LPL Financial Holdings Inc. received a Schedule 13G filing showing Dodge & Cox beneficially owns 4,146,547 shares of common stock, representing 5.2% of the class as of 03/31/2026. The filing reports sole voting power for 3,905,059 shares and states these holdings are held on behalf of Dodge & Cox clients. The form was signed on 05/14/2026.
Positive
None.
Negative
None.
Insights
Dodge & Cox is a disclosed 5.2% holder of LPL as of 03/31/2026.
The filing lists 4,146,547 shares beneficially owned with 3,905,059 shares of sole voting power. This identifies a sizeable passive stake by an institutional manager rather than an insider or operating affiliate.
Investor attention typically centers on subsequent Form 13D/13G amendments or changes in voting power; future filings will show whether the position is altered.
The Schedule 13G disclosure reflects passive institutional ownership and standard client attribution language.
The statement that holdings are "on behalf of clients" indicates the adviser-client relationship governs dividend and sale rights. The form shows voting/dispositive powers clearly, which is the key compliance disclosure.
Any change in intent or control would require a different disclosure pathway; stakeholders should watch for amendments.
Key Figures
Beneficial ownership:4,146,547 sharesPercent of class:5.2%Sole voting power:3,905,059 shares
3 metrics
Beneficial ownership4,146,547 sharesas of 03/31/2026
Percent of class5.2%common stock
Sole voting power3,905,059 sharesreported in Item 4
Key Terms
Schedule 13G, Beneficially owned, Sole dispositive power
A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.
Beneficially ownedregulatory
"Amount beneficially owned: 4,146,547 (b) Percent of class: 5.2%"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
Sole dispositive powerregulatory
"Sole power to dispose or to direct the disposition of: 4,146,547"
Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.
What stake does Dodge & Cox report in LPL Financial (LPLA)?
Dodge & Cox reports beneficial ownership of 4,146,547 shares, equal to 5.2% of LPL Financial's common stock as of 03/31/2026. The filing lists voting and dispositive powers held by the filer.
Does Dodge & Cox control votes for its LPL Financial shares?
The filing shows sole voting power for 3,905,059 shares. It also reports sole dispositive power for 4,146,547 shares, indicating the filer can direct sale decisions for the full beneficial position.
Are the LPL shares held directly by Dodge & Cox or for clients?
The Schedule 13G states the shares are held on behalf of Dodge & Cox clients, meaning the adviser reports beneficial ownership while clients have rights to dividends and sale proceeds under client arrangements.
When was the Schedule 13G for Dodge & Cox signed and effective?
The filing is dated effective 03/31/2026 for the position and was signed by the Chief Compliance Officer on 05/14/2026, per the signature block in the filing.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
LPL Financial Holdings Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
50212V100
(CUSIP Number)
03/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
50212V100
1
Names of Reporting Persons
Dodge & Cox
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CALIFORNIA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
3,905,059.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
4,146,547.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,146,547.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.2 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
LPL Financial Holdings Inc.
(b)
Address of issuer's principal executive offices:
4707 Executive Drive, San Diego, California 92121
Item 2.
(a)
Name of person filing:
Dodge & Cox
(b)
Address or principal business office or, if none, residence:
555 California Street 40th Floor, San Francisco, CA 94104
(c)
Citizenship:
California, USA
(d)
Title of class of securities:
Common Stock
(e)
CUSIP Number(s):
50212V100
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
4,146,547
(b)
Percent of class:
5.2 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
3,905,059
(ii) Shared power to vote or to direct the vote:
0
(iii) Sole power to dispose or to direct the disposition of:
4,146,547
(iv) Shared power to dispose or to direct the disposition of:
0
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
The clients of Dodge & Cox, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or power to direct the receipt of dividends from, and the proceeds from the sale of, LPL Financial Holdings Inc.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
