# Orion Portfolio Solutions, LLC

> Institutional holdings reported to the SEC as of Q1 2025 on Form 13F. CIK 1802647. Source: https://holderbook.com/funds/1802647-orion-portfolio-solutions-llc/

- Reported value: $20.2B
- Positions: 2,010
- Weight of the ten largest: 21.8%
- Filed: 2025-05-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| NORTHERN LTS FD TR IV | [SECT](https://holderbook.com/stocks/SECT/) | $1.9B | 35,584,508 | 9.3% | 21 |
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $458.9M | 804,262 | 2.3% | 5 |
| NORTHERN LTS FD TR IV | [BUYW](https://holderbook.com/stocks/BUYW/) | $420.8M | 30,422,964 | 2.1% | 11 |
| VANGUARD INDEX FDS | [VTI](https://holderbook.com/stocks/VTI/) | $292.6M | 1,036,667 | 1.4% | 22 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $265.8M | 2,202,381 | 1.3% | 22 |
| ELEVANCE HEALTH INC FORMERLY | [ELV](https://holderbook.com/stocks/ELV/) | $235.6M | 927,214 | 1.2% | 22 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $221.8M | 1,013,145 | 1.1% | 22 |
| ISHARES TR | [IWF](https://holderbook.com/stocks/IWF/) | $216.7M | 567,371 | 1.1% | 22 |
| VANGUARD TAX-MANAGED FDS | [VEA](https://holderbook.com/stocks/VEA/) | $210.3M | 4,257,290 | 1.0% | 22 |
| VANGUARD INDEX FDS | [VUG](https://holderbook.com/stocks/VUG/) | $195.3M | 500,192 | 1.0% | 22 |
| FISERV INC | [FISV](https://holderbook.com/stocks/FISV/) | $191.7M | 481,590 | 0.9% | 22 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $173.9M | 502,501 | 0.9% | 22 |
| VANGUARD INDEX FDS | [VTV](https://holderbook.com/stocks/VTV/) | $164.9M | 964,053 | 0.8% | 22 |
| VANGUARD INDEX FDS | [VOO](https://holderbook.com/stocks/VOO/) | $160.1M | 304,343 | 0.8% | 22 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $149.8M | 261,507 | 0.7% | 22 |
| ISHARES TR | [AGG](https://holderbook.com/stocks/AGG/) | $141.2M | 1,441,550 | 0.7% | 22 |
| ISHARES TR | [MUB](https://holderbook.com/stocks/MUB/) | $137.1M | 1,292,561 | 0.7% | 22 |
| ISHARES TR | [IXUS](https://holderbook.com/stocks/IXUS/) | $133.8M | 1,967,955 | 0.7% | 8 |
| SPDR SERIES TRUST | [SPYG](https://holderbook.com/stocks/SPYG/) | $132.9M | 1,517,844 | 0.7% | 22 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $126.3M | 217,474 | 0.6% | 22 |
| AIR PRODUCTS AND CHEMICALS I | [APD](https://holderbook.com/stocks/APD/) | $125.9M | 562,686 | 0.6% | 12 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $115.8M | 594,128 | 0.6% | 22 |
| ISHARES TR | [ITOT](https://holderbook.com/stocks/ITOT/) | $113.0M | 902,143 | 0.6% | 15 |
| DIREXION SHARES ETF TRUST | [HCMT](https://holderbook.com/stocks/HCMT/) | $112.0M | 3,392,194 | 0.6% | 8 |
| INVESCO EXCH TRADED FD TR II | [SPMO](https://holderbook.com/stocks/SPMO/) | $111.2M | 1,188,967 | 0.5% | 5 |
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $111.0M | 226,627 | 0.5% | 22 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $110.5M | 331,824 | 0.5% | 22 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $106.9M | 613,246 | 0.5% | 22 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $106.2M | 1,193,359 | 0.5% | 22 |
| ADVISORS INNER CIRCLE FD II | [EDGF](https://holderbook.com/stocks/EDGF/) | $105.8M | 4,251,361 | 0.5% | 1 |
| SCHWAB STRATEGIC TR | [FNDF](https://holderbook.com/stocks/FNDF/) | $101.5M | 2,929,972 | 0.5% | 22 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $100.9M | 204,227 | 0.5% | 22 |
| GOLDMAN SACHS ETF TR | [GSLC](https://holderbook.com/stocks/GSLC/) | $100.6M | 892,637 | 0.5% | 22 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $97.0M | 399,831 | 0.5% | 8 |
| NORTHERN LTS FD TR IV | [TMAT](https://holderbook.com/stocks/TMAT/) | $96.5M | 5,007,319 | 0.5% | 17 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $90.1M | 174,979 | 0.4% | 22 |
| NORTHERN LIGHTS FD TR | [MRSK](https://holderbook.com/stocks/MRSK/) | $89.0M | 2,757,658 | 0.4% | 11 |
| PACER FDS TR | [COWZ](https://holderbook.com/stocks/COWZ/) | $88.4M | 1,585,746 | 0.4% | 16 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $88.1M | 444,837 | 0.4% | 22 |
| VANGUARD INTL EQUITY INDEX F | [VWO](https://holderbook.com/stocks/VWO/) | $84.7M | 1,893,669 | 0.4% | 22 |
| ISHARES TR | [IWY](https://holderbook.com/stocks/IWY/) | $84.4M | 361,134 | 0.4% | 14 |
| ISHARES TR | [IEFA](https://holderbook.com/stocks/IEFA/) | $82.6M | 1,138,896 | 0.4% | 22 |
| SPDR SERIES TRUST | [CWB](https://holderbook.com/stocks/CWB/) | $75.0M | 971,466 | 0.4% | 3 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $72.8M | 90,993 | 0.4% | 22 |
| INVESCO EXCHANGE TRADED FD T | [XMMO](https://holderbook.com/stocks/XMMO/) | $72.6M | 595,895 | 0.4% | 5 |
| VICTORY PORTFOLIOS II | [UITB](https://holderbook.com/stocks/UITB/) | $71.6M | 1,556,712 | 0.4% | 6 |
| ADOBE INC | [ADBE](https://holderbook.com/stocks/ADBE/) | $70.0M | 326,025 | 0.3% | 22 |
| VANECK ETF TRUST | [CLOI](https://holderbook.com/stocks/CLOI/) | $69.3M | 1,311,988 | 0.3% | 6 |
| VANGUARD MALVERN FDS | [VCRB](https://holderbook.com/stocks/VCRB/) | $69.2M | 894,071 | 0.3% | 1 |
| ISHARES INC | [IEMG](https://holderbook.com/stocks/IEMG/) | $66.5M | 1,252,180 | 0.3% | 8 |
| DBX ETF TR | [QARP](https://holderbook.com/stocks/QARP/) | $66.4M | 1,274,521 | 0.3% | 6 |
| ISHARES TR | [IWP](https://holderbook.com/stocks/IWP/) | $66.3M | 542,279 | 0.3% | 22 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $66.0M | 122,694 | 0.3% | 22 |
| VANGUARD WORLD FD | [MGC](https://holderbook.com/stocks/MGC/) | $64.8M | 312,779 | 0.3% | 17 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $63.8M | 197,131 | 0.3% | 22 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $63.5M | 559,701 | 0.3% | 22 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $62.6M | 402,882 | 0.3% | 8 |
| ISHARES TR | [IWO](https://holderbook.com/stocks/IWO/) | $61.5M | 226,415 | 0.3% | 9 |
| AMERICAN CENTY ETF TR | [AVEM](https://holderbook.com/stocks/AVEM/) | $61.2M | 1,027,092 | 0.3% | 6 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $61.0M | 161,454 | 0.3% | 5 |
| ISHARES TR | [SUB](https://holderbook.com/stocks/SUB/) | $59.4M | 562,487 | 0.3% | 21 |
| NETFLIX INC | [NFLX](https://holderbook.com/stocks/NFLX/) | $59.1M | 64,841 | 0.3% | 22 |
| NORTHERN LTS FD TR III | [QQH](https://holderbook.com/stocks/QQH/) | $57.4M | 918,932 | 0.3% | 16 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $57.1M | 362,849 | 0.3% | 22 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $56.7M | 371,333 | 0.3% | 22 |
| AMERICAN CENTY ETF TR | [MUSI](https://holderbook.com/stocks/MUSI/) | $56.6M | 1,302,222 | 0.3% | 15 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $56.0M | 289,214 | 0.3% | 22 |
| PHILIP MORRIS INTL INC | [PM](https://holderbook.com/stocks/PM/) | $54.9M | 392,949 | 0.3% | 22 |
| SPDR SERIES TRUST | [SDY](https://holderbook.com/stocks/SDY/) | $54.6M | 407,464 | 0.3% | 16 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $54.2M | 320,779 | 0.3% | 22 |
| VANGUARD CHARLOTTE FDS | [BNDX](https://holderbook.com/stocks/BNDX/) | $53.6M | 1,095,014 | 0.3% | 22 |
| VANGUARD BD INDEX FDS | [BSV](https://holderbook.com/stocks/BSV/) | $53.5M | 687,099 | 0.3% | 22 |
| ISHARES TR | [IUSB](https://holderbook.com/stocks/IUSB/) | $53.4M | 1,170,291 | 0.3% | 17 |
| ISHARES TR | [IDV](https://holderbook.com/stocks/IDV/) | $52.3M | 1,799,892 | 0.3% | 22 |
| ISHARES TR | [IVW](https://holderbook.com/stocks/IVW/) | $51.9M | 533,900 | 0.3% | 22 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $51.4M | 55,141 | 0.3% | 22 |
| VANGUARD SCOTTSDALE FDS | [VMBS](https://holderbook.com/stocks/VMBS/) | $50.9M | 1,110,448 | 0.3% | 21 |
| STARBUCKS CORP | [SBUX](https://holderbook.com/stocks/SBUX/) | $50.1M | 360,402 | 0.2% | 22 |
| NORTHERN LTS FD TR III | [LGH](https://holderbook.com/stocks/LGH/) | $49.4M | 985,866 | 0.2% | 16 |
| AON PLC | [AON](https://holderbook.com/stocks/AON/) | $48.7M | 128,337 | 0.2% | 17 |
| SOUTHERN CO | [SO](https://holderbook.com/stocks/SO/) | $47.5M | 544,489 | 0.2% | 22 |
| ISHARES TR | [EFA](https://holderbook.com/stocks/EFA/) | $46.7M | 593,023 | 0.2% | 22 |
| ISHARES TR | [QUAL](https://holderbook.com/stocks/QUAL/) | $46.5M | 266,535 | 0.2% | 22 |
| ISHARES TR | [IWX](https://holderbook.com/stocks/IWX/) | $45.5M | 553,731 | 0.2% | 1 |
| CAPITAL GROUP DIVIDEND VALUE | [CGDV](https://holderbook.com/stocks/CGDV/) | $45.4M | 1,279,153 | 0.2% | 9 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $45.0M | 287,967 | 0.2% | 5 |
| NOVO-NORDISK A S | [NVO](https://holderbook.com/stocks/NVO/) | $44.9M | 575,250 | 0.2% | 10 |
| DIMENSIONAL ETF TRUST | [DFAC](https://holderbook.com/stocks/DFAC/) | $44.5M | 1,320,608 | 0.2% | 16 |
| ABBOTT LABORATORIES | [ABT](https://holderbook.com/stocks/ABT/) | $44.0M | 358,649 | 0.2% | 4 |
| VANGUARD INDEX FDS | [VB](https://holderbook.com/stocks/VB/) | $43.8M | 189,893 | 0.2% | 22 |
| SCHWAB STRATEGIC TR | [SCHX](https://holderbook.com/stocks/SCHX/) | $43.5M | 1,921,220 | 0.2% | 14 |
| ADVISORS INNER CIRCLE FD II | [EDGH](https://holderbook.com/stocks/EDGH/) | $43.3M | 1,662,813 | 0.2% | 1 |
| THERMO FISHER SCIENTIFIC INC | [TMO](https://holderbook.com/stocks/TMO/) | $43.2M | 84,956 | 0.2% | 22 |
| WASTE MGMT INC DEL | [WM](https://holderbook.com/stocks/WM/) | $42.9M | 198,187 | 0.2% | 22 |
| INTUIT | [INTU](https://holderbook.com/stocks/INTU/) | $42.9M | 69,048 | 0.2% | 22 |
| ISHARES TR | [SHY](https://holderbook.com/stocks/SHY/) | $42.5M | 515,662 | 0.2% | 22 |
| ACCENTURE PLC IRELAND | [ACN](https://holderbook.com/stocks/ACN/) | $41.4M | 124,678 | 0.2% | 22 |
| SALESFORCE INC | [CRM](https://holderbook.com/stocks/CRM/) | $41.2M | 138,695 | 0.2% | 22 |
| VANGUARD BD INDEX FDS | [BIV](https://holderbook.com/stocks/BIV/) | $41.2M | 543,816 | 0.2% | 22 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $41.1M | 272,147 | 0.2% | 22 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q1 2025 | -1.9% | -4.6% | +2.7% | 101% |
| Q4 2024 | -0.2% | +2.1% | -2.3% | 100% |
| Q3 2024 | +5.5% | +5.4% | +0.1% | 100% |
| Q2 2024 | +0.9% | +4.0% | -3.1% | 100% |
| Q1 2024 | +7.0% | +10.0% | -3.0% | 100% |
| Q4 2023 | +9.6% | +11.2% | -1.6% | 100% |
| Q3 2023 | -3.4% | -3.6% | +0.1% | 101% |
| Q2 2023 | +5.0% | +8.3% | -3.3% | 97% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q1 2025 | $20.2B | 2,010 |
| Q4 2024 | $10.0B | 1,817 |
| Q3 2024 | $10.0B | 1,776 |
| Q2 2024 | $9.5B | 1,711 |
| Q1 2024 | $9.3B | 1,681 |
| Q4 2023 | $8.6B | 1,649 |
| Q3 2023 | $8.3B | 1,609 |
| Q2 2023 | $9.4B | 1,619 |
| Q1 2023 | $8.1B | 1,555 |
| Q4 2022 | $2.9B | 795 |
| Q3 2022 | $2.5B | 715 |
| Q2 2022 | $2.5B | 677 |