LPL Financial Portfolio holdings

AUM $257B

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.

This Quarter Return

-1.7%

1 Year Return

+7.44%

3 Year Return

+22.07%

5 Year Return

+97.8%

10 Year Return

+136.32%

AUM

$257B

AUM Growth

+$11.2B (+5%)

Cap. Flow

+$17.7B

Cap. Flow % of AUM

6.9%

Top 10 Holdings %Top 10 Hldgs %

15.1%

Holding

5,404

New

251

Increased

3,252

Reduced

1,598

Closed

192

Top Buys

1	Vanguard Short-Term Inflation-Protected Securities Index Fund VTIP	$658M
2	Vanguard Russell 1000 Value ETF VONV	$615M
3	iShares Core MSCI Emerging Markets ETF IEMG	$531M
4	iShares Global Infrastructure ETF IGF	$442M
5	iShares 10-20 Year Treasury Bond ETF TLH	$327M

Top Sells

1	iShares Core S&P Mid-Cap ETF IJH	$1.02B
2	iShares MSCI EAFE Growth ETF EFG	$340M
3	iShares Core S&P US Growth ETF IUSG	$282M
4	iShares US Treasury Bond ETF GOVT	$232M
5	iShares Core MSCI EAFE ETF IEFA	$197M

Sector Composition

1	Technology	7.42%
2	Financials	3.81%
3	Healthcare	2.68%
4	Consumer Discretionary	2.67%
5	Industrials	2.29%

#	Name	Market Value	Portfolio Weight	Shares or Principal	Shares Change %	Capital Flow
151	151 Consumers Staples Select Sector SPDR Fund XLP $16.4B	$334M	0.13%	4,092,725 +497,719	+14%	+$40.6M
152	152 Consumer Discretionary Select Sector SPDR Fund XLY $22.5B	$333M	0.13%	1,683,999 -111,699	-6%	-$22.1M
153	153 Invesco S&P 500 Momentum ETF SPMO $11.2B	$331M	0.13%	3,579,241 +1,400,512	+64%	+$130M
154	154 JPMorgan Active Growth ETF JGRO $6.86B	$326M	0.13%	4,413,268 +769,365	+21%	+$56.8M
155	155 PepsiCo PEP $199B	$323M	0.13%	2,152,292 +155,361	+8%	+$23.3M
156	156 ProShares S&P 500 Dividend Aristocrats ETF NOBL $11.5B	$323M	0.13%	3,157,733 -44,833	-1%	-$4.58M
157	157 First Trust Exchange-Traded Fund VIII First Trust Smith Opportunistic Fixed Income ETF FIXD $3.35B	$322M	0.13%	7,352,408 -1,096,927	-13%	-$48.1M
158	158 Goldman Sachs ActiveBeta US Large Cap Equity ETF GSLC $14.2B	$319M	0.12%	2,900,331 +52,292	+2%	+$5.76M
159	159 Vanguard Mega Cap Growth ETF MGK $28.6B	$319M	0.12%	1,033,098 -47,777	-4%	-$14.8M
160	160 iShares Treasury Floating Rate Bond ETF TFLO $6.71B	$317M	0.12%	6,248,282 +975,106	+18%	+$49.4M
161	161 Bank of America BAC $341B	$314M	0.12%	7,517,996 +490,119	+7%	+$20.5M
162	162 Caterpillar CAT $200B	$310M	0.12%	940,372 +30,450	+3%	+$10M
163	163 First Trust Smith Unconstrained Bond ETF UCON $2.97B	$307M	0.12%	12,416,312 +452,716	+4%	+$11.2M
164	164 Cisco CSCO $284B	$305M	0.12%	4,950,405 +422,857	+9%	+$26.1M
165	165 Invesco S&P MidCap Momentum ETF XMMO $4.16B	$305M	0.12%	2,685,101 +5,585	+0.2%	+$635K
166	166 RTX Corp RTX $208B	$302M	0.12%	2,283,455 +17,273	+0.8%	+$2.28M
167	167 iShares Core High Dividend ETF HDV $11.2B	$301M	0.12%	2,481,595 +102,040	+4%	+$12.4M
168	168 Columbia Research Enhanced Core ETF RECS $3.27B	$298M	0.12%	8,987,115 +893,397	+11%	+$29.7M
169	169 Vanguard Tax-Exempt Bond Index Fund VTEB $37.7B	$296M	0.11%	5,957,028 +545,244	+10%	+$27.1M
170	170 SPDR Portfolio Long Term Treasury ETF SPTL $11.4B	$291M	0.11%	10,667,377 +277,771	+3%	+$7.57M
171	171 AT&T T $201B	$291M	0.11%	10,276,324 +123,447	+1%	+$3.49M
172	172 Merck MRK $202B	$291M	0.11%	3,237,518 +33,523	+1%	+$3.01M
173	173 iShares Currency Hedged MSCI EAFE ETF HEFA $6.47B	$289M	0.11%	7,967,935 +4,726,197	+146%	+$172M
174	174 SPDR Bloomberg 3-12 Month T-Bill ETF BILS $3.8B	$286M	0.11%	2,870,518 +298,947	+12%	+$29.7M
175	175 T. Rowe Price Capital Appreciation Equity ETF TCAF $5.19B	$284M	0.11%	8,790,070 +1,634,146	+23%	+$52.8M