Spheria Touts LPL Financial as Core Holding After Q3 Momentum and Stock Pop

The firm points to a roughly 14x FY26 EBIT valuation to support its stance despite integration and cycle risks.

Overview

Spheria’s Global Opportunities Fund reported -1.7% in Q3 2025 and -1.6% in October, trailing the MSCI World Small Cap Accumulation Index at 5.6% and 1.4%, respectively.
LPL was cited as a top monthly contributor after a late-October rally following Q3 results showing 7% organic funds-under-administration growth and 98% retention.
Management said new pricing actions are expected to lift future margins by about 1 percentage point as the Commonwealth Financial integration shows early progress.
Spheria underscored LPL’s scale, noting a platform serving about 32,100 independent advisers with roughly $2.3 trillion in FUA.
Recent market markers included LPL closing at $368.50 on Dec. 8 for a market cap near $29.5 billion, while hedge fund holders fell to 48 portfolios at Q3 from 61.