Vault-13

VANGUARD MUN BD FDS VTEB

TAX EXEMPT BD · ETP · CUSIP 922907746

1,076 institutional holders +146 vs Q3 2023
582,017,331582.0m shares reported held*
$29.8bnreported value*
125 new 436 added 335 reduced 60 sold out net bought ≈ $7.4bn (+145.9m 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 ($8.0m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $51.16. Options: 1 managers hold calls ($781.1k notional), 2 hold puts ($2.8m).

Trends to Q4 2023

Institutional holders

Managers reporting a position, each quarter

05001k1.5kQ3 22: 764Q4 22: 861Q1 23: 883Q2 23: 898Q3 23: 930Q4 23: 1,0761,076Q3 22Q4 22Q1 23Q2 23Q3 23Q4 23
Numbers
QuarterHolders
Q3 2022764
Q4 2022861
Q1 2023883
Q2 2023898
Q3 2023930
Q4 20231,076

Buyers vs sellers

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

Bought or addedCut or sold out
1k01kQ4 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 23Q4 23: 561 bought or addedQ4 23: 395 cut or sold outQ4 23
Numbers
QuarterBought or addedCut or sold out
Q4 2022468352
Q1 2023479320
Q2 2023453362
Q3 2023500351
Q4 2023561395

Calls vs puts

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

CallsPuts
$0$1m$2m$3mQ1 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 2.44Q4 23 calls: $781.1kQ4 23 puts: $2.8mQ4 23P/C 3.54
Numbers
QuarterCallsPutsP/C
Q1 2023$1.5m$1.5m0.97
Q2 2023$1.8m$2.0m1.08
Q3 2023$1.0m$2.5m2.44
Q4 2023$781.1k$2.8m3.54

Biggest buyers

JPMORGAN CHASE & CO Added +101,747,089+101.7m
MORGAN STANLEY Added +13,197,484+13.2m
Wealthfront Advisers LLC Added +5,278,256+5.3m
FMR LLC Added +3,660,355+3.7m
Creative Planning Added +3,258,212+3.3m
TIAA TRUST, NATIONAL ASSOCIATION Added +3,246,104+3.2m
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Added +2,346,081+2.3m
SCS Capital Management LLC Added +2,124,626+2.1m
BANK OF AMERICA CORP /DE/ Added +1,938,622+1.9m
Baird Financial Group, Inc. Added +1,822,942+1.8m

Biggest sellers

Orgel Wealth Management, LLC Reduced -7,553,155-7.6m
RWA WEALTH PARTNERS, LLC Reduced -4,398,013-4.4m
Winthrop Advisory Group LLC Reduced -1,193,083-1.2m
Merriman Wealth Management, LLC Reduced -1,012,310-1.0m
UBS Group AG Reduced -856,441-856.4k
HT Partners LLC Reduced -824,967-825.0k
ROYAL BANK OF CANADA Reduced -815,238-815.2k
NISA INVESTMENT ADVISORS, LLC Sold out -663,285-663.3k
Strata Wealth Advisors, LLC Reduced -620,566-620.6k
Rockefeller Capital Management L.P. Reduced -578,306-578.3k

Biggest calls

CITADEL ADVISORS LLC Reduced $781.1k15.3k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $2.2m43.3k shares
CITADEL ADVISORS LLC Reduced $556.4k10.9k 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, Q4 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 JPMORGAN CHASE & CO 0.45% of their portfolio NEW YORK, NY 172,765,942172.8m $8.8bn $8.8bn 0.45% Added +101.7m +101,747,089
2 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 1.89% of their portfolio MILWAUKEE, WI 32,791,91332.8m $1.7bn $1.7bn 1.89% Added +2.3m +2,346,081
3 Charles Schwab Investment Advisory, Inc. 2.06% of their portfolio SAN FRANCISCO, CA 28,152,42328.2m $1.4bn $1.4bn 2.06% Added +821.5k +821,527
4 MORGAN STANLEY 0.06% of their portfolio NEW YORK, NY 24,917,10224.9m $1.3bn $1.3bn 0.06% Added +13.2m +13,197,484
5 Wealthfront Advisers LLC 4.87% of their portfolio Palo Alto, CA 24,823,97524.8m $1.3bn $1.3bn 4.87% Added +5.3m +5,278,256
6 Creative Planning 2.34% of their portfolio OVERLAND PARK, KS 24,754,35224.8m $1.3bn $1.3bn 2.34% Added +3.3m +3,258,212
7 FMR LLC 0.08% of their portfolio BOSTON, MA 19,168,47119.2m $978.6m $978.6m 0.08% Added +3.7m +3,660,355
8 RAYMOND JAMES & ASSOCIATES 0.66% of their portfolio ST PETERSBURG, FL 17,233,95517.2m $879.8m $879.8m 0.66% Added +267.3k +267,300
9 NORTHERN TRUST CORP 0.11% of their portfolio CHICAGO, IL 11,720,57211.7m $598.3m $598.3m 0.11% Added +672.1k +672,087
10 SEI INVESTMENTS CO 0.91% of their portfolio OAKS, PA 11,046,58311.0m $563.9m $563.9m 0.91% Added +1.8m +1,820,365
11 TIAA TRUST, NATIONAL ASSOCIATION 1.86% of their portfolio CHARLOTTE, NC 10,933,32310.9m $558.1m $558.1m 1.86% Added +3.2m +3,246,104
12 ENVESTNET ASSET MANAGEMENT INC 0.18% of their portfolio Berwyn, PA 8,355,3018.4m $426.5m $426.5m 0.18% Added +636.0k +636,006
13 BANK OF AMERICA CORP /DE/ 0.05% of their portfolio CHARLOTTE, NC 7,974,7868.0m $407.1m $407.1m 0.05% Added +1.9m +1,938,622
14 WELLS FARGO & COMPANY/MN 0.11% of their portfolio SAN FRANCISCO, CA 7,372,6437.4m $376.4m $376.4m 0.11% Added +881.7k +881,663
15 UBS Group AG 0.13% of their portfolio ZURICH, V8 6,350,7606.4m $324.2m $324.2m 0.13% Reduced -856.4k -856,441
16 SCS Capital Management LLC 3.29% of their portfolio BOSTON, MA 5,628,4085.6m $287.3m $287.3m 3.29% Added +2.1m +2,124,626
17 ASPIRIANT, LLC 12.66% of their portfolio San Francisco, CA 5,505,0555.5m $281.0m $281.0m 12.66% Added +1.2m +1,239,734
18 MERCER GLOBAL ADVISORS INC /ADV 0.71% of their portfolio DENVER, CO 4,636,0914.6m $236.7m $236.7m 0.71% Added +380.7k +380,665
19 Corient Private Wealth LP 0.43% of their portfolio MIAMI, FL 4,528,0554.5m $231.2m $231.2m 0.43% Reduced -14.0k -13,951
20 US BANCORP \DE\ 0.29% of their portfolio MINNEAPOLIS, MN 3,852,8973.9m $196.7m $196.7m 0.29% Added +616.8k +616,761
21 FRANKLIN RESOURCES INC 0.09% of their portfolio San Mateo, CA 3,786,4033.8m $193.3m $193.3m 0.09% Reduced -24.6k -24,609
22 RWA WEALTH PARTNERS, LLC 2.22% of their portfolio BOSTON, MA 3,053,9913.1m $155.9m $155.9m 2.22% Reduced -4.4m -4,398,013
23 AMERIPRISE FINANCIAL INC 0.05% of their portfolio MINNEAPOLIS, MN 2,994,6693.0m $152.8m $152.8m 0.05% Added +513.9k +513,928
24 Cerity Partners LLC 0.49% of their portfolio NEW YORK, NY 2,882,5362.9m $147.2m $147.2m 0.49% Added +1.3m +1,305,680
25 CLIFTONLARSONALLEN WEALTH ADVISORS, LLC 3.39% of their portfolio MINNEAPOLIS, MN 2,671,4082.7m $136.4m $136.4m 3.39% Added +2.0k +1,952
26 LPL Financial LLC 0.08% of their portfolio FORT MILL, SC 2,639,1222.6m $134.7m $134.7m 0.08% Added +69.5k +69,489
27 Members Trust Co 3.85% of their portfolio TAMPA, FL 2,638,1272.6m $134.7m $134.7m 3.85% Added +701.7k +701,710
28 Morningstar Investment Services LLC 0.74% of their portfolio CHICAGO, IL 2,587,3702.6m $132.1m $132.1m 0.74% Added +1.3m +1,279,016
29 PNC Financial Services Group, Inc. 0.10% of their portfolio Pittsburgh, PA 2,431,6212.4m $124.1m $124.1m 0.10% Added +26.4k +26,434
30 Mariner, LLC 0.29% of their portfolio Overland Park, KS 2,404,9822.4m $122.8m $122.8m 0.29% Reduced -192.7k -192,691
31 OSAIC HOLDINGS, INC. 0.20% of their portfolio SCOTTSDALE, AZ 2,258,3702.3m $115.3m $115.3m 0.20% Reduced -19.1k -19,090
32 JONES FINANCIAL COMPANIES LLLP 0.17% of their portfolio DES PERES, MO 2,205,6062.2m $112.6m $112.6m 0.17% Reduced -74.3k -74,334
33 Raymond James Financial Services Advisors, Inc. 0.16% of their portfolio ST. PETERSBURG, FL 1,983,1322.0m $101.2m $101.2m 0.16% Reduced -94.1k -94,082
34 Baird Financial Group, Inc. 0.22% of their portfolio MILWAUKEE, WI 1,865,9301.9m $95.3m $95.3m 0.22% Added +1.8m +1,822,942
35 Orgel Wealth Management, LLC 2.77% of their portfolio ALTOONA, WI 1,836,1521.8m $93.7m $93.7m 2.77% Reduced -7.6m -7,553,155
36 Prime Capital Investment Advisors, LLC 1.37% of their portfolio OVERLAND PARK, KS 1,781,9091.8m $91.0m $91.0m 1.37% Reduced -464.1k -464,097
37 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 1,705,2991.7m $87.1m $87.1m 0.00% Reduced -29.3k -29,253
38 Independent Advisor Alliance 2.92% of their portfolio CHARLOTTE, NC 1,630,9441.6m $81.1m $81.1m 2.92% Added +913.2k +913,158
39 HighTower Advisors, LLC 0.14% of their portfolio CHICAGO, IL 1,627,5141.6m $83.1m $83.1m 0.14% Added +455.0k +455,047
40 First Ascent Asset Management, LLC 9.02% of their portfolio DENVER, CO 1,576,1651.6m $80.5m $80.5m 9.02% Added +151.9k +151,911
41 Sequoia Financial Advisors, LLC 0.93% of their portfolio Akron, OH 1,471,6771.5m $75.1m $75.1m 0.93% Added +243.1k +243,088
42 RENAISSANCE TECHNOLOGIES LLC 0.11% of their portfolio NEW YORK, NY 1,448,0951.4m $73.9m $73.9m 0.11% Added +1.4m +1,441,022
43 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.21% of their portfolio PLYMOUTH, MN 1,422,3041.4m $72.6m $72.6m 0.21% Added +937.0k +936,953
44 Simplicity Solutions, LLC 1.94% of their portfolio MINNEAPOLIS, MN 1,392,3761.4m $71.1m $71.1m 1.94% Added +35.3k +35,314
45 Bleakley Financial Group, LLC 2.25% of their portfolio PARSIPPANY, NJ 1,388,9621.4m $70.9m $70.9m 2.25% Added +31.9k +31,900
46 COMMONWEALTH EQUITY SERVICES, LLC 0.12% of their portfolio WALTHAM, MA 1,242,7271.2m $63.4m $63.4m 0.12% Added +283.5k +283,454
47 Crestwood Advisors Group, LLC 1.46% of their portfolio BOSTON, MA 1,223,4051.2m $62.5m $62.5m 1.46% Reduced -37.3k -37,335
48 Waldron Private Wealth LLC 2.96% of their portfolio BRIDGEVILLE, PA 1,220,0371.2m $62.3m $62.3m 2.96% Reduced -139.2k -139,164
49 STIFEL FINANCIAL CORP 0.08% of their portfolio ST. LOUIS, MO 1,194,5561.2m $61.0m $61.0m 0.08% Added +126.6k +126,620
50 BAKER BOYER NATIONAL BANK 22.38% of their portfolio WALLA WALLA, WA 1,193,3171.2m $60.9m $60.9m 22.38% Added +82.1k +82,084
51 Ackerman Capital Advisors, LLC 16.60% of their portfolio DALLAS, TX 1,160,2831.2m $59.2m $59.2m 16.60% Added +961.0k +961,006
52 OneDigital Investment Advisors LLC 1.00% of their portfolio OVERLAND PARK, KS 1,122,0681.1m $57.3m $57.3m 1.00% Added +141.1k +141,077
53 MML INVESTORS SERVICES, LLC 0.26% of their portfolio SPRINGFIELD, MA 1,089,3861.1m $55.6m $55.6m 0.26% Added +459.6k +459,617
54 ROYAL BANK OF CANADA 0.01% of their portfolio TORONTO, A6 1,059,3851.1m $54.1m $54.1m 0.01% Reduced -815.2k -815,238
55 Lutz Financial Services LLC 5.03% of their portfolio OMAHA, NE 1,051,2091.1m $53.7m $53.7m 5.03% Reduced -213.5k -213,458
56 Meeder Advisory Services, Inc. 6.08% of their portfolio DUBLIN, OH 1,040,5991.0m $53.1m $53.1m 6.08% Added +51.1k +51,111
57 GOLDMAN SACHS GROUP INC 0.01% of their portfolio NEW YORK, NY 1,020,3031.0m $52.1m $52.1m 0.01% Added +540.2k +540,233
58 Savant Capital, LLC 0.67% of their portfolio ROCKFORD, IL 1,015,6961.0m $51.9m $51.9m 0.67% Reduced -43.8k -43,759
59 REGIONS FINANCIAL CORP 0.42% of their portfolio BIRMINGHAM, AL 1,008,1481.0m $51.5m $51.5m 0.42% Reduced -46.8k -46,764
60 Full Sail Capital, LLC 3.49% of their portfolio OKLAHOMA CITY, OK 900,636900.6k $46.0m $46.0m 3.49% Added +518.5k +518,472
61 West Financial Advisors, LLC 10.29% of their portfolio DES MOINES, IA 883,872883.9k $45.1m $45.1m 10.29% Added +14.0k +14,044
62 THOMPSON SIEGEL & WALMSLEY LLC 0.71% of their portfolio RICHMOND, VA 863,374863.4k $44.1m $44.1m 0.71% Added +97.5k +97,493
63 MATHER GROUP, LLC. 0.68% of their portfolio CHICAGO, IL 850,003850.0k $43.4m $43.4m 0.68% Added +344.7k +344,724
64 M&T Bank Corp 0.16% of their portfolio BUFFALO, NY 840,541840.5k $42.9m $42.9m 0.16% Added +305.1k +305,087
65 Beaird Harris Wealth Management, LLC 4.41% of their portfolio DALLAS, TX 823,350823.4k $42.0m $42.0m 4.41% Reduced -129.2k -129,164
66 Merriman Wealth Management, LLC 1.99% of their portfolio SEATTLE, WA 802,224802.2k $41.0m $41.0m 1.99% Reduced -1.0m -1,012,310
67 Focus Partners Wealth 0.53% of their portfolio ST LOUIS, MO 786,006786.0k $40.1m $40.1m 0.53% First filing
68 Callan Capital, LLC 3.76% of their portfolio LA JOLLA, CA 780,301780.3k $39.8m $39.8m 3.76% Added +5.9k +5,931
69 Allen Investment Management, LLC 0.52% of their portfolio NEW YORK, NY 768,013768.0k $39.2m $39.2m 0.52% New
70 Heritage Investment Group, Inc. 8.52% of their portfolio POMPANO BEACH, FL 749,111749.1k $38.2m $38.2m 8.52% Added +342.2k +342,165
71 CWM, LLC 0.20% of their portfolio OMAHA, NE 739,924739.9k $37.8m $37.8m 0.20% Reduced -163.6k -163,646
72 Financial Engines Advisors L.L.C. 0.09% of their portfolio SANTA CLARA, CA 736,048736.0k $37.6m $37.6m 0.09% Reduced -6.9k -6,868
73 Koss-Olinger Consulting, LLC 3.61% of their portfolio GAINESVILLE, FL 721,495721.5k $36.8m $36.8m 3.61% New
74 BSW Wealth Partners 7.12% of their portfolio BOULDER, CO 703,138703.1k $35.9m $35.9m 7.12% Reduced -24.8k -24,841
75 EP Wealth Advisors, LLC 0.45% of their portfolio TORRANCE, CA 693,460693.5k $35.4m $35.4m 0.45% Added +200.9k +200,908
76 Sunflower Bank, N.A. 8.00% of their portfolio DALLAS, TX 689,112689.1k $35.2m $35.2m 8.00% Added +73.7k +73,681
77 Bank of New York Mellon Corp 0.01% of their portfolio NEW YORK, NY 688,007688.0k $35.1m $35.1m 0.01% Added +276.9k +276,890
78 Modera Wealth Management, LLC 0.57% of their portfolio WESTWOOD, NJ 675,509675.5k $34.5m $34.5m 0.57% Added +51.1k +51,094
79 Wedmont Private Capital 2.78% of their portfolio WEST CHESTER, PA 665,785665.8k $33.9m $33.9m 2.78% Added +158.9k +158,858
80 Willow Creek Wealth Management Inc. 4.10% of their portfolio Sebastopol, CA 640,159640.2k $32.7m $32.7m 4.10% Reduced -191.8k -191,832
81 Passive Capital Management, LLC. 13.25% of their portfolio BALTIMORE, MD 639,275639.3k $32.6m $32.6m 13.25% Added +136.5k +136,511
82 Bedel Financial Consulting, Inc. 5.86% of their portfolio INDIANAPOLIS, IN 626,203626.2k $32.0m $32.0m 5.86% Added +32.0k +32,011
83 Avidian Wealth Enterprises, LLC 1.96% of their portfolio Houston, TX 616,743616.7k $31.5m $31.5m 1.96% Added +35.4k +35,396
84 HBK Sorce Advisory LLC 1.21% of their portfolio ERIE, PA 615,192615.2k $31.4m $31.4m 1.21% Added +190.9k +190,892
85 Wealthspire Advisors, LLC 0.44% of their portfolio NEW YORK, NY 605,817605.8k $30.9m $30.9m 0.44% Added +55.2k +55,157
86 Pinnacle Financial Partners Inc 0.67% of their portfolio Nashville, TN 553,729553.7k $28.3m $28.3m 0.67% Reduced -43.1k -43,063
87 Manning & Napier Group, LLC 0.34% of their portfolio Fairport, NY 553,517553.5k $28.3m $28.3m 0.34% Added +9.4k +9,413
88 NICOLET ADVISORY SERVICES, LLC 2.91% of their portfolio GREEN BAY, WI 532,984533.0k $27.1m $27.1m 2.91% Added +39.4k +39,436
89 JFS WEALTH ADVISORS, LLC 2.29% of their portfolio HERMITAGE, PA 528,327528.3k $27.0m $27.0m 2.29% Reduced -28.1k -28,087
90 Lido Advisors, LLC 0.27% of their portfolio Los Angeles, CA 526,976527.0k $26.9m $26.9m 0.27% Reduced -114.9k -114,858
91 LAZARD ASSET MANAGEMENT LLC 0.03% of their portfolio NEW YORK, NY 520,823520.8k $26.6m $26.6m 0.03% Reduced -47.4k -47,419
92 Cullen/Frost Bankers, Inc. 0.41% of their portfolio San Antonio, TX 507,521507.5k $25.9m $25.9m 0.41% Added +461.2k +461,241
93 Integrated Wealth Concepts LLC 0.42% of their portfolio WALTHAM, MA 507,141507.1k $25.9m $25.9m 0.42% Added +99.4k +99,366
94 Beacon Pointe Advisors, LLC 0.31% of their portfolio NEWPORT BEACH, CA 502,956503.0k $25.7m $25.7m 0.31% Reduced -64.8k -64,750
95 Cetera Investment Advisers 0.21% of their portfolio SCHAUMBURG, IL 497,146497.1k $25.4m $25.4m 0.21% Added +14.6k +14,649
96 Rockwood Wealth Management, LLC 3.70% of their portfolio New Hope, PA 494,097494.1k $25.2m $25.2m 3.70% Reduced -72.9k -72,861
97 Envestnet Portfolio Solutions, Inc. 0.10% of their portfolio BERWYN, PA 490,201490.2k $25.0m $25.0m 0.10% Added +236.5k +236,485
98 TRUIST FINANCIAL CORP 0.04% of their portfolio CHARLOTTE, NC 484,653484.7k $24.7m $24.7m 0.04% Reduced -36.8k -36,794
99 One Capital Management, LLC 0.98% of their portfolio WESTLAKE VILLAGE, CA 482,342482.3k $24.6m $24.6m 0.98% Added +410.9k +410,854
100 BARCLAYS PLC 0.01% of their portfolio LONDON, X0 463,236463.2k $23.6m $23.6m 0.01% New