Independent Financial Group, LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed May 15, 2026), Independent Financial Group, LLC reported 1,353 stock positions worth $4.2 billion. Its top holding was Nvidia (NVDA) at 7.6% of the portfolio, followed by Apple (AAPL, 2.9%) and Broadcom (AVGO, 2.6%). Compared with Q2 2025, it opened 157 new positions, sold out of 88, added to 640 and reduced 470. The biggest buy was AppLovin Class A (APP, shares +190%) and the biggest sale Tidal Trust II (shares −57%).

Most Recent 13F
Q2 2026
Location
SAN DIEGO, CA
CIK
0000275484
Portfolio Value
$4.2B (Q3 2025)
SEC Filing
0000275484-26-000004 ↗ filed May 15, 2026

Holdings Value

0$2.0B$4.0B$6.0B Q1 2024: $2.2B Q1 2024 Q2 2024: $2.5B Q2 2024 Q3 2024: $2.7B Q3 2024 Q4 2024: $3.0B Q4 2024 Q1 2025: $2.9B Q1 2025 Q2 2025: $3.6B Q2 2025 Q3 2025: $4.2B $4.2B Q3 2025 Q4 2025: $4.5B Q4 2025 Q1 2026: $4.5B Q1 2026 Q2 2026: $5.3B Q2 2026

Holdings 1,353 stocks · $4.2B

NVDA Nvidia Corp. 7.55% 1,685,985 $314.6M Add +1.6%
AAPL Apple Inc. 2.93% 478,680 $121.9M Add +1.3%
AVGO Broadcom Inc. 2.60% 328,051 $108.2M Reduce -4.0%
QQQ Invesco QQQ Trust Series 1 2.54% 176,035 $105.7M Add +1.7%
MSFT Microsoft Corp. 2.12% 170,473 $88.3M Add +1.9%
PAAA Pgim Aaa Clo ETF 1.89% 1,524,998 $78.5M Add +16.9%
AMZN Amazon.com Inc. 1.88% 356,002 $78.2M Add +1.3%
SPY SS SPDR S&P 500 ETF Trust-US 1.69% 105,715 $70.4M Add +2.7%
PLTR Palantir Technologies Inc. Class A 1.53% 348,651 $63.6M Reduce -1.2%
IVV iShares Core S&P 500 ETF 1.47% 91,730 $61.4M Add +6.7%
VTI VG Morningstar TS MKT ETF-US 1.10% 139,688 $45.8M Reduce -2.8%
META Meta Platforms Inc. Class A 0.94% 53,096 $39.0M Add +14.6%
TSLA Tesla Inc. 0.89% 83,110 $37.0M Add +2.9%
GOOG Alphabet Inc. Class C 0.83% 141,447 $34.4M Add +6.2%
SPYM Ste STR SPDR PT S&P 500 ETF 0.80% 426,126 $33.4M Add +12.0%
COST Costco Wholesale Corp. 0.76% 34,207 $31.7M Add +1.0%
XLK SS Technology Select Sector 0.73% 107,625 $30.3M Add +5.2%
RDVY First Trust Rising Dividend 0.71% 442,260 $29.7M Reduce -12.7%
GLD SPDR Gold Shares 0.70% 82,386 $29.3M Add +11.5%
GOOGL Alphabet Inc. Class A 0.64% 110,162 $26.8M Add +4.7%
GARP iShares MSCI USA Quality Gar 0.59% 373,417 $24.5M Add +0.5%
NFLX Netflix Inc. 0.56% 19,491 $23.4M Reduce -4.5%
COWZ Pacer US Cash Cows 100 ETF 0.56% 403,092 $23.2M Reduce -8.6%
BUFR FT Vest Lad Buffervetf-Usd I 0.55% 682,753 $22.8M Add +19.7%
APP AppLovin Corp. Class A 0.55% 31,738 $22.8M Add +189.7%
JAAA Janus Henderson Aaa Clo ETF 0.52% 422,866 $21.5M Add +11.9%
QQQE Dirx Nasdaq-100EQ Wi ETF-Usd 0.49% 200,877 $20.4M Reduce -1.8%
SMH Vaneck Semiconductor ETF 0.46% 58,824 $19.2M Add +11.3%
IJH iShares Core S&P Midcap ETF 0.46% 293,050 $19.1M Add +4.9%
BRK.B Berkshire Hathaway Inc. Class B 0.46% 37,955 $19.1M Reduce -0.3%
VOO Vanguard S&P 500 ETF 0.44% 30,130 $18.5M Add +9.9%
TSM Taiwan Semiconductor-SP ADR 0.43% 63,457 $17.7M Add +61.3%
FSK FS KKR Capital Corp. 0.42% 1,172,728 $17.5M Add +1.1%
BIZD Vaneck BDC Income ETF 0.41% 1,141,026 $17.0M Add +9.3%
JPST JPMorgan Ultra-Short Income 0.41% 335,270 $17.0M Add +19.0%
SPYG SS SPDR P S&P 500 Growth ETF 0.40% 159,944 $16.7M Add +18.4%
PDI PIMCO Dynamic Income Fund 0.40% 832,440 $16.5M Add +3.6%
QQQI Neos Nasdaq-100 High Inc. ETF 0.39% 299,721 $16.2M Add +62.1%
WMT Walmart Inc. 0.38% 152,706 $15.7M Reduce -0.7%
JEPQ JPM Nasdaq Equity Premium filed as J P MORGAN EXCHANGE TRADED F 0.37% 270,093 $15.5M Reduce -4.6%
SDVY First Trust Smid Cap Rising 0.37% 405,343 $15.4M Add +0.5%
CGDV Cap Group Dividend Value filed as CAPITAL GROUP DIVIDEND VALUE 0.36% 356,767 $15.0M Add +181.3%
ITOT iShares Core S&P Total U.S. 0.36% 102,550 $14.9M Add +15.0%
VUG Vanguard Mrngstar GR ETF-Sui 0.35% 30,799 $14.8M Add +4.1%
VOT Vngrd Mrngstr MC GRW ETF-Usd 0.35% 49,573 $14.6M Add +1.3%
JPM JPMorgan Chase & Co. 0.34% 45,096 $14.2M Add +1.1%
SPDW Ste STR SPDR PT DW Eu ETF 0.33% 318,336 $13.6M Add +45.3%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.32% 47,902 $13.5M Add +42.0%
MOAT Vaneck Morningstar Wide Moat 0.32% 135,631 $13.4M Add +1.6%
CIBR First Trust Nasdaq Cybersecu 0.32% 174,775 $13.3M Add +39.8%
BIL SS SPDR BB 1-3M T-Bill ETF 0.32% 144,135 $13.2M Reduce -7.8%
MSTR Strategy Inc. 0.30% 39,399 $12.7M Reduce -15.1%
JBBB Janus Henderson B-BBB Clo Et 0.30% 263,240 $12.7M Add +5185.9%
SCHG Schwab US Large-Cap Growth 0.30% 396,762 $12.7M Add +3.9%
BX Blackstone Inc. 0.30% 72,025 $12.3M Add +13.3%
JQUA JPMorgan US Quality Factor 0.30% 195,541 $12.3M Add +30.1%
FETH Fidelity Ethereum Fund 0.29% 295,063 $12.3M Reduce -28.2%
TQQQ Proshares Ultrapro QQQ 0.29% 117,356 $12.1M Add +3.3%
VGT Vanguard Info Tech ETF 0.29% 16,192 $12.1M Add +11.9%
EFV iShares MSCI Eafe Value ETF 0.29% 177,251 $12.0M Add +19.4%
GDX Vaneck Gold Miners ETF 0.29% 156,490 $12.0M Add +87.2%
SNTH MRP Synthequity ETF 0.29% 393,724 $12.0M Add +81.5%
DYNF Ishrs US E F R A ETF-Usd Inc. 0.28% 197,072 $11.7M Add +14.8%
CRWD CrowdStrike Holdings Inc. Class A 0.28% 23,786 $11.7M Reduce -5.5%
PANW Palo Alto Networks Inc. 0.27% 56,054 $11.4M Reduce -0.7%
HD Home Depot Inc. 0.27% 28,123 $11.4M Reduce -0.5%
V Visa Inc. Class A 0.27% 32,745 $11.2M Reduce -0.1%
XLF SS Financial Select Sector 0.27% 206,033 $11.1M Add +14.6%
ITA iShares U.S. Aerospace & Def 0.27% 52,984 $11.1M Add +13.2%
SLV iShares Silver Trust 0.26% 253,930 $10.8M Add +65.1%
KNG FT Vest S&P 500 DVD Arst TRG 0.26% 217,496 $10.7M Add +63.2%
AMD Advanced Micro Devices 0.25% 64,242 $10.4M Reduce -14.9%
ABBV Abbvie Inc. 0.24% 43,829 $10.1M Add +0.2%
NET Cloudflare Inc. Class A 0.24% 46,571 $10.0M Add +20.2%
SCHD Schwab US DVD Equity ETF 0.24% 363,286 $9.9M Reduce -20.4%
SSO Proshares Ultra S&P500 0.24% 87,539 $9.8M Reduce -0.8%
IAU iShares Gold Trust 0.23% 130,238 $9.5M Add +6.3%
SPTM SS SPDR P S&P 1500 Comp ETF 0.23% 117,148 $9.4M Add +0.5%
RWJ Invesco S&P Smallcap 600 0.22% 192,664 $9.3M Add +11.6%
BND Vanguard Total Bond Market 0.22% 125,031 $9.3M Add +56.9%
VYM Vanguard High DVD Yield ETF 0.22% 64,722 $9.1M Add +4.1%
UBER Uber Technologies Inc. 0.21% 91,373 $9.0M Add +9.0%
BKNG Booking Holdings Inc. 0.21% 1,647 $8.9M Reduce -11.2%
VIG Vanguard Dividend Apprec ETF 0.21% 41,114 $8.9M Add +1.0%
VYMI Vanguard Int High DVD YLD Inc. 0.21% 104,011 $8.8M Add +14.7%
SGOV iShares 0-3 Month Treasury B 0.21% 86,894 $8.8M Add +60.4%
SPYI Neos S&P 500 High Income ETF 0.21% 164,702 $8.6M Add +15.9%
VOD Vodafone Group PLC-SP ADR 0.21% 738,091 $8.6M Reduce -14.3%
GE General Electric filed as GE AEROSPACE 0.20% 28,316 $8.5M Add +15.1%
CGGR Cap Group Growth Equity 0.20% 193,665 $8.5M Add +19.5%
MGK Vngrd Mrgstr MG CP GR ETF-Ui 0.20% 20,960 $8.4M Reduce -8.2%
RSP Invesco S&P 500 Equal Weight 0.20% 44,112 $8.4M Add +12.6%
XOM Exxon Mobil Corp. 0.20% 73,504 $8.3M Add +4.0%
QUAL iShares MSCI USA Quality Fac 0.20% 42,576 $8.3M Reduce -2.9%
SHV iShares 0-1 Year Treasury Bo 0.20% 74,501 $8.2M Reduce -17.7%
JEPI JPMorgan Equity Premium Inco 0.20% 142,981 $8.2M Add +4.0%
VBK Van Morst SML-Cap Gro-Usd Inc. 0.19% 27,155 $8.1M Reduce -1.6%
SMA Smartstop Self Storage REIT 0.19% 212,960 $8.0M Reduce -9.3%
ICOW Pacer Developed Markets Inte 0.19% 218,961 $8.0M Add +25.0%
IYW iShares Ustechnology ETF 0.19% 40,558 $7.9M Add +22.3%

Show all 1,353 holdings

Other holdings (3): bonds, preferreds, convertibles and warrants · $1.5M (not counted above)
SecurityClassShares / PrincipalValueChange
STRATEGY INC (MSTR 8 PERP) SERIES A PERP PF 13,233$1.2MReduce -13.0%
EL PASO ENERGY CAP TRST (KMI 4.75 03/31/28) PFD CV TR SEC 28 8,706$246KAdd +13.7%
COHEN & STEERS INFRASTRU RIGHT 10/16/2025 12,042$939Reduce -84.1%

Total filed on the 13F, all lines: $4.2B.

Portfolio Sells Q2 2025 → Q3 2025

TIDAL TRUST II Reduce -56.6% 0.17% −0.54
SMIG Bahl & Gaynor S/M Inc. Growth Sold out 0.00% −0.21
MSTR Strategy Inc. Reduce -15.1% 0.30% −0.21
NFLX Netflix Inc. Reduce -4.5% 0.56% −0.19
RDVY First Trust Rising Dividend Reduce -12.7% 0.71% −0.16
BALT Inn Defined Wealth Shield Reduce -36.9% 0.16% −0.12
ZALT Innovator US Eq 10 Buffer Reduce -47.2% 0.11% −0.12
GJUN FT Vest US Equity Moderate B Reduce -72.9% 0.04% −0.11
FTSM First Trust Enh Short Mat FD Reduce -47.7% 0.10% −0.11
COWZ Pacer US Cash Cows 100 ETF Reduce -8.6% 0.56% −0.11
VTI VG Morningstar TS MKT ETF-US Reduce -2.8% 1.10% −0.10
BXSL Blackstone Secured Lending F Reduce -26.8% 0.11% −0.10
SCHD Schwab US DVD Equity ETF Reduce -20.4% 0.24% −0.10
IEF iShares 7-10 Year Treasury B Reduce -68.0% 0.04% −0.09
COIN Coinbase Global Inc. Class A Reduce -60.6% 0.04% −0.08
BKNG Booking Holdings Inc. Reduce -11.2% 0.21% −0.08
SHV iShares 0-1 Year Treasury Bo Reduce -17.7% 0.20% −0.08
TDVG T Rowe Price Dividend Growth Sold out 0.00% −0.08
BIL SS SPDR BB 1-3M T-Bill ETF Reduce -7.8% 0.32% −0.08
SPOT Spotify Technology SA Reduce -36.5% 0.08% −0.07
CRWD CrowdStrike Holdings Inc. Class A Reduce -5.5% 0.28% −0.07
VRIG Invesco Variable Rate Invest Sold out 0.00% −0.07
ISRG Intuitive Surgical Inc. Reduce -12.3% 0.12% −0.07
QQQE Dirx Nasdaq-100EQ Wi ETF-Usd Reduce -1.8% 0.49% −0.06
AFRM Affirm Holdings Inc. Reduce -55.7% 0.04% −0.06
VEA Vanguard Ftse Developed ETF Reduce -47.1% 0.06% −0.06
FLRT Pacer Aristotle Pacific Floa Reduce -12.3% 0.19% −0.06
MRVL Marvell Technology Inc. Reduce -64.5% 0.03% −0.06
V Visa Inc. Class A Reduce -0.1% 0.27% −0.05
BRK.B Berkshire Hathaway Inc. Class B Reduce -0.3% 0.46% −0.05
JEPQ JPM Nasdaq Equity Premium Reduce -4.6% 0.37% −0.05
OXFORD LANE CAP CORP Sold out 0.00% −0.05
GAUG FT Vest US Equity Moderate B Reduce -49.1% 0.04% −0.05
SPYV SS SPDR P S&P 500 Value ETF Reduce -18.9% 0.14% −0.05
VOD Vodafone Group PLC-SP ADR Reduce -14.3% 0.21% −0.05
NLY Annaly Capital Management Inc. Reduce -46.7% 0.05% −0.05
PKST Peakstone Realty Trust Reduce -44.1% 0.04% −0.05
XLU St Sr Utl SL SE SPDR ETF-Usd Reduce -26.5% 0.10% −0.05
AMD Advanced Micro Devices Reduce -14.9% 0.25% −0.05
XLV SS Health Care Select Sector Reduce -18.7% 0.12% −0.04
PANW Palo Alto Networks Inc. Reduce -0.7% 0.27% −0.04
SMA Smartstop Self Storage REIT Reduce -9.3% 0.19% −0.04
GBIL Goldman Sachs Access Treasur Reduce -71.2% 0.01% −0.04
XLP SS Consumer Staples Sel Sect Reduce -10.9% 0.12% −0.04
JGRO JPMorgan Active Growth ETF Reduce -63.1% 0.02% −0.04
TLT iShares 20+ Year Treasury BD Reduce -33.4% 0.06% −0.04
PM Philip Morris International Reduce -21.8% 0.06% −0.04
IGSB iShares 1-5Y Inv Grade Corp. Reduce -26.8% 0.07% −0.04
WMT Walmart Inc. Reduce -0.7% 0.38% −0.04
MAA Mid-America Apartment Comm Reduce -30.6% 0.05% −0.04

Portfolio Buys Q2 2025 → Q3 2025

APP AppLovin Corp. Class A Add +189.7% 0.55% +0.44
NVDA Nvidia Corp. Add +1.6% 7.55% +0.32
JBBB Janus Henderson B-BBB Clo Et Add +5185.9% 0.30% +0.30
AAPL Apple Inc. Add +1.3% 2.93% +0.25
CGDV Cap Group Dividend Value Add +181.3% 0.36% +0.22
TSLA Tesla Inc. Add +2.9% 0.89% +0.18
TSM Taiwan Semiconductor-SP ADR Add +61.3% 0.43% +0.18
GOOG Alphabet Inc. Class C Add +6.2% 0.83% +0.18
FDT First Trust Develp MKT Ex-US New 0.17% +0.17
GDX Vaneck Gold Miners ETF Add +87.2% 0.29% +0.17
YETH Roundhill Etr Co. Call St ETF New 0.15% +0.15
SBET Sharplink Inc. Add +1189.0% 0.15% +0.14
GOOGL Alphabet Inc. Class A Add +4.7% 0.64% +0.13
QQQI Neos Nasdaq-100 High Inc. ETF Add +62.1% 0.39% +0.13
SNTH MRP Synthequity ETF Add +81.5% 0.29% +0.12
SLV iShares Silver Trust Add +65.1% 0.26% +0.12
GDLC Grayscale Coindesk 5 ETF New 0.09% +0.09
QQQM Invesco Nasdaq 100 ETF Add +163.6% 0.14% +0.09
SPDW Ste STR SPDR PT DW Eu ETF Add +45.3% 0.33% +0.08
GLD SPDR Gold Shares Add +11.5% 0.70% +0.08
CRWV Coreweave Inc. Class A Add +379.0% 0.11% +0.08
IJS iShares S&P Small-Cap 600 Va Add +464.2% 0.10% +0.08
KNG FT Vest S&P 500 DVD Arst TRG Add +63.2% 0.26% +0.08
QBUF Innv Nasdaq -100 10 B - QRT Add +801.6% 0.08% +0.07
AIRR First Trust Rba American Ind Add +92.3% 0.15% +0.07
VWO Vanguard Ftse Emerging Marke Add +194.3% 0.11% +0.07
FDVV Fidelity High Dividend ETF Add +391.9% 0.09% +0.07
EEM iShares MSCI Emerging Market Add +258.7% 0.09% +0.07
CRDO Credo Technology Group Holdi Add +263.4% 0.08% +0.06
ARTY iShares Future AI & Tech ETF Add +160.1% 0.11% +0.06
HDGE Advisorshares Active Bear Et New 0.06% +0.06
DVN Devon Energy Corp. Add +309.4% 0.08% +0.06
BND Vanguard Total Bond Market Add +56.9% 0.22% +0.06
ORCL Oracle Corp. Add +32.3% 0.19% +0.06
NUKZ Range Nuclear Renaissance Add +82.0% 0.13% +0.06
SGOV iShares 0-3 Month Treasury B Add +60.4% 0.21% +0.06
CIBR First Trust Nasdaq Cybersecu Add +39.8% 0.32% +0.06
TBUX T Rowe Price Ultra Short-Ter New 0.06% +0.06
JTEK JPMorgan US Tech Leaders Add +127.3% 0.11% +0.06
RWL Invesco S&P 500 Revenue ETF New 0.06% +0.06
OKLO Oklo Inc. Add +204.7% 0.07% +0.05
SMH Vaneck Semiconductor ETF Add +11.3% 0.46% +0.05
BUFQ FT VST Lad NSDQ Buf ETF-Usdi New 0.05% +0.05
IWM iShares Russell 2000 ETF Add +40.8% 0.19% +0.05
SPEM State Street SP PTF Em ETF Add +82.3% 0.12% +0.05
IBM Intl Business Machines Corp. Add +42.0% 0.32% +0.05
TOUS T Rowe PRC International Eq New 0.05% +0.05
ENFR Alerian Energy Infrastructur New 0.05% +0.05
FNGS Microsectors Fang+ Etns Add +73.4% 0.13% +0.05
XRPI XRP ETF Add +1189.1% 0.05% +0.05

Notes & Other Activity Q2 2025 → Q3 2025

STRATEGY INC (MSTR 8 PERP) SERIES A PERP PF Reduce -13.0% 13,233 $1.2M
EL PASO ENERGY CAP TRST (KMI 4.75 03/31/28) PFD CV TR SEC 28 Add +13.7% 8,706 $246K
COHEN & STEERS INFRASTRU RIGHT 10/16/2025 Reduce -84.1% 12,042 $939

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 1,541$5.3BNVDA, QQQ, AAPL, MU, AVGO
Q1 2026Amended 1,444$4.5BNVDA, AAPL, QQQ, AVGO, AMZN
Q4 2025 1,404$4.5BNVDA, AAPL, QQQ, AVGO, MSFT
Q3 2025 1,353$4.2BNVDA, AAPL, AVGO, QQQ, MSFT
Q2 2025 1,284$3.6BNVDA, AAPL, QQQ, AVGO, MSFT
Q1 2025 1,173$2.9BNVDA, AAPL, QQQ, AMZN, AVGO
Q4 2024 1,155$3.0BNVDA, AAPL, AVGO, AMZN, MSFT
Q3 2024 1,126$2.7BNVDA, AAPL, AVGO, MSFT, QQQ
Q2 2024 1,087$2.5BNVDA, AAPL, MSFT, QQQ, AMZN
Q1 2024 1,014$2.2BNVDA, AAPL, MSFT, AMZN, QQQ