Commonwealth Equity Services, LLC
Reported US equity positions for Q1 2026 — $71.6B across 4,299 positions.
| Holding | Reported value | Share of portfolio | Shares |
|---|---|---|---|
| AAPL Apple Inc. | $2.3B | 3.2% | 8,955,368 |
| IVV iShares Core S&P 500 ETF | $1.7B | 2.4% | 2,640,321 |
| NVDA NVIDIA Corporation | $1.6B | 2.2% | 9,084,150 |
| MSFT Microsoft Corporation | $1.1B | 1.6% | 3,023,558 |
| VEA Vanguard FTSE Developed Markets ETF | $1.1B | 1.5% | 16,771,525 |
| SPY State Street SPDR S&P 500 ETF Trust | $1.1B | 1.5% | 1,619,363 |
| QQQ Invesco QQQ Trust, Series 1 | $1.0B | 1.4% | 1,778,951 |
| AMZN Amazon.com, Inc. | $915.4M | 1.3% | 4,395,363 |
| VOO Vanguard S&P 500 ETF | $794.7M | 1.1% | 1,329,853 |
| IWF iShares Russell 1000 Growth Fund | $733.1M | 1.0% | 1,719,384 |
| VUG Vanguard Morningstar Growth ETF | $692.4M | 1.0% | 1,585,271 |
| VTI Vanguard Morningstar Total Stock Market ETF | $631.7M | 0.9% | 1,969,033 |
| GOOGL Alphabet Inc. | $618.9M | 0.9% | 2,152,226 |
| CGDV Capital Group Dividend Value ETF | $572.9M | 0.8% | 13,468,007 |
| CGGR Capital Group Growth ETF | $544.7M | 0.8% | 13,552,564 |
| BRK.B Berkshire Hathaway Inc. | $530.4M | 0.7% | 1,106,935 |
| VTV Vanguard Morningstar Value ETF | $517.4M | 0.7% | 2,636,976 |
| VIG Vanguard Div Appreciation ETF | $510.6M | 0.7% | 2,374,070 |
| DGRO iShares Core Dividend Growth ETF | $507.1M | 0.7% | 7,225,477 |
| GOOG Alphabet Inc. - Class C Capital Stock | $451.6M | 0.6% | 1,574,283 |
| JPM JP Morgan Chase & Co. | $415.4M | 0.6% | 1,412,005 |
| RDVY First Trust Rising Dividend Achievers ETF | $383.2M | 0.5% | 5,611,798 |
| GLD SPDR Gold Shares | $366.4M | 0.5% | 851,517 |
| COST Costco Wholesale Corporation | $355.6M | 0.5% | 356,884 |
| VYM Vanguard High Dividend Yield ETF | $354.4M | 0.5% | 2,392,901 |
| XOM ExxonMobil Holdings Corporation | $354.0M | 0.5% | 2,086,375 |
| IVW iShares S&P 500 Growth ETF | $343.5M | 0.5% | 3,037,160 |
| IWD iShares Russell 1000 Value ETF | $343.2M | 0.5% | 1,606,242 |
| IJR iShares Core S&P Small-Cap ETF | $335.6M | 0.5% | 2,699,487 |
| BUFR FT Vest Laddered Buffer ETF | $334.7M | 0.5% | 9,909,885 |
| VWO Vanguard FTSE Emerging Markets ETF | $329.4M | 0.5% | 6,093,454 |
| IJH iShares Core S&P Mid-Cap ETF | $328.0M | 0.5% | 4,857,647 |
| DFAC Dimensional U.S. Core Equity 2 ETF | $324.0M | 0.5% | 8,337,551 |
| JNJ Johnson & Johnson | $312.0M | 0.4% | 1,276,418 |
| TSLA Tesla, Inc. | $310.3M | 0.4% | 834,627 |
| PVAL Putnam Focused Large Cap Value ETF | $309.1M | 0.4% | 6,662,348 |
| META Meta Platforms, Inc. | $306.0M | 0.4% | 534,816 |
| AVGO Broadcom Inc. | $304.8M | 0.4% | 984,767 |
| MUB iShares National Muni Bond ETF | $299.7M | 0.4% | 2,823,552 |
| SCHD Schwab US Dividend Equity ETF | $289.8M | 0.4% | 9,444,472 |
| VO Vanguard Morningstar Mid-Cap ETF | $288.8M | 0.4% | 1,005,627 |
| IWP iShares Russell Midcap Growth ETF | $288.7M | 0.4% | 2,253,574 |
| IAU iShares Gold Trust Shares | $282.7M | 0.4% | 3,206,296 |
| QQQM Invesco NASDAQ 100 ETF | $279.3M | 0.4% | 1,175,381 |
| LLY Eli Lilly and Company | $279.0M | 0.4% | 303,295 |
| DYNF iShares U.S. Equity Factor Rotation Active ETF | $272.4M | 0.4% | 4,682,652 |
| IWS iShares Russell Mid-Cap Value ETF | $271.8M | 0.4% | 1,865,296 |
| SPDW State Street SPDR Portfolio Developed World ex-US ETF | $261.4M | 0.4% | 5,726,102 |
| IEFA iShares Core MSCI EAFE ETF | $258.0M | 0.4% | 2,849,680 |
| QUAL iShares MSCI USA Quality Factor ETF | $257.0M | 0.4% | 1,340,055 |
| VB Vanguard Morningstar Small-Cap ETF | $256.9M | 0.4% | 980,879 |
| WMT Walmart Inc. | $255.5M | 0.4% | 2,055,814 |
| JEPI JPMorgan Equity Premium Income ETF | $247.4M | 0.3% | 4,364,248 |
| CAT Caterpillar, Inc. | $233.7M | 0.3% | 329,837 |
| RSP Invesco S&P 500 Equal Weight ETF | $231.6M | 0.3% | 1,206,911 |
| IWY iShares Russell Top 200 Growth ETF | $228.1M | 0.3% | 916,739 |
| CVX Chevron Corporation | $226.9M | 0.3% | 1,096,620 |
| FENI Fidelity Enhanced International ETF | $226.5M | 0.3% | 6,088,056 |
| XLK State Street Technology Select Sector SPDR ETF | $224.9M | 0.3% | 1,692,228 |
| BSV Vanguard Short-Term Bond ETF | $223.3M | 0.3% | 2,847,873 |
Long US equity positions only, as filed. 13F does not cover short positions, cash, bonds or non-US listings, so this is not the whole portfolio.
What changed last quarter
| Holding | Change | Now | Was | Shares |
|---|---|---|---|---|
| AAPL Apple Inc. | Trim | $2.3B | $2.6B | -7% |
| IVV iShares Core S&P 500 ETF | Trim | $1.7B | $1.9B | -3% |
| NVDA NVIDIA Corporation | Trim | $1.6B | $1.8B | -7% |
| MSFT Microsoft Corporation | Trim | $1.1B | $1.5B | -4% |
| VEA Vanguard FTSE Developed Markets ETF | Trim | $1.1B | $1.1B | -1% |
| SPY State Street SPDR S&P 500 ETF Trust | Trim | $1.1B | $1.2B | -7% |
| QQQ Invesco QQQ Trust, Series 1 | Trim | $1.0B | $1.2B | -10% |
| AMZN Amazon.com, Inc. | Trim | $915.4M | $1.1B | -7% |
| VOO Vanguard S&P 500 ETF | Trim | $794.7M | $845.0M | -1% |
| IWF iShares Russell 1000 Growth Fund | Trim | $733.1M | $859.6M | -5% |
| VUG Vanguard Morningstar Growth ETF | Trim | $692.4M | $805.7M | -4% |
| VTI Vanguard Morningstar Total Stock Market ETF | Trim | $631.7M | $777.9M | -15% |
| GOOGL Alphabet Inc. | Trim | $618.9M | $702.2M | -4% |
| CGDV Capital Group Dividend Value ETF | Add | $572.9M | $539.2M | +9% |
| CGGR Capital Group Growth ETF | Add | $544.7M | $586.7M | +3% |
| BRK.B Berkshire Hathaway Inc. | Trim | $530.4M | $700.7M | -21% |
| VTV Vanguard Morningstar Value ETF | Trim | $517.4M | $518.1M | -3% |
| VIG Vanguard Div Appreciation ETF | Trim | $510.6M | $565.1M | -8% |
| GOOG Alphabet Inc. - Class C Capital Stock | Trim | $451.6M | $533.1M | -7% |
| JPM JP Morgan Chase & Co. | Trim | $415.4M | $504.3M | -10% |
| RDVY First Trust Rising Dividend Achievers ETF | Add | $383.2M | $385.9M | +1% |
| GLD SPDR Gold Shares | Trim | $366.4M | $358.7M | -6% |
| COST Costco Wholesale Corporation | Trim | $355.6M | $315.0M | -2% |
| XOM ExxonMobil Holdings Corporation | Trim | $354.0M | $259.3M | -3% |
| IVW iShares S&P 500 Growth ETF | Add | $343.5M | $369.2M | +1% |
| IWD iShares Russell 1000 Value ETF | Trim | $343.2M | $363.1M | -7% |
| IJR iShares Core S&P Small-Cap ETF | Trim | $335.6M | $373.0M | -13% |
| BUFR FT Vest Laddered Buffer ETF | Trim | $334.7M | $395.0M | -14% |
| VWO Vanguard FTSE Emerging Markets ETF | Trim | $329.4M | $366.0M | -11% |
| IJH iShares Core S&P Mid-Cap ETF | Trim | $328.0M | $341.3M | -6% |
| DFAC Dimensional U.S. Core Equity 2 ETF | Add | $324.0M | $315.0M | +5% |
| JNJ Johnson & Johnson | Trim | $312.0M | $278.2M | -5% |
| TSLA Tesla, Inc. | Trim | $310.3M | $395.6M | -5% |
| PVAL Putnam Focused Large Cap Value ETF | Add | $309.1M | $233.5M | +30% |
| META Meta Platforms, Inc. | Trim | $306.0M | $377.2M | -6% |
| AVGO Broadcom Inc. | Trim | $304.8M | $378.3M | -10% |
| MUB iShares National Muni Bond ETF | Trim | $299.7M | $306.5M | -1% |
| SCHD Schwab US Dividend Equity ETF | Trim | $289.8M | $274.5M | -6% |
| VO Vanguard Morningstar Mid-Cap ETF | Trim | $288.8M | $302.9M | -4% |
| IWP iShares Russell Midcap Growth ETF | Trim | $288.7M | $315.0M | -2% |
New and exited positions are only shown for managers whose entire filed portfolio fits inside the positions stored here. For a manager filing more than that, a holding leaving the stored set is indistinguishable from a holding being sold, so those are reported as adds and trims only.
What a 13F is
Any institutional manager exercising discretion over more than $100 million in US-listed equities must file a Form 13F with the SEC within 45 days of each quarter end, listing what they held on the last day of that quarter. The threshold was set in 1975 and has never been raised, so the filer population now runs to several thousand.
The four things it does not tell you
- It is stale. A filing describes positions as of quarter end and can arrive 45 days later. A manager who sold everything in week one of the new quarter files the same document as one who held.
- Long US equities only. No short positions, no cash, no bonds, no commodities, no foreign listings. A fund that looks heavily long in a 13F may be hedged in instruments that never appear.
- Not the whole firm. Assets are reported by the entity with discretion, so one manager can file under several CIKs, and the figure here is what that entity reported.
- Confidential treatment exists. A manager can apply to delay disclosing a position while building it. Those holdings appear later, if at all.
Why the biggest filers are not the interesting ones
The largest managers by reported value are index providers — they hold nearly everything, in proportion to the indices they track, because clients asked them to. Reading their filings for conviction is a category error. The filings worth attention are concentrated ones, where a small number of positions make up most of the portfolio, since that reflects a decision rather than a mandate.
The share-of-portfolio column is the one to read for this. A position that is 15% of a fund says something; the same dollar amount at 0.2% of an index tracker does not.
Where this comes from
The SEC's own quarterly Form 13F structured data sets, parsed here rather than bought from a vendor. Holdings are identified in the filings by CUSIP, and the mapping from CUSIP to ticker is the awkward part — that identifier is licensed rather than public, so the mapping is resolved through OpenFIGI and built up over time. Around 95% of reported value currently sits on a resolved ticker; the rest shows its CUSIP.
The rest of the section is on the Markets overview — including insider transactions, which are the same idea at the individual level, and the correlation finder, where each ticker's page carries its institutional ownership.