Institutional Manager · CIK 0000720005

RAYMOND JAMES FINANCIAL INC

ST. PETERSBURG, FL · File #028-24793

Latest AUM

$321.41B

Positions

13,038

Top-10 Concentration

50.5%

Filings

Portfolio Value Over Time

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
ADD	CISCO SYS INC	CSCO	+5,620,767	+$433.0M	+$4.4M
REDUCE	ALNYLAM PHARMACEUTICALS INC	ALNY	-329,840	-$131.2M	-$19.3M
ADD	VANECK ETF TRUST	92189F643	+1,260,924	+$130.6M	+$287,990
REDUCE	ISHARES TR	464287606	-1,336,052	-$129.4M	+$1.3M
REDUCE	HOULIHAN LOKEY INC	HLI	-683,108	-$119.0M	-$21.3M
REDUCE	FIRST TR EXCHNG TRADED FD VI	33740F755	-3,255,887	-$111.5M	+$2.7M
REDUCE	INSMED INC	INSM	-639,435	-$111.3M	+$19.2M
REDUCE	BOOKING HOLDINGS INC	BKNG	-18,881	-$101.1M	-$853,272
ADD	FAIR ISAAC CORP	FICO	+55,179	+$96.3M	+$38,629
REDUCE	INVESCO EXCHANGE TRADED FD T	IVZ	-1,161,826	-$83.7M	-$1.8M

Sector Allocation

14.4%$46.16B

6.9%$22.16B

5.5%$17.86B

5.0%$16.12B

Consumer Discretionary

4.6%$14.83B

Consumer Staples

1.9%$6.11B

Communication Services

1.7%$5.55B

1.6%$5.16B

0.8%$2.55B

0.6%$2.08B

0.6%$1.81B

Filing History

Feb 18, 202613F HOLDINGS REPORTQ/E Dec 202513,038 pos · $321.41B
Nov 14, 202513F HOLDINGS REPORTQ/E Sep 202512,998 pos · $311.10B
Aug 14, 202513F HOLDINGS REPORTQ/E Jun 202515,750 pos · $290.50B
May 13, 202513F HOLDINGS REPORTQ/E Mar 202512,427 pos · $265.66B
Apr 23, 202513F HOLDINGS REPORT (Amended)Q/E Mar 202512,438 pos · $270.84B
Feb 13, 202513F HOLDINGS REPORT (Amended)Q/E Dec 20244,739 pos · $269.46B
Feb 6, 202513F HOLDINGS REPORTQ/E Dec 20244,739 pos · $269.46B

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	VANGUARD INDEX FDS	922908363	25,537,372	$16.02B	14.86%
2	ISHARES TR	464287226	77,700,478	$7.76B	7.20%
3	MICROSOFT CORP	MSFT	11,190,504	$5.41B	5.02%
4	APPLE INC	AAPL	18,703,676	$5.08B	4.72%
5	NVIDIA CORPORATION	NVDA	21,863,677	$4.08B	3.78%
6	BROADCOM INC	AVGO	10,901,393	$3.77B	3.50%
7	ISHARES TR	46432F842	37,032,412	$3.31B	3.07%
8	AMAZON COM INC	AMZN	14,229,203	$3.28B	3.05%
9	JPMORGAN CHASE & CO.	VYLD	9,007,259	$2.90B	2.69%
10	ALPHABET INC	GOOG	8,986,908	$2.81B	2.61%
11	APPLE INC	AAPL	9,471,803	$2.58B	2.39%
12	VANGUARD INDEX FDS	922908363	3,450,476	$2.16B	2.01%
13	MICROSOFT CORP	MSFT	4,359,288	$2.11B	1.96%
14	SPDR S&P 500 ETF TR	SPY	2,926,089	$2.00B	1.85%
15	ISHARES TR	464287200	2,783,814	$1.91B	1.77%
16	NVIDIA CORPORATION	NVDA	10,206,373	$1.90B	1.77%
17	ISHARES TR	464287507	27,844,587	$1.84B	1.70%
18	WALMART INC	WMT	15,995,630	$1.78B	1.65%
19	META PLATFORMS INC	META	2,444,460	$1.61B	1.50%
20	INVESCO QQQ TR	IVZ	2,608,993	$1.60B	1.49%