Waddell & Associates, LLC

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Waddell & Associates, LLC reported 159 stock positions worth $823.6 million. Its top holding was State Street SPDR S&P Midcap (MDY) at 9.2% of the portfolio, followed by Wisdomtree U.S. Quality Divi (DGRW, 9.0%) and Schwab Fndmntl US SM Co. ETF (FNDA, 8.8%). Compared with Q4 2024, it opened 10 new positions, sold out of 5, added to 64 and reduced 45. The biggest buy was a new position in Tema U.S. Manufacturing & Re (WELD) and the biggest sale Red Cat (RCAT, shares −99%).

Most Recent 13F
Q2 2026
Location
MEMPHIS, TN
CIK
0001776757
Portfolio Value
$823.6M (Q1 2025)
SEC Filing
0001765380-25-000228 ↗ 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 Q4 2024 Q1 2025: $823.6M $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 159 stocks · $823.6M
MDY State Street SPDR S&P Midcap 9.17% 141,588 $75.5M Add +0.9%
DGRW Wisdomtree U.S. Quality Divi 9.04% 931,985 $74.4M Add +1.7%
FNDA Schwab Fndmntl US SM Co. ETF 8.77% 2,636,391 $72.2M Add +1.6%
WELD Tema U.S. Manufacturing & Re 8.63% 2,095,949 $71.1M New
AUSF Global X Adaptive US Factor 7.54% 1,423,088 $62.1M New
CAPE Doubleline Shiller Cape US 7.31% 1,982,264 $60.2M Add +0.7%
SCHK Schwab 1000 Index ETF 6.52% 1,994,283 $53.7M Add +2.9%
IEFA iShares Core MSCI Eafe ETF 5.20% 566,512 $42.9M Add +2.7%
QQQM Invesco Nasdaq 100 ETF 4.50% 192,102 $37.1M Add +0.6%
EWX State Street SPDR S&P Emergi 4.23% 615,037 $34.8M Add +2.2%
QQQE Dirx Nasdaq-100EQ Wi ETF-Usd 4.10% 386,838 $33.7M Add +1.0%
AVEM Avantis Emerging Markets Eq 3.87% 530,367 $31.9M Add +2.9%
AAPL Apple Inc. 1.36% 50,249 $11.2M Add +26.4%
FDX FedEx Corp. 1.19% 40,359 $9.8M Add +980.0%
DBND Doubleline Oppor Cor BND-Usd 1.05% 187,018 $8.6M Add +1.6%
SPY SS SPDR S&P 500 ETF Trust-US 0.94% 13,886 $7.8M Add +45.4%
BRK.B Berkshire Hathaway Inc. Class B 0.88% 13,662 $7.3M Reduce -0.8%
MSFT Microsoft Corp. 0.79% 17,409 $6.5M Add +7.7%
LLY Eli Lilly & Co. 0.62% 6,220 $5.1M Add +1.3%
CGV Conductor Global Eq Val ETF 0.61% 404,873 $5.1M Add +13.4%
VLUE iShares MSCI USA Value Facto 0.58% 44,799 $4.8M Reduce -8.4%
PSLV Sprott Physical Silver Trust 0.47% 331,939 $3.9M Reduce -0.0%
EFA iShares MSCI Eafe ETF 0.44% 44,820 $3.7M Reduce -0.2%
WMT Walmart Inc. 0.42% 39,184 $3.4M Add +1.6%
NVDA Nvidia Corp. 0.38% 28,734 $3.1M Add +19.1%
VOO Vanguard S&P 500 ETF 0.38% 6,048 $3.1M Add +15.6%
VTV Vanguard Mrngstr Val ETF-Aui 0.37% 17,504 $3.0M Add +0.6%
AZO AutoZone Inc. 0.36% 773 $2.9M Add +4.2%
ACWI iShares MSCI Acwi ETF 0.36% 25,247 $2.9M Reduce -1.1%
JPM JPMorgan Chase & Co. 0.35% 11,877 $2.9M Add +5.5%
VXUS Vanguard Total Intl Stock 0.35% 46,906 $2.9M Reduce -8.7%
HD Home Depot Inc. 0.29% 6,515 $2.4M Add +29.9%
GOOG Alphabet Inc. Class C 0.27% 14,226 $2.2M Add +6.4%
XOM Exxon Mobil Corp. 0.24% 16,800 $2.0M Reduce -0.8%
IYW iShares Ustechnology ETF 0.22% 13,113 $1.8M Add +0.1%
PHYS Sprott Physical Gold Trust 0.20% 69,607 $1.7M Reduce -8.4%
CVX Chevron Corp. 0.20% 9,683 $1.6M Reduce -4.9%
PG The Procter & Gamble Co. 0.19% 9,317 $1.6M Reduce -4.8%
VT Vanguard Tot World STK ETF 0.19% 13,248 $1.5M Reduce -90.0%
META Meta Platforms Inc. Class A 0.18% 2,508 $1.4M Add +5.0%
DFAE Dimensional Emerging Core Eq 0.17% 52,834 $1.4M Reduce -7.9%
AFL Aflac Inc. 0.17% 12,302 $1.4M Add +0.5%
NFLX Netflix Inc. 0.17% 1,464 $1.4M Add +12.3%
CEF Sprott Physical Gold and Sil 0.16% 46,135 $1.3M Reduce -0.1%
ORCL Oracle Corp. 0.15% 8,803 $1.2M Add +0.1%
KO The Coca-Cola Co. 0.14% 16,529 $1.2M Reduce -2.9%
GOOGL Alphabet Inc. Class A 0.14% 7,437 $1.2M Add +14.8%
JNJ Johnson & Johnson 0.13% 6,436 $1.1M Reduce -5.2%
V Visa Inc. Class A 0.13% 2,939 $1.0M Reduce -0.5%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.12% 4,099 $1.0M Reduce -8.1%
WTAI Wisdomtree AI and Innovation 0.12% 53,641 $1.0M Add +0.9%
SPMD SS SPDR P S&P 400 Midcap ETF 0.12% 19,645 $1.0M Add +1.0%
RCAT Red Cat Holdings Inc. 0.12% 165,260 $972K Reduce -98.7%
ARTY iShares Future AI & Tech ETF 0.12% 30,735 $967K Add +0.1%
QQQ Invesco QQQ Trust Series 1 0.12% 2,031 $952K Add +8.7%
ALL Allstate Corp. 0.11% 4,550 $942K No change
PSA Public Storage 0.11% 3,026 $906K Add +0.4%
AMZN Amazon.com Inc. 0.11% 4,599 $875K Reduce -6.1%
CSCO Cisco Systems Inc. 0.09% 11,521 $711K Add +0.5%
RF Regions Financial Corp. 0.09% 32,574 $708K Reduce -0.9%
ORLY O'reilly Automotive Inc. 0.09% 492 $705K No change
EW Edwards Lifesciences Corp. 0.08% 9,515 $690K No change
MO Altria Group Inc. 0.08% 11,184 $671K No change
CL Colgate-Palmolive Co. 0.08% 7,156 $671K Reduce -14.4%
MCD McDonald's Corp. 0.08% 2,116 $661K Reduce -12.4%
PRFZ Inv Rafi US 1500 SM-Usd Inc. 0.08% 17,451 $661K Reduce -0.3%
AXP American Express Co. 0.08% 2,436 $655K No change
WST West Pharmaceutical Services 0.08% 2,900 $649K Reduce -25.6%
LOW Lowe's Cos Inc. 0.08% 2,709 $632K Add +183.1%
CHAT Roundhill Gen AI & Tech ETF 0.08% 17,961 $626K Add +1.4%
USMV iShares MSCI USA Min Vol Fac 0.08% 6,612 $619K Reduce -2.8%
PGR Progressive Corp. 0.07% 2,118 $599K No change
WFC Wells Fargo & Co. 0.07% 8,192 $588K Add +14.5%
PFE Pfizer Inc. 0.07% 22,523 $571K Reduce -9.9%
MRK Merck & Co. Inc. 0.07% 6,175 $554K Reduce -15.3%
GS Goldman Sachs Group Inc. 0.07% 999 $546K Add +11.3%
PEP Pepsico Inc. 0.07% 3,600 $540K Reduce -14.2%
TSLA Tesla Inc. 0.07% 2,076 $538K New
UNH Unitedhealth Group Inc. 0.06% 1,007 $528K Reduce -0.1%
GE General Electric filed as GE AEROSPACE 0.06% 2,615 $523K New
BKNG Booking Holdings Inc. 0.06% 111 $511K No change
QUAL iShares MSCI USA Quality Fac 0.06% 2,982 $510K Add +8.9%
GSIE Goldman Sachs Activebeta Int 0.06% 14,192 $506K Reduce -16.7%
EEM iShares MSCI Emerging Market 0.06% 11,466 $501K Reduce -5.1%
T AT&T Inc. 0.06% 17,685 $500K Add +5.4%
VTI VG Morningstar TS MKT ETF-US 0.06% 1,775 $488K New
VEU Vanguard Ftse All-World Ex-U 0.06% 7,990 $485K Add +24.8%
SCI Service Corp. International 0.06% 6,007 $482K No change
AMAT Applied Materials Inc. 0.06% 3,301 $479K Reduce -0.4%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.06% 11,206 $468K Add +3.5%
COHR Coherent Corp. 0.06% 7,150 $464K No change
KMI Kinder Morgan Inc. 0.06% 16,021 $457K Add +1.8%
NEM Newmont Corp. 0.06% 9,427 $455K Add +7.1%
DUK Duke Energy Corp. 0.06% 3,726 $454K No change
VTR Ventas Inc. 0.05% 6,478 $445K No change
PPI Astoria Real Assets ETF 0.05% 30,098 $436K No change
ACN Accenture PLC Class A 0.05% 1,385 $432K Add +1.2%
GD General Dynamics Corp. 0.05% 1,585 $432K No change
IOO iShares Global 100 ETF 0.05% 4,376 $421K Reduce -99.4%
ABBV Abbvie Inc. 0.05% 1,953 $409K Reduce -0.5%
SPGI S&P Global Inc. 0.05% 797 $405K No change
UNP Union Pacific Corp. 0.05% 1,710 $404K Reduce -9.9%
CRM Salesforce Inc. 0.05% 1,488 $399K No change
PTMC Pacer Trendpilot US Mid Cap 0.05% 11,366 $393K Add +0.8%
SYY Sysco Corp. 0.05% 4,962 $372K Reduce -2.9%
EQIX Equinix Inc. 0.04% 454 $370K No change
LPX Louisiana-Pacific Corp. 0.04% 4,000 $368K No change
MS Morgan Stanley 0.04% 3,117 $364K Add +0.2%
IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA 0.04% 4,526 $351K No change
AVGO Broadcom Inc. 0.04% 2,091 $350K Add +2.1%
ELV Elevance Health Inc. 0.04% 789 $343K No change
QEFA STSR SPD MSC Eaf Stgfs-US Inc. 0.04% 4,315 $341K Add +43.8%
MPC Marathon Petroleum Corp. 0.04% 2,332 $340K Add +9.4%
FTNT Fortinet Inc. 0.04% 3,500 $337K No change
PWZ Invesco California Amt-Free 0.04% 14,125 $337K No change
DLR Digital Realty Trust Inc. 0.04% 2,308 $331K No change
INTC Intel Corp. 0.04% 14,531 $330K Reduce -8.8%
YUM Yum! Brands Inc. 0.04% 2,075 $327K No change
CAMX Cambiar Aggressive Value ETF 0.04% 10,604 $319K Reduce -1.9%
SCHW Schwab (charles) Corp. 0.04% 4,074 $319K Reduce -1.3%
DE Deere & Co. 0.04% 669 $314K Add +0.3%
SRE Sempra 0.04% 4,384 $313K No change
MAA Mid-America Apartment Comm 0.04% 1,843 $309K No change
PM Philip Morris International 0.04% 1,923 $305K No change
HUBB Hubbell Inc. 0.04% 916 $303K No change
MDLZ Mondelez International Inc. Class A 0.04% 4,426 $300K No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.04% 3,021 $298K Reduce -0.9%
SYK Stryker Corp. 0.04% 797 $297K No change
NVT Nvent Electric PLC 0.04% 5,542 $291K No change
FBTC Fidelity Wise Origin Bitcoin 0.04% 4,022 $289K Reduce -2.1%
HLT Hilton Worldwide Holdings Inc. 0.04% 1,266 $288K Add +0.2%
DAL Delta Air Lines Inc. 0.03% 6,567 $286K Reduce -0.0%
BDX Becton Dickinson and Co. 0.03% 1,220 $279K No change
FMHI First Trust Municipal High I 0.03% 5,570 $266K No change
CMI Cummins Inc. 0.03% 842 $264K No change
VRT Vertiv Holdings Co. Class A 0.03% 3,596 $260K Add +0.2%
DFAC Dimensional US Core Equity 2 0.03% 7,840 $259K No change
VRSN Verisign Inc. 0.03% 1,000 $254K No change
CCOR Core Alternative ETF 0.03% 9,490 $254K No change
AON Aon PLC Class A 0.03% 629 $251K No change
MAR Marriott International Class A 0.03% 1,053 $251K No change
BMY Bristol-Myers Squibb Co. 0.03% 4,092 $250K New
LPLA LPL Financial Holdings Inc. 0.03% 746 $244K No change
TFC Truist Financial Corp. 0.03% 5,801 $239K Add +0.5%
QCOM Qualcomm Inc. 0.03% 1,503 $231K Reduce -5.2%
COP Conocophillips 0.03% 2,197 $231K No change
MOAT Vaneck Morningstar Wide Moat 0.03% 2,597 $229K Add +2.3%
VUG Vanguard Mrngstar GR ETF-Sui 0.03% 612 $227K Add +18.1%
OKE Oneok Inc. 0.03% 2,274 $226K New
COST Costco Wholesale Corp. 0.03% 235 $222K Reduce -3.7%
GLD SPDR Gold Shares 0.03% 770 $222K New
ABT Abbott Laboratories 0.03% 1,672 $222K New
VWO Vanguard Ftse Emerging Marke 0.03% 4,719 $214K Add +2.6%
XLK SS Technology Select Sector 0.03% 1,010 $209K New
GLOF iShares Global Equity Factor 0.02% 4,781 $205K Reduce -34.1%
CRT Cross Timbers Royalty Trust 0.02% 14,649 $191K Add +1.9%
POET Poet Technologies Inc. 0.02% 41,346 $156K Add +55.2%
OXFORD LANE CAP CORP 0.01% 26,114 $123K Add +4.6%
ECC Eagle Point Credit Co. 0.01% 11,829 $96K Add +4.4%

Portfolio Sells Q4 2024 → Q1 2025
RCAT Red Cat Holdings Inc. Reduce -98.7% 0.12% −16.16
IOO iShares Global 100 ETF Reduce -99.4% 0.05% −6.94
VSS Vanguard Ftse All Wo X-US SC Sold out 0.00% −5.92
VT Vanguard Tot World STK ETF Reduce -90.0% 0.19% −1.40
ISCF iShares International Small Sold out 0.00% −0.08
WST West Pharmaceutical Services Reduce -25.6% 0.08% −0.05
KMB Kimberly-Clark Corp. Sold out 0.00% −0.03
IWF iShares Russell 1000 Growth Sold out 0.00% −0.02
VV Vngrd Mrgstr LRG-Cap ETF-Usd Sold out 0.00% −0.02
GLOF iShares Global Equity Factor Reduce -34.1% 0.02% −0.01
MRK Merck & Co. Inc. Reduce -15.3% 0.07% −0.01
DAL Delta Air Lines Inc. Reduce -0.0% 0.03% −0.01
AMZN Amazon.com Inc. Reduce -6.1% 0.11% −0.00
PEP Pepsico Inc. Reduce -14.2% 0.07% +0.00
FBTC Fidelity Wise Origin Bitcoin Reduce -2.1% 0.04% +0.00
DIS The Walt Disney Co. Reduce -0.9% 0.04% +0.00
PFE Pfizer Inc. Reduce -9.9% 0.07% +0.00
AMAT Applied Materials Inc. Reduce -0.4% 0.06% +0.00
QCOM Qualcomm Inc. Reduce -5.2% 0.03% +0.00
GSIE Goldman Sachs Activebeta Int Reduce -16.7% 0.06% +0.00
CL Colgate-Palmolive Co. Reduce -14.4% 0.08% +0.00
COST Costco Wholesale Corp. Reduce -3.7% 0.03% +0.00
UNP Union Pacific Corp. Reduce -9.9% 0.05% +0.00
SYY Sysco Corp. Reduce -2.9% 0.05% +0.01
PRFZ Inv Rafi US 1500 SM-Usd Inc. Reduce -0.3% 0.08% +0.01
CAMX Cambiar Aggressive Value ETF Reduce -1.9% 0.04% +0.01
RF Regions Financial Corp. Reduce -0.9% 0.09% +0.01
INTC Intel Corp. Reduce -8.8% 0.04% +0.01
SCHW Schwab (charles) Corp. Reduce -1.3% 0.04% +0.01
MCD McDonald's Corp. Reduce -12.4% 0.08% +0.01
EEM iShares MSCI Emerging Market Reduce -5.1% 0.06% +0.01
UNH Unitedhealth Group Inc. Reduce -0.1% 0.06% +0.01
USMV iShares MSCI USA Min Vol Fac Reduce -2.8% 0.08% +0.01
ABBV Abbvie Inc. Reduce -0.5% 0.05% +0.01
DFAE Dimensional Emerging Core Eq Reduce -7.9% 0.17% +0.02
IBM Intl Business Machines Corp. Reduce -8.1% 0.12% +0.02
PG The Procter & Gamble Co. Reduce -4.8% 0.19% +0.03
JNJ Johnson & Johnson Reduce -5.2% 0.13% +0.03
V Visa Inc. Class A Reduce -0.5% 0.13% +0.03
KO The Coca-Cola Co. Reduce -2.9% 0.14% +0.04
VXUS Vanguard Total Intl Stock Reduce -8.7% 0.35% +0.04
CVX Chevron Corp. Reduce -4.9% 0.20% +0.05
PHYS Sprott Physical Gold Trust Reduce -8.4% 0.20% +0.05
CEF Sprott Physical Gold and Sil Reduce -0.1% 0.16% +0.05
ACWI iShares MSCI Acwi ETF Reduce -1.1% 0.36% +0.05
VLUE iShares MSCI USA Value Facto Reduce -8.4% 0.58% +0.05
XOM Exxon Mobil Corp. Reduce -0.8% 0.24% +0.06
EFA iShares MSCI Eafe ETF Reduce -0.2% 0.44% +0.10
PSLV Sprott Physical Silver Trust Reduce -0.0% 0.47% +0.14
BRK.B Berkshire Hathaway Inc. Class B Reduce -0.8% 0.88% +0.25

Portfolio Buys Q4 2024 → Q1 2025
WELD Tema U.S. Manufacturing & Re New 8.63% +8.63
AUSF Global X Adaptive US Factor New 7.54% +7.54
DGRW Wisdomtree U.S. Quality Divi Add +1.7% 9.04% +1.47
CAPE Doubleline Shiller Cape US Add +0.7% 7.31% +1.30
IEFA iShares Core MSCI Eafe ETF Add +2.7% 5.20% +1.25
FDX FedEx Corp. Add +980.0% 1.19% +1.09
MDY State Street SPDR S&P Midcap Add +0.9% 9.17% +1.03
SCHK Schwab 1000 Index ETF Add +2.9% 6.52% +0.92
FNDA Schwab Fndmntl US SM Co. ETF Add +1.6% 8.77% +0.91
AVEM Avantis Emerging Markets Eq Add +2.9% 3.87% +0.79
EWX State Street SPDR S&P Emergi Add +2.2% 4.23% +0.63
QQQE Dirx Nasdaq-100EQ Wi ETF-Usd Add +1.0% 4.10% +0.59
QQQM Invesco Nasdaq 100 ETF Add +0.6% 4.50% +0.41
SPY SS SPDR S&P 500 ETF Trust-US Add +45.4% 0.94% +0.37
AAPL Apple Inc. Add +26.4% 1.36% +0.34
DBND Doubleline Oppor Cor BND-Usd Add +1.6% 1.05% +0.20
CGV Conductor Global Eq Val ETF Add +13.4% 0.61% +0.16
LLY Eli Lilly & Co. Add +1.3% 0.62% +0.14
AZO AutoZone Inc. Add +4.2% 0.36% +0.12
MSFT Microsoft Corp. Add +7.7% 0.79% +0.10
HD Home Depot Inc. Add +29.9% 0.29% +0.09
VOO Vanguard S&P 500 ETF Add +15.6% 0.38% +0.09
JPM JPMorgan Chase & Co. Add +5.5% 0.35% +0.08
VTV Vanguard Mrngstr Val ETF-Aui Add +0.6% 0.37% +0.07
TSLA Tesla Inc. New 0.07% +0.07
GE General Electric New 0.06% +0.06
WMT Walmart Inc. Add +1.6% 0.42% +0.06
VTI VG Morningstar TS MKT ETF-US New 0.06% +0.06
LOW Lowe's Cos Inc. Add +183.1% 0.08% +0.05
NVDA Nvidia Corp. Add +19.1% 0.38% +0.05
NFLX Netflix Inc. Add +12.3% 0.17% +0.05
AFL Aflac Inc. Add +0.5% 0.17% +0.04
META Meta Platforms Inc. Class A Add +5.0% 0.18% +0.03
BMY Bristol-Myers Squibb Co. New 0.03% +0.03
OKE Oneok Inc. New 0.03% +0.03
ABT Abbott Laboratories New 0.03% +0.03
GLD SPDR Gold Shares New 0.03% +0.03
XLK SS Technology Select Sector New 0.03% +0.03
NEM Newmont Corp. Add +7.1% 0.06% +0.02
T AT&T Inc. Add +5.4% 0.06% +0.02
VEU Vanguard Ftse All-World Ex-U Add +24.8% 0.06% +0.02
WFC Wells Fargo & Co. Add +14.5% 0.07% +0.02
QEFA STSR SPD MSC Eaf Stgfs-US Inc. Add +43.8% 0.04% +0.02
QQQ Invesco QQQ Trust Series 1 Add +8.7% 0.12% +0.02
PSA Public Storage Add +0.4% 0.11% +0.02
CSCO Cisco Systems Inc. Add +0.5% 0.09% +0.02
GOOGL Alphabet Inc. Class A Add +14.8% 0.14% +0.01
GS Goldman Sachs Group Inc. Add +11.3% 0.07% +0.01
SPMD SS SPDR P S&P 400 Midcap ETF Add +1.0% 0.12% +0.01
QUAL iShares MSCI USA Quality Fac Add +8.9% 0.06% +0.01

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