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 | |
|---|---|---|---|---|---|---|
1876
iShares Global Comm Services ETF
IXP
$571M
| $10.7M | ﹤0.01% |
88,079
+14,508
| +20% | +$1.77M |
|
1877
Invesco Russell 1000 Equal Weight ETF
EQAL
$839M
| $10.7M | ﹤0.01% |
202,579
-8,175
| -4% | -$427K |
|
|
RMT
1878
Royce Micro-Cap Trust
RMT
$759M
| $10.7M | ﹤0.01% |
1,022,240
+212,322
| +26% | +$2.21M |
|
1879
AerCap
AER
$23.5B
| $10.7M | ﹤0.01% |
74,091
+6,222
| +9% | +$824K |
|
1880
Franco-Nevada
FNV
$46.5B
| $10.6M | ﹤0.01% |
51,281
-5,447
| -10% | -$1.1M |
|
|
FSSL
1881
FS Specialty Lending Fund
FSSL
$853M
| $10.6M | ﹤0.01% |
+751,511
| New | +$10.3M |
|
1882
Nuveen ESG US Aggregate Bond ETF
NUBD
$464M
| $10.6M | ﹤0.01% |
474,351
+65,310
| +16% | +$1.47M |
|
1883
Western Alliance Bancorporation
WAL
$8.78B
| $10.6M | ﹤0.01% |
125,919
+1,042
| +0.8% | +$84.6K |
|
1884
PIMCO RAFI Multi-Factor International Equity ETF
MFDX
$468M
| $10.6M | ﹤0.01% |
275,467
+28,472
| +12% | +$1.07M |
|
|
FBCG
1885
Fidelity Blue Chip Growth ETF
FBCG
$7.24B
| $10.6M | ﹤0.01% |
192,749
+53,196
| +38% | +$2.89M |
|
1886
Vanguard California Tax-Exempt Bond ETF
VTEC
$3.1B
| $10.6M | ﹤0.01% |
105,244
+19,866
| +23% | +$1.99M |
|
1887
Invesco BulletShares 2027 Municipal Bond ETF
BSMR
$348M
| $10.5M | ﹤0.01% |
445,800
+32,144
| +8% | +$761K |
|
1888
iShares iBonds Dec 2026 Term Muni Bond ETF
IBMO
$569M
| $10.5M | ﹤0.01% |
410,264
+14,843
| +4% | +$380K |
|
1889
Dynatrace
DT
$14.6B
| $10.5M | ﹤0.01% |
241,965
-5,495
| -2% | -$256K |
|
|
AWF
1890
AllianceBernstein Global High Income Fund
AWF
$870M
| $10.5M | ﹤0.01% |
980,946
+664
| +0.1% | +$7.2K |
|
1891
Vodafone
VOD
$36.4B
| $10.5M | ﹤0.01% |
792,531
+7,001
| +0.9% | +$84.7K |
|
1892
VanEck Steel ETF
SLX
$176M
| $10.4M | ﹤0.01% |
122,968
+87,726
| +249% | +$6.97M |
|
|
WCN
1893
Waste Connections
WCN
$41.9B
| $10.4M | ﹤0.01% |
59,442
+3,657
| +7% | +$632K |
|
1894
Restaurant Brands International
QSR
$25.4B
| $10.4M | ﹤0.01% |
152,119
+7,259
| +5% | +$500K |
|
1895
AppFolio
APPF
$7.07B
| $10.4M | ﹤0.01% |
44,594
+32,875
| +281% | +$7.81M |
|
1896
Invesco KBW Premium Yield Equity REIT ETF
KBWY
$305M
| $10.3M | ﹤0.01% |
670,629
-41,575
| -6% | -$641K |
|
1897
Hasbro
HAS
$13.3B
| $10.3M | ﹤0.01% |
126,150
+17,961
| +17% | +$1.41M |
|
1898
National Fuel Gas
NFG
$7.78B
| $10.3M | ﹤0.01% |
129,113
+15,105
| +13% | +$1.24M |
|
1899
iShares Currency Hedged MSCI ACWI ex US ETF
HAWX
$354M
| $10.3M | ﹤0.01% |
261,667
+4,554
| +2% | +$178K |
|
1900
Suncor Energy
SU
$73.4B
| $10.3M | ﹤0.01% |
232,674
-10,803
| -4% | -$457K |
|
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.