LT
Ladenburg Thalmann Financial Services Inc. Historical SEC 13F Holdings & Archive (Q4 2019)
Ladenburg Thalmann Financial Services Inc.CIK: 0001029730
Diversified strategyMomentum followerLong-term holder
Total reported value
$15.9B
Reporting period: 2019-12-31 · Number of holdings: 18603
LADENBURG THALMANN FINANCIAL SERVICES INC. disclosed 18603 holdings in its latest 13F filing for the period ending 2019-12-31, with total reported value of $15.9B and a quarterly turnover rate of 17.9%.
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Personality snowflake
- Concentration
- 1.84
- Portfolio Stability
- 17.88
- Momentum
- 78.35
- Sector conviction
- 48.14
- Diversification
- 100
- Sizing Uniformity
- 49.98
Ladenburg Thalmann Financial Services Inc.'s disclosed holdings carry a Herfindahl concentration index of 0.005 — mathematically equivalent to about 218 equally-sized positions, well below its 18603 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 5.00), 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 21% 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.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govAdd AAPL
+5.7% $100.8M
Add QUAL
+216.0% $68.1M
Trim USMV
-24.4% -$46.0M
Add SCHG
+51.8% $66.7M
Trim IWF
-32.6% -$39.4M
Add SPYV
+55.0% $52.1M
Holdings Map
New buyAddUnchangedTrim
Institutional Game-State Analysis
Core Intent
LADENBURG THALMANN is not hunting alpha—it is rotating capital from defensives into a risk-on beta tilt. The key moves: selling USMV (min vol) to fund additions to growth and value ETFs (QQQ, SCHG, SPYV, SCHV) and a single-name increase in AAPL, signaling a conviction that the late-cycle rally has further to run.
Macro & Fundamentals
The macro bet embedded here is a regime of continued economic expansion and low volatility, where defensive factors are a drag. The opposing thesis: the cycle is mature, and selling volatility protection now leaves the portfolio vulnerable to the very downturn that USMV is designed to buffer against. They are effectively going short tail risk at what could be the wrong time.
Blind Spots / Risks
With 5,663 positions and a diversification score of 100, the portfolio is essentially a beta clone—no active bet has enough weight to move returns. The marginal rotation from min vol to growth/value is a consensus late-cycle factor trade that is now crowded; if the macroeconomic surprise index turns negative, the simultaneous compression in growth and value multiples would be amplified by the loss of the min vol hedge.
AI-assisted summary drawn from this institution's SEC EDGAR filings, covering historical data only. Not a substitute for professional investment advice — cross-check against the primary source filing below. View the original 2019-12-31 Form 13F filing on SEC.gov
Top 10 holdings by weight
Full holdings list this quarter
Showing top 200 holdings (of 18603 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | AAPL | Apple Inc | Stock-Tech | 2.88% | +0.43% | +5.74% | |
| 2 | IVV | Ishares Core S&p 500 ETF | ETF-Large Cap & Growth | 1.94% | -0.10% | +9.93% | |
| 3 | VEA | Vanguard Ftse Developed ETF | ETF-Other | 1.34% | -0.02% | +0.73% | |
| 4 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 1.33% | -0.04% | +5.78% | |
| 5 | MSFT | Microsoft CORP | Stock-Tech | 1.24% | +0.06% | +4.39% | |
| 6 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 1.17% | -0.02% | +1.63% | |
| 7 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 1.09% | -0.04% | +345.13% | |
| 8 | QQQ | Invesco Qqq Trust Series 1 | ETF-Tech | 1.08% | +0.22% | +25.66% | |
| 9 | SCHG | Schwab US Large-cap Growth | ETF-Other | 1.02% | +0.36% | +51.80% | |
| 10 | VOO | Vanguard S&p 500 ETF | ETF-Large Cap & Growth | 1.01% | — | +0.84% | |
| 11 | USMV | Ishares Msci USA Min Vol Fac | ETF-Other | 0.98% | -0.42% | -24.41% | |
| 12 | VTI | Vanguard Total Stock Mkt ETF | ETF-Other | 0.94% | — | -9.04% | |
| 13 | IVW | Ishares S&p 500 Growth ETF | ETF-Large Cap & Growth | 0.85% | -0.01% | +0.98% | |
| 14 | BND | Vanguard Total Bond Market | ETF-Other | 0.84% | +0.01% | +12.33% | |
| 15 | SPYV | Ss Spdr P S&p 500 Value ETF | ETF-Large Cap & Growth | 0.80% | +0.28% | +54.97% | |
| 16 | IVE | Ishares S&p 500 Value ETF | ETF-Large Cap & Growth | 0.75% | +0.10% | +16.27% | |
| 17 | SCHV | Schwab US Large-cap Value | ETF-Other | 0.72% | +0.24% | +53.80% | |
| 18 | T | At&t Inc | Stock-Comm Services | 0.71% | — | -0.91% | |
| 19 | TOTL | Ss Doubleline Tr Tact ETF | ETF-Other | 0.70% | — | +7.43% | |
| 20 | IEFA | Ishares Core Msci Eafe ETF | ETF-Other | 0.70% | +0.09% | +13.41% | |
| 21 | VUG | Vanguard Growth ETF | ETF-Other | 0.69% | +0.02% | +5.52% | |
| 22 | VWO | Vanguard Ftse Emerging Marke | ETF-Emerging Markets | 0.68% | +0.02% | +2.75% | |
| 23 | VTV | Vanguard Value ETF | ETF-Other | 0.68% | +0.06% | +12.40% | |
| 24 | GOVT | Ishares US Treasury Bond ETF | ETF-Gov Bonds | 0.67% | +0.22% | +66.39% | |
| 25 | IEMG | Ishares Core Msci Emerging | ETF-Emerging Markets | 0.67% | +0.15% | +27.52% | |
| 26 | BSV | Vanguard Short-term Bond ETF | ETF-Other | 0.66% | — | +2.68% | |
| 27 | ITOT | Ishares Core S&p Total U.s. | ETF-Other | 0.66% | +0.27% | +68.25% | |
| 28 | IWF | Ishares Russell 1000 Growth | ETF-Other | 0.64% | -0.34% | -32.65% | |
| 29 | QUAL | Ishares Msci USA Quality Fac | ETF-Other | 0.61% | +0.42% | +215.96% | |
| 30 | VIG | Vanguard Dividend Apprec ETF | ETF-Other | 0.57% | — | +0.11% | |
| 31 | SCHX | Schwab US Large-cap ETF | ETF-Other | 0.56% | — | -2.92% | |
| 32 | LDUR | Pimco Enhanced Low Duration | ETF-Other | 0.52% | — | +3.50% | |
| 33 | RSP | Invesco S&p 500 Equal Weight | ETF-Large Cap & Growth | 0.51% | — | +20.39% | |
| 34 | ISTB | Ishares Core 1-5 Year Usd Bo | ETF-Other | 0.50% | — | -0.58% | |
| 35 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.50% | — | +2.25% | |
| 36 | IJR | Ishares Core S&p Small-cap E | ETF-Small Cap | 0.48% | — | +3.61% | |
| 37 | IWD | Ishares Russell 1000 Value E | ETF-Other | 0.48% | -0.27% | -33.95% | |
| 38 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 0.48% | — | +1.42% | |
| 39 | DIS | Walt Disney Co/the | Stock-Comm Services | 0.45% | +0.03% | +12.71% | |
| 40 | VZ | Verizon Communications Inc | Stock-Comm Services | 0.45% | — | +1.46% | |
| 41 | IWP | Ishares Russell Mid-cap Grow | ETF-Other | 0.45% | — | +3.20% | |
| 42 | V | Visa Inc-class A Shares | Stock-Financials | 0.45% | — | +15.83% | |
| 43 | DIA | Ss Spdr Dow Jones Indus Avg | ETF-Large Cap & Growth | 0.44% | — | +3.67% | |
| 44 | SPLV | Invesco S&p 500 Low Volatili | ETF-Large Cap & Growth | 0.43% | +0.02% | +15.67% | |
| 45 | CVX | Chevron CORP | Stock-Energy | 0.42% | — | +1.37% | |
| 46 | IJH | Ishares Core S&p Midcap ETF | ETF-Other | 0.41% | — | +9.05% | |
| 47 | BNDX | Vanguard Total Intl Bond ETF | ETF-Other | 0.41% | — | -1.47% | |
| 48 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.40% | +0.03% | +10.58% | |
| 49 | FBND | Fidelity Total Bond ETF | ETF-Other | 0.40% | — | +1.85% | |
| 50 | BA | Boeing Co/the | Stock-Industrials | 0.40% | -0.11% | +22.23% |
1–50 of 200
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2019 Q4 | 18603 | $15.9B | 18 | ||
| 2019 Q3 | 17988 | $14.5B | 16 | ||
| 2019 Q2 | 17837 | $13.8B | 15 | ||
| 2019 Q1 | 17362 | $13.1B | 23 | ||
| 2018 Q4 | 17229 | $11.1B | 27 | ||
| 2018 Q3 | 16737 | $12.0B | 36 | ||
| 2018 Q2 | 16494 | $10.7B | 0 | ||
| 2018 Q1 | 16494 | $10.7B | 18 | ||
| 2017 Q4 | 15938 | $10.5B | 20 | ||
| 2017 Q3 | 15022 | $9.2B | 19 | ||
| 2017 Q2 | 13241 | $8.5B | 18 | ||
| 2017 Q1 | 13087 | $7.9B | 21 | ||
| 2016 Q4 | 12570 | $7.2B | 20 | ||
| 2016 Q3 | 12471 | $6.7B | 20 | ||
| 2016 Q2 | 12343 | $6.3B | 21 | ||
| 2016 Q1 | 11381 | $5.7B | 28 | ||
| 2015 Q4 | 10956 | $5.4B | 24 | ||
| 2015 Q3 | 10803 | $4.8B | 27 | ||
| 2015 Q2 | 10769 | $5.4B | 20 | ||
| 2015 Q1 | 10302 | $5.2B | 36 | ||
| 2014 Q4 | 7815 | $4.5B | 47 | ||
| 2014 Q3 | 4814 | $3.7B | 29 | ||
| 2014 Q2 | 4769 | $3.7B | 31 | ||
| 2014 Q1 | 4593 | $3.4B | 30 | ||
| 2013 Q4 | 4585 | $3.2B | 35 | ||
| 2013 Q3 | 4585 | $2.9B | 31 | ||
| 2013 Q2 | 4476 | $2.8B | 0 |
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Data Source Notice: AlphaSMO is the web's most authoritative 13F / Inside Trader database. Institutional holdings and insider trades presented here are precisely computed to deliver accurate portfolio reporting.
Holding changes this quarter
Ladenburg Thalmann Financial Services Inc.'s most significant position changes for 2019-12-31: Add: Apple Inc (AAPL) — shares +5.74%; Add: Ishares Msci USA Quality Fac (QUAL) — shares +215.96%; Trim: Ishares Msci USA Min Vol Fac (USMV) — shares -24.41%; Add: Schwab US Large-cap Growth (SCHG) — shares +51.80%; Trim: Ishares Russell 1000 Growth (IWF) — shares -32.65%.
Filing History
FAQ
What is Ladenburg Thalmann Financial Services Inc. and what type of investor is it?
Ladenburg Thalmann Financial Services Inc. is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2019-12-31), the firm manages a tracked equity portfolio valued at approximately $15.9B, spread across 18603 disclosed positions.
What are Ladenburg Thalmann Financial Services Inc.'s largest equity positions?
Based on the latest 13F filing, Ladenburg Thalmann Financial Services Inc.'s top holdings by market value are:
1. Apple Inc (AAPL) — $456.8M (2.9%)
2. Ishares Core S&p 500 ETF (IVV) — $307.6M (1.9%)
3. Vanguard Ftse Developed ETF (VEA) — $212.4M (1.3%)
4. Ss Spdr S&p 500 ETF Trust-us (SPY) — $211.7M (1.3%)
5. Microsoft CORP (MSFT) — $197.4M (1.2%)
What changes did Ladenburg Thalmann Financial Services Inc. make in its most recent portfolio filing?
In the latest reported quarter, Ladenburg Thalmann Financial Services Inc. made 50 notable position adjustments: 0 new positions were initiated, 42 existing holdings were added to, 8 positions were partially reduced, and 0 were completely exited. The largest of these moves: Add: Apple Inc (AAPL) — shares +5.74%; Add: Ishares Msci USA Quality Fac (QUAL) — shares +215.96%; Trim: Ishares Msci USA Min Vol Fac (USMV) — shares -24.41%; Add: Schwab US Large-cap Growth (SCHG) — shares +51.80%; Trim: Ishares Russell 1000 Growth (IWF) — shares -32.65%
What sectors does Ladenburg Thalmann Financial Services Inc. focus on?
Ladenburg Thalmann Financial Services Inc. is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 28.0%
• Financials: 15.1%
• Communication Services: 13.7%
• Consumer Discretionary: 12.3%
• Health Care: 11.0%
• Consumer Staples: 7.7%
Investment Profile
Ladenburg Thalmann Financial Services Inc.'s portfolio is broadly diversified and long-term-holding.
It has added to its AAPL position over the past two quarters (+$129.8M, now $456.8M), while trimming IEF over the same stretch (-$70.0M, still holding $27.7M).
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Developer Access
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