Vault-13

VANGUARD MUN BD FDS VTEB

TAX EXEMPT BD · ETP · CUSIP 922907746

930 institutional holders +32 vs Q2 2023
432,245,125432.2m shares reported held*
$20.8bnreported value*
91 new 409 added 290 reduced 61 sold out net bought ≈ $565.5m (+12.2m 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 ($8.7m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $48.23. Options: 1 managers hold calls ($1.0m notional), 3 hold puts ($2.5m).

Trends to Q3 2023

Institutional holders

Managers reporting a position, each quarter

05001kQ3 22: 764Q4 22: 861Q1 23: 883Q2 23: 898Q3 23: 930930Q3 22Q4 22Q1 23Q2 23Q3 23
Numbers
QuarterHolders
Q3 2022764
Q4 2022861
Q1 2023883
Q2 2023898
Q3 2023930

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 23Q3 23: 500 bought or addedQ3 23: 351 cut or sold outQ3 23
Numbers
QuarterBought or addedCut or sold out
Q4 2022468352
Q1 2023479320
Q2 2023453362
Q3 2023500351

Calls vs puts

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

CallsPuts
$0$1m$2m$3mQ4 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 1.08Q3 23 calls: $1.0mQ3 23 puts: $2.5mQ3 23P/C 2.44
Numbers
QuarterCallsPutsP/C
Q4 2022$91.1k$435.5k4.78
Q1 2023$1.5m$1.5m0.97
Q2 2023$1.8m$2.0m1.08
Q3 2023$1.0m$2.5m2.44

Biggest buyers

JPMORGAN CHASE & CO Added +11,344,416+11.3m
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Added +4,251,230+4.3m
Members Trust Co New +1,936,417+1.9m
Creative Planning Added +1,742,080+1.7m
SEI INVESTMENTS CO Added +1,584,755+1.6m
FMR LLC Added +1,498,184+1.5m
ROYAL BANK OF CANADA Added +1,029,642+1.0m
NORTHERN TRUST CORP Added +984,347+984.3k
VANGUARD GROUP INC Added +748,261+748.3k
Blue Chip Partners, LLC Added +711,491+711.5k

Biggest sellers

Wealthfront Advisers LLC Reduced -12,167,683-12.2m
Charles Schwab Investment Advisory, Inc. Reduced -8,010,125-8.0m
SCS Capital Management LLC Reduced -1,397,051-1.4m
BARCLAYS PLC Sold out -993,641-993.6k
OLD MISSION CAPITAL LLC Sold out -713,230-713.2k
Ocean Park Asset Management, LLC Sold out -522,700-522.7k
UBS Group AG Reduced -443,665-443.7k
Composition Wealth, LLC Reduced -373,087-373.1k
RENAISSANCE TECHNOLOGIES LLC Reduced -366,827-366.8k
EXCHANGE TRADED CONCEPTS, LLC Sold out -294,546-294.5k

Biggest calls

CITADEL ADVISORS LLC Reduced $1.0m21.7k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $1.6m32.7k shares
CITADEL ADVISORS LLC Reduced $659.0k13.7k shares
WOLVERINE TRADING, LLC New $312.6k6.5k 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, Q3 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 JPMORGAN CHASE & CO 0.40% of their portfolio NEW YORK, NY 71,018,85371.0m $3.4bn $3.4bn 0.40% Added +11.3m +11,344,416
2 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 1.90% of their portfolio MILWAUKEE, WI 30,445,83230.4m $1.5bn $1.5bn 1.90% Added +4.3m +4,251,230
3 Charles Schwab Investment Advisory, Inc. 2.08% of their portfolio SAN FRANCISCO, CA 27,330,89627.3m $1.3bn $1.3bn 2.08% Reduced -8.0m -8,010,125
4 Creative Planning 1.38% of their portfolio OVERLAND PARK, KS 21,496,14021.5m $1.0bn $1.0bn 1.38% Added +1.7m +1,742,080
5 Wealthfront Advisers LLC 4.05% of their portfolio Palo Alto, CA 19,545,71919.5m $940.1m $940.1m 4.05% Reduced -12.2m -12,167,683
6 RAYMOND JAMES & ASSOCIATES 0.69% of their portfolio ST PETERSBURG, FL 16,966,65517.0m $816.1m $816.1m 0.69% Added +441.0k +441,023
7 FMR LLC 0.06% of their portfolio BOSTON, MA 15,508,11615.5m $745.9m $745.9m 0.06% Added +1.5m +1,498,184
8 MORGAN STANLEY 0.06% of their portfolio NEW YORK, NY 11,719,61811.7m $563.7m $563.7m 0.06% Added +425.9k +425,933
9 NORTHERN TRUST CORP 0.10% of their portfolio CHICAGO, IL 11,048,48511.0m $531.4m $531.4m 0.10% Added +984.3k +984,347
10 Orgel Wealth Management, LLC 15.27% of their portfolio ALTOONA, WI 9,389,3079.4m $451.6m $451.6m 15.27% Reduced -4.0k -4,011
11 SEI INVESTMENTS CO 0.80% of their portfolio OAKS, PA 9,226,2189.2m $443.8m $443.8m 0.80% Added +1.6m +1,584,755
12 ENVESTNET ASSET MANAGEMENT INC 0.17% of their portfolio Berwyn, PA 7,719,2957.7m $371.3m $371.3m 0.17% Added +554.1k +554,105
13 TIAA TRUST, NATIONAL ASSOCIATION 1.33% of their portfolio CHARLOTTE, NC 7,687,2197.7m $369.8m $369.8m 1.33% First filing
14 RWA WEALTH PARTNERS, LLC 7.81% of their portfolio BOSTON, MA 7,452,0047.5m $358.4m $358.4m 7.81% Added +264.8k +264,847
15 UBS Group AG 0.16% of their portfolio ZURICH, V8 7,207,2017.2m $346.7m $346.7m 0.16% Reduced -443.7k -443,665
16 WELLS FARGO & COMPANY/MN 0.10% of their portfolio SAN FRANCISCO, CA 6,490,9806.5m $312.2m $312.2m 0.10% Added +584.3k +584,323
17 BANK OF AMERICA CORP /DE/ 0.04% of their portfolio CHARLOTTE, NC 6,036,1646.0m $290.3m $290.3m 0.04% Reduced -64.0k -63,958
18 Corient Private Wealth LP 0.50% of their portfolio MIAMI, FL 4,542,0064.5m $218.5m $218.5m 0.50% Reduced -25.1k -25,137
19 ASPIRIANT, LLC 10.50% of their portfolio San Francisco, CA 4,265,3214.3m $205.2m $205.2m 10.50% Added +319.6k +319,585
20 MERCER GLOBAL ADVISORS INC /ADV 0.78% of their portfolio DENVER, CO 4,255,4264.3m $204.7m $204.7m 0.78% Added +463.2k +463,172
21 FRANKLIN RESOURCES INC 0.09% of their portfolio San Mateo, CA 3,811,0123.8m $183.3m $183.3m 0.09% Added +296.4k +296,371
22 SCS Capital Management LLC 4.49% of their portfolio BOSTON, MA 3,503,7823.5m $168.5m $168.5m 4.49% Reduced -1.4m -1,397,051
23 US BANCORP \DE\ 0.25% of their portfolio MINNEAPOLIS, MN 3,236,1363.2m $155.7m $155.7m 0.25% Added +245.3k +245,263
24 CLIFTONLARSONALLEN WEALTH ADVISORS, LLC 3.59% of their portfolio MINNEAPOLIS, MN 2,669,4562.7m $128.4m $128.4m 3.59% Added +150.6k +150,639
25 Mariner, LLC 0.34% of their portfolio Overland Park, KS 2,597,6732.6m $124.9m $124.9m 0.34% Added +135.8k +135,766
26 LPL Financial LLC 0.09% of their portfolio FORT MILL, SC 2,569,6332.6m $123.6m $123.6m 0.09% Added +258.2k +258,246
27 AMERIPRISE FINANCIAL INC 0.04% of their portfolio MINNEAPOLIS, MN 2,480,7412.5m $119.1m $119.1m 0.04% Added +298.3k +298,313
28 PNC Financial Services Group, Inc. 0.10% of their portfolio Pittsburgh, PA 2,405,1872.4m $115.7m $115.7m 0.10% Added +50.9k +50,870
29 JONES FINANCIAL COMPANIES LLLP 0.18% of their portfolio DES PERES, MO 2,279,9402.3m $109.7m $109.7m 0.18% Added +56.3k +56,295
30 OSAIC HOLDINGS, INC. 0.16% of their portfolio SCOTTSDALE, AZ 2,277,4602.3m $109.6m $109.6m 0.16% Added +236.5k +236,471
31 Prime Capital Investment Advisors, LLC 2.21% of their portfolio OVERLAND PARK, KS 2,246,0062.2m $108.0m $108.0m 2.21% Reduced -57.2k -57,198
32 Raymond James Financial Services Advisors, Inc. 0.18% of their portfolio ST. PETERSBURG, FL 2,077,2142.1m $99.9m $99.9m 0.18% Added +161.2k +161,152
33 Members Trust Co 2.71% of their portfolio TAMPA, FL 1,936,4171.9m $93.0m $93.0m 2.71% New
34 ROYAL BANK OF CANADA 0.03% of their portfolio TORONTO, A6 1,874,6231.9m $90.2m $90.2m 0.03% Added +1.0m +1,029,642
35 Merriman Wealth Management, LLC 4.51% of their portfolio SEATTLE, WA 1,814,5341.8m $87.3m $87.3m 4.51% Reduced -23.5k -23,490
36 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 1,734,5521.7m $83.4m $83.4m 0.00% Added +748.3k +748,261
37 Cerity Partners LLC 0.37% of their portfolio NEW YORK, NY 1,576,8561.6m $75.8m $75.8m 0.37% Added +79.1k +79,101
38 First Ascent Asset Management, LLC 8.84% of their portfolio DENVER, CO 1,424,2541.4m $68.5m $68.5m 8.84% Added +132.1k +132,091
39 Waldron Private Wealth LLC 3.39% of their portfolio BRIDGEVILLE, PA 1,359,2011.4m $65.4m $65.4m 3.39% Reduced -6.5k -6,498
40 Simplicity Solutions, LLC 2.10% of their portfolio MINNEAPOLIS, MN 1,357,0621.4m $65.3m $65.3m 2.10% Reduced -240.1k -240,142
41 Bleakley Financial Group, LLC 2.30% of their portfolio PARSIPPANY, NJ 1,357,0621.4m $65.3m $65.3m 2.30% Reduced -240.1k -240,142
42 Winthrop Advisory Group LLC 10.70% of their portfolio BOSTON, MA 1,355,2151.4m $65.2m $65.2m 10.70% Added +11.8k +11,762
43 Morningstar Investment Services LLC 0.81% of their portfolio CHICAGO, IL 1,308,3541.3m $62.8m $62.8m 0.81% Added +304.8k +304,842
44 Lutz Financial Services LLC 6.62% of their portfolio OMAHA, NE 1,264,6671.3m $60.8m $60.8m 6.62% Added +195.7k +195,660
45 Crestwood Advisors Group, LLC 1.59% of their portfolio BOSTON, MA 1,260,7401.3m $60.6m $60.6m 1.59% Reduced -19.7k -19,706
46 Sequoia Financial Advisors, LLC 1.04% of their portfolio Akron, OH 1,228,5891.2m $59.1m $59.1m 1.04% Added +982 +982
47 HighTower Advisors, LLC 0.11% of their portfolio CHICAGO, IL 1,172,4671.2m $56.4m $56.4m 0.11% Added +210.1k +210,142
48 BAKER BOYER NATIONAL BANK 21.73% of their portfolio WALLA WALLA, WA 1,111,2331.1m $53.4m $53.4m 21.73% Reduced -3.2k -3,233
49 STIFEL FINANCIAL CORP 0.07% of their portfolio ST. LOUIS, MO 1,067,9361.1m $51.4m $51.4m 0.07% Added +225.0k +224,957
50 Savant Capital, LLC 0.76% of their portfolio ROCKFORD, IL 1,059,4551.1m $51.0m $51.0m 0.76% Reduced -5.5k -5,507
51 REGIONS FINANCIAL CORP 0.46% of their portfolio BIRMINGHAM, AL 1,054,9121.1m $50.7m $50.7m 0.46% Added +25.6k +25,560
52 Meeder Advisory Services, Inc. 5.98% of their portfolio DUBLIN, OH 989,488989.5k $47.6m $47.6m 5.98% Reduced -72.5k -72,534
53 OneDigital Investment Advisors LLC 1.02% of their portfolio OVERLAND PARK, KS 980,991981.0k $47.2m $47.2m 1.02% Added +513.8k +513,754
54 COMMONWEALTH EQUITY SERVICES, LLC 0.10% of their portfolio WALTHAM, MA 959,273959.3k $46.1m $46.1m 0.10% Reduced -19.6k -19,554
55 Beaird Harris Wealth Management, LLC 5.48% of their portfolio DALLAS, TX 952,514952.5k $45.8m $45.8m 5.48% Reduced -54.1k -54,062
56 CWM, LLC 0.27% of their portfolio OMAHA, NE 903,570903.6k $43.5m $43.5m 0.27% Added +20.3k +20,286
57 West Financial Advisors, LLC 10.50% of their portfolio DES MOINES, IA 869,828869.8k $41.8m $41.8m 10.50% Added +89.4k +89,372
58 HT Partners LLC 11.97% of their portfolio CENTERBROOK, CT 832,898832.9k $40.1m $40.1m 11.97% Added +45.9k +45,930
59 Willow Creek Wealth Management Inc. 5.96% of their portfolio Sebastopol, CA 831,991832.0k $40.0m $40.0m 5.96% Reduced -39.5k -39,497
60 Callan Capital, LLC 3.99% of their portfolio LA JOLLA, CA 774,370774.4k $37.2m $37.2m 3.99% Added +104.8k +104,768
61 THOMPSON SIEGEL & WALMSLEY LLC 0.61% of their portfolio RICHMOND, VA 765,881765.9k $36.8m $36.8m 0.61% Added +248.8k +248,776
62 Rockefeller Capital Management L.P. 0.14% of their portfolio NEW YORK, NY 755,544755.5k $36.3m $36.3m 0.14% Added +233.4k +233,360
63 Financial Engines Advisors L.L.C. 0.09% of their portfolio SANTA CLARA, CA 742,916742.9k $35.7m $35.7m 0.09% Reduced -87.0k -87,036
64 BSW Wealth Partners 7.79% of their portfolio BOULDER, CO 727,979728.0k $35.0m $35.0m 7.79% Added +20.8k +20,795
65 Independent Advisor Alliance 1.56% of their portfolio CHARLOTTE, NC 717,786717.8k $34.5m $34.5m 1.56% Added +40.9k +40,893
66 Blue Chip Partners, LLC 4.10% of their portfolio FARMINGTON HILLS, MI 715,499715.5k $34.4m $34.4m 4.10% Added +711.5k +711,491
67 NISA INVESTMENT ADVISORS, LLC 0.24% of their portfolio ST. LOUIS, MO 663,285663.3k $31.9m $31.9m 0.24% Added +212.3k +212,270
68 Lido Advisors, LLC 0.35% of their portfolio Los Angeles, CA 641,834641.8k $30.9m $30.9m 0.35% Reduced -94.0k -93,960
69 MML INVESTORS SERVICES, LLC 0.17% of their portfolio SPRINGFIELD, MA 629,769629.8k $30.3m $30.3m 0.17% Reduced -10.3k -10,272
70 Strata Wealth Advisors, LLC 14.52% of their portfolio DALLAS, TX 626,848626.8k $30.2m $30.2m 14.52% First filing
71 Modera Wealth Management, LLC 0.57% of their portfolio WESTWOOD, NJ 624,415624.4k $30.0m $30.0m 0.57% Reduced -20.0k -19,958
72 Sunflower Bank, N.A. 7.14% of their portfolio DALLAS, TX 615,431615.4k $29.6m $29.6m 7.14% Added +48.1k +48,087
73 Pinnacle Financial Partners Inc 0.74% of their portfolio Nashville, TN 596,792596.8k $28.7m $28.7m 0.74% Reduced -31.2k -31,190
74 BEDEL FINANCIAL CONSULTING INC 5.79% of their portfolio INDIANAPOLIS, IN 594,192594.2k $28.6m $28.6m 5.79% First filing
75 Bedel Financial Consulting, Inc. 5.79% of their portfolio INDIANAPOLIS, IN 594,192594.2k $28.6m $28.6m 5.79% Reduced -10.4k -10,436
76 Avidian Wealth Enterprises, LLC 1.97% of their portfolio Houston, TX 581,347581.3k $28.0m $28.0m 1.97% Added +48.0k +47,993
77 LAZARD ASSET MANAGEMENT LLC 0.04% of their portfolio NEW YORK, NY 568,242568.2k $27.3m $27.3m 0.04% Reduced -46.0k -46,043
78 Beacon Pointe Advisors, LLC 0.34% of their portfolio NEWPORT BEACH, CA 567,706567.7k $27.3m $27.3m 0.34% Added +339.6k +339,551
79 Rockwood Wealth Management, LLC 4.58% of their portfolio New Hope, PA 566,958567.0k $27.3m $27.3m 4.58% Added +50.3k +50,267
80 JFS WEALTH ADVISORS, LLC 2.53% of their portfolio HERMITAGE, PA 556,414556.4k $26.8m $26.8m 2.53% Added +15.9k +15,906
81 Wealthspire Advisors, LLC 0.44% of their portfolio NEW YORK, NY 550,660550.7k $26.5m $26.5m 0.44% Added +10.0k +9,969
82 Manning & Napier Group, LLC 0.32% of their portfolio Fairport, NY 544,104544.1k $26.2m $26.2m 0.32% Reduced -7.0k -6,971
83 M&T Bank Corp 0.10% of their portfolio BUFFALO, NY 535,454535.5k $25.8m $25.8m 0.10% Added +17.5k +17,525
84 TRUIST FINANCIAL CORP 0.04% of their portfolio CHARLOTTE, NC 521,447521.4k $25.1m $25.1m 0.04% Reduced -11.6k -11,607
85 Wedmont Private Capital 2.45% of their portfolio WEST CHESTER, PA 506,927506.9k $24.2m $24.2m 2.45% Added +80.3k +80,326
86 MATHER GROUP, LLC. 0.43% of their portfolio CHICAGO, IL 505,279505.3k $24.3m $24.3m 0.43% Added +60.6k +60,558
87 Passive Capital Management, LLC. 10.81% of their portfolio BALTIMORE, MD 502,764502.8k $24.2m $24.2m 10.81% Reduced -1.7k -1,712
88 NICOLET ADVISORY SERVICES, LLC 2.61% of their portfolio GREEN BAY, WI 493,548493.5k $23.6m $23.6m 2.61% Added +33.3k +33,266
89 EP Wealth Advisors, LLC 0.37% of their portfolio TORRANCE, CA 492,552492.6k $23.7m $23.7m 0.37% Added +470.0k +470,010
90 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.08% of their portfolio PLYMOUTH, MN 485,351485.4k $23.3m $23.3m 0.08% Added +389.4k +389,407
91 Cetera Investment Advisers 0.20% of their portfolio SCHAUMBURG, IL 482,497482.5k $23.2m $23.2m 0.20% Added +8.3k +8,320
92 GOLDMAN SACHS GROUP INC 0.01% of their portfolio NEW YORK, NY 480,070480.1k $23.1m $23.1m 0.01% Added +84.9k +84,943
93 Fort Point Capital Partners LLC 3.63% of their portfolio San Francisco, CA 464,164464.2k $22.3m $22.3m 3.63% Reduced -76.6k -76,642
94 CITIGROUP INC 0.03% of their portfolio NEW YORK, NY 447,257447.3k $21.5m $21.5m 0.03% Added +400.4k +400,408
95 Bragg Financial Advisors, Inc 1.11% of their portfolio CHARLOTTE, NC 435,416435.4k $20.9m $20.9m 1.11% Added +26.7k +26,679
96 RTD Financial Advisors, Inc. 3.17% of their portfolio Philadelphia, PA 431,674431.7k $20.8m $20.8m 3.17% Added +4.7k +4,703
97 Cetera Advisor Networks LLC 0.13% of their portfolio EL SEGUNDO, CA 424,475424.5k $20.4m $20.4m 0.13% Added +9.9k +9,931
98 HBK Sorce Advisory LLC 0.90% of their portfolio ERIE, PA 424,300424.3k $20.4m $20.4m 0.90% Added +15.1k +15,149
99 Hirtle & Co., LLC 1.02% of their portfolio WEST CONSHOHOCKEN, PA 423,325423.3k $20.4m $20.4m 1.02% Reduced -11.7k -11,732
100 Quaker Wealth Management, LLC 9.85% of their portfolio MOORESTOWN, NJ 420,375420.4k $20.2m $20.2m 9.85% Reduced -21.3k -21,346