Vault-13

VANGUARD SPECIALIZED FUNDS VIG

DIV APP ETF · ETP · CUSIP 921908844

2,532 institutional holders +2 vs Q4 2025
213,539,301213.5m shares reported held*
$45.9bnreported value*
105 new 986 added 939 reduced 98 sold out net sold ≈ $841.1m (-4.0m 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 ($185.1m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $215.12. Options: 3 managers hold calls ($84.3m notional), 4 hold puts ($11.3m).

Trends to Q1 2026

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: 2,530Q1 26: 2,5322,532Q3 22Q3 23Q3 24Q3 25Q1 26
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
Q1 20262,532

Buyers vs sellers

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

Bought or addedCut or sold out
2k02kQ2 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 25Q4 25: 1,135 bought or addedQ4 25: 897 cut or sold outQ1 26: 1,091 bought or addedQ1 26: 1,037 cut or sold outQ1 26
Numbers
QuarterBought or addedCut or sold out
Q2 2024788859
Q3 2024961832
Q4 20241,003816
Q1 20251,026974
Q2 2025922893
Q3 20251,035912
Q4 20251,135897
Q1 20261,0911,037

Calls vs puts

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

CallsPuts
$0$50m$100m$150mQ2 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 0.12Q1 26 calls: $84.3mQ1 26 puts: $11.3mQ1 26P/C 0.13
Numbers
QuarterCallsPutsP/C
Q2 2025$94.3m$22.2m0.24
Q3 2025$104.5m$22.5m0.22
Q4 2025$89.9m$10.5m0.12
Q1 2026$84.3m$11.3m0.13

Biggest buyers

Robertson Stephens Wealth Management, LLC New +717,344+717.3k
Independent Advisor Alliance Added +384,253+384.3k
WELLINGTON MANAGEMENT GROUP LLP New +323,541+323.5k
JONES FINANCIAL COMPANIES LLLP Added +319,559+319.6k
Horizon Investments, LLC Added +309,363+309.4k
MORGAN STANLEY Added +244,419+244.4k
CAMBRIDGE ASSOCIATES LLC /MA/ /ADV New +208,306+208.3k
ENVESTNET ASSET MANAGEMENT INC Added +199,137+199.1k
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Added +150,598+150.6k
RAYMOND JAMES FINANCIAL INC Added +129,137+129.1k

Biggest sellers

BANK OF AMERICA CORP /DE/ Reduced -3,061,801-3.1m
Corient Private Wealth LP Reduced -1,394,242-1.4m
Wealthfront Advisers LLC Reduced -882,045-882.0k
TRUST POINT INC. Reduced -636,527-636.5k
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC Reduced -425,564-425.6k
PLANNING ALTERNATIVES LTD /ADV Reduced -248,680-248.7k
PRUDENTIAL FINANCIAL INC Reduced -212,766-212.8k
COMMONWEALTH EQUITY SERVICES, LLC Reduced -197,340-197.3k
MERCER GLOBAL ADVISORS INC /ADV Reduced -187,220-187.2k
Frazier Financial Advisors, LLC Reduced -171,940-171.9k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $50.2m233.3k shares
JANE STREET GROUP, LLC Added $21.1m98.0k shares
CITADEL ADVISORS LLC Reduced $13.0m60.5k shares

Biggest puts

CITADEL ADVISORS LLC Added $6.4m29.9k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $3.9m18.0k shares
LOGAN CAPITAL MANAGEMENT INC New $580.7k2.7k shares
JANE STREET GROUP, LLC Added $408.6k1.9k 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, Q1 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BANK OF AMERICA CORP /DE/ 0.34% of their portfolio CHARLOTTE, NC 21,677,87921.7m $4.7bn $4.7bn 0.34% Reduced -3.1m -3,061,801
2 MORGAN STANLEY 0.17% of their portfolio NEW YORK, NY 13,018,44813.0m $2.8bn $2.8bn 0.17% Added +244.4k +244,419
3 WELLS FARGO & COMPANY/MN 0.46% of their portfolio SAN FRANCISCO, CA 10,790,75610.8m $2.3bn $2.3bn 0.46% Reduced -23.4k -23,404
4 Vanguard Global Advisers, LLC 1.23% of their portfolio MALVERN, PA 10,627,84210.6m $2.3bn $2.3bn 1.23% First filing
5 Wealthfront Advisers LLC 4.25% of their portfolio Palo Alto, CA 8,997,1469.0m $1.9bn $1.9bn 4.25% Reduced -882.0k -882,045
6 LPL Financial LLC 0.40% of their portfolio FORT MILL, SC 7,002,4757.0m $1.5bn $1.5bn 0.40% Added +92.7k +92,654
7 UBS Group AG 0.24% of their portfolio ZURICH, V8 6,330,8046.3m $1.4bn $1.4bn 0.24% Added +72.0k +71,954
8 HB Wealth Management, LLC 7.96% of their portfolio Atlanta, GA 5,763,6025.8m $1.2bn $1.2bn 7.96% Added +57.7k +57,711
9 RAYMOND JAMES FINANCIAL INC 0.38% of their portfolio ST. PETERSBURG, FL 5,720,9465.7m $1.2bn $1.2bn 0.38% Added +129.1k +129,137
10 ROYAL BANK OF CANADA 0.17% of their portfolio TORONTO, A6 4,141,5604.1m $890.7m $890.7m 0.17% Reduced -17.6k -17,619
11 JPMORGAN CHASE & CO 0.05% of their portfolio NEW YORK, NY 3,195,6233.2m $673.3m $673.3m 0.05% Reduced -49.0k -49,027
12 ENVESTNET ASSET MANAGEMENT INC 0.14% of their portfolio Berwyn, PA 2,496,9012.5m $537.0m $537.0m 0.14% Added +199.1k +199,137
13 PRUDENTIAL FINANCIAL INC 0.66% of their portfolio NEWARK, NJ 2,487,6252.5m $535.0m $535.0m 0.66% Reduced -212.8k -212,766
14 AMERIPRISE FINANCIAL INC 0.12% of their portfolio MINNEAPOLIS, MN 2,446,3742.4m $526.2m $526.2m 0.12% Reduced -171.5k -171,474
15 COMMONWEALTH EQUITY SERVICES, LLC 0.71% of their portfolio WALTHAM, MA 2,374,0702.4m $510.6m $510.6m 0.71% Reduced -197.3k -197,340
16 HighTower Advisors, LLC 0.54% of their portfolio CHICAGO, IL 2,351,1562.4m $505.7m $505.7m 0.54% Reduced -6.8k -6,781
17 SIGNATUREFD, LLC 7.26% of their portfolio ATLANTA, GA 2,203,2572.2m $473.8m $473.8m 7.26% Added +56.1k +56,084
18 JONES FINANCIAL COMPANIES LLLP 0.21% of their portfolio DES PERES, MO 2,055,7472.1m $433.3m $433.3m 0.21% Added +319.6k +319,559
19 OSAIC HOLDINGS, INC. 0.62% of their portfolio SCOTTSDALE, AZ 1,954,3122.0m $420.4m $420.4m 0.62% Added +66.1k +66,090
20 Modera Wealth Management, LLC 4.16% of their portfolio WESTWOOD, NJ 1,612,7531.6m $346.8m $346.8m 4.16% Added +62.0k +61,975
21 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.21% of their portfolio MILWAUKEE, WI 1,587,5921.6m $341.4m $341.4m 0.21% Added +11.3k +11,263
22 Corient Private Wealth LP 0.47% of their portfolio MIAMI, FL 1,544,4101.5m $328.1m $328.1m 0.47% Reduced -1.4m -1,394,242
23 Mariner, LLC 0.34% of their portfolio Overland Park, KS 1,363,4061.4m $293.2m $293.2m 0.34% Reduced -28.9k -28,892
24 Joel Isaacson & Co., LLC 9.62% of their portfolio NEW YORK, NY 1,349,0511.3m $290.1m $290.1m 9.62% Added +30.8k +30,794
25 Waverly Advisors, LLC 2.02% of their portfolio BIRMINGHAM, AL 1,254,2221.3m $269.7m $269.7m 2.02% Added +37.6k +37,610
26 CAPTRUST FINANCIAL ADVISORS 0.46% of their portfolio RALEIGH, NC 1,231,8581.2m $264.8m $264.8m 0.46% Added +26.8k +26,752
27 Creative Planning 0.18% of their portfolio OVERLAND PARK, KS 1,204,9221.2m $259.1m $259.1m 0.18% Added +78.4k +78,387
28 Howard Capital Management, LLC 4.23% of their portfolio Alpharetta, GA 1,201,9821.2m $258.5m $258.5m 4.23% Reduced -29.5k -29,475
29 Cetera Investment Advisers 0.27% of their portfolio SCHAUMBURG, IL 1,173,3381.2m $252.3m $252.3m 0.27% Reduced -1.7k -1,729
30 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.54% of their portfolio PLYMOUTH, MN 1,147,1181.1m $247.6m $247.6m 0.54% Reduced -425.6k -425,564
31 STIFEL FINANCIAL CORP 0.20% of their portfolio ST. LOUIS, MO 1,035,2841.0m $222.7m $222.7m 0.20% Reduced -23.3k -23,297
32 BROWN ADVISORY INC 0.35% of their portfolio BALTIMORE, MD 986,330986.3k $212.1m $212.1m 0.35% Added +7.6k +7,568
33 MAI Capital Management 1.19% of their portfolio INDEPENDENCE, OH 976,020976.0k $209.9m $209.9m 1.19% Reduced -20.7k -20,685
34 Bank of New York Mellon Corp 0.04% of their portfolio NEW YORK, NY 965,770965.8k $207.7m $207.7m 0.04% Reduced -103.3k -103,256
35 ASPIRIANT, LLC 5.85% of their portfolio San Francisco, CA 955,149955.1k $205.4m $205.4m 5.85% Added +1.1k +1,122
36 Cerity Partners LLC 0.29% of their portfolio NEW YORK, NY 933,619933.6k $201.0m $201.0m 0.29% Added +75.9k +75,921
37 Cambridge Investment Research Advisors, Inc. 0.47% of their portfolio FAIRFIELD, IA 854,916854.9k $183.9m $183.9m 0.47% Reduced -5.4k -5,427
38 DAVENPORT & Co LLC 1.02% of their portfolio RICHMOND, VA 853,798853.8k $183.6m $183.6m 1.02% Added +92.9k +92,940
39 TRUIST FINANCIAL CORP 0.24% of their portfolio CHARLOTTE, NC 831,224831.2k $178.8m $178.8m 0.24% Reduced -26.3k -26,301
40 Rockefeller Capital Management L.P. 0.31% of their portfolio NEW YORK, NY 824,486824.5k $177.3m $177.3m 0.31% Reduced -4.2k -4,219
41 Confluence Wealth Services, Inc. 6.81% of their portfolio MCMURRAY, PA 816,946816.9k $175.7m $175.7m 6.81% Added +45.4k +45,407
42 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.15% of their portfolio Toronto, A6 791,019791.0k $170.1m $170.1m 0.15% Reduced -104.0k -103,977
43 Cresset Asset Management, LLC 0.71% of their portfolio Chicago, IL 765,784765.8k $164.7m $164.7m 0.71% Reduced -13.3k -13,263
44 Nicholas Hoffman & Company, LLC. 3.73% of their portfolio ATLANTA, GA 750,651750.7k $161.4m $161.4m 3.73% Added +2.9k +2,869
45 Robertson Stephens Wealth Management, LLC 4.32% of their portfolio San Francisco, CA 717,344717.3k $154.3m $154.3m 4.32% New
46 GOLDMAN SACHS GROUP INC 0.02% of their portfolio NEW YORK, NY 698,249698.2k $150.2m $150.2m 0.02% Reduced -19.2k -19,198
47 Diversified Enterprises, LLC 8.14% of their portfolio Wilmington, DE 690,306690.3k $148.5m $148.5m 8.14% Added +25.3k +25,254
48 Focus Partners Wealth 0.16% of their portfolio ST LOUIS, MO 688,702688.7k $148.2m $148.2m 0.16% Reduced -131 -131
49 BLAIR WILLIAM & CO/IL 0.42% of their portfolio CHICAGO, IL 687,771687.8k $147.9m $147.9m 0.42% Added +14.2k +14,217
50 BANK OF MONTREAL /CAN/ 0.06% of their portfolio TORONTO, A6 686,798686.8k $147.7m $147.7m 0.06% Reduced -66.8k -66,782
51 Baird Financial Group, Inc. 0.21% of their portfolio MILWAUKEE, WI 623,599623.6k $134.1m $134.1m 0.21% Reduced -17.3k -17,263
52 Private Advisor Group, LLC 0.60% of their portfolio MORRISTOWN, NJ 593,665593.7k $127.7m $127.7m 0.60% Reduced -23.6k -23,574
53 Janney Montgomery Scott LLC 0.31% of their portfolio PHILADELPHIA, PA 585,802585.8k $126.0m $126.0m 0.31% Added +1.0k +1,000
54 MERCER GLOBAL ADVISORS INC /ADV 0.19% of their portfolio DENVER, CO 585,433585.4k $125.9m $125.9m 0.19% Reduced -187.2k -187,220
55 FIFTH THIRD BANCORP 0.23% of their portfolio CINCINNATI, OH 584,358584.4k $125.7m $125.7m 0.23% Added +95.4k +95,384
56 Kestra Advisory Services, LLC 0.48% of their portfolio AUSTIN, TX 584,269584.3k $125.7m $125.7m 0.48% Added +43.3k +43,252
57 &PARTNERS 0.61% of their portfolio NASHVILLE, TN 570,781570.8k $122.7m $122.7m 0.61% Reduced -4.6k -4,604
58 TRUST POINT INC. 10.56% of their portfolio LA CROSSE, WI 565,259565.3k $121.6m $121.6m 10.56% Reduced -636.5k -636,527
59 GLENMEDE TRUST CO NA 0.60% of their portfolio PHILADELPHIA, PA 564,446564.4k $121.4m $121.4m 0.60% Reduced -6.5k -6,484
60 FMR LLC 0.01% of their portfolio BOSTON, MA 499,813499.8k $107.5m $107.5m 0.01% Added +50.6k +50,626
61 MML INVESTORS SERVICES, LLC 0.29% of their portfolio SPRINGFIELD, MA 493,250493.2k $106.1m $106.1m 0.29% Reduced -97.5k -97,474
62 Steward Partners Investment Advisory, LLC 0.54% of their portfolio STAMFORD, CT 492,749492.7k $106.0m $106.0m 0.54% Added +21.2k +21,211
63 Sanctuary Advisors, LLC 0.57% of their portfolio INDIANAPOLIS, IN 490,072490.1k $105.4m $105.4m 0.57% Added +16.7k +16,657
64 TD PRIVATE CLIENT WEALTH LLC 2.09% of their portfolio NEW YORK, NY 467,630467.6k $100.6m $100.6m 2.09% Reduced -1.7k -1,655
65 Horizon Investments, LLC 1.06% of their portfolio Charlotte, NC 439,388439.4k $94.5m $94.5m 1.06% Added +309.4k +309,363
66 PNC Financial Services Group, Inc. 0.05% of their portfolio Pittsburgh, PA 407,537407.5k $87.6m $87.6m 0.05% Added +25.5k +25,506
67 Haverford Trust Co 0.79% of their portfolio Radnor, PA 402,828402.8k $86.6m $86.6m 0.79% Reduced -119 -119
68 360 Financial, Inc. 25.71% of their portfolio WAYZATA, MN 396,679396.7k $85.3m $85.3m 25.71% Added +16.4k +16,365
69 Independent Advisor Alliance 0.90% of their portfolio CHARLOTTE, NC 388,720388.7k $83.6m $83.6m 0.90% Added +384.3k +384,253
70 Beacon Pointe Advisors, LLC 0.43% of their portfolio NEWPORT BEACH, CA 378,858378.9k $81.5m $81.5m 0.43% Added +74.3k +74,259
71 IEQ CAPITAL, LLC 0.37% of their portfolio Foster City, CA 374,469374.5k $80.5m $80.5m 0.37% Added +9.6k +9,614
72 Sequoia Financial Advisors, LLC 0.44% of their portfolio Akron, OH 361,475361.5k $77.7m $77.7m 0.44% Added +13.0k +12,995
73 FRANKLIN RESOURCES INC 0.02% of their portfolio San Mateo, CA 359,954360.0k $77.4m $77.4m 0.02% Reduced -91.9k -91,884
74 Stokes Family Office, LLC 7.86% of their portfolio NEW ORLEANS, LA 354,083354.1k $76.1m $76.1m 7.86% Added +11.2k +11,196
75 Systematic Alpha Investments, LLC 2.67% of their portfolio PRINCETON, NJ 353,000353.0k $75.9m $75.9m 2.67% Unchanged
76 PARK AVENUE SECURITIES LLC 0.58% of their portfolio NEW YORK, NY 346,034346.0k $74.4m $74.4m 0.58% Added +9.6k +9,598
77 Hubbell Strickland Wealth Management, LLC 29.36% of their portfolio NEW ORLEANS, LA 342,517342.5k $73.7m $73.7m 29.36% Reduced -1.7k -1,718
78 Brookstone Capital Management 0.84% of their portfolio WHEATON, IL 339,829339.8k $73.1m $73.1m 0.84% Added +9.9k +9,855
79 Baltimore-Washington Financial Advisors, Inc. 3.03% of their portfolio Columbia, MD 326,377326.4k $70.2m $70.2m 3.03% Added +8.6k +8,580
80 WELLINGTON MANAGEMENT GROUP LLP 0.01% of their portfolio Boston, MA 323,541323.5k $69.6m $69.6m 0.01% New
81 US BANCORP \DE\ 0.08% of their portfolio MINNEAPOLIS, MN 319,901319.9k $68.8m $68.8m 0.08% Added +67.7k +67,745
82 NewEdge Advisors, LLC 0.25% of their portfolio NEW ORLEANS, LA 319,730319.7k $68.8m $68.8m 0.25% Reduced -36.5k -36,454
83 Performance Wealth Partners, LLC 1.98% of their portfolio HINSDALE, IL 317,389317.4k $68.3m $68.3m 1.98% Added +2.8k +2,805
84 RWA WEALTH PARTNERS, LLC 0.74% of their portfolio BOSTON, MA 313,729313.7k $67.5m $67.5m 0.74% Added +12.6k +12,565
85 Equitable Holdings, Inc. 0.44% of their portfolio NEW YORK, NY 313,122313.1k $68.7m $68.7m 0.44% Added +38.6k +38,633
86 Paragon Capital Management Ltd 13.65% of their portfolio DENVER, CO 302,201302.2k $65.0m $65.0m 13.65% Reduced -6.5k -6,494
87 PDS Planning, Inc 4.02% of their portfolio DUBLIN, OH 283,210283.2k $60.9m $60.9m 4.02% Added +5.4k +5,404
88 Berkshire Money Management, Inc. 6.16% of their portfolio DALTON, MA 279,611279.6k $60.1m $60.1m 6.16% Reduced -3.5k -3,476
89 Advisor OS, LLC 4.30% of their portfolio CHICAGO, IL 276,339276.3k $59.4m $59.4m 4.30% Reduced -27.0k -27,016
90 True Link Financial Advisors, LLC 3.63% of their portfolio SAN FRANCISCO, CA 273,431273.4k $58.8m $58.8m 3.63% Added +2.4k +2,447
91 MJP ASSOCIATES INC /ADV 7.01% of their portfolio FARMINGTON, CT 268,372268.4k $57.7m $57.7m 7.01% Reduced -25.8k -25,766
92 Evensky & Katz LLC 3.20% of their portfolio CORAL GABLES, FL 261,326261.3k $56.2m $56.2m 3.20% Added +1.2k +1,169
93 Provenance Wealth Advisors, LLC 5.82% of their portfolio FORT LAUDERDALE, FL 255,450255.4k $54.9m $54.9m 5.82% Reduced -10.4k -10,374
94 Wealth Architects, LLC 4.82% of their portfolio MOUNTAIN VIEW, CA 251,254251.3k $54.0m $54.0m 4.82% Added +6.0k +6,005
95 Enclave Advisors LLC 7.57% of their portfolio AUSTIN, TX 246,907246.9k $53.1m $53.1m 7.57% Reduced -18.3k -18,299
96 D.A. DAVIDSON & CO. 0.32% of their portfolio GREAT FALLS, MT 245,039245.0k $52.7m $52.7m 0.32% Added +54.9k +54,874
97 GLOBALT Investments LLC / GA 1.87% of their portfolio Atlanta, GA 243,246243.2k $52.3m $52.3m 1.87% Added +2.4k +2,399
98 NORTHERN TRUST CORP 0.01% of their portfolio CHICAGO, IL 230,160230.2k $49.5m $49.5m 0.01% Reduced -69 -69
99 Principle Wealth Partners LLC 2.80% of their portfolio MADISON, CT 227,881227.9k $49.0m $49.0m 2.80% Reduced -3.8k -3,814
100 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.01% of their portfolio NEW YORK, NY 227,567227.6k $48.9m $48.9m 0.01% Added +150.6k +150,598