Vault-13

VANGUARD MALVERN FDS VTIP

STRM INFPROIDX · ETP · CUSIP 922020805

899 institutional holders +55 vs Q3 2025
219,866,922219.9m shares reported held*
$10.9bnreported value*
65 new 453 added 225 reduced 66 sold out net sold ≈ $779.7m (-15.8m 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 ($35.3m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $49.40. Options: 2 managers hold calls ($657.8k notional), 0 hold puts (—).

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

05001kQ3 22: 786Q4 22: 814Q1 23: 778Q2 23: 767Q3 23: 734Q4 23: 766Q1 24: 721Q2 24: 734Q3 24: 703Q4 24: 771Q1 25: 794Q2 25: 836Q3 25: 844Q4 25: 899899Q3 22Q2 23Q1 24Q4 24Q4 25
Numbers
QuarterHolders
Q3 2022786
Q4 2022814
Q1 2023778
Q2 2023767
Q3 2023734
Q4 2023766
Q1 2024721
Q2 2024734
Q3 2024703
Q4 2024771
Q1 2025794
Q2 2025836
Q3 2025844
Q4 2025899

Buyers vs sellers

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

Bought or addedCut or sold out
1k01kQ1 24: 276 bought or addedQ1 24: 420 cut or sold outQ2 24: 295 bought or addedQ2 24: 385 cut or sold outQ2 24Q3 24: 307 bought or addedQ3 24: 373 cut or sold outQ4 24: 378 bought or addedQ4 24: 281 cut or sold outQ4 24Q1 25: 410 bought or addedQ1 25: 307 cut or sold outQ2 25: 455 bought or addedQ2 25: 301 cut or sold outQ2 25Q3 25: 473 bought or addedQ3 25: 303 cut or sold outQ4 25: 518 bought or addedQ4 25: 291 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 2024276420
Q2 2024295385
Q3 2024307373
Q4 2024378281
Q1 2025410307
Q2 2025455301
Q3 2025473303
Q4 2025518291

Calls vs puts

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

CallsPuts
$0$1m$2m$3m$4mQ1 25 calls: $748.5kQ1 25 puts: $0Q1 25P/C 0.00Q2 25 calls: $2.9mQ2 25 puts: $422.3kQ2 25P/C 0.15Q3 25 calls: $3.6mQ3 25 puts: $0Q3 25P/C 0.00Q4 25 calls: $657.8kQ4 25 puts: $0Q4 25P/C 0.00
Numbers
QuarterCallsPutsP/C
Q1 2025$748.5k$00.00
Q2 2025$2.9m$422.3k0.15
Q3 2025$3.6m$00.00
Q4 2025$657.8k$00.00

Biggest buyers

Wealthfront Advisers LLC Added +2,900,809+2.9m
GOLDMAN SACHS GROUP INC Added +1,877,940+1.9m
Russell Investments Group, Ltd. New +1,478,676+1.5m
First Interstate Bank New +1,376,014+1.4m
Corient Private Wealth LP Added +1,276,735+1.3m
SEI INVESTMENTS CO Added +1,134,562+1.1m
LPL Financial LLC Added +1,039,578+1.0m
CAMBRIDGE ASSOCIATES LLC /MA/ /ADV Added +688,358+688.4k
Focus Partners Wealth Added +669,831+669.8k
EVOKE WEALTH, LLC Added +631,583+631.6k

Biggest sellers

JPMORGAN CHASE & CO Reduced -27,259,949-27.3m
Wealthspire Advisors, LLC Reduced -3,396,021-3.4m
Focus Partners Advisor Solutions, LLC Reduced -2,642,625-2.6m
JANE STREET GROUP, LLC Sold out -1,608,843-1.6m
RENAISSANCE TECHNOLOGIES LLC Sold out -730,300-730.3k
New York Life Investment Management LLC Sold out -370,877-370.9k
Beaird Harris Wealth Management, LLC Reduced -236,563-236.6k
Beacon Capital Management, Inc. Reduced -157,979-158.0k
TrueWealth Financial Partners Sold out -146,211-146.2k
NATIXIS ADVISORS, LLC Sold out -117,019-117.0k

Biggest calls

CITADEL ADVISORS LLC Reduced $652.9k13.2k shares
SIMPLEX TRADING, LLC Reduced $4.9k100 shares

Biggest puts

None

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, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 JPMORGAN CHASE & CO 0.10% of their portfolio NEW YORK, NY 30,130,36530.1m $1.5bn $1.5bn 0.10% Reduced -27.3m -27,259,949
2 LPL Financial LLC 0.25% of their portfolio FORT MILL, SC 18,490,33618.5m $914.5m $914.5m 0.25% Added +1.0m +1,039,578
3 GOLDMAN SACHS GROUP INC 0.07% of their portfolio NEW YORK, NY 10,366,83710.4m $512.7m $512.7m 0.07% Added +1.9m +1,877,940
4 SEI INVESTMENTS CO 0.47% of their portfolio OAKS, PA 9,719,0149.7m $480.7m $480.7m 0.47% Added +1.1m +1,134,562
5 Valmark Advisers, Inc. 4.10% of their portfolio AKRON, OH 6,716,2726.7m $332.2m $332.2m 4.10% Added +314.7k +314,697
6 CAMBRIDGE ASSOCIATES LLC /MA/ /ADV 4.57% of their portfolio BOSTON, MA 5,645,6615.6m $279.2m $279.2m 4.57% Added +688.4k +688,358
7 FMR LLC 0.01% of their portfolio BOSTON, MA 5,091,8555.1m $251.8m $251.8m 0.01% Reduced -108.0k -108,021
8 MORGAN STANLEY 0.01% of their portfolio NEW YORK, NY 4,899,0174.9m $242.3m $242.3m 0.01% Added +631.1k +631,102
9 Empirical Financial Services, LLC d.b.a. Empirical Wealth Management 4.13% of their portfolio Seattle, WA 4,653,4524.7m $230.2m $230.2m 4.13% Added +352.9k +352,889
10 Focus Partners Wealth 0.24% of their portfolio ST LOUIS, MO 4,254,7174.3m $210.4m $210.4m 0.24% Added +669.8k +669,831
11 Wealthspire Advisors, LLC 1.65% of their portfolio NEW YORK, NY 4,191,4634.2m $207.3m $207.3m 1.65% Reduced -3.4m -3,396,021
12 ENVESTNET ASSET MANAGEMENT INC 0.06% of their portfolio Berwyn, PA 3,847,5253.8m $190.3m $190.3m 0.06% Reduced -25.4k -25,419
13 BANK OF AMERICA CORP /DE/ 0.01% of their portfolio CHARLOTTE, NC 3,696,8313.7m $182.8m $182.8m 0.01% Reduced -109.4k -109,357
14 Wealthfront Advisers LLC 0.40% of their portfolio Palo Alto, CA 3,633,4233.6m $179.7m $179.7m 0.40% Added +2.9m +2,900,809
15 Savant Capital, LLC 1.01% of their portfolio ROCKFORD, IL 3,594,8623.6m $177.8m $177.8m 1.01% Added +173.9k +173,875
16 HighTower Advisors, LLC 0.15% of their portfolio CHICAGO, IL 2,726,7182.7m $134.9m $134.9m 0.15% Added +169.6k +169,575
17 WELLS FARGO & COMPANY/MN 0.02% of their portfolio SAN FRANCISCO, CA 2,134,2592.1m $105.6m $105.6m 0.02% Added +82.2k +82,182
18 Klingman & Associates, LLC 4.98% of their portfolio New York, NY 2,087,3102.1m $103.2m $103.2m 4.98% Added +307.6k +307,650
19 Alesco Advisors, LLC, An ESL Co 2.61% of their portfolio Pittsford, NY 2,038,8072.0m $100.8m $100.8m 2.61% Added +92.2k +92,152
20 EVOKE WEALTH, LLC 1.77% of their portfolio Los Angeles, CA 1,865,3211.9m $92.3m $92.3m 1.77% Added +631.6k +631,583
21 STUDIO INVESTMENT MANAGEMENT LLC 16.46% of their portfolio CHICAGO, IL 1,821,4771.8m $90.1m $90.1m 16.46% Added +98.6k +98,628
22 SATOVSKY ASSET MANAGEMENT LLC 15.87% of their portfolio NEW YORK, NY 1,655,8681.7m $81.9m $81.9m 15.87% Added +59.5k +59,489
23 BOK Financial Private Wealth, Inc. 4.76% of their portfolio DENVER, CO 1,573,3901.6m $77.8m $77.8m 4.76% Added +109.6k +109,570
24 Betterment LLC 0.15% of their portfolio NEW YORK, NY 1,555,3951.6m $76.9m $76.9m 0.15% Reduced -83.4k -83,443
25 Russell Investments Group, Ltd. 0.08% of their portfolio Seattle, WA 1,478,6761.5m $73.1m $73.1m 0.08% New
26 True Link Financial Advisors, LLC 4.36% of their portfolio SAN FRANCISCO, CA 1,452,6261.5m $71.8m $71.8m 4.36% Added +92.3k +92,296
27 First Interstate Bank 3.65% of their portfolio Billings, MT 1,376,0141.4m $68.1m $68.1m 3.65% New
28 Corient Private Wealth LP 0.04% of their portfolio MIAMI, FL 1,338,2981.3m $66.2m $66.2m 0.04% Added +1.3m +1,276,735
29 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio SAN FRANCISCO, CA 1,194,4601.2m $59.1m $59.1m 0.01% Added +31.4k +31,399
30 Fund Evaluation Group, LLC 1.94% of their portfolio CINCINNATI, OH 1,183,7411.2m $58.5m $58.5m 1.94% Reduced -10.4k -10,383
31 Fairway Wealth LLC 5.48% of their portfolio INDEPENDENCE, OH 1,103,9671.1m $20.3m $20.3m 5.48% Reduced -5.2k -5,220
32 Focus Partners Advisor Solutions, LLC 0.67% of their portfolio SAINT LOUIS, MO 1,101,1181.1m $54.5m $54.5m 0.67% Reduced -2.6m -2,642,625
33 UBS Group AG 0.01% of their portfolio ZURICH, V8 1,041,2171.0m $51.5m $51.5m 0.01% Reduced -46.0k -45,994
34 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.03% of their portfolio MILWAUKEE, WI 1,031,9221.0m $51.0m $51.0m 0.03% Reduced -26.3k -26,269
35 ASSETMARK, INC 0.10% of their portfolio CONCORD, CA 1,027,5881.0m $50.8m $50.8m 0.10% Added +177.9k +177,863
36 Bank of New York Mellon Corp 0.01% of their portfolio NEW YORK, NY 958,044958.0k $47.4m $47.4m 0.01% Reduced -13.0k -12,956
37 Garde Capital, Inc. 2.71% of their portfolio SEATTLE, WA 923,594923.6k $45.7m $45.7m 2.71% Added +95.5k +95,456
38 Bleakley Financial Group, LLC 0.79% of their portfolio PARSIPPANY, NJ 920,002920.0k $45.5m $45.5m 0.79% Added +54.5k +54,500
39 OSAIC HOLDINGS, INC. 0.07% of their portfolio SCOTTSDALE, AZ 908,542908.5k $44.9m $44.9m 0.07% Reduced -12.4k -12,419
40 Cetera Investment Advisers 0.05% of their portfolio SCHAUMBURG, IL 906,209906.2k $44.8m $44.8m 0.05% Added +27.6k +27,561
41 Strategic Financial Services, Inc. 1.90% of their portfolio UTICA, NY 829,148829.1k $41.2m $41.2m 1.90% Added +51.6k +51,618
42 RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio ST. PETERSBURG, FL 793,536793.5k $39.2m $39.2m 0.01% Added +63.8k +63,804
43 Adventist Health System/ West 6.37% of their portfolio Roseville, CA 766,010766.0k $37.9m $37.9m 6.37% Unchanged
44 TRUST CO OF VERMONT 1.51% of their portfolio BRATTLEBORO, VT 732,514732.5k $36.2m $36.2m 1.51% Added +282.2k +282,208
45 Efficient Advisors, LLC 2.06% of their portfolio BEAVERTON, OR 713,174713.2k $35.3m $35.3m 2.06% Added +20.1k +20,070
46 MOLLER WEALTH PARTNERS 7.35% of their portfolio NORTHFIELD, IL 709,958710.0k $35.1m $35.1m 7.35% Added +7.4k +7,377
47 Beacon Capital Management, Inc. 1.86% of their portfolio DAYTON, OH 703,402703.4k $34.8m $34.8m 1.86% Reduced -158.0k -157,979
48 Leonard Rickey Investment Advisors P.L.L.C. 6.10% of their portfolio YAKIMA, WA 681,588681.6k $33.7m $33.7m 6.10% Added +77.4k +77,357
49 Pacific Sage Partners, LLC 5.34% of their portfolio EDMONDS, WA 680,517680.5k $33.7m $33.7m 5.34% Added +66.5k +66,465
50 Cornerstone National Bank & Trust Co 13.39% of their portfolio PALATINE, IL 678,525678.5k $33.6m $33.6m 13.39% Added +31.1k +31,135
51 Marotta Asset Management 6.02% of their portfolio CHARLOTTESVILLE, VA 656,977657.0k $32.5m $32.5m 6.02% Added +16.5k +16,477
52 Cerity Partners LLC 0.05% of their portfolio NEW YORK, NY 644,577644.6k $31.9m $31.9m 0.05% Reduced -6.4k -6,424
53 ALTFEST L J & CO INC 3.38% of their portfolio NEW YORK, NY 624,486624.5k $30.9m $30.9m 3.38% Reduced -15.7k -15,683
54 SILVER OAK WEALTH ADVISORS SERVICES, LLC 19.88% of their portfolio LOS ANGELES, CA 623,127623.1k $30.8m $30.8m 19.88% Added +23.9k +23,948
55 ROYAL BANK OF CANADA 0.01% of their portfolio TORONTO, A6 622,992623.0k $30.8m $30.8m 0.01% Added +36.7k +36,686
56 Financial Plan, Inc. 3.36% of their portfolio BELLINGHAM, WA 592,384592.4k $29.3m $29.3m 3.36% First filing
57 Greystone Financial Group, LLC 4.49% of their portfolio BLOOMFIELD HILLS, MI 581,891581.9k $28.8m $28.8m 4.49% Reduced -10.3k -10,252
58 Stratos Investment Management, LLC 1.15% of their portfolio BEACHWOOD, OH 579,285579.3k $28.7m $28.7m 1.15% Added +32.7k +32,708
59 FINANCIAL CONSULATE, INC 3.77% of their portfolio HUNT VALLEY, MD 557,604557.6k $27.6m $27.6m 3.77% Added +64.5k +64,482
60 3EDGE Asset Management, LP 1.42% of their portfolio Naples, FL 554,367554.4k $27.4m $27.4m 1.42% Added +195.7k +195,679
61 BAILARD, INC. 0.59% of their portfolio Foster City, CA 538,707538.7k $26.6m $26.6m 0.59% New
62 BANCO BILBAO VIZCAYA ARGENTARIA, S.A. 0.18% of their portfolio Madrid, U3 524,963525.0k $26.0m $26.0m 0.18% Added +104.4k +104,379
63 EP Wealth Advisors, LLC 0.13% of their portfolio TORRANCE, CA 522,421522.4k $25.8m $25.8m 0.13% First filing
64 DEFINE FINANCIAL, LLC 14.31% of their portfolio SAN DIEGO, CA 510,398510.4k $25.2m $25.2m 14.31% Added +67.3k +67,335
65 Schorn Wealth LLC 7.54% of their portfolio ENGLEWOOD, FL 502,499502.5k $24.9m $24.9m 7.54% Added +6.3k +6,300
66 NORTHWEST WEALTH MANAGEMENT, LLC 3.87% of their portfolio SPENCER, IA 497,737497.7k $24.6m $24.6m 3.87% Added +51.2k +51,178
67 AMERIPRISE FINANCIAL INC 0.01% of their portfolio MINNEAPOLIS, MN 489,631489.6k $24.2m $24.2m 0.01% Reduced -12.0k -12,022
68 WEBSTER BANK, N. A. 2.25% of their portfolio WATERBURY, CT 485,546485.5k $24.0m $24.0m 2.25% Added +27.8k +27,838
69 Arlington Financial Advisors, LLC 3.28% of their portfolio SANTA BARBARA, CA 463,471463.5k $22.9m $22.9m 3.28% Reduced -76.5k -76,538
70 Alaska Permanent Capital Management, LLC 1.64% of their portfolio ANCHORAGE, AK 437,746437.7k $21.6m $21.6m 1.64% Reduced -2.4k -2,360
71 THOMPSON SIEGEL & WALMSLEY LLC 0.36% of their portfolio RICHMOND, VA 433,954434.0k $21.5m $21.5m 0.36% Added +201.5k +201,544
72 Whelan Financial 6.70% of their portfolio FRESNO, CA 433,770433.8k $21.5m $21.5m 6.70% Added +13.5k +13,487
73 Beacon Pointe Advisors, LLC 0.15% of their portfolio NEWPORT BEACH, CA 430,933430.9k $21.3m $21.3m 0.15% Added +123.8k +123,793
74 Sellwood Investment Partners LLC 8.22% of their portfolio PORTLAND, OR 425,432425.4k $21.0m $21.0m 8.22% Added +64.2k +64,222
75 ProVise Management Group, LLC 1.45% of their portfolio CLEARWATER, FL 412,997413.0k $20.4m $20.4m 1.45% Added +6.2k +6,158
76 VAN STRUM & TOWNE INC. 5.68% of their portfolio SAN FRANCISCO, CA 410,410410.4k $20.3m $20.3m 5.68% Reduced -33.1k -33,087
77 Addison Advisors LLC 4.51% of their portfolio MIDDLEBURY, VT 405,650405.6k $20.1m $20.1m 4.51% Added +43.9k +43,917
78 Brickley Wealth Management 3.38% of their portfolio SAN MATEO, CA 404,963405.0k $20.0m $20.0m 3.38% Added +5.5k +5,480
79 Apella Capital, LLC 0.39% of their portfolio WEST HARTFORD, CT 403,232403.2k $19.9m $19.9m 0.39% Added +8.1k +8,141
80 BENNINGFIELD FINANCIAL ADVISORS, LLC 15.42% of their portfolio SAN FRANCISCO, CA 398,329398.3k $19.7m $19.7m 15.42% Added +12.8k +12,803
81 Beaird Harris Wealth Management, LLC 1.35% of their portfolio DALLAS, TX 396,529396.5k $19.6m $19.6m 1.35% Reduced -236.6k -236,563
82 COMMONWEALTH EQUITY SERVICES, LLC 0.03% of their portfolio WALTHAM, MA 385,647385.6k $19.1m $19.1m 0.03% Added +59.8k +59,809
83 Deane Retirement Strategies, Inc. 7.82% of their portfolio NEW ORLEANS, LA 382,212382.2k $18.9m $18.9m 7.82% Reduced -52 -52
84 Portland Global Advisors LLC 2.02% of their portfolio PORTLAND, ME 379,958380.0k $18.8m $18.8m 2.02% Added +14.1k +14,121
85 NKCFO LLC 5.17% of their portfolio GENEVA, IL 361,700361.7k $17.9m $17.9m 5.17% Unchanged
86 TWIN FOCUS CAPITAL PARTNERS, LLC 2.04% of their portfolio Boston, MA 357,905357.9k $17.7m $17.7m 2.04% Added +33.1k +33,110
87 MML INVESTORS SERVICES, LLC 0.04% of their portfolio SPRINGFIELD, MA 356,516356.5k $17.6m $17.6m 0.04% Added +193.8k +193,842
88 Emprise Bank 7.24% of their portfolio WICHITA, KS 352,334352.3k $17.4m $17.4m 7.24% Added +8.6k +8,557
89 Equitable Holdings, Inc. 0.12% of their portfolio NEW YORK, NY 351,024351.0k $17.4m $17.4m 0.12% Added +24.0k +23,964
90 Burton Enright Welch 2.41% of their portfolio WALNUT CREEK, CA 345,508345.5k $17.1m $17.1m 2.41% Added +36.7k +36,725
91 Chemistry Wealth Management LLC 3.18% of their portfolio NEW YORK, NY 343,863343.9k $17.0m $17.0m 3.18% Added +28.8k +28,838
92 Nova R Wealth, Inc. 6.12% of their portfolio OVERLAND PARK, KS 339,368339.4k $16.8m $16.8m 6.12% Added +50.3k +50,276
93 STIFEL FINANCIAL CORP 0.01% of their portfolio ST. LOUIS, MO 336,837336.8k $16.7m $16.7m 0.01% Added +7.8k +7,834
94 BlackRock, Inc. 0.00% of their portfolio New York, NY 336,538336.5k $16.6m $16.6m 0.00% New
95 Prosperity Planning, Inc. 4.35% of their portfolio NORTH KANSAS CITY, MO 336,401336.4k $16.6m $16.6m 4.35% Added +23.6k +23,564
96 MAYPORT, LLC 3.31% of their portfolio NEWTON, MA 332,424332.4k $16.4m $16.4m 3.31% Added +68.3k +68,264
97 Asset Management One Co., Ltd. 0.05% of their portfolio TOKYO, M0 330,367330.4k $16.3m $16.3m 0.05% Added +18.8k +18,780
98 North Star Investment Management Corp. 1.02% of their portfolio CHICAGO, IL 328,718328.7k $16.3m $16.3m 1.02% Added +62.7k +62,716
99 Perigon Wealth Management, LLC 0.29% of their portfolio SAN FRANCISCO, CA 327,547327.5k $16.2m $16.2m 0.29% Reduced -1.6k -1,629
100 FARMERS & MERCHANTS INVESTMENTS INC 0.44% of their portfolio LINCOLN, NE 321,170321.2k $15.9m $15.9m 0.44% Added +19.0k +18,956