Vault-13

VANGUARD MALVERN FDS VCRB

CORE BD ETF · ETP · CUSIP 922020748

170 institutional holders +33 vs Q1 2025
32,732,26232.7m shares reported held*
$2.5bnreported value*
48 new 85 added 27 reduced 14 sold out net bought ≈ $589.5m (+7.6m 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 ($518.6k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $77.58. Options: 0 managers hold calls (— notional), 1 hold puts ($0).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0100200Q4 23: 6Q1 24: 25Q2 24: 45Q3 24: 57Q4 24: 93Q1 25: 137Q2 25: 170170Q4 23Q2 24Q4 24Q2 25
Numbers
QuarterHolders
Q4 20236
Q1 202425
Q2 202445
Q3 202457
Q4 202493
Q1 2025137
Q2 2025170

Buyers vs sellers

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

Bought or addedCut or sold out
2000200Q1 24: 22 bought or addedQ1 24: 1 cut or sold outQ1 24Q2 24: 41 bought or addedQ2 24: 4 cut or sold outQ2 24Q3 24: 46 bought or addedQ3 24: 8 cut or sold outQ3 24Q4 24: 66 bought or addedQ4 24: 12 cut or sold outQ4 24Q1 25: 120 bought or addedQ1 25: 13 cut or sold outQ1 25Q2 25: 133 bought or addedQ2 25: 41 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q1 2024221
Q2 2024414
Q3 2024468
Q4 20246612
Q1 202512013
Q2 202513341

Biggest buyers

SIGNATUREFD, LLC Added +1,030,827+1.0m
ASSETMARK, INC Added +983,468+983.5k
Smith & Howard Wealth Management, LLC New +872,703+872.7k
BANK OF AMERICA CORP /DE/ Added +495,833+495.8k
Forvis Mazars Wealth Advisors, LLC Added +343,599+343.6k
Meeder Advisory Services, Inc. New +331,656+331.7k
JANE STREET GROUP, LLC New +317,475+317.5k
NewEdge Wealth, LLC New +288,067+288.1k
Quantum Financial Planning Services, Inc. Added +268,914+268.9k
Mariner, LLC Added +260,722+260.7k

Biggest sellers

San Luis Wealth Advisors LLC Reduced -223,686-223.7k
Pinion Investment Advisors, LLC Reduced -89,251-89.3k
SouthState Bank Corp Reduced -54,598-54.6k
CGN Advisors LLC Reduced -36,080-36.1k
SACHEM HILL LLC Reduced -30,368-30.4k
Greenwich Wealth Management LLC Reduced -27,879-27.9k
AXXCESS WEALTH MANAGEMENT, LLC Reduced -11,318-11.3k
Atria Investments, Inc Reduced -10,814-10.8k
Verum Partners LLC Reduced -10,561-10.6k
WELLS FARGO & COMPANY/MN Sold out -8,578-8.6k

Biggest calls

None

Biggest puts

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 HBK Sorce Advisory LLC 17.26% of their portfolio ERIE, PA 8,213,7188.2m $637.2m $637.2m 17.26% Added +255.7k +255,681
2 SIGNATUREFD, LLC 6.03% of their portfolio ATLANTA, GA 4,555,9324.6m $353.4m $353.4m 6.03% Added +1.0m +1,030,827
3 Martel Wealth Advisors LLC 19.91% of their portfolio VANCOUVER, WA 1,384,6041.4m $107.4m $107.4m 19.91% Added +31.9k +31,915
4 ASSETMARK, INC 0.20% of their portfolio CONCORD, CA 1,115,7671.1m $86.6m $86.6m 0.20% Added +983.5k +983,468
5 Orion Porfolio Solutions, LLC 0.64% of their portfolio OMAHA, NE 960,085960.1k $74.5m $74.5m 0.64% Added +66.0k +66,014
6 Diversified Portfolios, Inc. 6.60% of their portfolio Bloomfield Hills, MI 891,655891.7k $69.2m $69.2m 6.60% Added +118.2k +118,226
7 Smith & Howard Wealth Management, LLC 17.18% of their portfolio ATLANTA, GA 872,703872.7k $67.7m $67.7m 17.18% New
8 Forvis Mazars Wealth Advisors, LLC 1.39% of their portfolio Springfield, MO 828,445828.4k $64.3m $64.3m 1.39% Added +343.6k +343,599
9 Financial Engines Advisors L.L.C. 0.13% of their portfolio SANTA CLARA, CA 825,903825.9k $64.1m $64.1m 0.13% Added +28.7k +28,748
10 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 704,242704.2k $54.6m $54.6m 0.00% Added +495.8k +495,833
11 Magnolia Wealth Management, LLC 30.43% of their portfolio DOTHAN, AL 601,601601.6k $46.7m $46.7m 30.43% Added +19.6k +19,605
12 ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio Berwyn, PA 493,456493.5k $38.3m $38.3m 0.01% Added +25.6k +25,606
13 LPL Financial LLC 0.01% of their portfolio FORT MILL, SC 482,581482.6k $37.4m $37.4m 0.01% Added +177.8k +177,764
14 Tull Financial Group, Inc. 16.23% of their portfolio CHESAPEAKE, VA 459,913459.9k $35.7m $35.7m 16.23% Added +249.0k +249,029
15 Tilson Financial Group, Inc. 12.62% of their portfolio NEW PROVIDENCE, NJ 431,491431.5k $33.5m $33.5m 12.62% Reduced -1.9k -1,938
16 HUB Investment Partners, LLC 1.06% of their portfolio AUSTIN, TX 390,657390.7k $30.3m $30.3m 1.06% Added +28.9k +28,919
17 Mills Wealth Advisors LLC 13.80% of their portfolio SOUTHLAKE, TX 387,849387.8k $30.1m $30.1m 13.80% Added +71.4k +71,442
18 SACHEM HILL LLC 5.91% of their portfolio DENVER, CO 373,229373.2k $29.0m $29.0m 5.91% Reduced -30.4k -30,368
19 Mariner, LLC 0.04% of their portfolio Overland Park, KS 352,465352.5k $27.3m $27.3m 0.04% Added +260.7k +260,722
20 Quantum Financial Planning Services, Inc. 12.52% of their portfolio SPOKANE, WA 342,796342.8k $26.6m $26.6m 12.52% Added +268.9k +268,914
21 Meeder Advisory Services, Inc. 1.33% of their portfolio DUBLIN, OH 331,656331.7k $25.7m $25.7m 1.33% New
22 Momentous Wealth Management, Inc. 16.44% of their portfolio VANCOUVER, WA 327,879327.9k $25.4m $25.4m 16.44% Added +26.0k +26,021
23 JANE STREET GROUP, LLC 0.04% of their portfolio NEW YORK, NY 317,475317.5k $24.6m $24.6m 0.04% New
24 NewEdge Wealth, LLC 0.35% of their portfolio STAMFORD, CT 288,067288.1k $22.3m $22.3m 0.35% New
25 Cornerstone Wealth Group, LLC 1.62% of their portfolio HUNTERSVILLE, NC 278,667278.7k $21.6m $21.6m 1.62% Added +1.4k +1,399
26 BCR Wealth Strategies, LLC 7.64% of their portfolio VESTAVIA, AL 254,508254.5k $19.7m $19.7m 7.64% Added +99.7k +99,716
27 SJS Investment Consulting Inc. 3.08% of their portfolio SYLVANIA, OH 250,309250.3k $19.4m $19.4m 3.08% Added +85.7k +85,689
28 Verum Partners LLC 4.38% of their portfolio CHARLOTTE, NC 245,018245.0k $19.0m $19.0m 4.38% Reduced -10.6k -10,561
29 San Luis Wealth Advisors LLC 3.52% of their portfolio SAN LUIS OBISPO, CA 211,195211.2k $16.4m $16.4m 3.52% Reduced -223.7k -223,686
30 Foundations Investment Advisors, LLC 0.23% of their portfolio PHOENIX, AZ 187,202187.2k $14.5m $14.5m 0.23% Added +12.4k +12,448
31 Burton Enright Welch 2.46% of their portfolio WALNUT CREEK, CA 182,688182.7k $14.2m $14.2m 2.46% Added +4.6k +4,606
32 CGN Advisors LLC 1.23% of their portfolio MANHATTAN, KS 177,842177.8k $13.8m $13.8m 1.23% Reduced -36.1k -36,080
33 HighTower Advisors, LLC 0.02% of their portfolio CHICAGO, IL 177,211177.2k $13.7m $13.7m 0.02% Added +7.4k +7,430
34 AMI INVESTMENT MANAGEMENT INC 3.47% of their portfolio KENDALLVILLE, IN 173,405173.4k $13.5m $13.5m 3.47% New
35 CFO4Life Group, LLC 1.91% of their portfolio COPPELL, TX 157,305157.3k $12.2m $12.2m 1.91% Added +13.7k +13,707
36 ShankerValleau Wealth Advisors, Inc. 3.47% of their portfolio SKOKIE, IL 156,621156.6k $12.2m $12.2m 3.47% Added +5.4k +5,389
37 INVENIO WEALTH PARTNERS LLC 4.50% of their portfolio CORAL GABLES, FL 145,775145.8k $11.3m $11.3m 4.50% New
38 AJ Advisors, LLC 4.37% of their portfolio NASHVILLE, TN 126,686126.7k $9.8m $9.8m 4.37% Added +9.4k +9,443
39 Kaizen Financial Strategies 4.84% of their portfolio CAMPBELL, CA 122,783122.8k $9.5m $9.5m 4.84% Added +3.3k +3,335
40 KEELER & NADLER FINANCIAL PLANNING & WEALTH MANAGEMENT 3.77% of their portfolio Dublin, OH 121,433121.4k $9.4m $9.4m 3.77% Added +42.3k +42,330
41 PRINCIPAL SECURITIES, INC. 0.18% of their portfolio DES MOINES, IA 120,292120.3k $9.3m $9.3m 0.18% Added +104.8k +104,804
42 Private Advisor Group, LLC 0.05% of their portfolio MORRISTOWN, NJ 118,839118.8k $9.2m $9.2m 0.05% Added +8.0k +7,965
43 NorthLanding Financial Partners, LLC 8.07% of their portfolio ROCHESTER, NY 117,512117.5k $9.1m $9.1m 8.07% Added +24.4k +24,391
44 McIlrath & Eck, LLC 1.02% of their portfolio ARLINGTON, WA 115,743115.7k $9.0m $9.0m 1.02% Reduced -7.2k -7,161
45 Gutierrez Wealth Advisory, LLC 5.86% of their portfolio LITTLE ROCK, AR 112,717112.7k $8.7m $8.7m 5.86% Added +259 +259
46 Chicago Partners Investment Group LLC 0.24% of their portfolio CHICAGO, IL 107,504107.5k $8.3m $8.3m 0.24% Added +97.5k +97,460
47 TRUIST FINANCIAL CORP 0.01% of their portfolio CHARLOTTE, NC 102,022102.0k $7.9m $7.9m 0.01% Reduced -2.9k -2,942
48 Compton Wealth Advisory Group, LLC 1.95% of their portfolio VIRGINIA BEACH, VA 99,30199.3k $7.7m $7.7m 1.95% Added +23.7k +23,691
49 Lansing Street Advisors 2.10% of their portfolio AMBLER, PA 90,73890.7k $7.0m $7.0m 2.10% Added +8.5k +8,464
50 Pinion Investment Advisors, LLC 2.38% of their portfolio WICHITA, KS 88,85588.9k $6.9m $6.9m 2.38% Reduced -89.3k -89,251
51 Hofer & Associates. Inc 4.12% of their portfolio THOUSAND OAKS, CA 85,13385.1k $6.6m $6.6m 4.12% New
52 CreativeOne Wealth, LLC 0.17% of their portfolio OVERLAND PARK, KS 84,16584.2k $6.5m $6.5m 0.17% Added +24.3k +24,317
53 Leonard Rickey Investment Advisors P.L.L.C. 1.30% of their portfolio YAKIMA, WA 83,64183.6k $6.5m $6.5m 1.30% Added +6.4k +6,382
54 Breakwater Investment Management 2.49% of their portfolio SEATTLE, WA 82,93082.9k $6.4m $6.4m 2.49% Added +68.5k +68,518
55 SouthState Bank Corp 0.28% of their portfolio Winter Haven, FL 82,27182.3k $6.4m $6.4m 0.28% Reduced -54.6k -54,598
56 UP STRATEGIC WEALTH INVESTMENT ADVISORS LLC 4.89% of their portfolio PITTSBURGH, PA 80,88580.9k $6.3m $6.3m 4.89% Added +5.6k +5,611
57 COMMONWEALTH EQUITY SERVICES, LLC 0.01% of their portfolio WALTHAM, MA 79,86279.9k $6.2m $6.2m 0.01% Added +6.4k +6,399
58 Tandem Investment Partners LLC 5.23% of their portfolio Bordentown, NJ 77,28977.3k $6.0m $6.0m 5.23% Added +4.9k +4,926
59 Cambridge Investment Research Advisors, Inc. 0.02% of their portfolio FAIRFIELD, IA 75,82075.8k $5.9m $5.9m 0.02% Added +16.1k +16,086
60 Penney Financial, LLC 2.91% of their portfolio HOUSTON, TX 73,82873.8k $5.7m $5.7m 2.91% New
61 Barry Investment Advisors, LLC 1.41% of their portfolio NEW BEDFORD, MA 73,23173.2k $5.7m $5.7m 1.41% Added +20.1k +20,076
62 MML INVESTORS SERVICES, LLC 0.02% of their portfolio SPRINGFIELD, MA 70,21570.2k $5.4m $5.4m 0.02% Added +6.6k +6,605
63 OMNI 360 Wealth, Inc. 3.26% of their portfolio Plainsboro, NJ 67,68267.7k $5.3m $5.3m 3.26% Added +6.2k +6,237
64 Strategic Family Wealth Counselors, L.L.C. 1.40% of their portfolio FAIRFIELD, NJ 63,12163.1k $4.9m $4.9m 1.40% Added +5.7k +5,653
65 Kings Path Partners LLC 1.85% of their portfolio SUGAR LAND, TX 59,20059.2k $4.6m $4.6m 1.85% Added +31.8k +31,816
66 VICTORY FINANCIAL GROUP, LLC 0.72% of their portfolio AUSTIN, TX 58,65758.7k $4.6m $4.6m 0.72% Reduced -53 -53
67 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 58,12058.1k $4.5m $4.5m 0.00% New
68 Greenwich Wealth Management LLC 0.21% of their portfolio GREENWICH, CT 56,82356.8k $4.4m $4.4m 0.21% Reduced -27.9k -27,879
69 Cetera Investment Advisers 0.01% of their portfolio SCHAUMBURG, IL 56,67956.7k $4.4m $4.4m 0.01% New
70 BOSTON FAMILY OFFICE LLC 0.29% of their portfolio BOSTON, MA 55,54655.5k $4.3m $4.3m 0.29% Added +25.4k +25,403
71 GRAND WEALTH MANAGEMENT, LLC 2.17% of their portfolio GRAND RAPIDS, MI 54,31554.3k $4.2m $4.2m 2.17% Added +310 +310
72 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 51,80151.8k $4.0m $4.0m 0.00% Added +2.0k +1,972
73 MISSION WEALTH MANAGEMENT, LP 0.08% of their portfolio Santa Barbara, CA 49,83849.8k $3.9m $3.9m 0.08% Added +9.4k +9,442
74 Bogart Wealth, LLC 0.16% of their portfolio MCLEAN, VA 48,88248.9k $3.8m $3.8m 0.16% Added +7.8k +7,833
75 Envestnet Portfolio Solutions, Inc. 0.01% of their portfolio BERWYN, PA 48,56248.6k $3.8m $3.8m 0.01% Reduced -5.7k -5,725
76 Coppell Advisory Solutions LLC 0.27% of their portfolio COPPELL, TX 48,12248.1k $3.7m $3.7m 0.27% Added +29.8k +29,772
77 Galvin, Gaustad & Stein, LLC 0.32% of their portfolio Scottsdale, AZ 48,05448.1k $3.7m $3.7m 0.32% Added +29.9k +29,934
78 OLD MISSION CAPITAL LLC 0.10% of their portfolio CHICAGO, IL 46,10546.1k $3.6m $3.6m 0.10% New
79 Elite Life Management LLC 9.02% of their portfolio ERIE, PA 45,17345.2k $3.5m $3.5m 9.02% Added +543 +543
80 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 42,54442.5k $3.3m $3.3m 0.00% Added +29.6k +29,578
81 OSAIC HOLDINGS, INC. 0.01% of their portfolio SCOTTSDALE, AZ 41,22741.2k $3.2m $3.2m 0.01% Added +31.5k +31,460
82 Nicholas Hoffman & Company, LLC. 0.08% of their portfolio ATLANTA, GA 39,80039.8k $3.1m $3.1m 0.08% Added +2.5k +2,537
83 FLOW TRADERS U.S. LLC 0.11% of their portfolio NEW YORK, NY 36,81436.8k $2.9m $2.9m 0.11% Added +27.2k +27,164
84 Crossmark Global Holdings, Inc. 0.04% of their portfolio HOUSTON, TX 35,70735.7k $2.8m $2.8m 0.04% Added +1.1k +1,132
85 Retirement Planning Group, LLC 0.11% of their portfolio LEAWOOD, KS 34,68434.7k $2.7m $2.7m 0.11% Reduced -4.1k -4,129
86 Enclave Advisors LLC 0.42% of their portfolio AUSTIN, TX 33,14833.1k $2.6m $2.6m 0.42% Added +2.2k +2,196
87 Ethos Financial Group, LLC 0.21% of their portfolio KING OF PRUSSIA, PA 31,93831.9k $2.5m $2.5m 0.21% Added +10.7k +10,696
88 OneDigital Investment Advisors LLC 0.03% of their portfolio OVERLAND PARK, KS 31,15531.2k $2.4m $2.4m 0.03% Added +3.1k +3,078
89 NewEdge Advisors, LLC 0.01% of their portfolio NEW ORLEANS, LA 30,30030.3k $2.4m $2.4m 0.01% Added +2.2k +2,198
90 D'Orazio & Associates, Inc. 0.32% of their portfolio VIENNA, VA 29,45029.4k $2.3m $2.3m 0.32% New
91 PATRIOT INVESTMENT MANAGEMENT GROUP, INC. 0.15% of their portfolio KNOXVILLE, TN 27,39327.4k $2.1m $2.1m 0.15% Reduced -130 -130
92 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 25,38925.4k $2.0m $2.0m 0.00% Reduced -1.3k -1,278
93 Rothschild Wealth LLC 0.46% of their portfolio OAK BROOK, IL 24,40424.4k $1.9m $1.9m 0.46% Reduced -505 -505
94 AXXCESS WEALTH MANAGEMENT, LLC 0.05% of their portfolio CARLSBAD, CA 24,26024.3k $1.9m $1.9m 0.05% Reduced -11.3k -11,318
95 Savvy Advisors, Inc. 0.12% of their portfolio NEW YORK, NY 23,26523.3k $1.8m $1.8m 0.12% New
96 Lynx Investment Advisory 0.99% of their portfolio WASHINGTON, DC, DC 19,55719.6k $1.5m $1.5m 0.99% Added +1.4k +1,360
97 Mendota Financial Group, LLC 1.29% of their portfolio MADISON, WI 17,53417.5k $1.4m $1.4m 1.29% Added +16.4k +16,423
98 Conservest Capital Advisors, Inc. 0.13% of their portfolio WYNNEWOOD, PA 16,86916.9k $1.3m $1.3m 0.13% New
99 Sanctuary Advisors, LLC 0.01% of their portfolio INDIANAPOLIS, IN 16,38616.4k $1.3m $1.3m 0.01% New
100 OAK HILL WEALTH ADVISORS, LLC 0.26% of their portfolio LANSDOWNE, VA 16,32816.3k $1.3m $1.3m 0.26% New