CIK: 0000720672
Total reported value
$108.8B
Reporting period: 2026-03-31 · Number of holdings: 8981
STIFEL FINANCIAL CORP disclosed 8981 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $108.8B and a quarterly turnover rate of 15.7%.
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Stifel Financial CORP's disclosed holdings carry a Herfindahl concentration index of 0.005 — mathematically equivalent to about 188 equally-sized positions, well below its 8981 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 4.27), 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 68% 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
-5.1% -$927.4M
Trim WMT
-65.2% -$662.8M
Add YUM
+794.5% $264.0M
Add ABBV
+51.2% $247.9M
Trim NVDA
-2.9% -$293.7M
Trim AAPL
-2.2% -$267.6M
Stifel executes a hard rotation this quarter: cutting weight on overextended mega-cap tech and consumer names while adding yield anchors like ABBV and cyclical cash-flow play YUM. The portfolio runs at near-zero concentration across 3,600+ positions, meaning the firm is not hunting single-name alpha but systematically de-risking its largest exposures to preserve capital in a narrowing multiple environment.
The underlying regime bet targets margin contraction in AI infrastructure and software scalability as capital expenditures peak. Tech leadership (26.93% weighting) gets trimmed while Financials (12.38%), Industrials (14.42%), and Healthcare (11.25%) absorb the overflow, pricing in a higher-for-longer rate structure that rewards visible free cash flow over narrative growth. The opposing thesis positions mega-cap tech as the ultimate liquidity anchor, betting that any macro slowdown will still funnel flows into MSFT/AAPL/NVDA as bond proxies.
At 15.7% turnover, active trimming is merely a scalpel cutting through a sledgehammer base of 3,600 passive names. If multiple compression hits tech simultaneously, the remaining unmanaged exposure to MSFT, NVDA, AAPL, AVGO, and AMZN instantly compounds into a concentrated liability disguised as diversification. The strategy leaves the book highly vulnerable to correlated drawdowns while alpha generation gets swallowed by valuation reversion across the top-weighted universe.
AI-assisted summary drawn from public regulatory disclosures, covering historical data only. Not a substitute for professional investment advice.
Showing top 200 holdings (of 8981 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 2.66% | -0.20% | -2.93% | |
| 2 | AAPL | Apple INC | Stock-Tech | 2.58% | -0.18% | -2.21% | |
| 3 | MSFT | Microsoft CORP | Stock-Tech | 2.27% | -0.78% | -5.05% | |
| 4 | AMZN | Amazon.com INC | Stock-Consumer Disc | 1.58% | -0.15% | -1.02% | |
| 5 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 1.55% | -0.12% | -1.59% | |
| 6 | AVGO | Broadcom INC | Stock-Tech | 1.28% | -0.16% | -2.80% | |
| 7 | JPM | Jpmorgan Chase & Co | Stock-Financials | 1.04% | -0.09% | -1.31% | |
| 8 | JNJ | Johnson & Johnson | Stock-Healthcare | 1.01% | +0.10% | -8.46% | |
| 9 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 0.97% | -0.06% | -2.99% | |
| 10 | CSCO | Cisco Systems INC | Stock-Tech | 0.96% | — | +0.22% | |
| 11 | IEFA | Ishares Core Msci Eafe ETF | ETF-Other | 0.96% | — | +3.29% | |
| 12 | MRK | Merck & Co. INC. | Stock-Healthcare | 0.92% | +0.11% | -2.99% | |
| 13 | V | Visa Inc-class A Shares | Stock-Financials | 0.91% | -0.15% | -2.85% | |
| 14 | PEP | Pepsico INC | Stock-Consumer Staples | 0.91% | +0.09% | -0.50% | |
| 15 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 0.89% | -0.06% | +0.28% | |
| 16 | VOO | Vanguard S&p 500 ETF | ETF-Large Cap & Growth | 0.87% | — | +1.34% | |
| 17 | IVW | Ishares S&p 500 Growth ETF | ETF-Large Cap & Growth | 0.76% | — | +5.32% | |
| 18 | HD | Home Depot INC | Stock-Consumer Disc | 0.76% | — | +0.34% | |
| 19 | ABBV | Abbvie INC | Stock-Healthcare | 0.75% | +0.24% | +51.24% | |
| 20 | META | Meta Platforms Inc-class A | Stock-Comm Services | 0.73% | -0.11% | -1.93% | |
| 21 | AGG | Ishares Core U.s. Aggregate | ETF-Other | 0.67% | — | -2.49% | |
| 22 | LMT | Lockheed Martin CORP | Stock-Industrials | 0.67% | +0.13% | -3.31% | |
| 23 | LLY | Eli Lilly & Co | Stock-Healthcare | 0.66% | -0.11% | -1.82% | |
| 24 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.64% | +0.08% | -2.90% | |
| 25 | IVE | Ishares S&p 500 Value ETF | ETF-Large Cap & Growth | 0.63% | — | +0.32% | |
| 26 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 0.61% | — | +1.26% | |
| 27 | IBM | Intl Business Machines CORP | Stock-Tech | 0.60% | -0.13% | -1.83% | |
| 28 | CVX | Chevron CORP | Stock-Energy | 0.59% | +0.16% | -2.51% | |
| 29 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.58% | — | -2.32% | |
| 30 | XOM | Exxon Mobil CORP | Stock-Energy | 0.58% | +0.15% | -6.59% | |
| 31 | QQQ | Invesco Qqq Trust Series 1 | ETF-Tech | 0.58% | — | +8.98% | |
| 32 | TXN | Texas Instruments INC | Stock-Tech | 0.52% | — | +0.21% | |
| 33 | AMGN | Amgen INC | Stock-Healthcare | 0.50% | — | -2.47% | |
| 34 | IWF | Ishares Russell 1000 Growth | ETF-Other | 0.49% | -0.06% | -2.26% | |
| 35 | UNP | Union Pacific CORP | Stock-Industrials | 0.48% | — | -1.88% | |
| 36 | VEA | Vanguard Ftse Developed ETF | ETF-Other | 0.48% | — | -10.13% | |
| 37 | ETN | Eaton Corporation plc | Stock-Industrials | 0.47% | — | +1.70% | |
| 38 | MDT | Medtronic plc | Stock-Healthcare | 0.46% | — | -1.86% | |
| 39 | WM | Waste Management INC | Stock-Industrials | 0.45% | — | -2.62% | |
| 40 | NFLX | Netflix INC | Stock-Comm Services | 0.45% | — | +4.16% | |
| 41 | TJX | Tjx Companies INC | Stock-Consumer Disc | 0.44% | — | -2.55% | |
| 42 | APD | Air Products & Chemicals INC | Stock-Materials | 0.44% | +0.09% | +4.39% | |
| 43 | IVV | Ishares Core S&p 500 ETF | ETF-Large Cap & Growth | 0.43% | — | +5.15% | |
| 44 | APH | Amphenol Corp-cl A | Stock-Tech | 0.43% | — | +1.53% | |
| 45 | CMI | Cummins INC | Stock-Industrials | 0.42% | — | -8.87% | |
| 46 | BIL | Ss Spdr Bb 1-3m T-bill ETF | ETF-Gov Bonds | 0.40% | — | +2.88% | |
| 47 | ACN | Accenture plc | Stock-Tech | 0.40% | -0.14% | -1.73% | |
| 48 | CL | Colgate-palmolive Co | Stock-Consumer Staples | 0.39% | — | -0.84% | |
| 49 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.39% | — | -4.49% | |
| 50 | WMT | Walmart INC | Stock-Consumer Staples | 0.39% | -0.59% | -65.16% |
Performance for Q3 2026
+2.2%
Performance Last 4 Quarters
+16.9%
Based on 76% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 8981 | $108.8B | 16 | |
| 2025-12-31 | 9512 | $111.2B | 12 | |
| 2025-09-30 | 9480 | $109.5B | 24 | |
| 2025-06-30 | 9316 | $102.8B | 0 | |
| 2025-03-31 | 9286 | $94.1B | 100 | |
| 2024-12-31 | 9210 | $96.0B | 0 | |
| 2024-09-30 | 9139 | $95.4B | 0 | |
| 2024-06-30 | 9165 | $88.9B | 0 | |
| 2024-03-31 | 9189 | $87.8B | 0 | |
| 2023-12-31 | 8601 | $79.5B | 0 | |
| 2023-09-30 | 8425 | $71.1B | 0 | |
| 2023-06-30 | 8533 | $73.1B | 0 | |
| 2023-03-31 | 8614 | $69.8B | 0 | |
| 2022-12-31 | 8373 | $66.6B | 0 | |
| 2022-09-30 | 8225 | $61.1B | 0 | |
| 2022-06-30 | 8229 | $63.9B | 0 | |
| 2022-03-31 | 8263 | $73.3B | 0 | |
| 2021-12-31 | 8217 | $75.6B | 0 | |
| 2021-09-30 | 7721 | $68.2B | 0 | |
| 2021-06-30 | 7855 | $66.8B | 95 | |
| 2021-03-31 | 7634 | $60.7B | 18 | |
| 2020-12-31 | 7309 | $56.0B | 18 | |
| 2020-09-30 | 7049 | $48.6B | 19 | |
| 2020-06-30 | 7039 | $43.5B | 26 | |
| 2020-03-31 | 7060 | $36.2B | 38 | |
| 2019-12-31 | 7886 | $48.0B | 26 | |
| 2019-09-30 | 7548 | $39.2B | 14 | |
| 2019-06-30 | 7210 | $38.8B | 18 | |
| 2019-03-31 | 7415 | $35.4B | 24 | |
| 2018-12-31 | 6856 | $30.9B | 24 | |
| 2018-09-30 | 7148 | $34.9B | 16 | |
| 2018-06-30 | 7061 | $32.6B | 17 | |
| 2018-03-31 | 7034 | $31.7B | 15 | |
| 2017-12-31 | 6981 | $31.5B | 18 | |
| 2017-09-30 | 6842 | $28.8B | 100 | |
| 2017-06-30 | 5660 | $26.9B | 0 | |
| 2017-03-31 | 6066 | $25.8B | 20 | |
| 2016-12-31 | 5535 | $23.6B | 17 | |
| 2016-09-30 | 5777 | $22.2B | 16 | |
| 2016-06-30 | 8226 | $21.6B | 26 | |
| 2016-03-31 | 6917 | $18.8B | 24 | |
| 2015-12-31 | 7175 | $19.2B | 25 | |
| 2015-09-30 | 5993 | $17.8B | 22 | |
| 2015-06-30 | 5988 | $18.8B | 22 | |
| 2015-03-31 | 5243 | $18.3B | 21 | |
| 2014-12-31 | 5061 | $18.0B | 61 | |
| 2014-09-30 | 3872 | $11.4B | 20 | |
| 2014-06-30 | 3692 | $11.1B | 24 | |
| 2014-03-31 | 3733 | $10.5B | 0 |
Stifel Financial CORP's most significant position changes for 2026-03-31: New buy: AstraZeneca PLC (AZN); Sold out: Astrazeneca Plc-spons Adr (AZNN); Trim: Microsoft CORP (MSFT) — shares -5.05%; Trim: Walmart INC (WMT) — shares -65.16%; Add: Yum! Brands INC (YUM) — shares +794.54%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | YUM | Yum! Brands INC | +0.2% | +794.54% | Add |
| 2 | ABBV | Abbvie INC | +0.2% | +51.24% | Add |
| 3 | CVX | Chevron CORP | +0.2% | -2.51% | Trim |
| 4 | XOM | Exxon Mobil CORP | +0.2% | -6.59% | Trim |
| 5 | LMT | Lockheed Martin CORP | +0.1% | -3.31% | Trim |
| 6 | MRK | Merck & Co. INC. | +0.1% | -2.99% | Trim |
| 7 | GLW | Corning INC | +0.1% | -9.38% | Trim |
| 8 | JNJ | Johnson & Johnson | +0.1% | -8.46% | Trim |
| 9 | APD | Air Products & Chemicals INC | +0.1% | +4.39% | Add |
| 10 | PEP | Pepsico INC | +0.1% | -0.50% | Trim |
| 11 | TSM | Taiwan Semiconductor-sp Adr | +0.1% | +17.36% | Add |
| 12 | VWO | Vanguard Ftse Emerging Marke | +0.1% | +30.94% | Add |
| 13 | VZ | Verizon Communications INC | +0.1% | +2.85% | Add |
| 14 | COST | Costco Wholesale CORP | +0.1% | -2.90% | Trim |
| 15 | ASML | ASML Holding N.V. | +0.1% | +6.35% | Add |
| 16 | TLT | Ishares 20+ Year Treasury Bd | +0.1% | +62.46% | Add |
| 17 | EMN | Eastman Chemical Co | +0.1% | +1779.03% | Add |
| 18 | HON | Honeywell International INC | +0.1% | +4.59% | Add |
| 19 | TGT | Target CORP | +0.1% | +13.14% | Add |
| 20 | TSLA | Tesla INC | -0.1% | -3.16% | Trim |
| 21 | GOOG | Alphabet Inc-cl C | -0.1% | +0.28% | Add |
| 22 | SPY | Ss Spdr S&p 500 ETF Trust-us | -0.1% | -2.99% | Trim |
| 23 | IWF | Ishares Russell 1000 Growth | -0.1% | -2.26% | Trim |
| 24 | IWD | Ishares Russell 1000 Value E | -0.1% | -23.51% | Trim |
| 25 | ADP | Automatic Data Processing | -0.1% | +2.22% | Add |
| 26 | BSX | Boston Scientific CORP | -0.1% | -6.45% | Trim |
| 27 | OEF | Ishares S&p 100 ETF | -0.1% | -89.95% | Trim |
| 28 | TMO | Thermo Fisher Scientific INC | -0.1% | -4.68% | Trim |
| 29 | CRM | Salesforce INC | -0.1% | -7.98% | Trim |
| 30 | ABT | Abbott Laboratories | -0.1% | -2.08% | Trim |
| 31 | NOW | Servicenow INC | -0.1% | -0.69% | Trim |
| 32 | ISRG | Intuitive Surgical INC | -0.1% | -15.73% | Trim |
| 33 | BR | Broadridge Financial Solutio | -0.1% | -1.26% | Trim |
| 34 | JPM | Jpmorgan Chase & Co | -0.1% | -1.31% | Trim |
| 35 | MA | Mastercard INC - A | -0.1% | -13.55% | Trim |
| 36 | META | Meta Platforms Inc-class A | -0.1% | -1.93% | Trim |
| 37 | LLY | Eli Lilly & Co | -0.1% | -1.82% | Trim |
| 38 | INTU | Intuit INC | -0.1% | -16.18% | Trim |
| 39 | GOOGL | Alphabet Inc-cl A | -0.1% | -1.59% | Trim |
| 40 | IBM | Intl Business Machines CORP | -0.1% | -1.83% | Trim |
| 41 | ACN | Accenture plc | -0.1% | -1.73% | Trim |
| 42 | AMZN | Amazon.com INC | -0.2% | -1.02% | Trim |
| 43 | V | Visa Inc-class A Shares | -0.2% | -2.85% | Trim |
| 44 | AVGO | Broadcom INC | -0.2% | -2.80% | Trim |
| 45 | AAPL | Apple INC | -0.2% | -2.21% | Trim |
| 46 | NVDA | Nvidia CORP | -0.2% | -2.93% | Trim |
| 47 | WMT | Walmart INC | -0.6% | -65.16% | Trim |
| 48 | MSFT | Microsoft CORP | -0.8% | -5.05% | Trim |
| 49 | AZN | AstraZeneca PLC | — | NEW | New buy |
| 50 | AZNN | Astrazeneca Plc-spons Adr | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-12 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-13 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-12 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-14 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-13 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-13 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-14 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-12 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-13 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-14 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-12 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-13 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-15 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-13 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-14 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-15 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-13 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-14 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-12 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-16 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-14 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-14 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-13 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-19 | Amendment | View on EDGAR |
| 2019-09-30 | 2019-11-13 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-14 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-14 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-13 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-13 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-14 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-11 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-14 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-13 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-11-01 | Amendment | View on EDGAR |
| 2017-06-30 | 2017-08-14 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-10 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-16 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-15 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-17 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-16 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-03-21 | Amendment | View on EDGAR |
| 2015-12-31 | 2016-02-26 | Amendment | View on EDGAR |
| 2015-12-31 | 2016-02-16 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-16 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-17 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-17 | Amendment | View on EDGAR |
| 2015-03-31 | 2015-05-14 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-13 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-13 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-14 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-15 | 13F-HR | View on EDGAR |
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