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 | |
|---|---|---|---|---|---|---|
451
Avantis International Small Cap Value ETF
AVDV
$19.8B
| $134M | 0.04% |
1,426,221
+126,854
| +10% | +$11.5M |
|
452
United Rentals
URI
$72.4B
| $133M | 0.04% |
164,552
+8,071
| +5% | +$7.01M |
|
453
Enterprise Products Partners
EPD
$81.7B
| $133M | 0.04% |
4,153,365
+247,282
| +6% | +$7.82M |
|
454
Invesco BulletShares 2027 Corporate Bond ETF
BSCR
$4.6B
| $133M | 0.04% |
6,738,930
+532,067
| +9% | +$10.5M |
|
455
Gilead Sciences
GILD
$165B
| $133M | 0.04% |
1,082,514
+45,512
| +4% | +$5.53M |
|
456
State Street SPDR Bloomberg High Yield Bond ETF
JNK
$6.92B
| $133M | 0.04% |
1,365,413
-136,903
| -9% | -$13.3M |
|
457
Vanguard Financials ETF
VFH
$13.6B
| $132M | 0.04% |
991,496
+20,587
| +2% | +$2.67M |
|
458
VanEck Merk Gold Trust
OUNZ
$2.69B
| $132M | 0.04% |
3,190,689
+290,206
| +10% | +$11.6M |
|
459
Global X S&P 500 Covered Call ETF
XYLD
$3.27B
| $132M | 0.04% |
3,250,859
-72,330
| -2% | -$2.89M |
|
460
Xcel Energy
XEL
$48.8B
| $132M | 0.04% |
1,780,659
+75,319
| +4% | +$5.94M |
|
461
ConocoPhillips
COP
$141B
| $129M | 0.04% |
1,377,671
+2,502
| +0.2% | +$226K |
|
462
VanEck Fallen Angel High Yield Bond ETF
ANGL
$3.06B
| $129M | 0.04% |
4,389,699
-136,693
| -3% | -$4.02M |
|
463
Invesco FTSE RAFI US 1000 ETF
PRF
$10B
| $128M | 0.03% |
2,727,461
+188,790
| +7% | +$8.69M |
|
464
Energy Transfer Partners
ET
$69.3B
| $127M | 0.03% |
7,696,319
+235,863
| +3% | +$3.93M |
|
|
DFAI
465
Dimensional International Core Equity Market ETF
DFAI
$18B
| $127M | 0.03% |
3,320,899
+360,120
| +12% | +$13.3M |
|
466
Williams Companies
WMB
$86.1B
| $126M | 0.03% |
2,092,825
-249,621
| -11% | -$15.1M |
|
467
JPMorgan Small & Mid Cap Enhanced Equity ETF
JMEE
$2.96B
| $126M | 0.03% |
1,950,272
+133,225
| +7% | +$8.53M |
|
468
Vertex Pharmaceuticals
VRTX
$126B
| $126M | 0.03% |
276,878
+12,696
| +5% | +$5.47M |
|
469
Invesco Large Cap Value ETF
PWV
$1.72B
| $123M | 0.03% |
1,845,579
+316,197
| +21% | +$20.8M |
|
470
iShares Core MSCI International Developed Markets ETF
IDEV
$32.6B
| $122M | 0.03% |
1,484,662
+263,346
| +22% | +$21.4M |
|
471
Vanguard Morningstar Mega Cap ETF
MGC
$10.4B
| $122M | 0.03% |
486,850
+5,822
| +1% | +$1.45M |
|
472
Pacer Trendpilot 100 ETF
PTNQ
$1.26B
| $122M | 0.03% |
1,552,750
-32,450
| -2% | -$2.57M |
|
473
iShares 0-5 Year High Yield Corporate Bond ETF
SHYG
$7.62B
| $122M | 0.03% |
2,841,485
-86,965
| -3% | -$3.73M |
|
474
Vanguard S&P 500 Value ETF
VOOV
$6.71B
| $121M | 0.03% |
592,338
-4,408
| -0.7% | -$893K |
|
475
Mercado Libre
MELI
$92.3B
| $121M | 0.03% |
60,064
+5,621
| +10% | +$11.8M |
|
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.