Vault-13

VANGUARD MALVERN FDS VCRB

CORE BD ETF · ETP · CUSIP 922020748

202 institutional holders +32 vs Q2 2025
42,473,41442.5m shares reported held*
$3.3bnreported value*
41 new 126 added 24 reduced 11 sold out net bought ≈ $721.5m (+9.2m 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. Holder counts are more reliable. Implied quarter-end price ≈ $78.51.

Trends to Q3 2025

Institutional holders

Managers reporting a position, each quarter

0100200300Q4 23: 6Q1 24: 25Q2 24: 45Q3 24: 57Q4 24: 93Q1 25: 137Q2 25: 170Q3 25: 202202Q4 23Q2 24Q4 24Q2 25Q3 25
Numbers
QuarterHolders
Q4 20236
Q1 202425
Q2 202445
Q3 202457
Q4 202493
Q1 2025137
Q2 2025170
Q3 2025202

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 outQ3 24: 46 bought or addedQ3 24: 8 cut or sold outQ3 24Q4 24: 66 bought or addedQ4 24: 12 cut or sold outQ1 25: 120 bought or addedQ1 25: 13 cut or sold outQ1 25Q2 25: 133 bought or addedQ2 25: 41 cut or sold outQ3 25: 167 bought or addedQ3 25: 35 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q1 2024221
Q2 2024414
Q3 2024468
Q4 20246612
Q1 202512013
Q2 202513341
Q3 202516735

Biggest buyers

ALERUS FINANCIAL NA New +911,317+911.3k
ORRSTOWN FINANCIAL SERVICES INC Added +801,937+801.9k
BLB&B Advisors, LLC New +676,246+676.2k
Forvis Mazars Wealth Advisors, LLC Added +483,135+483.1k
First Citizens Asset Management, Inc. New +445,089+445.1k
Envestnet Portfolio Solutions, Inc. Added +443,188+443.2k
HBK Sorce Advisory LLC Added +429,066+429.1k
BANK OF AMERICA CORP /DE/ Added +409,684+409.7k
Alaethes Wealth, LLC New +407,395+407.4k
LPL Financial LLC Added +348,259+348.3k

Biggest sellers

JANE STREET GROUP, LLC Reduced -234,254-234.3k
SouthState Bank Corp Reduced -69,268-69.3k
GOLDMAN SACHS GROUP INC Sold out -58,120-58.1k
OLD MISSION CAPITAL LLC Sold out -46,105-46.1k
Coppell Advisory Solutions LLC Reduced -17,681-17.7k
FLOW TRADERS U.S. LLC Reduced -8,497-8.5k
HRT FINANCIAL LP Sold out -7,438-7.4k
RENAISSANCE TECHNOLOGIES LLC Sold out -5,700-5.7k
ROYAL BANK OF CANADA Reduced -4,399-4.4k
Rialto Wealth Management, LLC Reduced -3,099-3.1k

Holders, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 HBK Sorce Advisory LLC 17.06% of their portfolio ERIE, PA 8,642,7848.6m $680.4m $680.4m 17.06% Added +429.1k +429,066
2 SIGNATUREFD, LLC 5.91% of their portfolio ATLANTA, GA 4,778,1984.8m $374.7m $374.7m 5.91% Added +222.3k +222,266
3 Martel Wealth Advisors LLC 19.84% of their portfolio VANCOUVER, WA 1,444,0321.4m $113.2m $113.2m 19.84% Added +59.4k +59,428
4 Forvis Mazars Wealth Advisors, LLC 2.04% of their portfolio Springfield, MO 1,311,5801.3m $102.8m $102.8m 2.04% Added +483.1k +483,135
5 ASSETMARK, INC 0.22% of their portfolio CONCORD, CA 1,297,4481.3m $101.7m $101.7m 0.22% Added +181.7k +181,681
6 BANK OF AMERICA CORP /DE/ 0.01% of their portfolio CHARLOTTE, NC 1,113,9261.1m $87.3m $87.3m 0.01% Added +409.7k +409,684
7 Diversified Portfolios, Inc. 7.18% of their portfolio Bloomfield Hills, MI 1,038,1001.0m $81.4m $81.4m 7.18% Added +146.4k +146,445
8 Orion Porfolio Solutions, LLC 0.59% of their portfolio OMAHA, NE 972,596972.6k $76.3m $76.3m 0.59% Added +12.5k +12,511
9 Smith & Howard Wealth Management, LLC 17.12% of their portfolio ATLANTA, GA 936,692936.7k $73.4m $73.4m 17.12% Added +64.0k +63,989
10 ALERUS FINANCIAL NA 3.64% of their portfolio GRAND FORKS, ND 911,317911.3k $71.5m $71.5m 3.64% New
11 Financial Engines Advisors L.L.C. 0.13% of their portfolio SANTA CLARA, CA 874,544874.5k $68.6m $68.6m 0.13% Added +48.6k +48,641
12 LPL Financial LLC 0.02% of their portfolio FORT MILL, SC 830,840830.8k $65.1m $65.1m 0.02% Added +348.3k +348,259
13 ORRSTOWN FINANCIAL SERVICES INC 10.84% of their portfolio HARRISBURG, PA 808,270808.3k $63.4m $63.4m 10.84% Added +801.9k +801,937
14 BLB&B Advisors, LLC 2.29% of their portfolio MONTGOMERYVILLE, PA 676,246676.2k $53.0m $53.0m 2.29% New
15 Magnolia Wealth Management, LLC 29.42% of their portfolio DOTHAN, AL 606,472606.5k $47.6m $47.6m 29.42% Added +4.9k +4,871
16 ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio Berwyn, PA 543,188543.2k $42.6m $42.6m 0.01% Added +49.7k +49,732
17 Envestnet Portfolio Solutions, Inc. 0.14% of their portfolio BERWYN, PA 491,750491.8k $38.6m $38.6m 0.14% Added +443.2k +443,188
18 Tull Financial Group, Inc. 15.99% of their portfolio CHESAPEAKE, VA 461,904461.9k $36.2m $36.2m 15.99% Added +2.0k +1,991
19 Tilson Financial Group, Inc. 11.89% of their portfolio NEW PROVIDENCE, NJ 461,275461.3k $36.2m $36.2m 11.89% Added +29.8k +29,784
20 First Citizens Asset Management, Inc. 12.38% of their portfolio RALEIGH, NC 445,089445.1k $34.9m $34.9m 12.38% New
21 AMI INVESTMENT MANAGEMENT INC 7.71% of their portfolio KENDALLVILLE, IN 423,737423.7k $33.2m $33.2m 7.71% Added +250.3k +250,332
22 HUB Investment Partners, LLC 1.19% of their portfolio AUSTIN, TX 411,160411.2k $32.2m $32.2m 1.19% Added +20.5k +20,503
23 Alaethes Wealth, LLC 9.06% of their portfolio GLENBROOK, NV 407,395407.4k $31.9m $31.9m 9.06% New
24 Mills Wealth Advisors LLC 12.71% of their portfolio SOUTHLAKE, TX 398,281398.3k $31.2m $31.2m 12.71% Added +10.4k +10,432
25 Meeder Advisory Services, Inc. 1.40% of their portfolio DUBLIN, OH 384,875384.9k $30.2m $30.2m 1.40% Added +53.2k +53,219
26 Mariner, LLC 0.04% of their portfolio Overland Park, KS 382,696382.7k $30.0m $30.0m 0.04% Added +30.2k +30,231
27 SACHEM HILL LLC 5.89% of their portfolio DENVER, CO 375,217375.2k $29.4m $29.4m 5.89% Added +2.0k +1,988
28 FIRST CITIZENS INVESTOR SERVICES, INC. 11.19% of their portfolio RALEIGH, NC 369,293369.3k $29.0m $29.0m 11.19% First filing
29 Quantum Financial Planning Services, Inc. 10.81% of their portfolio SPOKANE, WA 340,754340.8k $26.7m $26.7m 10.81% Reduced -2.0k -2,042
30 Momentous Wealth Management, Inc. 16.44% of their portfolio VANCOUVER, WA 330,596330.6k $25.9m $25.9m 16.44% Added +2.7k +2,717
31 SJS Investment Consulting Inc. 3.54% of their portfolio SYLVANIA, OH 329,988330.0k $25.9m $25.9m 3.54% Added +79.7k +79,679
32 NewEdge Wealth, LLC 0.35% of their portfolio STAMFORD, CT 316,754316.8k $24.7m $24.7m 0.35% Added +28.7k +28,687
33 Essex LLC 4.40% of their portfolio DEER PARK, IL 309,563309.6k $24.3m $24.3m 4.40% New
34 BCR Wealth Strategies, LLC 7.93% of their portfolio VESTAVIA, AL 287,631287.6k $22.6m $22.6m 7.93% Added +33.1k +33,123
35 Cornerstone Wealth Group, LLC 1.52% of their portfolio HUNTERSVILLE, NC 286,434286.4k $22.5m $22.5m 1.52% Added +7.8k +7,767
36 Verum Partners LLC 4.61% of their portfolio CHARLOTTE, NC 276,754276.8k $21.7m $21.7m 4.61% Added +31.7k +31,736
37 Investment Planning Advisors, Inc. 6.77% of their portfolio CUMMING, GA 274,509274.5k $21.5m $21.5m 6.77% New
38 CGN Advisors LLC 1.67% of their portfolio MANHATTAN, KS 259,276259.3k $20.3m $20.3m 1.67% Added +81.4k +81,434
39 SMITHBRIDGE ASSET MANAGEMENT INC/DE 2.67% of their portfolio Chadds Ford, PA 234,490234.5k $18.4m $18.4m 2.67% New
40 San Luis Wealth Advisors LLC 3.23% of their portfolio SAN LUIS OBISPO, CA 228,620228.6k $17.9m $17.9m 3.23% Added +17.4k +17,425
41 Rise Advisors, LLC 6.25% of their portfolio ROCHESTER, NY 222,133222.1k $17.4m $17.4m 6.25% New
42 Burton Enright Welch 2.60% of their portfolio WALNUT CREEK, CA 219,321219.3k $17.2m $17.2m 2.60% Added +36.6k +36,633
43 SVB WEALTH LLC 0.87% of their portfolio BOSTON, MA 206,151206.2k $16.2m $16.2m 0.87% New
44 Foundations Investment Advisors, LLC 0.23% of their portfolio PHOENIX, AZ 199,672199.7k $15.7m $15.7m 0.23% Added +12.5k +12,470
45 Lansing Street Advisors 3.86% of their portfolio AMBLER, PA 185,395185.4k $14.5m $14.5m 3.86% Added +94.7k +94,657
46 KEELER & NADLER FINANCIAL PLANNING & WEALTH MANAGEMENT 5.24% of their portfolio Dublin, OH 182,450182.4k $14.3m $14.3m 5.24% Added +61.0k +61,017
47 HighTower Advisors, LLC 0.02% of their portfolio CHICAGO, IL 179,758179.8k $14.1m $14.1m 0.02% Added +2.5k +2,547
48 ShankerValleau Wealth Advisors, Inc. 3.36% of their portfolio SKOKIE, IL 167,149167.1k $13.1m $13.1m 3.36% Added +10.5k +10,528
49 Olde Wealth Management, LLC 4.02% of their portfolio SAMMAMISH, WA 166,361166.4k $13.0m $13.0m 4.02% First filing
50 CFO4Life Group, LLC 1.82% of their portfolio COPPELL, TX 159,930159.9k $12.5m $12.5m 1.82% Added +2.6k +2,625
51 Wolff Financial Management LLC 2.89% of their portfolio KALAMAZOO, MI 158,959159.0k $12.5m $12.5m 2.89% New
52 INVENIO WEALTH PARTNERS LLC 4.51% of their portfolio CORAL GABLES, FL 157,916157.9k $12.4m $12.4m 4.51% Added +12.1k +12,141
53 McIlrath & Eck, LLC 1.27% of their portfolio ARLINGTON, WA 156,794156.8k $12.3m $12.3m 1.27% Added +41.1k +41,051
54 Addison Advisors LLC 2.79% of their portfolio MIDDLEBURY, VT 153,379153.4k $12.0m $12.0m 2.79% Added +152.5k +152,489
55 D'Orazio & Associates, Inc. 1.39% of their portfolio VIENNA, VA 134,073134.1k $10.5m $10.5m 1.39% Added +104.6k +104,623
56 AJ Advisors, LLC 4.14% of their portfolio NASHVILLE, TN 128,906128.9k $10.1m $10.1m 4.14% Added +2.2k +2,220
57 PRINCIPAL SECURITIES, INC. 0.17% of their portfolio DES MOINES, IA 128,706128.7k $10.1m $10.1m 0.17% Added +8.4k +8,414
58 Kaizen Financial Strategies 4.53% of their portfolio CAMPBELL, CA 128,027128.0k $10.0m $10.0m 4.53% Added +5.2k +5,244
59 NorthLanding Financial Partners, LLC 8.31% of their portfolio ROCHESTER, NY 126,977127.0k $10.0m $10.0m 8.31% Added +9.5k +9,465
60 Private Advisor Group, LLC 0.05% of their portfolio MORRISTOWN, NJ 125,790125.8k $9.9m $9.9m 0.05% Added +7.0k +6,951
61 Compton Wealth Advisory Group, LLC 2.21% of their portfolio VIRGINIA BEACH, VA 121,763121.8k $9.5m $9.5m 2.21% Added +22.5k +22,462
62 Chicago Partners Investment Group LLC 0.25% of their portfolio CHICAGO, IL 119,096119.1k $9.4m $9.4m 0.25% Added +11.6k +11,592
63 Gutierrez Wealth Advisory, LLC 5.97% of their portfolio LITTLE ROCK, AR 119,023119.0k $9.3m $9.3m 5.97% Added +6.3k +6,306
64 TRUIST FINANCIAL CORP 0.01% of their portfolio CHARLOTTE, NC 109,616109.6k $8.6m $8.6m 0.01% Added +7.6k +7,594
65 COMMONWEALTH EQUITY SERVICES, LLC 0.01% of their portfolio WALTHAM, MA 100,015100.0k $7.8m $7.8m 0.01% Added +20.2k +20,153
66 Barry Investment Advisors, LLC 1.77% of their portfolio NEW BEDFORD, MA 98,33598.3k $7.7m $7.7m 1.77% Added +25.1k +25,104
67 NewEdge Advisors, LLC 0.03% of their portfolio NEW ORLEANS, LA 98,09298.1k $7.7m $7.7m 0.03% Added +67.8k +67,792
68 Leonard Rickey Investment Advisors P.L.L.C. 1.38% of their portfolio YAKIMA, WA 93,43893.4k $7.3m $7.3m 1.38% Added +9.8k +9,797
69 UP STRATEGIC WEALTH INVESTMENT ADVISORS LLC 5.32% of their portfolio PITTSBURGH, PA 90,19790.2k $7.1m $7.1m 5.32% Added +9.3k +9,312
70 CreativeOne Wealth, LLC 0.17% of their portfolio OVERLAND PARK, KS 87,93487.9k $6.9m $6.9m 0.17% Added +3.8k +3,769
71 Cambridge Investment Research Advisors, Inc. 0.02% of their portfolio FAIRFIELD, IA 87,80387.8k $6.9m $6.9m 0.02% Added +12.0k +11,983
72 Ethos Financial Group, LLC 0.54% of their portfolio KING OF PRUSSIA, PA 87,75887.8k $6.9m $6.9m 0.54% Added +55.8k +55,820
73 Pinion Investment Advisors, LLC 1.89% of their portfolio WICHITA, KS 87,43987.4k $6.9m $6.9m 1.89% Reduced -1.4k -1,416
74 Hofer & Associates. Inc 3.87% of their portfolio THOUSAND OAKS, CA 86,23386.2k $6.8m $6.8m 3.87% Added +1.1k +1,100
75 Tandem Investment Partners LLC 5.40% of their portfolio Bordentown, NJ 83,88383.9k $6.6m $6.6m 5.40% Added +6.6k +6,594
76 JANE STREET GROUP, LLC 0.01% of their portfolio NEW YORK, NY 83,22183.2k $6.5m $6.5m 0.01% Reduced -234.3k -234,254
77 Breakwater Investment Management 2.39% of their portfolio SEATTLE, WA 82,80982.8k $6.5m $6.5m 2.39% Reduced -121 -121
78 Strategic Family Wealth Counselors, L.L.C. 1.60% of their portfolio FAIRFIELD, NJ 79,07579.1k $6.2m $6.2m 1.60% Added +16.0k +15,954
79 Penney Financial, LLC 2.72% of their portfolio HOUSTON, TX 77,33277.3k $6.1m $6.1m 2.72% Added +3.5k +3,504
80 MML INVESTORS SERVICES, LLC 0.02% of their portfolio SPRINGFIELD, MA 75,63475.6k $5.9m $5.9m 0.02% Added +5.4k +5,419
81 OMNI 360 Wealth, Inc. 3.22% of their portfolio Plainsboro, NJ 73,15073.2k $5.7m $5.7m 3.22% Added +5.5k +5,468
82 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 70,53770.5k $5.5m $5.5m 0.00% Added +18.7k +18,736
83 Kings Path Partners LLC 2.01% of their portfolio SUGAR LAND, TX 69,66969.7k $5.5m $5.5m 2.01% Added +10.5k +10,469
84 Cetera Investment Advisers 0.01% of their portfolio SCHAUMBURG, IL 68,82368.8k $5.4m $5.4m 0.01% Added +12.1k +12,144
85 Galvin, Gaustad & Stein, LLC 0.42% of their portfolio Scottsdale, AZ 66,65066.7k $5.2m $5.2m 0.42% Added +18.6k +18,596
86 MISSION WEALTH MANAGEMENT, LP 0.10% of their portfolio Santa Barbara, CA 63,94763.9k $5.0m $5.0m 0.10% Added +14.1k +14,109
87 BOSTON FAMILY OFFICE LLC 0.31% of their portfolio BOSTON, MA 62,90662.9k $4.9m $4.9m 0.31% Added +7.4k +7,360
88 Summit Financial, LLC 0.07% of their portfolio PARSIPPANY, NJ 62,12962.1k $4.9m $4.9m 0.07% New
89 VICTORY FINANCIAL GROUP, LLC 0.65% of their portfolio AUSTIN, TX 59,92959.9k $4.7m $4.7m 0.65% Added +1.3k +1,272
90 GRAND WEALTH MANAGEMENT, LLC 2.24% of their portfolio GRAND RAPIDS, MI 59,07359.1k $4.6m $4.6m 2.24% Added +4.8k +4,758
91 BENJAMIN EDWARDS INC 0.05% of their portfolio Clayton, MO 58,12558.1k $4.6m $4.6m 0.05% New
92 Bogart Wealth, LLC 0.18% of their portfolio MCLEAN, VA 56,22556.2k $4.4m $4.4m 0.18% Added +7.3k +7,343
93 Greenwich Wealth Management LLC 0.21% of their portfolio GREENWICH, CT 54,64054.6k $4.3m $4.3m 0.21% Reduced -2.2k -2,183
94 Elite Life Management LLC 8.40% of their portfolio ERIE, PA 52,26152.3k $4.1m $4.1m 8.40% Added +7.1k +7,088
95 OSAIC HOLDINGS, INC. 0.01% of their portfolio SCOTTSDALE, AZ 51,53551.5k $4.0m $4.0m 0.01% Added +10.3k +10,308
96 OAK HILL WEALTH ADVISORS, LLC 0.61% of their portfolio LANSDOWNE, VA 41,56041.6k $3.3m $3.3m 0.61% Added +25.2k +25,232
97 Nicholas Hoffman & Company, LLC. 0.08% of their portfolio ATLANTA, GA 40,96441.0k $3.2m $3.2m 0.08% Added +1.2k +1,164
98 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 38,14538.1k $3.0m $3.0m 0.00% Reduced -4.4k -4,399
99 Zhang Financial LLC 0.12% of their portfolio PORTAGE, MI 37,74937.7k $3.0m $3.0m 0.12% Added +34.0k +33,971
100 Crossmark Global Holdings, Inc. 0.04% of their portfolio HOUSTON, TX 36,47836.5k $2.9m $2.9m 0.04% Added +771 +771