NICOLET BANKSHARES INC

FundStock

CIK 0001174850 · Q2 2026

13F Equity AUM

$3.1B

+16.0% QoQ

Positions

612

+50 QoQ

AUM Rank

#1,153

Top 13%

Skill Alpha (FF)

+0.3%/yr^ns

No Clear Edge

Rank #2,490 · Top 30%

vs S&P -1.3%/yr (unadj.)

Quarters Tracked

~10 years

Portfolio Concentration

Top 5: 27.7%Top 10: 37.2%Top 20: 49.1%

SPYM14.1%

AAPL3.7%

SPYV3.7%

AVEM3.2%

SPYG3.0%

VEA2.7%

VOO1.8%

ITOT1.7%

VO1.7%

FBND1.5%

Others (602)62.8%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services68.2%

Technology11.9%

Industrials4.3%

Healthcare3.4%

Communication Services2.9%

Consumer Cyclical2.7%

Consumer Defensive2.6%

Other4.0%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 612Median: 0.03%Avg: 0.16%

0–0.5%

570(35.9%)

0.5–1%

23(16.0%)

1–3%

14(20.5%)

3–5%

4(13.6%)

5%+

1(14.1%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 0Unique: 612vs 20 funds

0%Low

612

Fund positions

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

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Position Changes This Quarter

New84Increased213Decreased253Exited35

New Positions

JHHY0.3%

+409K

IWY0.1%

+14K

HONEYWELL AEROSPACE …0.1%

+8K

IOO0.1%

+12K

BCS0.1%

+58K

DAR0.0%

+23K

PLTU0.0%

+47K

FYC0.0%

+11K

KDP0.0%

+36K

HONEYWELL INTL INC0.0%

+8K

Increased

VO1.7%

+530K(+368%)

SPYM14.1%

+364K(+8%)

FBND1.5%

+361K(+54%)

IBIT0.2%

+191K(+932%)

UITB1.0%

+186K(+38%)

VEA2.7%

+146K(+14%)

VUG0.4%

+110K(+495%)

FSCC0.5%

+93K(+27%)

FIS0.1%

+82K(+541%)

IWF0.3%

+50K(+299%)

Decreased

FRMI0.1%

-468,801(-56%)

YLD0.1%

-411,772(-74%)

AMD0.4%

-201,213(-90%)

ALK0.0%

-89,630(-86%)

SCHV1.3%

-66,799(-6%)

BSX0.0%

-50,010(-79%)

SCHB0.6%

-49,572(-7%)

ABT0.2%

-22,979(-27%)

DFAC0.2%

-20,329(-13%)

PYPL0.0%

-17,636(-66%)

Exited

-156,766

-16,262

-11,493

-9,970

-12,994

-4,953

-2,415

-1,687

-8,000

-2,728

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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