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 | Miscellaneous | 73.76% |
| 2 | Technology | 8.6% |
| 3 | Financials | 3.6% |
| 4 | Consumer Discretionary | 2.68% |
| 5 | Communication Services | 2.57% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
iShares Core S&P 500 ETF
IVV
$899B
| $7.18B | 1.96% |
10,482,560
+385,321
| +4% | +$262M |
2013 Q2
50 quarters
|
|
2
State Street SPDR S&P 500 ETF Trust
SPY
$833B
| $6.94B | 1.89% |
10,170,761
+229,013
| +2% | +$155M |
2013 Q2
50 quarters
|
|
3
Invesco QQQ Trust
QQQ
$507B
| $6.59B | 1.8% |
10,729,287
+164,444
| +2% | +$101M |
2013 Q2
50 quarters
|
|
4
Apple
AAPL
$4.91T
| $6.42B | 1.75% |
23,606,189
+755,379
| +3% | +$203M |
2013 Q2
50 quarters
|
|
5
NVIDIA
NVDA
$5.54T
| $6.18B | 1.69% |
33,155,918
+364,400
| +1% | +$67.8M |
2013 Q2
50 quarters
|
|
6
Microsoft
MSFT
$3.97T
| $4.84B | 1.32% |
10,008,020
+502,077
| +5% | +$252M |
2013 Q2
50 quarters
|
|
7
Vanguard Morningstar Total Stock Market ETF
VTI
$697B
| $4.72B | 1.29% |
14,079,780
+277,939
| +2% | +$92.5M |
2016 Q4
36 quarters
|
|
8
State Street SPDR Portfolio S&P 500 Growth ETF
SPYG
$57.8B
| $4.29B | 1.17% |
40,217,777
+1,039,128
| +3% | +$110M |
2013 Q2
50 quarters
|
|
|
9
Vanguard S&P 500 ETF
VOO
$1.06T
| $4.27B | 1.17% |
6,814,280
+472,079
| +7% | +$293M |
2013 Q2
50 quarters
|
|
|
SPYM
10
State Street SPDR Portfolio S&P 500 ETF
SPYM
$177B
| $4.13B | 1.13% |
51,511,055
+3,050,730
| +6% | +$243M |
2015 Q1
43 quarters
|
|
11
Amazon
AMZN
$2.83T
| $3.81B | 1.04% |
16,490,779
+621,898
| +4% | +$142M |
2013 Q2
50 quarters
|
|
12
iShares Core MSCI EAFE ETF
IEFA
$190B
| $3.65B | 1% |
40,788,933
+1,799,732
| +5% | +$159M |
2016 Q4
36 quarters
|
|
|
13
iShares Core MSCI Emerging Markets ETF
IEMG
$160B
| $3.53B | 0.96% |
52,461,199
+5,465,951
| +12% | +$367M |
2016 Q4
36 quarters
|
|
|
14
iShares MSCI USA Quality Factor ETF
QUAL
$48.8B
| $3.21B | 0.88% |
16,176,100
-2,346,797
| -13% | -$461M |
2014 Q2
46 quarters
|
|
15
State Street SPDR Portfolio S&P 500 Value ETF
SPYV
$36.4B
| $2.85B | 0.78% |
50,099,107
+3,656,552
| +8% | +$205M |
2013 Q2
50 quarters
|
|
|
16
Capital Group Dividend Value ETF
CGDV
$39B
| $2.77B | 0.76% |
63,490,640
+10,904,954
| +21% | +$468M |
2022 Q2
14 quarters
|
|
17
BlackRock US Equity Factor Rotation ETF
DYNF
$42.6B
| $2.74B | 0.75% |
45,131,519
+4,242,839
| +10% | +$255M |
2023 Q4
8 quarters
|
|
18
iShares US Treasury Bond ETF
GOVT
$41.4B
| $2.74B | 0.75% |
119,087,423
+7,886,409
| +7% | +$183M |
2013 Q2
50 quarters
|
|
19
Alphabet (Google) Class A
GOOGL
$4.3T
| $2.72B | 0.74% |
8,696,371
+298,058
| +4% | +$85.2M |
2015 Q4
40 quarters
|
|
20
Invesco NASDAQ 100 ETF
QQQM
$112B
| $2.71B | 0.74% |
10,725,891
+960,023
| +10% | +$243M |
2021 Q1
19 quarters
|
|
21
Vanguard Morningstar Growth ETF
VUG
$237B
| $2.68B | 0.73% |
32,945,388
+144,876
| +0.4% | +$11.8M |
2013 Q2
50 quarters
|
|
22
iShares MBS ETF
MBB
$35.6B
| $2.66B | 0.73% |
27,903,169
+1,104,895
| +4% | +$105M |
2013 Q2
50 quarters
|
|
23
iShares S&P 500 Growth ETF
IVW
$79.9B
| $2.44B | 0.67% |
19,816,481
+357,495
| +2% | +$43.8M |
2013 Q2
50 quarters
|
|
24
iShares Core S&P US Growth ETF
IUSG
$34.8B
| $2.39B | 0.65% |
14,224,602
+191,247
| +1% | +$31.9M |
2013 Q2
50 quarters
|
|
|
25
iShares S&P 500 Value ETF
IVE
$49.3B
| $2.34B | 0.64% |
11,013,259
+2,466,847
| +29% | +$517M |
2013 Q2
50 quarters
|
|
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 $17.8B 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 Miscellaneous at 74% of assets, up from 73% a quarter earlier, followed by Technology and Financials.
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.