LPL Financial Portfolio holdings

AUM $299B

1-Year Return 15.17%

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.

2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2015 Q4 2015 Q3 2015 Q2 2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1 2013 Q4 2013 Q3 2013 Q2

This Quarter Return

+2.13%

1 Year Return

+15.17%

3 Year Return

+54.04%

5 Year Return

+83.67%

10 Year Return

+161.11%

AUM

$38B

AUM Growth

+$1.76B (+4.8%)

Cap. Flow

+$1.16B

Cap. Flow % of AUM

3.04%

Top 10 Holdings % Top 10 Hldgs %

23.69%

Holding

3,356

New

197

Increased

1,569

Reduced

1,323

Closed

169

Top Buys

1	iShares TIPS Bond ETF TIP	+$210M
2	Vanguard Intermediate-Term Corporate Bond ETF VCIT	+$151M
3	iShares Russell 2000 ETF IWM	+$137M
4	iShares Core MSCI Emerging Markets ETF IEMG	+$129M
5	iShares Core S&P Mid-Cap ETF IJH	+$72.8M

Top Sells

1	SPDR Bloomberg High Yield Bond ETF JNK	+$135M
2	iShares Currency Hedged MSCI EAFE ETF HEFA	+$62M
3	iShares US Basic Materials ETF IYM	+$39.1M
4	SPDR S&P MidCap 400 ETF Trust MDY	+$37.8M
5	Vanguard Total Stock Market ETF VTI	+$31.3M

Sector Composition

1	Technology	3.14%
2	Financials	2.74%
3	Healthcare	2.25%
4	Industrials	2.19%
5	Communication Services	2.09%

Communication Services

Advertising Agencies

Broadcasting

Electronic Gaming & Multimedia

Entertainment

Internet Content & Information

Publishing

Telecom Services

Consumer Discretionary

Apparel Manufacturing

Apparel Retail

Auto Manufacturers

Auto Parts

Auto & Truck Dealerships

Department Stores

Footwear & Accessories

Furnishings, Fixtures & Appliances

Gambling

Home Improvement Retail

Internet Retail

Leisure

Lodging

Luxury Goods

Packaging & Containers

Personal Services

Recreational Vehicles

Residential Construction

Resorts & Casinos

Restaurants

Specialty Retail

Textile Manufacturing

Travel Services

Consumer Staples

Beverages - Brewers

Beverages - Non-Alcoholic

Beverages - Wineries & Distilleries

Confectioners

Discount Stores

Education & Training Services

Farm Products

Food Distribution

Grocery Stores

Household & Personal Products

Packaged Foods

Tobacco

Energy

Oil & Gas Drilling

Oil & Gas Equipment & Services

Oil & Gas Exploration & Production

Oil & Gas Integrated

Oil & Gas Midstream

Oil & Gas Refining & Marketing

Thermal Coal

Uranium

Financials

Asset Management

Banks - Diversified

Banks - Regional

Capital Markets

Credit Services

Diversified Insurance

Financial Conglomerates

Financial Data & Stock Exchanges

Insurance Brokers

Life Insurance

Mortgage Finance

Property & Casualty Insurance

Reinsurance

Shell Companies

Specialty - Insurance

Healthcare

Biotechnology

Diagnostics & Research

Drug Manufacturers - General

Drug Manufacturers - Specialty & Generic

Healthcare Plans

Health Information Services

Medical Care Facilities

Medical Devices

Medical Distribution

Medical Instruments & Supplies

Pharmaceutical Retailers

Industrials

Aerospace & Defense

Airlines

Airports & Air Services

Building Products & Equipment

Business Equipment & Supplies

Conglomerates

Consulting Services

Electrical Equipment & Parts

Engineering & Construction

Farm & Heavy Construction Machinery

Industrial Distribution

Infrastructure Operations

Integrated Freight & Logistics

Marine Shipping

Metal Fabrication

Pollution & Treatment Controls

Railroads

Rental & Leasing Services

Security & Protection Services

Specialty Business Services

Specialty Industrial Machinery

Staffing & Employment Services

Tools & Accessories

Trucking

Waste Management

Materials

Agricultural Inputs

Aluminum

Building Materials

Chemicals

Coking Coal

Copper

Gold

Lumber & Wood Production

Other Industrial Metals & Mining

Other Precious Metals & Mining

Paper & Paper Products

Silver

Specialty Chemicals

Steel

Real Estate

Diversified REIT

Healthcare Facilities REIT

Hotel & Motel REIT

Industrial REIT

Mortgage REIT

Office REIT

Real Estate Development

Real Estate Diversified

Real Estate Services

Residential REIT

Retail REIT

Specialty REIT

Technology

Communication Equipment

Computer Hardware

Consumer Electronics

Electronic Components

Electronics & Computer Distribution

Information Technology Services

Scientific & Technical Instruments

Semiconductor Equipment & Materials

Semiconductors

Software - Application

Software - Infrastructure

Solar

Utilities

Diversified Utilities

Electric Utilities

Gas Utilities

Independent Power Producers

Renewable Electricity

Water Utilities

#	Name	Market Value	Portfolio Weight	Shares or Principal	Shares Change %	Capital Flow
2101	2101 Middleby MIDD $6.82B	$549K	﹤0.01%	5,259 -898	-15%	-$93.7K
2102	2102 Amplify BlueStar Israel Technology ETF ITEQ $100M	$548K	﹤0.01%	16,052 +1,117	+7%	+$38.1K
2103	2103 Sunoco SUN $6.85B	$548K	﹤0.01%	21,958 +342	+2%	+$8.54K
2104	2104 Glacier Bancorp GBCI $5.8B	$547K	﹤0.01%	14,131 +318	+2%	+$12.3K
2105	2105 Westlake Corp WLK $11.3B	$547K	﹤0.01%	5,078 -2,842	-36%	-$306K
2106	RORE 2106 DELISTED Hartford Multifactor REIT ETF RORE	$544K	﹤0.01%	35,095 +1,006	+3%	+$15.6K
2107	RESP 2107 DELISTED WisdomTree U.S. ESG Fund RESP	$543K	﹤0.01%	17,154 -4,535	-21%	-$144K
2108	2108 First Trust Global Wind Energy ETF FAN $180M	$542K	﹤0.01%	42,876 +2,539	+6%	+$32.1K
2109	2109 Toll Brothers TOL $13.8B	$542K	﹤0.01%	14,650 -2,673	-15%	-$98.9K
2110	2110 Methode Electronics MEI $287M	$541K	﹤0.01%	13,425 +1,178	+10%	+$47.5K
2111	2111 RB Global RBA $21.7B	$541K	﹤0.01%	15,848 +227	+1%	+$7.75K
2112	2112 CGI GIB $20.8B	$540K	﹤0.01%	8,525 +401	+5%	+$25.4K
2113	2113 MGM Resorts International MGM $9.4B	$540K	﹤0.01%	18,610 +5,293	+40%	+$154K
2114	MZOR 2114 DELISTED Mazor Robotics Ltd. MZOR	$539K	﹤0.01%	9,707 +1,918	+25%	+$107K
2115	GRUB 2115 DELISTED Just Eat Takeaway.com N.V. American Depositary Shares GRUB	$537K	﹤0.01%	2,561 -2,184	-46%	-$458K
2116	FRC 2116 DELISTED First Republic Bank FRC	$536K	﹤0.01%	5,537 -194	-3%	-$18.8K
2117	JOYY 2117 JOYY Inc. American Depositary Shares JOYY $3.21B	$535K	﹤0.01%	5,326 +677	+15%	+$68K
2118	KMM 2118 DELISTED Deutsche Multi-Market Incm Trust KMM	$535K	﹤0.01%	60,728 +37,740	+164%	+$332K
2119	MINC 2119 DELISTED AdvisorShares Newfleet Multi-Sector Income ETF MINC	$535K	﹤0.01%	11,205 +485	+5%	+$23.2K
2120	ANSS 2120 DELISTED Ansys ANSS	$534K	﹤0.01%	3,068 -2,272	-43%	-$395K
2121	2121 ONE Gas OGS $4.55B	$534K	﹤0.01%	7,142 +324	+5%	+$24.2K
2122	2122 Cohen & Steers Quality Income Realty Fund RQI $1.71B	$534K	﹤0.01%	44,421 -6,996	-14%	-$84.1K
2123	2123 Q2 Holdings QTWO $5.13B	$532K	﹤0.01%	9,324 -719	-7%	-$41K
2124	HCR 2124 DELISTED Hi-Crush Inc. Common Stock HCR	$532K	﹤0.01%	45,053 +3,761	+9%	+$44.4K
2125	2125 Impinj PI $5.2B	$531K	﹤0.01%	24,007 +2,093	+10%	+$46.3K