Independent Financial Group, LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 19, 2026), Independent Financial Group, LLC reported 1,173 stock positions worth $2.9 billion. Its top holding was Nvidia (NVDA) at 6.1% of the portfolio, followed by Apple (AAPL, 3.6%) and Invesco QQQ Trust Series 1 (QQQ, 2.6%). Compared with Q4 2024, it opened 128 new positions, sold out of 110, added to 549 and reduced 430. The biggest buy was Invesco QQQ Trust Series 1 (QQQ, shares +27%) and the biggest sale Nvidia (NVDA, shares −7%).
- Most Recent 13F
- Q2 2026
- Location
- SAN DIEGO, CA
- CIK
- 0000275484
- Portfolio Value
- $2.9B (Q1 2025)
- SEC Filing
- 0000275484-26-000007 ↗ filed May 19, 2026
Holdings Value
Holdings 1,173 stocks · $2.9B
| NVDA Nvidia Corp. | 6.08% | 1,630,721 | $176.7M | Reduce -6.9% |
| AAPL Apple Inc. | 3.62% | 473,328 | $105.1M | Add +2.3% |
| QQQ Invesco QQQ Trust Series 1 | 2.61% | 161,887 | $75.9M | Add +27.2% |
| AMZN Amazon.com Inc. | 2.14% | 327,651 | $62.3M | Reduce -1.3% |
| AVGO Broadcom Inc. | 2.12% | 367,837 | $61.6M | Reduce -1.1% |
| MSFT Microsoft Corp. | 2.05% | 158,836 | $59.6M | Reduce -0.7% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.78% | 92,775 | $51.9M | Reduce -8.7% |
| IVV iShares Core S&P 500 ETF | 1.53% | 79,386 | $44.6M | Add +7.6% |
| VTI VG Morningstar TS MKT ETF-US | 1.26% | 133,343 | $36.6M | Add +3.7% |
| FSK FS KKR Capital Corp. | 1.25% | 1,731,306 | $36.3M | Add +32.5% |
| COST Costco Wholesale Corp. | 1.11% | 34,180 | $32.3M | Add +1.5% |
| RDVY First Trust Rising Dividend | 0.92% | 459,417 | $26.9M | Add +6.2% |
| COWZ Pacer US Cash Cows 100 ETF | 0.92% | 490,765 | $26.9M | Reduce -0.6% |
| META Meta Platforms Inc. Class A | 0.85% | 42,791 | $24.7M | Add +10.4% |
| PDI PIMCO Dynamic Income Fund | 0.79% | 1,158,424 | $22.9M | Add +76.7% |
| GLD SPDR Gold Shares | 0.74% | 74,764 | $21.5M | Add +13.4% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 0.72% | 317,524 | $20.9M | Add +12.4% |
| TSLA Tesla Inc. | 0.70% | 78,271 | $20.3M | Reduce -1.7% |
| XLK SS Technology Select Sector | 0.68% | 96,374 | $19.9M | Add +6.5% |
| PLTR Palantir Technologies Inc. Class A | 0.67% | 231,362 | $19.5M | Reduce -8.6% |
| GOOG Alphabet Inc. Class C | 0.67% | 124,681 | $19.5M | Reduce -0.2% |
| GARP iShares MSCI USA Quality Gar | 0.65% | 369,546 | $18.9M | Add +3.5% |
| SDVY First Trust Smid Cap Rising | 0.64% | 556,886 | $18.7M | Add +4.5% |
| QQQE Dirx Nasdaq-100EQ Wi ETF-Usd | 0.64% | 212,543 | $18.5M | Reduce -2.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.60% | 32,965 | $17.6M | Add +1.2% |
| LLY Eli Lilly & Co. | 0.60% | 21,016 | $17.4M | Add +26.3% |
| IJH iShares Core S&P Midcap ETF | 0.57% | 283,145 | $16.5M | Reduce -2.3% |
| JEPQ JPM Nasdaq Equity Premium filed as J P MORGAN EXCHANGE TRADED F | 0.53% | 296,908 | $15.4M | Reduce -11.2% |
| BIZD Vaneck BDC Income ETF | 0.53% | 916,978 | $15.4M | Add +70.4% |
| GOOGL Alphabet Inc. Class A | 0.52% | 98,322 | $15.2M | Reduce -2.6% |
| BUFR FT Vest Lad Buffervetf-Usd I | 0.52% | 508,764 | $15.1M | Add +11.8% |
| JAAA Janus Henderson Aaa Clo ETF | 0.50% | 284,013 | $14.4M | Add +79.0% |
| ABBV Abbvie Inc. | 0.49% | 68,381 | $14.3M | Add +72.1% |
| PAAA Pgim Aaa Clo ETF | 0.47% | 267,524 | $13.7M | Add +278.5% |
| WMT Walmart Inc. | 0.45% | 148,745 | $13.1M | Add +6.3% |
| VOO Vanguard S&P 500 ETF | 0.44% | 24,984 | $12.8M | Add +1.0% |
| V Visa Inc. Class A | 0.41% | 34,130 | $12.0M | Add +0.2% |
| SCHD Schwab US DVD Equity ETF | 0.41% | 425,432 | $11.9M | Reduce -1.9% |
| MOAT Vaneck Morningstar Wide Moat | 0.41% | 134,208 | $11.8M | Reduce -2.2% |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | 0.40% | 47,633 | $11.7M | Add +7.8% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.38% | 30,090 | $11.2M | Add +5.2% |
| JPST JPMorgan Ultra-Short Income | 0.38% | 219,929 | $11.1M | Add +36.5% |
| JPM JPMorgan Chase & Co. | 0.38% | 45,246 | $11.1M | Reduce -1.8% |
| MSTR Strategy Inc. filed as MICROSTRATEGY INC | 0.38% | 38,115 | $11.0M | Add +34.4% |
| NFLX Netflix Inc. | 0.38% | 11,732 | $10.9M | Reduce -5.9% |
| FLRT Pacer Aristotle Pacific Floa | 0.36% | 221,781 | $10.4M | Add +19.8% |
| BND Vanguard Total Bond Market | 0.36% | 141,786 | $10.4M | Add +194.6% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 0.36% | 113,141 | $10.4M | Add +14.4% |
| BALT Inn Defined Wealth Shield | 0.35% | 325,304 | $10.2M | Add +203.5% |
| ITOT iShares Core S&P Total U.S. | 0.34% | 81,786 | $10.0M | Add +5.8% |
| HD Home Depot Inc. | 0.32% | 25,549 | $9.4M | Add +13.4% |
| BXSL Blackstone Secured Lending F | 0.32% | 287,075 | $9.3M | Reduce -5.1% |
| SHV iShares 0-1 Year Treasury Bo | 0.31% | 81,770 | $9.0M | Add +18.0% |
| JEPI JPMorgan Equity Premium Inco | 0.30% | 152,610 | $8.7M | Reduce -14.7% |
| XLE SS Energy Select Sector | 0.30% | 92,302 | $8.6M | Reduce -46.5% |
| BKNG Booking Holdings Inc. | 0.29% | 1,860 | $8.6M | Reduce -5.9% |
| SMIG Bahl & Gaynor S/M Inc. Growth | 0.29% | 299,200 | $8.5M | Add +28.6% |
| PANW Palo Alto Networks Inc. | 0.29% | 49,542 | $8.5M | Reduce -15.2% |
| QYLD Global X Nasd 100 Cov Call | 0.29% | 507,239 | $8.4M | Reduce -6.7% |
| VZ Verizon Communications Inc. | 0.29% | 185,964 | $8.4M | Add +12.4% |
| SMH Vaneck Semiconductor ETF | 0.29% | 39,692 | $8.4M | Reduce -26.7% |
| XOM Exxon Mobil Corp. | 0.29% | 70,166 | $8.3M | Reduce -1.0% |
| XLF SS Financial Select Sector | 0.28% | 164,424 | $8.2M | Add +3.9% |
| BX Blackstone Inc. | 0.27% | 57,155 | $8.0M | Reduce -37.1% |
| ZALT Innovator US Eq 10 Buffer | 0.27% | 266,850 | $7.9M | Add +108.1% |
| ITA iShares U.S. Aerospace & Def | 0.27% | 51,396 | $7.9M | Reduce -30.6% |
| VIG Vanguard Dividend Apprec ETF | 0.27% | 40,035 | $7.8M | Reduce -3.8% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.26% | 30,405 | $7.6M | Add +79.0% |
| CALF PCR US SM CP CSH CWS ETF-Usd | 0.26% | 200,442 | $7.5M | Reduce -52.6% |
| QUAL iShares MSCI USA Quality Fac | 0.26% | 43,875 | $7.5M | Add +3.8% |
| VYM Vanguard High DVD Yield ETF | 0.26% | 57,532 | $7.4M | Reduce -1.7% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.25% | 20,982 | $7.4M | Add +2.0% |
| SCHG Schwab US Large-Cap Growth | 0.25% | 289,563 | $7.3M | Add +0.3% |
| SPTM SS SPDR P S&P 1500 Comp ETF | 0.25% | 105,013 | $7.1M | Add +0.5% |
| IAU iShares Gold Trust | 0.24% | 120,486 | $7.1M | Reduce -37.7% |
| SPDW Ste STR SPDR PT DW Eu ETF | 0.24% | 194,565 | $7.1M | Add +1.6% |
| QCOM Qualcomm Inc. | 0.24% | 46,060 | $7.1M | Reduce -1.5% |
| FSCO FS Credit Opportunities Corp. | 0.24% | 986,717 | $7.0M | Add +5.8% |
| XLV SS Health Care Select Sector | 0.24% | 47,552 | $6.9M | Add +16.4% |
| CIBR First Trust Nasdaq Cybersecu | 0.24% | 109,896 | $6.9M | Reduce -6.7% |
| TSM Taiwan Semiconductor-SP ADR | 0.23% | 39,797 | $6.6M | Add +38.6% |
| FETH Fidelity Ethereum Fund | 0.23% | 361,695 | $6.6M | Add +63.5% |
| DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE | 0.23% | 15,621 | $6.6M | Reduce -7.3% |
| TSPA T Rowe Price US Eqy Research | 0.22% | 181,412 | $6.4M | Add +37.6% |
| UYLD Angel Oak Ultrashort Income | 0.22% | 123,250 | $6.3M | Add +38.4% |
| SPYG SS SPDR P S&P 500 Growth ETF | 0.21% | 77,534 | $6.2M | Add +18.9% |
| XLP SS Consumer Staples Sel Sect | 0.21% | 76,281 | $6.2M | Add +102.3% |
| VYMI Vanguard Int High DVD YLD Inc. | 0.21% | 84,469 | $6.2M | Reduce -3.7% |
| VGT Vanguard Info Tech ETF | 0.21% | 11,427 | $6.2M | Add +0.8% |
| PEP Pepsico Inc. | 0.21% | 40,703 | $6.1M | Add +7.0% |
| ARCC Ares Capital Corp. | 0.21% | 274,473 | $6.1M | Reduce -2.6% |
| GAUG FT Vest US Equity Moderate B | 0.21% | 174,323 | $6.1M | Reduce -2.4% |
| ISRG Intuitive Surgical Inc. | 0.21% | 12,096 | $6.0M | Add +20.8% |
| USMV iShares MSCI USA Min Vol Fac | 0.21% | 63,697 | $6.0M | Add +11.8% |
| IJR iShares Core S&P Small-Cap E | 0.20% | 56,493 | $5.9M | Reduce -1.9% |
| SPMD SS SPDR P S&P 400 Midcap ETF | 0.20% | 114,220 | $5.8M | Add +2.9% |
| RSP Invesco S&P 500 Equal Weight | 0.20% | 33,547 | $5.8M | Reduce -1.3% |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | 0.20% | 18,735 | $5.8M | Add +1.4% |
| TQQQ Proshares Ultrapro QQQ | 0.20% | 100,725 | $5.8M | Reduce -0.1% |
| PFF iShares Preferred & Income S | 0.20% | 187,458 | $5.8M | Reduce -3.2% |
Other holdings (1): bonds, preferreds, convertibles and warrants · $1.2M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| STRATEGY INC (MSTR 8 PERP) | SERIES A PERP PF | 13,895 | $1.2M | New |
Total filed on the 13F, all lines: $2.9B.
Portfolio Sells Q4 2024 → Q1 2025
| NVDA Nvidia Corp. | Reduce -6.9% | 6.08% | −1.74 |
| AVGO Broadcom Inc. | Reduce -1.1% | 2.12% | −0.75 |
| MRVL Marvell Technology Inc. | Reduce -91.6% | 0.02% | −0.42 |
| TSLA Tesla Inc. | Reduce -1.7% | 0.70% | −0.37 |
| CALF PCR US SM CP CSH CWS ETF-Usd | Reduce -52.6% | 0.26% | −0.36 |
| AMZN Amazon.com Inc. | Reduce -1.3% | 2.14% | −0.28 |
| BX Blackstone Inc. | Reduce -37.1% | 0.27% | −0.25 |
| APO Apollo Global Management Inc. | Reduce -87.2% | 0.03% | −0.24 |
| PHYS Sprott Physical Gold Trust | Reduce -73.7% | 0.11% | −0.23 |
| XLE SS Energy Select Sector | Reduce -46.5% | 0.30% | −0.19 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -8.7% | 1.78% | −0.19 |
| MSFT Microsoft Corp. | Reduce -0.7% | 2.05% | −0.19 |
| SMH Vaneck Semiconductor ETF | Reduce -26.7% | 0.29% | −0.15 |
| GBTC Grayscale Bitcoin Trust ETF | Reduce -43.2% | 0.15% | −0.14 |
| BANK MONTREAL QUE | Reduce -87.8% | 0.01% | −0.12 |
| GOOG Alphabet Inc. Class C | Reduce -0.2% | 0.67% | −0.12 |
| TIDAL TRUST II | Sold out | 0.00% | −0.12 |
| NVDY Yieldmax Nvda Option Inc. ETF | Reduce -62.5% | 0.04% | −0.12 |
| QTEC First Trust Nasdq 100 Tech I | Reduce -47.6% | 0.11% | −0.11 |
| IDU iShares US Utilities ETF | Reduce -62.2% | 0.08% | −0.11 |
| GOOGL Alphabet Inc. Class A | Reduce -2.6% | 0.52% | −0.11 |
| BCD Abrdn Bloomberg All Commodit | Reduce -86.2% | 0.02% | −0.11 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -76.0% | 0.03% | −0.10 |
| IWM iShares Russell 2000 ETF | Reduce -35.6% | 0.15% | −0.10 |
| JEPQ JPM Nasdaq Equity Premium | Reduce -11.2% | 0.53% | −0.10 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Reduce -42.0% | 0.16% | −0.09 |
| ITA iShares U.S. Aerospace & Def | Reduce -30.6% | 0.27% | −0.09 |
| KKR KKR & Co. Inc. | Reduce -77.7% | 0.02% | −0.08 |
| AIQ Global X Art Intel & Tech | Reduce -66.7% | 0.04% | −0.08 |
| IVW iShares S&P 500 Growth ETF | Reduce -31.2% | 0.15% | −0.08 |
| IYW iShares Ustechnology ETF | Reduce -33.9% | 0.12% | −0.08 |
| IYC iShares US Consumer Discreti | Sold out | 0.00% | −0.08 |
| IYF iShares US Financials ETF | Reduce -89.1% | 0.01% | −0.08 |
| TTD Trade Desk Inc./the Class A | Reduce -47.5% | 0.03% | −0.07 |
| IYZ iShares US Telecommunication | Sold out | 0.00% | −0.07 |
| IAU iShares Gold Trust | Reduce -37.7% | 0.24% | −0.07 |
| ETHE Grayscale Ethereum Staking E | Reduce -43.0% | 0.03% | −0.07 |
| INDA iShares MSCI India ETF | Reduce -82.4% | 0.01% | −0.07 |
| IWO iShares Russell 2000 Growth | Reduce -68.3% | 0.03% | −0.07 |
| DBA Invesco DB Agriculture Fund | Reduce -75.6% | 0.02% | −0.07 |
| TQQQ Proshares Ultrapro QQQ | Reduce -0.1% | 0.20% | −0.07 |
| PANW Palo Alto Networks Inc. | Reduce -15.2% | 0.29% | −0.06 |
| OWL Blue Owl Capital Inc. | Sold out | 0.00% | −0.06 |
| PECO Phillips Edison & Company Inc. | Reduce -30.4% | 0.14% | −0.06 |
| NOW ServiceNow Inc. | Reduce -19.7% | 0.10% | −0.06 |
| PSFF Pacer Swan Sos Fund of Funds | Reduce -55.4% | 0.05% | −0.06 |
| ROUS Hartford Multifact US Eqty | Sold out | 0.00% | −0.05 |
| AMD Advanced Micro Devices | Reduce -11.1% | 0.16% | −0.04 |
| TBIL F/M US Treasury 3 Month Bill | Reduce -22.5% | 0.18% | −0.04 |
| LMT Lockheed Martin Corp. | Reduce -44.0% | 0.05% | −0.04 |
Portfolio Buys Q4 2024 → Q1 2025
| QQQ Invesco QQQ Trust Series 1 | Add +27.2% | 2.61% | +0.45 |
| PDI PIMCO Dynamic Income Fund | Add +76.7% | 0.79% | +0.39 |
| PAAA Pgim Aaa Clo ETF | Add +278.5% | 0.47% | +0.35 |
| FSK FS KKR Capital Corp. | Add +32.5% | 1.25% | +0.30 |
| ABBV Abbvie Inc. | Add +72.1% | 0.49% | +0.26 |
| BND Vanguard Total Bond Market | Add +194.6% | 0.36% | +0.24 |
| BALT Inn Defined Wealth Shield | Add +203.5% | 0.35% | +0.24 |
| BIZD Vaneck BDC Income ETF | Add +70.4% | 0.53% | +0.23 |
| JAAA Janus Henderson Aaa Clo ETF | Add +79.0% | 0.50% | +0.23 |
| GLD SPDR Gold Shares | Add +13.4% | 0.74% | +0.21 |
| LLY Eli Lilly & Co. | Add +26.3% | 0.60% | +0.17 |
| BINC iShares Flex I A ETF-Usd Inc. | Add +662.7% | 0.18% | +0.16 |
| RWJ Invesco S&P Smallcap 600 | New | 0.16% | +0.16 |
| ZALT Innovator US Eq 10 Buffer | Add +108.1% | 0.27% | +0.15 |
| IBM Intl Business Machines Corp. | Add +79.0% | 0.26% | +0.14 |
| KWEB Kranesh Csi China Internet | New | 0.12% | +0.12 |
| XLP SS Consumer Staples Sel Sect | Add +102.3% | 0.21% | +0.12 |
| JPST JPMorgan Ultra-Short Income | Add +36.5% | 0.38% | +0.11 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +1.2% | 0.60% | +0.11 |
| JGRO JPMorgan Active Growth ETF | Add +984.1% | 0.12% | +0.11 |
| GOVT iShares US Treasury Bond ETF | Add +328.9% | 0.14% | +0.11 |
| MSTR Strategy Inc. | Add +34.4% | 0.38% | +0.10 |
| SPMO Invesco S&P 500 Momentum ETF | Add +317.7% | 0.13% | +0.10 |
| META Meta Platforms Inc. Class A | Add +10.4% | 0.85% | +0.09 |
| SRLN SS Blackstone Sr Loan ETF | Add +90.3% | 0.19% | +0.09 |
| IVV iShares Core S&P 500 ETF | Add +7.6% | 1.53% | +0.09 |
| COST Costco Wholesale Corp. | Add +1.5% | 1.11% | +0.09 |
| SPYI Neos S&P 500 High Income ETF | Add +267.9% | 0.12% | +0.09 |
| UBER Uber Technologies Inc. | Add +43.3% | 0.18% | +0.08 |
| MBB iShares MBS ETF | Add +480.1% | 0.09% | +0.08 |
| RDVY First Trust Rising Dividend | Add +6.2% | 0.92% | +0.07 |
| SGOV iShares 0-3 Month Treasury B | Add +261.9% | 0.10% | +0.07 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Add +12.4% | 0.72% | +0.07 |
| VZ Verizon Communications Inc. | Add +12.4% | 0.29% | +0.07 |
| CVX Chevron Corp. | Add +31.2% | 0.19% | +0.07 |
| KHPI Kensington Hedged PRM in ETF | New | 0.07% | +0.07 |
| SMIG Bahl & Gaynor S/M Inc. Growth | Add +28.6% | 0.29% | +0.07 |
| T AT&T Inc. | Add +21.3% | 0.19% | +0.07 |
| FLRT Pacer Aristotle Pacific Floa | Add +19.8% | 0.36% | +0.07 |
| UYLD Angel Oak Ultrashort Income | Add +38.4% | 0.22% | +0.07 |
| MDT Medtronic PLC | Add +182.3% | 0.09% | +0.06 |
| MCD McDonald's Corp. | Add +38.5% | 0.17% | +0.06 |
| PBDC Putnam BDC Income ETF | Add +543.3% | 0.07% | +0.06 |
| BUFR FT Vest Lad Buffervetf-Usd I | Add +11.8% | 0.52% | +0.06 |
| MORT Vaneck Mortgage REIT Income | New | 0.06% | +0.06 |
| SPLV Invesco S&P 500 Low Volatili | Add +38.9% | 0.17% | +0.06 |
| TSPA T Rowe Price US Eqy Research | Add +37.6% | 0.22% | +0.06 |
| SHV iShares 0-1 Year Treasury Bo | Add +18.0% | 0.31% | +0.06 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Add +14.4% | 0.36% | +0.06 |
| MOS The Mosaic Co. | New | 0.06% | +0.06 |
Notes & Other Activity Q4 2024 → Q1 2025
| STRATEGY INC (MSTR 8 PERP) | SERIES A PERP PF | New | 13,895 | $1.2M |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 1,541 | $5.3B | NVDA, QQQ, AAPL, MU, AVGO |
| Q1 2026Amended | 1,444 | $4.5B | NVDA, AAPL, QQQ, AVGO, AMZN |
| Q4 2025 | 1,404 | $4.5B | NVDA, AAPL, QQQ, AVGO, MSFT |
| Q3 2025 | 1,353 | $4.2B | NVDA, AAPL, AVGO, QQQ, MSFT |
| Q2 2025 | 1,284 | $3.6B | NVDA, AAPL, QQQ, AVGO, MSFT |
| Q1 2025 | 1,173 | $2.9B | NVDA, AAPL, QQQ, AMZN, AVGO |
| Q4 2024 | 1,155 | $3.0B | NVDA, AAPL, AVGO, AMZN, MSFT |
| Q3 2024 | 1,126 | $2.7B | NVDA, AAPL, AVGO, MSFT, QQQ |
| Q2 2024 | 1,087 | $2.5B | NVDA, AAPL, MSFT, QQQ, AMZN |
| Q1 2024 | 1,014 | $2.2B | NVDA, AAPL, MSFT, AMZN, QQQ |