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 | |
|---|---|---|---|---|---|---|
126
iShares MSCI USA Min Vol Factor ETF
USMV
$24.2B
| $592M | 0.16% |
6,288,665
-258,361
| -4% | -$24.3M |
|
127
Capital Group Core Bond ETF
CGCB
$5.74B
| $590M | 0.16% |
22,259,688
+5,195,824
| +30% | +$138M |
|
128
Caterpillar
CAT
$387B
| $586M | 0.16% |
1,023,220
+40,011
| +4% | +$22.2M |
|
129
Mastercard
MA
$493B
| $586M | 0.16% |
1,026,091
+66,735
| +7% | +$37.3M |
|
130
State Street Energy Select Sector SPDR ETF
XLE
$37.7B
| $576M | 0.16% |
12,874,212
-15,014
| -0.1% | -$669K |
|
131
First Trust Exchange-Traded Fund IV First Trust Low Duration Opportunities ETF
LMBS
$6.38B
| $575M | 0.16% |
11,511,063
-99,549
| -0.9% | -$4.98M |
|
132
Procter & Gamble
PG
$339B
| $574M | 0.16% |
4,001,999
-9,286
| -0.2% | -$1.37M |
|
133
T. Rowe Price Capital Appreciation Equity ETF
TCAF
$8.29B
| $571M | 0.16% |
14,929,038
+1,969,844
| +15% | +$75.5M |
|
134
iShares MSCI EAFE ETF
EFA
$80.2B
| $564M | 0.15% |
5,871,361
+352,599
| +6% | +$33.4M |
|
135
iShares Silver Trust
SLV
$30.7B
| $564M | 0.15% |
8,748,745
-148,245
| -2% | -$7.42M |
|
136
Goldman Sachs MarketBeta US Equity ETF
GSUS
$3.29B
| $562M | 0.15% |
5,951,529
+314,313
| +6% | +$29.4M |
|
137
Avantis US Small Cap Value ETF
AVUV
$30.9B
| $558M | 0.15% |
5,475,239
+365,308
| +7% | +$36.5M |
|
138
PGIM Ultra Short Bond ETF
PULS
$18.3B
| $553M | 0.15% |
11,148,152
+869,510
| +8% | +$43.2M |
|
139
First Trust Morningstar Dividend Leaders Index Fund
FDL
$7.82B
| $550M | 0.15% |
12,408,286
+202,537
| +2% | +$8.82M |
|
140
Vanguard Total International Bond ETF
BNDX
$82.2B
| $546M | 0.15% |
11,310,004
+407,906
| +4% | +$20.1M |
|
141
Vanguard Short-Term Bond ETF
BSV
$44.6B
| $538M | 0.15% |
6,827,379
-84,817
| -1% | -$6.69M |
|
142
Capital Group Core Plus Income ETF
CGCP
$8.44B
| $537M | 0.15% |
23,722,685
+4,757,976
| +25% | +$108M |
|
143
First Trust Enhanced Short Maturity ETF
FTSM
$6.5B
| $533M | 0.15% |
8,899,825
-474,726
| -5% | -$28.5M |
|
144
Capital Group Global Growth Equity ETF
CGGO
$11.8B
| $522M | 0.14% |
15,068,808
+1,958,085
| +15% | +$67.6M |
|
145
iShares 1-3 Year Treasury Bond ETF
SHY
$25.1B
| $522M | 0.14% |
6,297,662
-318,924
| -5% | -$26.4M |
|
146
State Street SPDR S&P 600 Small Cap Value ETF
SLYV
$5.03B
| $514M | 0.14% |
5,653,562
+141,113
| +3% | +$12.7M |
|
147
Advanced Micro Devices
AMD
$789B
| $507M | 0.14% |
2,365,398
-85,307
| -3% | -$19.2M |
|
148
iShares 7-10 Year Treasury Bond ETF
IEF
$47.3B
| $497M | 0.14% |
5,170,220
+516,634
| +11% | +$50M |
|
149
iShares Core International Aggregate Bond Fund
IAGG
$11B
| $494M | 0.13% |
9,875,935
+709,894
| +8% | +$36.5M |
|
150
Cisco
CSCO
$479B
| $492M | 0.13% |
6,388,750
+207,260
| +3% | +$15.4M |
|
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.