VANGUARD PORTFOLIO MANAGEMENT LLC

MALVERN, PA · CIK 2100121 · 13F filing filed 2026-08-13

SEC-registered investment adviser since 2025 · limited liability company

Assets managed$2.7tn
Staff105 · 105 in investment roles
Main clients (by assets)Mutual funds and ETFs 100%
Form ADV · 2026-09-21SEC adviser record

Legal entityVanguard Portfolio Management, LLC (US)

$2.2tn reported value +15.9% vs Q1 2026

3,141positions

21.6%in top 10

198 new 2,078 added 857 reduced 151 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	NVIDIA CORPORATION COM NVDA	NVDA	517,816,949	$103.6bn4.67%	4.67%	Added +7.7m	+7,690,228 1.5%
2	APPLE INC COM AAPL	AAPL	334,119,156	$96.7bn4.36%	4.36%	Added +2.7m	+2,682,101 0.8%
3	MICROSOFT CORP COM MSFT	MSFT	168,407,641	$62.8bn2.83%	2.83%	Added +916.8k	+916,793 0.6%
4	BROADCOM INC COM AVGO	AVGO	127,001,513	$48.0bn2.16%	2.16%	Reduced -1.4m	-1,421,434 -1.1%
5	ALPHABET INC CAP STK CL A GOOGL	GOOGL	98,896,291	$35.3bn1.59%	1.59%	Added +2.4m	+2,359,577 2.4%
6	AMAZON COM INC COM AMZN	AMZN	121,626,899	$29.0bn1.31%	1.31%	Reduced -5.4m	-5,385,950 -4.2%
7	MICRON TECHNOLOGY INC COM MU	MU	24,662,080	$28.5bn1.28%	1.28%	Added +1.6m	+1,637,466 7.1%
8	ALPHABET INC CAP STK CL C GOOG	GOOG	78,666,550	$27.8bn1.25%	1.25%	Added +1.8m	+1,817,175 2.4%
9	ELI LILLY & CO COM LLY	LLY	20,859,217	$25.0bn1.13%	1.13%	Reduced -117.8k	-117,810 -0.6%
10	ADVANCED MICRO DEVICES INC COM AMD	AMD	37,929,920	$22.0bn0.99%	0.99%	Added +326.2k	+326,245 0.9%
11	META PLATFORMS INC CL A META	META	38,386,817	$21.6bn0.97%	0.97%	Added +530.2k	+530,182 1.4%
12	JPMORGAN CHASE & CO COM JPM	JPM	65,819,503	$21.5bn0.97%	0.97%	Added +238.7k	+238,677 0.4%
13	TESLA INC COM TSLA	TSLA	49,550,535	$20.8bn0.94%	0.94%	Added +297.6k	+297,610 0.6%
14	JOHNSON & JOHNSON COM JNJ	JNJ	64,370,816	$16.3bn0.74%	0.74%	Added +856.4k	+856,380 1.4%
15	EXXON MOBIL CORP COM XOM	XOM	116,693,258	$16.0bn0.72%	0.72%	Added +1.1m	+1,064,211 0.9%
16	LAM RESEARCH CORP COM NEW LRCX	LRCX	36,635,534	$15.9bn0.72%	0.72%	Reduced -425.4k	-425,429 -1.1%
17	CISCO SYS INC COM CSCO	CSCO	119,309,850	$14.0bn0.63%	0.63%	Added +1.5m	+1,460,179 1.2%
18	APPLIED MATLS INC COM AMAT	AMAT	18,553,307	$13.4bn0.60%	0.60%	Added +1.3m	+1,291,611 7.5%
19	CATERPILLAR INC COM CAT	CAT	12,026,244	$12.8bn0.58%	0.58%	Added +320.4k	+320,354 2.7%
20	VISA INC COM CL A V	V	36,844,619	$12.6bn0.57%	0.57%	Reduced -760.2k	-760,196 -2.0%
21	INTEL CORP COM INTC	INTC	89,395,975	$12.5bn0.56%	0.56%	Added +4.0m	+3,968,702 4.7%
22	ABBVIE INC COM ABBV	ABBV	48,477,996	$12.2bn0.55%	0.55%	Reduced -1.0m	-1,045,082 -2.1%
23	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	24,378,984	$12.2bn0.55%	0.55%	Added +650.5k	+650,470 2.7%
24	KLA CORP COM NEW KLAC	KLAC	39,388,674	$11.9bn0.54%	0.54%	Reduced -901.9k	-901,936 -2.2%
25	WALMART INC COM WMT	WMT	94,765,592	$10.7bn0.48%	0.48%	Added +1.1m	+1,068,814 1.1%
26	UNITEDHEALTH GROUP INC COM UNH	UNH	24,483,234	$10.2bn0.46%	0.46%	Added +446.7k	+446,730 1.9%
27	WELLTOWER INC COM WELL	WELL	43,449,568	$9.9bn0.44%	0.44%	Added +1.6m	+1,586,519 3.8%
28	MASTERCARD INCORPORATED CL A MA	MA	19,163,628	$9.8bn0.44%	0.44%	Reduced -270.9k	-270,916 -1.4%
29	BANK AMERICA CORP COM BAC	BAC	172,341,501	$9.8bn0.44%	0.44%	Added +8.9m	+8,909,688 5.5%
30	COSTCO WHSL CORP NEW COM COST	COST	10,402,555	$9.7bn0.44%	0.44%	Reduced -303.1k	-303,080 -2.8%
31	PROCTER AND GAMBLE CO COM PG	PG	63,393,374	$9.3bn0.42%	0.42%	Added +546.1k	+546,109 0.9%
32	HOME DEPOT INC COM HD	HD	25,751,551	$9.1bn0.41%	0.41%	Added +474.4k	+474,374 1.9%
33	TEXAS INSTRS INC COM TXN	TXN	29,529,799	$8.8bn0.40%	0.40%	Added +917.8k	+917,848 3.2%
34	MERCK & CO INC COM MRK	MRK	67,738,969	$8.7bn0.39%	0.39%	Added +434.7k	+434,664 0.7%
35	ORACLE CORP COM ORCL	ORCL	57,285,664	$8.4bn0.38%	0.38%	Added +540.0k	+539,987 0.9%
36	WESTERN DIGITAL CORP COM WDC	WDC	13,109,474	$8.4bn0.38%	0.38%	Reduced -4.1m	-4,063,179 -23.7%
37	COCA COLA CO COM KO	KO	99,612,603	$8.1bn0.36%	0.36%	Reduced -336.0k	-336,023 -0.3%
38	SANDISK CORP COM SNDK	SNDK	3,515,937	$8.0bn0.36%	0.36%	Reduced -60.5k	-60,550 -1.7%
39	INTERNATIONAL BUSINESS MACHS COM IBM	IBM	28,348,295	$8.0bn0.36%	0.36%	Added +687.4k	+687,429 2.5%
40	SEAGATE TECHNOLOGY HLDNGS PL ORD SHS STX	STX	7,999,686	$7.7bn0.35%	0.35%	Reduced -3.1m	-3,095,222 -27.9%
41	PROLOGIS INC. COM PLD	PLD	55,255,790	$7.5bn0.34%	0.34%	Added +1.4m	+1,377,035 2.6%
42	GOLDMAN SACHS GROUP INC COM GS	GS	7,215,421	$7.3bn0.33%	0.33%	Added +7.2k	+7,176 0.1%
43	CHEVRON CORP NEW COM CVX	CVX	42,476,901	$7.0bn0.32%	0.32%	Added +163.2k	+163,163 0.4%
44	PALO ALTO NETWORKS INC COM PANW	PANW	19,347,649	$6.6bn0.30%	0.30%	Reduced -253.8k	-253,813 -1.3%
45	LINDE PLC SHS LIN	LIN	12,466,679	$6.5bn0.29%	0.29%	Added +177.4k	+177,397 1.4%
46	EQUINIX INC COM EQIX	EQIX	6,102,138	$6.4bn0.29%	0.29%	Added +98.0k	+98,047 1.6%
47	MORGAN STANLEY COM NEW MS	MS	30,203,228	$6.3bn0.28%	0.28%	Reduced -37.6k	-37,573 -0.1%
48	AMPHENOL CORP CL A APH	APH	35,688,783	$6.3bn0.28%	0.28%	Reduced -161.4k	-161,388 -0.5%
49	GE AEROSPACE COM NEW GE	GE	16,789,108	$6.3bn0.28%	0.28%	Added +638.4k	+638,378 4.0%
50	MARVELL TECHNOLOGY INC COM MRVL	MRVL	21,015,501	$6.3bn0.28%	0.28%	Reduced -12.2m	-12,202,610 -36.7%
51	QUALCOMM INC COM QCOM	QCOM	33,847,770	$6.3bn0.28%	0.28%	Reduced -345.1k	-345,093 -1.0%
52	SIMON PPTY GROUP INC NEW COM SPG	SPG	27,878,674	$6.2bn0.28%	0.28%	Added +4.8m	+4,780,542 20.7%
53	VERTIV HOLDINGS CO COM CL A VRT	VRT	17,909,570	$6.0bn0.27%	0.27%	Reduced -17.0k	-16,952 -0.1%
54	PALANTIR TECHNOLOGIES INC CL A PLTR	PLTR	50,276,809	$5.9bn0.26%	0.26%	Added +254.6k	+254,579 0.5%
55	ANALOG DEVICES INC COM ADI	ADI	14,657,807	$5.8bn0.26%	0.26%	Added +315.6k	+315,557 2.2%
56	GE VERNOVA INC COM GEV	GEV	4,723,958	$5.5bn0.25%	0.25%	Reduced -74.3k	-74,278 -1.6%
57	PHILIP MORRIS INTL INC COM PM	PM	30,281,680	$5.5bn0.25%	0.25%	Added +704.2k	+704,227 2.4%
58	NEXTERA ENERGY INC COM NEE	NEE	62,243,168	$5.5bn0.25%	0.25%	Added +1.8m	+1,829,384 3.0%
59	DIGITAL RLTY TR INC COM DLR	DLR	30,156,675	$5.4bn0.24%	0.24%	Added +684.5k	+684,510 2.3%
60	AMGEN INC COM AMGN	AMGN	14,853,366	$5.4bn0.24%	0.24%	Added +232.2k	+232,218 1.6%
61	CUMMINS INC COM CMI	CMI	7,534,991	$5.4bn0.24%	0.24%	Added +37.0k	+36,981 0.5%
62	NETFLIX INC COM NFLX	NFLX	75,056,512	$5.4bn0.24%	0.24%	Reduced -342.2k	-342,219 -0.5%
63	REALTY INCOME CORP COM O	O	83,115,805	$5.1bn0.23%	0.23%	Added +1.9m	+1,881,571 2.3%
64	WELLS FARGO CO NEW COM WFC	WFC	62,029,564	$5.1bn0.23%	0.23%	Added +358.1k	+358,119 0.6%
65	MCDONALDS CORP COM MCD	MCD	18,781,589	$5.1bn0.23%	0.23%	Reduced -323.2k	-323,203 -1.7%
66	PEPSICO INC COM PEP	PEP	37,159,425	$5.0bn0.23%	0.23%	Added +704.4k	+704,386 1.9%
67	QUANTA SVCS INC COM PWR	PWR	6,927,511	$5.0bn0.22%	0.22%	Added +56.5k	+56,473 0.8%
68	HOWMET AEROSPACE INC COM HWM	HWM	18,548,273	$5.0bn0.22%	0.22%	Added +13.0k	+12,985 0.1%
69	RTX CORPORATION COM RTX	RTX	26,141,915	$5.0bn0.22%	0.22%	Added +676.1k	+676,065 2.6%
70	CORNING INC COM GLW	GLW	18,920,070	$4.8bn0.22%	0.22%	Reduced -9.4m	-9,351,670 -33.1%
71	DATADOG INC CL A COM DDOG	DDOG	17,558,413	$4.6bn0.21%	0.21%	Reduced -17.2k	-17,245 -0.1%
72	AMERICAN TOWER CORP NEW COM AMT	AMT	27,851,812	$4.6bn0.21%	0.21%	Added +255.7k	+255,653 0.9%
73	CROWDSTRIKE HLDGS INC CL A CRWD	CRWD	5,956,872	$4.5bn0.20%	0.20%	Reduced -76.9k	-76,922 -1.3%
74	CITIGROUP INC COM NEW C	C	32,370,598	$4.5bn0.20%	0.20%	Reduced -87.1k	-87,148 -0.3%
75	GILEAD SCIENCES INC COM GILD	GILD	35,316,168	$4.5bn0.20%	0.20%	Added +186.7k	+186,703 0.5%
76	ABBOTT LABS COM ABT	ABT	49,017,866	$4.4bn0.20%	0.20%	Added +1.1m	+1,072,975 2.2%
77	ARISTA NETWORKS INC COM SHS ANET	ANET	25,808,745	$4.4bn0.20%	0.20%	Reduced -30.9k	-30,929 -0.1%
78	PUBLIC STORAGE COM PSA	PSA	13,608,702	$4.3bn0.20%	0.20%	Added +66.5k	+66,452 0.5%
79	TERADYNE INC COM TER	TER	8,633,782	$4.2bn0.19%	0.19%	Added +30.9k	+30,864 0.4%
80	CLOUDFLARE INC CL A COM NET	NET	16,819,726	$4.1bn0.19%	0.19%	Added +779.8k	+779,837 4.9%
81	MOTOROLA SOLUTIONS INC COM NEW MSI	MSI	9,714,700	$4.0bn0.18%	0.18%	Added +81.2k	+81,250 0.8%
82	EATON CORP PLC SHS ETN	ETN	9,404,429	$4.0bn0.18%	0.18%	Added +218.8k	+218,836 2.4%
83	MARATHON PETE CORP COM MPC	MPC	15,631,265	$4.0bn0.18%	0.18%	Reduced -40.8k	-40,848 -0.3%
84	COHERENT CORP COM COHR	COHR	10,015,964	$4.0bn0.18%	0.18%	Added +556.4k	+556,363 5.9%
85	CONSTELLATION ENERGY CORP COM CEG	CEG	15,831,891	$3.9bn0.18%	0.18%	Added +817.9k	+817,946 5.5%
86	ROYAL CARIBBEAN GROUP COM RCL	RCL	12,248,670	$3.9bn0.18%	0.18%	Reduced -32.7k	-32,727 -0.3%
87	UNION PAC CORP COM UNP	UNP	14,282,006	$3.9bn0.18%	0.18%	Reduced -162.8k	-162,755 -1.1%
88	VALERO ENERGY CORP COM VLO	VLO	14,845,028	$3.9bn0.17%	0.17%	Reduced -33.7k	-33,720 -0.2%
89	FORTINET INC COM FTNT	FTNT	24,844,685	$3.8bn0.17%	0.17%	Reduced -193.0k	-193,002 -0.8%
90	ASTERA LABS INC COM ALAB	ALAB	7,887,650	$3.8bn0.17%	0.17%	Added +577.9k	+577,872 7.9%
91	BLOOM ENERGY CORP COM CL A BE	BE	12,549,603	$3.8bn0.17%	0.17%	Reduced -280.2k	-280,178 -2.2%
92	VENTAS INC COM VTR	VTR	42,627,293	$3.8bn0.17%	0.17%	Added +1.4m	+1,365,328 3.3%
93	CIENA CORP COM NEW CIEN	CIEN	7,680,665	$3.8bn0.17%	0.17%	Added +311.5k	+311,541 4.2%
94	PHILLIPS 66 COM PSX	PSX	22,214,319	$3.8bn0.17%	0.17%	Added +113.6k	+113,627 0.5%
95	ROBINHOOD MKTS INC COM CL A HOOD	HOOD	37,313,830	$3.7bn0.17%	0.17%	Added +164.2k	+164,200 0.4%
96	COMFORT SYS USA INC COM FIX	FIX	1,866,170	$3.7bn0.17%	0.17%	Reduced -15.0k	-15,014 -0.8%
97	NEWMONT CORP COM NEM	NEM	38,580,784	$3.6bn0.16%	0.16%	Added +774.0k	+774,044 2.0%
98	DISNEY WALT CO COM DIS	DIS	36,764,336	$3.5bn0.16%	0.16%	Added +1.4m	+1,369,666 3.9%
99	LUMENTUM HLDGS INC COM LITE	LITE	4,092,283	$3.5bn0.16%	0.16%	Added +390.8k	+390,759 10.6%
100	SCHLUMBERGER LTD COM STK SLB	SLB	75,128,679	$3.5bn0.16%	0.16%	Added +518.7k	+518,692 0.7%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
HONEYWELL INTL INC		7,825,207	$3.5bn7.8m shares
CARNIVAL CORP		54,775,945	$1.4bn54.8m shares
COTERRA ENERGY INC CTRA	CTRA	36,976,013	$1.3bn37.0m shares
DUPONT DE NEMOURS INC DWDP	DWDP	6,434,770	$884.1m6.4m shares
HOLOGIC INC HOLX	HOLX	9,620,600	$727.2m9.6m shares
CLEARWATER ANALYTICS HLDGS I		18,293,833	$432.6m18.3m shares
AIR LEASE CORP AL	AL	6,249,290	$405.8m6.2m shares
SEALED AIR CORP NEW		8,492,252	$357.1m8.5m shares
MASIMO CORP MASI	MASI	2,006,861	$357.0m2.0m shares
ARCELLX INC ACLX	ACLX	2,424,818	$278.4m2.4m shares
TRI POINTE HOMES INC TPH	TPH	4,678,528	$218.6m4.7m shares
APELLIS PHARMACEUTICALS INC APLS	APLS	5,404,559	$217.4m5.4m shares
AMICUS THERAPEUTICS INC FOLD	FOLD	13,974,932	$202.1m14.0m shares
VERIS RESIDENTIAL INC		8,050,725	$151.9m8.1m shares
CSG SYS INTL INC		1,792,485	$143.3m1.8m shares
ONESTREAM INC OS	OS	4,900,450	$117.6m4.9m shares
KENNEDY-WILSON HOLDINGS INC KW	KW	10,569,892	$114.4m10.6m shares
CLEARWAY ENERGY INC		1,964,451	$76.9m2.0m shares
THERMON GROUP HLDGS INC		1,404,091	$70.8m1.4m shares
PROASSURANCE CORP PRA	PRA	2,781,007	$68.7m2.8m shares
DAY ONE BIOPHARMACEUTICALS I		2,095,813	$44.9m2.1m shares
SEMRUSH HLDGS INC SEMR	SEMR	3,735,948	$44.6m3.7m shares
PEAKSTONE REALTY TRUST PKST	PKST	1,852,805	$38.7m1.9m shares
TERNS PHARMACEUTICALS INC		722,389	$38.1m722.4k shares
MISTER CAR WASH INC		5,369,631	$37.4m5.4m shares

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on. The largest 25 of 862.

Company	Ticker	Stake	Change	Schedule	Last filed
XENIA HOTELS & RESORTS INC XHR · 13G · filed 2026-02-05	XHR	13.0%≈ $251.5m	new	13G	2026-02-05
DIAMONDROCK HOSPITALITY CO DRH · 13G · filed 2026-02-05	DRH	11.2%≈ $276.8m	new	13G	2026-02-05
URBAN EDGE PPTYS UE · 13G · filed 2026-02-05	UE	11.1%≈ $318.9m	new	13G	2026-02-05
PHILLIPS EDISON & CO INC PECO · 13G · filed 2026-02-05	PECO	10.8%≈ $566.6m	new	13G	2026-02-05
TERADATA CORP DEL TDC · 13G · filed 2026-07-07	TDC	10.6%≈ $346.1m	+0.8 pts	13G	2026-07-07
JBG SMITH PPTYS JBGS · 13G · filed 2026-02-05	JBGS	10.5%≈ $91.2m	new	13G	2026-02-05
HIGHWOODS PPTYS INC HIW · 13G · filed 2026-02-05	HIW	10.5%≈ $347.7m	new	13G	2026-02-05
CUSHMAN AND WAKEFIELD LTD CWK · 13G · filed 2026-02-05	CWK	10.5%≈ $325.2m	new	13G	2026-02-05
INNOVATIVE INDL PPTYS INC IIPR · 13G · filed 2026-09-04	IIPR	10.4%≈ $177.4m	+0.7 pts	13G	2026-09-04
TANGER INC SKT · 13G · filed 2026-02-05	SKT	10.4%≈ $471.4m	new	13G	2026-02-05
FIVE9 INC FIVN · 13G · filed 2026-08-06	FIVN	10.3%≈ $168.4m	+1.3 pts	13G	2026-08-06
BROADSTONE NET LEASE INC BNL · 13G · filed 2026-05-06	BNL	10.3%≈ $406.4m	+0.8 pts	13G	2026-05-06
SIGNET JEWELERS LIMITED SIG · 13G · filed 2026-09-04	SIG	10.2%≈ $346.8m	+1.1 pts	13G	2026-09-04
SUNSTONE HOTEL INVS INC NEW SHO · 13G · filed 2026-02-05	SHO	10.2%≈ $222.2m	new	13G	2026-02-05
TENABLE HLDGS INC TENB · 13G · filed 2026-09-04	TENB	10.2%≈ $413.5m	+1.7 pts	13G	2026-09-04
COPT DEFENSE PROPERTIES CDP · 13G · filed 2026-02-05	CDP	10.2%≈ $419.6m	new	13G	2026-02-05
APPLE HOSPITALITY REIT INC APLE · 13G · filed 2026-08-06	APLE	10.2%≈ $403.4m	+0.8 pts	13G	2026-08-06
INVENTRUST PPTYS CORP IVT · 13G · filed 2026-07-07	IVT	10.2%≈ $280.4m	+1.1 pts	13G	2026-07-07
TERRENO RLTY CORP TRNO · 13G · filed 2026-07-07	TRNO	10.2%≈ $698.9m	+0.4 pts	13G	2026-07-07
PIEDMONT OFFICE REALTY TR IN PDM · 13G · filed 2026-02-05	PDM	10.1%≈ $115.1m	new	13G	2026-02-05
MACERICH CO MAC · 13G · filed 2026-09-04	MAC	10.1%≈ $720.8m	+0.1 pts	13G	2026-09-04
PEBBLEBROOK HOTEL TR PEB · 13G · filed 2026-02-05	PEB	10.1%≈ $222.6m	new	13G	2026-02-05
OUTFRONT MEDIA INC OUT · 13G · filed 2026-07-07	OUT	10.1%≈ $581.5m	+0.6 pts	13G	2026-07-07
MILLROSE PPTYS INC MRP · 13G · filed 2026-06-04	MRP	10.1%≈ $467.0m	+0.4 pts	13G	2026-06-04
APPIAN CORP APPN · 13G · filed 2026-03-05	APPN	10.1%≈ $98.8m	new	13G	2026-03-05