Advisory Services Network, LLC

Advisory Services Network’s $7.52B 13F filing is what happens when a large RIA outsources most of its stock-picking to ETFs but still makes quarterly tilts inside the equity sleeve. The fund’s largest positions remain the usual mega-cap core—Apple at $223M, Nvidia at $217M, Walmart at $156M, Microsoft at $113M, Amazon at $112M— but the quarter’s activity tells a more directional story. The manager initiated five new individual-stock positions totaling $302M: Quanta Services ($126M), Texas Pacific Land ($32M), GE Vernova ($30M), Costco ($25M), and Micron Technology ($24M). Each represents a bet on a specific theme: Quanta and GE Vernova on electrical-grid and energy infrastructure buildout, Texas Pacific Land on upstream energy land values, Costco on domestic consumer resilience, and Micron on AI-driven memory demand. To fund these additions, the fund exited several established technology and financial-payments names entirely: Mastercard ($25M), Visa ($24M), Arista Networks ($23M), Cisco ($22M), and the iShares Semiconductor ETF ($22M) were all sold. The pattern is not defensive—the fund is not moving to cash or bonds—but it is rotating within equities away from legacy tech infrastructure and financial rails toward energy-transition and AI-capex beneficiaries. The mega-cap core (GOOGL, META, BRK/B, JPM) was largely held, while the former large-growth sleeve (AVGO, QQQ, VUG) was trimmed modestly.