Waddell & Associates, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 10, 2025), Waddell & Associates, LLC reported 325 stock positions worth $1.2 billion. Its top holding was FedEx (FDX) at 9.0% of the portfolio, followed by Global X US Infrastructure (PAVE, 7.7%) and State Street SPDR S&P Midcap (MDY, 7.5%). Compared with Q2 2025, it opened 95 new positions, sold out of 13, added to 157 and reduced 34. The biggest buy was FedEx (FDX, shares +1008%) and the biggest sale iShares Russell 1000 Growth (IWF, shares −35%).
- Most Recent 13F
- Q2 2026
- Location
- MEMPHIS, TN
- CIK
- 0001776757
- Portfolio Value
- $1.2B (Q3 2025)
- SEC Filing
- 0001765380-25-000463 ↗ filed Nov 10, 2025
Holdings Value
Holdings 325 stocks · $1.2B
| FDX FedEx Corp. | 9.03% | 450,018 | $106.1M | Add +1008.2% |
| PAVE Global X US Infrastructure | 7.67% | 1,892,168 | $90.1M | Add +3.6% |
| MDY State Street SPDR S&P Midcap | 7.52% | 148,331 | $88.4M | Add +3.3% |
| DGRW Wisdomtree U.S. Quality Divi | 7.40% | 978,139 | $87.0M | Add +3.4% |
| FNDA Schwab Fndmntl US SM Co. ETF | 7.38% | 2,782,250 | $86.7M | Add +3.5% |
| AUSF Global X Adaptive US Factor | 6.10% | 1,540,624 | $71.7M | Add +5.7% |
| CAPE Doubleline Shiller Cape US | 5.69% | 2,054,398 | $66.9M | Add +3.3% |
| SCHK Schwab 1000 Index ETF | 5.60% | 2,050,350 | $65.9M | Add +3.2% |
| IEFA iShares Core MSCI Eafe ETF | 4.49% | 604,508 | $52.8M | Add +5.0% |
| QQQM Invesco Nasdaq 100 ETF | 4.17% | 198,399 | $49.0M | Add +2.0% |
| EWX State Street SPDR S&P Emergi | 3.70% | 647,051 | $43.5M | Add +3.2% |
| AVEM Avantis Emerging Markets Eq | 3.54% | 553,961 | $41.6M | Add +2.8% |
| QQQE Dirx Nasdaq-100EQ Wi ETF-Usd | 3.53% | 407,902 | $41.4M | Add +3.3% |
| AAPL Apple Inc. | 1.28% | 58,951 | $15.0M | Add +13.1% |
| MSFT Microsoft Corp. | 0.86% | 19,421 | $10.1M | Add +23.8% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.78% | 13,817 | $9.2M | Reduce -1.4% |
| NVDA Nvidia Corp. | 0.77% | 48,241 | $9.0M | Add +29.4% |
| DBND Doubleline Oppor Cor BND-Usd | 0.72% | 181,957 | $8.5M | Reduce -0.3% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.66% | 15,331 | $7.7M | Add +10.3% |
| CGV Conductor Global Eq Val ETF | 0.50% | 402,685 | $5.9M | Add +0.0% |
| PSLV Sprott Physical Silver Trust | 0.47% | 354,385 | $5.6M | Add +15.9% |
| VLUE iShares MSCI USA Value Facto | 0.45% | 42,496 | $5.3M | Reduce -4.6% |
| IWF iShares Russell 1000 Growth | 0.45% | 11,245 | $5.3M | Reduce -34.8% |
| WMT Walmart Inc. | 0.45% | 50,970 | $5.3M | Add +27.3% |
| GOOG Alphabet Inc. Class C | 0.39% | 18,721 | $4.6M | Add +12.0% |
| LLY Eli Lilly & Co. | 0.38% | 5,880 | $4.5M | Add +5.8% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.36% | 22,571 | $4.2M | Reduce -1.1% |
| JPM JPMorgan Chase & Co. | 0.36% | 13,327 | $4.2M | Add +20.9% |
| EFA iShares MSCI Eafe ETF | 0.36% | 44,827 | $4.2M | Add +0.3% |
| ACWI iShares MSCI Acwi ETF | 0.30% | 25,247 | $3.5M | No change |
| VOO Vanguard S&P 500 ETF | 0.30% | 5,665 | $3.5M | Reduce -0.1% |
| AZO AutoZone Inc. | 0.29% | 803 | $3.4M | Add +6.9% |
| VXUS Vanguard Total Intl Stock | 0.28% | 45,007 | $3.3M | Reduce -3.3% |
| HD Home Depot Inc. | 0.24% | 7,059 | $2.9M | Add +4.5% |
| META Meta Platforms Inc. Class A | 0.23% | 3,691 | $2.7M | Add +31.1% |
| IYW iShares Ustechnology ETF | 0.22% | 13,098 | $2.6M | No change |
| ORCL Oracle Corp. | 0.21% | 8,668 | $2.4M | Add +13.2% |
| GOOGL Alphabet Inc. Class A | 0.20% | 9,557 | $2.3M | Add +33.4% |
| AMZN Amazon.com Inc. | 0.19% | 10,283 | $2.3M | Add +58.9% |
| XOM Exxon Mobil Corp. | 0.19% | 19,367 | $2.2M | Add +19.2% |
| PG The Procter & Gamble Co. | 0.18% | 13,428 | $2.1M | Add +43.8% |
| JNJ Johnson & Johnson | 0.16% | 10,065 | $1.9M | Add +22.6% |
| NFLX Netflix Inc. | 0.16% | 1,543 | $1.8M | Add +5.0% |
| VT Vanguard Tot World STK ETF | 0.15% | 13,183 | $1.8M | Reduce -0.3% |
| TSLA Tesla Inc. | 0.15% | 4,010 | $1.8M | Add +38.2% |
| QQQ Invesco QQQ Trust Series 1 | 0.15% | 2,910 | $1.7M | Add +8.5% |
| RCAT Red Cat Holdings Inc. | 0.15% | 165,260 | $1.7M | No change |
| AVGO Broadcom Inc. | 0.14% | 5,029 | $1.7M | Add +46.4% |
| DFAE Dimensional Emerging Core Eq | 0.14% | 52,284 | $1.6M | Reduce -2.3% |
| GE General Electric filed as GE AEROSPACE | 0.14% | 5,389 | $1.6M | Add +19.2% |
| CEF Sprott Physical Gold and Sil | 0.13% | 42,909 | $1.6M | Reduce -6.5% |
| WTAI Wisdomtree AI and Innovation | 0.13% | 53,221 | $1.5M | No change |
| PHYS Sprott Physical Gold Trust | 0.13% | 50,434 | $1.5M | Reduce -26.6% |
| AFL Aflac Inc. | 0.12% | 13,082 | $1.5M | Add +5.8% |
| ARTY iShares Future AI & Tech ETF | 0.12% | 30,735 | $1.4M | No change |
| MRK Merck & Co. Inc. | 0.12% | 16,337 | $1.4M | Add +32.5% |
| PEP Pepsico Inc. | 0.12% | 9,723 | $1.4M | Add +74.7% |
| V Visa Inc. Class A | 0.11% | 3,955 | $1.4M | Add +18.5% |
| INTC Intel Corp. | 0.11% | 38,520 | $1.3M | Add +40.7% |
| CVX Chevron Corp. | 0.11% | 8,097 | $1.3M | Add +22.8% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.10% | 4,355 | $1.2M | Add +5.4% |
| PSA Public Storage | 0.10% | 4,223 | $1.2M | Add +8.2% |
| RSP Invesco S&P 500 Equal Weight | 0.10% | 6,391 | $1.2M | Reduce -0.3% |
| RBLX Roblox Corp. Class A | 0.10% | 8,409 | $1.2M | Add +28.7% |
| CEFZ Rivernorth Active Income ETF | 0.10% | 139,883 | $1.1M | New |
| SPMD SS SPDR P S&P 400 Midcap ETF | 0.10% | 20,024 | $1.1M | Add +2.7% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.10% | 21,898 | $1.1M | Add +58.8% |
| NEM Newmont Corp. | 0.10% | 13,381 | $1.1M | Add +22.7% |
| GD General Dynamics Corp. | 0.09% | 3,203 | $1.1M | Add +51.4% |
| ALL Allstate Corp. | 0.09% | 5,070 | $1.1M | Add +1.4% |
| GEV GE Vernova Inc. | 0.09% | 1,692 | $1.0M | Add +35.4% |
| KO The Coca-Cola Co. | 0.08% | 14,842 | $984K | Add +6.4% |
| PNC PNC Financial Services Group | 0.08% | 4,665 | $937K | Add +46.1% |
| GS Goldman Sachs Group Inc. | 0.08% | 1,177 | $937K | Add +14.9% |
| WST West Pharmaceutical Services | 0.08% | 3,510 | $921K | Add +20.5% |
| CSCO Cisco Systems Inc. | 0.08% | 13,392 | $916K | Add +14.7% |
| ANET Arista Networks Inc. | 0.08% | 6,281 | $915K | Add +17.4% |
| RF Regions Financial Corp. | 0.08% | 33,991 | $896K | Add +4.3% |
| EW Edwards Lifesciences Corp. | 0.07% | 11,321 | $880K | Add +19.5% |
| AXP American Express Co. | 0.07% | 2,638 | $876K | Add +0.4% |
| VRSN Verisign Inc. | 0.07% | 3,118 | $872K | Add +6.2% |
| ORLY O'reilly Automotive Inc. | 0.07% | 8,061 | $869K | Add +5.4% |
| CMI Cummins Inc. | 0.07% | 2,047 | $865K | Add +37.6% |
| MU Micron Technology Inc. | 0.07% | 5,061 | $847K | Add +122.8% |
| PRFZ Inv Rafi US 1500 SM-Usd Inc. | 0.07% | 18,518 | $841K | Reduce -1.1% |
| VRT Vertiv Holdings Co. Class A | 0.07% | 5,398 | $814K | Add +10.5% |
| XLK SS Technology Select Sector | 0.07% | 2,862 | $807K | Add +193.5% |
| COHR Coherent Corp. | 0.07% | 7,150 | $770K | No change |
| ABBV Abbvie Inc. | 0.07% | 3,320 | $769K | Add +69.4% |
| INCY Incyte Corp. | 0.06% | 8,895 | $754K | Add +16.1% |
| SNOW Snowflake Inc. | 0.06% | 3,334 | $752K | Add +13.3% |
| LOW Lowe's Cos Inc. | 0.06% | 2,939 | $739K | Add +7.8% |
| BKNG Booking Holdings Inc. | 0.06% | 136 | $734K | Add +11.5% |
| KMI Kinder Morgan Inc. | 0.06% | 25,870 | $732K | Add +46.2% |
| ADBE Adobe Inc. | 0.06% | 2,048 | $722K | Add +79.2% |
| EXPE Expedia Group Inc. | 0.06% | 3,351 | $716K | Add +52.2% |
| AMAT Applied Materials Inc. | 0.06% | 3,466 | $710K | Reduce -13.7% |
| BA The Boeing Co. | 0.06% | 3,235 | $698K | Add +17.0% |
| MO Altria Group Inc. | 0.06% | 10,565 | $698K | Add +6.9% |
| MA Mastercard Inc. Class A | 0.06% | 1,210 | $688K | New |
Portfolio Sells Q2 2025 → Q3 2025
| IWF iShares Russell 1000 Growth | Reduce -34.8% | 0.45% | −0.33 |
| DBND Doubleline Oppor Cor BND-Usd | Reduce -0.3% | 0.72% | −0.18 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -1.4% | 0.78% | −0.14 |
| VLUE iShares MSCI USA Value Facto | Reduce -4.6% | 0.45% | −0.09 |
| VTV Vanguard Mrngstr Val ETF-Aui | Reduce -1.1% | 0.36% | −0.07 |
| VXUS Vanguard Total Intl Stock | Reduce -3.3% | 0.28% | −0.06 |
| PHYS Sprott Physical Gold Trust | Reduce -26.6% | 0.13% | −0.06 |
| FTNT Fortinet Inc. | Reduce -44.6% | 0.03% | −0.05 |
| VOO Vanguard S&P 500 ETF | Reduce -0.1% | 0.30% | −0.05 |
| KMX Carmax Inc. | Sold out | 0.00% | −0.04 |
| FBTC Fidelity Wise Origin Bitcoin | Sold out | 0.00% | −0.04 |
| PM Philip Morris International | Reduce -28.2% | 0.04% | −0.04 |
| TSN Tyson Foods Inc. Class A | Sold out | 0.00% | −0.03 |
| VT Vanguard Tot World STK ETF | Reduce -0.3% | 0.15% | −0.03 |
| HUM Humana Inc. | Sold out | 0.00% | −0.03 |
| DFAE Dimensional Emerging Core Eq | Reduce -2.3% | 0.14% | −0.03 |
| COST Costco Wholesale Corp. | Reduce -30.2% | 0.03% | −0.02 |
| UPS United Parcel Service Class B | Sold out | 0.00% | −0.02 |
| AXS Axis Capital Holdings Ltd. | Sold out | 0.00% | −0.02 |
| MKTX Marketaxess Holdings Inc. | Sold out | 0.00% | −0.02 |
| RGLD Royal Gold Inc. | Sold out | 0.00% | −0.02 |
| CI The Cigna Group | Sold out | 0.00% | −0.02 |
| MNST Monster Beverage Corp. | Reduce -47.0% | 0.02% | −0.02 |
| CTAS Cintas Corp. | Sold out | 0.00% | −0.02 |
| RSP Invesco S&P 500 Equal Weight | Reduce -0.3% | 0.10% | −0.02 |
| EXR Extra Space Storage Inc. | Reduce -27.9% | 0.02% | −0.02 |
| AMAT Applied Materials Inc. | Reduce -13.7% | 0.06% | −0.02 |
| LMT Lockheed Martin Corp. | Reduce -25.1% | 0.03% | −0.02 |
| PATH Uipath Inc. Class A | Sold out | 0.00% | −0.02 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -13.5% | 0.04% | −0.02 |
| AMCR Amcor PLC | Sold out | 0.00% | −0.01 |
| CEF Sprott Physical Gold and Sil | Reduce -6.5% | 0.13% | −0.01 |
| OXFORD LANE CAP CORP | Sold out | 0.00% | −0.01 |
| SCI Service Corp. International | Reduce -0.6% | 0.05% | −0.01 |
| XRAY Dentsply Sirona Inc. | Reduce -12.9% | 0.01% | −0.01 |
| BMRN Biomarin Pharmaceutical Inc. | Reduce -10.6% | 0.02% | −0.01 |
| PRFZ Inv Rafi US 1500 SM-Usd Inc. | Reduce -1.1% | 0.07% | −0.01 |
| QUAL iShares MSCI USA Quality Fac | Reduce -2.2% | 0.04% | −0.01 |
| SYY Sysco Corp. | Reduce -1.3% | 0.04% | −0.01 |
| ARE Alexandria Real Estate Equit | Reduce -9.0% | 0.02% | −0.00 |
| GLOF iShares Global Equity Factor | Reduce -3.5% | 0.02% | −0.00 |
| MOAT Vaneck Morningstar Wide Moat | Reduce -1.5% | 0.02% | −0.00 |
| GTM Zoominfo Technologies Inc. | Reduce -10.6% | 0.01% | −0.00 |
| ECC Eagle Point Credit Co. | Reduce -0.2% | 0.01% | −0.00 |
| VWO Vanguard Ftse Emerging Marke | Reduce -1.4% | 0.02% | −0.00 |
| DAL Delta Air Lines Inc. | Reduce -1.1% | 0.03% | −0.00 |
| FTRE Fortrea Holdings Inc. | Reduce -9.1% | 0.01% | +0.00 |
Portfolio Buys Q2 2025 → Q3 2025
| FDX FedEx Corp. | Add +1008.2% | 9.03% | +8.04 |
| NVDA Nvidia Corp. | Add +29.4% | 0.77% | +0.14 |
| AAPL Apple Inc. | Add +13.1% | 1.28% | +0.14 |
| CEFZ Rivernorth Active Income ETF | New | 0.10% | +0.10 |
| PSLV Sprott Physical Silver Trust | Add +15.9% | 0.47% | +0.07 |
| GOOG Alphabet Inc. Class C | Add +12.0% | 0.39% | +0.07 |
| GOOGL Alphabet Inc. Class A | Add +33.4% | 0.20% | +0.06 |
| MA Mastercard Inc. Class A | New | 0.06% | +0.06 |
| PLTR Palantir Technologies Inc. Class A | New | 0.06% | +0.06 |
| PCG P G & E Corp. | New | 0.05% | +0.05 |
| TSLA Tesla Inc. | Add +38.2% | 0.15% | +0.05 |
| NAKA Nakamoto Inc. | New | 0.05% | +0.05 |
| FFLG Fidelity Fndmntl L/C GRW ETF | New | 0.05% | +0.05 |
| MOH Molina Healthcare Inc. | New | 0.05% | +0.05 |
| WELL Welltower Inc. | New | 0.05% | +0.05 |
| INTC Intel Corp. | Add +40.7% | 0.11% | +0.04 |
| XLK SS Technology Select Sector | Add +193.5% | 0.07% | +0.04 |
| MU Micron Technology Inc. | Add +122.8% | 0.07% | +0.04 |
| AMZN Amazon.com Inc. | Add +58.9% | 0.19% | +0.04 |
| AVGO Broadcom Inc. | Add +46.4% | 0.14% | +0.04 |
| ALNY Alnylam Pharmaceuticals Inc. | New | 0.04% | +0.04 |
| ZS Zscaler Inc. | New | 0.04% | +0.04 |
| MEDP Medpace Holdings Inc. | New | 0.04% | +0.04 |
| ZM Zoom Communications Inc. | New | 0.04% | +0.04 |
| PEP Pepsico Inc. | Add +74.7% | 0.12% | +0.04 |
| JBHT Hunt (jb) Transprt SVCS Inc. | New | 0.04% | +0.04 |
| BBY Best Buy Co. Inc. | New | 0.04% | +0.04 |
| REGN Regeneron Pharmaceuticals | New | 0.03% | +0.03 |
| LIN Linde PLC | New | 0.03% | +0.03 |
| PSX Phillips 66 | New | 0.03% | +0.03 |
| HUBS HubSpot Inc. | New | 0.03% | +0.03 |
| EVR Evercore Inc. Class A | New | 0.03% | +0.03 |
| VB Vanguard Most SM-Cap ETF-Usd | New | 0.03% | +0.03 |
| BWA Borgwarner Inc. | New | 0.03% | +0.03 |
| CVS CVS Health Corp. | New | 0.03% | +0.03 |
| WMT Walmart Inc. | Add +27.3% | 0.45% | +0.03 |
| ORCL Oracle Corp. | Add +13.2% | 0.21% | +0.03 |
| MTCH Match Group Inc. | New | 0.03% | +0.03 |
| NEM Newmont Corp. | Add +22.7% | 0.10% | +0.03 |
| LRCX Lam Research Corp. | New | 0.03% | +0.03 |
| GD General Dynamics Corp. | Add +51.4% | 0.09% | +0.03 |
| ABBV Abbvie Inc. | Add +69.4% | 0.07% | +0.03 |
| BAC Bank of America Corp. | Add +58.8% | 0.10% | +0.03 |
| NBIX Neurocrine Biosciences Inc. | New | 0.03% | +0.03 |
| ROKU Roku Inc. | New | 0.03% | +0.03 |
| TTC Toro Co. | New | 0.03% | +0.03 |
| THC Tenet Healthcare Corp. | New | 0.03% | +0.03 |
| APH Amphenol Corp. Class A | New | 0.03% | +0.03 |
| EHC Encompass Health Corp. | New | 0.03% | +0.03 |
| RBLX Roblox Corp. Class A | Add +28.7% | 0.10% | +0.03 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 543 | $2.0B | FDX, PAVE, FNDA, MDY, FDXF |
| Q1 2026 | 449 | $1.8B | FDX, PAVE, GCOW, MDY, FNDA |
| Q4 2025 | 379 | $1.5B | FDX, PAVE, MDY, FNDA, DGRW |
| Q3 2025 | 325 | $1.2B | FDX, PAVE, MDY, DGRW, FNDA |
| Q2 2025 | 243 | $936.8M | MDY, PAVE, DGRW, FNDA, AUSF |
| Q1 2025Amended | 159 | $823.6M | MDY, DGRW, FNDA, WELD, AUSF |
| Q4 2024Amended | 154 | $981.0M | RCAT, MDY, FNDA, DGRW, IOO |
| Q3 2024 | 150 | $822.1M | MDY, FNDA, DGRW, IOO, VSS |
| Q2 2024 | 138 | $760.0M | MDY, FNDA, DGRW, IOO, VSS |
| Q1 2024 | 140 | $739.8M | MDY, FNDA, DGRW, IOO, CAPE |