LPL Financial Portfolio holdings

AUM $257B

LPL Financial, founded in 1989 through the merger of Linsco and Private Ledger and headquartered in San Diego, California, is the largest independent broker-dealer in the U.S., supporting over 22,000 financial advisors who manage more than $1.4 trillion in advisory and brokerage assets as of late 2024. Serving independent advisors, banks, and credit unions, LPL provides a robust technology platform, research, and back-office support, enabling advisors to offer personalized wealth management, retirement planning, and investment services to clients without proprietary products. The firm, publicly traded since 2010 under CEO Dan Arnold, has grown through acquisitions like Waddell & Reed’s wealth management business in 2021, emphasizing flexibility and advisor autonomy. With additional offices in Fort Mill, South Carolina, and Boston, LPL Financial remains a leader in empowering advisors amid a shifting financial landscape.

AUM

$257B

AUM Growth

+$11.2B (+5%)

Cap. Flow

+$17.8B

Cap. Flow % of AUM

6.93%

Top 10 Holdings %Top 10 Pos %

15.1%

Holding

5,404

New

251

Increased

3,252

Reduced

1,598

Closed

192

Top Buys

1	1 Vanguard Short-Term Inflation-Protected Securities Index Fund VTIP	$658M
2	2 Vanguard Russell 1000 Value ETF VONV	$615M
3	3 iShares Core MSCI Emerging Markets ETF IEMG	$531M
4	4 iShares Global Infrastructure ETF IGF	$442M
5	5 iShares 10-20 Year Treasury Bond ETF TLH	$327M

Top Sells

1	1 iShares Core S&P Mid-Cap ETF IJH	$1.02B
2	2 iShares MSCI EAFE Growth ETF EFG	$340M
3	3 iShares Core S&P US Growth ETF IUSG	$282M
4	4 iShares US Treasury Bond ETF GOVT	$232M
5	5 iShares Core MSCI EAFE ETF IEFA	$197M

Sector Composition

1	Technology	7.46%
2	Financials	3.81%
3	Healthcare	2.68%
4	Consumer Discretionary	2.67%
5	Industrials	2.29%

#	Name	Market Value	Shares or Principal	Shares Change %	Capital Flow	Portfolio Weight
1	1 iShares Core S&P 500 ETF IVV $595B	$5.95B	10,584,897 +396,624	+4%	+$223M	2.31%
2	2 SPDR S&P 500 ETF Trust SPY $630B	$5.06B	9,047,948 +100,234	+1%	+$56.1M	1.97%
3	3 Apple AAPL $3.12T	$4.53B	20,389,500 +773,208	+4%	+$172M	1.76%
4	4 Invesco QQQ Trust QQQ $330B	$4.48B	9,545,155 +63,805	+0.7%	+$29.9M	1.74%
5	5 Vanguard Total Stock Market ETF VTI $477B	$3.57B	12,996,720 +90,381	+0.7%	+$24.8M	1.39%
6	6 Microsoft MSFT $3.41T	$3.15B	8,384,908 +450,323	+6%	+$169M	1.22%
7	7 NVIDIA NVDA $3.3T	$3.13B	28,890,061 +1,394,386	+5%	+$151M	1.22%
8	8 iShares MSCI USA Quality Factor ETF QUAL $51.6B	$3.11B	18,186,643 +1,318,823	+8%	+$225M	1.21%
9	9 Vanguard S&P 500 ETF VOO $658B	$2.91B	5,670,710 +234,107	+4%	+$120M	1.13%
10	10 SPDR Portfolio S&P 500 Growth ETF SPYG $34.7B	$2.9B	36,070,856 +2,047,648	+6%	+$165M	1.13%
11	11 SPDR Portfolio S&P 500 ETF SPLG $67.5B	$2.76B	41,960,691 +2,643,842	+7%	+$174M	1.07%
12	12 iShares Core MSCI EAFE ETF IEFA $138B	$2.74B	36,222,496 -2,602,060	-7%	-$197M	1.07%
13	13 Amazon AMZN $2.19T	$2.55B	13,407,443 +787,023	+6%	+$150M	0.99%
14	14 iShares US Treasury Bond ETF GOVT $27.2B	$2.37B	102,991,608 -10,112,800	-9%	-$232M	0.92%
15	15 iShares MBS ETF MBB $38.1B	$2.28B	24,262,602 +2,404,586	+11%	+$226M	0.88%
16	16 iShares Core Total USD Bond Market ETF IUSB $32.9B	$2.21B	48,049,515 +3,402,819	+8%	+$157M	0.86%
17	17 SPDR Portfolio S&P 500 Value ETF SPYV $25.9B	$2.19B	42,792,448 +1,387,832	+3%	+$70.9M	0.85%
18	18 iShares Core MSCI Emerging Markets ETF IEMG $88.6B	$1.86B	34,433,455 +9,838,872	+40%	+$531M	0.72%
19	19 Vanguard Growth ETF VUG $165B	$1.84B	4,964,202 -164,412	-3%	-$61M	0.72%
20	20 iShares S&P 500 Growth ETF IVW $57.1B	$1.76B	18,929,345 +988,955	+6%	+$91.8M	0.68%
21	21 Vanguard Value ETF VTV $135B	$1.72B	9,985,009 +442,395	+5%	+$76.4M	0.67%
22	22 iShares Core S&P Small-Cap ETF IJR $78.7B	$1.66B	15,897,788 +251,169	+2%	+$26.3M	0.65%
23	23 iShares Core S&P US Growth ETF IUSG $22.1B	$1.66B	13,079,412 -2,222,950	-15%	-$282M	0.65%
24	24 Berkshire Hathaway Class B BRK.B $1.11T	$1.57B	2,943,391 +268,311	+10%	+$143M	0.61%
25	25 Technology Select Sector SPDR Fund XLK $72.5B	$1.53B	7,392,315 -81,372	-1%	-$16.8M	0.59%