NICOLET ADVISORY SERVICES LLC
Q4 2025 Form 13-F
GREEN BAY, WISCONSIN
CIK 0001775863
· CRD 283940
· SEC-registered investment adviser
$1.5B Reported Value Total
NICOLET WEALTH MANAGEMENT reports 9,812 total accounts under management (AUM). There are 9,811 discretionary accounts valued at $4,292,299,178, and 1 non-discretionary accounts valued at $1,616,726.
Source: Form ADV filed * Note that certain holdings are exempt from Form 13-F reporting, so the AUM totals may be greater than the Form 13-F total.
Source: Form ADV filed 2026-03-31
Reported value
$1.5B
Quarter over quarter
+1.5%
Holdings
421
Top-10 concentration
49.4%
Key People
Form ADV owners & control persons
Joshua M Hufford
CHIEF COMPLIANCE OFFICER
Adam E Longlais
CHIEF INVESTMENT OFFICER
Patrick Joseph Madson
PRESIDENT
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Q4 2025 13F record
Q4 2025 13F filing summary
| Period of report | December 31, 2025 |
|---|---|
| Filed | February 13, 2026 |
| Form | 13F-HR |
| Reported value | $1.5B |
| Positions | 421 |
| Change in reported value | +15.5% |
| New positions | 35 |
| Exited positions | 29 |
| Position turnover | 14.2% |
| Top-10 concentration | 49.4% |
13F filings by quarter
| Quarter | Positions | Value |
|---|---|---|
|
Q4 2025 13F
Filed Feb 13, 2026
|
421 | $1.5B |
|
Q3 2025 13F
Filed Nov 13, 2025
|
415 | $1.3B |
|
Q2 2025 13F
Filed Aug 13, 2025
|
407 | $1.2B |
|
Q1 2025 13F
Filed May 8, 2025
|
380 | $1.0B |
|
Q4 2024 13F
Filed Feb 12, 2025
|
380 | $1.1B |
|
Q3 2024 13F
Filed Nov 12, 2024
|
369 | $1.1B |
|
Q2 2024 13F
Filed Aug 14, 2024
|
354 | $1.0B |
|
Q1 2024 13F
Filed May 10, 2024
|
343 | $984.6M |
|
Q4 2023 13F
Filed Feb 13, 2024
|
320 | $929.9M |
|
Q3 2023 13F
Filed Nov 7, 2023
|
315 | $902.8M |
|
Q2 2023 13F
Filed Aug 9, 2023
|
309 | $911.3M |
|
Q1 2023 13F
Filed May 9, 2023
|
285 | $867.9M |
|
Q4 2022 13F
Filed Feb 9, 2023
|
241 | $756.5M |
|
Q3 2022 13F
Filed Nov 10, 2022
|
192 | $613.1M |
|
Q2 2022 13F
Filed Aug 8, 2022
|
186 | $673.6M |
|
Q1 2022 13F
Filed May 10, 2022
|
201 | $766.0M |
|
Q4 2021 13F
Filed Feb 8, 2022
|
208 | $813.3M |
|
Q3 2021 13F
Filed Nov 16, 2021
|
201 | $788.2M |
|
Q2 2021 13F
Filed Aug 11, 2021
|
188 | $766.7M |
|
Q1 2021 13F
Filed May 3, 2021
|
175 | $712.8M |
8 earlier quarters on file — choose one from the quarter menu above.
Top 20 holdings · Q4 2025
| # | Holding | Reported value | % of portfolio |
|---|---|---|---|
| 1 | SPYM SPDR SERIES TRUST | $295.3M | 19.9% |
| 2 | SPYV SPDR SERIES TRUST | $70.3M | 4.74% |
| 3 | SPYG SPDR SERIES TRUST | $63.4M | 4.27% |
| 4 | AVEM AMERICAN CENTY ETF TR | $61.1M | 4.12% |
| 5 | AAPL APPLE INC | $52.5M | 3.53% |
| 6 | ITOT ISHARES TR | $46.8M | 3.15% |
| 7 | VEA VANGUARD TAX-MANAGED FDS | $46.8M | 3.15% |
| 8 | VTEB VANGUARD MUN BD FDS | $35.2M | 2.37% |
| 9 | VO VANGUARD INDEX FDS | $32.3M | 2.17% |
| 10 | BRK-B BERKSHIRE HATHAWAY INC DEL | $29.0M | 1.95% |
| 11 | FBND FIDELITY MERRIMACK STR TR | $27.3M | 1.84% |
| 12 | MSFT MICROSOFT CORP | $26.3M | 1.77% |
| 13 | VOO VANGUARD INDEX FDS | $24.2M | 1.63% |
| 14 | JPM JPMORGAN CHASE & CO. | $22.7M | 1.53% |
| 15 | NVDA NVIDIA CORPORATION | $21.7M | 1.46% |
| 16 | BND VANGUARD BD INDEX FDS | $19.3M | 1.3% |
| 17 | UITB VICTORY PORTFOLIOS II | $18.5M | 1.24% |
| 18 | PG PROCTER AND GAMBLE CO | $17.8M | 1.2% |
| 19 | AVRE AMERICAN CENTY ETF TR | $17.1M | 1.15% |
| 20 | AMZN AMAZON COM INC | $16.0M | 1.08% |
Values as reported on the Q4 2025 Form 13F. Every position is in the holdings table below.