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 | |
|---|---|---|---|---|---|---|
1926
BlackRock Core Bond Trust
BHK
$664M
| $10M | ﹤0.01% |
1,043,192
+2,027
| +0.2% | +$19.7K |
|
|
LOUP
1927
Innovator Deepwater Frontier Tech ETF
LOUP
$221M
| $9.98M | ﹤0.01% |
130,583
+42,923
| +49% | +$3.32M |
|
1928
State Street SPDR S&P Kensho New Economies Composite ETF
KOMP
$2.8B
| $9.97M | ﹤0.01% |
166,867
+29,053
| +21% | +$1.81M |
|
1929
AllianzIM U.S. Equity Buffer20 Jul ETF
JULW
$252M
| $9.96M | ﹤0.01% |
254,632
+60,693
| +31% | +$2.35M |
|
1930
Canadian National Railway
CNI
$75.7B
| $9.94M | ﹤0.01% |
100,594
-5,033
| -5% | -$484K |
|
1931
ProShares Ultra QQQ
QLD
$14B
| $9.93M | ﹤0.01% |
141,071
+15,733
| +13% | +$1.12M |
|
1932
Alerian Energy Infrastructure ETF
ENFR
$521M
| $9.93M | ﹤0.01% |
315,542
-51,738
| -14% | -$1.61M |
|
1933
JPMorgan Diversified Return International Equity ETF
JPIN
$374M
| $9.92M | ﹤0.01% |
145,624
+3,701
| +3% | +$250K |
|
1934
Pool Corp
POOL
$7.27B
| $9.92M | ﹤0.01% |
43,351
-9,947
| -19% | -$2.59M |
|
1935
Nuveen Municipal Value Fund
NUV
$1.91B
| $9.9M | ﹤0.01% |
1,092,812
-31,021
| -3% | -$280K |
|
1936
iShares International Treasury Bond ETF
IGOV
$1.53B
| $9.9M | ﹤0.01% |
237,641
+130,725
| +122% | +$5.51M |
|
1937
Nuveen Municipal Credit Income Fund
NZF
$2.43B
| $9.9M | ﹤0.01% |
786,784
+193,906
| +33% | +$2.44M |
|
1938
Align Technology
ALGN
$12.5B
| $9.9M | ﹤0.01% |
63,375
+7,956
| +14% | +$1.14M |
|
|
PFN
1939
PIMCO Income Strategy Fund II
PFN
$707M
| $9.86M | ﹤0.01% |
1,314,714
+7,692
| +0.6% | +$57.4K |
|
1940
Cohen & Steers Quality Income Realty Fund
RQI
$1.68B
| $9.85M | ﹤0.01% |
862,723
+75,816
| +10% | +$902K |
|
1941
VanEck Morningstar International Moat ETF
MOTI
$77.1M
| $9.82M | ﹤0.01% |
267,817
+23,049
| +9% | +$866K |
|
1942
BlackRock Municipal 2030 Target Term Trust
BTT
$1.44B
| $9.81M | ﹤0.01% |
429,814
+15,051
| +4% | +$339K |
|
1943
iShares MSCI Taiwan ETF
EWT
$11B
| $9.81M | ﹤0.01% |
154,364
-11,514
| -7% | -$741K |
|
|
EMBJ
1944
Embraer S.A. ADS
EMBJ
$13.1B
| $9.8M | ﹤0.01% |
152,314
+27,805
| +22% | +$1.74M |
|
1945
XPO
XPO
$23.5B
| $9.8M | ﹤0.01% |
72,125
+6,977
| +11% | +$950K |
|
1946
Hims & Hers Health
HIMS
$7.35B
| $9.78M | ﹤0.01% |
301,271
-14,490
| -5% | -$621K |
|
1947
Invesco WilderHill Clean Energy ETF
PBW
$458M
| $9.78M | ﹤0.01% |
320,122
+127,191
| +66% | +$4.05M |
|
1948
VanEck Pharmaceutical ETF
PPH
$1B
| $9.77M | ﹤0.01% |
94,744
+56,479
| +148% | +$5.49M |
|
1949
Pacer Cash Cows Fund of Funds ETF
HERD
$104M
| $9.76M | ﹤0.01% |
224,658
+4,880
| +2% | +$212K |
|
1950
NatWest
NWG
$76.3B
| $9.75M | ﹤0.01% |
557,129
-81,675
| -13% | -$1.29M |
|
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.