Waddell & Associates, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 11, 2026), Waddell & Associates, LLC reported 379 stock positions worth $1.5 billion. Its top holding was FedEx (FDX) at 23.2% of the portfolio, followed by Global X US Infrastructure (PAVE, 6.2%) and State Street SPDR S&P Midcap (MDY, 6.1%). Compared with Q3 2025, it opened 89 new positions, sold out of 35, added to 173 and reduced 74. The biggest buy was FedEx (FDX, shares +164%) and the biggest sale Invesco Nasdaq 100 ETF (QQQM, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- MEMPHIS, TN
- CIK
- 0001776757
- Portfolio Value
- $1.5B (Q4 2025)
- SEC Filing
- 0001765380-26-000104 ↗ filed Feb 11, 2026
Holdings Value
Holdings 379 stocks · $1.5B
| FDX FedEx Corp. | 23.16% | 1,188,140 | $343.2M | Add +164.0% |
| PAVE Global X US Infrastructure | 6.18% | 1,917,540 | $91.6M | Add +1.3% |
| MDY State Street SPDR S&P Midcap | 6.12% | 150,332 | $90.7M | Add +1.4% |
| FNDA Schwab Fndmntl US SM Co. ETF | 6.00% | 2,823,762 | $89.0M | Add +1.5% |
| DGRW Wisdomtree U.S. Quality Divi | 5.98% | 990,996 | $88.6M | Add +1.3% |
| AUSF Global X Adaptive US Factor | 4.99% | 1,593,001 | $73.9M | Add +3.4% |
| SCHK Schwab 1000 Index ETF | 4.58% | 2,071,165 | $67.9M | Add +1.0% |
| CAPE Doubleline Shiller Cape US | 4.56% | 2,097,338 | $67.6M | Add +2.1% |
| IEFA iShares Core MSCI Eafe ETF | 3.76% | 622,821 | $55.7M | Add +3.0% |
| QQQM Invesco Nasdaq 100 ETF | 3.36% | 197,090 | $49.8M | Reduce -0.7% |
| AVEM Avantis Emerging Markets Eq | 2.88% | 554,945 | $42.7M | Add +0.2% |
| EWX State Street SPDR S&P Emergi | 2.87% | 647,449 | $42.5M | Add +0.1% |
| QQQE Dirx Nasdaq-100EQ Wi ETF-Usd | 2.85% | 412,249 | $42.2M | Add +1.1% |
| AAPL Apple Inc. | 1.14% | 62,029 | $16.9M | Add +5.2% |
| NVDA Nvidia Corp. | 0.69% | 55,178 | $10.3M | Add +14.4% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.64% | 13,917 | $9.5M | Add +0.7% |
| MSFT Microsoft Corp. | 0.63% | 19,296 | $9.3M | Reduce -0.6% |
| PSLV Sprott Physical Silver Trust | 0.54% | 335,445 | $7.9M | Reduce -5.3% |
| DBND Doubleline Oppor Cor BND-Usd | 0.51% | 164,566 | $7.6M | Reduce -9.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.50% | 14,606 | $7.3M | Reduce -4.7% |
| GOOG Alphabet Inc. Class C | 0.43% | 20,487 | $6.4M | Add +9.4% |
| LLY Eli Lilly & Co. | 0.41% | 5,646 | $6.1M | Reduce -4.0% |
| WMT Walmart Inc. | 0.41% | 54,173 | $6.0M | Add +6.3% |
| CGV Conductor Global Eq Val ETF | 0.40% | 404,304 | $6.0M | Add +0.4% |
| VLUE iShares MSCI USA Value Facto | 0.38% | 41,683 | $5.7M | Reduce -1.9% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.30% | 22,944 | $4.4M | Add +1.6% |
| EFA iShares MSCI Eafe ETF | 0.29% | 44,704 | $4.3M | Reduce -0.3% |
| JPM JPMorgan Chase & Co. | 0.28% | 12,854 | $4.1M | Reduce -3.5% |
| GOOGL Alphabet Inc. Class A | 0.24% | 11,478 | $3.6M | Add +20.1% |
| ACWI iShares MSCI Acwi ETF | 0.24% | 25,247 | $3.6M | No change |
| VOO Vanguard S&P 500 ETF | 0.24% | 5,665 | $3.6M | No change |
| IWF iShares Russell 1000 Growth | 0.22% | 7,020 | $3.3M | Reduce -37.6% |
| VXUS Vanguard Total Intl Stock | 0.22% | 43,666 | $3.3M | Reduce -3.0% |
| AMZN Amazon.com Inc. | 0.22% | 14,101 | $3.3M | Add +37.1% |
| IYW iShares Ustechnology ETF | 0.18% | 13,098 | $2.6M | No change |
| AZO AutoZone Inc. | 0.17% | 750 | $2.5M | Reduce -6.6% |
| META Meta Platforms Inc. Class A | 0.16% | 3,567 | $2.4M | Reduce -3.4% |
| XOM Exxon Mobil Corp. | 0.16% | 19,385 | $2.3M | Add +0.1% |
| HD Home Depot Inc. | 0.15% | 6,536 | $2.2M | Reduce -7.4% |
| JNJ Johnson & Johnson | 0.15% | 10,475 | $2.2M | Add +4.1% |
| TSLA Tesla Inc. | 0.15% | 4,791 | $2.2M | Add +19.5% |
| MRK Merck & Co. Inc. | 0.14% | 20,212 | $2.1M | Add +23.7% |
| AVGO Broadcom Inc. | 0.13% | 5,777 | $2.0M | Add +14.9% |
| ORCL Oracle Corp. | 0.13% | 10,047 | $2.0M | Add +15.9% |
| VT Vanguard Tot World STK ETF | 0.13% | 13,183 | $1.9M | No change |
| QQQ Invesco QQQ Trust Series 1 | 0.12% | 2,914 | $1.8M | Add +0.1% |
| GE General Electric filed as GE AEROSPACE | 0.12% | 5,614 | $1.7M | Add +4.2% |
| PHYS Sprott Physical Gold Trust | 0.11% | 51,216 | $1.7M | Add +1.6% |
| DFAE Dimensional Emerging Core Eq | 0.11% | 51,788 | $1.7M | Reduce -0.9% |
| PG The Procter & Gamble Co. | 0.11% | 11,582 | $1.7M | Reduce -13.8% |
| MU Micron Technology Inc. | 0.11% | 5,798 | $1.7M | Add +14.6% |
| NEM Newmont Corp. | 0.11% | 16,265 | $1.6M | Add +21.6% |
| CEF Sprott Physical Gold and Sil | 0.11% | 35,146 | $1.6M | Reduce -18.1% |
| PEP Pepsico Inc. | 0.11% | 10,953 | $1.6M | Add +12.7% |
| CB Chubb Ltd. | 0.10% | 4,975 | $1.6M | Add +129.3% |
| WTAI Wisdomtree AI and Innovation | 0.10% | 53,221 | $1.6M | No change |
| AFL Aflac Inc. | 0.10% | 13,939 | $1.5M | Add +6.5% |
| INTC Intel Corp. | 0.10% | 40,833 | $1.5M | Add +6.0% |
| ARTY iShares Future AI & Tech ETF | 0.10% | 30,735 | $1.5M | No change |
| NFLX Netflix Inc. | 0.09% | 14,783 | $1.4M | Reduce -4.2% |
| RCAT Red Cat Holdings Inc. | 0.09% | 174,760 | $1.4M | Add +5.8% |
| GD General Dynamics Corp. | 0.09% | 3,966 | $1.3M | Add +23.8% |
| CNC Centene Corp. | 0.09% | 32,237 | $1.3M | Add +177.5% |
| COHR Coherent Corp. | 0.09% | 7,170 | $1.3M | Add +0.3% |
| TEAM Atlassian Corp. Class A | 0.09% | 8,127 | $1.3M | New |
| EXPE Expedia Group Inc. | 0.09% | 4,551 | $1.3M | Add +35.8% |
| BMY Bristol-Myers Squibb Co. | 0.09% | 23,787 | $1.3M | Add +239.5% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.09% | 4,318 | $1.3M | Reduce -0.8% |
| GEV GE Vernova Inc. | 0.08% | 1,891 | $1.2M | Add +11.8% |
| RSP Invesco S&P 500 Equal Weight | 0.08% | 6,391 | $1.2M | No change |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.08% | 22,154 | $1.2M | Add +1.2% |
| V Visa Inc. Class A | 0.08% | 3,364 | $1.2M | Reduce -14.9% |
| CEFZ Rivernorth Active Income ETF | 0.08% | 143,391 | $1.2M | Add +2.5% |
| EIX Edison International | 0.08% | 19,476 | $1.2M | Add +126.0% |
| SPMD SS SPDR P S&P 400 Midcap ETF | 0.08% | 20,006 | $1.2M | Reduce -0.1% |
| CSCO Cisco Systems Inc. | 0.08% | 14,858 | $1.1M | Add +10.9% |
| GS Goldman Sachs Group Inc. | 0.08% | 1,287 | $1.1M | Add +9.3% |
| COF Capital One Financial Corp. | 0.07% | 4,488 | $1.1M | Add +59.4% |
| ANET Arista Networks Inc. | 0.07% | 8,295 | $1.1M | Add +32.1% |
| CMI Cummins Inc. | 0.07% | 2,123 | $1.1M | Add +3.7% |
| CVX Chevron Corp. | 0.07% | 7,102 | $1.1M | Reduce -12.3% |
| BKNG Booking Holdings Inc. | 0.07% | 201 | $1.1M | Add +47.8% |
| RF Regions Financial Corp. | 0.07% | 39,482 | $1.1M | Add +16.1% |
| FIX Comfort Systems USA Inc. | 0.07% | 1,144 | $1.1M | Add +45.0% |
| ALL Allstate Corp. | 0.07% | 5,117 | $1.1M | Add +0.9% |
| PCG P G & E Corp. | 0.07% | 66,171 | $1.1M | Add +54.8% |
| EW Edwards Lifesciences Corp. | 0.07% | 12,346 | $1.1M | Add +9.1% |
| VTR Ventas Inc. | 0.07% | 13,346 | $1.0M | Add +57.9% |
| JBHT Hunt (jb) Transprt SVCS Inc. | 0.07% | 5,290 | $1.0M | Add +60.8% |
| KO The Coca-Cola Co. | 0.07% | 14,610 | $1.0M | Reduce -1.6% |
| WST West Pharmaceutical Services | 0.07% | 3,622 | $997K | Add +3.2% |
| AXP American Express Co. | 0.07% | 2,655 | $982K | Add +0.6% |
| ABNB Airbnb Inc. Class A | 0.07% | 7,236 | $982K | Add +56.1% |
| C Citigroup Inc. | 0.06% | 8,165 | $953K | Add +36.5% |
| SNOW Snowflake Inc. | 0.06% | 4,325 | $949K | Add +29.7% |
| INCY Incyte Corp. | 0.06% | 9,598 | $948K | Add +7.9% |
| VRT Vertiv Holdings Co. Class A | 0.06% | 5,776 | $936K | Add +7.0% |
| PLTR Palantir Technologies Inc. Class A | 0.06% | 5,263 | $935K | Add +45.0% |
| ACN Accenture PLC Class A | 0.06% | 3,443 | $924K | Add +82.7% |
| REGN Regeneron Pharmaceuticals | 0.06% | 1,185 | $915K | Add +63.7% |
Portfolio Sells Q3 2025 → Q4 2025
| QQQM Invesco Nasdaq 100 ETF | Reduce -0.7% | 3.36% | −0.81 |
| MSFT Microsoft Corp. | Reduce -0.6% | 0.63% | −0.23 |
| IWF iShares Russell 1000 Growth | Reduce -37.6% | 0.22% | −0.22 |
| DBND Doubleline Oppor Cor BND-Usd | Reduce -9.6% | 0.51% | −0.21 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -4.7% | 0.50% | −0.16 |
| AZO AutoZone Inc. | Reduce -6.6% | 0.17% | −0.12 |
| HD Home Depot Inc. | Reduce -7.4% | 0.15% | −0.09 |
| JPM JPMorgan Chase & Co. | Reduce -3.5% | 0.28% | −0.08 |
| META Meta Platforms Inc. Class A | Reduce -3.4% | 0.16% | −0.07 |
| VLUE iShares MSCI USA Value Facto | Reduce -1.9% | 0.38% | −0.07 |
| RBLX Roblox Corp. Class A | Reduce -29.2% | 0.03% | −0.07 |
| EFA iShares MSCI Eafe ETF | Reduce -0.3% | 0.29% | −0.07 |
| NFLX Netflix Inc. | Reduce -4.2% | 0.09% | −0.06 |
| PG The Procter & Gamble Co. | Reduce -13.8% | 0.11% | −0.06 |
| VXUS Vanguard Total Intl Stock | Reduce -3.0% | 0.22% | −0.06 |
| PSA Public Storage | Reduce -27.9% | 0.05% | −0.05 |
| EG Everest Group Ltd. | Sold out | 0.00% | −0.05 |
| MOH Molina Healthcare Inc. | Sold out | 0.00% | −0.05 |
| DASH DoorDash Inc. Class A | Reduce -54.5% | 0.02% | −0.04 |
| NAKA Nakamoto Inc. | Reduce 0.0% | 0.01% | −0.04 |
| V Visa Inc. Class A | Reduce -14.9% | 0.08% | −0.04 |
| NTNX Nutanix Inc. Class A | Sold out | 0.00% | −0.03 |
| LIN Linde PLC | Sold out | 0.00% | −0.03 |
| CVX Chevron Corp. | Reduce -12.3% | 0.07% | −0.03 |
| GRMN Garmin Ltd. | Sold out | 0.00% | −0.03 |
| VB Vanguard Most SM-Cap ETF-Usd | Sold out | 0.00% | −0.03 |
| VEEV Veeva Systems Inc. Class A | Reduce -24.8% | 0.02% | −0.03 |
| DFAE Dimensional Emerging Core Eq | Reduce -0.9% | 0.11% | −0.03 |
| CL Colgate-Palmolive Co. | Sold out | 0.00% | −0.03 |
| CEF Sprott Physical Gold and Sil | Reduce -18.1% | 0.11% | −0.03 |
| ZTS Zoetis Inc. | Sold out | 0.00% | −0.03 |
| BAH Booz Allen Hamilton Holdings | Sold out | 0.00% | −0.02 |
| ARE Alexandria Real Estate Equit | Sold out | 0.00% | −0.02 |
| ZS Zscaler Inc. | Reduce -33.5% | 0.02% | −0.02 |
| RHI Robert Half Inc. | Sold out | 0.00% | −0.02 |
| EXR Extra Space Storage Inc. | Sold out | 0.00% | −0.02 |
| ARW Arrow Electronics Inc. | Sold out | 0.00% | −0.02 |
| BRO Brown & Brown Inc. | Sold out | 0.00% | −0.02 |
| NWSA News Corp. Class A | Sold out | 0.00% | −0.02 |
| DD Dupont DE Nemours Inc. | Sold out | 0.00% | −0.02 |
| OVV Ovintiv Inc. | Sold out | 0.00% | −0.02 |
| PNC PNC Financial Services Group | Reduce -9.7% | 0.06% | −0.02 |
| DUOL Duolingo | Sold out | 0.00% | −0.02 |
| FAST Fastenal Co. | Sold out | 0.00% | −0.02 |
| UBER Uber Technologies Inc. | Sold out | 0.00% | −0.02 |
| SPMD SS SPDR P S&P 400 Midcap ETF | Reduce -0.1% | 0.08% | −0.02 |
| SCHW Schwab (charles) Corp. | Reduce -24.3% | 0.03% | −0.02 |
| UNH Unitedhealth Group Inc. | Reduce -12.0% | 0.04% | −0.02 |
| BA The Boeing Co. | Reduce -14.4% | 0.04% | −0.02 |
| MO Altria Group Inc. | Reduce -0.6% | 0.04% | −0.02 |
Portfolio Buys Q3 2025 → Q4 2025
| FDX FedEx Corp. | Add +164.0% | 23.16% | +14.13 |
| TEAM Atlassian Corp. Class A | New | 0.09% | +0.09 |
| BMY Bristol-Myers Squibb Co. | Add +239.5% | 0.09% | +0.06 |
| CNC Centene Corp. | Add +177.5% | 0.09% | +0.05 |
| CB Chubb Ltd. | Add +129.3% | 0.10% | +0.05 |
| GOOG Alphabet Inc. Class C | Add +9.4% | 0.43% | +0.05 |
| LVS Las Vegas Sands Corp. | New | 0.05% | +0.05 |
| GOOGL Alphabet Inc. Class A | Add +20.1% | 0.24% | +0.04 |
| DGS Wisdomtree Em Small Cap | New | 0.04% | +0.04 |
| UPS United Parcel Service Class B | New | 0.04% | +0.04 |
| DOV Dover Corp. | New | 0.04% | +0.04 |
| MU Micron Technology Inc. | Add +14.6% | 0.11% | +0.04 |
| EIX Edison International | Add +126.0% | 0.08% | +0.04 |
| AMP Ameriprise Financial Inc. | New | 0.04% | +0.04 |
| USB US Bancorp | New | 0.04% | +0.04 |
| EXAS Exact Sciences Corp. | New | 0.04% | +0.04 |
| TSN Tyson Foods Inc. Class A | New | 0.03% | +0.03 |
| EXEL Exelixis Inc. | New | 0.03% | +0.03 |
| FSMB First Trust Short Dur Manag | New | 0.03% | +0.03 |
| MKTX Marketaxess Holdings Inc. | New | 0.03% | +0.03 |
| TAFI AB Tax Aware Short Dur Muni | New | 0.03% | +0.03 |
| HII Huntington Ingalls Industrie | New | 0.03% | +0.03 |
| KDP Keurig Dr Pepper Inc. | New | 0.03% | +0.03 |
| PYPL PayPal Holdings Inc. | New | 0.03% | +0.03 |
| TJX TJX Companies Inc. | Add +207.3% | 0.05% | +0.03 |
| TXT Textron Inc. | New | 0.03% | +0.03 |
| JBHT Hunt (jb) Transprt SVCS Inc. | Add +60.8% | 0.07% | +0.03 |
| ROST Ross Stores Inc. | New | 0.03% | +0.03 |
| AMT American Tower Corp. | New | 0.03% | +0.03 |
| TER Teradyne Inc. | New | 0.03% | +0.03 |
| CMG Chipotle Mexican Grill Inc. | New | 0.03% | +0.03 |
| UTHR United Therapeutics Corp. | New | 0.03% | +0.03 |
| JLL Jones Lang Lasalle Inc. | New | 0.03% | +0.03 |
| NTRA Natera Inc. | Add +77.5% | 0.06% | +0.03 |
| AMZN Amazon.com Inc. | Add +37.1% | 0.22% | +0.03 |
| REGN Regeneron Pharmaceuticals | Add +63.7% | 0.06% | +0.03 |
| LMT Lockheed Martin Corp. | Add +152.8% | 0.06% | +0.03 |
| MRK Merck & Co. Inc. | Add +23.7% | 0.14% | +0.03 |
| CAT Caterpillar Inc. | New | 0.03% | +0.03 |
| EXPE Expedia Group Inc. | Add +35.8% | 0.09% | +0.03 |
| CFLT Confluent Inc. Class A | New | 0.03% | +0.03 |
| PLD Prologis Inc. | New | 0.03% | +0.03 |
| DECK Deckers Outdoor Corp. | New | 0.03% | +0.03 |
| FDS Factset Research Systems Inc. | New | 0.03% | +0.03 |
| ARMK Aramark | New | 0.02% | +0.02 |
| HCA HCA Healthcare Inc. | New | 0.02% | +0.02 |
| SF Stifel Financial Corp. | New | 0.02% | +0.02 |
| COHR Coherent Corp. | Add +0.3% | 0.09% | +0.02 |
| FCX Freeport-McMoran Inc. | Add +94.9% | 0.05% | +0.02 |
| JEF Jefferies Financial Group Inc. | New | 0.02% | +0.02 |
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 |