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 |
Capital Group Dividend Value ETF
CGDV
|
+$486M |
| 2 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$472M |
| 3 |
iShares MSCI EAFE Value ETF
EFV
|
+$468M |
| 4 |
THRO
iShares U.S. Thematic Rotation Active ETF
THRO
|
+$457M |
| 5 |
iShares Core International Aggregate Bond Fund
IAGG
|
+$358M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares Core S&P 500 ETF
IVV
|
+$728M |
| 2 |
iShares MSCI Emerging Markets ex China ETF
EMXC
|
+$336M |
| 3 |
iShares Currency Hedged MSCI EAFE ETF
HEFA
|
+$93.5M |
| 4 |
Invesco Preferred ETF
PGX
|
+$91.8M |
| 5 |
State Street Industrial Select Sector SPDR ETF
XLI
|
+$82.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 8.48% |
| 2 | Financials | 3.73% |
| 3 | Consumer Discretionary | 2.77% |
| 4 | Communication Services | 2.41% |
| 5 | Industrials | 2.38% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
701
Invesco Water Resources ETF
PHO
$2.04B
| $57.5M | 0.02% |
822,343
-4,647
| -0.6% | -$308K |
|
702
AB High Yield ETF
HYFI
$329M
| $57.3M | 0.02% |
1,528,748
+233,495
| +18% | +$8.56M |
|
|
FLXR
703
TCW Flexible Income ETF
FLXR
$3.45B
| $57.3M | 0.02% |
1,452,065
+398,209
| +38% | +$15.5M |
|
|
PPL
704
PPL Corp
PPL
$27.5B
| $57.2M | 0.02% |
1,688,467
+267,978
| +19% | +$9.33M |
|
705
Casey's General Stores
CASY
$32.6B
| $57.2M | 0.02% |
112,098
+25,075
| +29% | +$11.6M |
|
706
Nuveen ESG Large-Cap Value ETF
NULV
$2.18B
| $57.1M | 0.02% |
1,362,650
+51,708
| +4% | +$2.06M |
|
707
Franklin Income Focus ETF
INCM
$1.7B
| $56.9M | 0.02% |
2,103,765
+398,432
| +23% | +$10.5M |
|
708
Dimensional US Marketwide Value ETF
DFUV
$15.4B
| $56.7M | 0.02% |
1,340,471
+9,490
| +0.7% | +$381K |
|
709
Invesco S&P SmallCap Value with Momentum ETF
XSVM
$680M
| $56.5M | 0.02% |
1,086,858
-141,350
| -12% | -$6.96M |
|
710
US Treasury 12 Month Bill ETF
OBIL
$306M
| $56.3M | 0.02% |
1,122,589
+78,703
| +8% | +$3.94M |
|
711
Hewlett Packard
HPE
$59.5B
| $56.3M | 0.02% |
2,750,680
+202,710
| +8% | +$3.4M |
|
712
iShares ESG Advanced MSCI USA ETF
USXF
$1.38B
| $56.1M | 0.02% |
1,041,135
-118,570
| -10% | -$5.79M |
|
|
BNY
713
Bank of New York Mellon
BNY
$105B
| $55.9M | 0.02% |
613,494
+89,940
| +17% | +$7.64M |
|
714
American Water Works
AWK
$27.2B
| $55.8M | 0.02% |
400,842
+50,879
| +15% | +$7.29M |
|
715
Novartis
NVS
$302B
| $55.7M | 0.02% |
460,093
-5,902
| -1% | -$665K |
|
716
iShares ESG Aware USD Corporate Bond ETF
SUSC
$1.29B
| $55.7M | 0.02% |
2,396,363
+489,198
| +26% | +$11.2M |
|
717
State Street SPDR S&P Semiconductor ETF
XSD
$2.53B
| $55.2M | 0.02% |
215,028
-223
| -0.1% | -$48K |
|
718
First Trust Mid Cap Growth AlphaDEX Fund
FNY
$568M
| $55.1M | 0.02% |
668,752
+48,532
| +8% | +$3.73M |
|
719
Digital Realty Trust
DLR
$69B
| $54.6M | 0.02% |
313,171
+28,242
| +10% | +$4.62M |
|
720
PIMCO 25+ Year Zero Coupon US Treasury Index Exchange-Traded Fund
ZROZ
$1.36B
| $54.5M | 0.02% |
812,933
-11,901
| -1% | -$788K |
|
721
JPMorgan International Value ETF
JIVE
$3.31B
| $54.5M | 0.02% |
786,651
+471,129
| +149% | +$30.3M |
|
722
WisdomTree Japan Hedged Equity Fund
DXJ
$7.07B
| $54.5M | 0.02% |
476,974
-41,227
| -8% | -$4.51M |
|
723
CSX Corp
CSX
$93.5B
| $54.4M | 0.02% |
1,668,518
-56,688
| -3% | -$1.71M |
|
724
Invesco National AMT-Free Municipal Bond ETF
PZA
$4.24B
| $54.1M | 0.02% |
2,418,267
+186,346
| +8% | +$4.19M |
|
725
Unilever
UL
$143B
| $54M | 0.02% |
784,820
+91,593
| +13% | +$6.43M |
|
Similar funds
LPL Financial's Q2 2025 Portfolio in Review
As of Q2 2025, LPL Financial held 5,729 positions worth $300B, up 17% from $257B the previous quarter. Its ten largest holdings account for 15% of the portfolio.
LPL Financial deployed $20.8B of net new capital in Q2 2025, opening 391 new positions and adding to 3,438 existing holdings. Its largest new stake was JPMorgan Mortgage-Backed Securities ETF: 4,689,747 shares worth $235M.
By sector, the portfolio is most concentrated in Technology at 8.5% of assets, up from 7.4% a quarter earlier, followed by Financials and Consumer Discretionary.
On the sell side, the largest reduction was iShares Core S&P 500 ETF, an estimated $728M trimmed.
- LPL Financial's largest Q2 2025 buy was JPMorgan Mortgage-Backed Securities ETF: 4,689,747 shares worth $235M.
- LPL Financial added most to Capital Group Dividend Value ETF in Q2 2025, an estimated $486M increase.
- LPL Financial's biggest Q2 2025 reduction was iShares Core S&P 500 ETF, cutting an estimated $728M.
- LPL Financial fully exited Discover Financial Services in Q2 2025, selling an estimated $31.5M.
- LPL Financial's ten largest holdings make up 15% of its $300B portfolio in Q2 2025.
- LPL Financial opened 391 new positions and closed 181 in Q2 2025.
- LPL Financial's portfolio value rose 17% quarter-over-quarter to $300B.
Based on LPL Financial's 13F filing for Q2 2025, filed 12 Aug 2025.