Vault-13

VANGUARD BD INDEX FDS BND

TOTAL BND MRKT · ETP · CUSIP 921937835

1,621 institutional holders +4 vs Q4 2024
1,027,997,8991.0bn shares reported held*
$74.4bnreported value*
110 new 740 added 601 reduced 90 sold out net sold ≈ $1.1bn (-15.9m 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 ($57.9m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $72.33. Options: 3 managers hold calls ($3.0m notional), 5 hold puts ($2.5m).

Trends to Q1 2025

Institutional holders

Managers reporting a position, each quarter

01k2kQ3 22: 1,157Q4 22: 1,253Q1 23: 1,267Q2 23: 1,282Q3 23: 1,288Q4 23: 1,456Q1 24: 1,432Q2 24: 1,449Q3 24: 1,470Q4 24: 1,617Q1 25: 1,6211,621Q3 22Q1 23Q3 23Q1 24Q3 24Q1 25
Numbers
QuarterHolders
Q3 20221,157
Q4 20221,253
Q1 20231,267
Q2 20231,282
Q3 20231,288
Q4 20231,456
Q1 20241,432
Q2 20241,449
Q3 20241,470
Q4 20241,617
Q1 20251,621

Buyers vs sellers

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

Bought or addedCut or sold out
1k01kQ2 23: 673 bought or addedQ2 23: 523 cut or sold outQ3 23: 707 bought or addedQ3 23: 530 cut or sold outQ3 23Q4 23: 762 bought or addedQ4 23: 540 cut or sold outQ1 24: 785 bought or addedQ1 24: 614 cut or sold outQ1 24Q2 24: 793 bought or addedQ2 24: 593 cut or sold outQ3 24: 858 bought or addedQ3 24: 528 cut or sold outQ3 24Q4 24: 905 bought or addedQ4 24: 520 cut or sold outQ1 25: 850 bought or addedQ1 25: 691 cut or sold outQ1 25
Numbers
QuarterBought or addedCut or sold out
Q2 2023673523
Q3 2023707530
Q4 2023762540
Q1 2024785614
Q2 2024793593
Q3 2024858528
Q4 2024905520
Q1 2025850691

Calls vs puts

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

CallsPuts
$0$10m$20m$30mQ2 24 calls: $11.1mQ2 24 puts: $1.7mQ2 24P/C 0.15Q3 24 calls: $28.4mQ3 24 puts: $7.8mQ3 24P/C 0.28Q4 24 calls: $5.2mQ4 24 puts: $759.9kQ4 24P/C 0.15Q1 25 calls: $3.0mQ1 25 puts: $2.5mQ1 25P/C 0.83
Numbers
QuarterCallsPutsP/C
Q2 2024$11.1m$1.7m0.15
Q3 2024$28.4m$7.8m0.28
Q4 2024$5.2m$759.9k0.15
Q1 2025$3.0m$2.5m0.83

Biggest buyers

MASTERCARD FOUNDATION ASSET MANAGEMENT CORP New +8,862,905+8.9m
MORGAN STANLEY Added +8,661,105+8.7m
Creative Planning Added +7,995,758+8.0m
VANGUARD GROUP INC Added +4,743,753+4.7m
JPMORGAN CHASE & CO Added +4,139,203+4.1m
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Added +1,988,719+2.0m
Garde Capital, Inc. New +1,567,276+1.6m
JANE STREET GROUP, LLC Added +1,125,601+1.1m
WELLS FARGO & COMPANY/MN Added +1,075,048+1.1m
BAILARD, INC. New +1,064,649+1.1m

Biggest sellers

Essential Planning, LLC. Reduced -45,093,075-45.1m
TEXAS TREASURY SAFEKEEPING TRUST CO Reduced -4,087,175-4.1m
BANK OF AMERICA CORP /DE/ Reduced -3,964,982-4.0m
MISSION WEALTH MANAGEMENT, LP Reduced -2,653,269-2.7m
OSAIC HOLDINGS, INC. Reduced -1,784,200-1.8m
GOLDMAN SACHS GROUP INC Reduced -1,657,407-1.7m
FFT WEALTH MANAGEMENT LLC Sold out -1,375,005-1.4m
SOFI WEALTH, LLC Reduced -1,016,438-1.0m
Morningstar Investment Services LLC Reduced -991,685-991.7k
Orgel Wealth Management, LLC Reduced -963,739-963.7k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $1.4m18.5k shares
JANE STREET GROUP, LLC Added $1.2m15.8k shares
CITADEL ADVISORS LLC Added $521.5k7.1k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $2.1m28.2k shares
SIMPLEX TRADING, LLC Added $328.0k4.5k shares
CITADEL ADVISORS LLC Reduced $102.8k1.4k shares
Quaker Wealth Management, LLC First filing $7.7k105 shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 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 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 MORGAN STANLEY 0.67% of their portfolio NEW YORK, NY 127,280,728127.3m $9.3bn $9.3bn 0.67% Added +8.7m +8,661,105
2 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 7.14% of their portfolio MILWAUKEE, WI 118,916,992118.9m $8.7bn $8.7bn 7.14% Added +2.0m +1,988,719
3 Creative Planning 7.50% of their portfolio OVERLAND PARK, KS 108,563,586108.6m $8.0bn $8.0bn 7.50% Added +8.0m +7,995,758
4 JPMORGAN CHASE & CO 0.58% of their portfolio NEW YORK, NY 103,233,592103.2m $7.6bn $7.6bn 0.58% Added +4.1m +4,139,203
5 VANGUARD GROUP INC 0.08% of their portfolio Valley Forge, PA 62,787,25162.8m $4.6bn $4.6bn 0.08% Added +4.7m +4,743,753
6 WELLS FARGO & COMPANY/MN 0.44% of their portfolio SAN FRANCISCO, CA 24,693,43924.7m $1.8bn $1.8bn 0.44% Added +1.1m +1,075,048
7 ENVESTNET ASSET MANAGEMENT INC 0.48% of their portfolio Berwyn, PA 20,251,38520.3m $1.5bn $1.5bn 0.48% Reduced -104.1k -104,053
8 Allworth Financial LP 8.03% of their portfolio FOLSOM, CA 19,514,98719.5m $1.4bn $1.4bn 8.03% Added +193.1k +193,124
9 BANK OF AMERICA CORP /DE/ 0.12% of their portfolio CHARLOTTE, NC 18,374,58418.4m $1.3bn $1.3bn 0.12% Reduced -4.0m -3,964,982
10 SAGESPRING WEALTH PARTNERS, LLC 0.47% of their portfolio FRANKLIN, TN 17,485,42917.5m $18.5m $18.5m 0.47% Added +321.7k +321,672
11 LPL Financial LLC 0.45% of their portfolio FORT MILL, SC 15,761,08115.8m $1.2bn $1.2bn 0.45% Added +469.5k +469,511
12 GOLDMAN SACHS GROUP INC 0.18% of their portfolio NEW YORK, NY 13,121,86513.1m $963.8m $963.8m 0.18% Reduced -1.7m -1,657,407
13 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.89% of their portfolio Toronto, A6 12,734,56612.7m $935.4m $935.4m 0.89% Reduced -56.7k -56,735
14 SEI INVESTMENTS CO 1.00% of their portfolio OAKS, PA 10,607,39110.6m $779.1m $779.1m 1.00% Added +628.3k +628,268
15 Arizona PSPRS Trust 23.63% of their portfolio PHOENIX, AZ 9,492,7599.5m $697.2m $697.2m 23.63% Added +58.8k +58,789
16 MASTERCARD FOUNDATION ASSET MANAGEMENT CORP 1.43% of their portfolio TORONTO, A6 8,862,9058.9m $652.0m $652.0m 1.43% New
17 BlackRock, Inc. 0.01% of their portfolio New York, NY 8,016,5788.0m $588.8m $588.8m 0.01% Reduced -172.6k -172,630
18 TEXAS TREASURY SAFEKEEPING TRUST CO 49.31% of their portfolio AUSTIN, TX 7,814,4087.8m $574.0m $574.0m 49.31% Reduced -4.1m -4,087,175
19 STATE STREET CORP 0.02% of their portfolio BOSTON, MA 6,998,0637.0m $514.0m $514.0m 0.02% Reduced -684.1k -684,099
20 AMERIPRISE FINANCIAL INC 0.13% of their portfolio MINNEAPOLIS, MN 6,766,3486.8m $494.7m $494.7m 0.13% Added +498.3k +498,254
21 CBIZ Investment Advisory Services, LLC 24.22% of their portfolio INDEPENDENCE, OH 6,734,1596.7m $494.6m $494.6m 24.22% Added +464.6k +464,639
22 Pure Financial Advisors, LLC 9.80% of their portfolio SAN DIEGO, CA 6,379,3766.4m $468.6m $468.6m 9.80% Added +700.4k +700,378
23 RAYMOND JAMES FINANCIAL INC 0.18% of their portfolio ST. PETERSBURG, FL 6,348,3726.3m $466.3m $466.3m 0.18% Added +238.8k +238,783
24 Cetera Investment Advisers 0.84% of their portfolio SCHAUMBURG, IL 5,916,0215.9m $434.5m $434.5m 0.84% Added +437.0k +436,969
25 UBS Group AG 0.09% of their portfolio ZURICH, V8 5,736,4175.7m $421.3m $421.3m 0.09% Added +891.7k +891,686
26 Bank of New York Mellon Corp 0.08% of their portfolio NEW YORK, NY 5,373,6725.4m $394.7m $394.7m 0.08% Reduced -548.4k -548,418
27 Savant Capital, LLC 3.21% of their portfolio ROCKFORD, IL 5,156,0395.2m $378.7m $378.7m 3.21% Added +578.2k +578,179
28 Facet Wealth, Inc. 9.29% of their portfolio WEST PALM BEACH, FL 4,942,0514.9m $358.8m $358.8m 9.29% Added +99.4k +99,434
29 ROYAL BANK OF CANADA 0.08% of their portfolio TORONTO, A6 4,566,8874.6m $335.4m $335.4m 0.08% Added +136.2k +136,164
30 HighTower Advisors, LLC 0.37% of their portfolio CHICAGO, IL 3,737,0023.7m $274.5m $274.5m 0.37% Added +101.8k +101,846
31 PNC Financial Services Group, Inc. 0.13% of their portfolio Pittsburgh, PA 3,421,5623.4m $251.3m $251.3m 0.13% Reduced -96.9k -96,914
32 M&T Bank Corp 0.91% of their portfolio BUFFALO, NY 3,395,9313.4m $249.4m $249.4m 0.91% Added +179.9k +179,853
33 FRANKLIN RESOURCES INC 0.07% of their portfolio San Mateo, CA 3,365,7083.4m $247.2m $247.2m 0.07% Added +19.0k +18,983
34 Corient Private Wealth LP 0.40% of their portfolio MIAMI, FL 3,358,3313.4m $246.7m $246.7m 0.40% Reduced -389.0k -388,954
35 JONES FINANCIAL COMPANIES LLLP 0.22% of their portfolio DES PERES, MO 3,346,4543.3m $245.4m $245.4m 0.22% Added +156.6k +156,622
36 RFG Advisory, LLC 6.15% of their portfolio BIRMINGHAM, AL 3,099,9843.1m $227.7m $227.7m 6.15% Added +235.1k +235,145
37 Composition Wealth, LLC 4.41% of their portfolio LOS ANGELES, CA 2,995,8353.0m $220.0m $220.0m 4.41% Added +113.8k +113,802
38 Cambridge Investment Research Advisors, Inc. 0.69% of their portfolio FAIRFIELD, IA 2,776,2392.8m $203.9m $203.9m 0.69% Reduced -168.1k -168,108
39 Retirement Systems of Alabama 0.79% of their portfolio MONTGOMERY, AL 2,756,7762.8m $202.5m $202.5m 0.79% Added +310.2k +310,180
40 First Financial Bankshares Inc 3.90% of their portfolio Abilene, TX 2,458,1582.5m $180.6m $180.6m 3.90% Added +61.7k +61,711
41 RiverFront Investment Group, LLC 3.87% of their portfolio RICHMOND, VA 2,369,3472.4m $174.0m $174.0m 3.87% Added +87.5k +87,472
42 TIAA TRUST, NATIONAL ASSOCIATION 0.53% of their portfolio CHARLOTTE, NC 2,299,6362.3m $168.9m $168.9m 0.53% Reduced -43.6k -43,630
43 Orgel Wealth Management, LLC 4.36% of their portfolio ALTOONA, WI 2,285,7942.3m $167.9m $167.9m 4.36% Reduced -963.7k -963,739
44 PRUDENTIAL FINANCIAL INC 0.23% of their portfolio NEWARK, NJ 2,256,1502.3m $163.5m $163.5m 0.23% Reduced -361.0k -361,035
45 Foster Group, Inc. 5.78% of their portfolio WEST DES MOINES, IA 2,101,3642.1m $154.3m $154.3m 5.78% Added +89.0k +89,033
46 ASSETMARK, INC 0.42% of their portfolio CONCORD, CA 2,100,3562.1m $154.3m $154.3m 0.42% Reduced -209.5k -209,485
47 Acropolis Investment Management, LLC 9.13% of their portfolio ST. LOUIS, MO 2,095,7342.1m $153.9m $153.9m 9.13% Added +20.5k +20,510
48 Stairway Partners, LLC 9.25% of their portfolio MINNEAPOLIS, MN 2,043,2042.0m $150.1m $150.1m 9.25% Added +62.7k +62,729
49 Global Endowment Management, LP 19.36% of their portfolio CHARLOTTE, NC 2,027,9502.0m $149.0m $149.0m 19.36% Reduced -306.6k -306,601
50 OSAIC HOLDINGS, INC. 0.33% of their portfolio SCOTTSDALE, AZ 2,024,4652.0m $148.7m $148.7m 0.33% Reduced -1.8m -1,784,200
51 Alesco Advisors, LLC, An ESL Co 4.29% of their portfolio Pittsford, NY 1,860,8121.9m $136.7m $136.7m 4.29% Added +56.4k +56,361
52 MCMORGAN & CO LLC 21.81% of their portfolio SAN FRANCISCO, CA 1,855,3931.9m $136.3m $136.3m 21.81% Added +20.6k +20,562
53 Alaska Permanent Capital Management, LLC 11.20% of their portfolio ANCHORAGE, AK 1,809,4451.8m $132.9m $132.9m 11.20% Reduced -33.3k -33,275
54 ARMSTRONG ADVISORY GROUP, INC 10.26% of their portfolio NEEDHAM, MA 1,787,1641.8m $128.5m $128.5m 10.26% Unchanged
55 MML INVESTORS SERVICES, LLC 0.43% of their portfolio SPRINGFIELD, MA 1,760,7491.8m $129.3m $129.3m 0.43% Added +54.8k +54,830
56 OAKWORTH CAPITAL, INC. 8.90% of their portfolio BIRMINGHAM, AL 1,740,5741.7m $127.8m $127.8m 8.90% Reduced -2.3k -2,276
57 Voya Financial Advisors, Inc. 14.02% of their portfolio WINDSOR, CT 1,733,4351.7m $127.1m $127.1m 14.02% Added +85.9k +85,877
58 Betterment LLC 0.30% of their portfolio NEW YORK, NY 1,708,0671.7m $125.5m $125.5m 0.30% Added +28.9k +28,851
59 COMMONWEALTH EQUITY SERVICES, LLC 0.18% of their portfolio WALTHAM, MA 1,700,2951.7m $124.9m $124.9m 0.18% Reduced -300.2k -300,187
60 Capstone Financial Advisors, Inc. 7.77% of their portfolio DOWNERS GROVE, IL 1,686,6551.7m $123.9m $123.9m 7.77% Added +27.2k +27,223
61 Cerity Partners LLC 0.25% of their portfolio NEW YORK, NY 1,683,3351.7m $123.6m $123.6m 0.25% Reduced -76.0k -76,009
62 Envestnet Portfolio Solutions, Inc. 0.47% of their portfolio BERWYN, PA 1,679,9311.7m $123.4m $123.4m 0.47% Reduced -582.6k -582,613
63 PATRIOT INVESTMENT MANAGEMENT GROUP, INC. 8.87% of their portfolio KNOXVILLE, TN 1,608,1091.6m $118.1m $118.1m 8.87% Added +93.4k +93,396
64 Diana Davis Spencer Foundation 41.04% of their portfolio BETHESDA, MD 1,608,1001.6m $118.1m $118.1m 41.04% Unchanged
65 Mariner, LLC 0.19% of their portfolio Overland Park, KS 1,570,8071.6m $115.4m $115.4m 0.19% Added +27.5k +27,536
66 Garde Capital, Inc. 6.59% of their portfolio SEATTLE, WA 1,567,2761.6m $115.1m $115.1m 6.59% New
67 Chandler Asset Management, Inc. 21.42% of their portfolio SAN DIEGO, CA 1,546,8921.5m $113.6m $113.6m 21.42% Added +51.1k +51,070
68 Verus Financial Partners, Inc. 12.74% of their portfolio RICHMOND, VA 1,538,0571.5m $111.7m $111.7m 12.74% Added +21.1k +21,057
69 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.21% of their portfolio PLYMOUTH, MN 1,501,7361.5m $110.3m $110.3m 0.21% Reduced -154.4k -154,447
70 Apella Capital, LLC 3.74% of their portfolio WEST HARTFORD, CT 1,499,8361.5m $109.0m $109.0m 3.74% Reduced -19.0k -18,989
71 Bogart Wealth, LLC 5.10% of their portfolio MCLEAN, VA 1,471,7581.5m $108.1m $108.1m 5.10% Added +14.5k +14,481
72 TRUIST FINANCIAL CORP 0.17% of their portfolio CHARLOTTE, NC 1,454,6851.5m $106.8m $106.8m 0.17% Reduced -776.2k -776,249
73 Wealthspire Advisors, LLC 0.63% of their portfolio NEW YORK, NY 1,436,9981.4m $105.5m $105.5m 0.63% Added +710.0k +709,970
74 Vestmark Advisory Solutions, Inc. 2.69% of their portfolio Wakefield, MA 1,422,0841.4m $104.5m $104.5m 2.69% Reduced -509.4k -509,446
75 RITHOLTZ WEALTH MANAGEMENT 3.10% of their portfolio NEW YORK, NY 1,413,8821.4m $103.8m $103.8m 3.10% Added +262.8k +262,804
76 Efficient Advisors, LLC 6.72% of their portfolio BEAVERTON, OR 1,404,1351.4m $103.1m $103.1m 6.72% Added +13.8k +13,785
77 Prime Capital Investment Advisors, LLC 1.19% of their portfolio OVERLAND PARK, KS 1,384,5301.4m $101.7m $101.7m 1.19% Added +63.6k +63,622
78 AMG National Trust Bank 2.83% of their portfolio GREENWOOD VILLAGE, CO 1,374,6011.4m $101.0m $101.0m 2.83% Added +4.7k +4,701
79 Stratos Wealth Partners, LTD. 1.52% of their portfolio BEACHWOOD, OH 1,357,4661.4m $99.7m $99.7m 1.52% Added +170.1k +170,096
80 Bricktown Capital, LLC 18.17% of their portfolio DETROIT, MI 1,320,5611.3m $97.0m $97.0m 18.17% Added +625.6k +625,600
81 Hirtle & Co., LLC 3.76% of their portfolio WEST CONSHOHOCKEN, PA 1,312,8841.3m $96.4m $96.4m 3.76% Added +993.4k +993,363
82 ALPS ADVISORS INC 0.53% of their portfolio Denver, CO 1,250,7091.3m $91.9m $91.9m 0.53% Reduced -17.3k -17,340
83 Beacon Pointe Advisors, LLC 1.03% of their portfolio NEWPORT BEACH, CA 1,243,4821.2m $91.3m $91.3m 1.03% Reduced -4.5k -4,532
84 Pathstone Holdings, LLC 0.39% of their portfolio ENGLEWOOD, NJ 1,214,0581.2m $89.2m $89.2m 0.39% Added +175.5k +175,458
85 GenTrust, LLC 4.28% of their portfolio MIAMI, FL 1,213,4601.2m $89.1m $89.1m 4.28% Reduced -78.2k -78,227
86 Bryn Mawr Trust Advisors, LLC 5.17% of their portfolio PHILADELPHIA, PA 1,174,1151.2m $86.2m $86.2m 5.17% Added +51.8k +51,815
87 Lutz Financial Services LLC 6.94% of their portfolio OMAHA, NE 1,153,1611.2m $84.7m $84.7m 6.94% Added +33.1k +33,073
88 Baker Avenue Asset Management, LP 2.65% of their portfolio SAN FRANCISCO, CA 1,149,5271.1m $84.4m $84.4m 2.65% Added +24.7k +24,733
89 JANE STREET GROUP, LLC 0.15% of their portfolio NEW YORK, NY 1,129,9151.1m $83.0m $83.0m 0.15% Added +1.1m +1,125,601
90 Financial Advisors Network, Inc. 13.76% of their portfolio TUSTIN, CA 1,129,6231.1m $83.0m $83.0m 13.76% Added +156.4k +156,392
91 COMERICA BANK 0.34% of their portfolio DALLAS, TX 1,106,3181.1m $81.3m $81.3m 0.34% Reduced -54.0k -54,033
92 RATIONAL ADVISORS, INC. 7.96% of their portfolio San Juan, PR 1,074,0211.1m $78.9m $78.9m 7.96% Reduced -106.4k -106,437
93 BAILARD, INC. 2.02% of their portfolio Foster City, CA 1,064,6491.1m $78.2m $78.2m 2.02% New
94 Alaska Wealth Advisors, LLC 11.72% of their portfolio ANCHORAGE, AK 1,018,9231.0m $74.8m $74.8m 11.72% Reduced -8.2k -8,219
95 Pacific Capital Wealth Advisors, Inc. 12.84% of their portfolio CORONA, CA 1,011,4451.0m $74.3m $74.3m 12.84% Added +41.6k +41,628
96 BURRUS FINANCIAL SERVICES, INC. 37.72% of their portfolio SALT LAKE CITY, UT 1,010,1531.0m $74.2m $74.2m 37.72% Added +30.7k +30,733
97 NewEdge Advisors, LLC 0.44% of their portfolio NEW ORLEANS, LA 1,001,4041.0m $73.6m $73.6m 0.44% Added +37.4k +37,440
98 Focus Partners Wealth 0.18% of their portfolio ST LOUIS, MO 984,273984.3k $72.3m $72.3m 0.18% Reduced -960.9k -960,852
99 Wealthfront Advisers LLC 0.19% of their portfolio Palo Alto, CA 979,919979.9k $72.0m $72.0m 0.19% Added +65.0k +65,041
100 Cornerstone Investment Partners, LLC 3.43% of their portfolio ATLANTA, GA 964,274964.3k $70.8m $70.8m 3.43% Added +426.3k +426,323