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 | |
|---|---|---|---|---|---|---|
101
Netflix
NFLX
$309B
| $751M | 0.21% |
8,010,577
-136,673
| -2% | -$14.7M |
|
102
Home Depot
HD
$353B
| $747M | 0.2% |
2,169,623
+18,722
| +0.9% | +$6.86M |
|
103
State Street SPDR Portfolio S&P 400 Mid Cap ETF
SPMD
$18.9B
| $744M | 0.2% |
12,844,472
+173,911
| +1% | +$9.99M |
|
104
State Street SPDR Portfolio Emerging Markets ETF
SPEM
$17.7B
| $730M | 0.2% |
15,587,049
+1,758,866
| +13% | +$82.8M |
|
105
iShares US Technology ETF
IYW
$25B
| $717M | 0.2% |
3,591,793
-10,056
| -0.3% | -$2.01M |
|
106
First Trust Capital Strength ETF
FTCS
$7.94B
| $710M | 0.19% |
7,679,621
-397,912
| -5% | -$36.8M |
|
107
Columbia Research Enhanced Core ETF
RECS
$6.06B
| $710M | 0.19% |
17,374,371
+3,650,956
| +27% | +$149M |
|
108
JPMorgan Active Bond ETF
JBND
$8.52B
| $709M | 0.19% |
13,119,154
+4,600,361
| +54% | +$250M |
|
109
Dimensional US Core Equity 2 ETF
DFAC
$49.3B
| $702M | 0.19% |
17,742,346
+242,867
| +1% | +$9.48M |
|
110
Invesco S&P 500 Top 50 ETF
XLG
$11B
| $685M | 0.19% |
11,554,356
+856,661
| +8% | +$50.4M |
|
111
State Street SPDR Portfolio S&P 1500 Composite Stock Market ETF
SPTM
$14B
| $685M | 0.19% |
8,301,805
+30,408
| +0.4% | +$2.49M |
|
112
VanEck Morningstar Wide Moat ETF
MOAT
$12.2B
| $682M | 0.19% |
6,583,657
+180,972
| +3% | +$18.5M |
|
113
iShares US Aerospace & Defense ETF
ITA
$14.7B
| $677M | 0.18% |
3,152,397
+325,026
| +11% | +$68M |
|
114
Invesco S&P 500 Revenue ETF
RWL
$9.86B
| $672M | 0.18% |
5,870,899
+843,089
| +17% | +$95M |
|
115
Janus Henderson AAA CLO ETF
JAAA
$29.2B
| $671M | 0.18% |
13,272,736
+405,363
| +3% | +$20.5M |
|
116
iShares Russell Top 200 Growth ETF
IWY
$16.6B
| $662M | 0.18% |
2,390,619
+2,455
| +0.1% | +$680K |
|
117
State Street Utilities Select Sector SPDR ETF
XLU
$22.6B
| $648M | 0.18% |
15,178,321
+456,633
| +3% | +$20.2M |
|
118
WisdomTree Floating Rate Treasury Fund
USFR
$18.4B
| $647M | 0.18% |
12,854,447
-1,421,615
| -10% | -$71.5M |
|
119
JPMorgan Active Growth ETF
JGRO
$10B
| $642M | 0.18% |
6,922,629
+884,710
| +15% | +$82.9M |
|
120
Chevron
CVX
$366B
| $630M | 0.17% |
4,134,009
+35,099
| +0.9% | +$5.35M |
|
121
State Street Communication Services Select Sector SPDR ETF
XLC
$22.4B
| $617M | 0.17% |
5,245,435
-847,064
| -14% | -$97.5M |
|
122
TSMC
TSM
$2.17T
| $617M | 0.17% |
2,029,314
+171,467
| +9% | +$50.3M |
|
123
State Street SPDR Portfolio Aggregate Bond ETF
SPAB
$9.77B
| $606M | 0.17% |
23,515,369
+1,545,797
| +7% | +$40M |
|
124
iShares Global Infrastructure ETF
IGF
$10.8B
| $601M | 0.16% |
9,787,317
+320,532
| +3% | +$19.8M |
|
125
IBM
IBM
$222B
| $595M | 0.16% |
2,008,933
+148,687
| +8% | +$44.5M |
|
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.