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 Core S&P 500 ETF
IVV
|
+$503M |
| 2 |
iShares S&P 100 ETF
OEF
|
+$496M |
| 3 |
BlackRock US Equity Factor Rotation ETF
DYNF
|
+$494M |
| 4 |
Capital Group Dividend Value ETF
CGDV
|
+$400M |
| 5 |
BDYN
iShares Dynamic Equity Active ETF
BDYN
|
+$388M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI EAFE Growth ETF
EFG
|
+$383M |
| 2 |
iShares US Technology ETF
IYW
|
+$332M |
| 3 |
iShares MSCI USA Quality Factor ETF
QUAL
|
+$177M |
| 4 |
iShares MSCI EAFE Value ETF
EFV
|
+$130M |
| 5 |
iShares Core Universal USD Bond ETF
IUSB
|
+$125M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 8.85% |
| 2 | Financials | 3.63% |
| 3 | Consumer Discretionary | 2.79% |
| 4 | Communication Services | 2.54% |
| 5 | Industrials | 2.4% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
BDYN
176
iShares Dynamic Equity Active ETF
BDYN
$2.97B
| $389M | 0.11% |
+15,367,303
| New | +$388M |
|
177
Coca-Cola
KO
$380B
| $383M | 0.11% |
5,769,559
+623,668
| +12% | +$42.9M |
|
178
iShares Silver Trust
SLV
$27.6B
| $377M | 0.11% |
8,896,990
+1,036,408
| +13% | +$37.2M |
|
179
Palo Alto Networks
PANW
$260B
| $376M | 0.11% |
1,848,984
+188,709
| +11% | +$36.1M |
|
180
Vanguard Tax-Exempt Bond Index Fund
VTEB
$45.3B
| $375M | 0.11% |
7,497,658
+1,087,157
| +17% | +$53.4M |
|
181
Goldman Sachs
GS
$305B
| $371M | 0.11% |
466,141
+31,848
| +7% | +$23.6M |
|
182
State Street SPDR Bloomberg 3-12 Month T-Bill ETF
BILS
$3.89B
| $361M | 0.11% |
3,631,527
+354,545
| +11% | +$35.2M |
|
183
State Street SPDR S&P 600 Small Cap Growth ETF
SLYG
$5.08B
| $360M | 0.11% |
3,821,433
+388,271
| +11% | +$35.7M |
|
184
JPMorgan BetaBuilders US Equity ETF
BBUS
$8.77B
| $358M | 0.1% |
2,969,976
+165,119
| +6% | +$19.2M |
|
185
Lockheed Martin
LMT
$134B
| $358M | 0.1% |
716,216
+55,009
| +8% | +$25M |
|
186
iShares Russell Mid-Cap Growth ETF
IWP
$19.6B
| $350M | 0.1% |
2,455,158
+86,160
| +4% | +$12.2M |
|
187
Global X US Infrastructure Development ETF
PAVE
$14.1B
| $347M | 0.1% |
7,287,974
+290,462
| +4% | +$13.4M |
|
188
Fidelity Total Bond ETF
FBND
$27.2B
| $347M | 0.1% |
7,499,670
+1,898,489
| +34% | +$87.2M |
|
|
HDV
189
iShares Core High Dividend ETF
HDV
$14.7B
| $345M | 0.1% |
14,100,570
+284,000
| +2% | +$6.86M |
|
190
iShares 0-5 Year TIPS Bond ETF
STIP
$15.9B
| $343M | 0.1% |
3,320,533
+436,721
| +15% | +$45M |
|
191
Capital Group Core Balanced ETF
CGBL
$7.15B
| $342M | 0.1% |
9,848,897
+2,399,918
| +32% | +$81.8M |
|
192
Capital Group International Focus Equity ETF
CGXU
$6.15B
| $340M | 0.1% |
11,484,722
+2,474,357
| +27% | +$69.1M |
|
193
PepsiCo
PEP
$195B
| $336M | 0.1% |
2,390,334
+122,347
| +5% | +$17.5M |
|
194
ProShares S&P 500 Dividend Aristocrats ETF
NOBL
$11.9B
| $330M | 0.1% |
6,411,474
-116,980
| -2% | -$6.05M |
|
195
AT&T
T
$169B
| $329M | 0.1% |
11,645,675
+473,530
| +4% | +$13.4M |
|
196
Salesforce
CRM
$149B
| $328M | 0.1% |
1,382,642
+29,527
| +2% | +$7.45M |
|
197
JPMorgan US Quality Factor ETF
JQUA
$8.19B
| $327M | 0.1% |
5,198,431
+608,974
| +13% | +$37.4M |
|
198
Capital Group US Multi-Sector Income ETF
CGMS
$5.21B
| $326M | 0.1% |
11,750,584
+1,807,429
| +18% | +$50.1M |
|
199
Amgen
AMGN
$212B
| $322M | 0.09% |
1,141,964
+141,103
| +14% | +$40.9M |
|
200
iShares Treasury Floating Rate Bond ETF
TFLO
$6.54B
| $320M | 0.09% |
6,329,752
+247,536
| +4% | +$12.5M |
|
Similar funds
LPL Financial's Q3 2025 Portfolio in Review
As of Q3 2025, LPL Financial held 6,030 positions worth $343B, up 14% from $300B the previous quarter. Its ten largest holdings account for 15% of the portfolio.
LPL Financial deployed $23B of net new capital in Q3 2025, opening 481 new positions and adding to 3,569 existing holdings. Its largest new stake was iShares Dynamic Equity Active ETF: 15,367,303 shares worth $389M.
By sector, the portfolio is most concentrated in Technology at 8.8% of assets, up from 8.5% a quarter earlier, followed by Financials and Consumer Discretionary.
On the sell side, the largest reduction was iShares MSCI EAFE Growth ETF, an estimated $383M trimmed.
- LPL Financial's largest Q3 2025 buy was iShares Dynamic Equity Active ETF: 15,367,303 shares worth $389M.
- LPL Financial added most to iShares Core S&P 500 ETF in Q3 2025, an estimated $503M increase.
- LPL Financial's biggest Q3 2025 reduction was iShares MSCI EAFE Growth ETF, cutting an estimated $383M.
- LPL Financial fully exited Hess in Q3 2025, selling an estimated $6.48M.
- LPL Financial's ten largest holdings make up 15% of its $343B portfolio in Q3 2025.
- LPL Financial opened 481 new positions and closed 237 in Q3 2025.
- LPL Financial's portfolio value rose 14% quarter-over-quarter to $343B.
Based on LPL Financial's 13F filing for Q3 2025, filed 12 Nov 2025.