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INDEPENDENT FINANCIAL GROUP, LLC — 13F Holdings & Portfolio

CIK 275484 · latest 13F-HR filed 2026-10-13

Backtest portfolio

INDEPENDENT FINANCIAL GROUP, LLC manages $5.51B in 13F-reported U.S. long-equity assets across 1,579 reported positions as of its 2026-09-30 13F-HR filing. Its largest disclosed positions are NVDA (7.20%), AAPL (2.99%), QQQ (2.53%). Quarter over quarter (versus its 2026-06-30 filing) the fund opened 156 new positions and exited 123; 470 existing positions rose in reported value and 542 fell.

AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.

Loading holdings…
AUM
$5.51B

Long-equity book

Holdings
1,579

Distinct positions

Period
2026-09-30

Filed 2026-10-13

Q/Q Activity
+156 / −123 / ↑470 / ↓542

vs 2026-06-30

Portfolio charts

Latest quarter's book, what changed, and how the portfolio has evolved across filings.

Portfolio map

Q3 26
NVDA7.2% · +1%AAPL3.0% · +1%QQQ2.5% · -3%MU2.2% · +1%AVGO1.9% · -6%MSFT1.8% · +2%AMZN1.8% · -1%IVV1.7% · +2%SPY1.5% · -0%VTI1.0% · +0%GOOG1.0% · +3%PAAA1.0% · +2%XLK0.9% · 0%TSM0.8% · -0%AMD0.8% · -10%GOOGL0.8% · +4%SPYM0.7% · +7%SMH0.7% · +1%BUFR0.7% · +12%META0.6% · -8%CGDV0.6% · +2%VOO0.6% · +5%PLTR0.6% · -10%GLD0.6% · +14%GARP0.6% · -2%QQQI0.6% · +4%SNTH0.6% · +70%TSLA0.6% · -5%COST0.5% · -3%RDVY0.5% · +2%SOXX0.5% · -6%SPYG0.5% · +6%CRWD0.5% · +357%SCHG0.5% · +33%SCHD0.4% · +25%JPST0.4% · +16%TQQQ0.4% · +17%COWZ0.4% · +3%IJH0.4% · +4%JEPQ0.4% · +2%SGOV0.4% · +41%LLY0.4% · +26%BRK.B0.4% · -0%VXUS0.4% · +16%DYNF0.4% · +6%WMT0.3% · +17%SNDK0.3% · -29%ITOT0.3% · +3%QQQM0.3% · +7%PANW0.3% · -6%VUG0.3% · -2%CIBR0.3% · +8%MRVL0.3% · +6%VGT0.3% · +4%SDVY0.3% · -2%VOT0.3% · +0%FDT0.3% · +14%QQQE0.3% · -10%BND0.3% · +9%IWM0.3% · -19%

Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.

Sector mix

% of 13F value

Sectors from each company's SIC code; funds and ETFs grouped separately.

Biggest buys and sells

Q2 26 → Q3 26

Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.

13F assets and positions

5 quarters

Total reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.

Top positions over time

reported value

The eight largest current positions, valued at each quarter end.

Concentration

top 10 = 24.6%

Cumulative share of the portfolio held in the largest N positions.

Firm Profile & Key People

As of the firm’s regulatory filing dated Sep 29, 2026.

Assets Under Management
$12.93B
Discretionary
$12.72B
Employees
624
Accounts
54,951
Address
12671 HIGH BLUFF DR
SUITE 200
SAN DIEGO, CA 92130
Phone
(858) 436-3180
Website
This firm reports 7 disclosure items on its registration.
Name Title / Status Ownership Type
FISCHER, DAVID ALLEN ControlMANAGING DIRECTOR
since Oct 2005
Less than 5%Individual
HEISING, SCOTT ALLEN ControlCHIEF EXECUTIVE OFFICER/ MANAGING DIRECTOR
since Apr 2003
Less than 5%Individual
INDEPENDENT FINANCIAL GROUP, INC. ControlOWNER
since Dec 2003
75% or moreDomestic Entity
DAVIS, SCOTT EARLECFO & FINOP
since Dec 2024
Less than 5%Individual
DENNEN, BRIANCCO BROKERAGE & ADVISORY
since Aug 2024
Less than 5%Individual
KEEFE, KEVIN MICHAELPRESIDENT, COO
since Apr 2025
Less than 5%Individual
KREISMAN, SARAH JILLSVP & GENERAL COUNSEL
since Jun 2018
Less than 5%Individual
PEARSON, TROY DALEROSFP
since Jun 2004
Less than 5%Individual
FISCHER, DAVID ALLEN Control
Indirect owner via THE FISCHER FAMILY TRUST
TRUSTEE
since May 2022
25–50%Individual
HEISING, SCOTT ALLEN Control
Indirect owner via THE HEISING FAMILY TRUST
TRUSTEE
since May 2022
25–50%Individual
THE FISCHER FAMILY TRUST - REVOCABLE Control
Indirect owner via INDEPENDENT FINACIAL GROUP, INC - SHAREHOLDER
SHAREHOLDER
since May 2022
25–50%Domestic Entity
THE HEISING FAMILY TRUST - REVOCABLE Control
Indirect owner via INDEPENDENT FINACIAL GROUP, INC - SHAREHOLDER
SHAREHOLDER
since May 2022
25–50%Domestic Entity
Ownership & leadership changes · 9 filings with changes since Feb 7, 2012

From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.

Mar 17, 2026 filing
  • AddedDAVIS, SCOTT EARLE · CFO & FINOP · Less than 5%
  • AddedKEEFE, KEVIN MICHAEL · PRESIDENT, COO · Less than 5%
  • ChangedHEISING, SCOTT ALLEN · title CHIEF EXECUTIVE OFFICER/ MANAGING DIRECTOR/CHIEF FINANCIAL OFFICER/FINOP → CHIEF EXECUTIVE OFFICER/ MANAGING DIRECTOR
  • ChangedKREISMAN, SARAH JILL · title CHIEF LEGAL COUNSEL/VP, COMPLIANCE, → SVP & GENERAL COUNSEL
Oct 1, 2024 filing
  • No longer listedBATOR, TRAVIS LEIGH · CCO BROKERAGE & ADVISORY · Less than 5% · listed since Aug 2023
  • AddedDENNEN, BRIAN · CCO BROKERAGE & ADVISORY · Less than 5%
Mar 29, 2024 filing
  • AddedFISCHER, DAVID ALLEN · TRUSTEE · 25–50% · indirect via THE FISCHER FAMILY TRUST · control person
  • AddedHEISING, SCOTT ALLEN · TRUSTEE · 25–50% · indirect via THE HEISING FAMILY TRUST · control person
  • AddedTHE FISCHER FAMILY TRUST - REVOCABLE · SHAREHOLDER · 25–50% · indirect via INDEPENDENT FINACIAL GROUP, INC - SHAREHOLDER · control person
  • AddedTHE HEISING FAMILY TRUST - REVOCABLE · SHAREHOLDER · 25–50% · indirect via INDEPENDENT FINACIAL GROUP, INC - SHAREHOLDER · control person
Oct 20, 2023 filing
  • No longer listedHALL, DOUGLAS CHRISTOPHER · CCO · Less than 5% · listed since Aug 2018
  • No longer listedTHOMAS, DANNY EARL · CCO-ADVISORY · Less than 5% · listed since May 2021
  • AddedBATOR, TRAVIS LEIGH · CCO BROKERAGE & ADVISORY · Less than 5%
Mar 31, 2023 filing
  • No longer listedMILLER, JOE HENRY JR · MANAGING DIRECTOR/CHIEF EXECUTIVE OFFICER · Less than 5% · control person · listed since Jun 2004
  • ChangedHEISING, SCOTT ALLEN · title MANAGING DIRECTOR/CHIEF FINANCIAL OFFICER/FINOP → CHIEF EXECUTIVE OFFICER/ MANAGING DIRECTOR/CHIEF FINANCIAL OFFICER/FINOP
Jun 3, 2021 filing
  • No longer listedFUENTES, MARCO ADAN · CCO · Less than 5% · listed since Mar 2020
  • AddedTHOMAS, DANNY EARL · CCO-ADVISORY · Less than 5%
  • Listed againHALL, DOUGLAS CHRISTOPHER · CCO · Less than 5%
Mar 26, 2020 filing
  • No longer listedHALL, DOUGLAS CHRISTOPHER · CCO · Less than 5% · listed since Aug 2018
  • No longer listedWAITMAN, CONSTANCE COOK · EVP/COO · Less than 5% · listed since Jul 2018
  • AddedFUENTES, MARCO ADAN · CCO · Less than 5%
Sep 5, 2018 filing
  • No longer listedMYERS, MARIA BONA · CHIEF COMPLIANCE OFFICER/ROSFP · Less than 5% · listed since Jun 2006
  • AddedHALL, DOUGLAS CHRISTOPHER · CCO · Less than 5%
  • AddedKREISMAN, SARAH JILL · CHIEF LEGAL COUNSEL/VP, COMPLIANCE, · Less than 5%
  • ChangedWAITMAN, CONSTANCE COOK · title VICE PRESIDENT, OPERATIONS → EVP/COO
Apr 8, 2014 filing
  • AddedWAITMAN, CONSTANCE COOK · VICE PRESIDENT, OPERATIONS · Less than 5%
  • ChangedHEISING, SCOTT ALLEN · title CHIEF FINANCIAL OFFICER/FINOP → MANAGING DIRECTOR/CHIEF FINANCIAL OFFICER/FINOP
  • ChangedMILLER, JOE HENRY JR · title CHIEF EXECUTIVE OFFICER → MANAGING DIRECTOR/CHIEF EXECUTIVE OFFICER
  • ChangedPEARSON, TROY DALE · title OPERATIONS MANAGER/ROSFP → ROSFP
Feb 7, 2012 filing (earliest on record)
  • ListedFISCHER, DAVID ALLEN · MANAGING DIRECTOR · Less than 5% · control person
  • ListedHEISING, SCOTT ALLEN · CHIEF FINANCIAL OFFICER/FINOP · Less than 5% · control person
  • ListedINDEPENDENT FINANCIAL GROUP, INC. · OWNER · 75% or more · control person
  • ListedMILLER, JOE HENRY JR · CHIEF EXECUTIVE OFFICER · Less than 5% · control person
  • ListedMYERS, MARIA BONA · CHIEF COMPLIANCE OFFICER/ROSFP · Less than 5%
  • ListedPEARSON, TROY DALE · OPERATIONS MANAGER/ROSFP · Less than 5%

Quarter-over-quarter changes

Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.

INDEPENDENT FINANCIAL GROUP, LLC Holdings (2026-09-30)

Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).

# Issuer Symbol CUSIP Value Weight Shares Type
1 NVIDIA CORPORATION NVDA 67066G104 $396.7M 7.20% 1,736,929 SH
2 APPLE INC AAPL 037833100 $164.6M 2.99% 494,236 SH
3 INVESCO QQQ TR QQQ 46090E103 $139.4M 2.53% 188,460 SH
4 MICRON TECHNOLOGY INC MU 595112103 $119.6M 2.17% 112,256 SH
5 BROADCOM INC AVGO 11135F101 $104.9M 1.90% 298,758 SH
6 MICROSOFT CORP MSFT 594918104 $101.4M 1.84% 197,671 SH
7 AMAZON COM INC AMZN 023135106 $97.8M 1.77% 392,507 SH
8 ISHARES TR IVV 464287200 $95.4M 1.73% 124,564 SH
9 STATE STR SPDR S&P 500 ETF T SPY 78462F103 $82.0M 1.49% 107,579 SH
10 VANGUARD INDEX FDS VTI 922908769 $54.6M 0.99% 145,867 SH
11 ALPHABET INC GOOG 02079K107 $53.4M 0.97% 156,720 SH
12 PGIM ETF TR PAAA 69344A834 $52.4M 0.95% 1,021,928 SH
13 SELECT SECTOR SPDR TR XLK 81369Y803 $50.8M 0.92% 259,672 SH
14 TAIWAN SEMICONDUCTOR MANUFAC TSM 874039100 $44.9M 0.81% 98,409 SH
15 ADVANCED MICRO DEVICES INC AMD 007903107 $42.6M 0.77% 69,634 SH
16 ALPHABET INC GOOGL 02079K305 $42.0M 0.76% 121,928 SH
17 SPDR SERIES TRUST SPYM 78464A854 $41.1M 0.75% 457,644 SH
18 VANECK ETF TRUST SMH 92189F676 $38.4M 0.70% 63,094 SH
19 FIRST TR EXCHNG TRADED FD VI BUFR 33740F755 $36.7M 0.67% 979,158 SH
20 META PLATFORMS INC META 30303M102 $34.7M 0.63% 47,861 SH
21 CAPITAL GROUP DIVIDEND VALUE CGDV 14020W106 $34.1M 0.62% 698,125 SH
22 VANGUARD INDEX FDS VOO 922908363 $32.0M 0.58% 45,599 SH
23 PALANTIR TECHNOLOGIES INC PLTR 69608A108 $31.8M 0.58% 169,919 SH
24 SPDR GOLD TR GLD 78463V107 $31.8M 0.58% 83,390 SH
25 ISHARES TR GARP 46436E403 $31.4M 0.57% 368,415 SH
26 NEOS ETF TRUST QQQI 78433H675 $30.8M 0.56% 554,842 SH
27 TIDAL TRUST III SNTH 45259A548 $30.8M 0.56% 1,043,152 SH
28 TESLA INC TSLA 88160R101 $30.7M 0.56% 86,395 SH
29 COSTCO WHOLESALE CORPORATION COST 22160K105 $30.1M 0.55% 33,072 SH
30 FIRST TR EXCHANGE TRADED FD RDVY 33738R506 $28.5M 0.52% 364,024 SH
31 ISHARES TR SOXX 464287523 $27.6M 0.50% 48,525 SH
32 SPDR SERIES TRUST SPYG 78464A409 $25.9M 0.47% 210,705 SH
33 CROWDSTRIKE HLDGS INC CRWD 22788C105 $25.8M 0.47% 97,590 SH
34 SCHWAB STRATEGIC TR SCHG 808524300 $25.7M 0.47% 716,173 SH
35 SCHWAB STRATEGIC TR SCHD 808524797 $24.5M 0.44% 753,242 SH
36 J P MORGAN EXCHANGE TRADED F JPST 46641Q837 $24.2M 0.44% 480,475 SH
37 PROSHARES TR TQQQ 74347X831 $24.1M 0.44% 308,926 SH
38 PACER FDS TR COWZ 69374H881 $22.4M 0.41% 334,981 SH
39 ISHARES TR IJH 464287507 $21.9M 0.40% 304,795 SH
40 J P MORGAN EXCHANGE TRADED F JEPQ 46654Q203 $21.9M 0.40% 357,660 SH
41 ISHARES TR SGOV 46436E718 $19.9M 0.36% 197,517 SH
42 ELI LILLY & CO LLY 532457108 $19.8M 0.36% 17,076 SH
43 BERKSHIRE HATHAWAY INC DEL BRK.B 084670702 $19.7M 0.36% 39,601 SH
44 VANGUARD STAR FDS VXUS 921909768 $19.4M 0.35% 228,540 SH
45 BLACKROCK ETF TRUST DYNF 09290C103 $19.3M 0.35% 279,286 SH
46 WALMART INC WMT 931142103 $19.3M 0.35% 185,498 SH
47 SANDISK CORP SNDK 80004C200 $19.3M 0.35% 11,079 SH
48 ISHARES TR ITOT 464287150 $19.2M 0.35% 115,377 SH
49 INVESCO EXCH TRADED FD TR II QQQM 46138G649 $18.5M 0.33% 60,612 SH
50 PALO ALTO NETWORKS INC PANW 697435105 $18.1M 0.33% 45,557 SH
Filing History
Period Filed AUM Holdings Accession
2026-09-30 2026-10-13 $5.51B 1,579 0000275484-26-000032
2026-06-30 2026-07-15 $5.35B 1,546 0000275484-26-000028
2026-03-31 2026-05-05 $3.34B 1,386 0000275484-26-000002
2026-03-31 2026-05-15 $4.46B 1,447 0000275484-26-000006
2025-06-30 2026-05-15 $3.63B 1,286 0000275484-26-000005
2020-12-31 2026-06-15 $678.3M 566 0000275484-26-000027
Filer Information
Address
12671 HIGH BLUFF DRIVE
SUITE 200
SAN DIEGO, CA 92130
Phone
(858) 436-3180
Filing Manager
INDEPENDENT FINANCIAL GROUP, LLC
SAN DIEGO, CA
Signatory
Brian Dennen
Chief Compliance Officer