Vault-13

VANGUARD STAR FDS VXUS

VG TL INTL STK F · ETP · CUSIP 921909768

1,651 institutional holders +184 vs Q3 2025
387,503,207387.5m shares reported held*
$29.0bnreported value*
143 new 788 added 378 reduced 49 sold out net bought ≈ $2.3bn (+30.2m 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 ($122.8m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $74.77. Options: 3 managers hold calls ($10.1m notional), 3 hold puts ($10.1m).

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

01k2kQ3 22: 831Q4 22: 921Q1 23: 948Q2 23: 973Q3 23: 985Q4 23: 1,112Q1 24: 1,138Q2 24: 1,158Q3 24: 1,188Q4 24: 1,302Q1 25: 1,352Q2 25: 1,407Q3 25: 1,467Q4 25: 1,6511,651Q3 22Q2 23Q1 24Q4 24Q4 25
Numbers
QuarterHolders
Q3 2022831
Q4 2022921
Q1 2023948
Q2 2023973
Q3 2023985
Q4 20231,112
Q1 20241,138
Q2 20241,158
Q3 20241,188
Q4 20241,302
Q1 20251,352
Q2 20251,407
Q3 20251,467
Q4 20251,651

Buyers vs sellers

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

Bought or addedCut or sold out
1k01kQ1 24: 642 bought or addedQ1 24: 391 cut or sold outQ2 24: 615 bought or addedQ2 24: 424 cut or sold outQ2 24Q3 24: 612 bought or addedQ3 24: 435 cut or sold outQ4 24: 678 bought or addedQ4 24: 399 cut or sold outQ4 24Q1 25: 715 bought or addedQ1 25: 504 cut or sold outQ2 25: 785 bought or addedQ2 25: 484 cut or sold outQ2 25Q3 25: 833 bought or addedQ3 25: 452 cut or sold outQ4 25: 931 bought or addedQ4 25: 427 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 2024642391
Q2 2024615424
Q3 2024612435
Q4 2024678399
Q1 2025715504
Q2 2025785484
Q3 2025833452
Q4 2025931427

Calls vs puts

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

CallsPuts
$0$5m$10m$15mQ1 25 calls: $8.0mQ1 25 puts: $8.0mQ1 25P/C 1.00Q2 25 calls: $7.2mQ2 25 puts: $11.5mQ2 25P/C 1.60Q3 25 calls: $7.6mQ3 25 puts: $9.4mQ3 25P/C 1.23Q4 25 calls: $10.1mQ4 25 puts: $10.1mQ4 25P/C 0.99
Numbers
QuarterCallsPutsP/C
Q1 2025$8.0m$8.0m1.00
Q2 2025$7.2m$11.5m1.60
Q3 2025$7.6m$9.4m1.23
Q4 2025$10.1m$10.1m0.99

Biggest buyers

FLOW TRADERS U.S. LLC New +11,030,823+11.0m
Aptus Capital Advisors, LLC Added +5,054,456+5.1m
MORGAN STANLEY Added +4,651,939+4.7m
Corient Private Wealth LP Added +3,973,424+4.0m
VANGUARD GROUP INC Added +3,056,564+3.1m
FIRST NATIONAL BANK OF OMAHA Added +1,090,127+1.1m
Penserra Capital Management LLC Added +711,777+711.8k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added +583,521+583.5k
Select Equity Group, L.P. New +533,471+533.5k
First American Financial Corp Added +475,840+475.8k

Biggest sellers

Wealthspire Advisors, LLC Reduced -5,148,868-5.1m
JANE STREET GROUP, LLC Reduced -1,887,344-1.9m
JPMORGAN CHASE & CO Reduced -1,081,306-1.1m
Savant Capital, LLC Reduced -545,779-545.8k
Angeles Investment Advisors, LLC Reduced -460,984-461.0k
Sanctuary Advisors, LLC Reduced -447,399-447.4k
Silphium Asset Management Ltd Sold out -439,000-439.0k
3EDGE Asset Management, LP Reduced -386,703-386.7k
NATIXIS ADVISORS, LLC Reduced -356,304-356.3k
McKinley Carter Wealth Services, Inc. Reduced -342,550-342.6k

Biggest calls

Twin Tree Management, LP New $5.8m77.3k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $2.9m38.4k shares
CITADEL ADVISORS LLC Added $1.4m18.6k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $6.6m87.2k shares
CITADEL ADVISORS LLC Reduced $3.5m46.4k shares
Cetera Investment Advisers New $110200 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 VANGUARD GROUP INC 0.10% of their portfolio Valley Forge, PA 87,491,30787.5m $6.6bn $6.6bn 0.10% Added +3.1m +3,056,564
2 BANK OF AMERICA CORP /DE/ 0.11% of their portfolio CHARLOTTE, NC 19,938,01419.9m $1.5bn $1.5bn 0.11% Added +465.0k +464,955
3 MORGAN STANLEY 0.07% of their portfolio NEW YORK, NY 16,494,66716.5m $1.2bn $1.2bn 0.07% Added +4.7m +4,651,939
4 Rakuten Investment Management, Inc. 3.71% of their portfolio TOKYO, M0 15,070,90015.1m $1.1bn $1.1bn 3.71% Unchanged
5 ENVESTNET ASSET MANAGEMENT INC 0.27% of their portfolio Berwyn, PA 11,876,87611.9m $896.0m $896.0m 0.27% Reduced -340.1k -340,105
6 FLOW TRADERS U.S. LLC 27.27% of their portfolio NEW YORK, NY 11,030,82311.0m $832.2m $832.2m 27.27% New
7 HB Wealth Management, LLC 3.70% of their portfolio Atlanta, GA 7,608,9297.6m $570.8m $570.8m 3.70% Added +399.9k +399,897
8 Cetera Investment Advisers 0.54% of their portfolio SCHAUMBURG, IL 6,538,7846.5m $493.3m $493.3m 0.54% Added +4.6k +4,632
9 Cambridge Investment Research Advisors, Inc. 1.27% of their portfolio FAIRFIELD, IA 6,359,3826.4m $479.8m $479.8m 1.27% Reduced -22.2k -22,229
10 Wealthspire Advisors, LLC 3.53% of their portfolio NEW YORK, NY 5,883,2885.9m $443.8m $443.8m 3.53% Reduced -5.1m -5,148,868
11 Aptus Capital Advisors, LLC 3.30% of their portfolio FAIRHOPE, AL 5,152,9265.2m $388.7m $388.7m 3.30% Added +5.1m +5,054,456
12 AMERIPRISE FINANCIAL INC 0.08% of their portfolio MINNEAPOLIS, MN 4,881,3204.9m $368.2m $368.2m 0.08% Added +295.4k +295,360
13 Corient Private Wealth LP 0.23% of their portfolio MIAMI, FL 4,648,5244.6m $336.1m $336.1m 0.23% Added +4.0m +3,973,424
14 LPL Financial LLC 0.09% of their portfolio FORT MILL, SC 4,448,1564.4m $335.6m $335.6m 0.09% Added +424.9k +424,875
15 Sageworth Trust Co 13.55% of their portfolio LANCASTER, PA 4,193,5354.2m $316.4m $316.4m 13.55% Added +61.6k +61,572
16 ROYAL BANK OF CANADA 0.06% of their portfolio TORONTO, A6 4,177,1454.2m $315.1m $315.1m 0.06% Added +335.3k +335,337
17 UBS Group AG 0.06% of their portfolio ZURICH, V8 4,000,9684.0m $301.8m $301.8m 0.06% Added +185.7k +185,711
18 JANE STREET GROUP, LLC 0.33% of their portfolio NEW YORK, NY 3,731,6093.7m $281.5m $281.5m 0.33% Reduced -1.9m -1,887,344
19 HighTower Advisors, LLC 0.28% of their portfolio CHICAGO, IL 3,427,3963.4m $258.6m $258.6m 0.28% Added +146.4k +146,434
20 SIGNATUREFD, LLC 3.76% of their portfolio ATLANTA, GA 3,262,6203.3m $246.1m $246.1m 3.76% Added +37.8k +37,799
21 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.34% of their portfolio PLYMOUTH, MN 3,191,0193.2m $247.7m $247.7m 0.34% Added +96.8k +96,809
22 WELLS FARGO & COMPANY/MN 0.04% of their portfolio SAN FRANCISCO, CA 3,009,5143.0m $227.0m $227.0m 0.04% Added +279.2k +279,214
23 Wellspring Financial Advisors, LLC 0.23% of their portfolio CLEVELAND, OH 2,933,3852.9m $2.9m $2.9m 0.23% Unchanged
24 RAYMOND JAMES FINANCIAL INC 0.07% of their portfolio ST. PETERSBURG, FL 2,919,7742.9m $220.3m $220.3m 0.07% Added +144.8k +144,784
25 Angeles Investment Advisors, LLC 14.31% of their portfolio SANTA MONICA, CA 2,842,7942.8m $214.5m $214.5m 14.31% Reduced -461.0k -460,984
26 JANUS HENDERSON GROUP PLC 0.09% of their portfolio LONDON, X0 2,648,0302.6m $199.8m $199.8m 0.09% Added +303.9k +303,871
27 UNIVEST FINANCIAL Corp 8.41% of their portfolio SOUDERTON, PA 2,102,7102.1m $158.6m $158.6m 8.41% Added +16.0k +15,960
28 First American Financial Corp 42.23% of their portfolio SANTA ANA, CA 2,090,1602.1m $157.7m $157.7m 42.23% Added +475.8k +475,840
29 OSAIC HOLDINGS, INC. 0.23% of their portfolio SCOTTSDALE, AZ 2,068,3562.1m $156.1m $156.1m 0.23% Reduced -30.6k -30,641
30 Tidal Investments LLC 0.63% of their portfolio Milwaukee, WI 1,990,7712.0m $150.2m $150.2m 0.63% Added +383.9k +383,923
31 Zhang Financial LLC 5.29% of their portfolio PORTAGE, MI 1,880,2871.9m $141.8m $141.8m 5.29% Added +139.7k +139,713
32 Vestmark Advisory Solutions, Inc. 1.83% of their portfolio Wakefield, MA 1,799,1461.8m $135.7m $135.7m 1.83% Added +85.6k +85,635
33 SEI INVESTMENTS CO 0.13% of their portfolio OAKS, PA 1,762,6701.8m $133.0m $133.0m 0.13% Added +79.8k +79,846
34 Charter Oak Capital Management, LLC 9.57% of their portfolio PORTSMOUTH, NH 1,663,5031.7m $125.5m $125.5m 9.57% Added +98.5k +98,512
35 Cerity Partners LLC 0.18% of their portfolio NEW YORK, NY 1,645,5871.6m $124.2m $124.2m 0.18% Added +61.4k +61,406
36 Focus Partners Wealth 0.14% of their portfolio ST LOUIS, MO 1,605,5701.6m $121.1m $121.1m 0.14% Added +238.5k +238,502
37 Envestnet Portfolio Solutions, Inc. 0.40% of their portfolio BERWYN, PA 1,502,6381.5m $113.4m $113.4m 0.40% Added +23.7k +23,651
38 JPMORGAN CHASE & CO 0.01% of their portfolio NEW YORK, NY 1,490,5721.5m $112.4m $112.4m 0.01% Reduced -1.1m -1,081,306
39 LINCOLN NATIONAL CORP 3.26% of their portfolio RADNOR, PA 1,480,1511.5m $111.7m $111.7m 3.26% Added +29.5k +29,521
40 CAPTRUST FINANCIAL ADVISORS 0.20% of their portfolio RALEIGH, NC 1,403,6281.4m $105.9m $105.9m 0.20% Added +23.0k +23,045
41 ANGELES WEALTH MANAGEMENT, LLC 5.79% of their portfolio SANTA MONICA, CA 1,392,8551.4m $105.1m $105.1m 5.79% Added +106.1k +106,115
42 McKinley Carter Wealth Services, Inc. 5.81% of their portfolio WHEELING, WV 1,378,1981.4m $104.0m $104.0m 5.81% Reduced -342.6k -342,550
43 SENTINEL TRUST CO LBA 10.14% of their portfolio HOUSTON, TX 1,364,9931.4m $103.0m $103.0m 10.14% Added +122.2k +122,221
44 ALLIANCEBERNSTEIN L.P. 0.03% of their portfolio NASHVILLE, TN 1,290,3161.3m $97.3m $97.3m 0.03% Reduced -2.7k -2,677
45 Gleason Group, Inc. 9.38% of their portfolio PROSPECT, KY 1,268,3721.3m $95.7m $95.7m 9.38% Added +51.8k +51,753
46 3EDGE Asset Management, LP 4.92% of their portfolio Naples, FL 1,256,9681.3m $94.8m $94.8m 4.92% Reduced -386.7k -386,703
47 St. Louis Trust Co 10.43% of their portfolio SAINT LOUIS, MO 1,205,3451.2m $90.9m $90.9m 10.43% Reduced -11.3k -11,328
48 Global Endowment Management, LP 11.22% of their portfolio CHARLOTTE, NC 1,191,8401.2m $89.9m $89.9m 11.22% Added +10.0k +9,968
49 Penserra Capital Management LLC 1.06% of their portfolio ORINDA, CA 1,187,6061.2m $89.6m $89.6m 1.06% Added +711.8k +711,777
50 Rockefeller Capital Management L.P. 0.16% of their portfolio NEW YORK, NY 1,168,4531.2m $88.1m $88.1m 0.16% Added +51.4k +51,380
51 Capstone Financial Advisors, Inc. 4.61% of their portfolio DOWNERS GROVE, IL 1,146,1591.1m $86.5m $86.5m 4.61% Reduced -44 -44
52 FIRST NATIONAL BANK OF OMAHA 2.46% of their portfolio OMAHA, NE 1,093,8341.1m $82.9m $82.9m 2.46% Added +1.1m +1,090,127
53 Provenance Wealth Advisors, LLC 8.60% of their portfolio FORT LAUDERDALE, FL 1,028,0321.0m $77.6m $77.6m 8.60% Added +341.0k +341,049
54 Verus Financial Partners, Inc. 7.47% of their portfolio RICHMOND, VA 1,016,9071.0m $81.2m $81.2m 7.47% Reduced -32.5k -32,546
55 STIFEL FINANCIAL CORP 0.07% of their portfolio ST. LOUIS, MO 984,363984.4k $74.3m $74.3m 0.07% Added +18.8k +18,799
56 GREENWOOD GEARHART LLC 4.07% of their portfolio FAYETTEVILLE, AR 981,146981.1k $74.0m $74.0m 4.07% Added +36.9k +36,903
57 COMMONWEALTH EQUITY SERVICES, LLC 0.10% of their portfolio WALTHAM, MA 978,734978.7k $73.8m $73.8m 0.10% Added +56.9k +56,856
58 Dakota Wealth Management 1.31% of their portfolio PALM BEACH GARDENS, FL 978,548978.5k $73.8m $73.8m 1.31% Added +394.9k +394,868
59 IEQ CAPITAL, LLC 0.22% of their portfolio Foster City, CA 962,753962.8k $72.6m $72.6m 0.22% Added +45.2k +45,157
60 Roble, Belko & Company, Inc 9.18% of their portfolio SEWICKLEY, PA 928,962929.0k $70.1m $70.1m 9.18% Added +3.4k +3,401
61 Luminvest Wealth Management LLC 18.65% of their portfolio SCOTTSDALE, AZ 890,978891.0k $67.2m $67.2m 18.65% Added +114.0k +114,039
62 Caprock Group, LLC 1.41% of their portfolio BOISE, ID 886,642886.6k $66.9m $66.9m 1.41% Added +72.5k +72,480
63 Allen Investment Management, LLC 0.72% of their portfolio NEW YORK, NY 864,310864.3k $65.2m $65.2m 0.72% Added +276.2k +276,204
64 AMG National Trust Bank 1.51% of their portfolio GREENWOOD VILLAGE, CO 847,317847.3k $63.9m $63.9m 1.51% Added +100.1k +100,069
65 Towneley Capital Management, Inc / DE 13.15% of their portfolio LAGUNA HILLS, CA 826,594826.6k $62.4m $62.4m 13.15% Added +14.4k +14,435
66 GOLDMAN SACHS GROUP INC 0.01% of their portfolio NEW YORK, NY 820,740820.7k $61.9m $61.9m 0.01% Added +15.8k +15,780
67 MML INVESTORS SERVICES, LLC 0.15% of their portfolio SPRINGFIELD, MA 804,564804.6k $60.7m $60.7m 0.15% Added +70.5k +70,464
68 D.A. DAVIDSON & CO. 0.36% of their portfolio GREAT FALLS, MT 772,753772.8k $58.3m $58.3m 0.36% Reduced -2.8k -2,794
69 Creative Planning 0.04% of their portfolio OVERLAND PARK, KS 751,734751.7k $56.7m $56.7m 0.04% Added +38.8k +38,837
70 MONETA GROUP INVESTMENT ADVISORS LLC 0.42% of their portfolio ST LOUIS, MO 729,541729.5k $55.0m $55.0m 0.42% Added +95 +95
71 Haverford Trust Co 0.49% of their portfolio Radnor, PA 727,730727.7k $54.9m $54.9m 0.49% Reduced -12.4k -12,363
72 Bogart Wealth, LLC 2.20% of their portfolio MCLEAN, VA 724,739724.7k $54.7m $54.7m 2.20% Added +691 +691
73 Equitable Holdings, Inc. 0.37% of their portfolio NEW YORK, NY 724,252724.3k $54.6m $54.6m 0.37% Added +37.9k +37,928
74 SAM Advisors, LLC 17.24% of their portfolio OAKHURST, CA 722,438722.4k $54.5m $54.5m 17.24% Reduced -10.4k -10,389
75 Private Advisor Group, LLC 0.25% of their portfolio MORRISTOWN, NJ 703,128703.1k $53.0m $53.0m 0.25% Added +2.6k +2,611
76 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.03% of their portfolio MILWAUKEE, WI 693,459693.5k $52.3m $52.3m 0.03% Added +88.6k +88,634
77 25 LLC 16.46% of their portfolio ST. LOUIS, MO 687,400687.4k $51.9m $51.9m 16.46% Added +54.4k +54,422
78 Topsail Wealth Management, LLC 7.46% of their portfolio CHARLOTTE, NC 674,934674.9k $50.9m $50.9m 7.46% Added +35.3k +35,317
79 Greenline Partners, LLC 5.70% of their portfolio NEW YORK, NY 660,050660.0k $49.8m $49.8m 5.70% Added +94.4k +94,422
80 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.07% of their portfolio BALA CYNWYD, PA 643,176643.2k $48.5m $48.5m 0.07% Added +583.5k +583,521
81 Beacon Pointe Advisors, LLC 0.34% of their portfolio NEWPORT BEACH, CA 639,749639.7k $48.3m $48.3m 0.34% Added +401.0k +400,954
82 Efficient Advisors, LLC 2.81% of their portfolio BEAVERTON, OR 638,958639.0k $48.2m $48.2m 2.81% Reduced -11.3k -11,283
83 Mesirow Financial Investment Management, Inc. 0.98% of their portfolio CHICAGO, IL 635,392635.4k $47.9m $47.9m 0.98% Reduced -234.0k -234,015
84 COMERICA BANK 0.19% of their portfolio DALLAS, TX 621,820621.8k $46.9m $46.9m 0.19% Reduced -22.7k -22,671
85 Kestra Advisory Services, LLC 0.19% of their portfolio AUSTIN, TX 596,961597.0k $45.0m $45.0m 0.19% Reduced -188.9k -188,937
86 Peak Financial Management, Inc. 11.58% of their portfolio WELLESLEY, MA 595,252595.3k $44.9m $44.9m 11.58% Reduced -4.7k -4,727
87 White Lighthouse Investment Management Inc. 6.25% of their portfolio BEDFORD, MA 593,492593.5k $44.8m $44.8m 6.25% Added +15.4k +15,380
88 GeoWealth Management, LLC 1.62% of their portfolio CHICAGO, IL 584,305584.3k $44.1m $44.1m 1.62% Reduced -5.9k -5,913
89 FMR LLC 0.00% of their portfolio BOSTON, MA 579,471579.5k $43.7m $43.7m 0.00% Added +48.3k +48,323
90 James J. Burns & Company, LLC 5.97% of their portfolio MELVILLE, NY 573,760573.8k $43.3m $43.3m 5.97% Added +20.3k +20,337
91 Mariner, LLC 0.05% of their portfolio Overland Park, KS 564,579564.6k $42.6m $42.6m 0.05% Added +52.1k +52,114
92 PHILLIPS FINANCIAL MANAGEMENT, LLC 2.74% of their portfolio FORT WAYNE, IN 564,285564.3k $42.6m $42.6m 2.74% Reduced -20.6k -20,602
93 N.E.W. Advisory Services LLC 3.00% of their portfolio DE PERE, WI 537,175537.2k $40.5m $40.5m 3.00% Added +22.1k +22,091
94 NORTHERN TRUST CORP 0.01% of their portfolio CHICAGO, IL 534,894534.9k $40.4m $40.4m 0.01% Added +411.5k +411,527
95 Select Equity Group, L.P. 0.19% of their portfolio NEW YORK, NY 533,471533.5k $40.2m $40.2m 0.19% New
96 Mill Creek Capital Advisors, LLC 0.81% of their portfolio Conshohocken, PA 529,743529.7k $40.0m $40.0m 0.81% Added +64 +64
97 Estate Counselors, LLC 3.33% of their portfolio Thiensville, WI 527,003527.0k $39.8m $39.8m 3.33% Added +9.7k +9,678
98 Souders Financial Advisors 4.41% of their portfolio CINCINNATI, OH 510,927510.9k $38.5m $38.5m 4.41% Added +5.8k +5,774
99 Joel Isaacson & Co., LLC 1.27% of their portfolio NEW YORK, NY 510,895510.9k $38.5m $38.5m 1.27% Added +76.3k +76,311
100 CAHABA WEALTH MANAGEMENT, INC. 2.67% of their portfolio Atlanta, GA 508,607508.6k $38.4m $38.4m 2.67% Added +4.6k +4,641