.92% |
50,012
+9,415
| +23% | +$2.41M |
|
24
iShares Core S&P 500 ETF
IVV
$876B
| $12.6M | 0.85% |
18,022
+165
| +0.9% | +$112K |
|
25
Vanguard Morningstar Value ETF
VTV
$188B
| $12.4M | 0.83% |
62,921
+7,074
| +13% | +$1.33M |
|
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Nicolet Advisory Services's Q4 2025 Portfolio in Review
As of Q4 2025, Nicolet Advisory Services held 449 positions worth $1.48B, up 15% from $1.29B the previous quarter. Its ten largest holdings account for 49% of the portfolio.
Nicolet Advisory Services deployed $152M of net new capital in Q4 2025, opening 35 new positions and adding to 207 existing holdings. Its largest new stake was Vanguard Russell 1000 ETF: 16,135 shares worth $5.09M.
By sector, the portfolio is most concentrated in Technology at 10% of assets, down from 11% a quarter earlier, followed by Financials and Industrials.
On the sell side, the largest reduction was State Street SPDR Portfolio S&P 500 Value ETF, an estimated $110M trimmed.
- Nicolet Advisory Services's largest Q4 2025 buy was Vanguard Russell 1000 ETF: 16,135 shares worth $5.09M.
- Nicolet Advisory Services added most to State Street SPDR Portfolio S&P 500 ETF in Q4 2025, an estimated $285M increase.
- Nicolet Advisory Services's biggest Q4 2025 reduction was State Street SPDR Portfolio S&P 500 Value ETF, cutting an estimated $110M.
- Nicolet Advisory Services fully exited State Street SPDR S&P Global Infrastructure ETF in Q4 2025, selling an estimated $965K.
- Nicolet Advisory Services's ten largest holdings make up 49% of its $1.48B portfolio in Q4 2025.
- Nicolet Advisory Services opened 35 new positions and closed 28 in Q4 2025.
- Nicolet Advisory Services's portfolio value rose 15% quarter-over-quarter to $1.48B.
Based on Nicolet Advisory Services's 13F filing for Q4 2025, filed 13 Feb 2026.