Vault-13

VANGUARD MALVERN FDS VCRB

CORE BD ETF · ETP · CUSIP 922020748

247 institutional holders +45 vs Q3 2025
52,679,07552.7m shares reported held*
$4.1bnreported value*
39 new 140 added 35 reduced 10 sold out net bought ≈ $700.9m (+9.0m 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 ($535.2k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $77.94.

Trends to Q4 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: 202Q4 25: 247247Q4 23Q2 24Q4 24Q2 25Q4 25
Numbers
QuarterHolders
Q4 20236
Q1 202425
Q2 202445
Q3 202457
Q4 202493
Q1 2025137
Q2 2025170
Q3 2025202
Q4 2025247

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 outQ2 24: 41 bought or addedQ2 24: 4 cut or sold outQ2 24Q3 24: 46 bought or addedQ3 24: 8 cut or sold outQ4 24: 66 bought or addedQ4 24: 12 cut or sold outQ4 24Q1 25: 120 bought or addedQ1 25: 13 cut or sold outQ2 25: 133 bought or addedQ2 25: 41 cut or sold outQ2 25Q3 25: 167 bought or addedQ3 25: 35 cut or sold outQ4 25: 179 bought or addedQ4 25: 45 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 2024221
Q2 2024414
Q3 2024468
Q4 20246612
Q1 202512013
Q2 202513341
Q3 202516735
Q4 202517945

Biggest buyers

Advance Capital Management, Inc. New +3,289,350+3.3m
BANK OF AMERICA CORP /DE/ Added +900,590+900.6k
HBK Sorce Advisory LLC Added +631,969+632.0k
Forvis Mazars Wealth Advisors, LLC Added +401,946+401.9k
SMITHBRIDGE ASSET MANAGEMENT INC/DE Added +296,098+296.1k
SIGNATUREFD, LLC Added +256,841+256.8k
SCOTIA CAPITAL INC. Added +234,513+234.5k
Acropolis Investment Management, LLC New +222,166+222.2k
Zhang Financial LLC Added +201,115+201.1k
BLB&B Advisors, LLC Added +196,483+196.5k

Biggest sellers

FIRST CITIZENS INVESTOR SERVICES, INC. Reduced -369,293-369.3k
JANE STREET GROUP, LLC Reduced -77,694-77.7k
CITADEL ADVISORS LLC Sold out -70,537-70.5k
Crossmark Global Holdings, Inc. Sold out -36,478-36.5k
Mariner, LLC Reduced -23,053-23.1k
Orion Porfolio Solutions, LLC Reduced -22,494-22.5k
OSAIC HOLDINGS, INC. Reduced -16,241-16.2k
OneDigital Investment Advisors LLC Reduced -15,908-15.9k
Sanctuary Advisors, LLC Reduced -14,627-14.6k
Bill Few Associates, Inc. Sold out -14,442-14.4k

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 HBK Sorce Advisory LLC 16.65% of their portfolio ERIE, PA 9,274,7539.3m $724.7m $724.7m 16.65% Added +632.0k +631,969
2 SIGNATUREFD, LLC 5.99% of their portfolio ATLANTA, GA 5,035,0395.0m $392.2m $392.2m 5.99% Added +256.8k +256,841
3 Advance Capital Management, Inc. 10.86% of their portfolio SOUTHFIELD, MI 3,289,3503.3m $256.2m $256.2m 10.86% New
4 BANK OF AMERICA CORP /DE/ 0.01% of their portfolio CHARLOTTE, NC 2,014,5162.0m $156.9m $156.9m 0.01% Added +900.6k +900,590
5 Forvis Mazars Wealth Advisors, LLC 2.52% of their portfolio Springfield, MO 1,713,5261.7m $133.5m $133.5m 2.52% Added +401.9k +401,946
6 Martel Wealth Advisors LLC 20.02% of their portfolio VANCOUVER, WA 1,505,1081.5m $117.2m $117.2m 20.02% Added +61.1k +61,076
7 ASSETMARK, INC 0.22% of their portfolio CONCORD, CA 1,360,6081.4m $106.0m $106.0m 0.22% Added +63.2k +63,160
8 Diversified Portfolios, Inc. 7.32% of their portfolio Bloomfield Hills, MI 1,129,4781.1m $88.0m $88.0m 7.32% Added +91.4k +91,378
9 Smith & Howard Wealth Management, LLC 18.16% of their portfolio ATLANTA, GA 1,018,7121.0m $79.4m $79.4m 18.16% Added +82.0k +82,020
10 Orion Porfolio Solutions, LLC 0.54% of their portfolio OMAHA, NE 950,102950.1k $74.0m $74.0m 0.54% Reduced -22.5k -22,494
11 ALERUS FINANCIAL NA 3.57% of their portfolio GRAND FORKS, ND 936,945936.9k $73.0m $73.0m 3.57% Added +25.6k +25,628
12 Financial Engines Advisors L.L.C. 0.14% of their portfolio SANTA CLARA, CA 929,292929.3k $72.4m $72.4m 0.14% Added +54.7k +54,748
13 LPL Financial LLC 0.02% of their portfolio FORT MILL, SC 926,172926.2k $72.1m $72.1m 0.02% Added +95.3k +95,332
14 BLB&B Advisors, LLC 2.84% of their portfolio MONTGOMERYVILLE, PA 872,729872.7k $68.0m $68.0m 2.84% Added +196.5k +196,483
15 ORRSTOWN FINANCIAL SERVICES INC 10.60% of their portfolio HARRISBURG, PA 816,462816.5k $63.6m $63.6m 10.60% Added +8.2k +8,192
16 Magnolia Wealth Management, LLC 29.67% of their portfolio DOTHAN, AL 637,482637.5k $49.7m $49.7m 29.67% Added +31.0k +31,010
17 ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio Berwyn, PA 558,988559.0k $43.5m $43.5m 0.01% Added +15.8k +15,800
18 Envestnet Portfolio Solutions, Inc. 0.15% of their portfolio BERWYN, PA 532,424532.4k $41.5m $41.5m 0.15% Added +40.7k +40,674
19 SMITHBRIDGE ASSET MANAGEMENT INC/DE 3.53% of their portfolio Chadds Ford, PA 530,588530.6k $41.3m $41.3m 3.53% Added +296.1k +296,098
20 Tilson Financial Group, Inc. 12.41% of their portfolio NEW PROVIDENCE, NJ 517,564517.6k $40.3m $40.3m 12.41% Added +56.3k +56,289
21 Tull Financial Group, Inc. 15.88% of their portfolio CHESAPEAKE, VA 475,904475.9k $37.1m $37.1m 15.88% Added +14.0k +14,000
22 First Citizens Asset Management, Inc. 12.33% of their portfolio RALEIGH, NC 452,560452.6k $35.3m $35.3m 12.33% Added +7.5k +7,471
23 HUB Investment Partners, LLC 0.94% of their portfolio AUSTIN, TX 440,130440.1k $34.3m $34.3m 0.94% Added +29.0k +28,970
24 Meeder Advisory Services, Inc. 1.44% of their portfolio DUBLIN, OH 432,071432.1k $33.7m $33.7m 1.44% Added +47.2k +47,196
25 Mills Wealth Advisors LLC 13.13% of their portfolio SOUTHLAKE, TX 427,507427.5k $33.3m $33.3m 13.13% Added +29.2k +29,226
26 Essex LLC 5.85% of their portfolio DEER PARK, IL 423,703423.7k $33.0m $33.0m 5.85% Added +114.1k +114,140
27 AMI INVESTMENT MANAGEMENT INC 7.25% of their portfolio KENDALLVILLE, IN 414,179414.2k $32.3m $32.3m 7.25% Reduced -9.6k -9,558
28 Alaethes Wealth, LLC 8.93% of their portfolio GLENBROOK, NV 407,104407.1k $31.7m $31.7m 8.93% Reduced -291 -291
29 SACHEM HILL LLC 5.86% of their portfolio DENVER, CO 387,006387.0k $30.1m $30.1m 5.86% Added +11.8k +11,789
30 SJS Investment Consulting Inc. 3.80% of their portfolio SYLVANIA, OH 385,176385.2k $30.0m $30.0m 3.80% Added +55.2k +55,188
31 Momentous Wealth Management, Inc. 16.26% of their portfolio VANCOUVER, WA 368,254368.3k $28.7m $28.7m 16.26% Added +37.7k +37,658
32 Mariner, LLC 0.03% of their portfolio Overland Park, KS 359,643359.6k $28.0m $28.0m 0.03% Reduced -23.1k -23,053
33 Quantum Financial Planning Services, Inc. 10.15% of their portfolio SPOKANE, WA 359,508359.5k $28.0m $28.0m 10.15% Added +18.8k +18,754
34 RESOLUTE CAPITAL, LLC 10.94% of their portfolio GREENVILLE, SC 336,003336.0k $26.2m $26.2m 10.94% First filing
35 NewEdge Wealth, LLC 0.29% of their portfolio STAMFORD, CT 330,196330.2k $25.7m $25.7m 0.29% Added +13.4k +13,442
36 Verum Partners LLC 5.10% of their portfolio CHARLOTTE, NC 324,656324.7k $25.3m $25.3m 5.10% Added +47.9k +47,902
37 BCR Wealth Strategies, LLC 7.88% of their portfolio VESTAVIA, AL 304,914304.9k $23.8m $23.8m 7.88% Added +17.3k +17,283
38 Cornerstone Wealth Group, LLC 1.61% of their portfolio HUNTERSVILLE, NC 302,577302.6k $23.6m $23.6m 1.61% Added +16.1k +16,143
39 Investment Planning Advisors, Inc. 6.59% of their portfolio CUMMING, GA 290,665290.7k $22.6m $22.6m 6.59% Added +16.2k +16,156
40 Rise Advisors, LLC 7.97% of their portfolio ROCHESTER, NY 286,869286.9k $22.3m $22.3m 7.97% Added +64.7k +64,736
41 CGN Advisors LLC 1.72% of their portfolio MANHATTAN, KS 279,275279.3k $21.8m $21.8m 1.72% Added +20.0k +19,999
42 SVB WEALTH LLC 1.26% of their portfolio BOSTON, MA 275,274275.3k $21.4m $21.4m 1.26% Added +69.1k +69,123
43 Burton Enright Welch 2.90% of their portfolio WALNUT CREEK, CA 264,826264.8k $20.6m $20.6m 2.90% Added +45.5k +45,505
44 San Luis Wealth Advisors LLC 3.24% of their portfolio SAN LUIS OBISPO, CA 248,447248.4k $19.4m $19.4m 3.24% Added +19.8k +19,827
45 Zhang Financial LLC 0.69% of their portfolio PORTAGE, MI 238,864238.9k $18.6m $18.6m 0.69% Added +201.1k +201,115
46 SCOTIA CAPITAL INC. 0.07% of their portfolio TORONTO, A6 237,817237.8k $18.5m $18.5m 0.07% Added +234.5k +234,513
47 McIlrath & Eck, LLC 1.62% of their portfolio ARLINGTON, WA 224,354224.4k $17.5m $17.5m 1.62% Added +67.6k +67,560
48 Acropolis Investment Management, LLC 0.78% of their portfolio ST. LOUIS, MO 222,166222.2k $17.3m $17.3m 0.78% New
49 Foundations Investment Advisors, LLC 0.22% of their portfolio PHOENIX, AZ 218,462218.5k $17.0m $17.0m 0.22% Added +18.8k +18,790
50 KEELER & NADLER FINANCIAL PLANNING & WEALTH MANAGEMENT 5.81% of their portfolio Dublin, OH 215,100215.1k $16.8m $16.8m 5.81% Added +32.6k +32,650
51 COMMONWEALTH EQUITY SERVICES, LLC 0.02% of their portfolio WALTHAM, MA 214,331214.3k $16.7m $16.7m 0.02% Added +114.3k +114,316
52 Gross & Hartman Investments LLC 9.34% of their portfolio LEOLA, PA 210,485210.5k $16.4m $16.4m 9.34% First filing
53 D'Orazio & Associates, Inc. 2.05% of their portfolio VIENNA, VA 205,899205.9k $16.0m $16.0m 2.05% Added +71.8k +71,826
54 Lansing Street Advisors 3.92% of their portfolio AMBLER, PA 195,488195.5k $15.2m $15.2m 3.92% Added +10.1k +10,093
55 HighTower Advisors, LLC 0.02% of their portfolio CHICAGO, IL 185,025185.0k $14.4m $14.4m 0.02% Added +5.3k +5,267
56 Crusonia Wealth Advisors LLC 3.13% of their portfolio DENVER, CO 182,457182.5k $14.2m $14.2m 3.13% First filing
57 ShankerValleau Wealth Advisors, Inc. 3.79% of their portfolio SKOKIE, IL 179,469179.5k $14.0m $14.0m 3.79% Added +12.3k +12,320
58 Compton Wealth Advisory Group, LLC 3.03% of their portfolio VIRGINIA BEACH, VA 178,241178.2k $13.9m $13.9m 3.03% Added +56.5k +56,478
59 Wolff Financial Management LLC 3.04% of their portfolio KALAMAZOO, MI 173,665173.7k $13.5m $13.5m 3.04% Added +14.7k +14,706
60 Olde Wealth Management, LLC 4.11% of their portfolio SAMMAMISH, WA 171,454171.5k $13.4m $13.4m 4.11% Added +5.1k +5,093
61 Addison Advisors LLC 2.90% of their portfolio MIDDLEBURY, VT 165,892165.9k $12.9m $12.9m 2.90% Added +12.5k +12,513
62 CFO4Life Group, LLC 1.81% of their portfolio COPPELL, TX 163,312163.3k $12.7m $12.7m 1.81% Added +3.4k +3,382
63 Safe Harbor Family Capital, LLC 11.07% of their portfolio CHAPEL HILL, NC 161,693161.7k $12.6m $12.6m 11.07% First filing
64 INVENIO WEALTH PARTNERS LLC 4.67% of their portfolio CORAL GABLES, FL 161,405161.4k $12.6m $12.6m 4.67% Added +3.5k +3,489
65 Chicago Partners Investment Group LLC 0.28% of their portfolio CHICAGO, IL 144,392144.4k $11.3m $11.3m 0.28% Added +25.3k +25,296
66 Private Advisor Group, LLC 0.05% of their portfolio MORRISTOWN, NJ 143,564143.6k $11.2m $11.2m 0.05% Added +17.8k +17,774
67 AJ Advisors, LLC 3.98% of their portfolio NASHVILLE, TN 138,450138.4k $10.8m $10.8m 3.98% Added +9.5k +9,544
68 NorthLanding Financial Partners, LLC 8.60% of their portfolio ROCHESTER, NY 137,417137.4k $10.7m $10.7m 8.60% Added +10.4k +10,440
69 PRINCIPAL SECURITIES, INC. 0.16% of their portfolio DES MOINES, IA 131,430131.4k $10.2m $10.2m 0.16% Added +2.7k +2,724
70 Kaizen Financial Strategies 4.44% of their portfolio CAMPBELL, CA 129,117129.1k $10.1m $10.1m 4.44% Added +1.1k +1,090
71 NewEdge Advisors, LLC 0.03% of their portfolio NEW ORLEANS, LA 122,211122.2k $9.5m $9.5m 0.03% Added +24.1k +24,119
72 Gutierrez Wealth Advisory, LLC 5.96% of their portfolio LITTLE ROCK, AR 121,758121.8k $9.5m $9.5m 5.96% Added +2.7k +2,735
73 Barry Investment Advisors, LLC 2.11% of their portfolio NEW BEDFORD, MA 121,431121.4k $9.5m $9.5m 2.11% Added +23.1k +23,096
74 Madrid Wealth Management, LLC 7.58% of their portfolio ALBUQUERQUE, NM 119,895119.9k $9.3m $9.3m 7.58% First filing
75 Leonard Rickey Investment Advisors P.L.L.C. 1.63% of their portfolio YAKIMA, WA 115,596115.6k $9.0m $9.0m 1.63% Added +22.2k +22,158
76 TRUIST FINANCIAL CORP 0.01% of their portfolio CHARLOTTE, NC 115,263115.3k $9.0m $9.0m 0.01% Added +5.6k +5,647
77 Strategic Family Wealth Counselors, L.L.C. 1.90% of their portfolio FAIRFIELD, NJ 108,610108.6k $8.4m $8.4m 1.90% Added +29.5k +29,535
78 GEN Financial Management, INC. 5.03% of their portfolio PLYMOUTH, MN 102,641102.6k $8.0m $8.0m 5.03% New
79 CreativeOne Wealth, LLC 0.19% of their portfolio OVERLAND PARK, KS 98,83898.8k $7.7m $7.7m 0.19% Added +10.9k +10,904
80 Ethos Financial Group, LLC 0.55% of their portfolio KING OF PRUSSIA, PA 96,31796.3k $7.5m $7.5m 0.55% Added +8.6k +8,559
81 Tandem Investment Partners LLC 6.23% of their portfolio Bordentown, NJ 94,83294.8k $7.4m $7.4m 6.23% Added +10.9k +10,949
82 Main Line Retirement Advisors, LLC 3.70% of their portfolio WHITEFISH, MT 93,82293.8k $7.3m $7.3m 3.70% New
83 Cambridge Investment Research Advisors, Inc. 0.02% of their portfolio FAIRFIELD, IA 93,31593.3k $7.3m $7.3m 0.02% Added +5.5k +5,512
84 Cetera Investment Advisers 0.01% of their portfolio SCHAUMBURG, IL 93,05493.1k $7.2m $7.2m 0.01% Added +24.2k +24,231
85 Hofer & Associates. Inc 3.77% of their portfolio THOUSAND OAKS, CA 91,39191.4k $7.1m $7.1m 3.77% Added +5.2k +5,158
86 UP STRATEGIC WEALTH INVESTMENT ADVISORS LLC 5.17% of their portfolio PITTSBURGH, PA 91,12091.1k $7.1m $7.1m 5.17% Added +923 +923
87 Greenwich Wealth Management LLC 0.31% of their portfolio GREENWICH, CT 89,00489.0k $6.9m $6.9m 0.31% Added +34.4k +34,364
88 Englebert Financial Advisers, LLC 7.93% of their portfolio Allentown, PA 88,47888.5k $6.9m $6.9m 7.93% First filing
89 Penney Financial, LLC 2.66% of their portfolio HOUSTON, TX 88,42188.4k $6.9m $6.9m 2.66% Added +11.1k +11,089
90 Conservest Capital Advisors, Inc. 0.61% of their portfolio WYNNEWOOD, PA 87,24587.2k $6.8m $6.8m 0.61% Added +62.1k +62,146
91 Pinion Investment Advisors, LLC 1.63% of their portfolio WICHITA, KS 85,56085.6k $6.7m $6.7m 1.63% Reduced -1.9k -1,879
92 Breakwater Investment Management 2.38% of their portfolio SEATTLE, WA 84,30484.3k $6.6m $6.6m 2.38% Added +1.5k +1,495
93 Kings Path Partners LLC 2.26% of their portfolio SUGAR LAND, TX 82,96983.0k $6.5m $6.5m 2.26% Added +13.3k +13,300
94 GRAND WEALTH MANAGEMENT, LLC 2.88% of their portfolio GRAND RAPIDS, MI 81,46981.5k $6.3m $6.3m 2.88% Added +22.4k +22,396
95 MISSION WEALTH MANAGEMENT, LP 0.13% of their portfolio Santa Barbara, CA 81,09781.1k $6.3m $6.3m 0.13% Added +17.1k +17,150
96 Galvin, Gaustad & Stein, LLC 0.48% of their portfolio Scottsdale, AZ 79,18779.2k $6.2m $6.2m 0.48% Added +12.5k +12,537
97 MML INVESTORS SERVICES, LLC 0.01% of their portfolio SPRINGFIELD, MA 78,29178.3k $6.1m $6.1m 0.01% Added +2.7k +2,657
98 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 75,43775.4k $5.9m $5.9m 0.00% Added +37.3k +37,292
99 BOSTON FAMILY OFFICE LLC 0.35% of their portfolio BOSTON, MA 71,63771.6k $5.6m $5.6m 0.35% Added +8.7k +8,731
100 OMNI 360 Wealth, Inc. 2.87% of their portfolio Plainsboro, NJ 71,63571.6k $5.6m $5.6m 2.87% Reduced -1.5k -1,515