CIK: 0001419186
Total reported value
$38.8B
Reporting period: 2026-03-31 · Number of holdings: 3924
Cambridge Investment Research Advisors, Inc. disclosed 3924 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $38.8B and a quarterly turnover rate of 15.5%.
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Cambridge Investment Research Advisors, Inc.'s disclosed holdings carry a Herfindahl concentration index of 0.006 — mathematically equivalent to about 177 equally-sized positions, well below its 3924 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 4.60), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 24% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Trim MSFT
+3.9% -$122.3M
Trim AAPL
+0.2% -$77.2M
Trim QQQ
-3.7% -$77.0M
Add IVV
+20.6% $102.5M
Add BIL
+56.2% $87.8M
Trim VOO
+1.6% -$37.6M
Cambridge Investment Research Advisors is rotating capital defensively, boosting cash via BIL while trimming QQQ and SPY, yet adding to mega-cap stalwarts MSFT and AAPL despite their weight erosion. This telegraphs a hedging strategy—securing liquidity against macro uncertainty while maintaining exposure to high-quality tech names that can weather a slowdown. They are not hunting Alpha; they are fortifying their position for a potential liquidity or volatility spike.
The shift into T-bills (BIL) and away from QQQ, SPY, and XOM prices in a deceleration narrative: slower growth, peak energy, and a flight to safe assets. The opposing thesis is that this caution is premature—if the economy reaccelerates or inflation persists, the cash drag and underweight to cyclicals will cost them dearly relative to a full risk-on stance.
The portfolio's apparent diversification (HHI 0.0056) masks a hidden concentration risk: the coefficient of variation in individual positions is 4.6, meaning returns are driven by a small cluster of large holdings (MSFT, AAPL, IVV) while thousands of tiny positions add noise, not substance. A stumble in these core names—whether from multiple compression or an earnings miss—would cascade through the portfolio irreversibly, since the vast majority of holdings lack the weight to counterbalance.
Sourced and summarized by AI from public SEC filings, limited to historical activity. Not investment guidance.
Showing top 200 holdings (of 3924 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | VOO | Vanguard S&p 500 ETF | ETF-Large Cap & Growth | 2.98% | -0.18% | +1.64% | |
| 2 | AAPL | Apple INC | Stock-Tech | 2.87% | -0.27% | +0.17% | |
| 3 | NVDA | Nvidia CORP | Stock-Tech | 2.55% | -0.16% | +3.06% | |
| 4 | IVV | Ishares Core S&p 500 ETF | ETF-Large Cap & Growth | 2.03% | +0.22% | +20.58% | |
| 5 | QQQ | Invesco Qqq Trust Series 1 | ETF-Tech | 1.89% | -0.25% | -3.66% | |
| 6 | VTI | Vanguard Total Stock Mkt ETF | ETF-Other | 1.76% | — | +2.50% | |
| 7 | AMZN | Amazon.com INC | Stock-Consumer Disc | 1.31% | -0.17% | +0.82% | |
| 8 | VXUS | Vanguard Total Intl Stock | ETF-Other | 1.23% | — | -2.81% | |
| 9 | MSFT | Microsoft CORP | Stock-Tech | 1.22% | -0.36% | +3.87% | |
| 10 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 1.08% | -0.17% | -7.49% | |
| 11 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.92% | -0.13% | -5.79% | |
| 12 | CGDV | Cap Group Dividend Value | ETF-Other | 0.84% | — | +8.23% | |
| 13 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 0.74% | — | +3.13% | |
| 14 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 0.69% | -0.11% | -2.45% | |
| 15 | GLD | Spdr Gold Shares | ETF-Commodities | 0.65% | — | -1.45% | |
| 16 | BIL | Ss Spdr Bb 1-3m T-bill ETF | ETF-Gov Bonds | 0.63% | +0.22% | +56.21% | |
| 17 | VUG | Vanguard Growth ETF | ETF-Other | 0.61% | — | +5.02% | |
| 18 | VEA | Vanguard Ftse Developed ETF | ETF-Other | 0.57% | +0.05% | +10.68% | |
| 19 | RDVY | First Trust Rising Dividend | ETF-Other | 0.57% | +0.07% | +19.27% | |
| 20 | AVGO | Broadcom INC | Stock-Tech | 0.55% | — | +2.52% | |
| 21 | VTV | Vanguard Value ETF | ETF-Other | 0.52% | +0.04% | +8.66% | |
| 22 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.52% | — | +6.32% | |
| 23 | SCHD | Schwab US Dvd Equity ETF | ETF-Other | 0.52% | +0.06% | +2.73% | |
| 24 | BND | Vanguard Total Bond Market | ETF-Other | 0.51% | — | +9.00% | |
| 25 | COWZ | Pacer US Cash Cows 100 ETF | ETF-Other | 0.51% | — | -3.21% | |
| 26 | META | Meta Platforms Inc-class A | Stock-Comm Services | 0.50% | -0.10% | -1.94% | |
| 27 | XOM | Exxon Mobil CORP | Stock-Energy | 0.50% | +0.13% | -1.58% | |
| 28 | TSLA | Tesla INC | Stock-Consumer Disc | 0.47% | -0.12% | -0.58% | |
| 29 | VIG | Vanguard Dividend Apprec ETF | ETF-Other | 0.47% | — | -0.63% | |
| 30 | CGGR | Cap Group Growth Equity | ETF-Other | 0.47% | — | +4.45% | |
| 31 | JPST | Jpmorgan Ultra-short Income | ETF-Other | 0.45% | — | +5.78% | |
| 32 | SPYM | Ste Str Spdr Pt S&p 500 ETF | ETF-Large Cap & Growth | 0.44% | — | +4.28% | |
| 33 | WMT | Walmart INC | Stock-Consumer Staples | 0.43% | +0.04% | +2.65% | |
| 34 | VYM | Vanguard High Dvd Yield ETF | ETF-Other | 0.42% | — | -0.01% | |
| 35 | LLY | Eli Lilly & Co | Stock-Healthcare | 0.41% | -0.08% | -0.28% | |
| 36 | PLTR | Palantir Technologies Inc-a | Stock-Tech | 0.40% | -0.15% | -8.81% | |
| 37 | XLK | Ss Technology Select Sector | ETF-Tech | 0.40% | -0.07% | -5.32% | |
| 38 | CAT | Caterpillar INC | Stock-Industrials | 0.38% | +0.06% | -1.54% | |
| 39 | AGG | Ishares Core U.s. Aggregate | ETF-Other | 0.38% | — | +4.94% | |
| 40 | RSP | Invesco S&p 500 Equal Weight | ETF-Large Cap & Growth | 0.38% | — | +10.81% | |
| 41 | BNDX | Vanguard Total Intl Bond ETF | ETF-Other | 0.37% | — | +10.98% | |
| 42 | IEFA | Ishares Core Msci Eafe ETF | ETF-Other | 0.36% | +0.07% | +28.37% | |
| 43 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.36% | +0.05% | +1.33% | |
| 44 | IVW | Ishares S&p 500 Growth ETF | ETF-Large Cap & Growth | 0.33% | — | +1.59% | |
| 45 | USMV | Ishares Msci USA Min Vol Fac | ETF-Other | 0.32% | — | -5.76% | |
| 46 | AIRR | First Trust Rba American Ind | ETF-Other | 0.31% | +0.05% | +10.55% | |
| 47 | ABBV | Abbvie INC | Stock-Healthcare | 0.31% | — | +1.30% | |
| 48 | CGUS | Cap Group Core Equity | ETF-Other | 0.31% | — | +13.15% | |
| 49 | SPMO | Invesco S&p 500 Momentum ETF | ETF-Large Cap & Growth | 0.31% | — | +19.72% | |
| 50 | VGT | Vanguard Info Tech ETF | ETF-Tech | 0.30% | — | -2.44% |
Performance for Q3 2026
+2.6%
Performance Last 4 Quarters
+19.5%
Based on 77% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 3924 | $38.8B | 15 | |
| 2025-12-31 | 3812 | $37.8B | 13 | |
| 2025-09-30 | 3715 | $36.4B | 28 | |
| 2025-06-30 | 3608 | $32.9B | 0 | |
| 2025-03-31 | 3495 | $29.6B | 100 | |
| 2024-12-31 | 3460 | $29.9B | 0 | |
| 2024-09-30 | 3409 | $29.4B | 0 | |
| 2024-06-30 | 3309 | $27.1B | 0 | |
| 2024-03-31 | 3302 | $26.0B | 0 | |
| 2023-12-31 | 3184 | $23.5B | 0 | |
| 2023-09-30 | 3133 | $21.4B | 0 | |
| 2023-06-30 | 3165 | $21.9B | 0 | |
| 2023-03-31 | 3149 | $20.4B | 0 | |
| 2022-12-31 | 3099 | $19.3B | 0 | |
| 2022-09-30 | 3050 | $17.7B | 0 | |
| 2022-06-30 | 3040 | $18.6B | 0 | |
| 2022-03-31 | 3156 | $21.8B | 0 | |
| 2021-12-31 | 3165 | $22.4B | 0 | |
| 2021-09-30 | 3083 | $20.3B | 0 | |
| 2021-06-30 | 3083 | $20.9B | 94 | |
| 2021-03-31 | 2861 | $18.4B | 21 | |
| 2020-12-31 | 2705 | $17.1B | 22 | |
| 2020-09-30 | 2513 | $14.8B | 22 | |
| 2020-06-30 | 2454 | $13.3B | 33 | |
| 2020-03-31 | 2271 | $10.4B | 36 | |
| 2019-12-31 | 2403 | $13.0B | 20 | |
| 2019-09-30 | 2339 | $11.4B | 15 | |
| 2019-06-30 | 2199 | $10.9B | 17 | |
| 2019-03-31 | 2273 | $10.5B | 25 | |
| 2018-12-31 | 2145 | $9.0B | 28 | |
| 2018-09-30 | 2230 | $10.5B | 21 | |
| 2018-06-30 | 2197 | $9.5B | 28 | |
| 2018-03-31 | 2138 | $8.9B | 19 | |
| 2017-12-31 | 2105 | $8.5B | 20 | |
| 2017-09-30 | 1996 | $7.4B | 18 | |
| 2017-06-30 | 1928 | $6.8B | 23 | |
| 2017-03-31 | 1765 | $5.9B | 19 | |
| 2016-12-31 | 1665 | $5.3B | 26 | |
| 2016-09-30 | 1741 | $5.4B | 24 | |
| 2016-06-30 | 1578 | $4.7B | 27 | |
| 2016-03-31 | 1604 | $4.4B | 21 | |
| 2015-12-31 | 1577 | $4.2B | 31 | |
| 2015-09-30 | 1435 | $3.5B | 41 | |
| 2015-06-30 | 1447 | $3.6B | 16 | |
| 2015-03-31 | 1414 | $3.5B | 21 | |
| 2014-12-31 | 1368 | $3.2B | 35 | |
| 2014-09-30 | 1582 | $3.4B | 30 | |
| 2014-06-30 | 1337 | $2.9B | 17 | |
| 2014-03-31 | 1293 | $2.6B | 17 | |
| 2013-12-31 | 1235 | $2.4B | 29 | |
| 2013-09-30 | 1243 | $2.3B | 27 | |
| 2013-06-30 | 1107 | $2.0B | 0 |
Cambridge Investment Research Advisors, Inc.'s most significant position changes for 2026-03-31: New buy: Hedgeye Capital Allocat ETF (HECA); New buy: Schwab Ultra-short INC ETF (SCUS); New buy: Horizon Digital Frontier ETF (YNOT); Add: Microsoft CORP (MSFT) — shares +3.87%; Add: Apple INC (AAPL) — shares +0.17%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | IVV | Ishares Core S&p 500 ETF | +0.2% | +20.58% | Add |
| 2 | BIL | Ss Spdr Bb 1-3m T-bill ETF | +0.2% | +56.21% | Add |
| 3 | XOM | Exxon Mobil CORP | +0.1% | -1.58% | Trim |
| 4 | ONEY | Ss Spdr R1000 Yield Foc ETF | +0.1% | +364.69% | Add |
| 5 | CVX | Chevron CORP | +0.1% | +3.46% | Add |
| 6 | TIP | Ishares Tips Bond ETF | +0.1% | +185.79% | Add |
| 7 | IEFA | Ishares Core Msci Eafe ETF | +0.1% | +28.37% | Add |
| 8 | RDVY | First Trust Rising Dividend | +0.1% | +19.27% | Add |
| 9 | XLE | Ss Energy Select Sector | +0.1% | +16.45% | Add |
| 10 | SPYG | Ss Spdr P S&p 500 Growth ETF | +0.1% | +49.65% | Add |
| 11 | IWM | Ishares Russell 2000 ETF | +0.1% | +37.07% | Add |
| 12 | AMLP | Alerian Mlp ETF | +0.1% | +166.84% | Add |
| 13 | CAT | Caterpillar INC | +0.1% | -1.54% | Trim |
| 14 | SCHD | Schwab US Dvd Equity ETF | +0.1% | +2.73% | Add |
| 15 | SFLR | Innovator Eqty Mgd Floor ETF | +0.1% | +640.79% | Add |
| 16 | IVLU | Ishares Msci International V | +0.1% | +786.59% | Add |
| 17 | IEF | Ishares 7-10 Year Treasury B | +0.1% | +32.73% | Add |
| 18 | PYLD | Pimco Multisector Bond Actv | +0.1% | +85.01% | Add |
| 19 | GEV | GE Vernova INC | +0.1% | +14.00% | Add |
| 20 | VEA | Vanguard Ftse Developed ETF | +0.1% | +10.68% | Add |
| 21 | AIRR | First Trust Rba American Ind | +0.1% | +10.55% | Add |
| 22 | GRID | First Trst Nasd Cl Edg Sgiif | +0.1% | +59.20% | Add |
| 23 | IJH | Ishares Core S&p Midcap ETF | +0.1% | +24.23% | Add |
| 24 | COST | Costco Wholesale CORP | +0.1% | +1.33% | Add |
| 25 | EMXC | Ishares Msci Emr Mrk Ex Chna | +0.1% | +246.82% | Add |
| 26 | WMT | Walmart INC | 0% | +2.65% | Add |
| 27 | VTV | Vanguard Value ETF | 0% | +8.66% | Add |
| 28 | SCHG | Schwab US Large-cap Growth | -0.1% | -10.39% | Trim |
| 29 | V | Visa Inc-class A Shares | -0.1% | -1.29% | Trim |
| 30 | AKRE | Akre Focus ETF | -0.1% | -11.05% | Trim |
| 31 | IBHF | Ishares Ibond 2026 Hy & INC | -0.1% | -78.55% | Trim |
| 32 | OMFL | Invesco Russell 1000 Dyn M/f | -0.1% | -71.96% | Trim |
| 33 | XLK | Ss Technology Select Sector | -0.1% | -5.32% | Trim |
| 34 | LLY | Eli Lilly & Co | -0.1% | -0.28% | Trim |
| 35 | OEF | Ishares S&p 100 ETF | -0.1% | -57.93% | Trim |
| 36 | META | Meta Platforms Inc-class A | -0.1% | -1.94% | Trim |
| 37 | GOOG | Alphabet Inc-cl C | -0.1% | -2.45% | Trim |
| 38 | TSLA | Tesla INC | -0.1% | -0.58% | Trim |
| 39 | BRK-B | Berkshire Hathaway Inc-cl B | -0.1% | -5.79% | Trim |
| 40 | PLTR | Palantir Technologies Inc-a | -0.2% | -8.81% | Trim |
| 41 | NVDA | Nvidia CORP | -0.2% | +3.06% | Add |
| 42 | SPY | Ss Spdr S&p 500 ETF Trust-us | -0.2% | -7.49% | Trim |
| 43 | AMZN | Amazon.com INC | -0.2% | +0.82% | Add |
| 44 | VOO | Vanguard S&p 500 ETF | -0.2% | +1.64% | Add |
| 45 | QQQ | Invesco Qqq Trust Series 1 | -0.3% | -3.66% | Trim |
| 46 | AAPL | Apple INC | -0.3% | +0.17% | Add |
| 47 | MSFT | Microsoft CORP | -0.4% | +3.87% | Add |
| 48 | HECA | Hedgeye Capital Allocat ETF | — | NEW | New buy |
| 49 | SCUS | Schwab Ultra-short INC ETF | — | NEW | New buy |
| 50 | YNOT | Horizon Digital Frontier ETF | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-04-30 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-05 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-12 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-07-31 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-04-22 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-10-28 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-07-26 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-04-24 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-09 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-10-24 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-07-13 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-11 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-08 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-10-17 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-07-13 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-12 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-03 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-02 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-10 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-07 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-04 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-10-29 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-07-27 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-08 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-04 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-06 | Amendment | View on EDGAR |
| 2019-09-30 | 2019-10-28 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-15 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-08 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-05 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-02 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-10 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-09 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-22 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-07 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-08 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-12 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-13 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-14 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-04 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-03 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-10 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-20 | Amendment | View on EDGAR |
| 2015-09-30 | 2015-11-03 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-07-29 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-04 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-06 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-05 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-07-25 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-04-29 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-01-24 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-05 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-15 | 13F-HR | View on EDGAR |
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