Vault-13

ISHARES TR VLUE

MSCI USA VALUE · ETP · CUSIP 46432F388

475 institutional holders +41 vs Q3 2025
49,116,23749.1m shares reported held*
$6.7bnreported value*
67 new 128 added 161 reduced 37 sold out net sold ≈ $108.6m (-795.2k 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 ($10.5m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $136.71.

Trends to Q4 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: 422Q3 25: 434Q4 25: 475475Q3 22Q2 23Q1 24Q4 24Q4 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
Q3 2025434
Q4 2025475

Buyers vs sellers

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

Bought or addedCut or sold out
4000400Q1 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 25Q3 25: 170 bought or addedQ3 25: 193 cut or sold outQ4 25: 195 bought or addedQ4 25: 198 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 2024150231
Q2 2024146219
Q3 2024132208
Q4 2024152182
Q1 2025151205
Q2 2025150207
Q3 2025170193
Q4 2025195198

Biggest buyers

NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Added +586,241+586.2k
Marks Wealth, LLC New +252,782+252.8k
PRUDENTIAL PLC New +120,000+120.0k
AMERIPRISE FINANCIAL INC Added +114,481+114.5k
FMR LLC Added +106,934+106.9k
CIBC WORLD MARKET INC. New +103,059+103.1k
MORGAN STANLEY Added +98,160+98.2k
One Capital Management, LLC New +79,610+79.6k
GOLDMAN SACHS GROUP INC Added +66,315+66.3k
Erste Asset Management GmbH Added +58,300+58.3k

Biggest sellers

Caisse de depot et placement du Quebec Reduced -1,077,941-1.1m
JPMORGAN CHASE & CO Reduced -365,081-365.1k
MASON STREET ADVISORS, LLC Sold out -320,000-320.0k
BANK OF AMERICA CORP /DE/ Reduced -162,233-162.2k
BNP PARIBAS FINANCIAL MARKETS Reduced -162,211-162.2k
TLT Family Holdco ULC Sold out -139,000-139.0k
STATE OF MICHIGAN RETIREMENT SYSTEM Reduced -87,300-87.3k
ROYAL BANK OF CANADA Reduced -82,748-82.7k
BlackRock, Inc. Reduced -62,489-62.5k
NorthCoast Asset Management LLC Reduced -53,516-53.5k

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 1.97% of their portfolio MILWAUKEE, WI 22,746,54422.7m $3.1bn $3.1bn 1.97% Added +586.2k +586,241
2 Mason Investment Advisory Services, Inc. 30.45% of their portfolio RESTON, VA 4,693,0714.7m $641.7m $641.7m 30.45% Reduced -9.9k -9,860
3 Matson Money. Inc. 11.24% of their portfolio MASON, OH 2,601,2612.6m $355.7m $355.7m 11.24% Unchanged
4 BANK OF AMERICA CORP /DE/ 0.02% of their portfolio CHARLOTTE, NC 1,606,7021.6m $219.7m $219.7m 0.02% Reduced -162.2k -162,233
5 BlackRock, Inc. 0.00% of their portfolio New York, NY 1,405,5791.4m $192.2m $192.2m 0.00% Reduced -62.5k -62,489
6 MERCER GLOBAL ADVISORS INC /ADV 0.26% of their portfolio DENVER, CO 1,228,8311.2m $168.0m $168.0m 0.26% Reduced -37.3k -37,291
7 Wharton Business Group, LLC 6.22% of their portfolio MALVERN, PA 1,196,1521.2m $163.6m $163.6m 6.22% Reduced -10.2k -10,155
8 MORGAN STANLEY 0.01% of their portfolio NEW YORK, NY 840,473840.5k $114.9m $114.9m 0.01% Added +98.2k +98,160
9 FMR LLC 0.00% of their portfolio BOSTON, MA 607,647607.6k $83.1m $83.1m 0.00% Added +106.9k +106,934
10 PNC Financial Services Group, Inc. 0.04% of their portfolio Pittsburgh, PA 550,200550.2k $75.2m $75.2m 0.04% Reduced -1.6k -1,590
11 LPL Financial LLC 0.02% of their portfolio FORT MILL, SC 538,171538.2k $73.6m $73.6m 0.02% Added +11.7k +11,704
12 Kathmere Capital Management, LLC 4.28% of their portfolio WAYNE, PA 464,178464.2k $63.5m $63.5m 4.28% Added +5.0k +4,952
13 STATE OF MICHIGAN RETIREMENT SYSTEM 0.30% of their portfolio EAST LANSING, MI 447,700447.7k $61.2m $61.2m 0.30% Reduced -87.3k -87,300
14 Caisse de depot et placement du Quebec 0.10% of their portfolio Montreal, A8 417,950417.9k $57.1m $57.1m 0.10% Reduced -1.1m -1,077,941
15 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 413,803413.8k $56.6m $56.6m 0.00% Reduced -365.1k -365,081
16 UBS Group AG 0.01% of their portfolio ZURICH, V8 361,924361.9k $49.5m $49.5m 0.01% Added +8.8k +8,804
17 WELLS FARGO & COMPANY/MN 0.01% of their portfolio SAN FRANCISCO, CA 353,289353.3k $48.3m $48.3m 0.01% Added +31.6k +31,628
18 Janney Montgomery Scott LLC 0.11% of their portfolio PHILADELPHIA, PA 339,959340.0k $46.5m $46.5m 0.11% Added +10.2k +10,180
19 Focus Partners Wealth 0.05% of their portfolio ST LOUIS, MO 328,961329.0k $45.0m $45.0m 0.05% Added +45.6k +45,632
20 M&T Bank Corp 0.14% of their portfolio BUFFALO, NY 327,315327.3k $44.8m $44.8m 0.14% Reduced -28.2k -28,172
21 Stonehearth Capital Management, LLC 12.86% of their portfolio DANVERS, MA 254,278254.3k $34.8m $34.8m 12.86% Reduced -5.6k -5,563
22 Marks Wealth, LLC 11.57% of their portfolio ELLICOTT CITY, MD 252,782252.8k $34.6m $34.6m 11.57% New
23 Mullooly Asset Management, Inc. 12.50% of their portfolio WALL TOWNSHIP, NJ 249,889249.9k $34.2m $34.2m 12.50% Added +4.6k +4,614
24 INTRUST BANK NA 2.76% of their portfolio WICHITA, KS 243,460243.5k $33.3m $33.3m 2.76% Reduced -11.7k -11,681
25 CWM, LLC 0.09% of their portfolio OMAHA, NE 232,254232.3k $31.8m $31.8m 0.09% Reduced -5.7k -5,698
26 RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio ST. PETERSBURG, FL 226,491226.5k $31.0m $31.0m 0.01% Reduced -8.1k -8,092
27 AMERIPRISE FINANCIAL INC 0.01% of their portfolio MINNEAPOLIS, MN 196,825196.8k $26.9m $26.9m 0.01% Added +114.5k +114,481
28 Meridian Wealth Partners, LLC 3.46% of their portfolio EXTON, PA 183,699183.7k $25.1m $25.1m 3.46% Added +1.6k +1,582
29 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 174,414174.4k $23.8m $23.8m 0.00% Reduced -82.7k -82,748
30 Elk River Wealth Management LLC 3.77% of their portfolio DENVER, CO 171,947171.9k $23.4m $23.4m 3.77% Reduced -2.7k -2,651
31 Lido Advisors, LLC 0.08% of their portfolio Los Angeles, CA 157,150157.2k $19.7m $19.7m 0.08% Added +34 +34
32 COMMONWEALTH EQUITY SERVICES, LLC 0.03% of their portfolio WALTHAM, MA 156,511156.5k $21.4m $21.4m 0.03% Reduced -1.3k -1,254
33 Avidian Wealth Enterprises, LLC 0.73% of their portfolio Houston, TX 145,951146.0k $20.0m $20.0m 0.73% Reduced -1.5k -1,495
34 OSAIC HOLDINGS, INC. 0.03% of their portfolio SCOTTSDALE, AZ 145,804145.8k $19.9m $19.9m 0.03% Added +1.7k +1,662
35 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 140,497140.5k $19.2m $19.2m 0.00% Added +66.3k +66,315
36 Foster Group, Inc. 0.57% of their portfolio WEST DES MOINES, IA 136,997137.0k $18.7m $18.7m 0.57% Added +747 +747
37 ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio Berwyn, PA 130,734130.7k $17.9m $17.9m 0.01% Reduced -3.0k -3,040
38 PRUDENTIAL PLC 0.13% of their portfolio LONDON, X0 120,000120.0k $16.4m $16.4m 0.13% New
39 Addison Advisors LLC 3.53% of their portfolio MIDDLEBURY, VT 114,846114.8k $15.7m $15.7m 3.53% Reduced -521 -521
40 Cetera Investment Advisers 0.02% of their portfolio SCHAUMBURG, IL 103,562103.6k $14.2m $14.2m 0.02% Added +10.8k +10,766
41 Erste Asset Management GmbH 0.12% of their portfolio VIENNA, C4 103,400103.4k $14.1m $14.1m 0.12% Added +58.3k +58,300
42 CIBC WORLD MARKET INC. 0.03% of their portfolio TORONTO, A6 103,059103.1k $14.1m $14.1m 0.03% New
43 Cresset Asset Management, LLC 0.06% of their portfolio Chicago, IL 96,60196.6k $13.2m $13.2m 0.06% Added +418 +418
44 SIGNATUREFD, LLC 0.17% of their portfolio ATLANTA, GA 81,03181.0k $11.1m $11.1m 0.17% Reduced -256 -256
45 One Capital Management, LLC 0.33% of their portfolio WESTLAKE VILLAGE, CA 79,61079.6k $10.9m $10.9m 0.33% New
46 EFG International AG 0.21% of their portfolio Zurich, V8 78,25378.3k $10.7m $10.7m 0.21% First filing
47 Cerro Pacific Wealth Advisors LLC 2.66% of their portfolio San Luis Obispo, CA 72,03072.0k $9.8m $9.8m 2.66% Reduced -4.4k -4,378
48 Integrated Wealth Concepts LLC 0.11% of their portfolio WALTHAM, MA 65,71565.7k $9.0m $9.0m 0.11% Reduced -44.6k -44,639
49 Focus Partners Advisor Solutions, LLC 0.11% of their portfolio SAINT LOUIS, MO 65,31065.3k $8.9m $8.9m 0.11% Added +16.3k +16,326
50 CFO4Life Group, LLC 1.26% of their portfolio COPPELL, TX 64,73364.7k $8.9m $8.9m 1.26% Reduced -3.4k -3,351
51 FIRST FINANCIAL BANK - TRUST DIVISION 0.71% of their portfolio HAMILTON, OH 63,57463.6k $8.7m $8.7m 0.71% Reduced -1.8k -1,819
52 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 62,16562.2k $8.5m $8.5m 0.00% Reduced -3.8k -3,829
53 SYNTAX RESEARCH, INC. 5.19% of their portfolio BOCA RATON, FL 61,56161.6k $8.4m $8.4m 5.19% Reduced -2.6k -2,631
54 HighTower Advisors, LLC 0.01% of their portfolio CHICAGO, IL 60,80260.8k $8.3m $8.3m 0.01% Reduced -26.7k -26,718
55 Cerity Partners LLC 0.01% of their portfolio NEW YORK, NY 60,45460.5k $8.3m $8.3m 0.01% Reduced -4.6k -4,624
56 Steward Partners Investment Advisory, LLC 0.04% of their portfolio STAMFORD, CT 58,49758.5k $8.0m $8.0m 0.04% Reduced -1.1k -1,052
57 MML INVESTORS SERVICES, LLC 0.02% of their portfolio SPRINGFIELD, MA 58,22558.2k $8.0m $8.0m 0.02% Added +2.3k +2,266
58 JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio DES PERES, MO 57,18357.2k $7.8m $7.8m 0.00% Added +14.9k +14,867
59 Tactive Advisors, LLC 2.22% of their portfolio Jacksonville, FL 55,35855.4k $7.6m $7.6m 2.22% New
60 FISCHER INVESTMENT STRATEGIES, LLC 4.15% of their portfolio Westlake Village, CA 52,11352.1k $7.1m $7.1m 4.15% New
61 ANDERSON HOAGLAND & CO 0.54% of their portfolio ST LOUIS, MO 45,67145.7k $6.2m $6.2m 0.54% Added +881 +881
62 Aptus Capital Advisors, LLC 0.05% of their portfolio FAIRHOPE, AL 45,25345.3k $6.2m $6.2m 0.05% Reduced -431 -431
63 Cambridge Investment Research Advisors, Inc. 0.02% of their portfolio FAIRFIELD, IA 43,47043.5k $5.9m $5.9m 0.02% Added +15.1k +15,085
64 IFP Advisors, Inc 0.13% of their portfolio TAMPA, FL 42,25642.3k $5.8m $5.8m 0.13% Reduced -1.6k -1,570
65 WADDELL & ASSOCIATES, LLC 0.38% of their portfolio MEMPHIS, TN 41,68341.7k $5.7m $5.7m 0.38% Reduced -813 -813
66 Parallel Advisors, LLC 0.10% of their portfolio SAN FRANCISCO, CA 41,34141.3k $5.7m $5.7m 0.10% Reduced -2.3k -2,287
67 LCW Services, LLC 2.98% of their portfolio VIRGINIA BEACH, VA 40,93940.9k $5.6m $5.6m 2.98% First filing
68 EVERGREEN CAPITAL MANAGEMENT LLC 0.12% of their portfolio Bellevue, WA 39,71739.7k $5.4m $5.4m 0.12% Added +1 +1
69 Interchange Capital Partners, LLC 0.99% of their portfolio PITTSBURGH, PA 39,08639.1k $5.3m $5.3m 0.99% Added +232 +232
70 Well Done, LLC 0.80% of their portfolio HOLLAND, MI 39,01539.0k $5.3m $5.3m 0.80% Reduced -1.4k -1,404
71 GILPIN WEALTH MANAGEMENT, LLC 4.16% of their portfolio DENVER, CO 38,34838.3k $5.2m $5.2m 4.16% First filing
72 Focus Financial Network, Inc. 0.18% of their portfolio MINNEAPOLIS, MN 37,20437.2k $5.1m $5.1m 0.18% Reduced -65 -65
73 Mariner, LLC 0.01% of their portfolio Overland Park, KS 37,04737.0k $5.1m $5.1m 0.01% Reduced -541 -541
74 OneDigital Investment Advisors LLC 0.05% of their portfolio OVERLAND PARK, KS 36,15136.2k $4.9m $4.9m 0.05% Added +827 +827
75 Family Manage LLC 0.62% of their portfolio NEW YORK, NY 35,67735.7k $4.9m $4.9m 0.62% Added +5.4k +5,383
76 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 35,03735.0k $4.8m $4.8m 0.00% Reduced -162.2k -162,211
77 Corient Private Wealth LP 0.00% of their portfolio MIAMI, FL 34,45034.5k $4.7m $4.7m 0.00% Added +19.3k +19,343
78 MAGNOLIA CAPITAL ADVISORS LLC 0.90% of their portfolio RIDGELAND, MS 31,30631.3k $4.3m $4.3m 0.90% Added +6.0k +6,038
79 Equitable Holdings, Inc. 0.03% of their portfolio NEW YORK, NY 31,23531.2k $4.3m $4.3m 0.03% Reduced -26 -26
80 PEDDOCK CAPITAL ADVISORS, LLC 0.88% of their portfolio BRAINTREE, MA 30,70330.7k $4.2m $4.2m 0.88% Added +3.3k +3,327
81 SAX WEALTH ADVISORS, LLC 0.19% of their portfolio PARSIPPANY, NJ 29,10329.1k $4.0m $4.0m 0.19% New
82 SVB WEALTH LLC 0.23% of their portfolio BOSTON, MA 28,90628.9k $4.0m $4.0m 0.23% Reduced -10.6k -10,599
83 STEPHENS INC /AR/ 0.05% of their portfolio LITTLE ROCK, AR 28,87828.9k $3.9m $3.9m 0.05% Added +1 +1
84 JACKSON THORNTON WEALTH MANAGEMENT, LLC 0.38% of their portfolio MONTGOMERY, AL 28,23428.2k $4.0m $4.0m 0.38% Reduced -355 -355
85 Sage Advisory Services, Ltd.Co. 2.03% of their portfolio AUSTIN, TX 27,30727.3k $3.7m $3.7m 2.03% Reduced -2.9k -2,941
86 Dorsey & Whitney Trust CO LLC 0.20% of their portfolio SIOUX FALLS, SD 27,17527.2k $3.7m $3.7m 0.20% Unchanged
87 Avantax Planning Partners, Inc. 0.10% of their portfolio DUBUQUE, IA 25,66925.7k $3.5m $3.5m 0.10% Reduced -3.4k -3,425
88 NOMURA ASSET MANAGEMENT CO LTD 0.01% of their portfolio TOKYO, M0 25,45525.5k $3.5m $3.5m 0.01% Reduced -2.6k -2,565
89 Foundations Investment Advisors, LLC 0.04% of their portfolio PHOENIX, AZ 25,04125.0k $3.4m $3.4m 0.04% Added +608 +608
90 EP Wealth Advisors, LLC 0.02% of their portfolio TORRANCE, CA 24,72224.7k $3.4m $3.4m 0.02% First filing
91 Trilogy Capital Inc. 0.15% of their portfolio IRVINE, CA 24,39324.4k $3.3m $3.3m 0.15% Reduced -1.9k -1,850
92 Savant Capital, LLC 0.02% of their portfolio ROCKFORD, IL 23,84123.8k $3.3m $3.3m 0.02% Reduced -5.9k -5,872
93 EQ LLC 0.90% of their portfolio BELLEVUE, WA 22,88722.9k $3.1m $3.1m 0.90% Reduced -125 -125
94 MorganRosel Wealth Management, LLC 0.77% of their portfolio HIGHLANDS RANCH, CO 22,54222.5k $3.1m $3.1m 0.77% Added +2.9k +2,851
95 BARON SILVER STEVENS FINANCIAL ADVISORS, LLC 0.44% of their portfolio Boca Raton, FL 22,53822.5k $3.1m $3.1m 0.44% Added +3.2k +3,224
96 Mirae Asset Global Investments Co., Ltd. 0.01% of their portfolio SEOUL, M5 21,90021.9k $3.0m $3.0m 0.01% Added +19.0k +19,000
97 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 21,85621.9k $3.1m $3.1m 0.00% Reduced -115 -115
98 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 21,58021.6k $3.0m $3.0m 0.00% Added +4.0k +4,021
99 U.S. Capital Wealth Advisors, LLC 0.07% of their portfolio AUSTIN, TX 20,99321.0k $2.9m $2.9m 0.07% Reduced -1.5k -1,455
100 Advisory Services Network, LLC 0.04% of their portfolio ATLANTA, GA 19,90119.9k $2.7m $2.7m 0.04% Reduced -780 -780