Focus Financial Network, Inc.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 10, 2025), Focus Financial Network, Inc. reported 704 stock positions worth $2.5 billion. Its top holding was Nvidia (NVDA) at 10.4% of the portfolio, followed by Schwab US Large-Cap Growth (SCHG, 5.6%) and Invesco QQQ Trust Series 1 (QQQ, 3.6%). Compared with Q1 2025, it opened 51 new positions, sold out of 31, added to 362 and reduced 255. The biggest buy was Schwab US Large-Cap Growth (SCHG, shares +5%) and the biggest sale iShares Core S&P 500 ETF (IVV, shares −43%).
- Most Recent 13F
- Q2 2026
- Location
- MINNEAPOLIS, MN
- CIK
- 0002010942
- Portfolio Value
- $2.5B (Q2 2025)
- SEC Filing
- 0001754960-25-000338 ↗ filed Jul 10, 2025
Holdings Value
Holdings 704 stocks · $2.5B
| NVDA Nvidia Corp. | 10.36% | 1,659,989 | $262.3M | Reduce -12.5% |
| SCHG Schwab US Large-Cap Growth | 5.55% | 4,814,801 | $140.6M | Add +5.1% |
| QQQ Invesco QQQ Trust Series 1 | 3.62% | 166,170 | $91.7M | Add +1.8% |
| SCHD Schwab US DVD Equity ETF | 3.38% | 3,231,634 | $85.6M | Reduce -0.9% |
| AAPL Apple Inc. | 2.92% | 360,470 | $74.0M | Reduce -7.0% |
| AMZN Amazon.com Inc. | 2.69% | 310,108 | $68.0M | Reduce -4.0% |
| IVV iShares Core S&P 500 ETF | 2.64% | 107,628 | $66.8M | Reduce -43.3% |
| AGG iShares Core U.S. Aggregate | 1.95% | 496,895 | $49.3M | Reduce -22.8% |
| QLD Proshares Ultra QQQ | 1.39% | 299,166 | $35.3M | Add +0.0% |
| MSFT Microsoft Corp. | 1.32% | 67,452 | $33.6M | Reduce -16.0% |
| IEF iShares 7-10 Year Treasury B | 1.27% | 335,791 | $32.2M | Add +6.7% |
| VXUS Vanguard Total Intl Stock | 1.23% | 450,685 | $31.1M | Add +1.6% |
| XMHQ Invesco S&P Midcap Qual ETF | 1.21% | 311,483 | $30.6M | Add +3.0% |
| SPSM SS SPDR P S&P 600 Small Cap | 1.21% | 716,623 | $30.5M | Add +17.6% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.19% | 48,916 | $30.2M | Add +9.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.18% | 61,689 | $30.0M | Reduce -1.1% |
| VYM Vanguard High DVD Yield ETF | 1.11% | 211,569 | $28.2M | Reduce -1.4% |
| FNDF Schwab Fndmn Intl LRG Co. ETF | 1.00% | 630,320 | $25.2M | Add +4.6% |
| SCHV Schwab US Large-Cap Value | 0.90% | 827,972 | $22.9M | Reduce -18.8% |
| IWR iShares Russell Mid-Cap ETF | 0.87% | 238,479 | $21.9M | Reduce -1.4% |
| QUAL iShares MSCI USA Quality Fac | 0.79% | 109,047 | $19.9M | Add +2.3% |
| VIG Vanguard Dividend Apprec ETF | 0.79% | 96,855 | $19.9M | Reduce -1.3% |
| NOW ServiceNow Inc. | 0.78% | 19,289 | $19.8M | Reduce -6.6% |
| VEA Vanguard Ftse Developed ETF | 0.77% | 343,008 | $19.6M | Add +8.8% |
| XLK SS Technology Select Sector | 0.74% | 73,843 | $18.7M | Add +0.1% |
| IVW iShares S&P 500 Growth ETF | 0.71% | 162,247 | $17.9M | Reduce -13.9% |
| QQQM Invesco Nasdaq 100 ETF | 0.68% | 76,385 | $17.3M | Add +3.8% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 0.67% | 231,974 | $16.9M | Reduce -31.1% |
| SPHQ Invesco S&P 500 Quality ETF | 0.66% | 234,262 | $16.7M | Add +8.0% |
| SCHB Schwab US Broad Market ETF | 0.65% | 688,588 | $16.4M | Reduce -26.3% |
| SCHX Schwab US Large-Cap ETF | 0.63% | 654,506 | $16.0M | Add +1.5% |
| XMMO Invesco S&P Midcap Momentum | 0.61% | 119,851 | $15.4M | Add +0.0% |
| VWO Vanguard Ftse Emerging Marke | 0.61% | 310,699 | $15.4M | Add +5.6% |
| DGRW Wisdomtree U.S. Quality Divi | 0.58% | 174,262 | $14.6M | Add +2.7% |
| SDVY First Trust Smid Cap Rising | 0.56% | 399,417 | $14.1M | Add +7.4% |
| GTO Invesco Total Return Bond Et | 0.56% | 299,941 | $14.1M | Reduce -19.9% |
| XSMO Invesco S&P Smallcap Momentu | 0.55% | 204,723 | $13.9M | Add +1.7% |
| GOOGL Alphabet Inc. Class A | 0.51% | 73,913 | $13.0M | Reduce -13.8% |
| SCHM Schwab US Mid Cap ETF | 0.49% | 445,594 | $12.5M | Add +3.3% |
| UNH Unitedhealth Group Inc. | 0.48% | 38,941 | $12.1M | Reduce -9.2% |
| BSV Vanguard Short-Term Bond ETF | 0.48% | 153,399 | $12.1M | Add +5.0% |
| IVE iShares S&P 500 Value ETF | 0.46% | 59,382 | $11.6M | Add +2.4% |
| ILTB iShares Core 10+ Year Usd Bo | 0.45% | 232,559 | $11.5M | Reduce -30.3% |
| EFV iShares MSCI Eafe Value ETF | 0.43% | 172,394 | $10.9M | Add +40.3% |
| SCHA Schwab US Small-Cap ETF | 0.43% | 431,489 | $10.9M | Add +5.2% |
| COST Costco Wholesale Corp. | 0.43% | 10,962 | $10.9M | Reduce -4.3% |
| SGOL Abrdn Physical Gold Shares | 0.39% | 316,907 | $10.0M | Add +2.2% |
| DYNF Ishrs US E F R A ETF-Usd Inc. | 0.38% | 178,407 | $9.7M | Add +2.4% |
| VTI VG Morningstar TS MKT ETF-US | 0.38% | 31,757 | $9.7M | Reduce -1.1% |
| SCHF Schwab Intl Equity ETF | 0.37% | 422,570 | $9.3M | Add +8.2% |
| MMM 3M Co. | 0.36% | 60,366 | $9.2M | Reduce -1.9% |
| JPM JPMorgan Chase & Co. | 0.36% | 31,480 | $9.1M | Reduce -10.0% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.36% | 50,662 | $9.0M | Add +12.4% |
| SCHZ Schwab US Aggregate Bond ETF | 0.35% | 380,459 | $8.8M | Reduce -3.4% |
| GLD SPDR Gold Shares | 0.34% | 28,312 | $8.6M | Reduce -4.3% |
| IQLT iShares MSCI International Q | 0.33% | 193,585 | $8.4M | Add +2.2% |
| VBK Van Morst SML-Cap Gro-Usd Inc. | 0.33% | 29,798 | $8.3M | Add +4.0% |
| VOO Vanguard S&P 500 ETF | 0.33% | 14,476 | $8.2M | Reduce -71.7% |
| SCHP Schwab U.S. Tips ETF | 0.32% | 301,111 | $8.0M | Add +4.6% |
| SHY iShares 1-3 Year Treasury Bo | 0.31% | 94,845 | $7.9M | Add +3.4% |
| IYW iShares Ustechnology ETF | 0.30% | 43,247 | $7.5M | Reduce -10.8% |
| IUSB Ishr CR Unvrse Usd BD ETF-Ui | 0.29% | 161,284 | $7.5M | Reduce -17.7% |
| AVGO Broadcom Inc. | 0.29% | 26,565 | $7.3M | Reduce -22.0% |
| META Meta Platforms Inc. Class A | 0.29% | 9,783 | $7.2M | Reduce -18.4% |
| RDVY First Trust Rising Dividend | 0.28% | 114,863 | $7.2M | Add +7.9% |
| RDDT Reddit Inc. Class A | 0.26% | 43,639 | $6.6M | Add +484.0% |
| MUB iShares National Muni Bond E | 0.26% | 62,422 | $6.5M | Reduce -24.5% |
| IEMG iShares Core MSCI Emerging | 0.26% | 108,183 | $6.5M | Add +84.5% |
| XEL Xcel Energy Inc. | 0.26% | 95,277 | $6.5M | Reduce -8.3% |
| VHT Vanguard Health Care ETF | 0.26% | 26,073 | $6.5M | Reduce -0.1% |
| EFG iShares MSCI Eafe Growth ETF | 0.25% | 56,930 | $6.4M | Add +2.3% |
| PNR Pentair PLC | 0.24% | 58,304 | $6.0M | Add +0.0% |
| JQUA JPMorgan US Quality Factor | 0.23% | 98,479 | $5.9M | Add +11.8% |
| XLF SS Financial Select Sector | 0.23% | 111,130 | $5.8M | Add +1.3% |
| LLY Eli Lilly & Co. | 0.23% | 7,460 | $5.8M | Reduce -13.3% |
| SCHO Schwab Short-Term US Treas | 0.23% | 237,734 | $5.8M | Add +23.8% |
| IMTM iShares MSCI Intl Momentum F | 0.23% | 124,985 | $5.7M | Add +1.8% |
| RSP Invesco S&P 500 Equal Weight | 0.22% | 31,248 | $5.7M | Add +3.0% |
| TSLA Tesla Inc. | 0.22% | 17,836 | $5.7M | Reduce -20.6% |
| XLE SS Energy Select Sector | 0.22% | 64,487 | $5.5M | Reduce -10.0% |
| PFM Invesco Dividend Achievers E | 0.22% | 113,378 | $5.5M | Add +0.4% |
| VGT Vanguard Info Tech ETF | 0.22% | 8,232 | $5.5M | Add +9.3% |
| XTEN Bondbloxx BBG 10Y US TSY ETF | 0.20% | 111,758 | $5.2M | Add +114.3% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.20% | 11,363 | $5.0M | Add +1.0% |
| ABT Abbott Laboratories | 0.20% | 36,397 | $5.0M | No change |
| QUBT Quantum Computing Inc. | 0.19% | 254,037 | $4.9M | Add +34.1% |
| XLY SS Consumer Disc Select Sect | 0.19% | 21,903 | $4.8M | Reduce -20.4% |
| PID Invesco International Divide | 0.18% | 227,498 | $4.7M | Add +0.5% |
| USFR Wisdomtree Floating Rate Tre | 0.18% | 92,388 | $4.6M | Reduce -2.5% |
| JNJ Johnson & Johnson | 0.18% | 30,334 | $4.6M | Reduce -0.3% |
| AOM iShares Core 40/60 Moderate | 0.18% | 97,221 | $4.5M | Reduce -23.0% |
| NVT Nvent Electric PLC | 0.18% | 60,550 | $4.4M | Add +0.0% |
| JPIE JPMorgan Income ETF | 0.17% | 93,844 | $4.3M | Reduce -60.6% |
| USMV iShares MSCI USA Min Vol Fac | 0.17% | 46,221 | $4.3M | Add +0.6% |
| VLUE iShares MSCI USA Value Facto | 0.17% | 38,272 | $4.3M | Add +0.4% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 0.17% | 46,772 | $4.3M | Add +0.2% |
| XLP SS Consumer Staples Sel Sect | 0.17% | 52,970 | $4.3M | Reduce -5.3% |
| IWS iShares Russell Mid-Cap Valu | 0.17% | 32,155 | $4.2M | Add +2.1% |
| AIRR First Trust Rba American Ind | 0.17% | 52,173 | $4.2M | Add +3.8% |
| VGLT Vanguard Long-Term Treasury | 0.17% | 75,668 | $4.2M | Add +2.6% |
Portfolio Sells Q1 2025 → Q2 2025
| IVV iShares Core S&P 500 ETF | Reduce -43.3% | 2.64% | −1.72 |
| VOO Vanguard S&P 500 ETF | Reduce -71.7% | 0.33% | −0.75 |
| AGG iShares Core U.S. Aggregate | Reduce -22.8% | 1.95% | −0.66 |
| AAPL Apple Inc. | Reduce -7.0% | 2.92% | −0.60 |
| UNH Unitedhealth Group Inc. | Reduce -9.2% | 0.48% | −0.44 |
| JBND JPMorgan Active Bond ETF | Reduce -88.4% | 0.05% | −0.43 |
| DBEF Xtrackers MSCI Eafe Hedged E | Reduce -87.4% | 0.05% | −0.38 |
| SCHD Schwab US DVD Equity ETF | Reduce -0.9% | 3.38% | −0.35 |
| JPIE JPMorgan Income ETF | Reduce -60.6% | 0.17% | −0.28 |
| CALF PCR US SM CP CSH CWS ETF-Usd | Reduce -94.0% | 0.02% | −0.28 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Reduce -31.1% | 0.67% | −0.24 |
| ILTB iShares Core 10+ Year Usd Bo | Reduce -30.3% | 0.45% | −0.23 |
| SCHV Schwab US Large-Cap Value | Reduce -18.8% | 0.90% | −0.20 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -1.1% | 1.18% | −0.18 |
| SCHB Schwab US Broad Market ETF | Reduce -26.3% | 0.65% | −0.17 |
| GTO Invesco Total Return Bond Et | Reduce -19.9% | 0.56% | −0.16 |
| ARCC Ares Capital Corp. | Reduce -91.9% | 0.01% | −0.14 |
| MUB iShares National Muni Bond E | Reduce -24.5% | 0.26% | −0.10 |
| EMXC iShares MSCI Emr MRK Ex Chna | Reduce -70.5% | 0.05% | −0.10 |
| IUSB Ishr CR Unvrse Usd BD ETF-Ui | Reduce -17.7% | 0.29% | −0.07 |
| SNPE Xtrckr S&P 500 Scor&scrn ETF | Sold out | 0.00% | −0.07 |
| KRE SS SPDR S&P Regional Bank | Reduce -85.1% | 0.01% | −0.06 |
| LLY Eli Lilly & Co. | Reduce -13.3% | 0.23% | −0.06 |
| XLE SS Energy Select Sector | Reduce -10.0% | 0.22% | −0.06 |
| XOM Exxon Mobil Corp. | Reduce -22.4% | 0.11% | −0.05 |
| AOM iShares Core 40/60 Moderate | Reduce -23.0% | 0.18% | −0.05 |
| EFIV SS SPDR S&P 500 ESG ETF | Sold out | 0.00% | −0.05 |
| SCYB Schwab High Yield Bond ETF | Reduce -60.5% | 0.03% | −0.05 |
| GLTR Abrdn Precious Metals Basket | Reduce -52.1% | 0.04% | −0.04 |
| XEL Xcel Energy Inc. | Reduce -8.3% | 0.26% | −0.04 |
| V Visa Inc. Class A | Reduce -19.1% | 0.16% | −0.04 |
| PG The Procter & Gamble Co. | Reduce -16.5% | 0.12% | −0.04 |
| BSMP Invesco Bulletshares 2025 MB | Reduce -39.3% | 0.06% | −0.04 |
| HEFA Isha Curr Hedged MSCI Eafe | Reduce -83.0% | 0.01% | −0.04 |
| RFV Invesco S&P Midcap 400 Pure | Sold out | 0.00% | −0.04 |
| BSMQ Invesco Bulletshares 2026 MB | Reduce -50.3% | 0.04% | −0.04 |
| GOOG Alphabet Inc. Class C | Reduce -34.9% | 0.10% | −0.04 |
| JAAA Janus Henderson Aaa Clo ETF | Reduce -27.1% | 0.09% | −0.04 |
| XLY SS Consumer Disc Select Sect | Reduce -20.4% | 0.19% | −0.03 |
| SILA Sila Realty Trust Inc. | Reduce -64.8% | 0.01% | −0.03 |
| MA Mastercard Inc. Class A | Reduce -28.2% | 0.08% | −0.03 |
| ECL Ecolab Inc. | Reduce -18.3% | 0.16% | −0.03 |
| COWZ Pacer US Cash Cows 100 ETF | Reduce -15.2% | 0.14% | −0.03 |
| IAU iShares Gold Trust | Reduce -32.4% | 0.06% | −0.03 |
| GOOGL Alphabet Inc. Class A | Reduce -13.8% | 0.51% | −0.03 |
| VHT Vanguard Health Care ETF | Reduce -0.1% | 0.26% | −0.03 |
| HD Home Depot Inc. | Reduce -14.7% | 0.12% | −0.03 |
| ROBT First Trust Nasdaq Artificia | Sold out | 0.00% | −0.02 |
| FMB First Trust Managed Municipa | Sold out | 0.00% | −0.02 |
| SCHZ Schwab US Aggregate Bond ETF | Reduce -3.4% | 0.35% | −0.02 |
Portfolio Buys Q1 2025 → Q2 2025
| SCHG Schwab US Large-Cap Growth | Add +5.1% | 5.55% | +0.86 |
| QQQ Invesco QQQ Trust Series 1 | Add +1.8% | 3.62% | +0.49 |
| QLD Proshares Ultra QQQ | Add +0.0% | 1.39% | +0.30 |
| RDDT Reddit Inc. Class A | Add +484.0% | 0.26% | +0.23 |
| SPSM SS SPDR P S&P 600 Small Cap | Add +17.6% | 1.21% | +0.19 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +9.6% | 1.19% | +0.17 |
| EFV iShares MSCI Eafe Value ETF | Add +40.3% | 0.43% | +0.14 |
| THRO iShares U.S. Thematic Rotati | New | 0.13% | +0.13 |
| QUBT Quantum Computing Inc. | Add +34.1% | 0.19% | +0.13 |
| IEMG iShares Core MSCI Emerging | Add +84.5% | 0.26% | +0.13 |
| VEA Vanguard Ftse Developed ETF | Add +8.8% | 0.77% | +0.12 |
| XLK SS Technology Select Sector | Add +0.1% | 0.74% | +0.12 |
| FNDF Schwab Fndmn Intl LRG Co. ETF | Add +4.6% | 1.00% | +0.11 |
| XTEN Bondbloxx BBG 10Y US TSY ETF | Add +114.3% | 0.20% | +0.10 |
| QQQM Invesco Nasdaq 100 ETF | Add +3.8% | 0.68% | +0.10 |
| VXUS Vanguard Total Intl Stock | Add +1.6% | 1.23% | +0.10 |
| IAGG iShares Intl Aggregate Bond | New | 0.09% | +0.09 |
| IWP iShares Russell Mid-Cap Grow | Add +120.6% | 0.15% | +0.09 |
| XMHQ Invesco S&P Midcap Qual ETF | Add +3.0% | 1.21% | +0.08 |
| IEFA iShares Core MSCI Eafe ETF | Add +75.3% | 0.16% | +0.07 |
| MTUM iShares MSCI USA Momentum Fa | Add +75.6% | 0.14% | +0.07 |
| OMFL Invesco Russell 1000 DYN M/F | Add +125.5% | 0.13% | +0.07 |
| SPHQ Invesco S&P 500 Quality ETF | Add +8.0% | 0.66% | +0.07 |
| CGDV Cap Group Dividend Value | New | 0.07% | +0.07 |
| SLV iShares Silver Trust | Add +247.2% | 0.10% | +0.07 |
| VWO Vanguard Ftse Emerging Marke | Add +5.6% | 0.61% | +0.06 |
| XLG Invesco S&P 500 Top 50 ETF | Add +37.0% | 0.17% | +0.05 |
| BAI Ishrs AI in and Tech Act ETF | New | 0.05% | +0.05 |
| SCHF Schwab Intl Equity ETF | Add +8.2% | 0.37% | +0.05 |
| XMMO Invesco S&P Midcap Momentum | Add +0.0% | 0.61% | +0.05 |
| SCHX Schwab US Large-Cap ETF | Add +1.5% | 0.63% | +0.05 |
| VGT Vanguard Info Tech ETF | Add +9.3% | 0.22% | +0.05 |
| SDVY First Trust Smid Cap Rising | Add +7.4% | 0.56% | +0.05 |
| NFLX Netflix Inc. | Add +4.0% | 0.15% | +0.05 |
| NVT Nvent Electric PLC | Add +0.0% | 0.18% | +0.05 |
| EMLC Vaneck JPM Em Local Curr BND | New | 0.04% | +0.04 |
| IEF iShares 7-10 Year Treasury B | Add +6.7% | 1.27% | +0.04 |
| QUAL iShares MSCI USA Quality Fac | Add +2.3% | 0.79% | +0.04 |
| TBUX T Rowe Price Ultra Short-Ter | Add +263.2% | 0.06% | +0.04 |
| SCHA Schwab US Small-Cap ETF | Add +5.2% | 0.43% | +0.04 |
| SCHO Schwab Short-Term US Treas | Add +23.8% | 0.23% | +0.04 |
| VTV Vanguard Mrngstr Val ETF-Aui | Add +12.4% | 0.36% | +0.04 |
| DYNF Ishrs US E F R A ETF-Usd Inc. | Add +2.4% | 0.38% | +0.04 |
| FMAY FT Vest US Equity Buffer ETF | New | 0.04% | +0.04 |
| PLTR Palantir Technologies Inc. Class A | Add +32.3% | 0.07% | +0.03 |
| XSMO Invesco S&P Smallcap Momentu | Add +1.7% | 0.55% | +0.03 |
| JPST JPMorgan Ultra-Short Income | Add +49.6% | 0.11% | +0.03 |
| FISV Fiserv Inc. | Add +83.0% | 0.12% | +0.03 |
| VBK Van Morst SML-Cap Gro-Usd Inc. | Add +4.0% | 0.33% | +0.03 |
| SCHM Schwab US Mid Cap ETF | Add +3.3% | 0.49% | +0.03 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 764 | $3.2B | NVDA, SCHG, QQQ, AAPL, IVV |
| Q1 2026 | 729 | $2.8B | NVDA, SCHG, QQQ, AAPL, IVV |
| Q4 2025 | 725 | $2.9B | NVDA, SCHG, QQQ, AAPL, IVV |
| Q3 2025 | 738 | $2.8B | NVDA, SCHG, QQQ, AAPL, SCHD |
| Q2 2025 | 704 | $2.5B | NVDA, SCHG, QQQ, SCHD, AAPL |
| Q1 2025 | 684 | $2.4B | NVDA, SCHG, IVV, SCHD, AAPL |
| Q4 2024 | 665 | $2.5B | NVDA, SCHG, IVV, AAPL, SCHD |
| Q3 2024 | 668 | $2.4B | NVDA, SCHG, IVV, AAPL, SCHD |
| Q2 2024 | 657 | $2.3B | NVDA, SCHG, IVV, AAPL, SCHD |
| Q1 2024 | 626 | $2.1B | NVDA, SCHG, IVV, SCHD, AAPL |