Vault-13

VANGUARD TAX-MANAGED FDS VEA

VAN FTSE DEV MKT · ETP · CUSIP 921943858

2,550 institutional holders +75 vs Q1 2025
2,248,542,9722.2bn shares reported held*
$128.4bnreported value*
160 new 1,210 added 890 reduced 84 sold out net bought ≈ $4.5bn (+78.4m 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 ($136.0m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $57.12. Options: 4 managers hold calls ($19.6m notional), 9 hold puts ($7.6m).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

01k2k3kQ3 22: 1,727Q4 22: 1,857Q1 23: 1,885Q2 23: 1,936Q3 23: 1,939Q4 23: 2,129Q1 24: 2,153Q2 24: 2,164Q3 24: 2,212Q4 24: 2,410Q1 25: 2,475Q2 25: 2,5502,550Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 20221,727
Q4 20221,857
Q1 20231,885
Q2 20231,936
Q3 20231,939
Q4 20232,129
Q1 20242,153
Q2 20242,164
Q3 20242,212
Q4 20242,410
Q1 20252,475
Q2 20252,550

Buyers vs sellers

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

Bought or addedCut or sold out
2k02kQ3 23: 1,077 bought or addedQ3 23: 711 cut or sold outQ4 23: 1,039 bought or addedQ4 23: 805 cut or sold outQ4 23Q1 24: 1,150 bought or addedQ1 24: 848 cut or sold outQ2 24: 1,155 bought or addedQ2 24: 845 cut or sold outQ2 24Q3 24: 1,162 bought or addedQ3 24: 854 cut or sold outQ4 24: 1,293 bought or addedQ4 24: 760 cut or sold outQ4 24Q1 25: 1,308 bought or addedQ1 25: 994 cut or sold outQ2 25: 1,370 bought or addedQ2 25: 974 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 20231,077711
Q4 20231,039805
Q1 20241,150848
Q2 20241,155845
Q3 20241,162854
Q4 20241,293760
Q1 20251,308994
Q2 20251,370974

Calls vs puts

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

CallsPuts
$0$10m$20m$30m$40mQ3 24 calls: $11.2mQ3 24 puts: $32.1mQ3 24P/C 2.88Q4 24 calls: $7.9mQ4 24 puts: $4.1mQ4 24P/C 0.52Q1 25 calls: $12.8mQ1 25 puts: $10.5mQ1 25P/C 0.82Q2 25 calls: $19.6mQ2 25 puts: $7.6mQ2 25P/C 0.39
Numbers
QuarterCallsPutsP/C
Q3 2024$11.2m$32.1m2.88
Q4 2024$7.9m$4.1m0.52
Q1 2025$12.8m$10.5m0.82
Q2 2025$19.6m$7.6m0.39

Biggest buyers

ROYAL BANK OF CANADA Added +43,725,059+43.7m
MORGAN STANLEY Added +6,556,445+6.6m
BANK OF AMERICA CORP /DE/ Added +5,747,233+5.7m
CAPTRUST FINANCIAL ADVISORS Added +4,314,597+4.3m
Rockefeller Capital Management L.P. Added +4,168,712+4.2m
Jasper Ridge Partners, L.P. Added +4,147,937+4.1m
NORTHERN TRUST CORP Added +4,058,815+4.1m
Corient Private Wealth LP Added +2,559,777+2.6m
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC New +2,362,653+2.4m
Nicholas Hoffman & Company, LLC. Added +2,202,057+2.2m

Biggest sellers

Creative Planning Reduced -6,275,864-6.3m
JONES FINANCIAL COMPANIES LLLP Reduced -4,603,908-4.6m
VOYA INVESTMENT MANAGEMENT LLC Reduced -4,578,492-4.6m
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Reduced -4,576,542-4.6m
GOLDMAN SACHS GROUP INC Reduced -4,360,668-4.4m
US BANCORP \DE\ Reduced -4,009,547-4.0m
Wealthfront Advisers LLC Reduced -3,816,637-3.8m
JANE STREET GROUP, LLC Reduced -3,289,757-3.3m
Ellevest, Inc. Reduced -2,912,898-2.9m
WELLS FARGO & COMPANY/MN Reduced -2,460,596-2.5m

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $15.3m268.5k shares
CITADEL ADVISORS LLC Reduced $2.0m35.3k shares
JANE STREET GROUP, LLC Added $2.0m35.2k shares
Cubist Systematic Strategies, LLC New $250.8k4.4k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $3.9m68.5k shares
SIMPLEX TRADING, LLC Reduced $1.2m20.3k shares
CITADEL ADVISORS LLC Added $1.1m19.1k shares
IMC-Chicago, LLC New $570.1k10.0k shares
Cubist Systematic Strategies, LLC New $439.0k7.7k shares
JANE STREET GROUP, LLC New $228.0k4.0k shares
Belvedere Trading LLC New $228.0k4.0k shares
GROUP ONE TRADING LLC New $28.5k500 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, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BANK OF AMERICA CORP /DE/ 0.89% of their portfolio CHARLOTTE, NC 194,545,244194.5m $11.1bn $11.1bn 0.89% Added +5.7m +5,747,233
2 Betterment LLC 16.28% of their portfolio NEW YORK, NY 134,083,394134.1m $7.6bn $7.6bn 16.28% Added +100.4k +100,425
3 Creative Planning 6.43% of their portfolio OVERLAND PARK, KS 132,070,439132.1m $7.5bn $7.5bn 6.43% Reduced -6.3m -6,275,864
4 ENVESTNET ASSET MANAGEMENT INC 1.66% of their portfolio Berwyn, PA 99,706,55199.7m $5.7bn $5.7bn 1.66% Added +958.6k +958,633
5 ROYAL BANK OF CANADA 0.47% of their portfolio TORONTO, A6 84,911,96284.9m $4.8bn $4.8bn 0.47% Added +43.7m +43,725,059
6 MORGAN STANLEY 0.24% of their portfolio NEW YORK, NY 65,818,07765.8m $3.8bn $3.8bn 0.24% Added +6.6m +6,556,445
7 WELLS FARGO & COMPANY/MN 0.79% of their portfolio SAN FRANCISCO, CA 62,842,95962.8m $3.6bn $3.6bn 0.79% Reduced -2.5m -2,460,596
8 Wealthfront Advisers LLC 8.30% of their portfolio Palo Alto, CA 56,554,75856.6m $3.2bn $3.2bn 8.30% Reduced -3.8m -3,816,637
9 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 2.29% of their portfolio MILWAUKEE, WI 55,051,67255.1m $3.1bn $3.1bn 2.29% Reduced -4.6m -4,576,542
10 JONES FINANCIAL COMPANIES LLLP 2.13% of their portfolio DES PERES, MO 49,517,44449.5m $2.8bn $2.8bn 2.13% Reduced -4.6m -4,603,908
11 WealthNavi Inc. 27.70% of their portfolio Shinagawa-ku, TOKYO, M0 48,247,71148.2m $2.8bn $2.8bn 27.70% Reduced -1.5m -1,541,828
12 NORTHERN TRUST CORP 0.37% of their portfolio CHICAGO, IL 46,658,72046.7m $2.7bn $2.7bn 0.37% Added +4.1m +4,058,815
13 Mariner, LLC 2.52% of their portfolio Overland Park, KS 30,654,50630.7m $1.7bn $1.7bn 2.52% Added +1.0m +1,027,074
14 GOLDMAN SACHS GROUP INC 0.28% of their portfolio NEW YORK, NY 29,897,19629.9m $1.7bn $1.7bn 0.28% Reduced -4.4m -4,360,668
15 MERCER GLOBAL ADVISORS INC /ADV 3.66% of their portfolio DENVER, CO 28,615,40828.6m $1.6bn $1.6bn 3.66% Added +196.1k +196,054
16 LPL Financial LLC 0.53% of their portfolio FORT MILL, SC 28,085,45528.1m $1.6bn $1.6bn 0.53% Added +1.1m +1,079,039
17 UBS Group AG 0.33% of their portfolio ZURICH, V8 27,422,46027.4m $1.6bn $1.6bn 0.33% Added +675.5k +675,452
18 SEI INVESTMENTS CO 1.70% of their portfolio OAKS, PA 25,743,43625.7m $1.5bn $1.5bn 1.70% Reduced -1.5m -1,454,172
19 CAPTRUST FINANCIAL ADVISORS 3.18% of their portfolio RALEIGH, NC 24,996,43425.0m $1.4bn $1.4bn 3.18% Added +4.3m +4,314,597
20 Wealthspire Advisors, LLC 7.30% of their portfolio NEW YORK, NY 22,786,94622.8m $1.3bn $1.3bn 7.30% Added +272.2k +272,166
21 VANGUARD GROUP INC 0.02% of their portfolio Valley Forge, PA 21,417,57921.4m $1.2bn $1.2bn 0.02% Added +1.7m +1,709,170
22 Corient Private Wealth LP 1.50% of their portfolio MIAMI, FL 21,027,64521.0m $1.1bn $1.1bn 1.50% Added +2.6m +2,559,777
23 TIAA TRUST, NATIONAL ASSOCIATION 2.95% of their portfolio CHARLOTTE, NC 19,859,88119.9m $1.1bn $1.1bn 2.95% Reduced -2.4m -2,433,130
24 COMMONWEALTH EQUITY SERVICES, LLC 1.41% of their portfolio WALTHAM, MA 18,733,72318.7m $1.1bn $1.1bn 1.41% Added +104.2k +104,185
25 Cerity Partners LLC 1.78% of their portfolio NEW YORK, NY 17,482,67917.5m $996.7m $996.7m 1.78% Added +849.2k +849,179
26 Baird Financial Group, Inc. 1.72% of their portfolio MILWAUKEE, WI 17,199,31817.2m $980.5m $980.5m 1.72% Reduced -210.6k -210,591
27 FMR LLC 0.05% of their portfolio BOSTON, MA 15,796,06515.8m $900.5m $900.5m 0.05% Reduced -305.9k -305,942
28 Jasper Ridge Partners, L.P. 21.84% of their portfolio MENLO PARK, CA 15,306,03415.3m $872.6m $872.6m 21.84% Added +4.1m +4,147,937
29 Bank of New York Mellon Corp 0.15% of their portfolio NEW YORK, NY 14,083,63014.1m $802.9m $802.9m 0.15% Reduced -434.9k -434,869
30 RWA WEALTH PARTNERS, LLC 10.04% of their portfolio BOSTON, MA 14,076,33814.1m $802.5m $802.5m 10.04% Added +533.7k +533,749
31 RAYMOND JAMES FINANCIAL INC 0.27% of their portfolio ST. PETERSBURG, FL 13,583,21213.6m $774.4m $774.4m 0.27% Added +672.3k +672,337
32 JPMORGAN CHASE & CO 0.05% of their portfolio NEW YORK, NY 12,803,88412.8m $729.9m $729.9m 0.05% Added +569.7k +569,659
33 AMERIPRISE FINANCIAL INC 0.18% of their portfolio MINNEAPOLIS, MN 12,466,01912.5m $711.0m $711.0m 0.18% Added +279.9k +279,856
34 Nicholas Hoffman & Company, LLC. 17.46% of their portfolio ATLANTA, GA 11,849,46011.8m $675.5m $675.5m 17.46% Added +2.2m +2,202,057
35 Envestnet Portfolio Solutions, Inc. 2.47% of their portfolio BERWYN, PA 11,789,50611.8m $672.1m $672.1m 2.47% Reduced -1.2m -1,208,581
36 US BANCORP \DE\ 0.83% of their portfolio MINNEAPOLIS, MN 11,599,53811.6m $661.3m $661.3m 0.83% Reduced -4.0m -4,009,547
37 Valmark Advisers, Inc. 9.10% of their portfolio AKRON, OH 11,462,59711.5m $653.5m $653.5m 9.10% Reduced -277.6k -277,590
38 Facet Wealth, Inc. 14.54% of their portfolio WEST PALM BEACH, FL 11,378,66411.4m $639.7m $639.7m 14.54% Added +1.7m +1,651,941
39 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.52% of their portfolio Toronto, A6 10,270,23110.3m $585.5m $585.5m 0.52% Added +2.0m +1,989,783
40 SCS Capital Management LLC 6.46% of their portfolio BOSTON, MA 10,220,44610.2m $582.7m $582.7m 6.46% Reduced -190.8k -190,848
41 HighTower Advisors, LLC 0.71% of their portfolio CHICAGO, IL 9,925,2369.9m $565.8m $565.8m 0.71% Reduced -431.0k -431,006
42 Fisher Asset Management, LLC 0.21% of their portfolio PLANO, TX 9,282,5979.3m $529.2m $529.2m 0.21% Added +1.1m +1,070,605
43 PNC Financial Services Group, Inc. 0.30% of their portfolio Pittsburgh, PA 8,080,3838.1m $460.7m $460.7m 0.30% Reduced -85.6k -85,567
44 STIFEL FINANCIAL CORP 0.44% of their portfolio ST. LOUIS, MO 7,880,4817.9m $449.3m $449.3m 0.44% Added +1.2m +1,234,461
45 REGIONS FINANCIAL CORP 3.00% of their portfolio BIRMINGHAM, AL 7,644,3267.6m $435.8m $435.8m 3.00% Reduced -475.9k -475,855
46 MML INVESTORS SERVICES, LLC 1.26% of their portfolio SPRINGFIELD, MA 7,627,5437.6m $434.8m $434.8m 1.26% Added +5.6k +5,616
47 CLIFTONLARSONALLEN WEALTH ADVISORS, LLC 7.25% of their portfolio MINNEAPOLIS, MN 7,576,2497.6m $431.9m $431.9m 7.25% Added +385.9k +385,930
48 HBK Sorce Advisory LLC 11.59% of their portfolio ERIE, PA 7,502,0207.5m $427.7m $427.7m 11.59% Added +100.5k +100,520
49 Rockefeller Capital Management L.P. 0.50% of their portfolio NEW YORK, NY 7,492,7147.5m $427.8m $427.8m 0.50% Added +4.2m +4,168,712
50 Employees Retirement System of Texas 3.10% of their portfolio AUSTIN, TX 6,687,8316.7m $381.3m $381.3m 3.10% Added +1.1m +1,057,870
51 KEYBANK NATIONAL ASSOCIATION/OH 1.41% of their portfolio BROOKLYN, OH 6,647,2856.6m $379.0m $379.0m 1.41% Reduced -6.0k -5,962
52 JMG Financial Group, Ltd. 10.86% of their portfolio DOWNERS GROVE, IL 6,281,2776.3m $358.1m $358.1m 10.86% Added +108.3k +108,268
53 Cetera Investment Advisers 0.56% of their portfolio SCHAUMBURG, IL 5,797,3915.8m $330.5m $330.5m 0.56% Added +328.5k +328,533
54 HUNTINGTON NATIONAL BANK 2.16% of their portfolio COLUMBUS, OH 5,791,7065.8m $330.2m $330.2m 2.16% Added +123.2k +123,229
55 M&T Bank Corp 1.13% of their portfolio BUFFALO, NY 5,785,6945.8m $329.8m $329.8m 1.13% Reduced -237.1k -237,098
56 Modera Wealth Management, LLC 4.02% of their portfolio WESTWOOD, NJ 5,697,2435.7m $324.8m $324.8m 4.02% Added +20.4k +20,431
57 ASSETMARK, INC 0.76% of their portfolio CONCORD, CA 5,623,0895.6m $320.6m $320.6m 0.76% Added +1.7m +1,686,943
58 CITIGROUP INC 0.20% of their portfolio NEW YORK, NY 5,022,5615.0m $286.3m $286.3m 0.20% Reduced -346.6k -346,613
59 Fiduciary Trust Co 3.46% of their portfolio Boston, MA 4,928,0604.9m $280.9m $280.9m 3.46% Reduced -190.8k -190,780
60 COUNTRY TRUST BANK 6.29% of their portfolio Bloomington, IL 4,920,2444.9m $280.5m $280.5m 6.29% Added +293.8k +293,797
61 Pathstone Holdings, LLC 1.05% of their portfolio ENGLEWOOD, NJ 4,917,4714.9m $264.4m $264.4m 1.05% Added +204.5k +204,456
62 Ballentine Partners, LLC 4.10% of their portfolio Waltham, MA 4,770,3604.8m $272.0m $272.0m 4.10% Added +333.1k +333,060
63 VOYA INVESTMENT MANAGEMENT LLC 0.27% of their portfolio ATLANTA, GA 4,688,6784.7m $267.3m $267.3m 0.27% Reduced -4.6m -4,578,492
64 Focus Partners Wealth 0.57% of their portfolio ST LOUIS, MO 4,629,4954.6m $263.9m $263.9m 0.57% Added +696.1k +696,138
65 Wilmington Savings Fund Society, FSB 4.58% of their portfolio WILMINGTON, DE 4,517,4684.5m $257.5m $257.5m 4.58% Added +375.4k +375,374
66 Ally Invest Advisors Inc. 19.96% of their portfolio CHARLOTTE, NC 4,490,7164.5m $256.0m $256.0m 19.96% Reduced -9.5k -9,501
67 TFO Wealth Partners, LLC 44.39% of their portfolio MAUMEE, OH 4,424,2744.4m $252.2m $252.2m 44.39% Added +42.8k +42,798
68 State of Tennessee, Department of Treasury 0.89% of their portfolio NASHVILLE, TN 4,367,0544.4m $249.0m $249.0m 0.89% Reduced -306.8k -306,764
69 OSAIC HOLDINGS, INC. 0.43% of their portfolio SCOTTSDALE, AZ 4,210,3594.2m $240.0m $240.0m 0.43% Added +689.7k +689,703
70 Linscomb Wealth, Inc. 10.98% of their portfolio Houston, TX 4,191,4734.2m $239.0m $239.0m 10.98% Added +31.8k +31,848
71 MAI Capital Management 1.60% of their portfolio INDEPENDENCE, OH 4,032,0474.0m $229.9m $229.9m 1.60% Added +211.5k +211,479
72 CIBC Private Wealth Group LLC 0.41% of their portfolio ATLANTA, GA 4,009,2754.0m $228.6m $228.6m 0.41% Added +325.4k +325,423
73 ALLIANCEBERNSTEIN L.P. 0.07% of their portfolio NASHVILLE, TN 4,001,7344.0m $228.1m $228.1m 0.07% Reduced -181.4k -181,365
74 WIT, LLC 5.60% of their portfolio DISTRICT OF COLUMBIA, DC 3,964,4054.0m $226.0m $226.0m 5.60% Reduced -56.5k -56,529
75 WESTWOOD HOLDINGS GROUP INC 1.62% of their portfolio DALLAS, TX 3,955,0664.0m $225.5m $225.5m 1.62% Added +794.3k +794,318
76 BANK OF HAWAII 11.52% of their portfolio HONOLULU, HI 3,830,8083.8m $218.4m $218.4m 11.52% Reduced -1.2k -1,194
77 Cambridge Investment Research Advisors, Inc. 0.66% of their portfolio FAIRFIELD, IA 3,806,9443.8m $217.0m $217.0m 0.66% Added +1.0m +1,038,605
78 NEPC LLC 5.43% of their portfolio Boston, MA 3,760,4693.8m $214.4m $214.4m 5.43% Added +919.7k +919,661
79 Truepoint, Inc. 5.26% of their portfolio CINCINNATI, OH 3,708,0063.7m $211.4m $211.4m 5.26% Reduced -308.2k -308,226
80 Janney Montgomery Scott LLC 0.54% of their portfolio PHILADELPHIA, PA 3,611,6183.6m $205.9m $205.9m 0.54% Reduced -45.7k -45,687
81 D.A. DAVIDSON & CO. 1.45% of their portfolio GREAT FALLS, MT 3,605,3233.6m $205.5m $205.5m 1.45% Reduced -5.9k -5,878
82 Wedmont Private Capital 8.75% of their portfolio WEST CHESTER, PA 3,577,6713.6m $205.0m $205.0m 8.75% Added +271.3k +271,281
83 JANE STREET GROUP, LLC 0.31% of their portfolio NEW YORK, NY 3,384,0163.4m $192.9m $192.9m 0.31% Reduced -3.3m -3,289,757
84 TRUIST FINANCIAL CORP 0.28% of their portfolio CHARLOTTE, NC 3,342,5373.3m $190.6m $190.6m 0.28% Added +531.2k +531,178
85 COLDSTREAM CAPITAL MANAGEMENT INC 3.08% of their portfolio BELLEVUE, WA 3,302,9063.3m $188.3m $188.3m 3.08% Added +959.8k +959,819
86 BLB&B Advisors, LLC 8.66% of their portfolio MONTGOMERYVILLE, PA 3,251,3313.3m $185.4m $185.4m 8.66% Reduced -26.6k -26,625
87 CAMBRIDGE ASSOCIATES LLC /MA/ /ADV 4.05% of their portfolio BOSTON, MA 3,220,2103.2m $183.8m $183.8m 4.05% Added +2.1k +2,066
88 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.30% of their portfolio PLYMOUTH, MN 3,174,7823.2m $181.7m $181.7m 0.30% Added +1.4m +1,382,839
89 FARMERS & MERCHANTS INVESTMENTS INC 5.19% of their portfolio LINCOLN, NE 3,120,8463.1m $177.9m $177.9m 5.19% Added +56.1k +56,054
90 BRIDGES INVESTMENT MANAGEMENT INC 2.37% of their portfolio OMAHA, NE 3,080,9513.1m $175.6m $175.6m 2.37% Reduced -58.0k -58,024
91 VICTORY CAPITAL MANAGEMENT INC 0.11% of their portfolio San Antonio, TX 3,035,3393.0m $173.0m $173.0m 0.11% Reduced -2.4m -2,381,666
92 FIFTH THIRD BANCORP 0.60% of their portfolio CINCINNATI, OH 3,022,3993.0m $172.3m $172.3m 0.60% Added +37.3k +37,285
93 SYNOVUS FINANCIAL CORP 2.08% of their portfolio Columbus, GA 2,988,3943.0m $170.4m $170.4m 2.08% Added +38.4k +38,436
94 BLAIR WILLIAM & CO/IL 0.47% of their portfolio CHICAGO, IL 2,956,8373.0m $168.6m $168.6m 0.47% Reduced -14.4k -14,416
95 TECTONIC ADVISORS LLC 9.44% of their portfolio FRISCO, TX 2,848,6812.8m $162.4m $162.4m 9.44% Added +15.9k +15,915
96 Savant Capital, LLC 1.15% of their portfolio ROCKFORD, IL 2,794,7522.8m $159.3m $159.3m 1.15% Added +345.1k +345,150
97 Foster Group, Inc. 5.35% of their portfolio WEST DES MOINES, IA 2,741,3812.7m $156.3m $156.3m 5.35% Reduced -34.1k -34,085
98 Tanglewood Wealth Management, Inc. 15.40% of their portfolio HOUSTON, TX 2,739,6242.7m $156.2m $156.2m 15.40% Added +642.9k +642,944
99 Freestone Capital Holdings, LLC 5.25% of their portfolio Seattle, WA 2,707,6712.7m $154.4m $154.4m 5.25% Added +277.0k +276,974
100 LINCOLN NATIONAL CORP 4.62% of their portfolio RADNOR, PA 2,673,3302.7m $152.4m $152.4m 4.62% Reduced -592.4k -592,440