Stephens Inc.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 29, 2025), Stephens Inc. reported 1,272 stock positions worth $7.3 billion. Its top holding was VG Morningstar TS MKT ETF-US (VTI) at 3.0% of the portfolio, followed by Microsoft (MSFT, 2.3%) and Apple (AAPL, 2.3%). Compared with Q1 2025, it opened 98 new positions, sold out of 60, added to 528 and reduced 521. The biggest buy was Nvidia (NVDA, shares +6%) and the biggest sale Apple (AAPL, shares −0%).
- Most Recent 13F
- Q2 2026
- Location
- LITTLE ROCK, AR
- CIK
- 0000757657
- Portfolio Value
- $7.3B (Q2 2025)
- SEC Filing
- 0000757657-25-000019 ↗ filed Jul 29, 2025
Holdings Value
Holdings 1,272 stocks · $7.3B
| VTI VG Morningstar TS MKT ETF-US | 2.98% | 711,937 | $216.4M | Reduce -12.9% |
| MSFT Microsoft Corp. | 2.33% | 340,134 | $169.2M | Add +0.1% |
| AAPL Apple Inc. | 2.28% | 806,990 | $165.6M | Reduce -0.1% |
| QQQ Invesco QQQ Trust Series 1 | 1.89% | 249,198 | $137.5M | Reduce -5.2% |
| WMT Walmart Inc. | 1.82% | 1,355,357 | $132.6M | Add +0.1% |
| IWD iShares Russell 1000 Value E | 1.67% | 623,920 | $121.2M | Reduce -0.1% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.67% | 195,738 | $121.2M | Add +1.9% |
| NVDA Nvidia Corp. | 1.63% | 748,182 | $118.5M | Add +6.1% |
| AMZN Amazon.com Inc. | 1.57% | 519,675 | $114.0M | Add +9.6% |
| JPM JPMorgan Chase & Co. | 1.53% | 383,778 | $111.3M | Add +2.2% |
| IWS iShares Russell Mid-Cap Valu | 1.52% | 835,726 | $110.4M | Add +2.4% |
| AVGO Broadcom Inc. | 1.49% | 392,560 | $108.2M | Reduce -1.4% |
| IWF iShares Russell 1000 Growth | 1.44% | 246,602 | $104.8M | Add +1.3% |
| IWP iShares Russell Mid-Cap Grow | 1.03% | 542,492 | $75.2M | Add +2.0% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.96% | 394,685 | $69.8M | Add +4.9% |
| KRUS Kura Sushi USA Inc. Class A | 0.87% | 738,890 | $63.6M | Add +1.5% |
| VOO Vanguard S&P 500 ETF | 0.86% | 110,059 | $62.5M | Reduce -5.7% |
| META Meta Platforms Inc. Class A | 0.86% | 84,687 | $62.5M | Add +5.6% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.83% | 137,075 | $60.1M | Add +3.2% |
| GOOG Alphabet Inc. Class C | 0.82% | 336,577 | $59.7M | Reduce -0.7% |
| GOOGL Alphabet Inc. Class A | 0.75% | 310,293 | $54.7M | Add +8.3% |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 0.72% | 270,049 | $52.7M | Add +1.7% |
| AMLP Alerian MLP ETF | 0.72% | 1,074,933 | $52.5M | Add +1.1% |
| MA Mastercard Inc. Class A | 0.70% | 91,099 | $51.2M | Add +0.6% |
| IWV iShares Russell 3000 ETF | 0.68% | 140,371 | $49.3M | Add +1.8% |
| VCSH Vanguard S/T Corp. Bond ETF | 0.67% | 617,163 | $49.1M | Reduce -0.7% |
| BX Blackstone Inc. | 0.62% | 302,121 | $45.2M | Add +3.5% |
| SHY iShares 1-3 Year Treasury Bo | 0.62% | 541,300 | $44.9M | Reduce -13.5% |
| GS Goldman Sachs Group Inc. | 0.61% | 62,536 | $44.3M | Add +3.9% |
| OBDC Blue Owl Capital Corp. | 0.60% | 3,032,304 | $43.5M | Add +1.4% |
| PLTR Palantir Technologies Inc. Class A | 0.57% | 295,977 | $41.4M | Reduce -14.9% |
| VONG Vanguard Russell 1000 Growth | 0.56% | 370,907 | $40.5M | Add +4.9% |
| V Visa Inc. Class A | 0.55% | 112,200 | $39.8M | Reduce -4.7% |
| IWR iShares Russell Mid-Cap ETF | 0.52% | 413,792 | $38.1M | Add +3.0% |
| XOM Exxon Mobil Corp. | 0.52% | 349,621 | $37.7M | Add +0.6% |
| JPST JPMorgan Ultra-Short Income | 0.52% | 742,626 | $37.6M | Reduce -2.9% |
| VBK Van Morst SML-Cap Gro-Usd Inc. | 0.52% | 135,834 | $37.6M | Add +137.6% |
| CSCO Cisco Systems Inc. | 0.51% | 533,779 | $37.0M | Add +4.4% |
| CVX Chevron Corp. | 0.51% | 257,493 | $36.9M | Reduce -2.2% |
| MOAT Vaneck Morningstar Wide Moat | 0.51% | 391,831 | $36.7M | Reduce -1.7% |
| IOO iShares Global 100 ETF | 0.50% | 338,163 | $36.5M | Add +4.8% |
| USFR Wisdomtree Floating Rate Tre | 0.48% | 697,312 | $35.1M | Reduce -17.6% |
| SCHD Schwab US DVD Equity ETF | 0.48% | 1,318,633 | $34.9M | Add +33.2% |
| JEPI JPMorgan Equity Premium Inco | 0.48% | 613,496 | $34.9M | Add +4.1% |
| IGSB iShares 1-5Y Inv Grade Corp. | 0.48% | 656,477 | $34.6M | Reduce -29.1% |
| DUK Duke Energy Corp. | 0.47% | 291,263 | $34.4M | Reduce -1.3% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.47% | 122,460 | $34.3M | Reduce -17.8% |
| VRP Invesco Variable Rate Prefer | 0.47% | 1,384,622 | $33.9M | Add +0.5% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.44% | 65,707 | $31.9M | Add +1.6% |
| JNJ Johnson & Johnson | 0.41% | 197,201 | $30.1M | Reduce -2.7% |
| APH Amphenol Corp. Class A | 0.41% | 301,718 | $29.8M | Reduce -5.4% |
| LLY Eli Lilly & Co. | 0.40% | 37,781 | $29.5M | Add +3.5% |
| VEA Vanguard Ftse Developed ETF | 0.40% | 515,723 | $29.4M | Reduce -27.7% |
| CRM Salesforce Inc. | 0.40% | 105,517 | $28.8M | Add +4.0% |
| IWB iShares Russell 1000 ETF | 0.38% | 81,872 | $27.8M | Add +0.3% |
| DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE | 0.38% | 63,082 | $27.8M | Add +3.1% |
| WM Waste Management Inc. | 0.38% | 120,850 | $27.7M | Reduce -0.6% |
| ARCC Ares Capital Corp. | 0.37% | 1,241,314 | $27.3M | Reduce -0.7% |
| ABBV Abbvie Inc. | 0.37% | 145,018 | $26.9M | Reduce -0.2% |
| AMGN Amgen Inc. | 0.37% | 95,731 | $26.7M | Add +14.2% |
| CAT Caterpillar Inc. | 0.37% | 68,648 | $26.6M | Reduce -2.6% |
| MLM Martin Marietta Materials | 0.37% | 48,377 | $26.6M | Add +5.8% |
| APO Apollo Global Management Inc. | 0.36% | 186,405 | $26.4M | Add +0.4% |
| NFLX Netflix Inc. | 0.36% | 19,659 | $26.3M | Reduce -3.5% |
| VGSH Vanguard Short-Term Treasury | 0.36% | 443,934 | $26.1M | Reduce -1.8% |
| FJAN FT Vest U.S. Equity Buffer E | 0.35% | 535,103 | $25.4M | Add +58.7% |
| PFF iShares Preferred & Income S | 0.35% | 826,925 | $25.4M | Reduce -3.9% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.35% | 532,897 | $25.2M | Reduce -1.3% |
| FTCB FT Core Investment Grade ETF | 0.34% | 1,190,289 | $25.1M | Reduce -5.6% |
| LOW Lowe's Cos Inc. | 0.34% | 112,126 | $24.9M | Add +3.3% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.34% | 104,761 | $24.8M | Add +3.5% |
| BIV Vanguard Intermediate-Term B | 0.34% | 318,561 | $24.6M | Add +38.1% |
| ET Energy Transfer LP | 0.34% | 1,355,896 | $24.6M | Reduce -8.1% |
| MRK Merck & Co. Inc. | 0.34% | 307,789 | $24.4M | Reduce -5.7% |
| QCOM Qualcomm Inc. | 0.33% | 152,131 | $24.2M | Reduce -7.8% |
| FFEB FT Vest US Equity Buffer ETF | 0.33% | 460,936 | $24.2M | Add +199.9% |
| VIG Vanguard Dividend Apprec ETF | 0.32% | 114,207 | $23.4M | Reduce -30.7% |
| KKR KKR & Co. Inc. | 0.32% | 173,526 | $23.1M | Add +15.1% |
| HD Home Depot Inc. | 0.32% | 62,713 | $23.0M | Add +1.2% |
| KO The Coca-Cola Co. | 0.32% | 322,570 | $23.0M | Reduce -4.8% |
| MDT Medtronic PLC | 0.31% | 260,761 | $22.7M | Reduce -8.6% |
| FDL First Trust Morn DVD Lead Inc. | 0.30% | 520,211 | $21.8M | Add +0.4% |
| JCPB JPMorgan Core Plus Bond ETF | 0.29% | 451,295 | $21.2M | Reduce -5.5% |
| IWM iShares Russell 2000 ETF | 0.29% | 97,914 | $21.1M | Reduce -37.5% |
| T AT&T Inc. | 0.29% | 726,911 | $21.0M | Reduce -5.0% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.29% | 70,750 | $20.9M | Add +1.5% |
| IAU iShares Gold Trust | 0.28% | 324,580 | $20.2M | Reduce -16.9% |
| ZTS Zoetis Inc. | 0.28% | 129,045 | $20.1M | Add +16.7% |
| MCD McDonald's Corp. | 0.27% | 68,176 | $19.9M | Add +9.6% |
| WRB WR Berkley Corp. filed as BERKLEY W R CORP | 0.27% | 270,524 | $19.9M | Add +0.7% |
| ETN Eaton Corp. PLC | 0.27% | 54,516 | $19.5M | Reduce -0.5% |
| VOE Vngrd Mrngstr MD-Cap Val ETF | 0.27% | 117,557 | $19.3M | Reduce -0.5% |
| QUAL iShares MSCI USA Quality Fac | 0.26% | 101,615 | $18.6M | Add +0.9% |
| USRT iShares Core US REIT ETF | 0.25% | 318,723 | $18.0M | Add +0.2% |
| SGOV iShares 0-3 Month Treasury B | 0.25% | 177,027 | $17.8M | Add +5.7% |
| CGMS Cap Group US Multi-Sect Bond | 0.24% | 643,841 | $17.8M | Add +8.7% |
| PEP Pepsico Inc. | 0.24% | 134,483 | $17.8M | Add +6.0% |
| LMT Lockheed Martin Corp. | 0.24% | 38,060 | $17.6M | Add +0.1% |
| AGG iShares Core U.S. Aggregate | 0.24% | 176,258 | $17.5M | Add +100.6% |
| ORCL Oracle Corp. | 0.24% | 78,525 | $17.2M | Add +27.5% |
Other holdings (2): bonds, preferreds, convertibles and warrants · $3.6M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| EL PASO ENERGY CAP TRST (KMI 4.75 03/31/28) | PFD CV TR SEC 28 | 73,564 | $3.6M | Add +0.8% |
| ABLLW East Resources Acquis -CW27 | *W EXP 06/30/202 | 12,500 | $14K | No change |
Total filed on the 13F, all lines: $7.3B.
Portfolio Sells Q1 2025 → Q2 2025
| AAPL Apple Inc. | Reduce -0.1% | 2.28% | −0.35 |
| PDEC Innovator U.S. Equity Power | Sold out | 0.00% | −0.34 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -12.9% | 2.98% | −0.32 |
| IWO iShares Russell 2000 Growth | Reduce -70.0% | 0.12% | −0.26 |
| IGSB iShares 1-5Y Inv Grade Corp. | Reduce -29.1% | 0.48% | −0.23 |
| KJAN Innovator U.S. Small Cap Pow | Sold out | 0.00% | −0.23 |
| BSCQ Invesco Bulletshares 2026 CB | Reduce -87.9% | 0.03% | −0.21 |
| BSCP Invesco Bulletshares 2025 CB | Reduce -94.8% | 0.01% | −0.21 |
| IWM iShares Russell 2000 ETF | Reduce -37.5% | 0.29% | −0.17 |
| VIG Vanguard Dividend Apprec ETF | Reduce -30.7% | 0.32% | −0.15 |
| SHY iShares 1-3 Year Treasury Bo | Reduce -13.5% | 0.62% | −0.14 |
| USFR Wisdomtree Floating Rate Tre | Reduce -17.6% | 0.48% | −0.14 |
| CVX Chevron Corp. | Reduce -2.2% | 0.51% | −0.14 |
| CGGO Cap Group Global Growth | Reduce -61.3% | 0.09% | −0.13 |
| VEA Vanguard Ftse Developed ETF | Reduce -27.7% | 0.40% | −0.13 |
| UNH Unitedhealth Group Inc. | Reduce -8.2% | 0.13% | −0.12 |
| FDEC FT Vest U.S. Equity Buffer E | Reduce -55.7% | 0.09% | −0.11 |
| CWB SS SPDR BB Conv Sec ETF | Reduce -91.3% | 0.01% | −0.10 |
| MRK Merck & Co. Inc. | Reduce -5.7% | 0.34% | −0.09 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Reduce -17.8% | 0.47% | −0.09 |
| ALAB Astera Labs Inc. | Sold out | 0.00% | −0.09 |
| PAUG Innovator U.S. Equity Power | Sold out | 0.00% | −0.09 |
| YJUN FT Vest Int Eq Modt ETF-June | Sold out | 0.00% | −0.08 |
| GSEP FT Vest US Equity Moderate B | Reduce -95.5% | 0.00% | −0.08 |
| CBOE Cboe Global Markets Inc. | Sold out | 0.00% | −0.08 |
| JNJ Johnson & Johnson | Reduce -2.7% | 0.41% | −0.08 |
| ABBV Abbvie Inc. | Reduce -0.2% | 0.37% | −0.08 |
| TGT Target Corp. | Reduce -58.8% | 0.04% | −0.07 |
| TROW T Rowe Price Group Inc. | Reduce -69.9% | 0.03% | −0.07 |
| RTO Rentokil Initial PLC-SP ADR | Reduce -46.4% | 0.07% | −0.07 |
| HPQ HP Inc. | Reduce -41.9% | 0.06% | −0.06 |
| ET Energy Transfer LP | Reduce -8.1% | 0.34% | −0.06 |
| MDT Medtronic PLC | Reduce -8.6% | 0.31% | −0.06 |
| IAU iShares Gold Trust | Reduce -16.9% | 0.28% | −0.06 |
| V Visa Inc. Class A | Reduce -4.7% | 0.55% | −0.06 |
| IWD iShares Russell 1000 Value E | Reduce -0.1% | 1.67% | −0.06 |
| DUK Duke Energy Corp. | Reduce -1.3% | 0.47% | −0.06 |
| GAUG FT Vest US Equity Moderate B | Sold out | 0.00% | −0.05 |
| APD Air Products & Chemicals Inc. | Reduce -30.1% | 0.09% | −0.05 |
| EJAN Innovator Emerging Markets P | Sold out | 0.00% | −0.05 |
| SOXX iShares Semiconductor ETF | Reduce -70.7% | 0.03% | −0.05 |
| JPST JPMorgan Ultra-Short Income | Reduce -2.9% | 0.52% | −0.05 |
| PAYX Paychex Inc. | Reduce -31.8% | 0.07% | −0.05 |
| TMO Thermo Fisher Scientific Inc. | Reduce -1.0% | 0.15% | −0.05 |
| ADBE Adobe Inc. | Reduce -13.0% | 0.22% | −0.05 |
| GL Globe Life Inc. | Reduce -82.9% | 0.01% | −0.05 |
| HESM Hess Midstream LP Class A | Reduce -60.6% | 0.02% | −0.05 |
| VCSH Vanguard S/T Corp. Bond ETF | Reduce -0.7% | 0.67% | −0.04 |
| GJUN FT Vest US Equity Moderate B | Reduce -91.9% | 0.00% | −0.04 |
| FTCB FT Core Investment Grade ETF | Reduce -5.6% | 0.34% | −0.04 |
Portfolio Buys Q1 2025 → Q2 2025
| NVDA Nvidia Corp. | Add +6.1% | 1.63% | +0.51 |
| MSFT Microsoft Corp. | Add +0.1% | 2.33% | +0.46 |
| KRUS Kura Sushi USA Inc. Class A | Add +1.5% | 0.87% | +0.33 |
| VBK Van Morst SML-Cap Gro-Usd Inc. | Add +137.6% | 0.52% | +0.31 |
| AMZN Amazon.com Inc. | Add +9.6% | 1.57% | +0.25 |
| FFEB FT Vest US Equity Buffer ETF | Add +199.9% | 0.33% | +0.22 |
| KTOS Kratos Defense & Security | Add +933.7% | 0.20% | +0.18 |
| META Meta Platforms Inc. Class A | Add +5.6% | 0.86% | +0.18 |
| JPM JPMorgan Chase & Co. | Add +2.2% | 1.53% | +0.18 |
| IWF iShares Russell 1000 Growth | Add +1.3% | 1.44% | +0.15 |
| FJAN FT Vest U.S. Equity Buffer E | Add +58.7% | 0.35% | +0.13 |
| GS Goldman Sachs Group Inc. | Add +3.9% | 0.61% | +0.13 |
| CGCP Cap Group Core Plus Income | New | 0.13% | +0.13 |
| FMAR FT Vest US Equity Buffer ETF | Add +141.4% | 0.20% | +0.12 |
| IWP iShares Russell Mid-Cap Grow | Add +2.0% | 1.03% | +0.12 |
| AGG iShares Core U.S. Aggregate | Add +100.6% | 0.24% | +0.11 |
| ORCL Oracle Corp. | Add +27.5% | 0.24% | +0.11 |
| VUG Vanguard Mrngstar GR ETF-Sui | Add +3.2% | 0.83% | +0.10 |
| GOOGL Alphabet Inc. Class A | Add +8.3% | 0.75% | +0.10 |
| CGGR Cap Group Growth Equity | Add +204.5% | 0.14% | +0.10 |
| FEGE First Eagle GL Equity ETF | Add +372.5% | 0.13% | +0.10 |
| CGMM Cap Group Small and Mid Cap | New | 0.10% | +0.10 |
| SPOT Spotify Technology SA | Add +271.9% | 0.12% | +0.10 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +1.9% | 1.67% | +0.09 |
| CGGE Cap Group Global Eq | New | 0.08% | +0.08 |
| BIV Vanguard Intermediate-Term B | Add +38.1% | 0.34% | +0.08 |
| WMT Walmart Inc. | Add +0.1% | 1.82% | +0.08 |
| VONG Vanguard Russell 1000 Growth | Add +4.9% | 0.56% | +0.08 |
| SCHD Schwab US DVD Equity ETF | Add +33.2% | 0.48% | +0.07 |
| BNDX Vanguard Total Intl Bond ETF | Add +348.8% | 0.10% | +0.07 |
| HEQT Simplify Hedged Equity ETF | Add +193.5% | 0.11% | +0.07 |
| AVB Avalonbay Communities Inc. | Add +1199.9% | 0.08% | +0.07 |
| PANW Palo Alto Networks Inc. | Add +46.9% | 0.17% | +0.07 |
| KKR KKR & Co. Inc. | Add +15.1% | 0.32% | +0.06 |
| CGNG Cap Group New Geography Eq | New | 0.06% | +0.06 |
| MO Altria Group Inc. | Add +55.5% | 0.19% | +0.06 |
| CLS Celestica Inc. | New | 0.05% | +0.05 |
| SMH Vaneck Semiconductor ETF | Add +578.8% | 0.06% | +0.05 |
| CSCO Cisco Systems Inc. | Add +4.4% | 0.51% | +0.05 |
| IGV iShares Expanded Tech-Softwa | Add +150.9% | 0.07% | +0.05 |
| IOO iShares Global 100 ETF | Add +4.8% | 0.50% | +0.05 |
| FAPR FT Vest U.S. Equity Buffer E | Add +64.6% | 0.12% | +0.04 |
| WES Western Midstream Partners L | Add +215.4% | 0.07% | +0.04 |
| MLM Martin Marietta Materials | Add +5.8% | 0.37% | +0.04 |
| BA The Boeing Co. | Add +19.7% | 0.16% | +0.04 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +0.8% | 0.16% | +0.04 |
| IQV Iqvia Holdings Inc. | New | 0.04% | +0.04 |
| TFLO iShares Treasury Floating Ra | Add +179.9% | 0.07% | +0.04 |
| SFLR Innovator Eqty MGD Floor ETF | Add +145.5% | 0.07% | +0.04 |
| UBER Uber Technologies Inc. | Add +38.6% | 0.10% | +0.04 |
Notes & Other Activity Q1 2025 → Q2 2025
| EL PASO ENERGY CAP TRST (KMI 4.75 03/31/28) | PFD CV TR SEC 28 | Add +0.8% | 73,564 | $3.6M |
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 | 1,331 | $8.9B | VTI, AAPL, QQQ, WMT, NVDA |
| Q1 2026 | 1,309 | $8.0B | VTI, AAPL, WMT, QQQ, NVDA |
| Q4 2025 | 1,299 | $8.0B | AAPL, VTI, MSFT, QQQ, WMT |
| Q3 2025 | 1,319 | $7.8B | VTI, AAPL, MSFT, QQQ, NVDA |
| Q2 2025 | 1,272 | $7.3B | VTI, MSFT, AAPL, QQQ, WMT |
| Q1 2025 | 1,234 | $6.8B | VTI, AAPL, MSFT, QQQ, WMT |
| Q4 2024 | 1,267 | $7.1B | VTI, AAPL, MSFT, QQQ, IWD |
| Q3 2024 | 1,288 | $7.0B | VTI, AAPL, MSFT, QQQ, IWD |
| Q2 2024 | 1,269 | $6.6B | VTI, AAPL, MSFT, QQQ, IWD |
| Q1 2024 | 1,306 | $6.4B | VTI, AAPL, MSFT, IWD, QQQ |