Vault-13

VANGUARD SPECIALIZED FUNDS VIG

DIV APP ETF · ETP · CUSIP 921908844

2,530 institutional holders +191 vs Q3 2025
217,972,816218.0m shares reported held*
$47.9bnreported value*
107 new 1,028 added 827 reduced 70 sold out net bought ≈ $823.3m (+3.7m 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 ($131.6m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $219.75. Options: 4 managers hold calls ($89.9m notional), 4 hold puts ($10.5m).

Trends to Q4 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: 2,339Q4 25: 2,5302,530Q3 22Q2 23Q1 24Q4 24Q4 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
Q4 20252,530

Buyers vs sellers

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

Bought or addedCut or sold out
2k02kQ1 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 25Q3 25: 1,035 bought or addedQ3 25: 912 cut or sold outQ4 25: 1,135 bought or addedQ4 25: 897 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 2024896860
Q2 2024788859
Q3 2024961832
Q4 20241,003816
Q1 20251,026974
Q2 2025922893
Q3 20251,035912
Q4 20251,135897

Calls vs puts

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

CallsPuts
$0$50m$100m$150mQ1 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 0.22Q4 25 calls: $89.9mQ4 25 puts: $10.5mQ4 25P/C 0.12
Numbers
QuarterCallsPutsP/C
Q1 2025$116.0m$25.0m0.22
Q2 2025$94.3m$22.2m0.24
Q3 2025$104.5m$22.5m0.22
Q4 2025$89.9m$10.5m0.12

Biggest buyers

BANK OF AMERICA CORP /DE/ Added +3,448,292+3.4m
Corient Private Wealth LP Added +1,364,986+1.4m
Wealthfront Advisers LLC Added +287,085+287.1k
Waverly Advisors, LLC Added +284,197+284.2k
RAYMOND JAMES FINANCIAL INC Added +263,218+263.2k
MORGAN STANLEY Added +247,444+247.4k
WELLS FARGO & COMPANY/MN Added +228,122+228.1k
RWA WEALTH PARTNERS, LLC Added +205,832+205.8k
HB Wealth Management, LLC Added +194,577+194.6k
JONES FINANCIAL COMPANIES LLLP Added +193,353+193.4k

Biggest sellers

JPMORGAN CHASE & CO Reduced -2,989,228-3.0m
Sanctuary Advisors, LLC Reduced -986,587-986.6k
Robertson Stephens Wealth Management, LLC Sold out -667,622-667.6k
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Reduced -547,334-547.3k
COMMONWEALTH EQUITY SERVICES, LLC Reduced -266,595-266.6k
TWO SIGMA INVESTMENTS, LP Sold out -112,600-112.6k
McCarthy & Cox Reduced -98,123-98.1k
Stokes Family Office, LLC Reduced -96,233-96.2k
LM Advisors LLC Reduced -77,773-77.8k
UBS Group AG Reduced -71,860-71.9k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $55.1m250.9k shares
CITADEL ADVISORS LLC Added $18.2m82.6k shares
JANE STREET GROUP, LLC Reduced $16.0m73.0k shares
Belvedere Trading LLC New $549.5k2.5k shares

Biggest puts

CITADEL ADVISORS LLC Reduced $5.3m24.0k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $4.9m22.3k shares
JANE STREET GROUP, LLC Reduced $307.7k1.4k shares
Belvedere Trading LLC New $65.9k300 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, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BANK OF AMERICA CORP /DE/ 0.40% of their portfolio CHARLOTTE, NC 24,739,68024.7m $5.4bn $5.4bn 0.40% Added +3.4m +3,448,292
2 MORGAN STANLEY 0.17% of their portfolio NEW YORK, NY 12,774,02912.8m $2.8bn $2.8bn 0.17% Added +247.4k +247,444
3 WELLS FARGO & COMPANY/MN 0.46% of their portfolio SAN FRANCISCO, CA 10,814,16010.8m $2.4bn $2.4bn 0.46% Added +228.1k +228,122
4 VANGUARD GROUP INC 0.03% of their portfolio Valley Forge, PA 10,690,70010.7m $2.3bn $2.3bn 0.03% Added +130.6k +130,639
5 Wealthfront Advisers LLC 4.85% of their portfolio Palo Alto, CA 9,879,1919.9m $2.2bn $2.2bn 4.85% Added +287.1k +287,085
6 LPL Financial LLC 0.42% of their portfolio FORT MILL, SC 6,909,8216.9m $1.5bn $1.5bn 0.42% Added +31.8k +31,765
7 UBS Group AG 0.27% of their portfolio ZURICH, V8 6,258,8506.3m $1.4bn $1.4bn 0.27% Reduced -71.9k -71,860
8 HB Wealth Management, LLC 8.05% of their portfolio Atlanta, GA 5,705,8915.7m $1.2bn $1.2bn 8.05% Added +194.6k +194,577
9 RAYMOND JAMES FINANCIAL INC 0.38% of their portfolio ST. PETERSBURG, FL 5,591,8095.6m $1.2bn $1.2bn 0.38% Added +263.2k +263,218
10 ROYAL BANK OF CANADA 0.16% of their portfolio TORONTO, A6 4,159,1794.2m $914.1m $914.1m 0.16% Added +165.6k +165,634
11 JPMORGAN CHASE & CO 0.05% of their portfolio NEW YORK, NY 3,244,6503.2m $713.1m $713.1m 0.05% Reduced -3.0m -2,989,228
12 Corient Private Wealth LP 0.43% of their portfolio MIAMI, FL 2,938,6522.9m $640.7m $640.7m 0.43% Added +1.4m +1,364,986
13 PRUDENTIAL FINANCIAL INC 0.72% of their portfolio NEWARK, NJ 2,700,3912.7m $598.1m $598.1m 0.72% Reduced -10.8k -10,797
14 AMERIPRISE FINANCIAL INC 0.13% of their portfolio MINNEAPOLIS, MN 2,617,8482.6m $575.5m $575.5m 0.13% Added +101.0k +100,973
15 COMMONWEALTH EQUITY SERVICES, LLC 0.75% of their portfolio WALTHAM, MA 2,571,4102.6m $565.1m $565.1m 0.75% Reduced -266.6k -266,595
16 HighTower Advisors, LLC 0.57% of their portfolio CHICAGO, IL 2,357,9372.4m $518.2m $518.2m 0.57% Added +12.0k +12,038
17 ENVESTNET ASSET MANAGEMENT INC 0.15% of their portfolio Berwyn, PA 2,297,7642.3m $505.0m $505.0m 0.15% Added +23.4k +23,397
18 SIGNATUREFD, LLC 7.21% of their portfolio ATLANTA, GA 2,147,1732.1m $471.9m $471.9m 7.21% Added +110.9k +110,938
19 OSAIC HOLDINGS, INC. 0.61% of their portfolio SCOTTSDALE, AZ 1,888,2221.9m $415.2m $415.2m 0.61% Added +57.2k +57,230
20 JONES FINANCIAL COMPANIES LLLP 0.23% of their portfolio DES PERES, MO 1,736,1881.7m $381.6m $381.6m 0.23% Added +193.4k +193,353
21 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.22% of their portfolio MILWAUKEE, WI 1,576,3291.6m $346.4m $346.4m 0.22% Reduced -46.5k -46,518
22 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.48% of their portfolio PLYMOUTH, MN 1,572,6821.6m $352.4m $352.4m 0.48% Added +92.9k +92,905
23 Modera Wealth Management, LLC 3.94% of their portfolio WESTWOOD, NJ 1,550,7781.6m $340.8m $340.8m 3.94% Reduced -45.2k -45,188
24 Mariner, LLC 0.36% of their portfolio Overland Park, KS 1,392,2981.4m $306.0m $306.0m 0.36% Added +7.1k +7,065
25 Joel Isaacson & Co., LLC 9.57% of their portfolio NEW YORK, NY 1,318,2571.3m $289.7m $289.7m 9.57% Added +29.4k +29,430
26 Howard Capital Management, LLC 3.50% of their portfolio Alpharetta, GA 1,231,4571.2m $270.6m $270.6m 3.50% Unchanged
27 Waverly Advisors, LLC 2.17% of their portfolio BIRMINGHAM, AL 1,216,6121.2m $267.4m $267.4m 2.17% Added +284.2k +284,197
28 CAPTRUST FINANCIAL ADVISORS 0.50% of their portfolio RALEIGH, NC 1,205,1061.2m $264.9m $264.9m 0.50% Reduced -5.3k -5,298
29 TRUST POINT INC. 20.86% of their portfolio LA CROSSE, WI 1,201,7861.2m $264.1m $264.1m 20.86% Added +10.1k +10,102
30 Cetera Investment Advisers 0.28% of their portfolio SCHAUMBURG, IL 1,175,0671.2m $258.3m $258.3m 0.28% Reduced -41.5k -41,516
31 Creative Planning 0.18% of their portfolio OVERLAND PARK, KS 1,126,5351.1m $247.6m $247.6m 0.18% Added +9.3k +9,262
32 Bank of New York Mellon Corp 0.04% of their portfolio NEW YORK, NY 1,069,0261.1m $235.0m $235.0m 0.04% Reduced -25.7k -25,667
33 STIFEL FINANCIAL CORP 0.21% of their portfolio ST. LOUIS, MO 1,058,5811.1m $232.7m $232.7m 0.21% Added +18.7k +18,704
34 MAI Capital Management 1.27% of their portfolio INDEPENDENCE, OH 996,705996.7k $219.1m $219.1m 1.27% Reduced -11.8k -11,823
35 BROWN ADVISORY INC 0.30% of their portfolio BALTIMORE, MD 978,762978.8k $215.1m $215.1m 0.30% Added +628 +628
36 ASPIRIANT, LLC 6.02% of their portfolio San Francisco, CA 954,027954.0k $209.7m $209.7m 6.02% Reduced -14.5k -14,506
37 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.16% of their portfolio Toronto, A6 894,996895.0k $196.7m $196.7m 0.16% Reduced -35.3k -35,256
38 Cambridge Investment Research Advisors, Inc. 0.50% of their portfolio FAIRFIELD, IA 860,343860.3k $189.1m $189.1m 0.50% Reduced -19.1k -19,057
39 Cerity Partners LLC 0.27% of their portfolio NEW YORK, NY 857,698857.7k $188.5m $188.5m 0.27% Added +188.7k +188,735
40 TRUIST FINANCIAL CORP 0.25% of their portfolio CHARLOTTE, NC 857,525857.5k $188.5m $188.5m 0.25% Reduced -2.7k -2,690
41 Rockefeller Capital Management L.P. 0.33% of their portfolio NEW YORK, NY 828,705828.7k $182.1m $182.1m 0.33% Added +126.8k +126,796
42 Cresset Asset Management, LLC 0.73% of their portfolio Chicago, IL 779,047779.0k $171.2m $171.2m 0.73% Added +85.7k +85,737
43 MERCER GLOBAL ADVISORS INC /ADV 0.26% of their portfolio DENVER, CO 772,653772.7k $170.1m $170.1m 0.26% Added +1.4k +1,375
44 Confluence Wealth Services, Inc. 7.02% of their portfolio MCMURRAY, PA 771,539771.5k $169.6m $169.6m 7.02% Added +48.7k +48,673
45 DAVENPORT & Co LLC 0.91% of their portfolio RICHMOND, VA 760,858760.9k $167.2m $167.2m 0.91% Added +60.8k +60,774
46 BANK OF MONTREAL /CAN/ 0.07% of their portfolio TORONTO, A6 753,580753.6k $165.6m $165.6m 0.07% Reduced -3.5k -3,544
47 Nicholas Hoffman & Company, LLC. 3.81% of their portfolio ATLANTA, GA 747,782747.8k $164.3m $164.3m 3.81% Added +2.0k +2,044
48 GOLDMAN SACHS GROUP INC 0.02% of their portfolio NEW YORK, NY 717,447717.4k $157.7m $157.7m 0.02% Added +22.1k +22,055
49 Focus Partners Wealth 0.17% of their portfolio ST LOUIS, MO 688,833688.8k $151.3m $151.3m 0.17% Reduced -18.6k -18,648
50 BLAIR WILLIAM & CO/IL 0.40% of their portfolio CHICAGO, IL 673,554673.6k $148.0m $148.0m 0.40% Added +6.9k +6,943
51 Diversified Enterprises, LLC 8.69% of their portfolio Wilmington, DE 665,052665.1k $146.2m $146.2m 8.69% Added +24.8k +24,761
52 Baird Financial Group, Inc. 0.22% of their portfolio MILWAUKEE, WI 640,862640.9k $140.8m $140.8m 0.22% Added +7.1k +7,077
53 Private Advisor Group, LLC 0.64% of their portfolio MORRISTOWN, NJ 617,239617.2k $135.7m $135.7m 0.64% Added +161 +161
54 MML INVESTORS SERVICES, LLC 0.32% of their portfolio SPRINGFIELD, MA 590,724590.7k $129.8m $129.8m 0.32% Added +5.4k +5,413
55 Janney Montgomery Scott LLC 0.29% of their portfolio PHILADELPHIA, PA 584,802584.8k $128.5m $128.5m 0.29% Added +29.0k +28,970
56 &PARTNERS 0.67% of their portfolio NASHVILLE, TN 575,385575.4k $127.5m $127.5m 0.67% Added +51.3k +51,266
57 GLENMEDE TRUST CO NA 0.59% of their portfolio PHILADELPHIA, PA 570,930570.9k $125.5m $125.5m 0.59% First filing
58 Kestra Advisory Services, LLC 0.49% of their portfolio AUSTIN, TX 541,017541.0k $118.9m $118.9m 0.49% Added +142.5k +142,527
59 FIFTH THIRD BANCORP 0.34% of their portfolio CINCINNATI, OH 488,974489.0k $107.5m $107.5m 0.34% Reduced -17.1k -17,128
60 Sanctuary Advisors, LLC 0.57% of their portfolio INDIANAPOLIS, IN 473,415473.4k $104.0m $104.0m 0.57% Reduced -986.6k -986,587
61 Steward Partners Investment Advisory, LLC 0.57% of their portfolio STAMFORD, CT 471,538471.5k $103.6m $103.6m 0.57% Added +18.7k +18,745
62 TD PRIVATE CLIENT WEALTH LLC 2.20% of their portfolio NEW YORK, NY 469,285469.3k $103.1m $103.1m 2.20% Added +6.1k +6,069
63 FRANKLIN RESOURCES INC 0.02% of their portfolio San Mateo, CA 451,838451.8k $99.3m $99.3m 0.02% Added +7.0k +6,971
64 FMR LLC 0.01% of their portfolio BOSTON, MA 449,187449.2k $98.7m $98.7m 0.01% Added +10.9k +10,902
65 Haverford Trust Co 0.79% of their portfolio Radnor, PA 402,947402.9k $88.6m $88.6m 0.79% Added +13.8k +13,820
66 PNC Financial Services Group, Inc. 0.05% of their portfolio Pittsburgh, PA 382,031382.0k $84.0m $84.0m 0.05% Added +24.8k +24,777
67 360 Financial, Inc. 25.26% of their portfolio WAYZATA, MN 380,314380.3k $83.6m $83.6m 25.26% Added +20.7k +20,710
68 IEQ CAPITAL, LLC 0.24% of their portfolio Foster City, CA 364,855364.9k $80.2m $80.2m 0.24% Added +26.5k +26,463
69 NewEdge Advisors, LLC 0.28% of their portfolio NEW ORLEANS, LA 356,184356.2k $78.3m $78.3m 0.28% Added +21.5k +21,474
70 Systematic Alpha Investments, LLC 2.42% of their portfolio PRINCETON, NJ 353,000353.0k $77.6m $77.6m 2.42% Unchanged
71 Sequoia Financial Advisors, LLC 0.43% of their portfolio Akron, OH 348,480348.5k $76.6m $76.6m 0.43% Added +81.7k +81,658
72 Hubbell Strickland Wealth Management, LLC 30.44% of their portfolio NEW ORLEANS, LA 344,235344.2k $75.7m $75.7m 30.44% Reduced -2.4k -2,355
73 Stokes Family Office, LLC 6.89% of their portfolio NEW ORLEANS, LA 342,887342.9k $75.4m $75.4m 6.89% Reduced -96.2k -96,233
74 PARK AVENUE SECURITIES LLC 0.63% of their portfolio NEW YORK, NY 336,436336.4k $73.9m $73.9m 0.63% Added +13.6k +13,625
75 Brookstone Capital Management 0.83% of their portfolio WHEATON, IL 329,974330.0k $72.5m $72.5m 0.83% Added +10.6k +10,567
76 Baltimore-Washington Financial Advisors, Inc. 2.91% of their portfolio Columbia, MD 317,797317.8k $69.8m $69.8m 2.91% Added +7.3k +7,299
77 Performance Wealth Partners, LLC 1.87% of their portfolio HINSDALE, IL 314,584314.6k $69.1m $69.1m 1.87% Reduced -1.2k -1,250
78 Paragon Capital Management Ltd 13.50% of their portfolio DENVER, CO 308,695308.7k $67.8m $67.8m 13.50% Reduced -3.2k -3,190
79 Beacon Pointe Advisors, LLC 0.47% of their portfolio NEWPORT BEACH, CA 304,599304.6k $66.9m $66.9m 0.47% Added +30.1k +30,116
80 Advisor OS, LLC 5.37% of their portfolio CHICAGO, IL 303,355303.4k $66.7m $66.7m 5.37% Added +12.4k +12,427
81 RWA WEALTH PARTNERS, LLC 0.72% of their portfolio BOSTON, MA 301,164301.2k $66.2m $66.2m 0.72% Added +205.8k +205,832
82 MJP ASSOCIATES INC /ADV 8.09% of their portfolio FARMINGTON, CT 294,138294.1k $64.6m $64.6m 8.09% Added +16.8k +16,836
83 Berkshire Money Management, Inc. 5.94% of their portfolio DALTON, MA 283,087283.1k $62.2m $62.2m 5.94% Reduced -2 -2
84 PDS Planning, Inc 4.08% of their portfolio DUBLIN, OH 277,806277.8k $61.1m $61.1m 4.08% Added +1.8k +1,771
85 Equitable Holdings, Inc. 0.41% of their portfolio NEW YORK, NY 274,489274.5k $60.3m $60.3m 0.41% Reduced -14.2k -14,200
86 True Link Financial Advisors, LLC 3.62% of their portfolio SAN FRANCISCO, CA 270,984271.0k $59.6m $59.6m 3.62% Added +135.4k +135,391
87 PLANNING ALTERNATIVES LTD /ADV 7.41% of their portfolio BIRMINGHAM, MI 267,563267.6k $58.8m $58.8m 7.41% Reduced -1.5k -1,477
88 Provenance Wealth Advisors, LLC 6.47% of their portfolio FORT LAUDERDALE, FL 265,824265.8k $58.4m $58.4m 6.47% Reduced -6.6k -6,648
89 Enclave Advisors LLC 8.26% of their portfolio AUSTIN, TX 265,206265.2k $58.3m $58.3m 8.26% Reduced -12.1k -12,096
90 Evensky & Katz LLC 3.23% of their portfolio CORAL GABLES, FL 260,157260.2k $57.2m $57.2m 3.23% Added +2.4k +2,432
91 US BANCORP \DE\ 0.06% of their portfolio MINNEAPOLIS, MN 252,156252.2k $55.4m $55.4m 0.06% Reduced -1.7k -1,697
92 Wealth Architects, LLC 4.86% of their portfolio MOUNTAIN VIEW, CA 245,249245.2k $53.9m $53.9m 4.86% Added +1.2k +1,187
93 GLOBALT Investments LLC / GA 1.93% of their portfolio Atlanta, GA 240,847240.8k $52.9m $52.9m 1.93% Reduced -2.1k -2,113
94 Principle Wealth Partners LLC 2.87% of their portfolio MADISON, CT 231,695231.7k $50.9m $50.9m 2.87% Reduced -12.5k -12,538
95 NORTHERN TRUST CORP 0.01% of their portfolio CHICAGO, IL 230,229230.2k $50.6m $50.6m 0.01% Added +11.9k +11,940
96 Noble Family Wealth, LLC 10.47% of their portfolio Clearwater, FL 225,987226.0k $49.7m $49.7m 10.47% Added +4.3k +4,317
97 New England Private Wealth Advisors LLC 6.18% of their portfolio WELLESLEY, MA 225,971226.0k $49.7m $49.7m 6.18% Reduced -1.3k -1,289
98 Avantax Planning Partners, Inc. 1.38% of their portfolio DUBUQUE, IA 225,257225.3k $49.5m $49.5m 1.38% Reduced -9.2k -9,247
99 Intellus Advisors LLC 6.41% of their portfolio NAPLES, FL 219,825219.8k $48.3m $48.3m 6.41% Added +792 +792
100 CITIGROUP INC 0.03% of their portfolio NEW YORK, NY 213,122213.1k $46.8m $46.8m 0.03% Reduced -8.6k -8,555