Vault-13

VALUED ADVISERS TR EQTY

KOVITZ CORE EQT · ETP · CUSIP 92046L353

23 institutional holders +4 vs Q1 2026
44,625,78244.6m shares reported held*
$1.2bnreported value*
4 new 5 added 4 reduced 0 sold out net sold ≈ $14.8m (-528.6k 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. Holder counts are more reliable. Implied quarter-end price ≈ $27.95.

Trends to Q2 2026

Institutional holders

Managers reporting a position, each quarter

0102030Q4 22: 13Q1 23: 10Q2 23: 10Q3 23: 9Q4 23: 11Q1 24: 10Q2 24: 13Q3 24: 10Q4 24: 13Q1 25: 15Q2 25: 13Q3 25: 12Q4 25: 14Q1 26: 19Q2 26: 2323Q4 22Q4 23Q4 24Q4 25Q2 26
Numbers
QuarterHolders
Q4 202213
Q1 202310
Q2 202310
Q3 20239
Q4 202311
Q1 202410
Q2 202413
Q3 202410
Q4 202413
Q1 202515
Q2 202513
Q3 202512
Q4 202514
Q1 202619
Q2 202623

Buyers vs sellers

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

Bought or addedCut or sold out
10010Q3 24: 5 bought or addedQ3 24: 6 cut or sold outQ4 24: 7 bought or addedQ4 24: 4 cut or sold outQ4 24Q1 25: 8 bought or addedQ1 25: 4 cut or sold outQ2 25: 3 bought or addedQ2 25: 8 cut or sold outQ2 25Q3 25: 3 bought or addedQ3 25: 5 cut or sold outQ4 25: 7 bought or addedQ4 25: 5 cut or sold outQ4 25Q1 26: 8 bought or addedQ1 26: 7 cut or sold outQ2 26: 9 bought or addedQ2 26: 4 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q3 202456
Q4 202474
Q1 202584
Q2 202538
Q3 202535
Q4 202575
Q1 202687
Q2 202694

Biggest buyers

Permanent Capital Management, LP New +138,184+138.2k
HRT FINANCIAL LP New +42,479+42.5k
BANK OF MONTREAL /CAN/ Added +15,685+15.7k
CITADEL ADVISORS LLC New +11,678+11.7k
JPMORGAN CHASE & CO Added +10,131+10.1k
ENVESTNET ASSET MANAGEMENT INC New +7,520+7.5k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added +5,403+5.4k
UBS Group AG Added +1,032+1.0k
MORGAN STANLEY Added +869+869

Biggest sellers

Focus Partners Wealth Reduced -696,937-696.9k
ROYAL BANK OF CANADA Reduced -51,260-51.3k
GTS SECURITIES LLC Reduced -11,889-11.9k
Stratos Wealth Advisors, LLC Reduced -1,491-1.5k

Holders, Q2 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Focus Partners Wealth 1.26% of their portfolio ST LOUIS, MO 43,870,77243.9m $1.2bn $1.2bn 1.26% Reduced -696.9k -696,937
2 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 156,899156.9k $4.4m $4.4m 0.00% Reduced -51.3k -51,260
3 Permanent Capital Management, LP 0.52% of their portfolio CHICAGO, IL 138,184138.2k $3.9m $3.9m 0.52% New
4 Delta Wealth Advisors LLC 2.28% of their portfolio INDIANAPOLIS, IN 114,255114.3k $3.2m $3.2m 2.28% Unchanged
5 MML INVESTORS SERVICES, LLC 0.01% of their portfolio SPRINGFIELD, MA 110,104110.1k $3.1m $3.1m 0.01% Unchanged
6 Stratos Wealth Advisors, LLC 0.08% of their portfolio BEACHWOOD, OH 53,04553.0k $1.5m $1.5m 0.08% Reduced -1.5k -1,491
7 HRT FINANCIAL LP 0.00% of their portfolio NEW YORK, NY 42,47942.5k $1.2m $1.2m 0.00% New
8 BANK OF MONTREAL /CAN/ 0.00% of their portfolio TORONTO, A6 25,16425.2k $703.3k $703.3k 0.00% Added +15.7k +15,685
9 GTS SECURITIES LLC 0.01% of their portfolio NEW YORK, NY 20,10920.1k $562.0k $562.0k 0.01% Reduced -11.9k -11,889
10 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 17,92017.9k $500.9k $500.9k 0.00% Added +5.4k +5,403
11 Chicago Partners Investment Group LLC 0.01% of their portfolio CHICAGO, IL 14,15614.2k $400.8k $400.8k 0.01% Unchanged
12 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 11,67811.7k $326.4k $326.4k 0.00% New
13 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 11,66211.7k $323.6k $323.6k 0.00% Added +10.1k +10,131
14 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 9,1089.1k $254.6k $254.6k 0.00% Unchanged
15 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 8,0258.0k $224.3k $224.3k 0.00% Unchanged
16 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 7,5207.5k $210.2k $210.2k 0.00% New
17 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 4,7734.8k $133.4k $133.4k 0.00% Added +869 +869
18 Eukles Asset Management 0.04% of their portfolio CINCINNATI, OH 3,0413.0k $85.0k $85.0k 0.04% Unchanged
19 Basepoint Wealth LLC 0.04% of their portfolio CEDAR RAPIDS, IA 2,5432.5k $71.1k $71.1k 0.04% Unchanged
20 Glen Eagle Advisors, LLC 0.01% of their portfolio KINGSTON, NJ 1,6401.6k $45.8k $45.8k 0.01% Unchanged
21 UBS Group AG 0.00% of their portfolio ZURICH, V8 1,5601.6k $43.6k $43.6k 0.00% Added +1.0k +1,032
22 Darwin Wealth Management, LLC 0.01% of their portfolio TAMPA, FL 901901 $25.2k $25.2k 0.01% Unchanged
23 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 244244 $6.8k $6.8k 0.00% Unchanged