Data as of Q4 2025 (Dec 31, 2025)

Kestra Investment Management, LLC

•CIK: 1962449•Filing: Q4 2025

Kestra Investment Management, LLC, led by co-founders John D. Carlson and John A. Carlson, is known for its concentrated, long-term growth-oriented strategy, currently managing $4.1 billion across 429 positions. Recently, the fund has made notable shifts by adding AVEM and HYDB significantly, while cutting IEMG and TDIV drastically, reflecting a focus on high-growth potential and active portfolio management.

Total AUM
$4.1B
QoQ Performance
+9.8%
Positions
310
Top 10 Concentration
46.9%
Latest Filing
Q4 2025

Top Holdings Allocation

IUSV
SPYG
IUSB
VEU
IUSV9.5%
SPYG6.8%
IUSB5.2%
VEU5.2%
IUSG4.6%
QUAL4.0%
DFIV3.0%
AVEM2.8%

📈 Biggest Buys

AVEM
AMERICAN CENTY ETF TR
+3618.9%
2.8% of portfolio
FSMD
FIDELITY COVINGTON TRUST
NEW
1.4% of portfolio
IUSG
ISHARES TR
+40.5%
4.6% of portfolio
IUSV
ISHARES TR
+11.9%
9.5% of portfolio
BNDX
VANGUARD CHARLOTTE FDS
+8055.6%
0.9% of portfolio

📉 Biggest Sells

VO
VANGUARD INDEX FDS
-39.4%
2.3% of portfolio
IGSB
ISHARES TR
-71.7%
0.5% of portfolio
DFIV
DIMENSIONAL ETF TRUST
-17.8%
3.0% of portfolio
VMBS
VANGUARD SCOTTSDALE FDS
-37.2%
0.8% of portfolio
QUAL
ISHARES TR
-7.1%
4.0% of portfolio

Sector Breakdown

Other95.0%
Technology2.9%
Financial0.7%
Healthcare0.5%
Consumer0.4%
ETF0.3%
Industrial0.1%
Communication0.1%

🚪 Exited Positionssold since Q3 2025

IEMG
ISHARES INC
SOLD
$72.0M
FELG
FIDELITY COVINGTON TRUST
SOLD
$19.8M
TDIV
FIRST TR EXCHANGE TRADED FD
SOLD
$18.1M
SPEM
SPDR INDEX SHS FDS
SOLD
$18.0M
EFG
ISHARES TR
SOLD
$14.6M
+241 more exited positions

Changes from Q3 2025

NEW13 new positions
↑140 increased
↓47 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024

📌 Top Holdings

IUSV9.5%
ISHARES TR
$386.8M
SPYG6.8%
SPDR SERIES TRUST
$279.1M
IUSB5.2%
ISHARES TR
$214.3M
VEU5.2%
VANGUARD INTL EQUITY INDEX F
$212.3M
IUSG4.6%
ISHARES TR
$190.1M

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