Institutional ETF Shifts
Institutional Investors Adjust ETF Holdings, Showing Mixed Rebalancing Across Major Funds
Anonymous
Key Points
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Tobias Financial Advisors’ QQQM trim was smaller than the headline suggests: it sold 2,584 shares to end with 155,847 shares, and the ETF represented about 5.6% of its holdings (its 4th-largest position), valued at roughly $39.417 million at quarter-end.
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Retirement Financial Solutions’ “new position” in QQQM came with precise sizing: it acquired 69,361 shares worth about $17.543 million, with the ETF making up approximately 5.1% of its portfolio and becoming its 7th-largest holding.
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Beyond the investors highlighted in the summary, other institutions also adjusted QQQM meaningfully: Blue Edge Capital raised its stake by 29.9% (to 23,072 shares) in the 3rd quarter, and EdgeRock Capital increased by 2.5% (to 154,578 shares) in the 4th quarter.
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SPLV buying was especially pronounced among some large managers: AQR Capital Management increased its SPLV holdings by 151.9% in the 1st quarter (to 13,736 shares), and Goldman Sachs Group raised its position by 1,545.3% (to 242,001 shares) after buying an additional 227,292 shares.
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On COWZ, Northbridge Financial Group initiated a new position during the 4th quarter valued at about $5.342 million, underscoring that reallocations around the same ETF were not uniformly sell-side even as MML reduced its stake.
Tobias Financial Advisors trimmed its stake in the Invesco NASDAQ 100 ETF (QQQM) by 1.6% in the fourth quarter, selling 2,584 shares to hold 155,847 shares worth roughly $39.4 million, according to Watchlist News. Despite the cut, QQQM remains the firm's 4th-largest position, making up about 5.6% of its total portfolio.
The move is one of several ETF realignments disclosed in recent SEC 13F filings. Institutions shifted capital across growth, value, and low-volatility strategies — reflecting a broad, uncoordinated rebalancing rather than a single market call.
Retirement Financial Solutions Enters QQQM With $17.5M Bet
While Tobias trimmed, Retirement Financial Solutions moved in the opposite direction. The firm opened a brand-new position in QQQM, buying 69,361 shares worth about $17.5 million. That single purchase made QQQM the firm's 7th-largest holding at 5.1% of its portfolio, per Watchlist News.
Other institutions also added to QQQM. Blue Edge Capital raised its stake by 29.9% in the third quarter, ending with 23,072 shares. EdgeRock Capital followed with a 2.5% increase in the fourth quarter, bringing its total to 154,578 shares. Bank of New York Mellon and Farther Finance Advisors also increased their QQQM exposure, deepening the ETF's institutional base.
Goldman Sachs Explodes Into Low-Volatility ETF by 1,545%
The sharpest move in the filings belongs to Goldman Sachs. The bank raised its stake in the Invesco S&P 500 Low Volatility ETF (SPLV) by 1,545.3% in the first quarter, buying 227,292 shares to reach a total of 242,001 shares. SPLV tracks the 100 least-volatile stocks in the S&P 500 — a defensive play used as a buffer against market swings.
AQR Capital Management also moved hard into SPLV, growing its position by 151.9% to 13,736 shares. Perryman Financial Advisory added a fresh stake, buying 31,980 shares worth roughly $2 million, per Watchlist News. The cluster of buying suggests growing institutional demand for downside protection heading into 2026.
MML Bets on Value Stocks While Cutting Cash Flow ETF
MML Investors Services made two notable moves. It boosted its stake in the iShares S&P 500 Value ETF (IVE) by 48.8%, pushing its total to 2,103,532 shares, according to Watchlist News. IVE targets underpriced stocks in sectors like financials and industrials — a classic value play.
At the same time, MML trimmed its position in the Pacer US Cash Cows 100 ETF (COWZ), which focuses on companies with strong free cash flow. That signals MML is rotating toward traditional value over cash-flow-based strategies. But not everyone agreed — Northbridge Financial Group opened a new COWZ position in the fourth quarter worth about $5.3 million, showing the split in institutional thinking on the strategy.
What the Filings Reveal About Institutional Strategy Right Now
Taken together, these filings paint a mixed picture. Growth ETFs like QQQM are still attracting new money even as some holders take small profits. Meanwhile, the surge into SPLV — especially Goldman's near-16x increase — points to rising risk caution among large managers. These are not panic moves, but they suggest big players are hedging while keeping one foot in growth.
The COWZ split between MML and Northbridge captures the broader debate. Free cash flow was a winning factor in high-rate environments. As rate expectations shift, institutions are divided on whether to hold that bet or swap it for simpler value exposure through funds like IVE. The filings show no consensus — just active repositioning across the board.
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