Vault-13

VANGUARD INSTL INDEX FD VBIL

0-3 MO TREAS BIL · ETP · CUSIP 922040845

274 institutional holders +70 vs Q3 2025
26,286,15826.3m shares reported held*
$2.0bnreported value*
78 new 108 added 53 reduced 20 sold out net bought ≈ $518.0m (+6.9m 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 ≈ $75.43.

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

0100200300Q1 25: 50Q2 25: 135Q3 25: 204Q4 25: 274274Q1 25Q2 25Q3 25Q4 25
Numbers
QuarterHolders
Q1 202550
Q2 2025135
Q3 2025204
Q4 2025274

Buyers vs sellers

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

Bought or addedCut or sold out
2000200Q2 25: 121 bought or addedQ2 25: 12 cut or sold outQ2 25Q3 25: 168 bought or addedQ3 25: 37 cut or sold outQ3 25Q4 25: 186 bought or addedQ4 25: 73 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q2 202512112
Q3 202516837
Q4 202518673

Biggest buyers

Nicholas Hoffman & Company, LLC. Added +1,411,985+1.4m
SCS Capital Management LLC Added +1,354,320+1.4m
Evanson Asset Management, LLC Added +542,391+542.4k
MORGAN STANLEY Added +393,588+393.6k
Altiora Financial Group, LLC New +308,137+308.1k
Fortitude Family Office, LLC Added +282,467+282.5k
GREENHAVEN ASSOCIATES INC Added +272,725+272.7k
HSBC HOLDINGS PLC Added +240,000+240.0k
THOMPSON SIEGEL & WALMSLEY LLC Added +225,219+225.2k
EverSource Wealth Advisors, LLC Added +220,462+220.5k

Biggest sellers

ARMSTRONG ADVISORY GROUP, INC Reduced -616,091-616.1k
Garde Capital, Inc. Sold out -389,746-389.7k
Oxbow Advisors, LLC Reduced -342,176-342.2k
Focused Wealth Management, Inc Reduced -300,114-300.1k
Tower Research Capital LLC (TRC) Reduced -276,679-276.7k
FLPUTNAM INVESTMENT MANAGEMENT CO Reduced -248,700-248.7k
Corient Private Wealth LP Reduced -203,891-203.9k
BENJAMIN EDWARDS INC Reduced -152,772-152.8k
Bridgewealth Advisory Group, LLC Reduced -86,118-86.1k
JIM SAULNIER & ASSOCIATES, LLC Reduced -77,109-77.1k

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Evanson Asset Management, LLC 7.75% of their portfolio CARMEL, CA 1,904,1181.9m $143.6m $143.6m 7.75% Added +542.4k +542,391
2 Nicholas Hoffman & Company, LLC. 3.15% of their portfolio ATLANTA, GA 1,800,4111.8m $135.8m $135.8m 3.15% Added +1.4m +1,411,985
3 Oxbow Advisors, LLC 11.53% of their portfolio Austin, TX 1,737,8121.7m $131.1m $131.1m 11.53% Reduced -342.2k -342,176
4 SCS Capital Management LLC 1.10% of their portfolio BOSTON, MA 1,370,6981.4m $103.4m $103.4m 1.10% Added +1.4m +1,354,320
5 BANK OF AMERICA CORP /DE/ 0.01% of their portfolio CHARLOTTE, NC 917,162917.2k $69.2m $69.2m 0.01% Added +156.3k +156,277
6 ROYAL BANK OF CANADA 0.01% of their portfolio TORONTO, A6 776,756776.8k $58.6m $58.6m 0.01% Added +12.9k +12,891
7 GREENHAVEN ASSOCIATES INC 0.94% of their portfolio Purchase, NY 772,725772.7k $58.3m $58.3m 0.94% Added +272.7k +272,725
8 ARMSTRONG ADVISORY GROUP, INC 3.39% of their portfolio NEEDHAM, MA 664,698664.7k $50.1m $50.1m 3.39% Reduced -616.1k -616,091
9 Bridgewealth Advisory Group, LLC 10.54% of their portfolio Fresno, CA 632,989633.0k $47.7m $47.7m 10.54% Reduced -86.1k -86,118
10 Bragg Financial Advisors, Inc 1.50% of their portfolio CHARLOTTE, NC 610,021610.0k $46.0m $46.0m 1.50% Added +4.2k +4,219
11 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 563,317563.3k $42.5m $42.5m 0.00% Added +393.6k +393,588
12 UBS Group AG 0.01% of their portfolio ZURICH, V8 557,411557.4k $42.0m $42.0m 0.01% Added +75.5k +75,490
13 TRUIST FINANCIAL CORP 0.05% of their portfolio CHARLOTTE, NC 484,196484.2k $36.5m $36.5m 0.05% Reduced -40.9k -40,886
14 HSBC HOLDINGS PLC 0.01% of their portfolio LONDON, X0 480,400480.4k $36.2m $36.2m 0.01% Added +240.0k +240,000
15 Cypress Capital, LLC 9.31% of their portfolio FRANKLIN, TN 440,533440.5k $33.2m $33.2m 9.31% Added +12.3k +12,333
16 EverSource Wealth Advisors, LLC 1.19% of their portfolio BIRMINGHAM, AL 427,697427.7k $32.3m $32.3m 1.19% Added +220.5k +220,462
17 Pathway Financial Advisors LLC 3.88% of their portfolio SOUTH BURLINGTON, VT 409,324409.3k $30.9m $30.9m 3.88% Added +60.1k +60,118
18 LPL Financial LLC 0.01% of their portfolio FORT MILL, SC 320,344320.3k $24.2m $24.2m 0.01% Added +195.0k +194,972
19 Delta Investment Management, LLC 4.09% of their portfolio SAN FRANCISCO, CA 312,527312.5k $23.6m $23.6m 4.09% Added +105.3k +105,308
20 Altiora Financial Group, LLC 4.01% of their portfolio LEBANON, OH 308,137308.1k $23.2m $23.2m 4.01% New
21 Fortitude Family Office, LLC 5.00% of their portfolio SCOTTSDALE, AZ 282,859282.9k $21.3m $21.3m 5.00% Added +282.5k +282,467
22 FLPUTNAM INVESTMENT MANAGEMENT CO 0.29% of their portfolio PORTLAND, ME 264,690264.7k $20.0m $20.0m 0.29% Reduced -248.7k -248,700
23 Red Wave Investments LLC 5.75% of their portfolio DILLSBURG, PA 256,193256.2k $19.3m $19.3m 5.75% Added +74.5k +74,530
24 RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio ST. PETERSBURG, FL 231,998232.0k $17.5m $17.5m 0.01% Added +33.9k +33,902
25 THOMPSON SIEGEL & WALMSLEY LLC 0.29% of their portfolio RICHMOND, VA 231,968232.0k $17.5m $17.5m 0.29% Added +225.2k +225,219
26 LRI Investments, LLC 1.32% of their portfolio PALM BEACH GARDENS, FL 217,176217.2k $16.4m $16.4m 1.32% New
27 Brookstone Capital Management 0.17% of their portfolio WHEATON, IL 200,156200.2k $15.1m $15.1m 0.17% New
28 Roehl & Yi Investment Advisors, LLC 6.00% of their portfolio Eugene, OR 199,101199.1k $15.0m $15.0m 6.00% Added +31.1k +31,132
29 Whitaker-Myers Wealth Managers, LTD. 3.10% of their portfolio Mansfield, OH 196,882196.9k $14.9m $14.9m 3.10% Added +21.5k +21,458
30 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 191,943191.9k $14.5m $14.5m 0.00% Added +12.6k +12,648
31 Symmetry Partners, LLC 0.86% of their portfolio GLASTONBURY, CT 191,755191.8k $14.5m $14.5m 0.86% New
32 Englebert Financial Advisers, LLC 16.40% of their portfolio Allentown, PA 188,935188.9k $14.3m $14.3m 16.40% First filing
33 AQR CAPITAL MANAGEMENT LLC 0.01% of their portfolio Greenwich, CT 183,128183.1k $13.8m $13.8m 0.01% Unchanged
34 Rialto Wealth Management, LLC 3.28% of their portfolio SYRACUSE, NY 181,800181.8k $13.7m $13.7m 3.28% Reduced -8.3k -8,327
35 Miller Investment Management, LP 1.33% of their portfolio WEST CONSHOHOCKEN, PA 180,900180.9k $13.6m $13.6m 1.33% Added +143.4k +143,400
36 BENJAMIN EDWARDS INC 0.14% of their portfolio Clayton, MO 172,674172.7k $13.0m $13.0m 0.14% Reduced -152.8k -152,772
37 Clear Creek Financial Management, LLC 1.05% of their portfolio SILVERDALE, WA 171,265171.3k $12.9m $12.9m 1.05% Added +132.0k +132,025
38 Cresset Asset Management, LLC 0.05% of their portfolio Chicago, IL 170,444170.4k $12.9m $12.9m 0.05% New
39 Greenline Partners, LLC 1.43% of their portfolio NEW YORK, NY 166,030166.0k $12.5m $12.5m 1.43% Reduced -45.3k -45,284
40 COMMUNITY TRUST & INVESTMENT CO 0.65% of their portfolio LEXINGTON, KY 163,035163.0k $12.3m $12.3m 0.65% Added +159.0k +158,989
41 Blume Capital Management, Inc. 2.15% of their portfolio BERKELEY, CA 155,272155.3k $11.7m $11.7m 2.15% New
42 CreativeOne Wealth, LLC 0.28% of their portfolio OVERLAND PARK, KS 154,762154.8k $11.7m $11.7m 0.28% Added +95.7k +95,695
43 Savant Capital, LLC 0.06% of their portfolio ROCKFORD, IL 148,827148.8k $11.2m $11.2m 0.06% New
44 Apella Capital, LLC 0.22% of their portfolio WEST HARTFORD, CT 144,294144.3k $10.9m $10.9m 0.22% Added +39.6k +39,581
45 JIM SAULNIER & ASSOCIATES, LLC 5.55% of their portfolio FORT COLLINS, CO 141,880141.9k $10.7m $10.7m 5.55% Reduced -77.1k -77,109
46 Gross & Hartman Investments LLC 5.57% of their portfolio LEOLA, PA 129,489129.5k $9.8m $9.8m 5.57% First filing
47 CENTRAL TRUST Co 0.18% of their portfolio JEFFERSON CITY, MO 122,762122.8k $9.3m $9.3m 0.18% Added +85.8k +85,792
48 Fort Point Capital Partners LLC 1.10% of their portfolio San Francisco, CA 120,482120.5k $9.1m $9.1m 1.10% Reduced -12.4k -12,412
49 SJS Investment Consulting Inc. 1.15% of their portfolio SYLVANIA, OH 120,272120.3k $9.1m $9.1m 1.15% Added +84.7k +84,687
50 Lakewood Asset Management LLC 4.88% of their portfolio NAPERVILLE, IL 110,129110.1k $8.3m $8.3m 4.88% Added +78.7k +78,694
51 Tower Research Capital LLC (TRC) 0.20% of their portfolio NEW YORK, NY 110,097110.1k $8.3m $8.3m 0.20% Reduced -276.7k -276,679
52 Elm Partners Management LLC 0.37% of their portfolio Philadelphia, PA 108,898108.9k $8.2m $8.2m 0.37% New
53 ABOUND FINANCIAL, LLC 3.15% of their portfolio GRANITE BAY, CA 107,948107.9k $8.1m $8.1m 3.15% Reduced -4.5k -4,470
54 JANE STREET GROUP, LLC 0.01% of their portfolio NEW YORK, NY 103,012103.0k $7.8m $7.8m 0.01% Reduced -15.1k -15,079
55 ANDERSON HOAGLAND & CO 0.62% of their portfolio ST LOUIS, MO 95,02995.0k $7.2m $7.2m 0.62% Added +84.1k +84,094
56 NewEdge Wealth, LLC 0.08% of their portfolio STAMFORD, CT 93,42493.4k $7.0m $7.0m 0.08% Reduced -18.7k -18,745
57 UNITED CAPITAL FINANCIAL ADVISORS, LLC 0.04% of their portfolio IRVING, TX 93,17193.2k $7.0m $7.0m 0.04% Added +23.2k +23,203
58 MRWM Advisors, LLC 3.69% of their portfolio NASHVILLE, TN 91,12391.1k $6.9m $6.9m 3.69% Added +6.6k +6,638
59 Rossmore Private Capital 0.58% of their portfolio GLASTONBURY, CT 85,16885.2k $6.4m $6.4m 0.58% New
60 Kingsview Wealth Management, LLC 0.09% of their portfolio GRANTS PASS, OR 84,00584.0k $6.3m $6.3m 0.09% Added +54.1k +54,136
61 HANOVER ADVISORS INC 2.33% of their portfolio SENECA, SC 79,60079.6k $6.0m $6.0m 2.33% Reduced -8.4k -8,400
62 Perigon Wealth Management, LLC 0.11% of their portfolio SAN FRANCISCO, CA 79,26379.3k $6.0m $6.0m 0.11% Added +17.6k +17,636
63 Tortoise Investment Management, LLC 0.52% of their portfolio WHITE PLAINS, NY 79,19279.2k $6.0m $6.0m 0.52% Added +70.9k +70,852
64 Fortis Advisors, LLC 3.28% of their portfolio WAYNE, PA 78,89578.9k $6.0m $6.0m 3.28% Added +61.7k +61,715
65 HighTower Advisors, LLC 0.01% of their portfolio CHICAGO, IL 76,06176.1k $5.7m $5.7m 0.01% Added +43.7k +43,719
66 eCIO, Inc. 2.66% of their portfolio MADISON, WI 75,64875.6k $5.7m $5.7m 2.66% Added +33.8k +33,829
67 Robinswood Financial LLC 1.72% of their portfolio KIRKLAND, WA 71,39271.4k $5.4m $5.4m 1.72% Added +18.6k +18,615
68 KilterHowling LLC 2.70% of their portfolio BOULDER, CO 70,58870.6k $5.3m $5.3m 2.70% New
69 JBR Co Financial Management Inc 2.22% of their portfolio ARDMORE, OK 70,16370.2k $5.3m $5.3m 2.22% New
70 OSAIC HOLDINGS, INC. 0.01% of their portfolio SCOTTSDALE, AZ 70,00470.0k $5.3m $5.3m 0.01% Added +18.9k +18,869
71 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 66,43466.4k $5.0m $5.0m 0.00% Added +59.9k +59,852
72 Marex Group Ltd 0.05% of their portfolio London, X0 66,17066.2k $5.0m $5.0m 0.05% New
73 Planned Solutions, Inc. 1.60% of their portfolio FOLSOM, CA 65,47065.5k $4.9m $4.9m 1.60% Reduced -3.5k -3,520
74 PFW Advisors LLC 1.47% of their portfolio ATLANTA, GA 64,31164.3k $4.9m $4.9m 1.47% Reduced -4.4k -4,427
75 Tradition Wealth Management, LLC 0.34% of their portfolio EDINA, MN 62,50462.5k $4.7m $4.7m 0.34% Added +17.3k +17,279
76 Foundry Financial LLC 2.40% of their portfolio PASADENA, CA 60,44760.4k $4.6m $4.6m 2.40% First filing
77 Obermeyer Wealth Partners 0.21% of their portfolio ASPEN, CO 59,90659.9k $4.5m $4.5m 0.21% New
78 SALEM INVESTMENT COUNSELORS INC 0.12% of their portfolio WINSTON-SALEM, NC 57,67257.7k $4.4m $4.4m 0.12% Added +25.9k +25,896
79 Sowell Financial Services LLC 0.16% of their portfolio NORTH LITTLE ROCK, AR 56,43156.4k $4.3m $4.3m 0.16% Reduced -53 -53
80 Cambridge Investment Research Advisors, Inc. 0.01% of their portfolio FAIRFIELD, IA 56,40956.4k $4.3m $4.3m 0.01% Added +17.6k +17,646
81 SAGE RHINO CAPITAL LLC 0.78% of their portfolio MENLO PARK, CA 54,64854.6k $4.1m $4.1m 0.78% Added +35.1k +35,107
82 Level Wealth Management LLC 1.98% of their portfolio GREENSBORO, NC 51,21851.2k $3.9m $3.9m 1.98% Added +25.7k +25,654
83 Alchemi Wealth, LLC 2.09% of their portfolio ESSEX, CT 50,58150.6k $3.8m $3.8m 2.09% First filing
84 TPG Advisors LLC 2.32% of their portfolio NORTHFIELD, IL 49,31749.3k $3.7m $3.7m 2.32% Added +18.9k +18,939
85 FLC Capital Advisors 0.68% of their portfolio PALM DESERT, CA 48,97149.0k $3.7m $3.7m 0.68% Reduced -343 -343
86 Ledgewood Wealth Advisors, LLC 2.12% of their portfolio EXETER, NH 48,79748.8k $3.7m $3.7m 2.12% Added +27.1k +27,102
87 Greenspring Advisors, LLC 0.23% of their portfolio Towson, MD 48,62548.6k $3.7m $3.7m 0.23% Added +44.7k +44,732
88 Cherry Tree Wealth Management, LLC 0.76% of their portfolio MINNETONKA, MN 47,45947.5k $3.6m $3.6m 0.76% Added +9.1k +9,108
89 Factorial Partners, LLC 2.35% of their portfolio MT. KISCO, NY 47,10047.1k $3.6m $3.6m 2.35% New
90 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 46,93946.9k $3.5m $3.5m 0.00% Added +13.1k +13,149
91 Burton Enright Welch 0.50% of their portfolio WALNUT CREEK, CA 46,76046.8k $3.5m $3.5m 0.50% Added +27.8k +27,801
92 Unison Advisors LLC 0.30% of their portfolio PROVIDENCE, RI 45,84445.8k $3.5m $3.5m 0.30% Added +269 +269
93 CRA Financial Services, LLC 0.45% of their portfolio NORTHFIELD, NJ 45,43245.4k $3.4m $3.4m 0.45% Added +237 +237
94 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 45,02645.0k $3.4m $3.4m 0.00% Added +24.0k +23,998
95 SCRATCH CAPITAL LLC 2.16% of their portfolio BOISE, ID 43,78443.8k $3.3m $3.3m 2.16% Reduced -703 -703
96 Running Point Capital Advisors, LLC 0.89% of their portfolio EL SEGUNDO, CA 43,49043.5k $3.3m $3.3m 0.89% Added +9.6k +9,617
97 PRINCIPAL FINANCIAL GROUP INC 0.00% of their portfolio DES MOINES, IA 43,06343.1k $3.2m $3.2m 0.00% New
98 CEERA INVESTMENTS, LLC 1.25% of their portfolio BELLAIRE, TX 42,97543.0k $3.2m $3.2m 1.25% Reduced -25.9k -25,949
99 TFO Wealth Partners, LLC 0.49% of their portfolio MAUMEE, OH 42,97143.0k $3.2m $3.2m 0.49% Added +7.2k +7,163
100 Westfuller Advisors, LLC 1.31% of their portfolio New York, NY 42,96243.0k $3.2m $3.2m 1.31% New