Vault-13

VANGUARD MUN BD FDS VTEB

TAX EXEMPT BD · ETP · CUSIP 922907746

898 institutional holders +15 vs Q1 2023
417,077,197417.1m shares reported held*
$21.0bnreported value*
61 new 392 added 305 reduced 57 sold out net bought ≈ $641.0m (+11.9m 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 ($16.3m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $50.43. Options: 1 managers hold calls ($1.8m notional), 3 hold puts ($2.0m).

Trends to Q2 2023

Institutional holders

Managers reporting a position, each quarter

05001kQ3 22: 764Q4 22: 861Q1 23: 883Q2 23: 898898Q3 22Q4 22Q1 23Q2 23
Numbers
QuarterHolders
Q3 2022764
Q4 2022861
Q1 2023883
Q2 2023898

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 23Q2 23: 453 bought or addedQ2 23: 362 cut or sold outQ2 23
Numbers
QuarterBought or addedCut or sold out
Q4 2022468352
Q1 2023479320
Q2 2023453362

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 0.97Q2 23 calls: $1.8mQ2 23 puts: $2.0mQ2 23P/C 1.08
Numbers
QuarterCallsPutsP/C
Q3 2022$875.0k$828.0k0.95
Q4 2022$91.1k$435.5k4.78
Q1 2023$1.5m$1.5m0.97
Q2 2023$1.8m$2.0m1.08

Biggest buyers

Wealthfront Advisers LLC Added +5,970,904+6.0m
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Added +2,240,699+2.2m
Prime Capital Investment Advisors, LLC Added +2,175,157+2.2m
Orgel Wealth Management, LLC Added +1,720,648+1.7m
JPMORGAN CHASE & CO Added +1,671,150+1.7m
Winthrop Advisory Group LLC Added +1,216,410+1.2m
ENVESTNET ASSET MANAGEMENT INC Added +1,058,329+1.1m
Beaird Harris Wealth Management, LLC Added +996,536+996.5k
RAYMOND JAMES & ASSOCIATES Added +939,417+939.4k
BARCLAYS PLC Added +804,941+804.9k

Biggest sellers

FMR LLC Reduced -8,002,596-8.0m
Summit Wealth Group, LLC Reduced -2,009,181-2.0m
Baird Financial Group, Inc. Reduced -1,744,921-1.7m
SCS Capital Management LLC Reduced -680,293-680.3k
BlueCrest Capital Management Ltd Sold out -573,244-573.2k
AMERICAN CENTURY COMPANIES INC Sold out -551,600-551.6k
Cerity Partners LLC Reduced -507,142-507.1k
OSAIC HOLDINGS, INC. Reduced -455,097-455.1k
SEI INVESTMENTS CO Reduced -394,454-394.5k
JANE STREET GROUP, LLC Sold out -388,074-388.1k

Biggest calls

CITADEL ADVISORS LLC Added $1.8m36.3k shares

Biggest puts

CITADEL ADVISORS LLC New $1.1m21.5k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $632.8k12.6k shares
Belvedere Trading LLC Reduced $251.1k5.0k 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 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 JPMORGAN CHASE & CO 0.34% of their portfolio NEW YORK, NY 59,674,43759.7m $3.0bn $3.0bn 0.34% Added +1.7m +1,671,150
2 Charles Schwab Investment Advisory, Inc. 2.75% of their portfolio SAN FRANCISCO, CA 35,341,02135.3m $1.8bn $1.8bn 2.75% Added +509.6k +509,600
3 Wealthfront Advisers LLC 6.75% of their portfolio Palo Alto, CA 31,713,40231.7m $1.6bn $1.6bn 6.75% Added +6.0m +5,970,904
4 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 1.70% of their portfolio MILWAUKEE, WI 26,194,60226.2m $1.3bn $1.3bn 1.70% Added +2.2m +2,240,699
5 Creative Planning 1.32% of their portfolio OVERLAND PARK, KS 19,754,06019.8m $992.0m $992.0m 1.32% Reduced -201.0k -201,003
6 RAYMOND JAMES & ASSOCIATES 0.68% of their portfolio ST PETERSBURG, FL 16,525,63216.5m $829.9m $829.9m 0.68% Added +939.4k +939,417
7 FMR LLC 0.06% of their portfolio BOSTON, MA 14,009,93214.0m $703.6m $703.6m 0.06% Reduced -8.0m -8,002,596
8 MORGAN STANLEY 0.06% of their portfolio NEW YORK, NY 11,293,68511.3m $567.2m $567.2m 0.06% Added +583.6k +583,579
9 NORTHERN TRUST CORP 0.10% of their portfolio CHICAGO, IL 10,064,13810.1m $505.4m $505.4m 0.10% Added +400.2k +400,180
10 Orgel Wealth Management, LLC 15.58% of their portfolio ALTOONA, WI 9,393,3189.4m $471.7m $471.7m 15.58% Added +1.7m +1,720,648
11 UBS Group AG 0.17% of their portfolio ZURICH, V8 7,650,8667.7m $384.2m $384.2m 0.17% Added +131.8k +131,769
12 SEI INVESTMENTS CO 0.67% of their portfolio OAKS, PA 7,641,4637.6m $383.8m $383.8m 0.67% Reduced -394.5k -394,454
13 RWA WEALTH PARTNERS, LLC 7.90% of their portfolio BOSTON, MA 7,187,1577.2m $360.9m $360.9m 7.90% Added +211.7k +211,653
14 ENVESTNET ASSET MANAGEMENT INC 0.16% of their portfolio Berwyn, PA 7,165,1907.2m $359.8m $359.8m 0.16% Added +1.1m +1,058,329
15 BANK OF AMERICA CORP /DE/ 0.04% of their portfolio CHARLOTTE, NC 6,100,1226.1m $306.3m $306.3m 0.04% Added +189.1k +189,079
16 TIAA, FSB 1.10% of their portfolio ST. LOUIS, MO 6,047,1116.0m $303.7m $303.7m 1.10% Added +408.3k +408,323
17 WELLS FARGO & COMPANY/MN 0.09% of their portfolio SAN FRANCISCO, CA 5,906,6575.9m $296.6m $296.6m 0.09% Reduced -205.7k -205,654
18 SCS Capital Management LLC 6.05% of their portfolio BOSTON, MA 4,900,8334.9m $246.1m $246.1m 6.05% Reduced -680.3k -680,293
19 Corient Private Wealth LP 0.53% of their portfolio MIAMI, FL 4,567,1434.6m $229.4m $229.4m 0.53% Added +1.5k +1,548
20 ASPIRIANT, LLC 10.02% of their portfolio San Francisco, CA 3,945,7363.9m $198.2m $198.2m 10.02% Reduced -71.2k -71,225
21 MERCER GLOBAL ADVISORS INC /ADV 0.76% of their portfolio DENVER, CO 3,792,2543.8m $190.4m $190.4m 0.76% Added +747.1k +747,137
22 FRANKLIN RESOURCES INC 0.08% of their portfolio San Mateo, CA 3,514,6413.5m $176.5m $176.5m 0.08% Reduced -210.9k -210,866
23 US BANCORP \DE\ 0.24% of their portfolio MINNEAPOLIS, MN 2,990,8733.0m $150.2m $150.2m 0.24% Added +114.4k +114,433
24 CLIFTONLARSONALLEN WEALTH ADVISORS, LLC 3.55% of their portfolio MINNEAPOLIS, MN 2,518,8172.5m $126.5m $126.5m 3.55% Added +177.1k +177,083
25 Mariner, LLC 0.33% of their portfolio Overland Park, KS 2,461,9072.5m $123.6m $123.6m 0.33% Added +214.1k +214,052
26 PNC Financial Services Group, Inc. 0.10% of their portfolio Pittsburgh, PA 2,354,3172.4m $118.2m $118.2m 0.10% Reduced -12.3k -12,295
27 LPL Financial LLC 0.08% of their portfolio FORT MILL, SC 2,311,3872.3m $116.1m $116.1m 0.08% Added +184.0k +184,012
28 Prime Capital Investment Advisors, LLC 2.28% of their portfolio OVERLAND PARK, KS 2,303,2042.3m $115.7m $115.7m 2.28% Added +2.2m +2,175,157
29 JONES FINANCIAL COMPANIES LLLP 0.18% of their portfolio DES PERES, MO 2,223,6452.2m $111.7m $111.7m 0.18% Added +51.7k +51,710
30 AMERIPRISE FINANCIAL INC 0.03% of their portfolio MINNEAPOLIS, MN 2,182,4282.2m $109.6m $109.6m 0.03% Added +136.4k +136,369
31 OSAIC HOLDINGS, INC. 0.18% of their portfolio SCOTTSDALE, AZ 2,040,9892.0m $102.4m $102.4m 0.18% Reduced -455.1k -455,097
32 Raymond James Financial Services Advisors, Inc. 0.17% of their portfolio ST. PETERSBURG, FL 1,916,0621.9m $96.2m $96.2m 0.17% Added +98.7k +98,691
33 Merriman Wealth Management, LLC 4.56% of their portfolio SEATTLE, WA 1,838,0241.8m $92.3m $92.3m 4.56% Reduced -83.3k -83,255
34 Simplicity Solutions, LLC 2.19% of their portfolio MINNEAPOLIS, MN 1,597,2041.6m $80.2m $80.2m 2.19% Added +71.7k +71,738
35 Bleakley Financial Group, LLC 2.50% of their portfolio PARSIPPANY, NJ 1,597,2041.6m $80.2m $80.2m 2.50% Added +71.7k +71,738
36 Cerity Partners LLC 0.29% of their portfolio NEW YORK, NY 1,497,7551.5m $75.2m $75.2m 0.29% Reduced -507.1k -507,142
37 Waldron Private Wealth LLC 3.42% of their portfolio BRIDGEVILLE, PA 1,365,6991.4m $68.6m $68.6m 3.42% Reduced -51.3k -51,281
38 Winthrop Advisory Group LLC 10.82% of their portfolio BOSTON, MA 1,343,4531.3m $67.5m $67.5m 10.82% Added +1.2m +1,216,410
39 First Ascent Asset Management, LLC 8.64% of their portfolio DENVER, CO 1,292,1631.3m $64.9m $64.9m 8.64% Added +46.6k +46,628
40 Crestwood Advisors Group, LLC 2.02% of their portfolio BOSTON, MA 1,280,4461.3m $64.3m $64.3m 2.02% Added +640.9k +640,858
41 Sequoia Financial Advisors, LLC 1.06% of their portfolio Akron, OH 1,227,6071.2m $61.7m $61.7m 1.06% Added +124.8k +124,755
42 BAKER BOYER NATIONAL BANK 20.69% of their portfolio WALLA WALLA, WA 1,114,4661.1m $56.0m $56.0m 20.69% Added +59.9k +59,892
43 Lutz Financial Services LLC 5.77% of their portfolio OMAHA, NE 1,069,0071.1m $53.7m $53.7m 5.77% Added +46.0k +45,991
44 Savant Capital, LLC 0.84% of their portfolio ROCKFORD, IL 1,064,9621.1m $53.5m $53.5m 0.84% Added +17.5k +17,455
45 Meeder Advisory Services, Inc. 5.74% of their portfolio DUBLIN, OH 1,062,0221.1m $53.3m $53.3m 5.74% Added +54.5k +54,477
46 REGIONS FINANCIAL CORP 0.45% of their portfolio BIRMINGHAM, AL 1,029,3521.0m $51.7m $51.7m 0.45% Reduced -5.7k -5,744
47 Beaird Harris Wealth Management, LLC 6.05% of their portfolio DALLAS, TX 1,006,5761.0m $50.6m $50.6m 6.05% Added +996.5k +996,536
48 Morningstar Investment Services LLC 0.65% of their portfolio CHICAGO, IL 1,003,5121.0m $50.4m $50.4m 0.65% Added +34.1k +34,112
49 BARCLAYS PLC 0.03% of their portfolio LONDON, X0 993,641993.6k $49.9m $49.9m 0.03% Added +804.9k +804,941
50 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 986,291986.3k $49.5m $49.5m 0.00% Added +472.5k +472,452
51 COMMONWEALTH EQUITY SERVICES, LLC 0.10% of their portfolio WALTHAM, MA 978,827978.8k $49.2m $49.2m 0.10% Added +156.5k +156,462
52 HighTower Advisors, LLC 0.10% of their portfolio CHICAGO, IL 962,325962.3k $48.3m $48.3m 0.10% Added +617.6k +617,649
53 CWM, LLC 0.27% of their portfolio OMAHA, NE 883,284883.3k $44.4m $44.4m 0.27% Added +53.0k +53,044
54 Willow Creek Wealth Management Inc. 6.20% of their portfolio Sebastopol, CA 871,488871.5k $43.8m $43.8m 6.20% Reduced -12.1k -12,113
55 ROYAL BANK OF CANADA 0.01% of their portfolio TORONTO, A6 844,981845.0k $42.4m $42.4m 0.01% Reduced -270.8k -270,798
56 STIFEL FINANCIAL CORP 0.06% of their portfolio ST. LOUIS, MO 842,979843.0k $42.3m $42.3m 0.06% Added +80.8k +80,842
57 Financial Engines Advisors L.L.C. 0.11% of their portfolio SANTA CLARA, CA 829,952830.0k $41.7m $41.7m 0.11% Added +27.6k +27,607
58 HT Partners LLC 11.38% of their portfolio CENTERBROOK, CT 786,968787.0k $39.5m $39.5m 11.38% Unchanged
59 West Financial Advisors, LLC 9.65% of their portfolio DES MOINES, IA 780,456780.5k $39.2m $39.2m 9.65% Added +40.6k +40,564
60 Lido Advisors, LLC 0.42% of their portfolio Los Angeles, CA 735,794735.8k $37.0m $37.0m 0.42% Added +55.4k +55,361
61 OLD MISSION CAPITAL LLC 1.33% of their portfolio CHICAGO, IL 713,230713.2k $35.8m $35.8m 1.33% Added +514.1k +514,144
62 BSW Wealth Partners 7.41% of their portfolio BOULDER, CO 707,184707.2k $35.5m $35.5m 7.41% Added +101.7k +101,691
63 Independent Advisor Alliance 1.50% of their portfolio CHARLOTTE, NC 676,893676.9k $34.0m $34.0m 1.50% Reduced -19.3k -19,316
64 Callan Capital, LLC 3.72% of their portfolio LA JOLLA, CA 669,602669.6k $33.6m $33.6m 3.72% Added +92.1k +92,077
65 Modera Wealth Management, LLC 0.59% of their portfolio WESTWOOD, NJ 644,373644.4k $32.4m $32.4m 0.59% Reduced -825 -825
66 MML INVESTORS SERVICES, LLC 0.18% of their portfolio SPRINGFIELD, MA 640,041640.0k $32.1m $32.1m 0.18% Added +216.2k +216,189
67 Pinnacle Financial Partners Inc 0.79% of their portfolio Nashville, TN 627,982628.0k $31.5m $31.5m 0.79% Reduced -5.6k -5,564
68 LAZARD ASSET MANAGEMENT LLC 0.04% of their portfolio NEW YORK, NY 614,285614.3k $30.8m $30.8m 0.04% Reduced -108.6k -108,560
69 Bedel Financial Consulting, Inc. 6.34% of their portfolio INDIANAPOLIS, IN 604,628604.6k $30.4m $30.4m 6.34% Reduced -1.1k -1,092
70 Sunflower Bank, N.A. 6.62% of their portfolio DALLAS, TX 567,344567.3k $28.5m $28.5m 6.62% Added +4.8k +4,796
71 Manning & Napier Group, LLC 0.32% of their portfolio Fairport, NY 551,075551.1k $27.7m $27.7m 0.32% Added +100.9k +100,931
72 Fort Point Capital Partners LLC 4.10% of their portfolio San Francisco, CA 540,806540.8k $27.2m $27.2m 4.10% Added +109.1k +109,096
73 Wealthspire Advisors, LLC 0.44% of their portfolio NEW YORK, NY 540,691540.7k $27.2m $27.2m 0.44% Added +7.1k +7,083
74 JFS WEALTH ADVISORS, LLC 2.44% of their portfolio HERMITAGE, PA 540,508540.5k $27.1m $27.1m 2.44% Added +43.7k +43,739
75 Avidian Wealth Enterprises, LLC 1.76% of their portfolio Houston, TX 533,354533.4k $26.8m $26.8m 1.76% Reduced -85.9k -85,876
76 TRUIST FINANCIAL CORP 0.04% of their portfolio CHARLOTTE, NC 533,054533.1k $26.8m $26.8m 0.04% Added +49.0k +48,950
77 Ocean Park Asset Management, LLC 0.90% of their portfolio SANTA MONICA, CA 522,700522.7k $26.2m $26.2m 0.90% New
78 Rockefeller Capital Management L.P. 0.10% of their portfolio NEW YORK, NY 522,184522.2k $26.2m $26.2m 0.10% First filing
79 M&T Bank Corp 0.10% of their portfolio BUFFALO, NY 517,929517.9k $26.0m $26.0m 0.10% Reduced -51.7k -51,709
80 THOMPSON SIEGEL & WALMSLEY LLC 0.41% of their portfolio RICHMOND, VA 517,105517.1k $26.0m $26.0m 0.41% Reduced -18.6k -18,581
81 Rockwood Wealth Management, LLC 4.45% of their portfolio New Hope, PA 516,691516.7k $25.9m $25.9m 4.45% Added +73.6k +73,605
82 Passive Capital Management, LLC. 10.76% of their portfolio BALTIMORE, MD 504,476504.5k $25.3m $25.3m 10.76% Added +3.7k +3,690
83 Cetera Investment Advisers 0.20% of their portfolio SCHAUMBURG, IL 474,177474.2k $23.8m $23.8m 0.20% Added +24.7k +24,685
84 OneDigital Investment Advisors LLC 0.52% of their portfolio OVERLAND PARK, KS 467,237467.2k $23.5m $23.5m 0.52% Added +49.5k +49,511
85 Mosaic Advisors LLC 17.27% of their portfolio HOUSTON, TX 461,827461.8k $23.2m $23.2m 17.27% Reduced -44.1k -44,144
86 NICOLET ADVISORY SERVICES, LLC 2.52% of their portfolio GREEN BAY, WI 460,282460.3k $23.0m $23.0m 2.52% Added +65.9k +65,902
87 SigFig Wealth Management, LLC 0.88% of their portfolio SAN FRANCISCO, CA 454,463454.5k $22.8m $22.8m 0.88% Added +43.9k +43,930
88 NISA INVESTMENT ADVISORS, LLC 0.17% of their portfolio ST. LOUIS, MO 451,015451.0k $22.6m $22.6m 0.17% Reduced -75.2k -75,185
89 MATHER GROUP, LLC. 0.36% of their portfolio CHICAGO, IL 444,721444.7k $22.3m $22.3m 0.36% Reduced -15.1k -15,051
90 Quaker Wealth Management, LLC 10.02% of their portfolio MOORESTOWN, NJ 441,721441.7k $22.2m $22.2m 10.02% Reduced -642 -642
91 Hirtle & Co., LLC 1.04% of their portfolio WEST CONSHOHOCKEN, PA 435,057435.1k $21.8m $21.8m 1.04% Added +1.0k +1,003
92 RTD Financial Advisors, Inc. 3.12% of their portfolio Philadelphia, PA 426,971427.0k $21.4m $21.4m 3.12% Reduced -788 -788
93 Wedmont Private Capital 2.30% of their portfolio WEST CHESTER, PA 426,601426.6k $21.4m $21.4m 2.30% Added +139.3k +139,288
94 Composition Wealth, LLC 0.65% of their portfolio LOS ANGELES, CA 425,396425.4k $21.4m $21.4m 0.65% Added +324.6k +324,650
95 Windsor Wealth Management, Inc. 3.78% of their portfolio INDIANAPOLIS, IN 419,108419.1k $21.0m $21.0m 3.78% Added +12.8k +12,752
96 Cetera Advisor Networks LLC 0.14% of their portfolio EL SEGUNDO, CA 414,544414.5k $20.8m $20.8m 0.14% Reduced -14.8k -14,809
97 HBK Sorce Advisory LLC 0.87% of their portfolio ERIE, PA 409,151409.2k $20.5m $20.5m 0.87% Added +10.8k +10,836
98 Bragg Financial Advisors, Inc 1.13% of their portfolio CHARLOTTE, NC 408,737408.7k $20.5m $20.5m 1.13% Added +30.7k +30,729
99 Heritage Investment Group, Inc. 5.61% of their portfolio POMPANO BEACH, FL 401,467401.5k $20.2m $20.2m 5.61% Reduced -5.3k -5,324
100 GOLDMAN SACHS GROUP INC 0.01% of their portfolio NEW YORK, NY 395,127395.1k $19.8m $19.8m 0.01% Reduced -61.6k -61,630