Advisor Group, Inc.

Diversified strategyMomentum followerLong-term holder

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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Personality snowflake

Concentration: 2.88
Portfolio Stability: 17.67
Momentum/Contrarian: 68.85
Sector conviction: 46.48
Diversification: 100
Sizing Uniformity: 37.87

Recent moves

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

Holdings Map

New buyAddUnchangedTrim

Institutional Game-State Analysis

Core Intent

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.

Macro & Fundamentals

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.

Blind Spots / Risks

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.

The above is AI-generated from public regulatory filings and summarizes historical data only. It is not investment advice.

Top 10 holdings by weight

Full holdings list this quarter

Showing top 5501 holdings (of 16477 total)

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
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%

1–50 of 5,501

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2019-12-31	16477	$14.5B	18	1IVV 2VOO 3USMV Top holdings2019-12-31 1.IVV 2.VOO 3.USMV 4.AAPL 5.VEA 6.VTI 7.IEFA 8.SPYV 9.QQQ 10.IVW
2019-09-30	16705	$13.6B	19	1IVV 2VOO 3USMV Top holdings2019-09-30 1.IVV 2.VOO 3.USMV 4.VEA 5.VTI 6.AAPL 7.IEFA 8.IVW 9.BNDX 10.QQQ
2019-06-30	16517	$13.0B	17	1IVV 2VOO 3USMV Top holdings2019-06-30 1.IVV 2.VOO 3.USMV 4.VEA 5.VTI 6.AAPL 7.IEFA 8.SPYG 9.SPY 10.QQQ
2019-03-31	16415	$12.2B	25	1IVV 2VOO 3VEA Top holdings2019-03-31 1.IVV 2.VOO 3.VEA 4.USMV 5.VTI 6.AAPL 7.SPY 8.IVW 9.IEFA 10.QQQ
2018-12-31	15928	$10.2B	29	1IVV 2VOO 3VEA Top holdings2018-12-31 1.IVV 2.VOO 3.VEA 4.USMV 5.IVW 6.VTI 7.BSV 8.AAPL 9.BNDX 10.IEFA
2018-09-30	15305	$9.9B	37	1IVV 2VOO 3AAPL Top holdings2018-09-30 1.IVV 2.VOO 3.AAPL 4.VEA 5.VTI 6.USMV 7.QQQ 8.SPY 9.IJH 10.IVW
2018-06-30	14006	$7.3B	24	1IVV 2VOO 3AAPL Top holdings2018-06-30 1.IVV 2.VOO 3.AAPL 4.VEA 5.VTI 6.SPY 7.IJH 8.QQQ 9.BNDX 10.AMZN
2018-03-31	14076	$7.3B	18	1IVV 2VOO 3AAPL Top holdings2018-03-31 1.IVV 2.VOO 3.AAPL 4.VEA 5.SPY 6.VTI 7.BSV 8.IJH 9.BNDX 10.73935A
2017-12-31	14538	$7.5B	25	1IVV 2VOO 3AAPL Top holdings2017-12-31 1.IVV 2.VOO 3.AAPL 4.VEA 5.SPY 6.VTI 7.IJH 8.USMV 9.HYG 10.73935A
2017-09-30	14020	$6.4B	20	1IVV 2VOO 3SPY Top holdings2017-09-30 1.IVV 2.VOO 3.SPY 4.AAPL 5.VEA 6.VTI 7.IVW 8.HYG 9.USMV 10.73935A
2017-06-30	13757	$5.7B	25	1IVV 2VOO 3AAPL Top holdings2017-06-30 1.IVV 2.VOO 3.AAPL 4.VEA 5.VTI 6.SPY 7.IVW 8.USMV 9.HYG 10.73935A
2017-03-31	13455	$4.9B	25	1AAPL 2SPY 3VOO Top holdings2017-03-31 1.AAPL 2.SPY 3.VOO 4.IVV 5.VTI 6.HYG 7.VEA 8.73935A 9.XOM 10.USMV
2016-12-31	12911	$4.4B	27	1SPY 2AAPL 3VOO Top holdings2016-12-31 1.SPY 2.AAPL 3.VOO 4.VTI 5.HYG 6.XOM 7.73935A 8.USMV 9.VEA 10.IVV
2016-09-30	12739	$4.2B	25	1AAPL 2SPY 3VOO Top holdings2016-09-30 1.AAPL 2.SPY 3.VOO 4.USMV 5.XOM 6.VTI 7.HYG 8.T 9.IVV 10.IWM
2016-06-30	12605	$3.8B	0	1AAPL 2VTI 3USMV Top holdings2016-06-30 1.AAPL 2.VTI 3.USMV 4.XOM 5.SPY 6.T 7.HYG 8.VOO 9.73935A 10.JNJ

Holding changes this quarter

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%.

Position changes disclosed by Advisor Group, Inc. for the quarter ending 2019-12-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	QUAL	Ishares Msci USA Quality Fac	+0.9%	+436.29%	Add
2	SPYV	Ss Spdr P S&p 500 Value ETF	+0.6%	+68.96%	Add
3	SIZE	Ishares Msci USA Size Factor	+0.3%	+112755.09%	Add
4	AAPL	Apple INC	+0.3%	-5.31%	Trim
5	GOVT	Ishares US Treasury Bond ETF	+0.2%	+35.93%	Add
6	PKW	Invesco Buyback Achievers Et	+0.2%	+793.39%	Add
7	IEMG	Ishares Core Msci Emerging	+0.2%	+21.79%	Add
8	RSPT	Invesco S&p 500 Equal Weight	+0.1%	+335.94%	Add
9	SPEM	State Street Sp Ptf Em ETF	+0.1%	+60.50%	Add
10	TDIV	Ft Nasdaq Tech Dvd Index Fd	+0.1%	+393.73%	Add
11	FVD	First Trust Value Line Dvd	+0.1%	+24.40%	Add
12	SPDW	Ste Str Spdr Pt Dw EU ETF	+0.1%	+37.46%	Add
13	VOO	Vanguard S&p 500 ETF	+0.1%	+1.45%	Add
14	IEFA	Ishares Core Msci Eafe ETF	+0.1%	+5.28%	Add
15	VCIT	Vanguard Int-term Corporate	+0.1%	+78.21%	Add
16	GTO	Invesco Total Return Bond Et	+0.1%	+2028.58%	Add
17	MSFT	Microsoft CORP	+0.1%	+1.36%	Add
18	VXUS	Vanguard Total Intl Stock	+0.1%	+7.63%	Add
19	JPM	Jpmorgan Chase & Co	+0.1%	+4.32%	Add
20	HYG	Ishr Ibx Usd Hiyld Cb Etf-ui	+0.1%	+19.11%	Add
21	UNH	Unitedhealth Group INC	+0.1%	-0.92%	Trim
22	VGT	Vanguard Info Tech ETF	0%	+11.14%	Add
23	VTV	Vanguard Value ETF	0%	+1.70%	Add
24	EFAV	Ishares Msci Eafe Min Vol Fa	0%	+9.69%	Add
25	IVE	Ishares S&p 500 Value ETF	0%	-0.66%	Trim
26	BRK-B	Berkshire Hathaway Inc-cl B	0%	+0.12%	Add
27	VWO	Vanguard Ftse Emerging Marke	0%	-2.61%	Trim
28	SPY	Ss Spdr S&p 500 ETF Trust-us	—	-2.02%	Trim
29	VUG	Vanguard Growth ETF	—	-2.60%	Trim
30	QQQ	Invesco Qqq Trust Series 1	0%	-5.79%	Trim
31	IVV	Ishares Core S&p 500 ETF	-0.1%	-2.65%	Trim
32	VEA	Vanguard Ftse Developed ETF	-0.1%	-3.27%	Trim
33	PWB	Invesco Large Cap Growth ETF	-0.1%	-75.25%	Trim
34	IYC	Ishares US Consumer Discreti	-0.1%	-84.33%	Trim
35	IYR	Ishares US Real Estate ETF	-0.1%	-53.61%	Trim
36	ILCG	Ishares Morningstar Growth E	-0.1%	-59.00%	Trim
37	FLOT	Ishares Floating Rate Bond E	-0.1%	-24.07%	Trim
38	SPMO	Invesco S&p 500 Momentum ETF	-0.1%	-96.62%	Trim
39	MDYG	Ss Spdr S&p 400 Mc Gr ETF	-0.1%	-66.36%	Trim
40	PG	Procter & Gamble Co/the	-0.1%	-20.34%	Trim
41	IJR	Ishares Core S&p Small-cap E	-0.1%	-17.18%	Trim
42	MINT	Pimco Enhanced Short Maturit	-0.1%	-49.37%	Trim
43	BNDX	Vanguard Total Intl Bond ETF	-0.1%	-1.50%	Trim
44	LQD	Ishr Ibx Usd Invgd Cb Etf-ui	-0.2%	-34.32%	Trim
45	ITOT	Ishares Core S&p Total U.s.	-0.2%	-19.73%	Trim
46	NEAR	Ishares Sh Dba ETF Usd INC	-0.2%	-31.74%	Trim
47	MTUM	Ishares Msci USA Momentum Fa	-0.2%	-41.54%	Trim
48	IJS	Ishares S&p Small-cap 600 Va	-0.4%	-84.42%	Trim
49	USMV	Ishares Msci USA Min Vol Fac	-0.5%	-15.88%	Trim
50	TFC	Truist Financial CORP	—	NEW	New buy

FAQ

What is Advisor Group, Inc. and what type of investor is it?

Advisor Group, Inc. is a 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 $14.5B, spread across 16477 disclosed positions.

What are Advisor Group, Inc.'s largest equity positions?

Based on the latest 13F filing, Advisor Group, Inc.'s top holdings by market value are: 1. Ishares Core S&p 500 ETF (IVV) — $631.8M (4.4%) 2. Vanguard S&p 500 ETF (VOO) — $383.4M (2.6%) 3. Ishares Msci USA Min Vol Fac (USMV) — $294.0M (2.0%) 4. Apple INC (AAPL) — $275.4M (1.9%) 5. Vanguard Ftse Developed ETF (VEA) — $251.9M (1.7%)

What changes did Advisor Group, Inc. make in its most recent portfolio filing?

In the latest reported quarter, Advisor Group, Inc. made 50 notable position adjustments: 1 new positions were initiated, 23 existing holdings were added to, 26 positions were partially reduced, and 0 were completely exited. The largest of these moves: 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%

What sectors does Advisor Group, Inc. focus on?

Advisor Group, Inc. is concentrated in the following sectors based on its current disclosed equity portfolio: • Information Technology: 26.0% • Communication Services: 14.5% • Financials: 14.3% • Health Care: 13.3% • Consumer Discretionary: 12.8% • Consumer Staples: 7.1%