Cetera Investment Advisers 13F Portfolio

The biggest add is not a stock pick at all but a statement on asset allocation. A higher stake in iShares Core S&P 500 (IVV) alongside a sizable boost in Vanguard S&P 500 (VOO) tells you they want more of the benchmark itself, not more factor tilts or satellite themes.

On the fixed‑income side, they pushed hard into iShares Core Total USD Bond Market (IUSB), which jumped +32.8% in shares and about $152.0M in value. That, plus a double‑digit add to iShares National Muni Bond (MUB), signals a preference for diversified, duration‑managed income over reaching further out the risk curve in equities.

The single‑name story is about reinforcing the most durable AI and cloud cashflows rather than chasing the latest narrative. They added to Apple (AAPL), Microsoft (MSFT), and Micron (MU) – all sitting on large gains versus cost – instead of backing up the truck in more marginal beneficiaries.

Within growth ETFs, the pattern is similar:

• Vanguard Growth (VUG) and Putnam Focused Large Cap Growth (PVAL) both saw meaningful dollar adds.
• Invesco QQQM, Schwab U.S. Large‑Cap Growth (SCHG), and SPDR S&P 500 Growth (SPYG) were quietly scaled up.

Taken together, the “biggest buys” page is the playbook of an allocator who wants broad participation in U.S. large‑cap and AI‑driven growth, executed through liquid, diversified vehicles.

The most decisive funding source this quarter was emerging‑markets beta. iShares Core MSCI Emerging Markets (IEMG) saw a -13.6% cut in shares and nearly a $99.0M reduction in value, despite being up strongly versus cost.

On the domestic equity side, they eased back on plain‑vanilla value exposure through iShares S&P 500 Value (IVE), which was trimmed -7.0%. That sits awkwardly next to their adds in broad S&P beta and high‑quality growth – a clear sign that traditional value is not where they see the next leg of excess returns.

Bond risk is being reshaped rather than abandoned. Vanguard Total Bond Market (BND) was reduced by -6.0% in shares, even as they funneled capital into IUSB, implying a preference for the construction and flexibility of the latter over the legacy index sleeve.

Elsewhere, the cuts are surgical rather than thematic:

• iShares S&P Small‑Cap (IJR) was clipped modestly.
• iShares Russell 1000 Growth (IWF) and Capital Group Dividend Value (CGDV) each saw fractional trims.
• Advanced Micro Devices (AMD) was nudged down -1.8% despite a very large gain vs. cost, suggesting risk management in a volatile AI‑hardware name rather than an outright rejection of the theme.

On the sector chart, most of Cetera’s book lives in “unclassified” ETFs, but strip away the wrapper labels and the direction is readable. More IVV, VOO, VUG, and VTI means more U.S. large‑cap growth and broad S&P earnings power; less IEMG and IVE means less dependence on emerging‑markets cycles and deep value.

Technology’s disclosed slice edged up, with platforms like Apple, Nvidia (NVDA), Microsoft, Alphabet (GOOGL/GOOG), Broadcom (AVGO), Micron, AMD, and Meta (META) now collectively around a fifth of the book by the 13F’s sector breakout. The fund didn’t swing wildly into any one name, but almost every AI‑adjacent blue chip saw incremental buying.

Health care and industrial exposure, though small in absolute terms, is moving in the same direction: Eli Lilly (LLY) and Tesla (TSLA) both saw higher share counts. The combination of those adds with covered‑call income via JPMorgan Equity Premium Income (JEPI) and buffered equity via First Trust BUFR suggests they are using options‑based ETFs to tame volatility while they concentrate risk in high‑conviction secular growers.

Put together, this 13F says Cetera wants to stay long risk assets but upgrade the quality of every dollar at work. When they add, it is into core S&P 500 and clean growth proxies; when they sell, it is from emerging markets, generic value, or older bond sleeves.

The AI bet is unmistakable but measured. Rather than chasing the latest AI IPO, they are ratcheting up exposure to the infrastructure and platforms — Nvidia, Broadcom, Micron, Microsoft, Alphabet, Meta — that already show triple‑digit gains versus cost and dominate real earnings.

On the defensive side, more IUSB, more MUB, and a larger JEPI stake point to a world where volatility and rates still matter. They are engineering a portfolio that can digest setbacks without forcing wholesale de‑risking.

If this quarter is a guide, expect future moves to follow the same template:

• Use broad, low‑cost ETFs for beta and factor expression.
• Skim risk from peripheral regions and styles to top up U.S. large‑cap growth and AI.
• Rely on option‑enhanced and buffered products to smooth the ride rather than trying to time the cycle.

Investors watching Cetera should read this not as a bold new theme, but as a steady tightening of the screws around an enduring thesis: own the index, lean into dominant compounding franchises, and let the satellites pay for their keep.