Vault-13

VANGUARD SPECIALIZED FUNDS VIG

DIV APP ETF · ETP · CUSIP 921908844

2,302 institutional holders +9 vs Q1 2025
212,235,272212.2m shares reported held*
$43.3bnreported value*
99 new 823 added 810 reduced 83 sold out net bought ≈ $1.5bn (+7.3m 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 ($109.9m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $204.07. Options: 4 managers hold calls ($94.3m notional), 3 hold puts ($22.2m).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

01k2k3kQ3 22: 1,649Q4 22: 1,796Q1 23: 1,785Q2 23: 1,800Q3 23: 1,830Q4 23: 2,026Q1 24: 2,041Q2 24: 2,062Q3 24: 2,108Q4 24: 2,323Q1 25: 2,293Q2 25: 2,3022,302Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 20221,649
Q4 20221,796
Q1 20231,785
Q2 20231,800
Q3 20231,830
Q4 20232,026
Q1 20242,041
Q2 20242,062
Q3 20242,108
Q4 20242,323
Q1 20252,293
Q2 20252,302

Buyers vs sellers

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

Bought or addedCut or sold out
2k02kQ3 23: 846 bought or addedQ3 23: 706 cut or sold outQ4 23: 899 bought or addedQ4 23: 730 cut or sold outQ4 23Q1 24: 896 bought or addedQ1 24: 860 cut or sold outQ2 24: 788 bought or addedQ2 24: 859 cut or sold outQ2 24Q3 24: 961 bought or addedQ3 24: 832 cut or sold outQ4 24: 1,003 bought or addedQ4 24: 816 cut or sold outQ4 24Q1 25: 1,026 bought or addedQ1 25: 974 cut or sold outQ2 25: 922 bought or addedQ2 25: 893 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 2023846706
Q4 2023899730
Q1 2024896860
Q2 2024788859
Q3 2024961832
Q4 20241,003816
Q1 20251,026974
Q2 2025922893

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$50m$100m$150mQ3 24 calls: $105.8mQ3 24 puts: $68.5mQ3 24P/C 0.65Q4 24 calls: $109.7mQ4 24 puts: $37.5mQ4 24P/C 0.34Q1 25 calls: $116.0mQ1 25 puts: $25.0mQ1 25P/C 0.22Q2 25 calls: $94.3mQ2 25 puts: $22.2mQ2 25P/C 0.24
Numbers
QuarterCallsPutsP/C
Q3 2024$105.8m$68.5m0.65
Q4 2024$109.7m$37.5m0.34
Q1 2025$116.0m$25.0m0.22
Q2 2025$94.3m$22.2m0.24

Biggest buyers

ROYAL BANK OF CANADA Added +4,011,541+4.0m
Wealthfront Advisers LLC Added +1,486,369+1.5m
Rockefeller Capital Management L.P. Added +735,151+735.2k
PARK AVENUE SECURITIES LLC New +359,315+359.3k
VANGUARD GROUP INC Added +322,704+322.7k
JONES FINANCIAL COMPANIES LLLP Added +299,383+299.4k
LPL Financial LLC Added +224,272+224.3k
OSAIC HOLDINGS, INC. Added +150,355+150.4k
MORGAN STANLEY Added +144,584+144.6k
Pathstone Holdings, LLC Added +139,510+139.5k

Biggest sellers

UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Sold out -694,758-694.8k
BANK OF AMERICA CORP /DE/ Reduced -553,780-553.8k
Demars Financial Group, LLC Reduced -343,432-343.4k
Atria Wealth Solutions, Inc. Reduced -168,690-168.7k
HB Wealth Management, LLC Reduced -133,636-133.6k
TOWNSQUARE CAPITAL LLC Reduced -120,393-120.4k
PFG Advisors Sold out -119,596-119.6k
Huntleigh Advisors, Inc. Sold out -101,634-101.6k
Advisor Resource Council Reduced -89,339-89.3k
CAROLINAS WEALTH CONSULTING LLC Sold out -78,995-79.0k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $52.8m257.9k shares
JANE STREET GROUP, LLC Added $24.9m121.9k shares
CITADEL ADVISORS LLC Reduced $15.1m73.9k shares
WOLVERINE TRADING, LLC Added $1.5m7.3k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $13.2m64.7k shares
CITADEL ADVISORS LLC Reduced $8.1m39.4k shares
JANE STREET GROUP, LLC New $941.5k4.6k shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BANK OF AMERICA CORP /DE/ 0.35% of their portfolio CHARLOTTE, NC 21,321,14421.3m $4.4bn $4.4bn 0.35% Reduced -553.8k -553,780
2 MORGAN STANLEY 0.17% of their portfolio NEW YORK, NY 12,674,58712.7m $2.6bn $2.6bn 0.17% Added +144.6k +144,584
3 WELLS FARGO & COMPANY/MN 0.48% of their portfolio SAN FRANCISCO, CA 10,672,56810.7m $2.2bn $2.2bn 0.48% Added +54.4k +54,394
4 VANGUARD GROUP INC 0.03% of their portfolio Valley Forge, PA 10,483,13710.5m $2.1bn $2.1bn 0.03% Added +322.7k +322,704
5 Wealthfront Advisers LLC 4.79% of their portfolio Palo Alto, CA 9,089,6429.1m $1.9bn $1.9bn 4.79% Added +1.5m +1,486,369
6 ROYAL BANK OF CANADA 0.15% of their portfolio TORONTO, A6 7,750,9607.8m $1.6bn $1.6bn 0.15% Added +4.0m +4,011,541
7 UBS Group AG 0.28% of their portfolio ZURICH, V8 6,554,7126.6m $1.3bn $1.3bn 0.28% Reduced -47.3k -47,281
8 LPL Financial LLC 0.44% of their portfolio FORT MILL, SC 6,509,6976.5m $1.3bn $1.3bn 0.44% Added +224.3k +224,272
9 RAYMOND JAMES FINANCIAL INC 0.38% of their portfolio ST. PETERSBURG, FL 5,364,2875.4m $1.1bn $1.1bn 0.38% Added +34.9k +34,896
10 HB Wealth Management, LLC 8.54% of their portfolio Atlanta, GA 5,215,6075.2m $1.1bn $1.1bn 8.54% Reduced -133.6k -133,636
11 PRUDENTIAL FINANCIAL INC 1.08% of their portfolio NEWARK, NJ 4,068,1224.1m $832.6m $832.6m 1.08% Added +83.0k +83,016
12 JPMORGAN CHASE & CO 0.04% of their portfolio NEW YORK, NY 3,158,9173.2m $646.5m $646.5m 0.04% Reduced -21.3k -21,348
13 COMMONWEALTH EQUITY SERVICES, LLC 0.81% of their portfolio WALTHAM, MA 2,992,4203.0m $612.5m $612.5m 0.81% Reduced -29.0k -28,965
14 AMERIPRISE FINANCIAL INC 0.13% of their portfolio MINNEAPOLIS, MN 2,521,8442.5m $515.6m $515.6m 0.13% Added +25.9k +25,866
15 ENVESTNET ASSET MANAGEMENT INC 0.14% of their portfolio Berwyn, PA 2,367,5872.4m $484.6m $484.6m 0.14% Added +56.7k +56,745
16 HighTower Advisors, LLC 0.58% of their portfolio CHICAGO, IL 2,273,7192.3m $465.4m $465.4m 0.58% Added +75.9k +75,900
17 SIGNATUREFD, LLC 7.09% of their portfolio ATLANTA, GA 2,031,3922.0m $415.8m $415.8m 7.09% Added +68.4k +68,405
18 OSAIC HOLDINGS, INC. 0.58% of their portfolio SCOTTSDALE, AZ 1,597,3091.6m $327.0m $327.0m 0.58% Added +150.4k +150,355
19 Modera Wealth Management, LLC 3.92% of their portfolio WESTWOOD, NJ 1,547,9721.5m $316.8m $316.8m 3.92% Added +70.0k +70,021
20 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.23% of their portfolio MILWAUKEE, WI 1,521,2161.5m $311.3m $311.3m 0.23% Added +74.2k +74,175
21 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.51% of their portfolio PLYMOUTH, MN 1,478,9141.5m $307.3m $307.3m 0.51% Added +65.5k +65,450
22 Rockefeller Capital Management L.P. 0.36% of their portfolio NEW YORK, NY 1,471,1081.5m $305.7m $305.7m 0.36% Added +735.2k +735,151
23 Mariner, LLC 0.42% of their portfolio Overland Park, KS 1,407,4831.4m $288.1m $288.1m 0.42% Reduced -20.0k -20,004
24 JONES FINANCIAL COMPANIES LLLP 0.22% of their portfolio DES PERES, MO 1,395,5811.4m $284.6m $284.6m 0.22% Added +299.4k +299,383
25 Joel Isaacson & Co., LLC 10.60% of their portfolio NEW YORK, NY 1,273,2641.3m $260.6m $260.6m 10.60% Added +31.6k +31,591
26 Howard Capital Management, LLC 3.79% of their portfolio Alpharetta, GA 1,231,4571.2m $253.1m $253.1m 3.79% Added +23.2k +23,205
27 CAPTRUST FINANCIAL ADVISORS 0.56% of their portfolio RALEIGH, NC 1,217,8841.2m $249.3m $249.3m 0.56% Added +49.5k +49,535
28 TRUST POINT INC. 22.88% of their portfolio LA CROSSE, WI 1,185,4031.2m $242.6m $242.6m 22.88% Added +6.0k +5,970
29 Bank of New York Mellon Corp 0.04% of their portfolio NEW YORK, NY 1,116,1691.1m $228.4m $228.4m 0.04% Reduced -22.1k -22,080
30 Creative Planning 0.19% of their portfolio OVERLAND PARK, KS 1,092,4411.1m $223.6m $223.6m 0.19% Reduced -15.7k -15,711
31 STIFEL FINANCIAL CORP 0.21% of their portfolio ST. LOUIS, MO 1,062,5401.1m $217.5m $217.5m 0.21% Added +5.2k +5,199
32 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.18% of their portfolio Toronto, A6 1,002,5201.0m $205.2m $205.2m 0.18% Added +26.8k +26,762
33 Cetera Investment Advisers 0.35% of their portfolio SCHAUMBURG, IL 999,945999.9k $204.7m $204.7m 0.35% Added +130.1k +130,054
34 ASPIRIANT, LLC 6.27% of their portfolio San Francisco, CA 964,064964.1k $197.3m $197.3m 6.27% Added +9.2k +9,151
35 MAI Capital Management 1.34% of their portfolio INDEPENDENCE, OH 943,374943.4k $193.1m $193.1m 1.34% Added +11.6k +11,620
36 Waverly Advisors, LLC 2.06% of their portfolio BIRMINGHAM, AL 917,465917.5k $187.8m $187.8m 2.06% Added +26.4k +26,433
37 Cambridge Investment Research Advisors, Inc. 0.57% of their portfolio FAIRFIELD, IA 911,551911.6k $186.6m $186.6m 0.57% Added +11.2k +11,162
38 BROWN ADVISORY INC 0.24% of their portfolio BALTIMORE, MD 894,156894.2k $183.0m $183.0m 0.24% Added +102.0k +102,014
39 TRUIST FINANCIAL CORP 0.26% of their portfolio CHARLOTTE, NC 863,502863.5k $176.7m $176.7m 0.26% Reduced -35.9k -35,870
40 Corient Private Wealth LP 0.23% of their portfolio MIAMI, FL 835,400835.4k $171.0m $171.0m 0.23% Reduced -28.0k -27,972
41 BANK OF MONTREAL /CAN/ 0.08% of their portfolio TORONTO, A6 818,957819.0k $167.6m $167.6m 0.08% Reduced -4.1k -4,069
42 Nicholas Hoffman & Company, LLC. 3.93% of their portfolio ATLANTA, GA 742,528742.5k $152.0m $152.0m 3.93% Reduced -278 -278
43 GOLDMAN SACHS GROUP INC 0.02% of their portfolio NEW YORK, NY 730,246730.2k $149.5m $149.5m 0.02% Added +6.7k +6,747
44 Confluence Wealth Services, Inc. 7.72% of their portfolio MCMURRAY, PA 691,674691.7k $141.6m $141.6m 7.72% Added +31.3k +31,282
45 Focus Partners Wealth 0.29% of their portfolio ST LOUIS, MO 657,243657.2k $134.5m $134.5m 0.29% Added +62.3k +62,307
46 Cerity Partners LLC 0.24% of their portfolio NEW YORK, NY 651,453651.5k $133.3m $133.3m 0.24% Added +20.4k +20,401
47 Baird Financial Group, Inc. 0.23% of their portfolio MILWAUKEE, WI 650,338650.3k $133.1m $133.1m 0.23% Added +40.6k +40,597
48 Northeast Financial Consultants Inc 5.40% of their portfolio WESTPORT, CT 645,156645.2k $132.0m $132.0m 5.40% Added +6.2k +6,210
49 DAVENPORT & Co LLC 0.73% of their portfolio RICHMOND, VA 643,341643.3k $131.7m $131.7m 0.73% Added +25.9k +25,941
50 Financial Gravity Companies, Inc. 0.00% of their portfolio Lakeway, TX 641,889641.9k $13.1k $13.1k 0.00% First filing
51 Cresset Asset Management, LLC 0.66% of their portfolio Chicago, IL 639,749639.7k $131.5m $131.5m 0.66% Reduced -33.6k -33,603
52 Robertson Stephens Wealth Management, LLC 4.54% of their portfolio San Francisco, CA 637,496637.5k $131.0m $131.0m 4.54% Reduced -27.4k -27,422
53 BLAIR WILLIAM & CO/IL 0.36% of their portfolio CHICAGO, IL 635,523635.5k $130.1m $130.1m 0.36% Reduced -6.4k -6,358
54 Private Advisor Group, LLC 0.68% of their portfolio MORRISTOWN, NJ 616,892616.9k $126.3m $126.3m 0.68% Added +13.0k +13,037
55 Glenmede Investment Management, LP 0.62% of their portfolio PHILADELPHIA, PA 600,261600.3k $122.9m $122.9m 0.62% First filing
56 MML INVESTORS SERVICES, LLC 0.34% of their portfolio SPRINGFIELD, MA 583,059583.1k $119.3m $119.3m 0.34% Added +18.3k +18,328
57 Janney Montgomery Scott LLC 0.29% of their portfolio PHILADELPHIA, PA 547,347547.3k $112.0m $112.0m 0.29% Added +5.1k +5,073
58 FIFTH THIRD BANCORP 0.37% of their portfolio CINCINNATI, OH 523,458523.5k $107.1m $107.1m 0.37% Reduced -11.4k -11,423
59 Sanctuary Advisors, LLC 0.63% of their portfolio INDIANAPOLIS, IN 500,596500.6k $102.5m $102.5m 0.63% Added +5.3k +5,316
60 MERCER GLOBAL ADVISORS INC /ADV 0.22% of their portfolio DENVER, CO 470,633470.6k $96.3m $96.3m 0.22% Added +24.2k +24,167
61 TD PRIVATE CLIENT WEALTH LLC 2.32% of their portfolio NEW YORK, NY 461,990462.0k $94.6m $94.6m 2.32% Added +6.1k +6,122
62 &PARTNERS 0.73% of their portfolio NASHVILLE, TN 461,610461.6k $94.5m $94.5m 0.73% Added +54.0k +54,038
63 Stokes Family Office, LLC 9.62% of their portfolio NEW ORLEANS, LA 448,160448.2k $91.7m $91.7m 9.62% Reduced -44.1k -44,127
64 FRANKLIN RESOURCES INC 0.02% of their portfolio San Mateo, CA 442,169442.2k $90.5m $90.5m 0.02% Reduced -9.6k -9,636
65 Steward Partners Investment Advisory, LLC 0.68% of their portfolio STAMFORD, CT 426,536426.5k $87.3m $87.3m 0.68% Added +21.1k +21,093
66 Haverford Trust Co 0.83% of their portfolio Radnor, PA 425,568425.6k $87.1m $87.1m 0.83% Added +14.9k +14,930
67 FMR LLC 0.00% of their portfolio BOSTON, MA 403,546403.5k $82.6m $82.6m 0.00% Added +20.0k +20,026
68 Pathstone Holdings, LLC 0.21% of their portfolio ENGLEWOOD, NJ 369,667369.7k $53.8m $53.8m 0.21% Added +139.5k +139,510
69 PARK AVENUE SECURITIES LLC 0.68% of their portfolio NEW YORK, NY 359,315359.3k $73.5m $73.5m 0.68% New
70 Systematic Alpha Investments, LLC 2.57% of their portfolio PRINCETON, NJ 353,000353.0k $72.2m $72.2m 2.57% Unchanged
71 Kestra Advisory Services, LLC 0.35% of their portfolio AUSTIN, TX 351,636351.6k $72.0m $72.0m 0.35% Reduced -44.3k -44,348
72 PNC Financial Services Group, Inc. 0.05% of their portfolio Pittsburgh, PA 348,330348.3k $71.3m $71.3m 0.05% Added +40.3k +40,312
73 Hubbell Strickland Wealth Management, LLC 31.41% of their portfolio NEW ORLEANS, LA 347,959348.0k $71.2m $71.2m 31.41% Reduced -2.5k -2,484
74 CW Advisors, LLC 0.69% of their portfolio BOSTON, MA 346,053346.1k $70.8m $70.8m 0.69% Added +10.6k +10,561
75 IEQ CAPITAL, LLC 0.43% of their portfolio Foster City, CA 342,646342.6k $70.1m $70.1m 0.43% Reduced -4.0k -4,041
76 Enclave Advisors LLC 10.95% of their portfolio AUSTIN, TX 331,192331.2k $67.8m $67.8m 10.95% Reduced -38.4k -38,376
77 360 Financial, Inc. 21.39% of their portfolio WAYZATA, MN 331,166331.2k $67.8m $67.8m 21.39% Added +11.2k +11,236
78 NewEdge Advisors, LLC 0.34% of their portfolio NEW ORLEANS, LA 326,402326.4k $66.8m $66.8m 0.34% Added +9.3k +9,256
79 Paragon Capital Management Ltd 12.05% of their portfolio DENVER, CO 324,693324.7k $66.5m $66.5m 12.05% Reduced -7.7k -7,716
80 Performance Wealth Partners, LLC 2.12% of their portfolio HINSDALE, IL 324,150324.1k $66.3m $66.3m 2.12% Added +2.9k +2,919
81 Brookstone Capital Management 0.82% of their portfolio WHEATON, IL 305,764305.8k $62.6m $62.6m 0.82% Reduced -3.3k -3,311
82 Baltimore-Washington Financial Advisors, Inc. 2.85% of their portfolio Columbia, MD 299,135299.1k $61.2m $61.2m 2.85% Added +6.4k +6,358
83 Berkshire Money Management, Inc. 6.12% of their portfolio DALTON, MA 284,097284.1k $58.1m $58.1m 6.12% Added +552 +552
84 Advisor OS, LLC 5.62% of their portfolio CHICAGO, IL 279,204279.2k $57.1m $57.1m 5.62% Added +3.7k +3,737
85 Beacon Pointe Advisors, LLC 0.60% of their portfolio NEWPORT BEACH, CA 278,828278.8k $57.1m $57.1m 0.60% Reduced -649 -649
86 MJP ASSOCIATES INC /ADV 8.34% of their portfolio FARMINGTON, CT 274,684274.7k $56.2m $56.2m 8.34% Added +8.4k +8,387
87 PDS Planning, Inc 4.15% of their portfolio DUBLIN, OH 271,783271.8k $55.6m $55.6m 4.15% Added +4.0k +4,027
88 Provenance Wealth Advisors, LLC 7.99% of their portfolio FORT LAUDERDALE, FL 271,636271.6k $55.6m $55.6m 7.99% Reduced -50.7k -50,735
89 Resonant Capital Advisors, LLC 3.53% of their portfolio Madison, WI 269,307269.3k $55.3m $55.3m 3.53% Added +9.1k +9,051
90 PLANNING ALTERNATIVES LTD /ADV 7.62% of their portfolio BIRMINGHAM, MI 267,604267.6k $54.8m $54.8m 7.62% Added +1.9k +1,877
91 Equitable Holdings, Inc. 0.45% of their portfolio NEW YORK, NY 265,569265.6k $54.4m $54.4m 0.45% Added +21.0k +21,036
92 US BANCORP \DE\ 0.07% of their portfolio MINNEAPOLIS, MN 257,907257.9k $52.8m $52.8m 0.07% Added +21.8k +21,828
93 Evensky & Katz LLC 3.20% of their portfolio CORAL GABLES, FL 255,948255.9k $52.4m $52.4m 3.20% Reduced -1.4k -1,395
94 Wealth Architects, LLC 5.19% of their portfolio MOUNTAIN VIEW, CA 249,760249.8k $51.1m $51.1m 5.19% Added +12.0k +12,003
95 Sequoia Financial Advisors, LLC 0.35% of their portfolio Akron, OH 249,241249.2k $51.0m $51.0m 0.35% Added +57.1k +57,107
96 GLOBALT Investments LLC / GA 1.94% of their portfolio Atlanta, GA 247,352247.4k $50.6m $50.6m 1.94% Reduced -9.5k -9,525
97 Principle Wealth Partners LLC 3.11% of their portfolio MADISON, CT 243,543243.5k $49.8m $49.8m 3.11% Added +853 +853
98 Buska Wealth Management, LLC 13.30% of their portfolio WAUSAU, WI 237,865237.9k $48.7m $48.7m 13.30% Added +6.1k +6,108
99 Avantax Planning Partners, Inc. 1.54% of their portfolio DUBUQUE, IA 237,140237.1k $48.5m $48.5m 1.54% Added +66.5k +66,504
100 RATIONAL ADVISORS, INC. 4.65% of their portfolio San Juan, PR 229,140229.1k $46.9m $46.9m 4.65% Reduced -5.6k -5,563