Vault-13

VANGUARD WELLINGTON FD VFMO

US MOMENTUM · ETP · CUSIP 921935508

171 institutional holders +10 vs Q4 2025
3,301,5843.3m shares reported held*
$650.9mreported value*
25 new 75 added 38 reduced 13 sold out net bought ≈ $50.9m (+258.1k 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 ($18.3k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $197.14. Options: 3 managers hold calls ($1.5m notional), 2 hold puts ($611.0k).

Trends to Q1 2026

Institutional holders

Managers reporting a position, each quarter

0100200Q3 22: 43Q4 22: 56Q1 23: 58Q2 23: 64Q3 23: 64Q4 23: 65Q1 24: 82Q2 24: 91Q3 24: 103Q4 24: 127Q1 25: 141Q2 25: 140Q3 25: 140Q4 25: 161Q1 26: 171171Q3 22Q3 23Q3 24Q3 25Q1 26
Numbers
QuarterHolders
Q3 202243
Q4 202256
Q1 202358
Q2 202364
Q3 202364
Q4 202365
Q1 202482
Q2 202491
Q3 2024103
Q4 2024127
Q1 2025141
Q2 2025140
Q3 2025140
Q4 2025161
Q1 2026171

Buyers vs sellers

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

Bought or addedCut or sold out
1000100Q2 24: 53 bought or addedQ2 24: 29 cut or sold outQ3 24: 51 bought or addedQ3 24: 39 cut or sold outQ3 24Q4 24: 69 bought or addedQ4 24: 32 cut or sold outQ1 25: 88 bought or addedQ1 25: 41 cut or sold outQ1 25Q2 25: 69 bought or addedQ2 25: 60 cut or sold outQ3 25: 77 bought or addedQ3 25: 50 cut or sold outQ3 25Q4 25: 84 bought or addedQ4 25: 46 cut or sold outQ1 26: 100 bought or addedQ1 26: 51 cut or sold outQ1 26
Numbers
QuarterBought or addedCut or sold out
Q2 20245329
Q3 20245139
Q4 20246932
Q1 20258841
Q2 20256960
Q3 20257750
Q4 20258446
Q1 202610051

Calls vs puts

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

CallsPuts
$0$500k$1m$1.5m$2mQ2 25 calls: $0Q2 25 puts: $0Q2 25P/C —Q3 25 calls: $0Q3 25 puts: $0Q3 25P/C —Q4 25 calls: $0Q4 25 puts: $0Q4 25P/C —Q1 26 calls: $1.5mQ1 26 puts: $611.0kQ1 26P/C 0.40
Numbers
QuarterCallsPutsP/C
Q2 2025$0$0—
Q3 2025$0$0—
Q4 2025$0$0—
Q1 2026$1.5m$611.0k0.40

Biggest buyers

RITHOLTZ WEALTH MANAGEMENT Added +56,191+56.2k
WIN ADVISORS, INC Added +42,553+42.6k
RAYMOND JAMES FINANCIAL INC Added +36,737+36.7k
Cambridge Investment Research Advisors, Inc. Added +23,330+23.3k
ROYAL BANK OF CANADA Added +16,800+16.8k
&PARTNERS Added +13,355+13.4k
BUILDER INVESTMENT GROUP INC /ADV New +11,918+11.9k
LPL Financial LLC Added +11,747+11.7k
Mariner, LLC Added +10,986+11.0k
Archford Capital Strategies, LLC New +9,204+9.2k

Biggest sellers

Thrivent Financial for Lutherans Sold out -29,592-29.6k
Payne Capital LLC Reduced -12,633-12.6k
Tidal Investments LLC Sold out -10,470-10.5k
Cetera Investment Advisers Reduced -9,843-9.8k
OPPENHEIMER & CO INC Sold out -6,634-6.6k
OSAIC HOLDINGS, INC. Reduced -5,304-5.3k
Diversify Advisory Services, LLC Sold out -3,671-3.7k
OLD MISSION CAPITAL LLC Sold out -2,971-3.0k
TECTONIC ADVISORS LLC Sold out -2,337-2.3k
Systelligence, LLC Reduced -2,266-2.3k

Biggest calls

Belvedere Trading LLC New $1.1m5.5k shares
CITADEL ADVISORS LLC New $216.8k1.1k shares
JANE STREET GROUP, LLC New $216.8k1.1k shares

Biggest puts

JANE STREET GROUP, LLC New $315.4k1.6k shares
Belvedere Trading LLC New $295.6k1.5k 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 RITHOLTZ WEALTH MANAGEMENT 2.42% of their portfolio NEW YORK, NY 707,199707.2k $139.4m $139.4m 2.42% Added +56.2k +56,191
2 Strategic Financial Services, Inc. 2.68% of their portfolio UTICA, NY 285,538285.5k $56.3m $56.3m 2.68% Added +1.4k +1,385
3 GREAT VALLEY ADVISOR GROUP, INC. 0.58% of their portfolio WILMINGTON, DE 160,647160.6k $31.7m $31.7m 0.58% Added +1.5k +1,487
4 DAVIDSON INVESTMENT ADVISORS 1.31% of their portfolio GREAT FALLS, MT 153,518153.5k $30.3m $30.3m 1.31% Added +6.9k +6,929
5 LPL Financial LLC 0.01% of their portfolio FORT MILL, SC 151,875151.9k $29.9m $29.9m 0.01% Added +11.7k +11,747
6 RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio ST. PETERSBURG, FL 150,035150.0k $29.6m $29.6m 0.01% Added +36.7k +36,737
7 CABOT WEALTH MANAGEMENT INC 2.66% of their portfolio BEVERLY, MA 117,522117.5k $23.2m $23.2m 2.66% Added +3.2k +3,195
8 ANDERSON HOAGLAND & CO 1.94% of their portfolio ST LOUIS, MO 114,226114.2k $22.5m $22.5m 1.94% Added +543 +543
9 Empirical Financial Services, LLC d.b.a. Empirical Wealth Management 0.37% of their portfolio Seattle, WA 109,211109.2k $21.5m $21.5m 0.37% Added +3.1k +3,090
10 Systelligence, LLC 3.95% of their portfolio BLOOMINGTON, MN 103,048103.0k $20.3m $20.3m 3.95% Reduced -2.3k -2,266
11 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 91,84891.8k $18.1m $18.1m 0.00% Added +7.7k +7,686
12 Cetera Investment Advisers 0.02% of their portfolio SCHAUMBURG, IL 75,46875.5k $14.9m $14.9m 0.02% Reduced -9.8k -9,843
13 WIN ADVISORS, INC 5.01% of their portfolio PALM BEACH GARDENS, FL 55,54955.5k $10.9m $10.9m 5.01% Added +42.6k +42,553
14 Financial Partners Group, Inc 1.24% of their portfolio Overland Park, KS 52,77552.8k $10.4m $10.4m 1.24% Added +3.3k +3,268
15 Armbruster Capital Management, Inc. 1.60% of their portfolio PITTSFORD, NY 49,61649.6k $9.8m $9.8m 1.60% Added +4.6k +4,625
16 Cambridge Investment Research Advisors, Inc. 0.02% of their portfolio FAIRFIELD, IA 44,17744.2k $8.7m $8.7m 0.02% Added +23.3k +23,330
17 UBS Group AG 0.00% of their portfolio ZURICH, V8 43,32943.3k $8.5m $8.5m 0.00% Added +263 +263
18 &PARTNERS 0.04% of their portfolio NASHVILLE, TN 39,41139.4k $7.8m $7.8m 0.04% Added +13.4k +13,355
19 NewEdge Advisors, LLC 0.03% of their portfolio NEW ORLEANS, LA 37,47337.5k $7.4m $7.4m 0.03% Added +4.2k +4,166
20 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 33,39933.4k $6.6m $6.6m 0.00% Added +6.6k +6,593
21 Hobart Private Capital, LLC 1.24% of their portfolio CHARLOTTE, NC 32,04632.0k $6.3m $6.3m 1.24% Added +588 +588
22 Private Advisor Group, LLC 0.03% of their portfolio MORRISTOWN, NJ 30,16730.2k $5.9m $5.9m 0.03% Reduced -2.2k -2,226
23 Stratos Wealth Advisors, LLC 0.33% of their portfolio BEACHWOOD, OH 27,37127.4k $5.4m $5.4m 0.33% Added +2.1k +2,058
24 Merit Financial Group, LLC 0.04% of their portfolio ALPHARETTA, GA 26,55626.6k $5.2m $5.2m 0.04% Reduced -317 -317
25 LINCOLN CAPITAL CORP 1.87% of their portfolio EAST GREENWICH, RI 25,71125.7k $5.1m $5.1m 1.87% Reduced -166 -166
26 COMMONWEALTH EQUITY SERVICES, LLC 0.01% of their portfolio WALTHAM, MA 23,84423.8k $4.7m $4.7m 0.01% Added +4.1k +4,136
27 Redhawk Wealth Advisors, Inc. 0.48% of their portfolio MINNEAPOLIS, MN 22,01222.0k $4.3m $4.3m 0.48% Reduced -661 -661
28 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 20,81820.8k $4.1m $4.1m 0.00% Added +16.8k +16,800
29 Betterment LLC 0.01% of their portfolio NEW YORK, NY 20,58120.6k $4.1m $4.1m 0.01% Reduced -202 -202
30 UMB Bank, n.a. 0.05% of their portfolio Kansas City, MO 19,47819.5k $3.8m $3.8m 0.05% Added +170 +170
31 Financial Freedom, LLC 1.89% of their portfolio CINCINNATI, OH 19,22919.2k $3.8m $3.8m 1.89% Added +808 +808
32 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 16,07316.1k $3.2m $3.2m 0.00% Reduced -5.3k -5,304
33 Farther Finance Advisors, LLC 0.03% of their portfolio SAN FRANCISCO, CA 14,77314.8k $3.0m $3.0m 0.03% Added +192 +192
34 Wilkins Miller Wealth Management, LLC 1.70% of their portfolio MOBILE, AL 14,24214.2k $2.8m $2.8m 1.70% Added +417 +417
35 WEDBUSH SECURITIES INC 0.08% of their portfolio PASADENA, CA 14,14414.1k $2.8m $2.8m 0.08% Added +3.0k +2,996
36 Kestra Advisory Services, LLC 0.01% of their portfolio AUSTIN, TX 13,69113.7k $2.7m $2.7m 0.01% Added +539 +539
37 Mariner, LLC 0.00% of their portfolio Overland Park, KS 13,47013.5k $2.7m $2.7m 0.00% Added +11.0k +10,986
38 Nova R Wealth, Inc. 0.76% of their portfolio OVERLAND PARK, KS 12,03712.0k $2.4m $2.4m 0.76% Reduced -45 -45
39 BUILDER INVESTMENT GROUP INC /ADV 0.51% of their portfolio ATLANTA, GA 11,91811.9k $2.3m $2.3m 0.51% New
40 Compass Ion Advisors, LLC 0.19% of their portfolio CONSHOHOCKEN, PA 10,36810.4k $2.0m $2.0m 0.19% Added +2.1k +2,126
41 Janney Montgomery Scott LLC 0.00% of their portfolio PHILADELPHIA, PA 10,16310.2k $2.0m $2.0m 0.00% Added +875 +875
42 IEQ CAPITAL, LLC 0.01% of their portfolio Foster City, CA 10,08610.1k $2.0m $2.0m 0.01% Added +1.9k +1,907
43 Aspect Partners, LLC 0.79% of their portfolio FAIRFAX, VA 9,8239.8k $1.9m $1.9m 0.79% Added +264 +264
44 INTERNATIONAL ASSETS INVESTMENT MANAGEMENT, LLC 0.13% of their portfolio ORLANDO, FL 9,3489.3k $1.9m $1.9m 0.13% Added +65 +65
45 Archford Capital Strategies, LLC 0.21% of their portfolio SWANSEA, IL 9,2049.2k $1.8m $1.8m 0.21% New
46 Valued Retirements, Inc. 1.66% of their portfolio HOUSTON, TX 8,6278.6k $1.7m $1.7m 1.66% Added +290 +290
47 Caitlin John, LLC 0.98% of their portfolio BRIGHTON, MI 8,2168.2k $1.6m $1.6m 0.98% Reduced -944 -944
48 IAM Advisory, LLC 0.36% of their portfolio EASTON, PA 8,1198.1k $1.6m $1.6m 0.36% Reduced -157 -157
49 THOROUGHBRED FINANCIAL SERVICES, LLC 0.09% of their portfolio BRENTWOOD, TN 7,7997.8k $1.5m $1.5m 0.09% Added +1.7k +1,678
50 BLB&B Advisors, LLC 0.06% of their portfolio MONTGOMERYVILLE, PA 7,2507.2k $1.4m $1.4m 0.06% Unchanged
51 FIFTH THIRD BANCORP 0.00% of their portfolio CINCINNATI, OH 7,1717.2k $1.4m $1.4m 0.00% New
52 Blom & Howell Financial Planning, Inc. 1.36% of their portfolio MODESTO, CA 7,0257.0k $1.4m $1.4m 1.36% Added +779 +779
53 PFG Advisors 0.07% of their portfolio Phoenix, AZ 6,9336.9k $1.4m $1.4m 0.07% Added +468 +468
54 TFB Advisors LLC 0.71% of their portfolio OVERLAND PARK, KS 6,9256.9k $1.4m $1.4m 0.71% Added +1.1k +1,122
55 Equitable Holdings, Inc. 0.01% of their portfolio NEW YORK, NY 5,9786.0k $1.1m $1.1m 0.01% Added +4.7k +4,711
56 Quantinno Capital Management LP 0.00% of their portfolio NEW YORK, NY 5,8815.9k $1.2m $1.2m 0.00% Added +4.7k +4,661
57 Clearstead Advisors, LLC 0.01% of their portfolio CLEVELAND, OH 5,8745.9k $1.2m $1.2m 0.01% Reduced -1.2k -1,177
58 MERCER GLOBAL ADVISORS INC /ADV 0.00% of their portfolio DENVER, CO 5,7345.7k $1.1m $1.1m 0.00% Added +697 +697
59 Elevation Capital Advisory, LLC 0.48% of their portfolio BEND, OR 5,6795.7k $1.1m $1.1m 0.48% New
60 Focus Partners Advisor Solutions, LLC 0.01% of their portfolio SAINT LOUIS, MO 5,6755.7k $1.1m $1.1m 0.01% Added +16 +16
61 Odyssey Capital Advisors, Inc. 0.89% of their portfolio BALA CYNWYD, PA 5,0185.0k $989.0k $989.0k 0.89% Reduced -584 -584
62 MML INVESTORS SERVICES, LLC 0.00% of their portfolio SPRINGFIELD, MA 4,9945.0k $984.3k $984.3k 0.00% Added +1.0k +1,014
63 O'SHAUGHNESSY ASSET MANAGEMENT, LLC 0.00% of their portfolio Stamford, CT 4,7254.7k $931.3k $931.3k 0.00% Added +154 +154
64 HRT FINANCIAL LP 0.00% of their portfolio NEW YORK, NY 4,6134.6k $909.0k $909.0k 0.00% New
65 HARBOUR INVESTMENTS, INC. 0.01% of their portfolio MADISON, WI 4,3944.4k $866.1k $866.1k 0.01% Added +158 +158
66 Apollon Wealth Management, LLC 0.01% of their portfolio MOUNT PLEASANT, SC 4,1594.2k $819.7k $819.7k 0.01% Added +220 +220
67 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 4,0624.1k $800.6k $800.6k 0.00% Added +1.4k +1,415
68 Kathmere Capital Management, LLC 0.05% of their portfolio WAYNE, PA 3,8423.8k $757.3k $757.3k 0.05% Unchanged
69 Breakwater Capital Group 0.10% of their portfolio PARAMUS, NJ 3,7503.8k $739.1k $739.1k 0.10% Added +907 +907
70 Redwood Family Wealth LLC 0.73% of their portfolio ADDISON, TX 3,7503.8k $739.1k $739.1k 0.73% Reduced -76 -76
71 PRINCIPAL SECURITIES, INC. 0.01% of their portfolio DES MOINES, IA 3,7003.7k $729.2k $729.2k 0.01% Reduced -20 -20
72 Wealthcare Advisory Partners LLC 0.01% of their portfolio WEST CHESTER, PA 3,6173.6k $712.9k $712.9k 0.01% Reduced -1.5k -1,530
73 BENJAMIN EDWARDS INC 0.01% of their portfolio Clayton, MO 3,5643.6k $702.5k $702.5k 0.01% New
74 SAGESPRING WEALTH PARTNERS, LLC 0.01% of their portfolio FRANKLIN, TN 3,5043.5k $690.7k $690.7k 0.01% Added +37 +37
75 Belpointe Asset Management LLC 0.03% of their portfolio RENO, NV 3,4883.5k $687.5k $687.5k 0.03% Added +2.4k +2,369
76 DIVERSIFY WEALTH MANAGEMENT, LLC 0.01% of their portfolio SANDY, UT 3,4643.5k $755.2k $755.2k 0.01% New
77 SMITH, MOORE & CO. 0.05% of their portfolio CLAYTON, MO 3,3823.4k $666.7k $666.7k 0.05% Reduced -219 -219
78 United Advisor Group, LLC 0.08% of their portfolio CINCINNATI, OH 3,3033.3k $651.0k $651.0k 0.08% Unchanged
79 OneDigital Investment Advisors LLC 0.01% of their portfolio OVERLAND PARK, KS 3,2653.3k $643.5k $643.5k 0.01% Reduced -22 -22
80 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 3,1833.2k $627.3k $627.3k 0.00% Added +1.3k +1,297
81 LAZARI CAPITAL MANAGEMENT, INC. 0.21% of their portfolio WOODLAND HILLS, CA 3,0833.1k $607.7k $607.7k 0.21% Unchanged
82 Signal Advisors Wealth, LLC 0.04% of their portfolio DETROIT, MI 2,9432.9k $580.1k $580.1k 0.04% Reduced -299 -299
83 Advisory Services Network, LLC 0.01% of their portfolio ATLANTA, GA 2,8982.9k $571.2k $571.2k 0.01% Added +68 +68
84 Cerity Partners LLC 0.00% of their portfolio NEW YORK, NY 2,8152.8k $554.9k $554.9k 0.00% Added +135 +135
85 CreativeOne Wealth, LLC 0.01% of their portfolio OVERLAND PARK, KS 2,5202.5k $496.7k $496.7k 0.01% Unchanged
86 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 2,4752.5k $487.8k $487.8k 0.00% Reduced -249 -249
87 PARTNERS WEALTH MANAGEMENT, LLC 0.50% of their portfolio CARMEL BY THE SEA, CA 2,4382.4k $480.6k $480.6k 0.50% Reduced -25 -25
88 Pacific Sun Financial Corp 0.23% of their portfolio LOS ANGELES, CA 2,4242.4k $477.8k $477.8k 0.23% Added +285 +285
89 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 2,4192.4k $476.8k $476.8k 0.00% Added +148 +148
90 Concurrent Investment Advisors, LLC 0.01% of their portfolio Tampa, FL 2,4192.4k $476.7k $476.7k 0.01% Added +144 +144
91 Harbor Asset Planning, Inc. 0.40% of their portfolio BELMONT, MA 2,4162.4k $476.1k $476.1k 0.40% Added +1.7k +1,719
92 Waverly Advisors, LLC 0.00% of their portfolio BIRMINGHAM, AL 2,4132.4k $475.5k $475.5k 0.00% Added +1 +1
93 PARK AVENUE SECURITIES LLC 0.00% of their portfolio NEW YORK, NY 2,3682.4k $467.0k $467.0k 0.00% Reduced -251 -251
94 Arkadios Wealth Advisors 0.01% of their portfolio ATLANTA, GA 2,3632.4k $465.7k $465.7k 0.01% Added +114 +114
95 Virtus Family Office LLC 0.40% of their portfolio EL PASO, TX 2,3602.4k $465.2k $465.2k 0.40% Unchanged
96 Seed Wealth Management, Inc. 0.32% of their portfolio EVANSTON, IL 2,3302.3k $459.2k $459.2k 0.32% Unchanged
97 FLAGSHIP WEALTH ADVISORS, LLC 0.17% of their portfolio WAKEFIELD, MA 2,2502.2k $388.2k $388.2k 0.17% Unchanged
98 DAVIDSON TRUST CO 0.19% of their portfolio SEATTLE, WA 2,2182.2k $437.2k $437.2k 0.19% Unchanged
99 WealthCare Investment Partners, LLC 0.12% of their portfolio PORTSMOUTH, RI 2,1812.2k $439.1k $439.1k 0.12% New
100 D.A. DAVIDSON & CO. 0.00% of their portfolio GREAT FALLS, MT 2,1642.2k $426.5k $426.5k 0.00% New