Waddell & Associates, LLC

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed May 14, 2025), Waddell & Associates, LLC reported 154 stock positions worth $981.0 million. Its top holding was Red Cat (RCAT) at 16.3% of the portfolio, followed by State Street SPDR S&P Midcap (MDY, 8.1%) and Schwab Fndmntl US SM Co. ETF (FNDA, 7.9%). Compared with Q3 2024, it opened 15 new positions, sold out of 11, added to 56 and reduced 40. The biggest buy was a new position in Red Cat (RCAT) and the biggest sale Doubleline Shiller Cape US (CAPE, shares −0%).

Most Recent 13F
Q2 2026
Location
MEMPHIS, TN
CIK
0001776757
Portfolio Value
$981.0M (Q4 2024)
SEC Filing
0001765380-25-000229 ↗ filed May 14, 2025

Holdings Value

0$500.0M$1.0B$1.5B$2.0B$2.5B Q1 2024: $739.8M Q1 2024 Q2 2024: $760.0M Q2 2024 Q3 2024: $822.1M Q3 2024 Q4 2024: $981.0M $981.0M Q4 2024 Q1 2025: $823.6M Q1 2025 Q2 2025: $936.8M Q2 2025 Q3 2025: $1.2B Q3 2025 Q4 2025: $1.5B Q4 2025 Q1 2026: $1.8B Q1 2026 Q2 2026: $2.0B Q2 2026

Holdings 154 stocks · $981.0M
RCAT Red Cat Holdings Inc. 16.27% 12,423,587 $159.6M New
MDY State Street SPDR S&P Midcap 8.14% 140,263 $79.9M Add +1.1%
FNDA Schwab Fndmntl US SM Co. ETF 7.86% 2,596,060 $77.1M Add +1.2%
DGRW Wisdomtree U.S. Quality Divi 7.56% 916,723 $74.2M Add +1.9%
IOO iShares Global 100 ETF 6.99% 680,708 $68.6M Add +0.3%
CAPE Doubleline Shiller Cape US 6.02% 1,969,289 $59.0M Reduce -0.2%
VSS Vanguard Ftse All Wo X-US SC 5.92% 507,668 $58.1M Add +3.9%
SCHK Schwab 1000 Index ETF 5.60% 1,939,058 $54.9M Add +0.7%
QQQM Invesco Nasdaq 100 ETF 4.10% 190,912 $40.2M Add +1.7%
IEFA iShares Core MSCI Eafe ETF 3.95% 551,554 $38.8M Add +1.7%
EWX State Street SPDR S&P Emergi 3.59% 601,576 $35.3M Add +1.6%
QQQE Dirx Nasdaq-100EQ Wi ETF-Usd 3.50% 382,993 $34.4M Add +2.3%
AVEM Avantis Emerging Markets Eq 3.09% 515,289 $30.3M Add +3.8%
VT Vanguard Tot World STK ETF 1.59% 132,549 $15.6M Reduce -0.2%
AAPL Apple Inc. 1.01% 39,762 $10.0M Reduce -2.6%
DBND Doubleline Oppor Cor BND-Usd 0.85% 184,166 $8.3M Add +1.1%
MSFT Microsoft Corp. 0.69% 16,171 $6.8M Add +10.3%
BRK.B Berkshire Hathaway Inc. Class B 0.64% 13,772 $6.2M Add +12.8%
SPY SS SPDR S&P 500 ETF Trust-US 0.57% 9,553 $5.6M Reduce -3.5%
VLUE iShares MSCI USA Value Facto 0.53% 48,933 $5.2M Reduce -8.5%
LLY Eli Lilly & Co. 0.48% 6,140 $4.7M Reduce -0.0%
CGV Conductor Global Eq Val ETF 0.46% 356,919 $4.5M Add +1.2%
WMT Walmart Inc. 0.36% 38,553 $3.5M Add +1.6%
EFA iShares MSCI Eafe ETF 0.35% 44,917 $3.4M Add +2.8%
NVDA Nvidia Corp. 0.33% 24,124 $3.2M Add +1.3%
PSLV Sprott Physical Silver Trust 0.33% 331,959 $3.2M Add +30.4%
VXUS Vanguard Total Intl Stock 0.31% 51,382 $3.0M Reduce -4.7%
ACWI iShares MSCI Acwi ETF 0.31% 25,518 $3.0M No change
VTV Vanguard Mrngstr Val ETF-Aui 0.30% 17,409 $2.9M Reduce -1.3%
VOO Vanguard S&P 500 ETF 0.29% 5,230 $2.8M Reduce -0.2%
JPM JPMorgan Chase & Co. 0.28% 11,260 $2.7M Reduce -5.0%
GOOG Alphabet Inc. Class C 0.26% 13,371 $2.5M Reduce -0.7%
AZO AutoZone Inc. 0.24% 742 $2.4M Reduce -2.8%
IYW iShares Ustechnology ETF 0.21% 13,098 $2.1M No change
HD Home Depot Inc. 0.20% 5,016 $2.0M Reduce -1.7%
XOM Exxon Mobil Corp. 0.19% 16,942 $1.8M Add +19.1%
PG The Procter & Gamble Co. 0.17% 9,792 $1.6M No change
PHYS Sprott Physical Gold Trust 0.16% 76,029 $1.5M Reduce -20.6%
CVX Chevron Corp. 0.15% 10,183 $1.5M Add +8.3%
ORCL Oracle Corp. 0.15% 8,797 $1.5M Add +13.7%
DFAE Dimensional Emerging Core Eq 0.15% 57,381 $1.5M Add +1.1%
META Meta Platforms Inc. Class A 0.14% 2,389 $1.4M Add +1.9%
WST West Pharmaceutical Services 0.13% 3,900 $1.3M No change
AFL Aflac Inc. 0.13% 12,239 $1.3M Add +0.4%
GOOGL Alphabet Inc. Class A 0.13% 6,478 $1.2M Add +0.3%
WTAI Wisdomtree AI and Innovation 0.12% 53,171 $1.2M No change
NFLX Netflix Inc. 0.12% 1,304 $1.2M Add +1.1%
ARTY iShares Future AI & Tech ETF 0.12% 30,710 $1.1M No change
CEF Sprott Physical Gold and Sil 0.11% 46,165 $1.1M No change
AMZN Amazon.com Inc. 0.11% 4,897 $1.1M Reduce -0.9%
SPMD SS SPDR P S&P 400 Midcap ETF 0.11% 19,446 $1.1M Reduce -1.3%
KO The Coca-Cola Co. 0.11% 17,029 $1.1M Reduce -16.9%
FDX FedEx Corp. 0.11% 3,737 $1.1M Add +0.1%
JNJ Johnson & Johnson 0.10% 6,786 $981K Add +10.1%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.10% 4,461 $981K No change
QQQ Invesco QQQ Trust Series 1 0.10% 1,868 $955K Add +14.4%
V Visa Inc. Class A 0.10% 2,955 $934K Reduce -0.2%
PSA Public Storage 0.09% 3,015 $903K Add +0.4%
ALL Allstate Corp. 0.09% 4,550 $877K Reduce -3.2%
ISCF iShares International Small 0.08% 24,678 $797K Reduce 0.0%
RF Regions Financial Corp. 0.08% 32,863 $773K Reduce -7.3%
CL Colgate-Palmolive Co. 0.08% 8,356 $760K No change
PRFZ Inv Rafi US 1500 SM-Usd Inc. 0.07% 17,511 $729K Reduce -4.5%
MRK Merck & Co. Inc. 0.07% 7,291 $725K Add +0.0%
AXP American Express Co. 0.07% 2,436 $723K Add +19.6%
CHAT Roundhill Gen AI & Tech ETF 0.07% 17,719 $717K Add +111.3%
EW Edwards Lifesciences Corp. 0.07% 9,515 $704K No change
MCD McDonald's Corp. 0.07% 2,416 $700K Add +123.5%
CSCO Cisco Systems Inc. 0.07% 11,464 $679K Add +15.8%
COHR Coherent Corp. 0.07% 7,150 $677K No change
PFE Pfizer Inc. 0.07% 25,007 $663K Add +0.1%
PEP Pepsico Inc. 0.07% 4,197 $638K Reduce -0.4%
USMV iShares MSCI USA Min Vol Fac 0.06% 6,805 $604K No change
MO Altria Group Inc. 0.06% 11,184 $585K New
ORLY O'reilly Automotive Inc. 0.06% 492 $583K No change
GSIE Goldman Sachs Activebeta Int 0.06% 17,039 $568K No change
BKNG Booking Holdings Inc. 0.06% 111 $552K No change
AMAT Applied Materials Inc. 0.06% 3,315 $539K Add +46.4%
GS Goldman Sachs Group Inc. 0.05% 898 $514K Add +0.2%
UNH Unitedhealth Group Inc. 0.05% 1,008 $510K Add +0.3%
PGR Progressive Corp. 0.05% 2,118 $507K Reduce -8.3%
EEM iShares MSCI Emerging Market 0.05% 12,080 $505K Reduce -6.7%
WFC Wells Fargo & Co. 0.05% 7,153 $502K No change
CRM Salesforce Inc. 0.05% 1,488 $497K Reduce -1.3%
QUAL iShares MSCI USA Quality Fac 0.05% 2,738 $488K Reduce -3.2%
ACN Accenture PLC Class A 0.05% 1,368 $481K No change
SCI Service Corp. International 0.05% 6,007 $479K New
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.05% 10,824 $476K Add +30.9%
AVGO Broadcom Inc. 0.05% 2,048 $475K Reduce -0.6%
PPI Astoria Real Assets ETF 0.04% 30,098 $436K No change
UNP Union Pacific Corp. 0.04% 1,897 $433K No change
KMI Kinder Morgan Inc. 0.04% 15,746 $431K New
EQIX Equinix Inc. 0.04% 454 $428K Add +14.7%
GD General Dynamics Corp. 0.04% 1,585 $418K Add +8.8%
PTMC Pacer Trendpilot US Mid Cap 0.04% 11,270 $416K No change
LPX Louisiana-Pacific Corp. 0.04% 4,000 $414K No change
DLR Digital Realty Trust Inc. 0.04% 2,308 $409K Add +18.0%
VRT Vertiv Holdings Co. Class A 0.04% 3,589 $408K Add +0.8%
DUK Duke Energy Corp. 0.04% 3,726 $401K Reduce -0.9%
DAL Delta Air Lines Inc. 0.04% 6,569 $397K New
SPGI S&P Global Inc. 0.04% 797 $397K No change
MS Morgan Stanley 0.04% 3,112 $391K No change
SYY Sysco Corp. 0.04% 5,112 $391K No change
SRE Sempra 0.04% 4,384 $385K New
HUBB Hubbell Inc. 0.04% 916 $384K Add +23.8%
IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA 0.04% 4,526 $383K No change
T AT&T Inc. 0.04% 16,782 $382K Reduce -1.2%
VTR Ventas Inc. 0.04% 6,478 $381K New
NVT Nvent Electric PLC 0.04% 5,542 $378K Add +43.3%
VEU Vanguard Ftse All-World Ex-U 0.04% 6,400 $367K No change
PWZ Invesco California Amt-Free 0.04% 14,125 $349K No change
ABBV Abbvie Inc. 0.04% 1,963 $349K Reduce -2.9%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.03% 3,050 $340K Reduce -11.8%
FBTC Fidelity Wise Origin Bitcoin 0.03% 4,110 $335K Reduce -19.1%
FTNT Fortinet Inc. 0.03% 3,500 $331K No change
NEM Newmont Corp. 0.03% 8,804 $328K Add +13.3%
INTC Intel Corp. 0.03% 15,935 $319K Reduce -1.1%
CAMX Cambiar Aggressive Value ETF 0.03% 10,804 $317K No change
GLOF iShares Global Equity Factor 0.03% 7,250 $314K Reduce -3.8%
HLT Hilton Worldwide Holdings Inc. 0.03% 1,263 $312K No change
SCHW Schwab (charles) Corp. 0.03% 4,128 $306K Reduce -0.3%
MPC Marathon Petroleum Corp. 0.03% 2,132 $297K No change
MAR Marriott International Class A 0.03% 1,053 $294K No change
CMI Cummins Inc. 0.03% 842 $294K No change
ELV Elevance Health Inc. 0.03% 789 $291K No change
SYK Stryker Corp. 0.03% 797 $287K No change
MAA Mid-America Apartment Comm 0.03% 1,843 $285K Add +0.2%
DE Deere & Co. 0.03% 667 $283K New
YUM Yum! Brands Inc. 0.03% 2,075 $278K No change
BDX Becton Dickinson and Co. 0.03% 1,220 $277K Reduce -5.8%
DFAC Dimensional US Core Equity 2 0.03% 7,840 $271K No change
FMHI First Trust Municipal High I 0.03% 5,570 $269K Reduce -5.9%
MDLZ Mondelez International Inc. Class A 0.03% 4,426 $264K No change
KMB Kimberly-Clark Corp. 0.03% 1,978 $259K No change
TFC Truist Financial Corp. 0.03% 5,775 $251K Add +0.4%
QCOM Qualcomm Inc. 0.02% 1,586 $244K Reduce -10.7%
LPLA LPL Financial Holdings Inc. 0.02% 746 $244K New
CCOR Core Alternative ETF 0.02% 9,490 $243K No change
LOW Lowe's Cos Inc. 0.02% 957 $236K Reduce -7.6%
MOAT Vaneck Morningstar Wide Moat 0.02% 2,538 $235K No change
PM Philip Morris International 0.02% 1,923 $231K Add +1.5%
AON Aon PLC Class A 0.02% 629 $226K No change
COST Costco Wholesale Corp. 0.02% 244 $223K Add +3.8%
COP Conocophillips 0.02% 2,197 $218K New
IWF iShares Russell 1000 Growth 0.02% 542 $218K New
QEFA STSR SPD MSC Eaf Stgfs-US Inc. 0.02% 3,000 $218K No change
VUG Vanguard Mrngstar GR ETF-Sui 0.02% 518 $212K New
VRSN Verisign Inc. 0.02% 1,000 $207K New
VWO Vanguard Ftse Emerging Marke 0.02% 4,597 $202K Add +0.2%
VV Vngrd Mrgstr LRG-Cap ETF-Usd 0.02% 747 $201K New
POET Poet Technologies Inc. 0.02% 26,639 $159K New
CRT Cross Timbers Royalty Trust 0.01% 14,371 $141K Add +2.5%
OXFORD LANE CAP CORP 0.01% 24,959 $127K Add +4.4%
ECC Eagle Point Credit Co. 0.01% 11,334 $101K Add +4.0%

Portfolio Sells Q3 2024 → Q4 2024
CAPE Doubleline Shiller Cape US Reduce -0.2% 6.02% −1.09
VT Vanguard Tot World STK ETF Reduce -0.2% 1.59% −0.35
VLUE iShares MSCI USA Value Facto Reduce -8.5% 0.53% −0.18
LLY Eli Lilly & Co. Reduce -0.0% 0.48% −0.18
AAPL Apple Inc. Reduce -2.6% 1.01% −0.14
SPY SS SPDR S&P 500 ETF Trust-US Reduce -3.5% 0.57% −0.12
VXUS Vanguard Total Intl Stock Reduce -4.7% 0.31% −0.12
PHYS Sprott Physical Gold Trust Reduce -20.6% 0.16% −0.08
VTV Vanguard Mrngstr Val ETF-Aui Reduce -1.3% 0.30% −0.07
KO The Coca-Cola Co. Reduce -16.9% 0.11% −0.07
DELL Dell Technologies -C Sold out 0.00% −0.06
HD Home Depot Inc. Reduce -1.7% 0.20% −0.05
AZO AutoZone Inc. Reduce -2.8% 0.24% −0.05
VOO Vanguard S&P 500 ETF Reduce -0.2% 0.29% −0.05
ES Eversource Energy Sold out 0.00% −0.05
LOAN Manhattan Bridge Capital Inc. Sold out 0.00% −0.04
BKR Baker Hughes Co. Sold out 0.00% −0.04
SBUX Starbucks Corp. Sold out 0.00% −0.04
PLTR Palantir Technologies Inc. Class A Sold out 0.00% −0.03
MNST Monster Beverage Corp. Sold out 0.00% −0.03
JPM JPMorgan Chase & Co. Reduce -5.0% 0.28% −0.03
MU Micron Technology Inc. Sold out 0.00% −0.03
CLSK Cleanspark Inc. Sold out 0.00% −0.03
TXT Textron Inc. Sold out 0.00% −0.03
ABT Abbott Laboratories Sold out 0.00% −0.03
ISCF iShares International Small Reduce 0.0% 0.08% −0.02
SPMD SS SPDR P S&P 400 Midcap ETF Reduce -1.3% 0.11% −0.02
PEP Pepsico Inc. Reduce -0.4% 0.07% −0.02
RF Regions Financial Corp. Reduce -7.3% 0.08% −0.02
EEM iShares MSCI Emerging Market Reduce -6.7% 0.05% −0.02
PGR Progressive Corp. Reduce -8.3% 0.05% −0.02
ALL Allstate Corp. Reduce -3.2% 0.09% −0.02
PRFZ Inv Rafi US 1500 SM-Usd Inc. Reduce -4.5% 0.07% −0.02
GOOG Alphabet Inc. Class C Reduce -0.7% 0.26% −0.01
INTC Intel Corp. Reduce -1.1% 0.03% −0.01
ABBV Abbvie Inc. Reduce -2.9% 0.04% −0.01
QUAL iShares MSCI USA Quality Fac Reduce -3.2% 0.05% −0.01
QCOM Qualcomm Inc. Reduce -10.7% 0.02% −0.01
DUK Duke Energy Corp. Reduce -0.9% 0.04% −0.01
LOW Lowe's Cos Inc. Reduce -7.6% 0.02% −0.01
BDX Becton Dickinson and Co. Reduce -5.8% 0.03% −0.01
GLOF iShares Global Equity Factor Reduce -3.8% 0.03% −0.01
FMHI First Trust Municipal High I Reduce -5.9% 0.03% −0.01
T AT&T Inc. Reduce -1.2% 0.04% −0.01
DIS The Walt Disney Co. Reduce -11.8% 0.03% −0.01
V Visa Inc. Class A Reduce -0.2% 0.10% −0.00
AMZN Amazon.com Inc. Reduce -0.9% 0.11% −0.00
SCHW Schwab (charles) Corp. Reduce -0.3% 0.03% −0.00
FBTC Fidelity Wise Origin Bitcoin Reduce -19.1% 0.03% −0.00
CRM Salesforce Inc. Reduce -1.3% 0.05% +0.00

Portfolio Buys Q3 2024 → Q4 2024
RCAT Red Cat Holdings Inc. New 16.27% +16.27
MO Altria Group Inc. New 0.06% +0.06
SCI Service Corp. International New 0.05% +0.05
KMI Kinder Morgan Inc. New 0.04% +0.04
DAL Delta Air Lines Inc. New 0.04% +0.04
SRE Sempra New 0.04% +0.04
VTR Ventas Inc. New 0.04% +0.04
CHAT Roundhill Gen AI & Tech ETF Add +111.3% 0.07% +0.03
MCD McDonald's Corp. Add +123.5% 0.07% +0.03
DE Deere & Co. New 0.03% +0.03
LPLA LPL Financial Holdings Inc. New 0.02% +0.02
COP Conocophillips New 0.02% +0.02
IWF iShares Russell 1000 Growth New 0.02% +0.02
VUG Vanguard Mrngstar GR ETF-Sui New 0.02% +0.02
VRSN Verisign Inc. New 0.02% +0.02
VV Vngrd Mrgstr LRG-Cap ETF-Usd New 0.02% +0.02
POET Poet Technologies Inc. New 0.02% +0.02
BAC Bank of America Corp. Add +30.9% 0.05% +0.01
NFLX Netflix Inc. Add +1.1% 0.12% +0.01
AXP American Express Co. Add +19.6% 0.07% +0.01
NVT Nvent Electric PLC Add +43.3% 0.04% +0.01
CSCO Cisco Systems Inc. Add +15.8% 0.07% +0.01
DLR Digital Realty Trust Inc. Add +18.0% 0.04% +0.00
PSLV Sprott Physical Silver Trust Add +30.4% 0.33% +0.00
EQIX Equinix Inc. Add +14.7% 0.04% +0.00
HUBB Hubbell Inc. Add +23.8% 0.04% +0.00
QQQ Invesco QQQ Trust Series 1 Add +14.4% 0.10% +0.00
AMAT Applied Materials Inc. Add +46.4% 0.06% −0.00
GS Goldman Sachs Group Inc. Add +0.2% 0.05% −0.00
VRT Vertiv Holdings Co. Class A Add +0.8% 0.04% −0.00
OXFORD LANE CAP CORP Add +4.4% 0.01% −0.00
COST Costco Wholesale Corp. Add +3.8% 0.02% −0.00
ECC Eagle Point Credit Co. Add +4.0% 0.01% −0.00
CRT Cross Timbers Royalty Trust Add +2.5% 0.01% −0.00
PM Philip Morris International Add +1.5% 0.02% −0.00
TFC Truist Financial Corp. Add +0.4% 0.03% −0.00
GOOGL Alphabet Inc. Class A Add +0.3% 0.13% −0.01
VWO Vanguard Ftse Emerging Marke Add +0.2% 0.02% −0.01
MAA Mid-America Apartment Comm Add +0.2% 0.03% −0.01
ORCL Oracle Corp. Add +13.7% 0.15% −0.01
GD General Dynamics Corp. Add +8.8% 0.04% −0.01
XOM Exxon Mobil Corp. Add +19.1% 0.19% −0.02
NEM Newmont Corp. Add +13.3% 0.03% −0.02
FDX FedEx Corp. Add +0.1% 0.11% −0.02
WMT Walmart Inc. Add +1.6% 0.36% −0.02
CVX Chevron Corp. Add +8.3% 0.15% −0.02
UNH Unitedhealth Group Inc. Add +0.3% 0.05% −0.02
PFE Pfizer Inc. Add +0.1% 0.07% −0.02
META Meta Platforms Inc. Class A Add +1.9% 0.14% −0.02
JNJ Johnson & Johnson Add +10.1% 0.10% −0.02

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 543$2.0BFDX, PAVE, FNDA, MDY, FDXF
Q1 2026 449$1.8BFDX, PAVE, GCOW, MDY, FNDA
Q4 2025 379$1.5BFDX, PAVE, MDY, FNDA, DGRW
Q3 2025 325$1.2BFDX, PAVE, MDY, DGRW, FNDA
Q2 2025 243$936.8MMDY, PAVE, DGRW, FNDA, AUSF
Q1 2025Amended 159$823.6MMDY, DGRW, FNDA, WELD, AUSF
Q4 2024Amended 154$981.0MRCAT, MDY, FNDA, DGRW, IOO
Q3 2024 150$822.1MMDY, FNDA, DGRW, IOO, VSS
Q2 2024 138$760.0MMDY, FNDA, DGRW, IOO, VSS
Q1 2024 140$739.8MMDY, FNDA, DGRW, IOO, CAPE