Vault-13

VANGUARD SPECIALIZED FUNDS VIG

DIV APP ETF · ETP · CUSIP 921908844

2,339 institutional holders +37 vs Q2 2025
212,475,364212.5m shares reported held*
$45.8bnreported value*
108 new 927 added 856 reduced 56 sold out net bought ≈ $568.5m (+2.5m 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 ($115.7m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $215.67. Options: 4 managers hold calls ($104.5m notional), 4 hold puts ($22.5m).

Trends to Q3 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: 2,302Q3 25: 2,3392,339Q3 22Q2 23Q1 24Q4 24Q3 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
Q3 20252,339

Buyers vs sellers

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

Bought or addedCut or sold out
2k02kQ4 23: 899 bought or addedQ4 23: 730 cut or sold outQ1 24: 896 bought or addedQ1 24: 860 cut or sold outQ1 24Q2 24: 788 bought or addedQ2 24: 859 cut or sold outQ3 24: 961 bought or addedQ3 24: 832 cut or sold outQ3 24Q4 24: 1,003 bought or addedQ4 24: 816 cut or sold outQ1 25: 1,026 bought or addedQ1 25: 974 cut or sold outQ1 25Q2 25: 922 bought or addedQ2 25: 893 cut or sold outQ3 25: 1,035 bought or addedQ3 25: 912 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 2023899730
Q1 2024896860
Q2 2024788859
Q3 2024961832
Q4 20241,003816
Q1 20251,026974
Q2 2025922893
Q3 20251,035912

Calls vs puts

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

CallsPuts
$0$50m$100m$150mQ4 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 0.24Q3 25 calls: $104.5mQ3 25 puts: $22.5mQ3 25P/C 0.22
Numbers
QuarterCallsPutsP/C
Q4 2024$109.7m$37.5m0.34
Q1 2025$116.0m$25.0m0.22
Q2 2025$94.3m$22.2m0.24
Q3 2025$104.5m$22.5m0.22

Biggest buyers

JPMORGAN CHASE & CO Added +3,074,961+3.1m
Sanctuary Advisors, LLC Added +959,406+959.4k
Corient Private Wealth LP Added +738,266+738.3k
Diversified Enterprises, LLC Added +638,467+638.5k
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC New +624,303+624.3k
Wealthfront Advisers LLC Added +502,464+502.5k
LPL Financial LLC Added +368,359+368.4k
MERCER GLOBAL ADVISORS INC /ADV Added +300,645+300.6k
HB Wealth Management, LLC Added +295,707+295.7k
OSAIC HOLDINGS, INC. Added +233,683+233.7k

Biggest sellers

ROYAL BANK OF CANADA Reduced -3,757,415-3.8m
PRUDENTIAL FINANCIAL INC Reduced -1,356,934-1.4m
Rockefeller Capital Management L.P. Reduced -769,199-769.2k
UBS Group AG Reduced -224,002-224.0k
Mosaic Advisors LLC Reduced -170,495-170.5k
COMMONWEALTH EQUITY SERVICES, LLC Reduced -154,415-154.4k
Pathstone Holdings, LLC Reduced -150,588-150.6k
MORGAN STANLEY Reduced -148,002-148.0k
Resonant Capital Advisors, LLC Reduced -145,399-145.4k
ENVESTNET ASSET MANAGEMENT INC Reduced -93,220-93.2k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $65.9m305.2k shares
JANE STREET GROUP, LLC Reduced $17.9m82.8k shares
CITADEL ADVISORS LLC Added $17.6m81.7k shares
WOLVERINE TRADING, LLC Added $3.1m14.5k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $14.4m66.8k shares
CITADEL ADVISORS LLC Reduced $5.2m24.1k shares
JANE STREET GROUP, LLC Added $2.5m11.5k shares
WOLVERINE TRADING, LLC New $364.8k1.7k 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, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BANK OF AMERICA CORP /DE/ 0.34% of their portfolio CHARLOTTE, NC 21,291,38821.3m $4.6bn $4.6bn 0.34% Reduced -29.8k -29,756
2 MORGAN STANLEY 0.16% of their portfolio NEW YORK, NY 12,526,58512.5m $2.7bn $2.7bn 0.16% Reduced -148.0k -148,002
3 WELLS FARGO & COMPANY/MN 0.47% of their portfolio SAN FRANCISCO, CA 10,586,03810.6m $2.3bn $2.3bn 0.47% Reduced -86.5k -86,530
4 VANGUARD GROUP INC 0.03% of their portfolio Valley Forge, PA 10,560,06110.6m $2.3bn $2.3bn 0.03% Added +76.9k +76,924
5 Wealthfront Advisers LLC 4.86% of their portfolio Palo Alto, CA 9,592,1069.6m $2.1bn $2.1bn 4.86% Added +502.5k +502,464
6 LPL Financial LLC 0.43% of their portfolio FORT MILL, SC 6,878,0566.9m $1.5bn $1.5bn 0.43% Added +368.4k +368,359
7 UBS Group AG 0.27% of their portfolio ZURICH, V8 6,330,7106.3m $1.4bn $1.4bn 0.27% Reduced -224.0k -224,002
8 JPMORGAN CHASE & CO 0.04% of their portfolio NEW YORK, NY 6,233,8786.2m $1.3bn $1.3bn 0.04% Added +3.1m +3,074,961
9 HB Wealth Management, LLC 8.00% of their portfolio Atlanta, GA 5,511,3145.5m $1.2bn $1.2bn 8.00% Added +295.7k +295,707
10 RAYMOND JAMES FINANCIAL INC 0.37% of their portfolio ST. PETERSBURG, FL 5,328,5915.3m $1.1bn $1.1bn 0.37% Reduced -35.7k -35,696
11 ROYAL BANK OF CANADA 0.15% of their portfolio TORONTO, A6 3,993,5454.0m $861.8m $861.8m 0.15% Reduced -3.8m -3,757,415
12 COMMONWEALTH EQUITY SERVICES, LLC 0.79% of their portfolio WALTHAM, MA 2,838,0052.8m $612.4m $612.4m 0.79% Reduced -154.4k -154,415
13 PRUDENTIAL FINANCIAL INC 0.70% of their portfolio NEWARK, NJ 2,711,1882.7m $585.0m $585.0m 0.70% Reduced -1.4m -1,356,934
14 AMERIPRISE FINANCIAL INC 0.12% of their portfolio MINNEAPOLIS, MN 2,516,8752.5m $543.1m $543.1m 0.12% Reduced -5.0k -4,969
15 HighTower Advisors, LLC 0.57% of their portfolio CHICAGO, IL 2,345,8992.3m $506.2m $506.2m 0.57% Added +72.2k +72,180
16 ENVESTNET ASSET MANAGEMENT INC 0.14% of their portfolio Berwyn, PA 2,274,3672.3m $490.8m $490.8m 0.14% Reduced -93.2k -93,220
17 SIGNATUREFD, LLC 6.93% of their portfolio ATLANTA, GA 2,036,2352.0m $439.4m $439.4m 6.93% Added +4.8k +4,843
18 OSAIC HOLDINGS, INC. 0.55% of their portfolio SCOTTSDALE, AZ 1,830,9921.8m $390.9m $390.9m 0.55% Added +233.7k +233,683
19 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.23% of their portfolio MILWAUKEE, WI 1,622,8471.6m $350.2m $350.2m 0.23% Added +101.6k +101,631
20 Modera Wealth Management, LLC 3.99% of their portfolio WESTWOOD, NJ 1,595,9661.6m $344.4m $344.4m 3.99% Added +48.0k +47,994
21 Corient Private Wealth LP 0.53% of their portfolio MIAMI, FL 1,573,6661.6m $339.6m $339.6m 0.53% Added +738.3k +738,266
22 JONES FINANCIAL COMPANIES LLLP 0.23% of their portfolio DES PERES, MO 1,542,8351.5m $332.3m $332.3m 0.23% Added +147.3k +147,254
23 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.49% of their portfolio PLYMOUTH, MN 1,479,7771.5m $321.5m $321.5m 0.49% Added +863 +863
24 Sanctuary Advisors, LLC 0.91% of their portfolio INDIANAPOLIS, IN 1,460,0021.5m $298.7m $298.7m 0.91% Added +959.4k +959,406
25 Mariner, LLC 0.39% of their portfolio Overland Park, KS 1,385,2331.4m $298.9m $298.9m 0.39% Reduced -22.2k -22,250
26 Joel Isaacson & Co., LLC 10.04% of their portfolio NEW YORK, NY 1,288,8271.3m $278.1m $278.1m 10.04% Added +15.6k +15,563
27 Howard Capital Management, LLC 3.51% of their portfolio Alpharetta, GA 1,231,4571.2m $265.7m $265.7m 3.51% Unchanged
28 Cetera Investment Advisers 0.31% of their portfolio SCHAUMBURG, IL 1,216,5831.2m $262.5m $262.5m 0.31% Added +216.6k +216,638
29 CAPTRUST FINANCIAL ADVISORS 0.53% of their portfolio RALEIGH, NC 1,210,4041.2m $261.2m $261.2m 0.53% Reduced -7.5k -7,480
30 TRUST POINT INC. 20.77% of their portfolio LA CROSSE, WI 1,191,6841.2m $257.2m $257.2m 20.77% Added +6.3k +6,281
31 Creative Planning 0.18% of their portfolio OVERLAND PARK, KS 1,117,2731.1m $241.1m $241.1m 0.18% Added +24.8k +24,832
32 Bank of New York Mellon Corp 0.04% of their portfolio NEW YORK, NY 1,094,6931.1m $236.2m $236.2m 0.04% Reduced -21.5k -21,476
33 STIFEL FINANCIAL CORP 0.20% of their portfolio ST. LOUIS, MO 1,039,8771.0m $224.4m $224.4m 0.20% Reduced -22.7k -22,663
34 MAI Capital Management 1.36% of their portfolio INDEPENDENCE, OH 1,008,5281.0m $217.6m $217.6m 1.36% Added +65.2k +65,154
35 BROWN ADVISORY INC 0.27% of their portfolio BALTIMORE, MD 978,134978.1k $211.1m $211.1m 0.27% Added +84.0k +83,978
36 ASPIRIANT, LLC 6.39% of their portfolio San Francisco, CA 968,533968.5k $209.0m $209.0m 6.39% Added +4.5k +4,469
37 Waverly Advisors, LLC 2.01% of their portfolio BIRMINGHAM, AL 932,415932.4k $201.2m $201.2m 2.01% Added +14.9k +14,950
38 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.16% of their portfolio Toronto, A6 930,252930.3k $200.7m $200.7m 0.16% Reduced -72.3k -72,268
39 Cambridge Investment Research Advisors, Inc. 0.52% of their portfolio FAIRFIELD, IA 879,400879.4k $189.8m $189.8m 0.52% Reduced -32.2k -32,151
40 TRUIST FINANCIAL CORP 0.25% of their portfolio CHARLOTTE, NC 860,215860.2k $185.6m $185.6m 0.25% Reduced -3.3k -3,287
41 MERCER GLOBAL ADVISORS INC /ADV 0.28% of their portfolio DENVER, CO 771,278771.3k $166.4m $166.4m 0.28% Added +300.6k +300,645
42 BANK OF MONTREAL /CAN/ 0.07% of their portfolio TORONTO, A6 757,124757.1k $163.4m $163.4m 0.07% Reduced -61.8k -61,833
43 Nicholas Hoffman & Company, LLC. 3.90% of their portfolio ATLANTA, GA 745,738745.7k $160.9m $160.9m 3.90% Added +3.2k +3,210
44 Confluence Wealth Services, Inc. 7.69% of their portfolio MCMURRAY, PA 722,866722.9k $156.0m $156.0m 7.69% Added +31.2k +31,192
45 Focus Partners Wealth 0.25% of their portfolio ST LOUIS, MO 707,481707.5k $152.9m $152.9m 0.25% Added +50.2k +50,238
46 Rockefeller Capital Management L.P. 0.30% of their portfolio NEW YORK, NY 701,909701.9k $151.5m $151.5m 0.30% Reduced -769.2k -769,199
47 DAVENPORT & Co LLC 0.81% of their portfolio RICHMOND, VA 700,084700.1k $151.1m $151.1m 0.81% Added +56.7k +56,743
48 GOLDMAN SACHS GROUP INC 0.02% of their portfolio NEW YORK, NY 695,392695.4k $150.1m $150.1m 0.02% Reduced -34.9k -34,854
49 Cresset Asset Management, LLC 0.66% of their portfolio Chicago, IL 693,310693.3k $150.2m $150.2m 0.66% Added +53.6k +53,561
50 Cerity Partners LLC 0.23% of their portfolio NEW YORK, NY 668,963669.0k $144.4m $144.4m 0.23% Added +17.5k +17,510
51 Robertson Stephens Wealth Management, LLC 4.37% of their portfolio San Francisco, CA 667,622667.6k $144.6m $144.6m 4.37% Added +30.1k +30,126
52 BLAIR WILLIAM & CO/IL 0.38% of their portfolio CHICAGO, IL 666,611666.6k $143.8m $143.8m 0.38% Added +31.1k +31,088
53 Diversified Enterprises, LLC 9.30% of their portfolio Wilmington, DE 640,291640.3k $138.2m $138.2m 9.30% Added +638.5k +638,467
54 Baird Financial Group, Inc. 0.22% of their portfolio MILWAUKEE, WI 633,785633.8k $136.8m $136.8m 0.22% Reduced -16.6k -16,553
55 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.03% of their portfolio NEW YORK, NY 624,303624.3k $134.7m $134.7m 0.03% New
56 Private Advisor Group, LLC 0.66% of their portfolio MORRISTOWN, NJ 617,078617.1k $133.2m $133.2m 0.66% Added +186 +186
57 MML INVESTORS SERVICES, LLC 0.34% of their portfolio SPRINGFIELD, MA 585,311585.3k $126.3m $126.3m 0.34% Added +2.3k +2,252
58 Glenmede Investment Management, LP 0.60% of their portfolio PHILADELPHIA, PA 572,698572.7k $123.6m $123.6m 0.60% Reduced -27.6k -27,563
59 Janney Montgomery Scott LLC 0.28% of their portfolio PHILADELPHIA, PA 555,832555.8k $119.9m $119.9m 0.28% Added +8.5k +8,485
60 &PARTNERS 0.73% of their portfolio NASHVILLE, TN 524,119524.1k $113.2m $113.2m 0.73% Added +62.5k +62,509
61 FIFTH THIRD BANCORP 0.35% of their portfolio CINCINNATI, OH 506,102506.1k $109.2m $109.2m 0.35% Reduced -17.4k -17,356
62 TD PRIVATE CLIENT WEALTH LLC 2.25% of their portfolio NEW YORK, NY 463,216463.2k $100.0m $100.0m 2.25% Added +1.2k +1,226
63 Steward Partners Investment Advisory, LLC 0.56% of their portfolio STAMFORD, CT 452,793452.8k $97.7m $97.7m 0.56% Added +26.3k +26,257
64 FRANKLIN RESOURCES INC 0.02% of their portfolio San Mateo, CA 444,867444.9k $96.0m $96.0m 0.02% Added +2.7k +2,698
65 Stokes Family Office, LLC 9.00% of their portfolio NEW ORLEANS, LA 439,120439.1k $94.8m $94.8m 9.00% Reduced -9.0k -9,040
66 FMR LLC 0.00% of their portfolio BOSTON, MA 438,285438.3k $94.6m $94.6m 0.00% Added +34.7k +34,739
67 Kestra Advisory Services, LLC 0.39% of their portfolio AUSTIN, TX 398,490398.5k $86.0m $86.0m 0.39% Added +46.9k +46,854
68 Haverford Trust Co 0.76% of their portfolio Radnor, PA 389,127389.1k $84.0m $84.0m 0.76% Reduced -36.4k -36,441
69 360 Financial, Inc. 24.96% of their portfolio WAYZATA, MN 359,604359.6k $77.6m $77.6m 24.96% Added +28.4k +28,438
70 PNC Financial Services Group, Inc. 0.05% of their portfolio Pittsburgh, PA 357,254357.3k $77.1m $77.1m 0.05% Added +8.9k +8,924
71 Systematic Alpha Investments, LLC 2.51% of their portfolio PRINCETON, NJ 353,000353.0k $76.2m $76.2m 2.51% Unchanged
72 Hubbell Strickland Wealth Management, LLC 30.77% of their portfolio NEW ORLEANS, LA 346,590346.6k $74.8m $74.8m 30.77% Reduced -1.4k -1,369
73 IEQ CAPITAL, LLC 0.22% of their portfolio Foster City, CA 338,392338.4k $73.0m $73.0m 0.22% Reduced -4.3k -4,254
74 NewEdge Advisors, LLC 0.33% of their portfolio NEW ORLEANS, LA 334,710334.7k $72.2m $72.2m 0.33% Added +8.3k +8,308
75 PARK AVENUE SECURITIES LLC 0.54% of their portfolio NEW YORK, NY 322,811322.8k $69.7m $69.7m 0.54% Reduced -36.5k -36,504
76 Brookstone Capital Management 0.82% of their portfolio WHEATON, IL 319,407319.4k $68.9m $68.9m 0.82% Added +13.6k +13,643
77 Performance Wealth Partners, LLC 1.90% of their portfolio HINSDALE, IL 315,834315.8k $68.2m $68.2m 1.90% Reduced -8.3k -8,316
78 Paragon Capital Management Ltd 12.66% of their portfolio DENVER, CO 311,885311.9k $67.3m $67.3m 12.66% Reduced -12.8k -12,808
79 Baltimore-Washington Financial Advisors, Inc. 2.87% of their portfolio Columbia, MD 310,498310.5k $67.0m $67.0m 2.87% Added +11.4k +11,363
80 Advisor OS, LLC 5.42% of their portfolio CHICAGO, IL 290,928290.9k $62.8m $62.8m 5.42% Added +11.7k +11,724
81 Equitable Holdings, Inc. 0.46% of their portfolio NEW YORK, NY 288,689288.7k $62.3m $62.3m 0.46% Added +23.1k +23,120
82 Berkshire Money Management, Inc. 6.29% of their portfolio DALTON, MA 283,089283.1k $61.1m $61.1m 6.29% Reduced -1.0k -1,008
83 MJP ASSOCIATES INC /ADV 7.88% of their portfolio FARMINGTON, CT 277,302277.3k $59.8m $59.8m 7.88% Added +2.6k +2,618
84 Enclave Advisors LLC 9.14% of their portfolio AUSTIN, TX 277,302277.3k $59.8m $59.8m 9.14% Reduced -53.9k -53,890
85 PDS Planning, Inc 4.12% of their portfolio DUBLIN, OH 276,035276.0k $59.6m $59.6m 4.12% Added +4.3k +4,252
86 Beacon Pointe Advisors, LLC 0.50% of their portfolio NEWPORT BEACH, CA 274,483274.5k $59.2m $59.2m 0.50% Reduced -4.3k -4,345
87 Provenance Wealth Advisors, LLC 7.60% of their portfolio FORT LAUDERDALE, FL 272,472272.5k $58.8m $58.8m 7.60% Added +836 +836
88 PLANNING ALTERNATIVES LTD /ADV 7.46% of their portfolio BIRMINGHAM, MI 269,040269.0k $58.1m $58.1m 7.46% Added +1.4k +1,436
89 Sequoia Financial Advisors, LLC 0.35% of their portfolio Akron, OH 266,822266.8k $57.6m $57.6m 0.35% Added +17.6k +17,581
90 Evensky & Katz LLC 3.23% of their portfolio CORAL GABLES, FL 257,725257.7k $55.6m $55.6m 3.23% Added +1.8k +1,777
91 US BANCORP \DE\ 0.06% of their portfolio MINNEAPOLIS, MN 253,853253.9k $54.8m $54.8m 0.06% Reduced -4.1k -4,054
92 Principle Wealth Partners LLC 3.06% of their portfolio MADISON, CT 244,233244.2k $52.7m $52.7m 3.06% Added +690 +690
93 Wealth Architects, LLC 4.97% of their portfolio MOUNTAIN VIEW, CA 244,062244.1k $52.7m $52.7m 4.97% Reduced -5.7k -5,698
94 GLOBALT Investments LLC / GA 1.91% of their portfolio Atlanta, GA 242,960243.0k $52.4m $52.4m 1.91% Reduced -4.4k -4,392
95 Avantax Planning Partners, Inc. 1.45% of their portfolio DUBUQUE, IA 234,504234.5k $50.6m $50.6m 1.45% Reduced -2.6k -2,636
96 New England Private Wealth Advisors LLC 6.46% of their portfolio WELLESLEY, MA 227,260227.3k $49.0m $49.0m 6.46% Reduced -1.6k -1,573
97 CITIGROUP INC 0.03% of their portfolio NEW YORK, NY 221,677221.7k $47.8m $47.8m 0.03% Added +39.0k +38,986
98 Noble Family Wealth, LLC 10.55% of their portfolio Clearwater, FL 221,670221.7k $47.8m $47.8m 10.55% Added +3.4k +3,379
99 Pathstone Holdings, LLC 0.18% of their portfolio ENGLEWOOD, NJ 219,079219.1k $47.3m $47.3m 0.18% Reduced -150.6k -150,588
100 Intellus Advisors LLC 6.46% of their portfolio NAPLES, FL 219,033219.0k $47.3m $47.3m 6.46% Added +2.2k +2,179