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 |
Vanguard Short-Term Inflation-Protected Securities Index Fund
VTIP
|
+$647M |
| 2 |
Vanguard Russell 1000 Value ETF
VONV
|
+$623M |
| 3 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$530M |
| 4 |
iShares Global Infrastructure ETF
IGF
|
+$434M |
| 5 |
iShares S&P 500 Value ETF
IVE
|
+$329M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares Core S&P Mid-Cap ETF
IJH
|
+$1.08B |
| 2 |
iShares MSCI EAFE Growth ETF
EFG
|
+$347M |
| 3 |
iShares Core S&P US Growth ETF
IUSG
|
+$307M |
| 4 |
iShares US Treasury Bond ETF
GOVT
|
+$229M |
| 5 |
iShares Core MSCI EAFE ETF
IEFA
|
+$195M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 7.41% |
| 2 | Financials | 3.81% |
| 3 | Healthcare | 2.68% |
| 4 | Consumer Discretionary | 2.67% |
| 5 | Industrials | 2.3% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
151
State Street Consumer Staples Select Sector SPDR ETF
XLP
$14.6B
| $334M | 0.13% |
4,092,725
+497,719
| +14% | +$39.7M |
|
152
State Street Consumer Discretionary Select Sector SPDR ETF
XLY
$21.8B
| $333M | 0.13% |
3,367,998
-223,398
| -6% | -$24.2M |
|
153
Invesco S&P 500 Momentum ETF
SPMO
$19.9B
| $331M | 0.13% |
3,579,241
+1,400,512
| +64% | +$137M |
|
154
JPMorgan Active Growth ETF
JGRO
$9.09B
| $326M | 0.13% |
4,413,268
+769,365
| +21% | +$61.9M |
|
155
PepsiCo
PEP
$195B
| $323M | 0.13% |
2,152,292
+155,361
| +8% | +$23.1M |
|
156
ProShares S&P 500 Dividend Aristocrats ETF
NOBL
$11.9B
| $323M | 0.13% |
6,315,466
-89,666
| -1% | -$4.55M |
|
157
First Trust Smith Opportunistic Fixed Income ETF
FIXD
$3.23B
| $322M | 0.13% |
7,352,408
-1,096,927
| -13% | -$47.6M |
|
158
Goldman Sachs ActiveBeta US Large Cap Equity ETF
GSLC
$14.9B
| $319M | 0.12% |
2,900,331
+52,292
| +2% | +$6.05M |
|
159
Vanguard Mega Cap Growth ETF
MGK
$31.5B
| $319M | 0.12% |
5,165,490
-238,885
| -4% | -$16.1M |
|
160
iShares Treasury Floating Rate Bond ETF
TFLO
$6.54B
| $317M | 0.12% |
6,248,282
+975,106
| +18% | +$49.3M |
|
161
Bank of America
BAC
$429B
| $314M | 0.12% |
7,517,996
+490,119
| +7% | +$21.8M |
|
162
Caterpillar
CAT
$361B
| $310M | 0.12% |
940,372
+30,450
| +3% | +$10.8M |
|
163
First Trust Smith Unconstrained Bond ETF
UCON
$3.27B
| $307M | 0.12% |
12,416,312
+452,716
| +4% | +$11.2M |
|
164
Cisco
CSCO
$448B
| $305M | 0.12% |
4,950,405
+422,857
| +9% | +$26M |
|
165
Invesco S&P MidCap Momentum ETF
XMMO
$6.94B
| $305M | 0.12% |
2,685,101
+5,585
| +0.2% | +$688K |
|
166
RTX Corp
RTX
$291B
| $302M | 0.12% |
2,283,455
+17,273
| +0.8% | +$2.19M |
|
|
HDV
167
iShares Core High Dividend ETF
HDV
$14.7B
| $301M | 0.12% |
12,407,975
+510,200
| +4% | +$11.9M |
|
168
Columbia Research Enhanced Core ETF
RECS
$5.89B
| $298M | 0.12% |
8,987,115
+893,397
| +11% | +$31.1M |
|
169
Vanguard Tax-Exempt Bond Index Fund
VTEB
$45.2B
| $296M | 0.11% |
5,957,028
+545,244
| +10% | +$27.3M |
|
170
State Street SPDR Portfolio Long Term Treasury ETF
SPTL
$10.5B
| $291M | 0.11% |
10,667,377
+277,771
| +3% | +$7.4M |
|
171
AT&T
T
$164B
| $291M | 0.11% |
10,276,324
+123,447
| +1% | +$3.1M |
|
172
Merck
MRK
$321B
| $291M | 0.11% |
3,237,518
+33,523
| +1% | +$3.13M |
|
173
iShares Currency Hedged MSCI EAFE ETF
HEFA
$7.48B
| $289M | 0.11% |
7,967,935
+4,726,197
| +146% | +$172M |
|
174
State Street SPDR Bloomberg 3-12 Month T-Bill ETF
BILS
$3.89B
| $286M | 0.11% |
2,870,518
+298,947
| +12% | +$29.7M |
|
175
T. Rowe Price Capital Appreciation Equity ETF
TCAF
$7.83B
| $284M | 0.11% |
8,790,070
+1,634,146
| +23% | +$54.8M |
|
Similar funds
LPL Financial's Q1 2025 Portfolio in Review
As of Q1 2025, LPL Financial held 5,580 positions worth $257B, up 4.5% from $246B the previous quarter. Its ten largest holdings account for 15% of the portfolio.
LPL Financial deployed $18.1B of net new capital in Q1 2025, opening 307 new positions and adding to 3,292 existing holdings. Its largest new stake was iShares High Yield Muni Active ETF: 1,729,238 shares worth $85.6M.
By sector, the portfolio is most concentrated in Technology at 7.4% of assets, down from 8.3% a quarter earlier, followed by Financials and Healthcare.
On the sell side, the largest reduction was iShares Core S&P Mid-Cap ETF, an estimated $1.08B trimmed.
- LPL Financial's largest Q1 2025 buy was iShares High Yield Muni Active ETF: 1,729,238 shares worth $85.6M.
- LPL Financial added most to Vanguard Short-Term Inflation-Protected Securities Index Fund in Q1 2025, an estimated $647M increase.
- LPL Financial's biggest Q1 2025 reduction was iShares Core S&P Mid-Cap ETF, cutting an estimated $1.08B.
- LPL Financial fully exited Aspen Technology Inc in Q1 2025, selling an estimated $6.48M.
- LPL Financial's ten largest holdings make up 15% of its $257B portfolio in Q1 2025.
- LPL Financial opened 307 new positions and closed 235 in Q1 2025.
- LPL Financial's portfolio value rose 4.5% quarter-over-quarter to $257B.
Based on LPL Financial's 13F filing for Q1 2025, filed 7 May 2025.