INDEPENDENT FINANCIAL GROUP, LLC

CIK

275484

Location

SAN DIEGO, CA

Portfolio Value

Mid $2,178,149,135

Diversification

Diversified

Filing Date

Global Rank

#1,136 / 8,603 ▼ 22 · as of Mar 2026

Top Industry

Semiconductors 25.8%

3Y Alpha vs SPY

-0.8%

Period ended 3 months ago

Filed May 15, 2026 · 55d

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+73.3%

SPY

+76.0%

Annualised alpha

-0.6%

Max drawdown

−22.5%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

681 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

13.5%

−0.2 pts

Top 5

32.2%

−1.2 pts

Top 10

43.7%

−2.4 pts

HHI

326

Diversified−19

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Technology	40.5%	$881,693,603	108
Unclassified	12.8%	$278,158,100	26
Financial Services	11.6%	$253,352,574	165
Consumer Cyclical	7.9%	$171,550,841	51
Communication Services	5.9%	$129,262,279	21
Industrials	5.2%	$113,377,456	82
Consumer Defensive	4.0%	$86,085,431	28
Healthcare	3.7%	$79,598,200	58
Real Estate	3.5%	$76,969,097	40
Energy	2.3%	$50,179,855	42
Basic Materials	1.8%	$40,151,709	43
Utilities	0.8%	$17,769,990	17

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
PSEC	Prospect Capital Corp	+2,105,502	3,460,351	$9,031,516
BPRE	Bluerock Private Real Estate Fund	+298,028	1,156,813	$19,214,663
T	At&T Inc.	+81,242	206,097	$5,974,752
PBR	Petrobras - Petroleo Brasileiro SA	+78,346	90,846	$1,885,054
OXY	Occidental Petroleum Corp /De/	+64,590	72,306	$4,699,890
VOD	Vodafone Group Public Ltd Co	+54,133	976,548	$14,667,750
VZ	Verizon Communications Inc	+53,603	196,912	$9,884,982
GAB	Gabelli Equity Trust Inc	+44,167	585,670	$3,279,752
NREF	NexPoint Real Estate Finance, Inc.	+38,468	276,601	$3,725,815
ARR	Armour Residential REIT, Inc.	+37,015	89,397	$1,491,141
BMNR	Bitmine Immersion Technologies, Inc.	+29,425	239,244	$4,732,246
RFI	Cohen & Steers Total Return Realty Fund Inc	+28,081	259,495	$2,890,774
ORC	Orchid Island Capital, Inc.	+27,927	240,496	$1,690,686
RNP	Cohen & Steers REIT & Preferred & Income Fund Inc	+26,936	38,334	$757,479
FSSL	FS Specialty Lending Fund	+25,813	258,524	$3,234,135
FETH	Fidelity Ethereum Fund	+24,819	65,058	$1,358,411
STWD	Starwood Property Trust, Inc.	+24,278	317,206	$5,462,287
BXMT	Blackstone Mortgage Trust, Inc.	+23,802	302,797	$5,798,562
UTF	Cohen & Steers Infrastructure Fund Inc	+23,487	117,507	$3,041,081
B	Barrick Mining Corp	+21,492	69,440	$2,832,457
VICI	Vici Properties Inc.	+20,918	63,305	$1,729,492
FDUS	FIDUS INVESTMENT Corp	+19,911	30,961	$539,340
CVX	Chevron Corp	+16,193	46,563	$9,633,884
HTGC	Hercules Capital, Inc.	+16,059	84,349	$1,245,834
F	Ford Motor Co	+15,159	131,042	$1,512,224
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
CION	CION Investment Corp	−181,542	44,807	$306,479
FSK	FS KKR Capital Corp	−152,172	1,396,710	$14,218,507
SAN	Banco Santander, S.A.	−121,566	41,420	$467,217
SLV	iShares Silver Trust	−120,231	283,261	$19,301,404
PKST	Peakstone Realty Trust	−87,958	21,490	$448,926
SOFI	SoFi Technologies, Inc.	−73,208	93,658	$1,487,289
JQC	Nuveen Credit Strategies Income Fund	−60,046	301,809	$1,469,809
FBRT	Franklin BSP Realty Trust, Inc.	−55,580	132,976	$1,128,966
TRIN	Trinity Capital Inc.	−47,670	77,026	$1,133,052
REAL	TheRealReal, Inc.	−44,237	97,500	$885,300
IAU	Ishares Gold Trust	−38,712	125,483	$11,062,581
USA	Liberty All Star Equity Fund	−32,680	445,126	$2,470,449
WBD	Warner Bros. Discovery, Inc.	−29,795	20,363	$559,167
OPEN	Opendoor Technologies Inc.	−26,523	103,761	$485,601
ETHA	iShares Ethereum Trust ETF	−25,053	11,453	$181,300
EPD	Enterprise Products Partners L.P.	−23,923	168,864	$6,389,813
NVDA	Nvidia Corp	−23,917	1,690,306	$294,789,366
PLTR	Palantir Technologies Inc.	−22,828	299,614	$43,827,535
HOOD	Robinhood Markets, Inc.	−22,116	9,814	$680,110
AVGO	Broadcom Inc.	−21,416	310,121	$95,985,550
PSLV	Sprott Physical Silver Trust	−21,187	42,715	$1,041,818
DOC	Healthpeak Properties, Inc.	−20,515	157,837	$2,593,261
FCX	Freeport-Mcmoran Inc	−18,863	115,004	$6,759,935
ARCC	Ares Capital Corp	−17,920	273,308	$4,925,010
AFRM	Affirm Holdings, Inc.	−16,240	16,512	$756,579
No positions match the current search.

New Positions

Positions the filer opened this quarter

25 positions

Ticker	Company	Shares	Value
UVIX	VS Trust	25,000	$4,330,000
FET	Forum Energy Technologies, Inc.	30,451	$1,786,255
CMRE	Costamare Inc.	95,579	$1,615,285
CALM	Cal-Maine Foods Inc	18,481	$1,462,771
OTF	Blue Owl Technology Finance Corp.	90,300	$1,118,817
WY	Weyerhaeuser Co	37,568	$917,786
BHP	BHP Group Ltd	12,467	$906,849
AAOI	Applied Optoelectronics, Inc.	9,973	$843,616
FTI	TechnipFMC plc	12,070	$834,399
PEGA	Pegasystems Inc	19,313	$821,961
SFNC	Simmons First National Corp	36,998	$719,611
NTRS	Northern Trust Corp	5,053	$705,247
AEIS	Advanced Energy Industries Inc	2,151	$694,149
AA	Alcoa Corp	9,285	$615,874
PSIX	Power Solutions International, Inc.	8,773	$534,100
RLTY	Cohen & Steers Real Estate Opportunities & Income Fund	36,191	$526,217
AZN	Astrazeneca PLC	2,668	$526,182
CE	Celanese Corp	7,660	$503,798
JBL	Jabil Inc	1,871	$496,993
CENX	Century Aluminum Co	8,350	$490,061
ACM	Aecom	5,575	$472,871
SQM	Chemical & Mining Co Of Chile Inc	5,835	$472,284
AXTI	Axt Inc	8,000	$455,840
SIMO	Silicon Motion Technology CORP	4,035	$453,090
PTEN	Patterson Uti Energy Inc	37,657	$407,825
No positions match the current search.

Sold Out

Positions the filer fully exited

25 positions

Ticker	Company	Shares	Value
AGNC	AGNC Investment Corp.	892,471	$9,567,289
ECC	Eagle Point Credit Co	314,636	$1,812,303
PAAS	Pan American Silver Corp	22,141	$1,147,125
TPC	Tutor Perini Corp	16,061	$1,076,408
WPC	W. P. Carey Inc.	16,161	$1,040,121
TXRH	Texas Roadhouse, Inc.	6,148	$1,020,568
DAVE	Dave Inc./DE	4,355	$964,240
ETH	Grayscale Ethereum Staking Mini ETF	27,576	$773,782
INSM	INSMED Inc	4,113	$715,826
THC	Tenet Healthcare Corp	3,571	$709,629
AU	AngloGold Ashanti PLC	7,212	$615,039
PLTM	GraniteShares Platinum Trust	30,523	$602,218
NRIM	Northrim Bancorp Inc	22,575	$600,720
SIVR	abrdn Silver ETF Trust	8,308	$561,953
MC	Moelis & Co	7,461	$512,869
PRIM	Primoris Services Corp	3,850	$477,939
EBAY	Ebay Inc	5,163	$449,697
TREE	LendingTree, Inc.	7,970	$423,127
PAYC	Paycom Software, Inc.	2,405	$383,260
WDAY	Workday, Inc.	1,767	$379,516
EHC	Encompass Health Corp	3,544	$376,160
GXRP	Grayscale XRP Trust ETF	10,000	$355,000
EXAS	EXACT SCIENCES CORP	3,465	$351,905
EL	Estee Lauder Companies Inc	3,222	$337,407
JBHT	Hunt J B Transport Services Inc	1,664	$323,381
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

681 positions · $2,178,149,135 total · as of Mar 31, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Showing 1–50 of 681 positions by value · page 1 of 14

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
NVDA	Nvidia Corp Technology	Reduced	1,690,306	-23,917	$294,789,366	−7.8%	13.53%
AAPL	Apple Inc. Technology	Reduced	492,087	-5,344	$124,886,759	−7.6%	5.73%
QQQ	Invesco Qqq Trust, Series 1	Reduced	184,658	-8,164	$106,580,904	−10.0%	4.89%
AVGO	Broadcom Inc. Technology	Reduced	310,121	-21,416	$95,985,550	−16.3%	4.41%
AMZN	Amazon Com Inc Consumer Cyclical	Added	383,080	+8,330	$79,784,071	−7.8%	3.66%
SPY	Spdr S&P 500 ETF Trust	Reduced	106,085	-2,903	$68,991,318	−7.2%	3.17%
MSFT	Microsoft Corp Technology	Added	185,111	+1,582	$68,522,538	−22.8%	3.15%
PLTR	Palantir Technologies Inc. Technology	Reduced	299,614	-22,828	$43,827,535	−23.5%	2.01%
COST	Costco Wholesale Corp /New Consumer Defensive	Reduced	34,887	-104	$34,762,453	+15.2%	1.60%
GLD	Spdr Gold Trust	Reduced	80,696	-4,350	$34,722,681	+3.0%	1.59%
GOOGL	Alphabet Inc. Communication Services	Reduced	118,248	-1,671	$34,003,394	−9.4%	1.56%
META	Meta Platforms, Inc. Communication Services	Reduced	57,643	-1,691	$32,979,289	−15.8%	1.51%
TSLA	Tesla, Inc. Consumer Cyclical	Added	87,789	+2,378	$32,635,560	−15.0%	1.50%
TSM	Taiwan Semiconductor Manufacturing Co Ltd Technology	Added	89,035	+12,690	$30,089,378	+29.7%	1.38%
MU	Micron Technology Inc Technology	Reduced	85,275	-4,821	$28,809,306	+12.0%	1.32%
WMT	Walmart Inc. Consumer Defensive	Added	163,734	+542	$20,348,861	+11.9%	0.93%
SLV	iShares Silver Trust	Reduced	283,261	-120,231	$19,301,404	−25.7%	0.89%
BPRE	Bluerock Private Real Estate Fund Financial Services	Added	1,156,813	+298,028	$19,214,663	+49.2%	0.88%
BRK-B	Berkshire Hathaway Inc Financial Services	Added	37,626	+323	$18,030,379	−3.8%	0.83%
NFLX	Netflix Inc Communication Services	Added	169,612	+12,078	$16,308,193	+10.4%	0.75%
AMD	Advanced Micro Devices Inc Technology	Added	76,703	+709	$15,603,691	−4.1%	0.72%
VOD	Vodafone Group Public Ltd Co Communication Services	Added	976,548	+54,133	$14,667,750	+20.4%	0.67%
FSK	FS KKR Capital Corp Financial Services	Reduced	1,396,710	-152,172	$14,218,507	−38.0%	0.65%
IBM	International Business Machines Corp Technology	Reduced	53,837	-8,462	$13,049,550	−29.3%	0.60%
PDI	PIMCO Dynamic Income Fund Financial Services	Added	731,544	+1,830	$12,516,717	−3.1%	0.57%
JPM	Jpmorgan Chase & Co Financial Services	Reduced	41,936	-6,637	$12,335,893	−21.2%	0.57%
GEV	GE Vernova Inc. Industrials	Added	13,582	+2,600	$11,855,727	+65.2%	0.54%
CAT	Caterpillar Inc Industrials	Reduced	15,957	-115	$11,304,896	+22.8%	0.52%
SMA	SmartStop Self Storage REIT, Inc. Real Estate	Added	369,641	+8,055	$11,192,729	+0.0%	0.51%
IAU	Ishares Gold Trust	Reduced	125,483	-38,712	$11,062,581	−17.0%	0.51%
LLY	ELI LILLY & Co Healthcare	Reduced	11,615	-1,360	$10,683,128	−23.4%	0.49%
MSTR	Strategy Inc Technology	Added	84,224	+3,191	$10,511,155	−14.6%	0.48%
HD	Home Depot, Inc. Consumer Cyclical	Added	31,149	+672	$10,244,594	−2.3%	0.47%
ABBV	AbbVie Inc. Healthcare	Added	46,453	+2,304	$10,103,062	+0.2%	0.46%
VZ	Verizon Communications Inc Communication Services	Added	196,912	+53,603	$9,884,982	+69.4%	0.45%
CVX	Chevron Corp Energy	Added	46,563	+16,193	$9,633,884	+108.1%	0.44%
V	Visa Inc. Financial Services	Reduced	31,577	-1,132	$9,543,832	−16.8%	0.44%
PSEC	Prospect Capital Corp Financial Services	Added	3,460,351	+2,105,502	$9,031,516	+157.4%	0.41%
PANW	Palo Alto Networks Inc Technology	Added	55,313	+2,671	$8,867,780	−8.5%	0.41%
GE	General Electric Co Industrials	Added	28,970	+806	$8,220,816	−5.2%	0.38%
ASTS	AST SpaceMobile, Inc. Technology	Reduced	97,838	-13,097	$8,107,835	+0.6%	0.37%
NET	Cloudflare, Inc. Technology	Reduced	38,356	-5,645	$7,914,377	−8.8%	0.36%
DIA	Spdr Dow Jones Industrial Average ETF Trust	Reduced	16,536	-1,700	$7,659,309	−12.6%	0.35%
JNJ	Johnson & Johnson Healthcare	Added	28,915	+407	$7,067,982	+19.8%	0.32%
BA	Boeing Co Industrials	Reduced	34,544	-297	$6,875,292	−9.1%	0.32%
FCX	Freeport-Mcmoran Inc Basic Materials	Reduced	115,004	-18,863	$6,759,935	−0.6%	0.31%
PEP	Pepsico Inc Consumer Defensive	Added	43,482	+3,637	$6,752,319	+18.1%	0.31%
CSCO	Cisco Systems, Inc. Technology	Reduced	85,856	-10,953	$6,661,567	−10.7%	0.31%
NLY	Annaly Capital Management Inc Real Estate	Added	314,747	+14,311	$6,656,899	−0.9%	0.31%
EPD	Enterprise Products Partners L.P. Energy	Reduced	168,864	-23,923	$6,389,813	+3.4%	0.29%