CIK: 0001681115
Total reported value
$14.5B
Reporting period: 2019-12-31 · Number of holdings: 16477
Advisor Group, Inc. disclosed 16477 holdings in its latest 13F filing for the period ending 2019-12-31, with total reported value of $14.5B and a quarterly turnover rate of 17.7%.
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Advisor Group, Inc.'s disclosed holdings carry a Herfindahl concentration index of 0.007 — mathematically equivalent to about 139 equally-sized positions, well below its 16477 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 6.21), 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 17% 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.
Add QUAL
+436.3% $131.7M
Add SPYV
+69.0% $86.9M
Trim USMV
-15.9% -$47.5M
Trim IJS
-84.4% -$46.6M
Add SIZE
+112755.1% $42.1M
Add AAPL
-5.3% $53.6M
Advisor Group is executing a late-cycle factor rotation, shifting from min volatility and small-cap value into quality, value, and size factors while adding a duration hedge. This is not a defensive rotation but a conviction bet that market leadership is broadening beyond mega-cap growth, making it an Alpha-seeking pivot timed to capture the next regime shift.
The flows price in a regime where slower but still-positive growth rewards factor premiums long suppressed: value, size, and quality over low-volatility. The opposing thesis is that the economy is closer to a turning point, and these factor additions will get caught in a cyclical downdraft, while the treasury hedge is too small to offset the equity risk — leaving the portfolio structurally exposed to a growth scare.
The portfolio's 5,501 holdings create an illusion of safety but mask a reduction in active share: the factor tilts are so marginal that they risk generating negative alpha after imputed trading costs. The institutional blind spot is not factor doubling or duration risk — it is the false precision of diversification, where a 1% weight in QUAL is treated as a strategic bet but is easily crushed by market cap flows. Advisor Group is over-diversified into underperformance.
This overview is machine-generated from public regulatory data and describes past filings only — it does not constitute financial advice.
Showing top 200 holdings (of 16477 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | IVV | Ishares Core S&p 500 ETF | ETF-Large Cap & Growth | 4.37% | -0.05% | -2.65% | |
| 2 | VOO | Vanguard S&p 500 ETF | ETF-Large Cap & Growth | 2.65% | +0.08% | +1.45% | |
| 3 | USMV | Ishares Msci USA Min Vol Fac | ETF-Other | 2.03% | -0.49% | -15.88% | |
| 4 | AAPL | Apple INC | Stock-Tech | 1.90% | +0.26% | -5.31% | |
| 5 | VEA | Vanguard Ftse Developed ETF | ETF-Other | 1.74% | -0.05% | -3.27% | |
| 6 | VTI | Vanguard Total Stock Mkt ETF | ETF-Other | 1.59% | — | -9.71% | |
| 7 | IEFA | Ishares Core Msci Eafe ETF | ETF-Other | 1.48% | +0.08% | +5.28% | |
| 8 | SPYV | Ss Spdr P S&p 500 Value ETF | ETF-Large Cap & Growth | 1.31% | +0.55% | +68.96% | |
| 9 | QQQ | Invesco Qqq Trust Series 1 | ETF-Tech | 1.20% | -0.01% | -5.79% | |
| 10 | IVW | Ishares S&p 500 Growth ETF | ETF-Large Cap & Growth | 1.20% | — | -8.41% | |
| 11 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 1.16% | — | -2.02% | |
| 12 | GOVT | Ishares US Treasury Bond ETF | ETF-Gov Bonds | 1.15% | +0.24% | +35.93% | |
| 13 | VTV | Vanguard Value ETF | ETF-Other | 1.14% | +0.03% | +1.70% | |
| 14 | BNDX | Vanguard Total Intl Bond ETF | ETF-Other | 1.11% | -0.14% | -1.50% | |
| 15 | QUAL | Ishares Msci USA Quality Fac | ETF-Other | 1.10% | +0.90% | +436.29% | |
| 16 | AGG | Ishares Core U.s. Aggregate | ETF-Other | 1.09% | — | +1.45% | |
| 17 | BSV | Vanguard Short-term Bond ETF | ETF-Other | 0.98% | — | +1.80% | |
| 18 | IVE | Ishares S&p 500 Value ETF | ETF-Large Cap & Growth | 0.93% | +0.01% | -0.66% | |
| 19 | IEMG | Ishares Core Msci Emerging | ETF-Emerging Markets | 0.87% | +0.17% | +21.79% | |
| 20 | BND | Vanguard Total Bond Market | ETF-Other | 0.86% | — | -1.03% | |
| 21 | AMZN | Amazon.com INC | Stock-Consumer Disc | 0.85% | — | -1.96% | |
| 22 | MSFT | Microsoft CORP | Stock-Tech | 0.84% | +0.06% | +1.36% | |
| 23 | IJH | Ishares Core S&p Midcap ETF | ETF-Other | 0.81% | — | -8.04% | |
| 24 | ITOT | Ishares Core S&p Total U.s. | ETF-Other | 0.78% | -0.17% | -19.73% | |
| 25 | VUG | Vanguard Growth ETF | ETF-Other | 0.76% | — | -2.60% | |
| 26 | VXUS | Vanguard Total Intl Stock | ETF-Other | 0.72% | +0.06% | +7.63% | |
| 27 | VWO | Vanguard Ftse Emerging Marke | ETF-Emerging Markets | 0.66% | +0.01% | -2.61% | |
| 28 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.62% | +0.01% | +0.12% | |
| 29 | BIV | Vanguard Intermediate-term B | ETF-Other | 0.55% | — | -4.26% | |
| 30 | FVD | First Trust Value Line Dvd | ETF-Other | 0.55% | +0.09% | +24.40% | |
| 31 | VXF | Vanguard Extended Market ETF | ETF-Other | 0.55% | — | -2.26% | |
| 32 | IJR | Ishares Core S&p Small-cap E | ETF-Small Cap | 0.54% | -0.10% | -17.18% | |
| 33 | IGIB | Ishares 5-10y Inv Grade CORP | ETF-Corp Bonds | 0.53% | — | +5.05% | |
| 34 | T | At&t INC | Stock-Comm Services | 0.51% | — | -7.03% | |
| 35 | MBB | Ishares Mbs ETF | ETF-Other | 0.47% | — | +8.23% | |
| 36 | EFAV | Ishares Msci Eafe Min Vol Fa | ETF-Other | 0.47% | +0.02% | +9.69% | |
| 37 | BLV | Vanguard Long-term Bond ETF | ETF-Other | 0.47% | — | +2.35% | |
| 38 | VIG | Vanguard Dividend Apprec ETF | ETF-Other | 0.45% | — | -0.81% | |
| 39 | VMBS | Vanguard Mortgage-backed Sec | ETF-Other | 0.42% | — | -0.71% | |
| 40 | SPLV | Invesco S&p 500 Low Volatili | ETF-Large Cap & Growth | 0.42% | — | -0.89% | |
| 41 | HYG | Ishr Ibx Usd Hiyld Cb Etf-ui | ETF-High Yield | 0.42% | +0.05% | +19.11% | |
| 42 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.40% | — | -0.53% | |
| 43 | V | Visa Inc-class A Shares | Stock-Financials | 0.38% | — | +1.92% | |
| 44 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.38% | +0.05% | +4.32% | |
| 45 | XOM | Exxon Mobil CORP | Stock-Energy | 0.37% | — | +4.23% | |
| 46 | META | Meta Platforms Inc-class A | Stock-Comm Services | 0.36% | — | -6.17% | |
| 47 | IXN | Ishares Global Tech ETF | ETF-Tech | 0.34% | — | -0.82% | |
| 48 | EFA | Ishares Msci Eafe ETF | ETF-Other | 0.34% | — | -2.09% | |
| 49 | DIS | Walt Disney Co/the | Stock-Comm Services | 0.34% | — | +0.99% | |
| 50 | NEAR | Ishares Sh Dba ETF Usd INC | ETF-Other | 0.34% | -0.19% | -31.74% |
Not enough priced holdings yet to compute performance
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2019-12-31 | 16477 | $14.5B | 18 | |
| 2019-09-30 | 16705 | $13.6B | 19 | |
| 2019-06-30 | 16517 | $13.0B | 17 | |
| 2019-03-31 | 16415 | $12.2B | 25 | |
| 2018-12-31 | 15928 | $10.2B | 29 | |
| 2018-09-30 | 15305 | $9.9B | 37 | |
| 2018-06-30 | 14006 | $7.3B | 24 | |
| 2018-03-31 | 14076 | $7.3B | 18 | |
| 2017-12-31 | 14538 | $7.5B | 25 | |
| 2017-09-30 | 14020 | $6.4B | 20 | |
| 2017-06-30 | 13757 | $5.7B | 25 | |
| 2017-03-31 | 13455 | $4.9B | 25 | |
| 2016-12-31 | 12911 | $4.4B | 27 | |
| 2016-09-30 | 12739 | $4.2B | 25 | |
| 2016-06-30 | 12605 | $3.8B | 0 |
Advisor Group, Inc.'s most significant position changes for 2019-12-31: New buy: Truist Financial CORP (TFC); Add: Ishares Msci USA Quality Fac (QUAL) — shares +436.29%; Add: Ss Spdr P S&p 500 Value ETF (SPYV) — shares +68.96%; Trim: Ishares Msci USA Min Vol Fac (USMV) — shares -15.88%; Trim: Ishares S&p Small-cap 600 Va (IJS) — shares -84.42%.
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2019-12-31 | 2020-02-12 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-13 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-07-31 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-09 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-11 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-14 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-13 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-15 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-14 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-06 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-11-03 | Amendment | View on EDGAR |
| 2017-06-30 | 2017-08-11 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-11-02 | Amendment | View on EDGAR |
| 2017-03-31 | 2017-05-15 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-11-02 | Amendment | View on EDGAR |
| 2016-12-31 | 2017-01-31 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2017-11-02 | Amendment | View on EDGAR |
| 2016-09-30 | 2016-11-09 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-12 | 13F-HR | View on EDGAR |
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