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 | |
|---|---|---|---|---|---|---|
|
TBIL
151
F/m US Treasury 3 Month Bill Fund
TBIL
$7.19B
| $490M | 0.13% |
9,819,617
+238,360
| +2% | +$11.9M |
|
152
Oracle
ORCL
$423B
| $489M | 0.13% |
2,511,030
+255,650
| +11% | +$60.9M |
|
153
Vanguard Morningstar Mega Cap Growth ETF
MGK
$34.2B
| $485M | 0.13% |
5,869,260
+25,670
| +0.4% | +$2.11M |
|
154
Bank of America
BAC
$442B
| $484M | 0.13% |
8,796,814
+216,658
| +3% | +$11.5M |
|
155
VictoryShares Free Cash Flow ETF
VFLO
$9.36B
| $484M | 0.13% |
12,280,049
+1,249,407
| +11% | +$47.9M |
|
156
RTX Corp
RTX
$301B
| $482M | 0.13% |
2,629,351
+121,170
| +5% | +$21M |
|
157
McDonald's
MCD
$195B
| $481M | 0.13% |
1,574,007
+62,944
| +4% | +$19.3M |
|
158
Invesco S&P MidCap Momentum ETF
XMMO
$7.53B
| $481M | 0.13% |
3,472,670
+355,614
| +11% | +$48.6M |
|
159
Invesco S&P MidCap Quality ETF
XMHQ
$5.63B
| $473M | 0.13% |
4,622,130
-327,955
| -7% | -$33.8M |
|
160
Vanguard Tax-Exempt Bond Index Fund
VTEB
$45.3B
| $459M | 0.13% |
9,135,043
+1,637,385
| +22% | +$82.4M |
|
161
State Street SPDR Portfolio Mortgage Backed Bond ETF
SPMB
$7B
| $454M | 0.12% |
20,238,970
+1,974,582
| +11% | +$44.4M |
|
162
GE Aerospace
GE
$384B
| $452M | 0.12% |
1,466,457
+170,755
| +13% | +$51.4M |
|
163
First Trust RBA American Industrial Renaissance ETF
AIRR
$10.7B
| $449M | 0.12% |
4,570,226
+490,347
| +12% | +$48M |
|
164
JPMorgan Active Value ETF
JAVA
$7.15B
| $449M | 0.12% |
6,262,663
+531,461
| +9% | +$37.3M |
|
165
JPMorgan International Research Enhanced Equity ETF
JIRE
$11.5B
| $445M | 0.12% |
5,936,698
+177,001
| +3% | +$13.2M |
|
166
Capital Group Core Balanced ETF
CGBL
$7.42B
| $444M | 0.12% |
12,575,716
+2,726,819
| +28% | +$95.4M |
|
167
State Street SPDR S&P 600 Small Cap Growth ETF
SLYG
$5.2B
| $441M | 0.12% |
4,679,506
+858,073
| +22% | +$81M |
|
168
Fidelity Total Bond ETF
FBND
$27.3B
| $432M | 0.12% |
9,387,074
+1,887,404
| +25% | +$87.6M |
|
169
Goldman Sachs
GS
$303B
| $425M | 0.12% |
483,882
+17,741
| +4% | +$14.5M |
|
170
Capital Group US Multi-Sector Income ETF
CGMS
$5.35B
| $424M | 0.12% |
15,366,839
+3,616,255
| +31% | +$100M |
|
|
BDYN
171
iShares Dynamic Equity Active ETF
BDYN
$3.12B
| $424M | 0.12% |
16,546,186
+1,178,883
| +8% | +$30.2M |
|
172
State Street SPDR S&P Dividend ETF
SDY
$23.9B
| $422M | 0.12% |
3,028,994
-2,479
| -0.1% | -$345K |
|
173
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$33B
| $421M | 0.11% |
3,819,605
-128,228
| -3% | -$14.3M |
|
174
Philip Morris
PM
$295B
| $420M | 0.11% |
2,618,016
+8,655
| +0.3% | +$1.34M |
|
175
Goldman Sachs ActiveBeta US Large Cap Equity ETF
GSLC
$15.5B
| $419M | 0.11% |
3,163,844
+95,530
| +3% | +$12.5M |
|
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.