LPL Financial Portfolio holdings
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.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares S&P 500 Value ETF
IVE
|
+$517M |
| 2 |
Capital Group Dividend Value ETF
CGDV
|
+$468M |
| 3 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$367M |
| 4 |
Capital Group Growth ETF
CGGR
|
+$301M |
| 5 |
Vanguard S&P 500 ETF
VOO
|
+$293M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI USA Quality Factor ETF
QUAL
|
+$461M |
| 2 |
State Street Financial Select Sector SPDR ETF
XLF
|
+$130M |
| 3 |
BSCP
Invesco BulletShares 2025 Corporate Bond ETF
BSCP
|
+$119M |
| 4 |
Schwab US Dividend Equity ETF
SCHD
|
+$113M |
| 5 |
Pacer US Cash Cows 100 ETF
COWZ
|
+$103M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 8.6% |
| 2 | Financials | 3.6% |
| 3 | Consumer Discretionary | 2.68% |
| 4 | Communication Services | 2.56% |
| 5 | Healthcare | 2.4% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
326
Blackstone
BX
$110B
| $200M | 0.05% |
1,299,991
-13,009
| -1% | -$1.98M |
|
327
iShares Russell 2000 Value ETF
IWN
$14.6B
| $200M | 0.05% |
1,102,636
+92,462
| +9% | +$16.6M |
|
328
Honeywell
HON
$78B
| $198M | 0.05% |
1,015,020
-244,797
| -19% | -$47.9M |
|
329
Avantis US Large Cap Value ETF
AVLV
$18.1B
| $198M | 0.05% |
2,608,429
+31,266
| +1% | +$2.3M |
|
330
State Street SPDR Portfolio S&P 500 High Dividend ETF
SPYD
$8.78B
| $196M | 0.05% |
4,524,639
+43,656
| +1% | +$1.89M |
|
331
iShares Morningstar Mid-Cap Growth ETF
IMCG
$4.09B
| $195M | 0.05% |
2,448,326
+160,038
| +7% | +$13M |
|
332
Vanguard Real Estate ETF
VNQ
$39B
| $195M | 0.05% |
2,207,178
-33,096
| -1% | -$2.97M |
|
333
iShares Russell 3000 ETF
IWV
$20.3B
| $194M | 0.05% |
500,222
-12,672
| -2% | -$4.86M |
|
334
Pacer US Large Cap Cash Cows Growth Leaders ETF
COWG
$2.28B
| $193M | 0.05% |
5,492,159
+408,565
| +8% | +$14.5M |
|
335
CP High Yield Trend ETF
HYTR
$290M
| $193M | 0.05% |
8,897,000
+1,603,626
| +22% | +$34.9M |
|
336
Thermo Fisher Scientific
TMO
$220B
| $193M | 0.05% |
332,992
+27,617
| +9% | +$15.6M |
|
337
Cummins
CMI
$88.7B
| $193M | 0.05% |
377,839
-39,749
| -10% | -$18.6M |
|
338
Vanguard Morningstar Mid-Cap Value ETF
VOE
$24B
| $191M | 0.05% |
1,075,243
-197
| -0% | -$34.5K |
|
339
iShares MSCI Intl Quality Factor ETF
IQLT
$14.2B
| $191M | 0.05% |
4,195,957
-341,080
| -8% | -$15.3M |
|
340
First Trust Growth Strength ETF
FTGS
$1.34B
| $190M | 0.05% |
5,380,375
+141,697
| +3% | +$5.03M |
|
341
iShares Core Dividend ETF
DIVB
$1.74B
| $190M | 0.05% |
3,577,926
+842,674
| +31% | +$44.2M |
|
342
PNC Financial Services
PNC
$101B
| $190M | 0.05% |
909,716
+111,477
| +14% | +$21.5M |
|
343
iShares Expanded Tech Sector ETF
IGM
$10.7B
| $188M | 0.05% |
1,453,943
-154,914
| -10% | -$20.1M |
|
344
iShares MSCI Emerging Markets ETF
EEM
$29.5B
| $186M | 0.05% |
3,401,849
+196,473
| +6% | +$10.7M |
|
345
Capital Group Municipal Income ETF
CGMU
$6.46B
| $185M | 0.05% |
6,756,622
+1,479,528
| +28% | +$40.5M |
|
346
iShares Russell 2000 Growth ETF
IWO
$15.1B
| $185M | 0.05% |
572,694
+20,029
| +4% | +$6.51M |
|
347
Vanguard Consumer Staples ETF
VDC
$7.99B
| $185M | 0.05% |
874,979
+31,343
| +4% | +$6.67M |
|
348
iShares Core MSCI Europe ETF
IEUR
$9.16B
| $185M | 0.05% |
2,600,074
+428,861
| +20% | +$29.7M |
|
349
Northrop Grumman
NOC
$81.2B
| $184M | 0.05% |
322,323
+8,978
| +3% | +$5.21M |
|
350
Franklin International Core Dividend Tilt Index ETF
DIVI
$2.78B
| $181M | 0.05% |
4,659,366
+240,799
| +5% | +$9.19M |
|
Similar funds
LPL Financial's Q4 2025 Portfolio in Review
As of Q4 2025, LPL Financial held 6,133 positions worth $366B, up 6.7% from $343B the previous quarter. Its ten largest holdings account for 15% of the portfolio.
LPL Financial deployed $17.7B of net new capital in Q4 2025, opening 355 new positions and adding to 3,269 existing holdings. Its largest new stake was Akre Focus ETF: 2,308,689 shares worth $151M.
By sector, the portfolio is most concentrated in Technology at 8.6% of assets, down from 8.8% a quarter earlier, followed by Financials and Consumer Discretionary.
On the sell side, the largest reduction was iShares MSCI USA Quality Factor ETF, an estimated $461M trimmed.
- LPL Financial's largest Q4 2025 buy was Akre Focus ETF: 2,308,689 shares worth $151M.
- LPL Financial added most to iShares S&P 500 Value ETF in Q4 2025, an estimated $517M increase.
- LPL Financial's biggest Q4 2025 reduction was iShares MSCI USA Quality Factor ETF, cutting an estimated $461M.
- LPL Financial fully exited Invesco BulletShares 2025 Corporate Bond ETF in Q4 2025, selling an estimated $119M.
- LPL Financial's ten largest holdings make up 15% of its $366B portfolio in Q4 2025.
- LPL Financial opened 355 new positions and closed 267 in Q4 2025.
- LPL Financial's portfolio value rose 6.7% quarter-over-quarter to $366B.
Based on LPL Financial's 13F filing for Q4 2025, filed 11 Feb 2026.