Raymond James Financial 13F Portfolio

The biggest dollar adds are a clear tell: Raymond James wants more exposure to the entire capital structure of the U.S. market, and more upside from the same leaders that have already worked.

On the “own the market” side they pressed several core ETFs:

• VOO: Still the flagship at 5.80%, with shares up 1.7% and another $348.8M added.
• AGG: A chunky 4.6% lift in shares, adding $406.0M despite the position sitting slightly underwater at -1.5% vs cost.
• IJH and other broad funds (IJH, VIG, XLK, CGDV, VTEB) all see mid- to high-single-digit share increases.

In single names, they’re leaning into the same AI and platform complex:

• Microsoft: +4.0% shares and a $264.7M dollar add, even after a 17.0% gain vs cost.
• Apple and Nvidia: Both increased again, with Apple up 2.6% shares and Nvidia up 2.4%, adding $226.4M and $168.9M respectively.
• AbbVie and Eli Lilly: AbbVie shares are up 8.4% (+$202.8M) and Lilly up 5.4% (+$105.8M), reinforcing a belief that pharma/GLP‑1 economics are secular, not cyclical.

They also quietly built quality and dividend sleeves via VIG (+11.2% shares), CGDV (+7.6%), VYM (+5.1%), and UNH (+10.7% despite being down -24.0% vs cost). That pattern reads as a preference for compounders and cash-flow visibility as the cycle matures.

The trims are small in size but loud in message: reduce some heat in the highest-octane winners and recycle into the core and defensives.

Semiconductors are the main funding source:

• Micron: Shares down -3.3% with a -$51.1M reduction, after a staggering 913.9% gain vs cost.
• AMD: Trimmed -1.4% shares (-$28.0M) even as the position sits +234.6% vs average buy.
• Analog Devices: Cut -3.8% shares (-$73.3M), banking gains of 68.4%.

They also eased off some long‑held quality giants:

• Berkshire Hathaway: Shares reduced -2.5% (-$52.2M), a classic source of liquidity when everything else is working.
• Johnson & Johnson: -1.2% in shares (-$31.6M), despite a 68.7% gain versus cost.
• Alphabet (GOOGL share class): Trimmed -1.5% (-$72.3M), even though it’s nearly doubled vs cost.

These aren’t conviction collapses; they’re position-sizing discipline. Raymond James is skimming from multi-baggers and mature quality to fund more beta, more health care, and more dividend growth without materially changing the book’s factor profile.

The sector widget shows a book that barely budged at the top level, which is the point. Unclassified (mostly ETFs and Berkshire) nudged up to 46.23%, and technology eased slightly to 31.64% from 31.97% – essentially unchanged for a fund this large.

Within tech, they’re subtly shifting from the hottest cyclicals to platform durability. Nvidia, Microsoft, Apple, Alphabet, Broadcom, and TSM are all increased, while cyclically exposed or more speculative semis like AMD, Micron, and Analog Devices are trimmed.

Health care is a quiet climber, up to 5.55% from 5.40%, led by outsized adds in AbbVie, Lilly, and UnitedHealth. Energy and finance weights are almost flat, with incremental adds to XOM, CVX, and JPM simply maintaining exposure rather than expressing a new macro call.

The real rotation happens inside the giant “ETF” bucket. Flows favor growth- and quality‑tilted products (VIG, VUG, XLK, CGDV, VYM) over deep value (IWD, which was cut -5.1% in shares). That confirms a lean toward quality growth plus income, not a wholesale tilt toward value or cyclicals.

Taken together, these moves say Raymond James expects more of the same: AI leaders keep compounding, the S&P 500 remains the right benchmark to own, and drawdowns are buffered by bonds and cash‑flowing defensives rather than by timing the cycle.

The ongoing adds to AGG and VTEB, despite modest losses, show a willingness to buy rate duration as insurance against an economic slowdown. At the same time, upping VOO, IVV, SPY, and QQQ signals they don’t want to miss further upside in broad U.S. and large‑cap growth.

Inside equities, the book is skewed toward platforms (Apple, Microsoft, Nvidia, Alphabet, Meta) and durable health care (AbbVie, Lilly, UnitedHealth), with dividend and low‑vol ETFs layered on top. That’s a setup for earnings resilience with upside optionality, not an all‑in macro bet.

If the next few quarters look like a choppy but upward‑sloping tape, this construction should participate while smoothing the ride. If the regime changes sharply, the story will be less about sector rotation and more about whether their reliance on broad beta and mega‑caps was a feature or a bug.