CIK: 0001329948
Total reported value
$40.4B
Reporting period: 2026-03-31 · Number of holdings: 2740
Janney Montgomery Scott LLC disclosed 2740 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $40.4B and a quarterly turnover rate of 26.7%.
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Janney Montgomery Scott LLC's disclosed holdings carry a Herfindahl concentration index of 0.006 — mathematically equivalent to about 176 equally-sized positions, well below its 2740 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 3.81), 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 33% 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 OEF
-92.2% -$180.9M
Trim MSFT
+6.1% -$191.4M
Add EFG
+690.4% $110.6M
Add IVV
+10.6% $48.1M
Add GOVT
+179.0% $96.6M
Add CVX
+6.8% $80.3M
Janney Montgomery Scott is rotating capital out of passive growth proxies (SPY, IWF, XLY, GOOG) and into a concentrated bet on Microsoft, telegraphing a loss of conviction in broad beta and a hunt for alpha through single-name exposure. This is a deliberate pivot from closet indexing to active stock selection within the tech sector, not a defensive consolidation.
The macro regime bet embedded in these flows is a conviction that stock-specific fundamentals, especially in AI and cloud infrastructure, will produce sharp divergence across the S&P 500, rendering index futures overvalued. The opposing thesis is that macroeconomic tailwinds lift all boats, and the abandonment of passive vehicles will leave this portfolio without the market's rising tide.
The primary structural vulnerability is overdiversification: 2,740 holdings and an HHI of 0.0057 mean that even the largest active bet (MSFT) at 2% weight has trivial impact on total performance. The entire rotation represents less than 5% of the portfolio, so the intended alpha signal is drowned by the noise of 2,700 other positions, creating a closet-index strategy with active management costs.
Generated by AI based on public SEC filings. Reflects past holdings only and should not be treated as investment advice.
Showing top 200 holdings (of 2740 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | AAPL | Apple INC | Stock-Tech | 3.01% | +0.07% | +1.78% | |
| 2 | IVV | Ishares Core S&p 500 ETF | ETF-Large Cap & Growth | 2.28% | +0.27% | +10.62% | |
| 3 | MSFT | Microsoft CORP | Stock-Tech | 2.05% | -0.29% | +6.14% | |
| 4 | NVDA | Nvidia CORP | Stock-Tech | 1.93% | +0.03% | +0.87% | |
| 5 | XLK | Ss Technology Select Sector | ETF-Tech | 1.56% | — | +6.39% | |
| 6 | AMZN | Amazon.com INC | Stock-Consumer Disc | 1.42% | +0.01% | +3.15% | |
| 7 | AVGO | Broadcom INC | Stock-Tech | 1.36% | — | +6.54% | |
| 8 | JPM | Jpmorgan Chase & Co | Stock-Financials | 1.29% | — | +4.80% | |
| 9 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 1.27% | — | +0.60% | |
| 10 | QQQ | Invesco Qqq Trust Series 1 | ETF-Tech | 1.22% | — | +1.13% | |
| 11 | XLF | Ss Financial Select Sector | ETF-Other | 1.13% | -0.02% | +0.87% | |
| 12 | XLC | Ss Comm Select Sector Spdr | ETF-Other | 1.02% | — | +10.76% | |
| 13 | IUSB | Ishr Cr Unvrse Usd Bd Etf-ui | ETF-Other | 0.88% | — | +8.72% | |
| 14 | XLV | Ss Health Care Select Sector | ETF-Other | 0.86% | — | -0.76% | |
| 15 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.83% | +0.22% | +5.84% | |
| 16 | META | Meta Platforms Inc-class A | Stock-Comm Services | 0.78% | — | +3.32% | |
| 17 | VEU | Vanguard Ftse All-world Ex-u | ETF-Other | 0.75% | — | -0.48% | |
| 18 | WMT | Walmart INC | Stock-Consumer Staples | 0.74% | +0.14% | +2.92% | |
| 19 | VYM | Vanguard High Dvd Yield ETF | ETF-Other | 0.71% | — | +1.90% | |
| 20 | IVE | Ishares S&p 500 Value ETF | ETF-Large Cap & Growth | 0.71% | — | -8.28% | |
| 21 | IVW | Ishares S&p 500 Growth ETF | ETF-Large Cap & Growth | 0.68% | — | +9.61% | |
| 22 | ABBV | Abbvie INC | Stock-Healthcare | 0.65% | — | +11.49% | |
| 23 | LLY | Eli Lilly & Co | Stock-Healthcare | 0.65% | — | +4.99% | |
| 24 | XOM | Exxon Mobil CORP | Stock-Energy | 0.65% | +0.21% | -4.22% | |
| 25 | CVX | Chevron CORP | Stock-Energy | 0.64% | +0.23% | +6.78% | |
| 26 | XLP | Ss Consumer Staples Sel Sect | ETF-Other | 0.64% | — | +4.17% | |
| 27 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.63% | — | +6.33% | |
| 28 | IEMG | Ishares Core Msci Emerging | ETF-Emerging Markets | 0.62% | — | -7.57% | |
| 29 | V | Visa Inc-class A Shares | Stock-Financials | 0.62% | — | +4.15% | |
| 30 | DYNF | Ishrs US E F R A Etf-usd INC | ETF-Other | 0.61% | -0.06% | -11.87% | |
| 31 | VOO | Vanguard S&p 500 ETF | ETF-Large Cap & Growth | 0.57% | — | -2.32% | |
| 32 | VEA | Vanguard Ftse Developed ETF | ETF-Other | 0.55% | — | -3.33% | |
| 33 | IEI | Ishares 3-7 Year Treasury Bo | ETF-Gov Bonds | 0.54% | — | -2.18% | |
| 34 | IEFA | Ishares Core Msci Eafe ETF | ETF-Other | 0.53% | +0.22% | +55.71% | |
| 35 | CAT | Caterpillar INC | Stock-Industrials | 0.51% | +0.19% | +17.38% | |
| 36 | MRK | Merck & Co. INC. | Stock-Healthcare | 0.50% | — | -7.33% | |
| 37 | EFV | Ishares Msci Eafe Value ETF | ETF-Other | 0.50% | — | -0.08% | |
| 38 | IJR | Ishares Core S&p Small-cap E | ETF-Small Cap | 0.49% | — | +3.15% | |
| 39 | VONG | Vanguard Russell 1000 Growth | ETF-Other | 0.49% | — | +13.95% | |
| 40 | VGT | Vanguard Info Tech ETF | ETF-Tech | 0.48% | — | +1.06% | |
| 41 | NEE | Nextera Energy INC | Stock-Utilities | 0.46% | +0.17% | +26.45% | |
| 42 | HD | Home Depot INC | Stock-Consumer Disc | 0.43% | — | +17.16% | |
| 43 | CSCO | Cisco Systems INC | Stock-Tech | 0.42% | — | +13.41% | |
| 44 | JCPB | Jpmorgan Core Plus Bond ETF | ETF-Other | 0.42% | — | +27.48% | |
| 45 | IBM | Intl Business Machines CORP | Stock-Tech | 0.41% | — | +21.17% | |
| 46 | QUAL | Ishares Msci USA Quality Fac | ETF-Other | 0.41% | — | +2.19% | |
| 47 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 0.40% | — | +7.29% | |
| 48 | VONV | Vanguard Russell 1000 Value | ETF-Other | 0.40% | — | +3.63% | |
| 49 | RSP | Invesco S&p 500 Equal Weight | ETF-Large Cap & Growth | 0.39% | — | +19.41% | |
| 50 | JEPI | Jpmorgan Equity Premium Inco | ETF-Other | 0.39% | — | +4.00% |
Performance for Q3 2026
+2.9%
Performance Last 4 Quarters
+19%
Based on 76% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 2740 | $40.4B | 27 | |
| 2025-12-31 | 2909 | $43.6B | 14 | |
| 2025-09-30 | 2852 | $42.2B | 30 | |
| 2025-06-30 | 2698 | $38.3B | 0 | |
| 2025-03-31 | 2664 | $35.3B | 100 | |
| 2024-12-31 | 2679 | $36.1B | 0 | |
| 2024-09-30 | 2652 | $35.8B | 0 | |
| 2024-06-30 | 2599 | $32.8B | 0 | |
| 2024-03-31 | 2712 | $33.6B | 0 | |
| 2023-12-31 | 3526 | $30.8B | 0 | |
| 2023-09-30 | 3364 | $26.8B | 0 | |
| 2023-06-30 | 2626 | $28.7B | 0 | |
| 2023-03-31 | 2452 | $24.5B | 0 | |
| 2022-12-31 | 2556 | $25.7B | 0 | |
| 2022-09-30 | 3183 | $23.3B | 0 | |
| 2022-06-30 | 2952 | $22.1B | 0 | |
| 2022-03-31 | 2227 | $23.4B | 0 | |
| 2021-12-31 | 2360 | $25.8B | 0 | |
| 2021-09-30 | 3035 | $23.4B | 0 | |
| 2021-06-30 | 2240 | $22.7B | 95 | |
| 2021-03-31 | 2158 | $20.6B | 29 | |
| 2020-12-31 | 2217 | $20.7B | 23 | |
| 2020-09-30 | 2059 | $17.5B | 18 | |
| 2020-06-30 | 1985 | $15.8B | 33 | |
| 2020-03-31 | 1870 | $12.6B | 31 | |
| 2019-12-31 | 2055 | $15.2B | 18 | |
| 2019-09-30 | 2035 | $13.7B | 14 | |
| 2019-06-30 | 2035 | $13.0B | 34 | |
| 2019-03-31 | 1932 | $10.4B | 0 | |
| 2018-12-31 | 1932 | $10.4B | 21 | |
| 2018-09-30 | 2048 | $11.6B | 18 | |
| 2018-06-30 | 1988 | $10.4B | 20 | |
| 2018-03-31 | 1934 | $9.9B | 14 | |
| 2017-12-31 | 1911 | $9.6B | 15 | |
| 2017-09-30 | 1821 | $8.8B | 18 | |
| 2017-06-30 | 1733 | $8.0B | 14 | |
| 2017-03-31 | 1733 | $7.5B | 22 | |
| 2016-12-31 | 1678 | $6.6B | 26 | |
| 2016-09-30 | 1520 | $5.7B | 100 | |
| 2016-06-30 | 1246 | $4.9B | 100 | |
| 2016-03-31 | 1262 | $3.8B | 39 | |
| 2015-12-31 | 1360 | $3.9B | 34 | |
| 2015-09-30 | 1387 | $3.5B | 60 | |
| 2015-06-30 | 2044 | $4.8B | 40 | |
| 2015-03-31 | 2399 | $5.4B | 32 | |
| 2014-12-31 | 2336 | $5.0B | 21 | |
| 2014-09-30 | 2297 | $4.8B | 16 | |
| 2014-06-30 | 2230 | $4.6B | 22 | |
| 2014-03-31 | 2044 | $4.1B | 35 | |
| 2013-12-31 | 2019 | $3.8B | 33 | |
| 2013-09-30 | 1901 | $3.3B | 100 | |
| 2013-06-30 | 784 | $956.8M | 0 |
Janney Montgomery Scott LLC's most significant position changes for 2026-03-31: Sold out: Ss Spdr S&p 500 ETF Trust-us (SPY); Sold out: Jpmorgan Betabuilders US Equ (BBUS); Sold out: Alphabet Inc-cl C (GOOG); Sold out: Ishares Russell 1000 Growth (IWF); Sold out: Ss Consumer Disc Select Sect (XLY).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | EFG | Ishares Msci Eafe Growth ETF | +0.3% | +690.36% | Add |
| 2 | IVV | Ishares Core S&p 500 ETF | +0.3% | +10.62% | Add |
| 3 | GOVT | Ishares US Treasury Bond ETF | +0.3% | +178.95% | Add |
| 4 | CVX | Chevron CORP | +0.2% | +6.78% | Add |
| 5 | IEFA | Ishares Core Msci Eafe ETF | +0.2% | +55.71% | Add |
| 6 | JNJ | Johnson & Johnson | +0.2% | +5.84% | Add |
| 7 | XOM | Exxon Mobil CORP | +0.2% | -4.22% | Trim |
| 8 | CAT | Caterpillar INC | +0.2% | +17.38% | Add |
| 9 | NEE | Nextera Energy INC | +0.2% | +26.45% | Add |
| 10 | WMT | Walmart INC | +0.1% | +2.92% | Add |
| 11 | GLW | Corning INC | +0.1% | +32.54% | Add |
| 12 | GLD | Spdr Gold Shares | +0.1% | +34.57% | Add |
| 13 | AAPL | Apple INC | +0.1% | +1.78% | Add |
| 14 | NVDA | Nvidia CORP | 0% | +0.87% | Add |
| 15 | AMZN | Amazon.com INC | 0% | +3.15% | Add |
| 16 | GOOGL | Alphabet Inc-cl A | — | +0.60% | Add |
| 17 | XLF | Ss Financial Select Sector | 0% | +0.87% | Add |
| 18 | DYNF | Ishrs US E F R A Etf-usd INC | -0.1% | -11.87% | Trim |
| 19 | MA | Mastercard INC - A | -0.1% | -12.91% | Trim |
| 20 | QCOM | Qualcomm INC | -0.1% | -12.33% | Trim |
| 21 | VPL | Vanguard Ftse Pacific ETF | -0.2% | -56.48% | Trim |
| 22 | EEMA | Ishares Msci Emerg Mrkt Asia | -0.2% | -64.39% | Trim |
| 23 | MSFT | Microsoft CORP | -0.3% | +6.14% | Add |
| 24 | OEF | Ishares S&p 100 ETF | -0.4% | -92.24% | Trim |
| 25 | SPY | Ss Spdr S&p 500 ETF Trust-us | — | EXIT | Sold out |
| 26 | BBUS | Jpmorgan Betabuilders US Equ | — | EXIT | Sold out |
| 27 | GOOG | Alphabet Inc-cl C | — | EXIT | Sold out |
| 28 | IWF | Ishares Russell 1000 Growth | — | EXIT | Sold out |
| 29 | XLY | Ss Consumer Disc Select Sect | — | EXIT | Sold out |
| 30 | VCSH | Vanguard S/t CORP Bond ETF | — | EXIT | Sold out |
| 31 | ETN | Eaton Corporation plc | — | EXIT | Sold out |
| 32 | PEP | Pepsico INC | — | EXIT | Sold out |
| 33 | JAVA | Jpmorgan Active Value ETF | — | EXIT | Sold out |
| 34 | GS | Goldman Sachs Group INC | — | EXIT | Sold out |
| 35 | UBER | Uber Technologies INC | — | EXIT | Sold out |
| 36 | DIVO | Amplify Cwp Enhan Divid ETF | — | EXIT | Sold out |
| 37 | PM | Philip Morris International | — | EXIT | Sold out |
| 38 | DUK | Duke Energy CORP | — | EXIT | Sold out |
| 39 | IJH | Ishares Core S&p Midcap ETF | — | EXIT | Sold out |
| 40 | JAAA | Janus Henderson Aaa Clo ETF | — | EXIT | Sold out |
| 41 | BLCR | Ishares Lrg Cp Cr Act Etf-ui | — | NEW | New buy |
| 42 | JEPQ | JPM Nasdaq Equity Premium | — | EXIT | Sold out |
| 43 | WMB | Williams Cos INC | — | EXIT | Sold out |
| 44 | PFF | Ishares Preferred & Income S | — | EXIT | Sold out |
| 45 | IEUR | Ishares Core Msci Europe ETF | — | EXIT | Sold out |
| 46 | MGK | Vanguard Mega Cap Growth ETF | — | EXIT | Sold out |
| 47 | SHW | Sherwin-williams Co/the | — | EXIT | Sold out |
| 48 | IYW | Ishares Ustechnology ETF | — | EXIT | Sold out |
| 49 | TEL | TE Connectivity plc | — | EXIT | Sold out |
| 50 | FTCS | First Trust Capital Strength | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-04-22 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-11 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-10-27 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-07-17 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-04-17 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-01-17 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-10-29 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-07-25 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-01 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-08 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-08 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-07-26 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-04-28 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-01 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-10-25 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-03 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-04 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-01-27 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-10-29 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-07-26 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-04-27 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-01-25 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-06 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-07-23 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-04-30 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-01-21 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-10-29 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-07-29 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-04-30 | Amendment | View on EDGAR |
| 2019-03-31 | 2019-04-30 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-01 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-05 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-07-24 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-04-19 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-14 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-15 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-07-27 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-04-26 | 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 | 2016-08-11 | Amendment | View on EDGAR |
| 2016-06-30 | 2016-08-05 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-10 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-19 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-16 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-04 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-12 | Amendment | View on EDGAR |
| 2015-03-31 | 2015-04-30 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-10 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-14 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-13 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-14 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-19 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-14 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-13 | 13F-HR | View on EDGAR |
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