Business Context and Reporting Period
Company: NICOLET BANKSHARES INC
Filing Type: Form 13F Information Table
Reporting Period: The filing text indicates a period or date of "2026 Mar 31" in the metadata, though the content provided is a standard quarterly holdings report. Form 13F filings disclose equity securities held by institutional investment managers with over $100 million in qualifying assets under management.
Key Financial Metrics and Portfolio Composition
This filing details the equity portfolio holdings of the investment manager. It does not report the company's own revenue, profit, or cash flow. Instead, it lists the value and quantity of securities held.
- Top Equity Holdings (by Value):
- Apple Inc. (Sole Discretion): ~$51.9M
- Microsoft Corp (Sole Discretion): ~$21.6M
- NVIDIA Corp (Sole Discretion): ~$20.2M
- Amazon.com Inc (Sole Discretion): ~$14.6M
- Alphabet Inc Class C (Sole Discretion): ~$12.3M
- Top ETF Holdings (by Value):
- SPDR Series Trust (State Street) - Various Series: Significant aggregate holdings, with individual series ranging from ~$26M to ~$67M.
- Vanguard Tax-Managed Funds (Van FTSE Dev Mkt): ~$52.7M
- Vanguard Scottsdale Funds (VNG RUS1000IDX): ~$13.3M
- Schwab Strategic Trust (US Broad Mkt ETF): ~$17.6M
- Investment Authority: The majority of holdings are reported under "Sole" voting authority. Some positions (e.g., Advanced Micro Devices, Amazon, Apple) show "Other" (OTR) authority, indicating shared or non-discretionary management for specific tranches.
Material Changes and Observations
The provided text is a static snapshot of holdings and does not contain comparative data against a prior period (e.g., Q3 2025). Therefore, material changes in position size or value cannot be calculated from this text alone. However, the portfolio demonstrates a heavy concentration in:
- Technology Sector: Significant exposure to mega-cap tech (Apple, Microsoft, NVIDIA, Alphabet, Amazon).
- Passive/Index Strategies: Extensive holdings in broad market ETFs (S&P 500, Total Stock Market, International) via providers like Vanguard, iShares, and SPDR.
- Financials and Energy: Notable positions in JPMorgan Chase, Bank of America, Exxon Mobil, and Chevron.
Guidance, Risks, and Contingencies
Management Commentary: Form 13F filings are regulatory disclosures of holdings and do not contain management commentary, forward-looking guidance, or strategic outlooks.
Risks: The filing includes a standard SEC disclaimer stating that the Commission has not reviewed the information for accuracy or completeness. The portfolio's heavy weighting in large-cap technology and broad market ETFs implies exposure to sector-specific volatility and general market downturns.
Unusual Items: The filing lists holdings in specific thematic ETFs such as "Global X Uranium," "iShares Bitcoin Trust," and "SPDR Gold Trust," indicating exposure to commodities and alternative assets alongside traditional equities.
Important Facts for Investor Verification
- Reporting Entity: Verify that "NICOLET BANKSHARES INC" is the correct investment manager reporting these holdings, as bank holding companies typically report their own financials on 10-K/10-Q forms, while 13F is for their asset management subsidiaries or specific investment accounts.
- Period Accuracy: The metadata date "2026 Mar 31" appears to be a future date relative to the current real-time. Verify if this is a projected filing, a data entry error, or if the current date is indeed in 2026.
- Valuation Basis: The "Value" column represents the approximate market value of the securities at the end of the reporting period. These values fluctuate daily and do not represent the current net asset value of the fund or account.
- Voting Rights: Note the distinction between "Sole," "Shared," and "None" voting authority, which impacts the manager's influence over corporate governance for specific holdings.