Vault-13

VANGUARD MUN BD FDS VTEB

TAX EXEMPT BD · ETP · CUSIP 922907746

883 institutional holders +22 vs Q4 2022
404,623,332404.6m shares reported held*
$20.5bnreported value*
88 new 391 added 266 reduced 54 sold out net bought ≈ $1.8bn (+36.7m 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 ($13.5m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $50.71. Options: 1 managers hold calls ($1.5m notional), 2 hold puts ($1.5m).

Trends to Q1 2023

Institutional holders

Managers reporting a position, each quarter

05001kQ3 22: 764Q4 22: 861Q1 23: 883883Q3 22Q4 22Q1 23
Numbers
QuarterHolders
Q3 2022764
Q4 2022861
Q1 2023883

Buyers vs sellers

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

Bought or addedCut or sold out
5000500Q4 22: 468 bought or addedQ4 22: 352 cut or sold outQ4 22Q1 23: 479 bought or addedQ1 23: 320 cut or sold outQ1 23
Numbers
QuarterBought or addedCut or sold out
Q4 2022468352
Q1 2023479320

Calls vs puts

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

CallsPuts
$0$500k$1m$1.5m$2mQ3 22 calls: $875.0kQ3 22 puts: $828.0kQ3 22P/C 0.95Q4 22 calls: $91.1kQ4 22 puts: $435.5kQ4 22P/C 4.78Q1 23 calls: $1.5mQ1 23 puts: $1.5mQ1 23P/C 0.97
Numbers
QuarterCallsPutsP/C
Q3 2022$875.0k$828.0k0.95
Q4 2022$91.1k$435.5k4.78
Q1 2023$1.5m$1.5m0.97

Biggest buyers

FMR LLC Added +13,469,644+13.5m
Charles Schwab Investment Advisory, Inc. Added +9,058,263+9.1m
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Added +3,649,859+3.6m
Summit Wealth Group, LLC New +2,057,556+2.1m
NORTHERN TRUST CORP Added +1,639,714+1.6m
RAYMOND JAMES & ASSOCIATES Added +1,515,858+1.5m
Orgel Wealth Management, LLC Added +1,228,983+1.2m
Simplicity Solutions, LLC Added +1,024,719+1.0m
Cerity Partners LLC Added +963,015+963.0k
CLIFTONLARSONALLEN WEALTH ADVISORS, LLC Added +932,524+932.5k

Biggest sellers

JPMORGAN CHASE & CO Reduced -2,922,481-2.9m
Wealthfront Advisers LLC Reduced -2,290,984-2.3m
Hirtle & Co., LLC Reduced -1,566,033-1.6m
ASPIRIANT, LLC Reduced -1,375,483-1.4m
UBS Group AG Reduced -1,241,095-1.2m
Winthrop Advisory Group LLC Reduced -1,128,511-1.1m
HBK Sorce Advisory LLC Reduced -441,737-441.7k
BlackRock Inc. Sold out -429,504-429.5k
EP Wealth Advisors, LLC Reduced -428,473-428.5k
PNC Financial Services Group, Inc. Reduced -326,605-326.6k

Biggest calls

CITADEL ADVISORS LLC Added $1.5m30.4k shares

Biggest puts

Belvedere Trading LLC New $856.2k16.9k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP New $633.2k12.5k 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, Q1 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 JPMORGAN CHASE & CO 0.38% of their portfolio NEW YORK, NY 58,003,28758.0m $2.9bn $2.9bn 0.38% Reduced -2.9m -2,922,481
2 Charles Schwab Investment Advisory, Inc. 2.81% of their portfolio SAN FRANCISCO, CA 34,831,42134.8m $1.8bn $1.8bn 2.81% Added +9.1m +9,058,263
3 Wealthfront Advisers LLC 5.93% of their portfolio Palo Alto, CA 25,742,49825.7m $1.3bn $1.3bn 5.93% Reduced -2.3m -2,290,984
4 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 1.69% of their portfolio MILWAUKEE, WI 23,953,90324.0m $1.2bn $1.2bn 1.69% Added +3.6m +3,649,859
5 FMR LLC 0.05% of their portfolio BOSTON, MA 22,012,52822.0m $1.1bn $1.1bn 0.05% Added +13.5m +13,469,644
6 Creative Planning 1.46% of their portfolio OVERLAND PARK, KS 19,955,06320.0m $1.0bn $1.0bn 1.46% Added +423.3k +423,337
7 RAYMOND JAMES & ASSOCIATES 0.69% of their portfolio ST PETERSBURG, FL 15,586,21515.6m $789.6m $789.6m 0.69% Added +1.5m +1,515,858
8 MORGAN STANLEY 0.06% of their portfolio NEW YORK, NY 10,710,10610.7m $542.6m $542.6m 0.06% Added +63.8k +63,780
9 NORTHERN TRUST CORP 0.10% of their portfolio CHICAGO, IL 9,663,9589.7m $489.6m $489.6m 0.10% Added +1.6m +1,639,714
10 SEI INVESTMENTS CO 0.76% of their portfolio OAKS, PA 8,035,9178.0m $407.1m $407.1m 0.76% Reduced -286.2k -286,242
11 Orgel Wealth Management, LLC 13.90% of their portfolio ALTOONA, WI 7,672,6707.7m $388.7m $388.7m 13.90% Added +1.2m +1,228,983
12 UBS Group AG 0.18% of their portfolio ZURICH, V8 7,519,0977.5m $380.9m $380.9m 0.18% Reduced -1.2m -1,241,095
13 RWA WEALTH PARTNERS, LLC 8.48% of their portfolio BOSTON, MA 6,975,5047.0m $353.4m $353.4m 8.48% Added +231.3k +231,308
14 WELLS FARGO & COMPANY/MN 0.10% of their portfolio SAN FRANCISCO, CA 6,112,3116.1m $309.6m $309.6m 0.10% Added +480.9k +480,943
15 ENVESTNET ASSET MANAGEMENT INC 0.15% of their portfolio Berwyn, PA 6,106,8616.1m $309.4m $309.4m 0.15% Added +422.0k +422,017
16 BANK OF AMERICA CORP /DE/ 0.03% of their portfolio CHARLOTTE, NC 5,911,0435.9m $299.5m $299.5m 0.03% Added +558.0k +557,997
17 TIAA, FSB 1.06% of their portfolio ST. LOUIS, MO 5,638,7885.6m $285.7m $285.7m 1.06% Added +829.0k +828,991
18 SCS Capital Management LLC 8.32% of their portfolio BOSTON, MA 5,581,1265.6m $282.7m $282.7m 8.32% Added +698.2k +698,174
19 Corient Private Wealth LP 0.62% of their portfolio MIAMI, FL 4,565,5954.6m $231.3m $231.3m 0.62% Reduced -230.3k -230,258
20 ASPIRIANT, LLC 10.65% of their portfolio San Francisco, CA 4,016,9614.0m $203.5m $203.5m 10.65% Reduced -1.4m -1,375,483
21 FRANKLIN RESOURCES INC 0.09% of their portfolio San Mateo, CA 3,725,5073.7m $188.7m $188.7m 0.09% Added +685.2k +685,193
22 MERCER GLOBAL ADVISORS INC /ADV 0.70% of their portfolio DENVER, CO 3,045,1173.0m $153.6m $153.6m 0.70% Added +587.6k +587,603
23 US BANCORP \DE\ 0.25% of their portfolio MINNEAPOLIS, MN 2,876,4402.9m $145.7m $145.7m 0.25% Added +46.6k +46,619
24 OSAIC HOLDINGS, INC. 0.24% of their portfolio SCOTTSDALE, AZ 2,496,0862.5m $126.5m $126.5m 0.24% Reduced -93.3k -93,303
25 PNC Financial Services Group, Inc. 0.11% of their portfolio Pittsburgh, PA 2,366,6122.4m $119.9m $119.9m 0.11% Reduced -326.6k -326,605
26 CLIFTONLARSONALLEN WEALTH ADVISORS, LLC 3.50% of their portfolio MINNEAPOLIS, MN 2,341,7342.3m $118.6m $118.6m 3.50% Added +932.5k +932,524
27 Mariner, LLC 0.33% of their portfolio Overland Park, KS 2,247,8552.2m $113.9m $113.9m 0.33% Added +48.0k +47,982
28 JONES FINANCIAL COMPANIES LLLP 0.18% of their portfolio DES PERES, MO 2,171,9352.2m $110.0m $110.0m 0.18% Reduced -15.9k -15,879
29 LPL Financial LLC 0.08% of their portfolio FORT MILL, SC 2,127,3752.1m $107.8m $107.8m 0.08% Added +171.8k +171,792
30 Summit Wealth Group, LLC 0.11% of their portfolio WHITE RIVER JUNCTION, VT 2,057,5562.1m $41 $41 0.11% New
31 AMERIPRISE FINANCIAL INC 0.03% of their portfolio MINNEAPOLIS, MN 2,046,0592.0m $103.6m $103.6m 0.03% Added +118.2k +118,220
32 Cerity Partners LLC 0.27% of their portfolio NEW YORK, NY 2,004,8972.0m $101.6m $101.6m 0.27% Added +963.0k +963,015
33 Merriman Wealth Management, LLC 5.01% of their portfolio SEATTLE, WA 1,921,2791.9m $97.3m $97.3m 5.01% Reduced -134.2k -134,189
34 Raymond James Financial Services Advisors, Inc. 0.17% of their portfolio ST. PETERSBURG, FL 1,817,3711.8m $92.1m $92.1m 0.17% Added +204.6k +204,598
35 Baird Financial Group, Inc. 0.22% of their portfolio MILWAUKEE, WI 1,793,2871.8m $90.8m $90.8m 0.22% Reduced -189.7k -189,693
36 Simplicity Solutions, LLC 2.03% of their portfolio MINNEAPOLIS, MN 1,525,4661.5m $77.3m $77.3m 2.03% Added +1.0m +1,024,719
37 Bleakley Financial Group, LLC 2.58% of their portfolio PARSIPPANY, NJ 1,525,4661.5m $77.3m $77.3m 2.58% Added +50.0k +50,020
38 Waldron Private Wealth LLC 3.49% of their portfolio BRIDGEVILLE, PA 1,416,9801.4m $71.8m $71.8m 3.49% Added +701.2k +701,231
39 First Ascent Asset Management, LLC 9.35% of their portfolio DENVER, CO 1,245,5351.2m $63.1m $63.1m 9.35% Reduced -166.7k -166,686
40 ROYAL BANK OF CANADA 0.02% of their portfolio TORONTO, A6 1,115,7791.1m $56.5m $56.5m 0.02% Added +120.8k +120,758
41 Sequoia Financial Advisors, LLC 1.24% of their portfolio Akron, OH 1,102,8521.1m $55.9m $55.9m 1.24% Added +632.8k +632,786
42 BAKER BOYER NATIONAL BANK 20.58% of their portfolio WALLA WALLA, WA 1,054,5741.1m $53.4m $53.4m 20.58% Added +95.7k +95,672
43 Savant Capital, LLC 0.99% of their portfolio ROCKFORD, IL 1,047,5071.0m $53.1m $53.1m 0.99% Reduced -25.4k -25,401
44 REGIONS FINANCIAL CORP 0.47% of their portfolio BIRMINGHAM, AL 1,035,0961.0m $52.4m $52.4m 0.47% Added +34.8k +34,845
45 Lutz Financial Services LLC 5.91% of their portfolio OMAHA, NE 1,023,0161.0m $51.8m $51.8m 5.91% Added +279.6k +279,559
46 Meeder Advisory Services, Inc. 5.88% of their portfolio DUBLIN, OH 1,007,5451.0m $51.0m $51.0m 5.88% Added +70.9k +70,866
47 Morningstar Investment Services LLC 0.66% of their portfolio CHICAGO, IL 969,400969.4k $49.0m $49.0m 0.66% Added +49.9k +49,889
48 Willow Creek Wealth Management Inc. 6.90% of their portfolio Sebastopol, CA 883,601883.6k $44.8m $44.8m 6.90% Added +1.9k +1,898
49 CWM, LLC 0.28% of their portfolio OMAHA, NE 830,240830.2k $42.1m $42.1m 0.28% Added +46.8k +46,826
50 COMMONWEALTH EQUITY SERVICES, LLC 0.09% of their portfolio WALTHAM, MA 822,365822.4k $41.7m $41.7m 0.09% Reduced -128.9k -128,858
51 Financial Engines Advisors L.L.C. 0.11% of their portfolio SANTA CLARA, CA 802,345802.3k $40.6m $40.6m 0.11% Added +13.7k +13,705
52 HT Partners LLC 11.77% of their portfolio CENTERBROOK, CT 786,968787.0k $39.9m $39.9m 11.77% Added +12.6k +12,627
53 STIFEL FINANCIAL CORP 0.06% of their portfolio ST. LOUIS, MO 762,137762.1k $38.6m $38.6m 0.06% Added +60.1k +60,069
54 West Financial Advisors, LLC 9.81% of their portfolio DES MOINES, IA 739,892739.9k $37.5m $37.5m 9.81% Added +30.8k +30,789
55 LAZARD ASSET MANAGEMENT LLC 0.05% of their portfolio NEW YORK, NY 722,845722.8k $36.6m $36.6m 0.05% Reduced -7.5k -7,510
56 Independent Advisor Alliance 1.70% of their portfolio CHARLOTTE, NC 696,209696.2k $35.3m $35.3m 1.70% Added +20.3k +20,288
57 Lido Advisors, LLC 0.48% of their portfolio Los Angeles, CA 680,433680.4k $34.5m $34.5m 0.48% Added +667.6k +667,610
58 Modera Wealth Management, LLC 1.27% of their portfolio WESTWOOD, NJ 645,198645.2k $32.7m $32.7m 1.27% Added +19.5k +19,517
59 Crestwood Advisors Group, LLC 1.08% of their portfolio BOSTON, MA 639,588639.6k $32.4m $32.4m 1.08% Added +285.7k +285,711
60 Pinnacle Financial Partners Inc 0.86% of their portfolio Nashville, TN 633,546633.5k $32.1m $32.1m 0.86% Added +11.2k +11,182
61 Avidian Wealth Enterprises, LLC 1.72% of their portfolio Houston, TX 619,230619.2k $31.4m $31.4m 1.72% Added +78.2k +78,244
62 Bedel Financial Consulting, Inc. 7.47% of their portfolio INDIANAPOLIS, IN 605,720605.7k $30.7m $30.7m 7.47% Reduced -4.0k -3,958
63 BSW Wealth Partners 6.28% of their portfolio BOULDER, CO 605,493605.5k $30.7m $30.7m 6.28% Added +82.7k +82,670
64 Callan Capital, LLC 3.39% of their portfolio LA JOLLA, CA 577,525577.5k $29.3m $29.3m 3.39% Reduced -3.5k -3,464
65 Strata Wealth Advisors, LLC 15.08% of their portfolio DALLAS, TX 576,485576.5k $29.2m $29.2m 15.08% Reduced -15.1k -15,074
66 BlueCrest Capital Management Ltd 3.12% of their portfolio ST HELIER, Y9 573,244573.2k $29.0m $29.0m 3.12% Added +504.8k +504,835
67 M&T Bank Corp 0.11% of their portfolio BUFFALO, NY 569,638569.6k $28.9m $28.9m 0.11% Reduced -247.8k -247,760
68 Sunflower Bank, N.A. 6.44% of their portfolio DALLAS, TX 562,548562.5k $28.5m $28.5m 6.44% Added +541.2k +541,169
69 AMERICAN CENTURY COMPANIES INC 0.02% of their portfolio KANSAS CITY, MO 551,600551.6k $27.9m $27.9m 0.02% New
70 THOMPSON SIEGEL & WALMSLEY LLC 0.44% of their portfolio RICHMOND, VA 535,686535.7k $27.1m $27.1m 0.44% Reduced -948 -948
71 Wealthspire Advisors, LLC 0.46% of their portfolio NEW YORK, NY 533,608533.6k $27.0m $27.0m 0.46% Reduced -29.2k -29,164
72 NISA INVESTMENT ADVISORS, LLC 0.21% of their portfolio ST. LOUIS, MO 526,200526.2k $26.7m $26.7m 0.21% Unchanged
73 RENAISSANCE TECHNOLOGIES LLC 0.04% of their portfolio NEW YORK, NY 525,100525.1k $26.6m $26.6m 0.04% Added +502.1k +502,100
74 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 513,839513.8k $26.0m $26.0m 0.00% Added +193.8k +193,839
75 Mosaic Advisors LLC 20.87% of their portfolio HOUSTON, TX 505,971506.0k $25.6m $25.6m 20.87% Added +919 +919
76 Passive Capital Management, LLC. 11.07% of their portfolio BALTIMORE, MD 500,786500.8k $25.4m $25.4m 11.07% Added +2.9k +2,850
77 JFS WEALTH ADVISORS, LLC 2.37% of their portfolio HERMITAGE, PA 496,769496.8k $25.2m $25.2m 2.37% Added +13.1k +13,120
78 TRUIST FINANCIAL CORP 0.04% of their portfolio CHARLOTTE, NC 484,104484.1k $24.5m $24.5m 0.04% Added +10.6k +10,610
79 MATHER GROUP, LLC. 0.41% of their portfolio CHICAGO, IL 459,772459.8k $23.3m $23.3m 0.41% Added +37.0k +37,024
80 GOLDMAN SACHS GROUP INC 0.01% of their portfolio NEW YORK, NY 456,757456.8k $23.1m $23.1m 0.01% Reduced -7.5k -7,549
81 Private Ocean, LLC 3.05% of their portfolio SAN RAFAEL, CA 453,425453.4k $23.0m $23.0m 3.05% Reduced -23.7k -23,695
82 Manning & Napier Group, LLC 0.27% of their portfolio Fairport, NY 450,144450.1k $22.8m $22.8m 0.27% Added +149 +149
83 Cetera Investment Advisers 0.20% of their portfolio SCHAUMBURG, IL 449,492449.5k $22.8m $22.8m 0.20% Added +17.3k +17,269
84 Rockwood Wealth Management, LLC 4.43% of their portfolio New Hope, PA 443,086443.1k $22.4m $22.4m 4.43% Added +84.2k +84,164
85 Quaker Wealth Management, LLC 10.46% of their portfolio MOORESTOWN, NJ 442,363442.4k $22.4m $22.4m 10.46% Added +154.8k +154,754
86 Hirtle & Co., LLC 1.09% of their portfolio WEST CONSHOHOCKEN, PA 434,054434.1k $22.0m $22.0m 1.09% Reduced -1.6m -1,566,033
87 Fort Point Capital Partners LLC 3.57% of their portfolio San Francisco, CA 431,710431.7k $21.9m $21.9m 3.57% Added +80.5k +80,471
88 Full Sail Capital, LLC 1.97% of their portfolio OKLAHOMA CITY, OK 430,998431.0k $21.8m $21.8m 1.97% Reduced -19.3k -19,313
89 Cetera Advisor Networks LLC 0.16% of their portfolio EL SEGUNDO, CA 429,353429.4k $21.8m $21.8m 0.16% Added +81.7k +81,706
90 RTD Financial Advisors, Inc. 3.35% of their portfolio Philadelphia, PA 427,759427.8k $21.7m $21.7m 3.35% Reduced -4.9k -4,924
91 MML INVESTORS SERVICES, LLC 0.15% of their portfolio SPRINGFIELD, MA 423,852423.9k $21.5m $21.5m 0.15% Reduced -266.3k -266,253
92 OneDigital Investment Advisors LLC 0.50% of their portfolio OVERLAND PARK, KS 417,726417.7k $21.2m $21.2m 0.50% Added +383 +383
93 SigFig Wealth Management, LLC 1.15% of their portfolio SAN FRANCISCO, CA 410,533410.5k $20.8m $20.8m 1.15% Added +294.1k +294,060
94 Heritage Investment Group, Inc. 6.26% of their portfolio POMPANO BEACH, FL 406,791406.8k $20.6m $20.6m 6.26% Reduced -3.5k -3,549
95 Windsor Wealth Management, Inc. 4.01% of their portfolio INDIANAPOLIS, IN 406,356406.4k $20.7m $20.7m 4.01% Added +252 +252
96 HBK Sorce Advisory LLC 0.92% of their portfolio ERIE, PA 398,315398.3k $20.2m $20.2m 0.92% Reduced -441.7k -441,737
97 NICOLET ADVISORY SERVICES, LLC 2.31% of their portfolio GREEN BAY, WI 394,380394.4k $20.1m $20.1m 2.31% Added +80.1k +80,129
98 Leonard Rickey Investment Advisors P.L.L.C. 7.74% of their portfolio YAKIMA, WA 391,710391.7k $19.8m $19.8m 7.74% Reduced -20.5k -20,508
99 JANE STREET GROUP, LLC 0.03% of their portfolio NEW YORK, NY 388,074388.1k $19.7m $19.7m 0.03% New
100 Bragg Financial Advisors, Inc 1.13% of their portfolio CHARLOTTE, NC 378,008378.0k $19.1m $19.1m 1.13% Added +11.4k +11,400