Independent Financial Group, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed May 15, 2026), Independent Financial Group, LLC reported 1,404 stock positions worth $4.5 billion. Its top holding was Nvidia (NVDA) at 7.1% of the portfolio, followed by Apple (AAPL, 3.0%) and Invesco QQQ Trust Series 1 (QQQ, 2.6%). Compared with Q3 2025, it opened 150 new positions, sold out of 100, added to 659 and reduced 495. The biggest buy was Micron Technology (MU, shares +294%) and the biggest sale AppLovin Class A (APP, shares −65%).
- Most Recent 13F
- Q2 2026
- Location
- SAN DIEGO, CA
- CIK
- 0000275484
- Portfolio Value
- $4.5B (Q4 2025)
- SEC Filing
- 0000275484-26-000003 ↗ filed May 15, 2026
Holdings Value
Holdings 1,404 stocks · $4.5B
| NVDA Nvidia Corp. | 7.14% | 1,714,223 | $319.7M | Add +1.7% |
| AAPL Apple Inc. | 3.02% | 497,431 | $135.2M | Add +3.9% |
| QQQ Invesco QQQ Trust Series 1 | 2.64% | 192,822 | $118.5M | Add +9.5% |
| AVGO Broadcom Inc. | 2.56% | 331,537 | $114.7M | Add +1.1% |
| MSFT Microsoft Corp. | 1.98% | 183,529 | $88.8M | Add +7.7% |
| AMZN Amazon.com Inc. | 1.93% | 374,750 | $86.5M | Add +5.3% |
| PAAA Pgim Aaa Clo ETF | 1.70% | 1,484,575 | $76.1M | Reduce -2.6% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.66% | 108,988 | $74.3M | Add +3.1% |
| IVV iShares Core S&P 500 ETF | 1.43% | 93,411 | $64.0M | Add +1.8% |
| PLTR Palantir Technologies Inc. Class A | 1.28% | 322,442 | $57.3M | Reduce -7.5% |
| VTI VG Morningstar TS MKT ETF-US | 1.05% | 139,773 | $46.9M | Add +0.1% |
| GOOG Alphabet Inc. Class C | 1.01% | 144,402 | $45.3M | Add +2.1% |
| META Meta Platforms Inc. Class A | 0.87% | 59,334 | $39.2M | Add +11.8% |
| TSLA Tesla Inc. | 0.86% | 85,411 | $38.4M | Add +2.8% |
| GOOGL Alphabet Inc. Class A | 0.84% | 119,919 | $37.5M | Add +8.9% |
| GLD SPDR Gold Shares | 0.75% | 85,046 | $33.7M | Add +3.2% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 0.73% | 407,585 | $32.7M | Reduce -4.3% |
| XLK SS Technology Select Sector | 0.69% | 216,008 | $31.1M | Add +0.3% |
| COST Costco Wholesale Corp. | 0.67% | 34,991 | $30.2M | Add +2.3% |
| JAAA Janus Henderson Aaa Clo ETF | 0.61% | 537,230 | $27.2M | Add +27.0% |
| SLV iShares Silver Trust | 0.58% | 403,492 | $26.0M | Add +58.9% |
| BUFR FT Vest Lad Buffervetf-Usd I | 0.58% | 754,296 | $25.8M | Add +10.5% |
| MU Micron Technology Inc. | 0.57% | 90,096 | $25.7M | Add +294.4% |
| GARP iShares MSCI USA Quality Gar | 0.56% | 370,196 | $25.2M | Reduce -0.9% |
| CGDV Cap Group Dividend Value filed as CAPITAL GROUP DIVIDEND VALUE | 0.55% | 561,682 | $24.5M | Add +57.4% |
| QQQI Neos Nasdaq-100 High Inc. ETF | 0.52% | 433,400 | $23.3M | Add +44.6% |
| TSM Taiwan Semiconductor-SP ADR | 0.52% | 76,345 | $23.2M | Add +20.3% |
| FSK FS KKR Capital Corp. | 0.51% | 1,548,882 | $22.9M | Add +32.1% |
| VOO Vanguard S&P 500 ETF | 0.50% | 36,038 | $22.6M | Add +19.6% |
| RDVY First Trust Rising Dividend | 0.50% | 323,449 | $22.5M | Reduce -26.9% |
| COWZ Pacer US Cash Cows 100 ETF | 0.50% | 369,935 | $22.3M | Reduce -8.2% |
| SMH Vaneck Semiconductor ETF | 0.47% | 58,625 | $21.1M | Reduce -0.3% |
| QQQE Dirx Nasdaq-100EQ Wi ETF-Usd | 0.45% | 197,717 | $20.2M | Reduce -1.6% |
| IJH iShares Core S&P Midcap ETF | 0.44% | 296,838 | $19.6M | Add +1.3% |
| BIZD Vaneck BDC Income ETF | 0.43% | 1,363,165 | $19.3M | Add +19.5% |
| SPYG SS SPDR P S&P 500 Growth ETF | 0.42% | 176,800 | $18.9M | Add +10.5% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.42% | 37,303 | $18.8M | Reduce -1.7% |
| JEPQ JPM Nasdaq Equity Premium filed as J P MORGAN EXCHANGE TRADED F | 0.41% | 318,348 | $18.5M | Add +17.9% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.41% | 62,299 | $18.5M | Add +30.1% |
| WMT Walmart Inc. | 0.41% | 163,192 | $18.2M | Add +6.9% |
| GDX Vaneck Gold Miners ETF | 0.37% | 192,638 | $16.5M | Add +23.1% |
| JPST JPMorgan Ultra-Short Income | 0.37% | 323,909 | $16.4M | Reduce -3.4% |
| SGOV iShares 0-3 Month Treasury B | 0.36% | 162,836 | $16.3M | Add +87.4% |
| AMD Advanced Micro Devices | 0.36% | 75,994 | $16.3M | Add +18.3% |
| DYNF Ishrs US E F R A ETF-Usd Inc. | 0.36% | 266,408 | $16.2M | Add +35.2% |
| SNTH MRP Synthequity ETF | 0.36% | 577,050 | $16.0M | Add +46.6% |
| VOT Vngrd Mrngstr MC GRW ETF-Usd | 0.35% | 56,834 | $15.9M | Add +14.7% |
| ITOT iShares Core S&P Total U.S. | 0.35% | 106,243 | $15.8M | Add +3.6% |
| JPM JPMorgan Chase & Co. | 0.35% | 48,573 | $15.7M | Add +7.7% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.34% | 31,601 | $15.4M | Add +2.6% |
| SDVY First Trust Smid Cap Rising | 0.34% | 400,857 | $15.4M | Reduce -1.1% |
| NFLX Netflix Inc. | 0.33% | 157,534 | $14.8M | Reduce -19.2% |
| TQQQ Proshares Ultrapro QQQ | 0.31% | 265,732 | $14.0M | Add +13.2% |
| LLY Eli Lilly & Co. | 0.31% | 12,975 | $13.9M | Add +32.6% |
| SCHG Schwab US Large-Cap Growth | 0.31% | 419,153 | $13.7M | Add +5.6% |
| MOAT Vaneck Morningstar Wide Moat | 0.30% | 129,055 | $13.4M | Reduce -4.8% |
| IAU iShares Gold Trust | 0.30% | 164,195 | $13.3M | Add +26.1% |
| JBBB Janus Henderson B-BBB Clo Et | 0.29% | 274,631 | $13.1M | Add +4.3% |
| CIBR First Trust Nasdaq Cybersecu | 0.29% | 180,982 | $12.9M | Add +3.5% |
| PDI PIMCO Dynamic Income Fund | 0.29% | 729,714 | $12.9M | Reduce -12.3% |
| BPRE Bluerock Private Real Estate | 0.29% | 858,785 | $12.9M | New |
| BND Vanguard Total Bond Market | 0.28% | 168,944 | $12.5M | Add +35.1% |
| MSTR Strategy Inc. | 0.27% | 81,033 | $12.3M | Add +105.7% |
| VOD Vodafone Group PLC-SP ADR | 0.27% | 922,415 | $12.2M | Add +25.0% |
| EFV iShares MSCI Eafe Value ETF | 0.27% | 168,110 | $12.0M | Reduce -5.2% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 0.27% | 130,733 | $11.9M | Reduce -9.3% |
| ITA iShares U.S. Aerospace & Def | 0.26% | 54,866 | $11.8M | Add +3.5% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.26% | 24,984 | $11.7M | Add +5.0% |
| V Visa Inc. Class A | 0.26% | 32,709 | $11.5M | Reduce -0.1% |
| SMA Smartstop Self Storage REIT | 0.25% | 361,586 | $11.2M | Add +69.8% |
| VGT Vanguard Info Tech ETF | 0.24% | 14,430 | $10.9M | Reduce -10.9% |
| JEPI JPMorgan Equity Premium Inco | 0.24% | 186,728 | $10.7M | Add +30.6% |
| XLC SS Comm Select Sector SPDR | 0.24% | 90,643 | $10.7M | Add +59.9% |
| SPYI Neos S&P 500 High Income ETF | 0.24% | 201,235 | $10.6M | Add +22.2% |
| QUAL iShares MSCI USA Quality Fac | 0.23% | 52,906 | $10.5M | Add +24.3% |
| HD Home Depot Inc. | 0.23% | 30,477 | $10.5M | Add +8.4% |
| JQUA JPMorgan US Quality Factor | 0.23% | 165,619 | $10.5M | Reduce -15.3% |
| FTSM First Trust Enh Short Mat FD | 0.23% | 174,352 | $10.4M | Add +162.4% |
| CGGR Cap Group Growth Equity | 0.23% | 231,369 | $10.3M | Add +19.5% |
| OEF iShares S&P 100 ETF | 0.23% | 29,443 | $10.1M | Add +86.2% |
| ABBV Abbvie Inc. | 0.23% | 44,149 | $10.1M | Add +0.7% |
| SCHD Schwab US DVD Equity ETF | 0.22% | 366,754 | $10.1M | Add +0.9% |
| SSO Proshares Ultra S&P500 | 0.22% | 173,035 | $10.0M | Reduce -1.2% |
| IWM iShares Russell 2000 ETF | 0.22% | 40,661 | $10.0M | Add +25.9% |
| RWJ Invesco S&P Smallcap 600 | 0.22% | 203,947 | $9.9M | Add +5.9% |
| VYMI Vanguard Int High DVD YLD Inc. | 0.22% | 109,482 | $9.9M | Add +5.3% |
| XLF SS Financial Select Sector | 0.22% | 177,620 | $9.7M | Reduce -13.8% |
| SPTM SS SPDR P S&P 1500 Comp ETF | 0.22% | 117,907 | $9.7M | Add +0.7% |
| PANW Palo Alto Networks Inc. | 0.22% | 52,642 | $9.7M | Reduce -6.1% |
| VYM Vanguard High DVD Yield ETF | 0.21% | 66,782 | $9.6M | Add +3.2% |
| AGNC AGNC Investment Corp. | 0.21% | 892,471 | $9.6M | Add +82.0% |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | 0.21% | 22,965 | $9.5M | Add +9.6% |
| SPYV SS SPDR P S&P 500 Value ETF | 0.21% | 163,190 | $9.3M | Add +49.7% |
| SRLN SS Blackstone Sr Loan ETF | 0.21% | 224,320 | $9.3M | Add +39.3% |
| CAT Caterpillar Inc. | 0.21% | 16,072 | $9.2M | Add +5.8% |
| QQQM Invesco Nasdaq 100 ETF | 0.20% | 36,283 | $9.2M | Add +52.0% |
| UYLD Angel Oak Ultrashort Income | 0.20% | 177,543 | $9.1M | Add +17.8% |
| VIG Vanguard Dividend Apprec ETF | 0.20% | 41,071 | $9.0M | Reduce -0.1% |
| FDT First Trust Develp MKT Ex-US | 0.20% | 111,510 | $8.9M | Add +15.5% |
| DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE | 0.20% | 18,236 | $8.8M | Add +12.3% |
Other holdings (1): bonds, preferreds, convertibles and warrants · $998K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| STRATEGY INC (MSTR 8 PERP) | SERIES A PERP PF | 12,670 | $998K | Reduce -4.3% |
Total filed on the 13F, all lines: $4.5B.
Portfolio Sells Q3 2025 → Q4 2025
| APP AppLovin Corp. Class A | Reduce -65.5% | 0.16% | −0.38 |
| FETH Fidelity Ethereum Fund | Reduce -86.4% | 0.03% | −0.27 |
| PLTR Palantir Technologies Inc. Class A | Reduce -7.5% | 1.28% | −0.25 |
| NFLX Netflix Inc. | Reduce -19.2% | 0.33% | −0.23 |
| RDVY First Trust Rising Dividend | Reduce -26.9% | 0.50% | −0.21 |
| PAAA Pgim Aaa Clo ETF | Reduce -2.6% | 1.70% | −0.19 |
| TIDAL TRUST II | Sold out | 0.00% | −0.17 |
| SPDW Ste STR SPDR PT DW Eu ETF | Reduce -44.7% | 0.17% | −0.15 |
| YETH Roundhill Etr Co. Call St ETF | Sold out | 0.00% | −0.15 |
| SBET Sharplink Inc. | Reduce -92.8% | 0.01% | −0.14 |
| BX Blackstone Inc. | Reduce -36.2% | 0.16% | −0.14 |
| CGCB Cap Group Core Bond | Reduce -69.4% | 0.05% | −0.13 |
| NBIS Nebius Group NV | Reduce -45.9% | 0.06% | −0.11 |
| PDI PIMCO Dynamic Income Fund | Reduce -12.3% | 0.29% | −0.11 |
| KNG FT Vest S&P 500 DVD Arst TRG | Reduce -26.9% | 0.17% | −0.08 |
| CRWV Coreweave Inc. Class A | Reduce -30.0% | 0.04% | −0.07 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Reduce -4.3% | 0.73% | −0.07 |
| CVNA Carvana Co. | Sold out | 0.00% | −0.07 |
| VWO Vanguard Ftse Emerging Marke | Reduce -61.2% | 0.04% | −0.07 |
| ORCL Oracle Corp. | Reduce -2.3% | 0.12% | −0.07 |
| UBER Uber Technologies Inc. | Reduce -11.3% | 0.15% | −0.07 |
| FXE Invesco Currencyshares Euro | Sold out | 0.00% | −0.07 |
| BXSL Blackstone Secured Lending F | Reduce -55.7% | 0.05% | −0.07 |
| HDGE Advisorshares Active Bear Et | Sold out | 0.00% | −0.06 |
| JQUA JPMorgan US Quality Factor | Reduce -15.3% | 0.23% | −0.06 |
| VZ Verizon Communications Inc. | Reduce -20.6% | 0.13% | −0.06 |
| COWZ Pacer US Cash Cows 100 ETF | Reduce -8.2% | 0.50% | −0.06 |
| PANW Palo Alto Networks Inc. | Reduce -6.1% | 0.22% | −0.06 |
| SPEM State Street SP PTF Em ETF | Reduce -42.0% | 0.06% | −0.06 |
| XRPI XRP ETF | Sold out | 0.00% | −0.05 |
| DVN Devon Energy Corp. | Reduce -60.3% | 0.03% | −0.05 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Reduce -9.3% | 0.27% | −0.05 |
| KKR KKR & Co. Inc. | Reduce -70.1% | 0.02% | −0.05 |
| XLF SS Financial Select Sector | Reduce -13.8% | 0.22% | −0.05 |
| ETHA iShares Ethereum Trust ETF | Reduce -58.8% | 0.02% | −0.05 |
| CRPT FT Skybr Crypt & Dig Econ | Sold out | 0.00% | −0.05 |
| ARM Arm Holdings PLC-ADR | Reduce -46.5% | 0.03% | −0.05 |
| BKNG Booking Holdings Inc. | Reduce -15.8% | 0.17% | −0.05 |
| VGT Vanguard Info Tech ETF | Reduce -10.9% | 0.24% | −0.05 |
| ETHU 2X Ether ETF | Reduce -65.1% | 0.01% | −0.05 |
| XLP SS Consumer Staples Sel Sect | Reduce -33.0% | 0.08% | −0.05 |
| NET Cloudflare Inc. Class A | Reduce -5.5% | 0.19% | −0.05 |
| FNGS Microsectors Fang+ Etns | Reduce -29.0% | 0.08% | −0.05 |
| ABR Arbor Realty Trust Inc. | Sold out | 0.00% | −0.05 |
| BUFF Innovator Laddered Allocatio | Reduce -66.8% | 0.02% | −0.04 |
| FNGO Microsectors Fang Index 2X L | Reduce -16.7% | 0.11% | −0.04 |
| JPST JPMorgan Ultra-Short Income | Reduce -3.4% | 0.37% | −0.04 |
| BRSP Brightspire Capital Inc. | Reduce -85.7% | 0.01% | −0.04 |
| PLTY Yieldmax PLTR Option Inc. ETF | Reduce -38.7% | 0.03% | −0.04 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -1.7% | 0.42% | −0.04 |
Portfolio Buys Q3 2025 → Q4 2025
| MU Micron Technology Inc. | Add +294.4% | 0.57% | +0.48 |
| SLV iShares Silver Trust | Add +58.9% | 0.58% | +0.32 |
| BPRE Bluerock Private Real Estate | New | 0.29% | +0.29 |
| GOOGL Alphabet Inc. Class A | Add +8.9% | 0.84% | +0.19 |
| CGDV Cap Group Dividend Value | Add +57.4% | 0.55% | +0.19 |
| GOOG Alphabet Inc. Class C | Add +2.1% | 1.01% | +0.18 |
| SGOV iShares 0-3 Month Treasury B | Add +87.4% | 0.36% | +0.15 |
| FTSM First Trust Enh Short Mat FD | Add +162.4% | 0.23% | +0.14 |
| BSCX Invesco Bulletshares 2033 CB | New | 0.14% | +0.14 |
| LLY Eli Lilly & Co. | Add +32.6% | 0.31% | +0.13 |
| QQQI Neos Nasdaq-100 High Inc. ETF | Add +44.6% | 0.52% | +0.13 |
| AMD Advanced Micro Devices | Add +18.3% | 0.36% | +0.11 |
| QQQ Invesco QQQ Trust Series 1 | Add +9.5% | 2.64% | +0.11 |
| NLY Annaly Capital Management Inc. | Add +209.6% | 0.15% | +0.10 |
| IUSB Ishr CR Unvrse Usd BD ETF-Ui | Add +260.5% | 0.14% | +0.10 |
| OEF iShares S&P 100 ETF | Add +86.2% | 0.23% | +0.10 |
| AGNC AGNC Investment Corp. | Add +82.0% | 0.21% | +0.10 |
| TSM Taiwan Semiconductor-SP ADR | Add +20.3% | 0.52% | +0.09 |
| FSK FS KKR Capital Corp. | Add +32.1% | 0.51% | +0.09 |
| AAPL Apple Inc. | Add +3.9% | 3.02% | +0.09 |
| JAAA Janus Henderson Aaa Clo ETF | Add +27.0% | 0.61% | +0.09 |
| FCX Freeport-McMoran Inc. | Add +101.3% | 0.15% | +0.09 |
| IBM Intl Business Machines Corp. | Add +30.1% | 0.41% | +0.09 |
| BMNR Bitmine Immersion Technologi | Add +526.4% | 0.13% | +0.09 |
| SHLD Global X Defense Tech ETF | Add +327.9% | 0.11% | +0.08 |
| GDX Vaneck Gold Miners ETF | Add +23.1% | 0.37% | +0.08 |
| DYNF Ishrs US E F R A ETF-Usd Inc. | Add +35.2% | 0.36% | +0.08 |
| TIP iShares Tips Bond ETF | Add +260.0% | 0.11% | +0.08 |
| XLC SS Comm Select Sector SPDR | Add +59.9% | 0.24% | +0.08 |
| FSSL FS Specialty Lending Fund | New | 0.07% | +0.07 |
| IAU iShares Gold Trust | Add +26.1% | 0.30% | +0.07 |
| SNTH MRP Synthequity ETF | Add +46.6% | 0.36% | +0.07 |
| EEM iShares MSCI Emerging Market | Add +83.7% | 0.16% | +0.07 |
| VOD Vodafone Group PLC-SP ADR | Add +25.0% | 0.27% | +0.07 |
| QQQM Invesco Nasdaq 100 ETF | Add +52.0% | 0.20% | +0.06 |
| SPYV SS SPDR P S&P 500 Value ETF | Add +49.7% | 0.21% | +0.06 |
| VOO Vanguard S&P 500 ETF | Add +19.6% | 0.50% | +0.06 |
| LITE Lumentum Holdings Inc. | New | 0.06% | +0.06 |
| IDMO Invesco S&P International DE | Add +752.7% | 0.07% | +0.06 |
| GIGB Goldman Sachs Inv GRD Corp. | New | 0.06% | +0.06 |
| CAIE Calamos Autocallable Inc. ETF | Add +1227.3% | 0.06% | +0.06 |
| SMA Smartstop Self Storage REIT | Add +69.8% | 0.25% | +0.06 |
| STX Seagate Technology Holdings | Add +146.6% | 0.09% | +0.06 |
| BND Vanguard Total Bond Market | Add +35.1% | 0.28% | +0.06 |
| GDLC Grayscale Coindesk 5 ETF | Add +131.3% | 0.15% | +0.06 |
| MRK Merck & Co. Inc. | Add +68.4% | 0.11% | +0.06 |
| ENFR Alerian Energy Infrastructur | Add +133.2% | 0.10% | +0.05 |
| AMZN Amazon.com Inc. | Add +5.3% | 1.93% | +0.05 |
| USFR Wisdomtree Floating Rate Tre | Add +739.9% | 0.06% | +0.05 |
| NREF Nexpoint Real Estate Finance | Add +231.5% | 0.07% | +0.05 |
Notes & Other Activity Q3 2025 → Q4 2025
| STRATEGY INC (MSTR 8 PERP) | SERIES A PERP PF | Reduce -4.3% | 12,670 | $998K |
| EL PASO ENERGY CAP TRST (KMI 4.75 03/31/28) | PFD CV TR SEC 28 | Sold out | 8,706 | $246Kbefore exit |
| COHEN & STEERS INFRASTRU | RIGHT 10/16/2025 | Sold out | 12,042 | $939before exit |
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 |