DOSSIER · 13F-HR · Q3 2026

INDEPENDENT FINANCIAL GROUP, LLC

$5.5B in tracked AUM across 1,579 positions as of Q3 2026.

IF
CIK 0000275484 · last filed Sep 30, 2026
Total AUM
$5.5B
as of Q3 2026
Holdings
1,579
—
positions
Whale Score
61
61
tracked
Activity
—
no data
changes this Q
AI Analysis · Q3 2026

Independent Financial Group's mammoth $4.46B Q1 2026 filing is dominated by a crowded AI-and-megacap core — the top ten positions include NVIDIA ($295M, 6.6%), Apple ($125M, 2.8%), Invesco QQQ ($107M, 2.4%), Broadcom ($96M, 2.2%), Amazon ($80M, 1.8%), a PGIM ETF ($76M), SPDR S&P 500 ($69M), Microsoft ($69M), iShares Core S&P 500 ($62M), and Vanguard Total Stock Market ($45M) — but the Q1 changes tell a more interesting story than the static book. The manager reduced NVIDIA by $24.9M (-1.4% shares), Broadcom by $18.8M (-6.5%), Palantir by $13.5M (-7.1%), and Invesco QQQ by $11.9M (-4.2%) — all meaningful de-risking moves in the names that drove 2024-2025 returns. The offset was sector rotation into semiconductors (TSM up $6.9M, AMD initiated at $15.6M), consumer discretionary (Costco up $4.6M, Walmart up $2.2M), and a fresh Netflix position ($16.3M). The most revealing new sleeves are BPRE (Bluerock private real estate, $19.2M) and ExxonMobil ($16.3M) — both opened from scratch and both represent the manager building commodity-and-real-asset exposure that is uncorrelated to the AI book. The portfolio structure itself — 1,447 holdings with a 17% ETF overlay and heavy use of derivative-income ETFs (JEPQ, BIZD, QQQE, COWZ, RDVY) — reads as a high-beta equity core wrapped in an options-and-dividend-strategy overlay designed to generate yield without selling the underlying AI growth names.

Let the numbers set the stage. NVIDIA ($295M, 6.6% of AUM) remains the largest position by a wide margin and the only name above 6%, but the manager cut it by $25M and 1,392 shares in Q1 — a reduction that looks deliberate rather than noise, given that NVDA had been the book's anchor for multiple consecutive quarters. Broadcom ($96M) was reduced by $18.8M (-6.5%), Palantir ($44M) by $13.5M (-7.1%), and Invesco QQQ ($107M) by $11.9M (-4.2%). These are not trims — at the dollar amounts involved, they represent a material rotation away from the crowded AI-and-growth trade. The pattern across the cuts is consistent: the names that had the largest unrealized gains coming into Q1 were the ones most heavily reduced, which is the textbook behavior of a manager taking risk off after a strong run rather than a thesis-driven exit.

The adds are where the post-AI positioning becomes visible. Taiwan Semiconductor (TSM, $30.1M) received a $6.9M increase — not a new position but a meaningful top-up that makes it the second-largest semiconductor exposure after NVIDIA. Unlike NVDA, TSM is a fab play rather than a chip designer; the manager is maintaining AI-semiconductor exposure but rotating from the highly valued designer names into the more capital-intensive manufacturing layer. Advanced Micro Devices (AMD, $15.6M) opened as a brand-new position, providing direct competition-to-NVDA exposure at a lower entry multiple. Together with Microchip Technology (MU, $28.8M), the semiconductor sleeve is being restructured rather than abandoned.

Analysis generated by 13F Insight from SEC Form 13F filing data · Q3 2026. Methodology

Quarter at a glance — Q3 2026

Position-change comparison pending.

No quarter-over-quarter changes available.

Top 10 holdings

By portfolio weight as of Q3 2026.

#HoldingValueSharesWeight
01
NVDA
NVIDIA CORPORATION
$397M1.7M7.2%
02
AAPL
APPLE INC
$165M494K3.0%
03
QQQ
INVESCO QQQ TR
$139M188K2.5%
04
MU
MICRON TECHNOLOGY INC
$120M112K2.2%
05
AVGO
BROADCOM INC
$105M299K1.9%
06
MSFT
MICROSOFT CORP
$101M198K1.8%
07
AMZN
AMAZON COM INC
$98M393K1.8%
08
IVV
ISHARES TR
$95M125K1.7%
09
SPY
STATE STR SPDR S&P 500 ETF T
$82M108K1.5%
10
VTI
VANGUARD INDEX FDS
$55M146K1.0%

Filing history

2026Q3Sep 30
$5.5B▲ 3.1%
1,579 positionsView →
2026Q2Jun 30
$5.3B▲ 20.0%
1,546 positionsView →
2026Q1Mar 31
$4.5B▼ 0.5%
1,447 positionsView →
2025Q4Dec 31
$4.5B▲ 7.6%
1,405 positionsView →
2025Q3Sep 30
$4.2B▲ 14.8%
1,356 positionsLocked
2025Q2Jun 30
$3.6B▲ 24.7%
1,286 positionsLocked
2025Q1Mar 31
$2.9B▼ 3.3%
1,174 positionsLocked
2024Q4Dec 31
$3.0B▲ 10.6%
1,155 positionsLocked
2024Q3Sep 30
$2.7B▲ 9.0%
1,126 positionsLocked
2024Q2Jun 30
$2.5B▲ 14.7%
1,087 positionsLocked
2024Q1Mar 31
$2.2B▲ 16.4%
1,016 positionsLocked
2023Q4Dec 31
$1.9B▲ 21.7%
950 positionsLocked
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