Vault-13

ISHARES TR VLUE

MSCI USA VALUE · ETP · CUSIP 46432F388

422 institutional holders -1 vs Q1 2025
50,597,06750.6m shares reported held*
$5.7bnreported value*
44 new 106 added 165 reduced 42 sold out net sold ≈ $50.3m (-153.6k shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($6.7m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $112.56.

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0200400600Q3 22: 468Q4 22: 468Q1 23: 445Q2 23: 432Q3 23: 416Q4 23: 435Q1 24: 421Q2 24: 406Q3 24: 403Q4 24: 425Q1 25: 423Q2 25: 422422Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 2022468
Q4 2022468
Q1 2023445
Q2 2023432
Q3 2023416
Q4 2023435
Q1 2024421
Q2 2024406
Q3 2024403
Q4 2024425
Q1 2025423
Q2 2025422

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
4000400Q3 23: 118 bought or addedQ3 23: 237 cut or sold outQ4 23: 131 bought or addedQ4 23: 238 cut or sold outQ4 23Q1 24: 150 bought or addedQ1 24: 231 cut or sold outQ2 24: 146 bought or addedQ2 24: 219 cut or sold outQ2 24Q3 24: 132 bought or addedQ3 24: 208 cut or sold outQ4 24: 152 bought or addedQ4 24: 182 cut or sold outQ4 24Q1 25: 151 bought or addedQ1 25: 205 cut or sold outQ2 25: 150 bought or addedQ2 25: 207 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 2023118237
Q4 2023131238
Q1 2024150231
Q2 2024146219
Q3 2024132208
Q4 2024152182
Q1 2025151205
Q2 2025150207

Biggest buyers

ROYAL BANK OF CANADA Added +1,504,391+1.5m
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Added +904,701+904.7k
Soundwatch Capital LLC New +295,080+295.1k
CW Advisors, LLC New +156,489+156.5k
STATE OF MICHIGAN RETIREMENT SYSTEM Added +120,900+120.9k
Focus Partners Wealth Added +83,309+83.3k
Mason Investment Advisory Services, Inc. Added +48,386+48.4k
ALLSTATE CORP New +45,648+45.6k
EFG Private Wealth Management (Americas) Corp. Added +37,929+37.9k
LPL Financial LLC Added +31,656+31.7k

Biggest sellers

BNP PARIBAS FINANCIAL MARKETS Reduced -958,796-958.8k
Cerity Partners LLC Reduced -699,980-700.0k
Horizon Investments, LLC Sold out -296,317-296.3k
UBS Group AG Reduced -177,206-177.2k
Bank of New York Mellon Corp Reduced -125,414-125.4k
M&T Bank Corp Reduced -105,660-105.7k
Wharton Business Group, LLC Reduced -91,469-91.5k
FMR LLC Reduced -90,484-90.5k
ENVESTNET ASSET MANAGEMENT INC Reduced -86,707-86.7k
Matson Money. Inc. Reduced -84,452-84.5k

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 1.78% of their portfolio MILWAUKEE, WI 21,582,33021.6m $2.4bn $2.4bn 1.78% Added +904.7k +904,701
2 Mason Investment Advisory Services, Inc. 28.79% of their portfolio RESTON, VA 4,664,0664.7m $528.0m $528.0m 28.79% Added +48.4k +48,386
3 Matson Money. Inc. 10.20% of their portfolio MASON, OH 2,601,2612.6m $294.5m $294.5m 10.20% Reduced -84.5k -84,452
4 BANK OF AMERICA CORP /DE/ 0.02% of their portfolio CHARLOTTE, NC 1,751,8661.8m $198.3m $198.3m 0.02% Reduced -81.6k -81,580
5 ROYAL BANK OF CANADA 0.02% of their portfolio TORONTO, A6 1,743,9101.7m $197.4m $197.4m 0.02% Added +1.5m +1,504,391
6 BlackRock, Inc. 0.00% of their portfolio New York, NY 1,543,3881.5m $174.7m $174.7m 0.00% Reduced -27.9k -27,869
7 MERCER GLOBAL ADVISORS INC /ADV 0.36% of their portfolio DENVER, CO 1,406,6211.4m $159.2m $159.2m 0.36% Reduced -48.5k -48,478
8 ENVESTNET ASSET MANAGEMENT INC 0.05% of their portfolio Berwyn, PA 1,397,3131.4m $158.2m $158.2m 0.05% Reduced -86.7k -86,707
9 Wharton Business Group, LLC 5.77% of their portfolio MALVERN, PA 1,210,4421.2m $136.8m $136.8m 5.77% Reduced -91.5k -91,469
10 MORGAN STANLEY 0.01% of their portfolio NEW YORK, NY 774,269774.3k $87.7m $87.7m 0.01% Added +26.4k +26,421
11 PNC Financial Services Group, Inc. 0.04% of their portfolio Pittsburgh, PA 571,846571.8k $64.7m $64.7m 0.04% Reduced -11.2k -11,207
12 STATE OF MICHIGAN RETIREMENT SYSTEM 0.33% of their portfolio EAST LANSING, MI 566,800566.8k $64.2m $64.2m 0.33% Added +120.9k +120,900
13 LPL Financial LLC 0.02% of their portfolio FORT MILL, SC 534,094534.1k $60.5m $60.5m 0.02% Added +31.7k +31,656
14 Kathmere Capital Management, LLC 3.96% of their portfolio WAYNE, PA 453,600453.6k $51.4m $51.4m 3.96% Reduced -4.2k -4,232
15 M&T Bank Corp 0.18% of their portfolio BUFFALO, NY 450,119450.1k $51.0m $51.0m 0.18% Reduced -105.7k -105,660
16 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 392,213392.2k $44.4m $44.4m 0.00% Reduced -18.3k -18,342
17 FMR LLC 0.00% of their portfolio BOSTON, MA 391,393391.4k $44.3m $44.3m 0.00% Reduced -90.5k -90,484
18 UBS Group AG 0.01% of their portfolio ZURICH, V8 372,549372.5k $42.2m $42.2m 0.01% Reduced -177.2k -177,206
19 WELLS FARGO & COMPANY/MN 0.01% of their portfolio SAN FRANCISCO, CA 303,215303.2k $34.3m $34.3m 0.01% Added +10.7k +10,704
20 Soundwatch Capital LLC 0.05% of their portfolio DALLAS, TX 295,080295.1k $300.8k $300.8k 0.05% New
21 Focus Partners Wealth 0.07% of their portfolio ST LOUIS, MO 276,753276.8k $31.3m $31.3m 0.07% Added +83.3k +83,309
22 Janney Montgomery Scott LLC 0.08% of their portfolio PHILADELPHIA, PA 268,524268.5k $30.4m $30.4m 0.08% Added +7.1k +7,087
23 Stonehearth Capital Management, LLC 12.30% of their portfolio DANVERS, MA 262,426262.4k $29.7m $29.7m 12.30% Reduced -45.4k -45,366
24 INTRUST BANK NA 2.61% of their portfolio WICHITA, KS 260,570260.6k $29.5m $29.5m 2.61% Added +10.9k +10,875
25 BNP PARIBAS FINANCIAL MARKETS 0.02% of their portfolio PARIS, I0 257,223257.2k $29.1m $29.1m 0.02% Reduced -958.8k -958,796
26 Mullooly Asset Management, Inc. 11.39% of their portfolio WALL TOWNSHIP, NJ 239,609239.6k $27.1m $27.1m 11.39% Added +3.5k +3,482
27 RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio ST. PETERSBURG, FL 231,988232.0k $26.3m $26.3m 0.01% Reduced -36.4k -36,401
28 Nan Shan Life Insurance Co., Ltd. 0.52% of their portfolio Taipei City, F5 205,000205.0k $23.2m $23.2m 0.52% Unchanged
29 CWM, LLC 0.08% of their portfolio OMAHA, NE 193,299193.3k $21.9m $21.9m 0.08% Reduced -647 -647
30 Avidian Wealth Enterprises, LLC 0.88% of their portfolio Houston, TX 190,257190.3k $21.5m $21.5m 0.88% Added +6.2k +6,181
31 COMMONWEALTH EQUITY SERVICES, LLC 0.03% of their portfolio WALTHAM, MA 177,455177.5k $20.1m $20.1m 0.03% Reduced -7.1k -7,071
32 Meridian Wealth Partners, LLC 2.87% of their portfolio EXTON, PA 175,147175.1k $19.8m $19.8m 2.87% Added +6.4k +6,444
33 Elk River Wealth Management LLC 3.37% of their portfolio DENVER, CO 173,169173.2k $19.6m $19.6m 3.37% Added +1.2k +1,243
34 CW Advisors, LLC 0.17% of their portfolio BOSTON, MA 156,489156.5k $17.7m $17.7m 0.17% New
35 Foster Group, Inc. 0.56% of their portfolio WEST DES MOINES, IA 143,925143.9k $16.3m $16.3m 0.56% Added +4.9k +4,895
36 TLT Family Holdco ULC 1.24% of their portfolio Toronto, A6 139,000139.0k $15.7m $15.7m 1.24% First filing
37 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 124,480124.5k $14.1m $14.1m 0.00% Added +1.6k +1,592
38 Addison Advisors LLC 3.34% of their portfolio MIDDLEBURY, VT 118,120118.1k $13.4m $13.4m 3.34% Reduced -762 -762
39 Integrated Wealth Concepts LLC 0.13% of their portfolio WALTHAM, MA 111,881111.9k $12.7m $12.7m 0.13% Reduced -3.7k -3,700
40 HighTower Advisors, LLC 0.01% of their portfolio CHICAGO, IL 89,79289.8k $10.2m $10.2m 0.01% Added +1.5k +1,476
41 Cerro Pacific Wealth Advisors LLC 2.72% of their portfolio San Luis Obispo, CA 86,41586.4k $9.8m $9.8m 2.72% Added +7.3k +7,272
42 SIGNATUREFD, LLC 0.16% of their portfolio ATLANTA, GA 81,87781.9k $9.3m $9.3m 0.16% Reduced -392 -392
43 Cresset Asset Management, LLC 0.05% of their portfolio Chicago, IL 81,50881.5k $9.2m $9.2m 0.05% Reduced -15.7k -15,693
44 EFG Private Wealth Management (Americas) Corp. 1.54% of their portfolio MIAMI, FL 73,53873.5k $8.3m $8.3m 1.54% Added +37.9k +37,929
45 OSAIC HOLDINGS, INC. 0.01% of their portfolio SCOTTSDALE, AZ 70,27270.3k $8.0m $8.0m 0.01% Added +5.8k +5,819
46 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 69,90569.9k $7.9m $7.9m 0.00% Reduced -125.4k -125,414
47 SYNTAX RESEARCH, INC. 5.60% of their portfolio BOCA RATON, FL 69,62069.6k $7.9m $7.9m 5.60% Added +9.3k +9,328
48 CFO4Life Group, LLC 1.23% of their portfolio COPPELL, TX 69,40269.4k $7.9m $7.9m 1.23% Reduced -6.3k -6,289
49 Cerity Partners LLC 0.01% of their portfolio NEW YORK, NY 67,42967.4k $7.6m $7.6m 0.01% Reduced -700.0k -699,980
50 FIRST FINANCIAL BANK - TRUST DIVISION 0.64% of their portfolio HAMILTON, OH 64,29264.3k $7.3m $7.3m 0.64% Added +399 +399
51 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 61,70561.7k $7.0m $7.0m 0.00% Added +8.4k +8,438
52 Steward Partners Investment Advisory, LLC 0.05% of their portfolio STAMFORD, CT 61,13061.1k $6.9m $6.9m 0.05% Reduced -18.3k -18,271
53 NorthCoast Asset Management LLC 0.03% of their portfolio STAMFORD, CT 60,17560.2k $6.8m $6.8m 0.03% Added +5.0k +5,026
54 MML INVESTORS SERVICES, LLC 0.02% of their portfolio SPRINGFIELD, MA 59,88759.9k $6.8m $6.8m 0.02% Reduced -464 -464
55 Focus Partners Advisor Solutions, LLC 0.09% of their portfolio SAINT LOUIS, MO 56,32756.3k $6.4m $6.4m 0.09% Added +30.3k +30,264
56 Cetera Investment Advisers 0.01% of their portfolio SCHAUMBURG, IL 54,81354.8k $6.2m $6.2m 0.01% Reduced -20.1k -20,079
57 Gunma Bank,Ltd. 1.85% of their portfolio GUNMA, M0 50,00050.0k $5.7m $5.7m 1.85% Unchanged
58 IFP Advisors, Inc 0.16% of their portfolio TAMPA, FL 48,31348.3k $5.5m $5.5m 0.16% Reduced -9.2k -9,222
59 SVB WEALTH LLC 0.29% of their portfolio BOSTON, MA 47,93547.9k $5.4m $5.4m 0.29% Reduced -22.3k -22,256
60 Aptus Capital Advisors, LLC 0.05% of their portfolio FAIRHOPE, AL 45,82045.8k $5.2m $5.2m 0.05% Reduced -458 -458
61 ALLSTATE CORP 0.37% of their portfolio NORTHBROOK, IL 45,64845.6k $5.2m $5.2m 0.37% New
62 Parallel Advisors, LLC 0.10% of their portfolio SAN FRANCISCO, CA 44,71444.7k $5.1m $5.1m 0.10% Reduced -9.5k -9,495
63 ANDERSON HOAGLAND & CO 0.48% of their portfolio ST LOUIS, MO 44,59544.6k $5.0m $5.0m 0.48% Added +390 +390
64 WADDELL & ASSOCIATES, LLC 0.54% of their portfolio MEMPHIS, TN 44,55344.6k $5.0m $5.0m 0.54% Reduced -246 -246
65 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 42,88642.9k $4.9m $4.9m 0.00% Added +10.0k +9,978
66 JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio DES PERES, MO 40,81140.8k $4.6m $4.6m 0.00% Added +3.8k +3,775
67 Well Done, LLC 0.86% of their portfolio HOLLAND, MI 40,50540.5k $4.6m $4.6m 0.86% Reduced -7.9k -7,910
68 Interchange Capital Partners, LLC 1.01% of their portfolio PITTSBURGH, PA 38,64738.6k $4.4m $4.4m 1.01% Added +258 +258
69 EVERGREEN CAPITAL MANAGEMENT LLC 0.13% of their portfolio Bellevue, WA 38,62038.6k $4.4m $4.4m 0.13% Added +2 +2
70 Focus Financial Network, Inc. 0.17% of their portfolio MINNEAPOLIS, MN 38,27238.3k $4.3m $4.3m 0.17% Added +144 +144
71 OneDigital Investment Advisors LLC 0.05% of their portfolio OVERLAND PARK, KS 37,67337.7k $4.3m $4.3m 0.05% Reduced -12.0k -11,963
72 Mariner, LLC 0.01% of their portfolio Overland Park, KS 35,92435.9k $4.1m $4.1m 0.01% Reduced -9.5k -9,494
73 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.01% of their portfolio BALA CYNWYD, PA 33,45033.5k $3.8m $3.8m 0.01% Reduced -31.2k -31,192
74 Equitable Holdings, Inc. 0.03% of their portfolio NEW YORK, NY 32,51432.5k $3.7m $3.7m 0.03% Reduced -66 -66
75 Sage Advisory Services, Ltd.Co. 1.98% of their portfolio AUSTIN, TX 32,12832.1k $3.6m $3.6m 1.98% Reduced -18.9k -18,887
76 Cambridge Investment Research Advisors, Inc. 0.01% of their portfolio FAIRFIELD, IA 31,25031.2k $3.5m $3.5m 0.01% Added +785 +785
77 Family Manage LLC 0.52% of their portfolio NEW YORK, NY 30,29430.3k $3.4m $3.4m 0.52% Reduced -2.0k -2,016
78 Avantax Planning Partners, Inc. 0.11% of their portfolio DUBUQUE, IA 29,97430.0k $3.4m $3.4m 0.11% Added +17.5k +17,453
79 Savant Capital, LLC 0.02% of their portfolio ROCKFORD, IL 29,80329.8k $3.4m $3.4m 0.02% Added +125 +125
80 JACKSON THORNTON WEALTH MANAGEMENT, LLC 0.38% of their portfolio MONTGOMERY, AL 29,15029.1k $3.4m $3.4m 0.38% Unchanged
81 STEPHENS INC /AR/ 0.05% of their portfolio LITTLE ROCK, AR 29,07729.1k $3.3m $3.3m 0.05% Added +11 +11
82 Trilogy Capital Inc. 0.16% of their portfolio IRVINE, CA 28,91728.9k $3.3m $3.3m 0.16% Reduced -6.9k -6,942
83 Dorsey & Whitney Trust CO LLC 0.17% of their portfolio SIOUX FALLS, SD 28,17528.2k $3.2m $3.2m 0.17% Unchanged
84 Tower Research Capital LLC (TRC) 0.08% of their portfolio NEW YORK, NY 27,59527.6k $3.1m $3.1m 0.08% Added +2.7k +2,712
85 Haverford Trust Co 0.03% of their portfolio Radnor, PA 27,29627.3k $3.1m $3.1m 0.03% Unchanged
86 PEDDOCK CAPITAL ADVISORS, LLC 0.68% of their portfolio BRAINTREE, MA 25,81125.8k $2.9m $2.9m 0.68% Reduced -177 -177
87 EP Wealth Advisors, LLC 0.02% of their portfolio TORRANCE, CA 25,01925.0k $2.8m $2.8m 0.02% Reduced -458 -458
88 EQ LLC 1.07% of their portfolio BELLEVUE, WA 24,38924.4k $2.8m $2.8m 1.07% Reduced -7.1k -7,118
89 FLOW TRADERS U.S. LLC 0.10% of their portfolio NEW YORK, NY 24,20424.2k $2.7m $2.7m 0.10% Added +6.2k +6,163
90 U.S. Capital Wealth Advisors, LLC 0.08% of their portfolio AUSTIN, TX 24,06724.1k $2.7m $2.7m 0.08% Reduced -3.6k -3,575
91 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 23,79823.8k $2.8m $2.8m 0.00% Reduced -446 -446
92 Lido Advisors, LLC 0.01% of their portfolio Los Angeles, CA 23,75023.8k $2.7m $2.7m 0.01% Reduced -4.0k -3,956
93 MAGNOLIA CAPITAL ADVISORS LLC 0.66% of their portfolio RIDGELAND, MS 23,18723.2k $2.6m $2.6m 0.66% Added +7.4k +7,369
94 Bank Julius Baer & Co. Ltd, Zurich 0.01% of their portfolio ZURICH, V8 22,41322.4k $2.5m $2.5m 0.01% Reduced -11.8k -11,781
95 BARON SILVER STEVENS FINANCIAL ADVISORS, LLC 0.40% of their portfolio Boca Raton, FL 22,19422.2k $2.5m $2.5m 0.40% Reduced -510 -510
96 Foundations Investment Advisors, LLC 0.04% of their portfolio PHOENIX, AZ 21,98722.0k $2.5m $2.5m 0.04% Added +1.7k +1,709
97 Advisory Services Network, LLC 0.04% of their portfolio ATLANTA, GA 20,42020.4k $2.3m $2.3m 0.04% Added +241 +241
98 Jefferies Financial Group Inc. 0.04% of their portfolio NEW YORK, NY 20,00020.0k $2.3m $2.3m 0.04% Reduced -51.9k -51,936
99 Apex Wealth Management, LLC 1.76% of their portfolio BEDFORD, NH 19,35519.4k $2.2m $2.2m 1.76% Added +632 +632
100 Cannon Financial Strategists, Inc. 0.35% of their portfolio ATHENS, GA 19,32619.3k $2.2m $2.2m 0.35% Reduced -8.0k -7,989