Lpl Financial2026-Q2
LPL Financial LLC's 2026-Q2 13F, covering the quarter ended June 30, 2026, shows the advisory giant steering client assets toward broad-market and technology-heavy funds while making selective single-stock additions.
Quick Stats
| Ticker | Action | Value Change |
|---|---|---|
| IVV | Add | +$3.50B |
| QQQ | Add | +$1.75B |
| MU | Add | +$1.33B |
| SPY | Trim | +$921.1M (real selling — the stock price gained more than the trimmed shares were worth, so the dollar value rose; not a buy) |
| EFV | Trim | -$517.1M |
The headline increase went to IVV, which grew by +$3.50B and saw its portfolio weight rise from 2.01% to 2.49%. QQQ followed with a gain of +$1.75B, lifting its weight from 1.63% to 1.77%. The smaller index vehicles moved in lockstep: SPYM climbed from 1.19% to 1.25% and QQQM from 0.66% to 0.80%, all through active share-count increases. Even NVDA and AAPL, recorded as adds, saw their weights ease from 1.55% to 1.54% and from 1.60% to 1.58% as the rest of the book expanded faster than those stakes.
Micron (MU) delivered the most eye-catching single-name move, growing by +$1.33B as its weight jumped from 0.12% to 0.40%. Caterpillar (CAT) also drew fresh capital, posting a gain of +$479.3M and moving from 0.21% to 0.28%. Broadcom (AVGO) rose from 0.55% to 0.59%, while both Alphabet lines grew, with GOOGL going from 0.68% to 0.73% and GOOG from 0.00% to 0.00%. Amazon (AMZN) was added as well, though its weight slipped from 0.93% to 0.92% as growth elsewhere outpaced it.
The filing flags this directly: shares were trimmed (real selling), but the dollar value rose because the stock price gained more than the trimmed shares were worth — NOT a buy. SPY's value change came to +$921.1M, while its portfolio weight fell from 1.76% to 1.69%. That declining weight is the tell: fewer SPY shares were held at June 30 than at the start of the quarter. Without the annotation, a rising dollar figure would read like accumulation when it was actually a reduction.
It did — AMD, VTI, and BAI all carry the identical annotation. AMD's value grew by +$908.1M even as its weight fell from 0.13% to 0.32%; here too, shares were trimmed (real selling), but the dollar value rose because the stock price gained more than the trimmed shares were worth — NOT a buy. VTI recorded a value change of +$501.9M with its weight slipping from 0.88% to 0.86%, and BAI changed by +$499.9M as its weight moved from 0.24% to 0.31%. In all three cases, the falling weights confirm that share counts genuinely decreased.
Information Technology's share of the portfolio rose from 31.07% to 36.46%, a move reinforced by active adds to the tech funds XLK (weight up from 0.55% to 0.68%) and SMH (from 0.29% to 0.43%). Financials slid from 12.57% to 10.55%, Energy from 5.21% to 4.04%, and Consumer Staples from 6.10% to 5.37%. Growth-tilted ETF adds such as SPYG, IVW, and VUG pushed in the same direction. The Herfindahl concentration reading also edged up to 0.004417 from 0.004241, in line with a book leaning harder on a handful of tech-heavy lines.
IALT was the only new buy among the top changes, entering at 0.14% of the portfolio with a value of $609.6M. Every other notable move was an add or a trim on a position LPL already held. A brand-new line of that size represents a deliberate allocation choice rather than price drift.
EFV was the clearest reduction, recording a value change of -$517.1M as its weight dropped from 0.41% to 0.23%. Unlike SPY, AMD, VTI, and BAI, its dollar value moved in the same direction as the selling, so nothing clouded the signal. The broader trim list also included SPY, VTI, AMD, and BAI, whose higher dollar values reflected price appreciation rather than buying. Taken together, the quarter reads as rotation within the book rather than wholesale retreat.
LPL's 2026-Q2 book tilted decisively toward broad-market equity exposure and semiconductors, with Information Technology reaching 36.46% of the portfolio. The annotated SPY, AMD, VTI, and BAI lines are a useful reminder that 13F dollar changes blend price movement with share-count decisions, so the weight column usually tells the truer story. With 5,997 holdings and a reported turnover ratio of 0.0, down from 0.143361, the visible activity concentrates in a handful of large ETF lines atop an enormous, largely passive platform.