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 | |
|---|---|---|---|---|---|---|
|
PPL
776
PPL Corp
PPL
$26.7B
| $61.6M | 0.02% |
1,758,506
+19,654
| +1% | +$709K |
|
777
Invesco BulletShares 2031 Corporate Bond ETF
BSCV
$1.77B
| $61.5M | 0.02% |
3,683,355
+149,128
| +4% | +$2.49M |
|
778
Casey's General Stores
CASY
$30.9B
| $61.4M | 0.02% |
111,010
+5,777
| +5% | +$3.18M |
|
779
Vanguard Materials ETF
VAW
$3.13B
| $61.3M | 0.02% |
295,587
+7,149
| +2% | +$1.44M |
|
780
Invesco FTSE RAFI US 1500 Small-Mid ETF
PRFZ
$2.89B
| $61.1M | 0.02% |
1,332,004
+114,759
| +9% | +$5.25M |
|
781
Allstate
ALL
$67.5B
| $61.1M | 0.02% |
293,583
+12,393
| +4% | +$2.54M |
|
782
US Treasury 12 Month Bill ETF
OBIL
$307M
| $60.9M | 0.02% |
1,213,712
+25,472
| +2% | +$1.28M |
|
783
eBay
EBAY
$49.8B
| $60.9M | 0.02% |
699,053
+296,708
| +74% | +$25.7M |
|
784
iShares Core Moderate Allocation ETF
AOM
$1.78B
| $60.7M | 0.02% |
1,272,723
+186,024
| +17% | +$8.89M |
|
785
Invesco National AMT-Free Municipal Bond ETF
PZA
$4.26B
| $60.7M | 0.02% |
2,618,017
-22,421
| -0.8% | -$522K |
|
786
iShares US Infrastructure ETF
IFRA
$4.57B
| $60.5M | 0.02% |
1,149,312
+85,038
| +8% | +$4.49M |
|
787
State Street SPDR Bloomberg Investment Grade Floating Rate ETF
FLRN
$3.09B
| $60.5M | 0.02% |
1,967,860
-279,323
| -12% | -$8.6M |
|
|
SCHQ
788
Schwab Long-Term US Treasury ETF
SCHQ
$798M
| $60.4M | 0.02% |
1,904,417
+990,099
| +108% | +$32M |
|
789
Invesco S&P International Developed Quality ETF
IDHQ
$971M
| $60.3M | 0.02% |
1,715,684
+388,798
| +29% | +$13.4M |
|
790
Simon Property Group
SPG
$72.3B
| $60.2M | 0.02% |
325,467
-9,808
| -3% | -$1.78M |
|
791
iShares Core 60/40 Balanced Allocation ETF
AOR
$3.72B
| $60M | 0.02% |
922,396
+320,259
| +53% | +$20.8M |
|
792
AAM Transformers ETF
TRFM
$260M
| $59.7M | 0.02% |
1,253,257
-69,780
| -5% | -$3.39M |
|
|
AXON
793
Axon Enterprise
AXON
$46.4B
| $59.7M | 0.02% |
105,065
-18,737
| -15% | -$11.6M |
|
794
Tractor Supply
TSCO
$18B
| $59.7M | 0.02% |
1,192,913
-25,238
| -2% | -$1.36M |
|
795
ProShares S&P MidCap 400 Dividend Aristocrats ETF
REGL
$1.82B
| $59.3M | 0.02% |
704,149
-38,817
| -5% | -$3.26M |
|
796
State Street SPDR MSCI ACWI ex-US ETF
CWI
$2.85B
| $59.1M | 0.02% |
1,646,352
+109,282
| +7% | +$3.87M |
|
797
Pacer Data and Digital Revolution ETF
TRFK
$1.01B
| $59.1M | 0.02% |
923,074
+533,262
| +137% | +$36.3M |
|
798
iShares Russell Top 200 Value ETF
IWX
$4.07B
| $58.9M | 0.02% |
640,842
+555,928
| +655% | +$49.9M |
|
799
Royal Caribbean
RCL
$85.6B
| $58.9M | 0.02% |
211,018
-1,480
| -0.7% | -$418K |
|
800
CSX Corp
CSX
$93.1B
| $58.7M | 0.02% |
1,620,158
+25,716
| +2% | +$920K |
|
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.