Recent regulatory disclosures have highlighted increased allocations to the Invesco QQQ Trust by two U.S. wealth management firms during the third quarter of 2025, though the dated nature of the reports underscores the challenge of using such filings for real-time investment signals. The exchange-traded fund, which tracks the Nasdaq-100 Index, remains a core holding for many advisors seeking exposure to large-cap growth stocks.
Filings Show Quarterly Buys
According to Form 13F filings processed on March 8 and 9, Fort Sheridan Advisors of Highland Park, Illinois, added 1,773 shares of QQQ in Q3 2025, bringing its total holding to 8,466 shares, valued at approximately $5.08 million based on period-end pricing. Separately, CreativeOne Wealth boosted its QQQ position by 15.9% during the same quarter, ending September with 110,146 shares worth about $66.13 million.
These filings, mandated by the Securities and Exchange Commission for large investment managers, provide a quarterly snapshot of equity holdings but are submitted with a 45-day lag. Consequently, they reflect portfolio decisions from months prior and do not indicate current trading activity.
A Lagging Indicator
The inherent delay in 13F data was illustrated by a subsequent filing from Fort Sheridan Advisors. A December 31, 2025 submission, made public on February 10, showed the firm had reduced its QQQ stake to 7,220 shares, with a market value of roughly $4.44 million. This reduction occurred after the Q3 buying activity, highlighting how positions can change significantly before the public sees the reports.
"Treating a 13F filing like a real-time trade tip is a mistake—it's a lagging snapshot," notes the SEC. The documents can reveal broader portfolio trends but offer little insight into intra-quarter adjustments made in response to market events.
Market Context and Performance
The news comes as investors grapple with a complex macro backdrop. Geopolitical tensions in the Middle East, elevated oil prices, and uncertainty surrounding the timing of U.S. interest rate cuts have contributed to equity market volatility. In this environment, concentrated growth trades, like those represented by the Nasdaq-100, are being scrutinized for their near-term durability.
In early trading on Monday, March 9, QQQ traded near $593 per share, down approximately 1.1%. The decline tracked closely with the broader SPDR S&P 500 ETF Trust (SPY), which also lost ground, but lagged the Technology Select Sector SPDR Fund (XLK).
Analyst Views on Risks and Opportunities
Market strategists are weighing the potential for a stagflationary scenario, where persistent inflation combines with slowing economic growth. "A stagflationary shock was not part of the plan," said Chris Turner, Global Head of Markets at ING. Lale Akoner, a market strategist at eToro, added that in such an environment, "multiples, not earnings, are the weak link" for stock valuations.
Peter Oppenheimer, chief global equity strategist at Goldman Sachs, recently noted that "correction risks are high" for global equities. However, he does not foresee a major bear market, suggesting any market dip could present buying opportunities. Oppenheimer also emphasized the importance of diversification across regions, sectors, and investment factors.
QQQ as a Growth Conduit
Despite the volatility, Invesco QQQ remains a popular vehicle for accessing U.S. mega-cap growth. The fund tracks the 100 largest non-financial companies listed on the Nasdaq Stock Market, carries a management expense ratio of 0.18%, and was the second-most traded ETF in the United States as of December 31, 2025, according to Invesco data.
The latest filings offer only a partial view into advisor sentiment. They confirm a maintained or increased commitment to the Nasdaq-100 trade through the end of September 2025. However, they are silent on whether that conviction persisted through February's market turbulence or March's spike in oil prices. A more complete picture will not emerge until the next batch of 13F filings is released in mid-May.
