Vault-13

VANGUARD BD INDEX FDS BND

TOTAL BND MRKT · ETP · CUSIP 921937835

1,787 institutional holders -18 vs Q4 2025
1,175,394,4531.2bn shares reported held*
$86.6bnreported value*
122 new 879 added 560 reduced 137 sold out net bought ≈ $2.6bn (+16.9m 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 ($72.4m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $73.60. Options: 3 managers hold calls ($3.6m notional), 3 hold puts ($698.7k).

Trends to Q1 2026

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: 1,621Q2 25: 1,651Q3 25: 1,664Q4 25: 1,805Q1 26: 1,7871,787Q3 22Q3 23Q3 24Q3 25Q1 26
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
Q2 20251,651
Q3 20251,664
Q4 20251,805
Q1 20261,787

Buyers vs sellers

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

Bought or addedCut or sold out
2k02kQ2 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 25Q2 25: 841 bought or addedQ2 25: 714 cut or sold outQ3 25: 943 bought or addedQ3 25: 603 cut or sold outQ3 25Q4 25: 993 bought or addedQ4 25: 581 cut or sold outQ1 26: 1,001 bought or addedQ1 26: 697 cut or sold outQ1 26
Numbers
QuarterBought or addedCut or sold out
Q2 2024793593
Q3 2024858528
Q4 2024905520
Q1 2025850691
Q2 2025841714
Q3 2025943603
Q4 2025993581
Q1 20261,001697

Calls vs puts

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

CallsPuts
$0$2m$4m$6m$8mQ2 25 calls: $5.7mQ2 25 puts: $1.5mQ2 25P/C 0.27Q3 25 calls: $6.9mQ3 25 puts: $1.9mQ3 25P/C 0.28Q4 25 calls: $3.1mQ4 25 puts: $907.4kQ4 25P/C 0.29Q1 26 calls: $3.6mQ1 26 puts: $698.7kQ1 26P/C 0.20
Numbers
QuarterCallsPutsP/C
Q2 2025$5.7m$1.5m0.27
Q3 2025$6.9m$1.9m0.28
Q4 2025$3.1m$907.4k0.29
Q1 2026$3.6m$698.7k0.20

Biggest buyers

Savant Capital, LLC Added +8,819,590+8.8m
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Added +3,913,767+3.9m
Creative Planning Added +3,604,204+3.6m
AMERIPRISE FINANCIAL INC Added +3,483,360+3.5m
JPMORGAN CHASE & CO Added +3,208,380+3.2m
Allworth Financial LP Added +2,920,592+2.9m
ENVESTNET ASSET MANAGEMENT INC Added +2,409,801+2.4m
BANK OF AMERICA CORP /DE/ Added +1,720,405+1.7m
WELLS FARGO & COMPANY/MN Added +1,389,558+1.4m
Composition Wealth, LLC Added +1,209,458+1.2m

Biggest sellers

SAGESPRING WEALTH PARTNERS, LLC Reduced -17,468,798-17.5m
Bank of New York Mellon Corp Reduced -4,251,815-4.3m
Corient Private Wealth LP Reduced -3,140,014-3.1m
Align Financial, LLC Reduced -2,032,508-2.0m
TIAA TRUST, NATIONAL ASSOCIATION Reduced -1,948,291-1.9m
Diana Davis Spencer Foundation Sold out -1,608,100-1.6m
Orgel Wealth Management, LLC Sold out -1,565,416-1.6m
Bricktown Capital, LLC Reduced -1,097,440-1.1m
MANUFACTURERS LIFE INSURANCE COMPANY, THE Reduced -766,236-766.2k
Ocean Park Asset Management, LLC Reduced -717,300-717.3k

Biggest calls

CITADEL ADVISORS LLC Added $1.5m20.9k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $1.5m20.6k shares
JANE STREET GROUP, LLC New $500.8k6.8k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $331.4k4.5k shares
IMC-Chicago, LLC New $206.2k2.8k shares
SIMPLEX TRADING, LLC Added $161.1k2.3k 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 JPMORGAN CHASE & CO 0.71% of their portfolio NEW YORK, NY 142,837,967142.8m $10.5bn $10.5bn 0.71% Added +3.2m +3,208,380
2 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 6.11% of their portfolio MILWAUKEE, WI 134,816,565134.8m $9.9bn $9.9bn 6.11% Added +3.9m +3,913,767
3 MORGAN STANLEY 0.55% of their portfolio NEW YORK, NY 125,018,604125.0m $9.2bn $9.2bn 0.55% Added +89.1k +89,124
4 Creative Planning 6.06% of their portfolio OVERLAND PARK, KS 121,385,406121.4m $8.9bn $8.9bn 6.06% Added +3.6m +3,604,204
5 VANGUARD ADVISERS INC 16.21% of their portfolio Malvern, PA 56,134,61756.1m $4.1bn $4.1bn 16.21% First filing
6 WELLS FARGO & COMPANY/MN 0.38% of their portfolio SAN FRANCISCO, CA 26,033,14226.0m $1.9bn $1.9bn 0.38% Added +1.4m +1,389,558
7 BANK OF AMERICA CORP /DE/ 0.14% of their portfolio CHARLOTTE, NC 25,672,83125.7m $1.9bn $1.9bn 0.14% Added +1.7m +1,720,405
8 Allworth Financial LP 7.24% of their portfolio FOLSOM, CA 24,193,57924.2m $1.8bn $1.8bn 7.24% Added +2.9m +2,920,592
9 ENVESTNET ASSET MANAGEMENT INC 0.47% of their portfolio Berwyn, PA 23,879,83423.9m $1.8bn $1.8bn 0.47% Added +2.4m +2,409,801
10 LPL Financial LLC 0.37% of their portfolio FORT MILL, SC 19,093,60219.1m $1.4bn $1.4bn 0.37% Added +506.9k +506,926
11 SEI INVESTMENTS CO 1.26% of their portfolio OAKS, PA 18,628,00618.6m $1.4bn $1.4bn 1.26% Added +772.9k +772,895
12 Vanguard Global Advisers, LLC 0.67% of their portfolio MALVERN, PA 17,033,30317.0m $1.3bn $1.3bn 0.67% First filing
13 Savant Capital, LLC 6.00% of their portfolio ROCKFORD, IL 16,874,56716.9m $1.2bn $1.2bn 6.00% Added +8.8m +8,819,590
14 GOLDMAN SACHS GROUP INC 0.13% of their portfolio NEW YORK, NY 13,731,47013.7m $1.0bn $1.0bn 0.13% Reduced -527.2k -527,154
15 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.77% of their portfolio Toronto, A6 12,121,49412.1m $892.6m $892.6m 0.77% Reduced -766.2k -766,236
16 VANGUARD CAPITAL MANAGEMENT LLC 0.02% of their portfolio MALVERN, PA 11,054,06711.1m $814.0m $814.0m 0.02% First filing
17 Arizona PSPRS Trust 26.74% of their portfolio PHOENIX, AZ 9,869,6369.9m $726.8m $726.8m 26.74% Added +62.6k +62,627
18 AMERIPRISE FINANCIAL INC 0.16% of their portfolio MINNEAPOLIS, MN 9,443,1579.4m $695.0m $695.0m 0.16% Added +3.5m +3,483,360
19 MASTERCARD FOUNDATION ASSET MANAGEMENT CORP 1.94% of their portfolio TORONTO, A6 8,862,9058.9m $652.7m $652.7m 1.94% Unchanged
20 Pure Financial Advisors, LLC 9.12% of their portfolio SAN DIEGO, CA 8,627,7858.6m $635.4m $635.4m 9.12% Added +674.2k +674,178
21 CBIZ Investment Advisory Services, LLC 23.10% of their portfolio INDEPENDENCE, OH 8,579,4148.6m $631.8m $631.8m 23.10% Added +572.9k +572,921
22 BlackRock, Inc. 0.01% of their portfolio New York, NY 8,538,6078.5m $628.8m $628.8m 0.01% Reduced -32.5k -32,459
23 RAYMOND JAMES FINANCIAL INC 0.18% of their portfolio ST. PETERSBURG, FL 7,756,9717.8m $571.2m $571.2m 0.18% Added +21.9k +21,863
24 Cetera Investment Advisers 0.60% of their portfolio SCHAUMBURG, IL 7,625,9397.6m $561.6m $561.6m 0.60% Reduced -65.6k -65,646
25 Facet Wealth, Inc. 9.08% of their portfolio WEST PALM BEACH, FL 7,113,7237.1m $523.9m $523.9m 9.08% Added +477.0k +476,974
26 UBS Group AG 0.09% of their portfolio ZURICH, V8 6,762,4136.8m $498.0m $498.0m 0.09% Added +546.5k +546,497
27 ROYAL BANK OF CANADA 0.08% of their portfolio TORONTO, A6 5,577,3715.6m $410.7m $410.7m 0.08% Added +126.4k +126,398
28 STATE STREET CORP 0.01% of their portfolio BOSTON, MA 5,348,9755.3m $393.9m $393.9m 0.01% Added +155.9k +155,911
29 Corient Private Wealth LP 0.55% of their portfolio MIAMI, FL 5,230,6105.2m $381.2m $381.2m 0.55% Reduced -3.1m -3,140,014
30 ASSETMARK, INC 0.74% of their portfolio CONCORD, CA 4,951,5985.0m $364.6m $364.6m 0.74% Added +314.7k +314,725
31 Composition Wealth, LLC 4.29% of their portfolio LOS ANGELES, CA 4,241,7404.2m $312.4m $312.4m 4.29% Added +1.2m +1,209,458
32 JONES FINANCIAL COMPANIES LLLP 0.15% of their portfolio DES PERES, MO 4,207,2934.2m $307.6m $307.6m 0.15% Added +626.9k +626,886
33 HighTower Advisors, LLC 0.32% of their portfolio CHICAGO, IL 4,053,4844.1m $298.5m $298.5m 0.32% Reduced -17.8k -17,796
34 M&T Bank Corp 1.01% of their portfolio BUFFALO, NY 4,016,1964.0m $295.8m $295.8m 1.01% Added +178.9k +178,914
35 PNC Financial Services Group, Inc. 0.15% of their portfolio Pittsburgh, PA 3,622,7473.6m $266.8m $266.8m 0.15% Reduced -114.6k -114,613
36 FRANKLIN RESOURCES INC 0.06% of their portfolio San Mateo, CA 3,600,7963.6m $265.2m $265.2m 0.06% Reduced -30.7k -30,746
37 Retirement Systems of Alabama 0.79% of their portfolio MONTGOMERY, AL 3,215,2963.2m $236.8m $236.8m 0.79% Added +213.5k +213,535
38 Alesco Advisors, LLC, An ESL Co 5.16% of their portfolio Pittsford, NY 2,748,3782.7m $202.4m $202.4m 5.16% Added +204.3k +204,260
39 Cambridge Investment Research Advisors, Inc. 0.51% of their portfolio FAIRFIELD, IA 2,707,9532.7m $199.4m $199.4m 0.51% Added +223.7k +223,668
40 First Financial Bankshares Inc 3.95% of their portfolio Abilene, TX 2,655,2862.7m $195.5m $195.5m 3.95% Added +10.0k +10,031
41 MML INVESTORS SERVICES, LLC 0.54% of their portfolio SPRINGFIELD, MA 2,644,5862.6m $194.7m $194.7m 0.54% Reduced -140.0k -140,046
42 Beacon Pointe Advisors, LLC 1.02% of their portfolio NEWPORT BEACH, CA 2,599,3262.6m $191.4m $191.4m 1.02% Added +871.9k +871,946
43 TRUIST FINANCIAL CORP 0.26% of their portfolio CHARLOTTE, NC 2,596,4612.6m $191.2m $191.2m 0.26% Reduced -186.6k -186,584
44 Stairway Partners, LLC 9.82% of their portfolio MINNEAPOLIS, MN 2,573,1112.6m $189.5m $189.5m 9.82% Added +73.2k +73,200
45 CHOREO, LLC 2.21% of their portfolio ROCKFORD, IL 2,439,3402.4m $179.6m $179.6m 2.21% Added +280.9k +280,945
46 Foster Group, Inc. 5.34% of their portfolio WEST DES MOINES, IA 2,434,5372.4m $179.3m $179.3m 5.34% Added +121.9k +121,922
47 RiverFront Investment Group, LLC 2.73% of their portfolio RICHMOND, VA 2,395,9672.4m $176.4m $176.4m 2.73% Added +19.3k +19,254
48 OSAIC HOLDINGS, INC. 0.25% of their portfolio SCOTTSDALE, AZ 2,359,6092.4m $173.8m $173.8m 0.25% Added +206.2k +206,240
49 OAKWORTH CAPITAL, INC. 8.60% of their portfolio BIRMINGHAM, AL 2,206,8422.2m $162.5m $162.5m 8.60% Added +129.0k +129,014
50 Alaska Permanent Capital Management, LLC 11.31% of their portfolio ANCHORAGE, AK 2,192,2702.2m $161.4m $161.4m 11.31% Added +314.4k +314,424
51 Voya Financial Advisors, Inc. 15.72% of their portfolio WINDSOR, CT 2,156,8732.2m $157.7m $157.7m 15.72% Added +136.2k +136,173
52 RITHOLTZ WEALTH MANAGEMENT 2.71% of their portfolio NEW YORK, NY 2,122,0052.1m $156.3m $156.3m 2.71% Added +216.8k +216,798
53 Mariner, LLC 0.18% of their portfolio Overland Park, KS 2,113,1282.1m $155.6m $155.6m 0.18% Added +429.1k +429,054
54 MCMORGAN & CO LLC 23.77% of their portfolio SAN FRANCISCO, CA 1,995,2332.0m $146.9m $146.9m 23.77% Added +28.9k +28,856
55 PATRIOT INVESTMENT MANAGEMENT GROUP, INC. 8.89% of their portfolio KNOXVILLE, TN 1,889,5551.9m $139.1m $139.1m 8.89% Added +108.4k +108,446
56 Vestmark Advisory Solutions, Inc. 1.49% of their portfolio Wakefield, MA 1,825,4841.8m $134.4m $134.4m 1.49% Added +38.4k +38,417
57 TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERVICES, LLC 0.52% of their portfolio CHARLOTTE, NC 1,822,6951.8m $134.2m $134.2m 0.52% First filing
58 COMMONWEALTH EQUITY SERVICES, LLC 0.19% of their portfolio WALTHAM, MA 1,817,7271.8m $133.9m $133.9m 0.19% Added +128.8k +128,801
59 Apella Capital, LLC 1.98% of their portfolio WEST HARTFORD, CT 1,796,4181.8m $133.0m $133.0m 1.98% Added +142.6k +142,630
60 Verus Financial Partners, Inc. 11.80% of their portfolio RICHMOND, VA 1,782,9401.8m $131.5m $131.5m 11.80% Added +71.1k +71,054
61 Capstone Financial Advisors, Inc. 7.03% of their portfolio DOWNERS GROVE, IL 1,771,9361.8m $130.5m $130.5m 7.03% Added +6.0k +5,966
62 GenTrust, LLC 5.51% of their portfolio MIAMI, FL 1,748,5601.7m $128.8m $128.8m 5.51% Added +186.4k +186,402
63 Wealthfront Advisers LLC 0.28% of their portfolio Palo Alto, CA 1,733,7191.7m $127.7m $127.7m 0.28% Reduced -19.9k -19,939
64 Betterment LLC 0.22% of their portfolio NEW YORK, NY 1,601,8431.6m $118.0m $118.0m 0.22% Reduced -116.3k -116,262
65 Chandler Asset Management, Inc. 17.78% of their portfolio SAN DIEGO, CA 1,591,9571.6m $117.2m $117.2m 17.78% Reduced -90.1k -90,130
66 AMG National Trust Bank 2.53% of their portfolio GREENWOOD VILLAGE, CO 1,583,6891.6m $116.6m $116.6m 2.53% Added +149.8k +149,849
67 Trajan Wealth LLC 4.63% of their portfolio SCOTTSDALE, AZ 1,556,4871.6m $114.6m $114.6m 4.63% Added +134.0k +134,025
68 Bogart Wealth, LLC 4.39% of their portfolio MCLEAN, VA 1,545,3871.5m $113.8m $113.8m 4.39% Reduced -67.6k -67,564
69 Efficient Advisors, LLC 8.07% of their portfolio BEAVERTON, OR 1,543,5601.5m $113.7m $113.7m 8.07% Added +31.9k +31,866
70 VICTORY CAPITAL MANAGEMENT INC 0.07% of their portfolio San Antonio, TX 1,540,3741.5m $113.4m $113.4m 0.07% Added +654.2k +654,161
71 Global Endowment Management, LP 12.25% of their portfolio CHARLOTTE, NC 1,491,3191.5m $109.8m $109.8m 12.25% Reduced -388.2k -388,213
72 Lutz Financial Services LLC 7.08% of their portfolio OMAHA, NE 1,431,1401.4m $105.4m $105.4m 7.08% Added +68.2k +68,196
73 Integrated Wealth Concepts LLC 0.84% of their portfolio WALTHAM, MA 1,426,1071.4m $105.0m $105.0m 0.84% Added +272.0k +272,044
74 Stratos Wealth Partners, LTD. 1.19% of their portfolio BEACHWOOD, OH 1,424,5471.4m $104.9m $104.9m 1.19% Reduced -142.1k -142,131
75 Kestra Advisory Services, LLC 0.39% of their portfolio AUSTIN, TX 1,406,4341.4m $103.6m $103.6m 0.39% Added +124.2k +124,202
76 Prime Capital Investment Advisors, LLC 1.20% of their portfolio OVERLAND PARK, KS 1,403,8571.4m $103.4m $103.4m 1.20% Added +79.7k +79,661
77 CoreCap Advisors, LLC 3.48% of their portfolio SOUTHFIELD, MI 1,388,5161.4m $102.3m $102.3m 3.48% Reduced -16.0k -16,040
78 Bryn Mawr Trust Advisors, LLC 4.81% of their portfolio PHILADELPHIA, PA 1,346,6301.3m $99.2m $99.2m 4.81% Added +47.6k +47,617
79 Envestnet Portfolio Solutions, Inc. 0.54% of their portfolio BERWYN, PA 1,319,6641.3m $97.2m $97.2m 0.54% Reduced -195.9k -195,924
80 Baker Avenue Asset Management, LP 2.21% of their portfolio SAN FRANCISCO, CA 1,316,5151.3m $96.9m $96.9m 2.21% Added +34.8k +34,789
81 Pathstone Holdings, LLC 0.39% of their portfolio ENGLEWOOD, NJ 1,316,2851.3m $96.9m $96.9m 0.39% Added +19.5k +19,460
82 Financial Advisors Network, Inc. 13.16% of their portfolio TUSTIN, CA 1,294,6291.3m $95.3m $95.3m 13.16% Added +191.1k +191,050
83 ALLIANCEBERNSTEIN L.P. 0.03% of their portfolio NASHVILLE, TN 1,286,9171.3m $95.3m $95.3m 0.03% Added +512.1k +512,121
84 PRUDENTIAL FINANCIAL INC 0.12% of their portfolio NEWARK, NJ 1,272,6621.3m $93.7m $93.7m 0.12% Added +10.7k +10,675
85 Alaska Wealth Advisors, LLC 10.53% of their portfolio ANCHORAGE, AK 1,190,8861.2m $87.7m $87.7m 10.53% Added +57.9k +57,893
86 B & T Capital Management DBA Alpha Capital Management 12.27% of their portfolio AUSTIN, TX 1,149,2921.1m $84.6m $84.6m 12.27% Added +62.0k +62,037
87 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.18% of their portfolio PLYMOUTH, MN 1,144,8311.1m $83.0m $83.0m 0.18% Reduced -296.5k -296,517
88 FIFTH THIRD BANCORP 0.15% of their portfolio CINCINNATI, OH 1,123,3231.1m $82.7m $82.7m 0.15% Added +994.2k +994,161
89 ALPS ADVISORS INC 0.39% of their portfolio Denver, CO 1,121,9341.1m $82.6m $82.6m 0.39% Reduced -155.1k -155,145
90 AllGen Financial Advisors, Inc. 19.60% of their portfolio ORLANDO, FL 1,121,5931.1m $82.6m $82.6m 19.60% Added +35.7k +35,683
91 MERCER GLOBAL ADVISORS INC /ADV 0.12% of their portfolio DENVER, CO 1,115,6851.1m $82.2m $82.2m 0.12% Reduced -50.6k -50,645
92 NEOS Investment Management LLC 0.41% of their portfolio Westport, CT 1,107,8591.1m $81.3m $81.3m 0.41% Added +225.7k +225,728
93 Pacific Capital Wealth Advisors, Inc. 13.64% of their portfolio CORONA, CA 1,102,5101.1m $81.2m $81.2m 13.64% Added +70.6k +70,597
94 Constellation Investments, Inc. 2.69% of their portfolio MONTGOMERY, OH 1,100,0001.1m $81.0m $81.0m 2.69% New
95 BURRUS FINANCIAL SERVICES, INC. 36.38% of their portfolio SALT LAKE CITY, UT 1,079,2571.1m $79.5m $79.5m 36.38% Added +614.9k +614,886
96 Focus Partners Wealth 0.09% of their portfolio ST LOUIS, MO 1,072,3381.1m $79.0m $79.0m 0.09% Added +21.7k +21,709
97 JANE STREET GROUP, LLC 0.08% of their portfolio NEW YORK, NY 1,071,8321.1m $78.9m $78.9m 0.08% Added +1.1m +1,062,624
98 Merit Financial Group, LLC 0.57% of their portfolio ALPHARETTA, GA 1,047,1831.0m $77.1m $77.1m 0.57% Added +31.3k +31,327
99 Partners in Financial Planning 12.78% of their portfolio SALEM, VA 1,046,5721.0m $77.1m $77.1m 12.78% Added +62.3k +62,257
100 Cerity Partners LLC 0.11% of their portfolio NEW YORK, NY 1,036,0601.0m $76.3m $76.3m 0.11% Added +60.0k +59,951