Vault-13

VANGUARD CALIF TAX FREE FDS VTEC

TAX EXEMPT BD FD · ETP · CUSIP 922021605

81 institutional holders +17 vs Q1 2025
5,524,8985.5m shares reported held*
$539.3mreported value*
26 new 31 added 8 reduced 10 sold out net bought ≈ $228.7m (+2.3m 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 ≈ $97.60. Options: 1 managers hold calls ($0 notional), 1 hold puts ($0).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

050100Q1 24: 10Q2 24: 27Q3 24: 43Q4 24: 60Q1 25: 64Q2 25: 8181Q1 24Q2 24Q3 24Q4 24Q1 25Q2 25
Numbers
QuarterHolders
Q1 202410
Q2 202427
Q3 202443
Q4 202460
Q1 202564
Q2 202581

Buyers vs sellers

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

Bought or addedCut or sold out
1000100Q2 24: 21 bought or addedQ2 24: 4 cut or sold outQ2 24Q3 24: 36 bought or addedQ3 24: 3 cut or sold outQ3 24Q4 24: 40 bought or addedQ4 24: 9 cut or sold outQ4 24Q1 25: 39 bought or addedQ1 25: 16 cut or sold outQ1 25Q2 25: 57 bought or addedQ2 25: 18 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q2 2024214
Q3 2024363
Q4 2024409
Q1 20253916
Q2 20255718

Calls vs puts

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

CallsPuts
$0$2.5k$5k$7.5k$10kQ3 24 calls: $0Q3 24 puts: $0Q3 24P/C —Q4 24 calls: $0Q4 24 puts: $0Q4 24P/C —Q1 25 calls: $9.0kQ1 25 puts: $0Q1 25P/C 0.00Q2 25 calls: $0Q2 25 puts: $0Q2 25P/C —
Numbers
QuarterCallsPutsP/C
Q3 2024$0$0—
Q4 2024$0$0—
Q1 2025$9.0k$00.00
Q2 2025$0$0—

Biggest buyers

CHARLES SCHWAB INVESTMENT MANAGEMENT INC Added +1,617,459+1.6m
Cetera Investment Advisers Added +223,283+223.3k
BANK OF AMERICA CORP /DE/ Added +142,189+142.2k
SUSQUEHANNA INTERNATIONAL GROUP, LLP New +68,306+68.3k
LPL Financial LLC Added +55,754+55.8k
Corient Private Wealth LP New +39,696+39.7k
Focus Partners Advisor Solutions, LLC New +39,000+39.0k
CAPTRUST FINANCIAL ADVISORS Added +38,668+38.7k
Creative Planning Added +36,723+36.7k
Bell Investment Advisors, Inc Added +35,821+35.8k

Biggest sellers

PFG Advisors Sold out -39,657-39.7k
JANE STREET GROUP, LLC Reduced -39,516-39.5k
ROYAL BANK OF CANADA Reduced -25,958-26.0k
Elequin Capital, LP Sold out -22,096-22.1k
OLD MISSION CAPITAL LLC Sold out -14,097-14.1k
FINANCIAL MANAGEMENT NETWORK INC Reduced -8,143-8.1k
Values Added Financial LLC Sold out -7,298-7.3k
Opes Wealth Management LLC Sold out -5,650-5.7k
SteelPeak Wealth, LLC Reduced -5,149-5.1k
ELEVATION WEALTH PARTNERS, LLC Sold out -4,360-4.4k

Biggest calls

CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

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 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.07% of their portfolio SAN FRANCISCO, CA 3,879,5973.9m $378.7m $378.7m 0.07% Added +1.6m +1,617,459
2 Cetera Investment Advisers 0.04% of their portfolio SCHAUMBURG, IL 225,420225.4k $22.0m $22.0m 0.04% Added +223.3k +223,283
3 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 218,786218.8k $21.4m $21.4m 0.00% Added +142.2k +142,189
4 CAPTRUST FINANCIAL ADVISORS 0.03% of their portfolio RALEIGH, NC 154,216154.2k $15.1m $15.1m 0.03% Added +38.7k +38,668
5 Wedmont Private Capital 0.29% of their portfolio WEST CHESTER, PA 70,76370.8k $6.9m $6.9m 0.29% Added +3.6k +3,614
6 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.01% of their portfolio BALA CYNWYD, PA 68,30668.3k $6.7m $6.7m 0.01% New
7 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 64,63364.6k $6.3m $6.3m 0.00% Added +55.8k +55,754
8 Brio Consultants, LLC 0.85% of their portfolio SAN FRANCISCO, CA 59,38459.4k $5.8m $5.8m 0.85% Added +6.5k +6,455
9 ECLECTIC ASSOCIATES INC /ADV 1.13% of their portfolio FULLERTON, CA 53,09253.1k $5.2m $5.2m 1.13% Added +19.1k +19,053
10 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 52,63552.6k $5.1m $5.1m 0.00% Added +36.7k +36,723
11 Corient Private Wealth LP 0.01% of their portfolio MIAMI, FL 39,69639.7k $3.9m $3.9m 0.01% New
12 Gotham Asset Management, LLC 0.02% of their portfolio NEW YORK, NY 39,61239.6k $3.9m $3.9m 0.02% Unchanged
13 Focus Partners Advisor Solutions, LLC 0.05% of their portfolio SAINT LOUIS, MO 39,00039.0k $3.8m $3.8m 0.05% New
14 Bell Investment Advisors, Inc 0.62% of their portfolio ORINDA, CA 37,10837.1k $3.6m $3.6m 0.62% Added +35.8k +35,821
15 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 29,90529.9k $2.9m $2.9m 0.00% Added +12.1k +12,104
16 EVOKE WEALTH, LLC 0.06% of their portfolio Los Angeles, CA 26,04226.0k $2.5m $2.5m 0.06% Added +5.0k +5,047
17 NDWM LLC 1.78% of their portfolio LA JOLLA, CA 24,95525.0k $2.4m $2.4m 1.78% New
18 SteelPeak Wealth, LLC 0.08% of their portfolio WOODLAND HILLS, CA 22,24522.2k $2.2m $2.2m 0.08% Reduced -5.1k -5,149
19 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 21,36921.4k $2.1m $2.1m 0.00% Added +2.6k +2,604
20 FINANCIAL MANAGEMENT NETWORK INC 0.36% of their portfolio MISSION VIEJO, CA 20,84420.8k $2.0m $2.0m 0.36% Reduced -8.1k -8,143
21 FLC Capital Advisors 0.41% of their portfolio PALM DESERT, CA 20,25820.3k $2.0m $2.0m 0.41% Reduced -563 -563
22 Diversify Advisory Services, LLC 0.07% of their portfolio SANDY, UT 19,80519.8k $1.9m $1.9m 0.07% New
23 Blue Oak Capital, LLC 0.98% of their portfolio MENLO PARK, CA 19,09119.1k $1.9m $1.9m 0.98% Added +1.4k +1,426
24 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 19,03119.0k $1.9m $1.9m 0.00% Added +1.4k +1,426
25 Fort Point Capital Partners LLC 0.18% of their portfolio San Francisco, CA 18,47818.5k $1.8m $1.8m 0.18% Added +1.0k +1,030
26 JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio DES PERES, MO 18,18818.2k $1.8m $1.8m 0.00% Added +8.0k +8,010
27 GUGGENHEIM CAPITAL LLC 0.01% of their portfolio CHICAGO, IL 17,15417.2k $1.7m $1.7m 0.01% New
28 Concurrent Investment Advisors, LLC 0.03% of their portfolio Tampa, FL 14,89814.9k $1.5m $1.5m 0.03% Added +751 +751
29 WEDBUSH SECURITIES INC 0.05% of their portfolio PASADENA, CA 13,79613.8k $1.3m $1.3m 0.05% Added +284 +284
30 Burton Enright Welch 0.23% of their portfolio WALNUT CREEK, CA 13,66813.7k $1.3m $1.3m 0.23% Added +5.8k +5,792
31 Root Financial Partners, LLC 0.12% of their portfolio ENCINITAS, CA 12,41812.4k $1.2m $1.2m 0.12% Added +3.9k +3,936
32 Luminvest Wealth Management LLC 0.42% of their portfolio SCOTTSDALE, AZ 11,90411.9k $1.2m $1.2m 0.42% New
33 AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio Greenwich, CT 9,2819.3k $905.9k $905.9k 0.00% Added +5.0k +5,045
34 FLOW TRADERS U.S. LLC 0.03% of their portfolio NEW YORK, NY 8,8258.8k $861.0k $861.0k 0.03% New
35 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 8,5798.6k $837.4k $837.4k 0.00% Reduced -39.5k -39,516
36 Sand Hill Global Advisors, LLC 0.03% of their portfolio Palo Alto, CA 8,4518.5k $824.9k $824.9k 0.03% New
37 North Berkeley Wealth Management, LLC 0.75% of their portfolio Berkeley, CA 8,3228.3k $812.3k $812.3k 0.75% Unchanged
38 Cerity Partners LLC 0.00% of their portfolio NEW YORK, NY 7,1957.2k $702.3k $702.3k 0.00% New
39 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 7,0277.0k $685.9k $685.9k 0.00% Added +4.9k +4,866
40 OPPENHEIMER & CO INC 0.01% of their portfolio NEW YORK, NY 6,7926.8k $663.0k $663.0k 0.01% New
41 Retirement Planning Group, LLC 0.03% of their portfolio LEAWOOD, KS 6,6266.6k $646.8k $646.8k 0.03% Reduced -2.8k -2,800
42 UNITED CAPITAL FINANCIAL ADVISORS, LLC 0.00% of their portfolio IRVING, TX 5,6245.6k $549.0k $549.0k 0.00% New
43 Keystone Wealth Services, LLC 0.13% of their portfolio PALM DESERT, CA 5,5005.5k $536.9k $536.9k 0.13% Reduced -147 -147
44 Ariston Services Group 0.38% of their portfolio SAN DIEGO, CA 5,4445.4k $531.4k $531.4k 0.38% Added +23 +23
45 Meridian Wealth Management, LLC 0.02% of their portfolio LEXINGTON, KY 5,3755.4k $524.7k $524.7k 0.02% Added +470 +470
46 SWEENEY & MICHEL, LLC 0.18% of their portfolio CHICO, CA 5,1765.2k $501.6k $501.6k 0.18% Added +1.9k +1,892
47 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 5,0455.0k $492.3k $492.3k 0.00% Unchanged
48 Nautilus Advisors LLC 0.31% of their portfolio La Jolla, CA 4,3414.3k $423.7k $423.7k 0.31% Added +101 +101
49 TPG Advisors LLC 0.28% of their portfolio NORTHFIELD, IL 4,0064.0k $391.0k $391.0k 0.28% Unchanged
50 Allworth Financial LP 0.00% of their portfolio FOLSOM, CA 3,9033.9k $381.0k $381.0k 0.00% Added +3.9k +3,902
51 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 3,6383.6k $356.0k $356.0k 0.00% Reduced -26.0k -25,958
52 Wealthspire Advisors, LLC 0.00% of their portfolio NEW YORK, NY 3,4483.4k $336.6k $336.6k 0.00% New
53 NewEdge Advisors, LLC 0.00% of their portfolio NEW ORLEANS, LA 3,3633.4k $328.3k $328.3k 0.00% Unchanged
54 Tolleson Wealth Management, Inc. 0.06% of their portfolio DALLAS, TX 3,3003.3k $322.1k $322.1k 0.06% Unchanged
55 NavPoint Financial, Inc. 0.19% of their portfolio Prior Lake, MN 3,2073.2k $313.1k $313.1k 0.19% New
56 Climber Capital SA 0.19% of their portfolio NYON, V8 3,1103.1k $301.9k $301.9k 0.19% Unchanged
57 FIDUCIARY FINANCIAL GROUP, LLC 0.05% of their portfolio SAN RAFAEL, CA 3,1083.1k $302.7k $302.7k 0.05% Unchanged
58 Hurlow Wealth Management Group, Inc. 0.08% of their portfolio BLOOMINGTON, IN 3,0113.0k $293.9k $293.9k 0.08% New
59 Martin Worley Group 0.14% of their portfolio COTTONWOOD HEIGHTS, UT 2,9352.9k $286.5k $286.5k 0.14% New
60 Quantinno Capital Management LP 0.00% of their portfolio NEW YORK, NY 2,8502.9k $278.2k $278.2k 0.00% Unchanged
61 Joel Isaacson & Co., LLC 0.01% of their portfolio NEW YORK, NY 2,6752.7k $261.1k $261.1k 0.01% New
62 Core Wealth Partners LLC 0.13% of their portfolio SANTA ROSA, CA 2,6392.6k $257.6k $257.6k 0.13% Unchanged
63 Beacon Pointe Advisors, LLC 0.00% of their portfolio NEWPORT BEACH, CA 2,5432.5k $248.3k $248.3k 0.00% New
64 ASPIRIANT, LLC 0.01% of their portfolio San Francisco, CA 2,5302.5k $247.0k $247.0k 0.01% Added +30 +30
65 Blume Capital Management, Inc. 0.05% of their portfolio BERKELEY, CA 2,5002.5k $244.0k $244.0k 0.05% Unchanged
66 CATALYST PRIVATE WEALTH, LLC 0.11% of their portfolio SAN MATEO, CA 2,4652.5k $240.6k $240.6k 0.11% New
67 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 2,3992.4k $234.2k $234.2k 0.00% New
68 TWIN PEAKS WEALTH ADVISORS, LLC 0.08% of their portfolio SAN FRANCISCO, CA 2,3892.4k $232.8k $232.8k 0.08% New
69 Weaver Consulting Group 0.06% of their portfolio HUNTINGTON BEACH, CA 2,2482.2k $219.5k $219.5k 0.06% New
70 Paragon Capital Management Ltd 0.04% of their portfolio DENVER, CO 2,0642.1k $201.5k $201.5k 0.04% New
71 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 1,9421.9k $189.6k $189.6k 0.00% New
72 First Pacific Financial 0.02% of their portfolio VANCOUVER, WA 1,5471.5k $151.0k $151.0k 0.02% New
73 Larson Financial Group LLC 0.00% of their portfolio ST LOUIS, MO 1,0001.0k $97.6k $97.6k 0.00% Unchanged
74 ALBION FINANCIAL GROUP /UT 0.00% of their portfolio SALT LAKE CITY, UT 625625 $61.0k $61.0k 0.00% Added +200 +200
75 WFA of San Diego, LLC 0.04% of their portfolio SAN DIEGO, CA 590590 $57.6k $57.6k 0.04% First filing
76 Golden State Wealth Management, LLC 0.01% of their portfolio SANTA ANA, CA 505505 $49.3k $49.3k 0.01% Unchanged
77 EverSource Wealth Advisors, LLC 0.00% of their portfolio BIRMINGHAM, AL 253253 $24.6k $24.6k 0.00% Added +2 +2
78 CVA Family Office, LLC 0.00% of their portfolio DENVER, CO 184184 $18.0k $18.0k 0.00% Reduced -150 -150
79 Spire Wealth Management 0.00% of their portfolio MCLEAN, VA 2020 $2.0k $2.0k 0.00% Unchanged
80 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 11 $82 $82 0.00% New
81 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged