Jones Financial Companies LLLP 13F Portfolio

The largest dollar add was SPYM, up 53.4% in shares and roughly $5.1B in value, a striking move into a low-cost S&P 500 core. They also added to VOO and IVV, effectively upgrading their flagship US equity exposure toward broad, liquid, inexpensive beta rather than style-box fragments.

Mid-cap and small-cap cyclicality is another clear theme. IWR, VO and IJR all saw meaningful inflows, while IJH was also increased, suggesting a view that the domestic economic cycle has room to run beyond the mega-caps.

On the stock side, they leaned into the AI stack instead of clipping gains. NVDA was boosted by 25.7% in shares (about $595.0M more), with AVGO, AMD, MU and TSM all added as well. They also increased AAPL, MSFT, GOOGL, GOOG and META, reinforcing a bet that the cash-generating AI platform owners will keep compounding.

Beyond the US, they quietly but firmly added to IEFA, SCZ, VEA, IEMG and EFV. That combination — developed ex-US large, developed small, and emerging markets — reads as a valuation and breadth trade, buying global laggards while US growth is already rich.

Despite the risk-on tilt, this is not a wholesale beta binge; it is a funding rotation. The single biggest source of cash was AGG, cut 16.7% with an estimated -$2.19B swing, and still sitting at a loss versus their average buy. That looks like a conscious decision to stop waiting for duration to bail them out and redeploy into higher-return assets.

On the equity side, they harvested gains where the cost basis is deeply in the money. VTV was trimmed 13.1% and IWB 16.7%, both with very large embedded gains, and VUG — still the largest single line at 7.26% — was cut 6.9%. IWS and VB were also reduced, again from strong profit positions.

The pattern is consistent: trim broad or value-leaning large-cap blends and legacy small-cap exposures where they are sitting on sizable gains, and recycle that capital into more targeted S&P core, mid- and small-cap funds, and into their highest-conviction secular growth names. They are not de-risking equities; they are pruning older vehicles to back what they see as the next leg of the cycle.

Sector data show technology rising from 7.69% to 8.43% of the book, but the story is bigger than that small headline move. Most of the portfolio sits in style and region ETFs, and within that wrapper mix you can see a decisive shift toward growthier, more cyclically sensitive risk.

The broad “unclassified” bucket — almost entirely index ETFs — ticked down as they sold AGG, VTV, IWB, IWS and VB, and reallocated to SPYM, VOO, IVV, IWR, VO, IJH and IJR. That effectively moves them from overweight bond ballast and value-tilted large caps toward a more neutral, slightly pro-cyclical equity posture.

Technology, consumer discretionary and health care all inched higher via adds to NVDA, AVGO, AMD, MU, AMZN and LLY, confirming that the marginal dollar favors secular growth over defensives. Finance and the mislabeled “Real Estate” line (actually Visa’s payments franchise) also crept up, hinting at confidence in the underlying economic backdrop.

Geographically, ex-US and emerging-market ETFs — IEFA, SCZ, VEA, IEMG, EFA and EFV — all saw net additions. That rotation suggests they see better forward return potential in cheaper international markets while keeping US S&P 500 exposure as the core anchor.

Taken together, Q2 says Jones Financial wants more equity risk, but on its own terms. They are reducing their dependence on aggregate bonds that have not delivered, and on legacy value-heavy beta, in favor of broad S&P exposure and selected growth engines.

The continued build in NVIDIA, Broadcom, AMD, Micron and TSM, alongside bigger stakes in Alphabet, Microsoft, Apple, Amazon and Meta, shows they still believe the AI and cloud capex cycle has real legs. They are not trading the tape; they are extending a multi-quarter secular bet.

At the same time, the adds to mid- and small-cap ETFs and to ex-US funds point to a desire to broaden the rally beyond a handful of US mega-caps. If that call is right, this quarter’s shift should leave them with a more balanced, but still growth-tilted, book.

For outside observers, the key takeaway is that this is not closet market timing. It is a gradual reweighting within an indexed framework: less duration, less pure value, more global equity beta and more AI-driven cash-flow compounding.