Vault-13

VANGUARD MUN BD FDS VTEB

TAX EXEMPT BD · ETP · CUSIP 922907746

1,059 institutional holders -17 vs Q4 2023
590,709,825590.7m shares reported held*
$29.9bnreported value*
67 new 505 added 339 reduced 77 sold out net bought ≈ $581.6m (+12.0m 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 ($7.4m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $50.67. Options: 2 managers hold calls ($1.4m notional), 3 hold puts ($4.4m).

Trends to Q1 2024

Institutional holders

Managers reporting a position, each quarter

05001k1.5kQ3 22: 764Q4 22: 861Q1 23: 883Q2 23: 898Q3 23: 930Q4 23: 1,076Q1 24: 1,0591,059Q3 22Q1 23Q3 23Q1 24
Numbers
QuarterHolders
Q3 2022764
Q4 2022861
Q1 2023883
Q2 2023898
Q3 2023930
Q4 20231,076
Q1 20241,059

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 23Q1 24: 572 bought or addedQ1 24: 416 cut or sold outQ1 24
Numbers
QuarterBought or addedCut or sold out
Q4 2022468352
Q1 2023479320
Q2 2023453362
Q3 2023500351
Q4 2023561395
Q1 2024572416

Calls vs puts

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

CallsPuts
$0$2m$4m$6mQ2 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 3.54Q1 24 calls: $1.4mQ1 24 puts: $4.4mQ1 24P/C 3.24
Numbers
QuarterCallsPutsP/C
Q2 2023$1.8m$2.0m1.08
Q3 2023$1.0m$2.5m2.44
Q4 2023$781.1k$2.8m3.54
Q1 2024$1.4m$4.4m3.24

Biggest buyers

MORGAN STANLEY Added +11,989,927+12.0m
Wealthfront Advisers LLC Added +3,543,291+3.5m
D. E. Shaw & Co., Inc. Added +3,373,000+3.4m
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Added +1,806,787+1.8m
JANE STREET GROUP, LLC New +1,638,238+1.6m
GeoWealth Management, LLC Added +1,550,788+1.6m
LPL Financial LLC Added +1,482,759+1.5m
Simplicity Wealth,LLC New +1,434,143+1.4m
NORTHERN TRUST CORP Added +1,426,351+1.4m
Charles Schwab Investment Advisory, Inc. Added +1,333,540+1.3m

Biggest sellers

JPMORGAN CHASE & CO Reduced -18,742,548-18.7m
Morningstar Investment Services LLC Reduced -1,304,627-1.3m
Koss-Olinger Consulting, LLC Sold out -721,495-721.5k
FMR LLC Reduced -685,001-685.0k
Independent Advisor Alliance Reduced -671,484-671.5k
Focus Partners Wealth Reduced -649,044-649.0k
RENAISSANCE TECHNOLOGIES LLC Reduced -638,295-638.3k
ASPIRIANT, LLC Reduced -483,147-483.1k
Hirtle & Co., LLC Sold out -431,445-431.4k
SEI INVESTMENTS CO Reduced -427,127-427.1k

Biggest calls

CITADEL ADVISORS LLC Reduced $723.6k14.3k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP New $632.5k12.5k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $1.9m38.3k shares
OAK HILL WEALTH ADVISORS, LLC New $1.8m34.8k shares
CITADEL ADVISORS LLC Added $698.3k13.8k 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 2024

#ManagerLocationShares Value% of their portfolioChangeShares change
1 JPMORGAN CHASE & CO 0.35% of their portfolio NEW YORK, NY 154,023,394154.0m $7.8bn $7.8bn 0.35% Reduced -18.7m -18,742,548
2 MORGAN STANLEY 0.05% of their portfolio NEW YORK, NY 36,907,02936.9m $1.9bn $1.9bn 0.05% Added +12.0m +11,989,927
3 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 1.80% of their portfolio MILWAUKEE, WI 34,598,70034.6m $1.8bn $1.8bn 1.80% Added +1.8m +1,806,787
4 Charles Schwab Investment Advisory, Inc. 2.05% of their portfolio SAN FRANCISCO, CA 29,485,96329.5m $1.5bn $1.5bn 2.05% Added +1.3m +1,333,540
5 Wealthfront Advisers LLC 5.02% of their portfolio Palo Alto, CA 28,367,26628.4m $1.4bn $1.4bn 5.02% Added +3.5m +3,543,291
6 Creative Planning 1.39% of their portfolio OVERLAND PARK, KS 24,804,37524.8m $1.3bn $1.3bn 1.39% Added +50.0k +50,023
7 FMR LLC 0.06% of their portfolio BOSTON, MA 18,483,47018.5m $935.3m $935.3m 0.06% Reduced -685.0k -685,001
8 RAYMOND JAMES & ASSOCIATES 0.61% of their portfolio ST PETERSBURG, FL 17,637,46317.6m $892.5m $892.5m 0.61% Added +403.5k +403,508
9 NORTHERN TRUST CORP 0.11% of their portfolio CHICAGO, IL 13,146,92313.1m $665.2m $665.2m 0.11% Added +1.4m +1,426,351
10 TIAA TRUST, NATIONAL ASSOCIATION 1.76% of their portfolio CHARLOTTE, NC 11,389,24811.4m $576.3m $576.3m 1.76% Added +455.9k +455,925
11 SEI INVESTMENTS CO 0.79% of their portfolio OAKS, PA 10,619,45610.6m $537.3m $537.3m 0.79% Reduced -427.1k -427,127
12 ENVESTNET ASSET MANAGEMENT INC 0.17% of their portfolio Berwyn, PA 8,869,9308.9m $448.8m $448.8m 0.17% Added +514.6k +514,629
13 BANK OF AMERICA CORP /DE/ 0.04% of their portfolio CHARLOTTE, NC 8,644,4088.6m $437.4m $437.4m 0.04% Added +669.6k +669,622
14 WELLS FARGO & COMPANY/MN 0.09% of their portfolio SAN FRANCISCO, CA 7,055,9077.1m $357.0m $357.0m 0.09% Reduced -316.7k -316,736
15 UBS Group AG 0.10% of their portfolio ZURICH, V8 6,102,1346.1m $308.8m $308.8m 0.10% Reduced -248.6k -248,626
16 SCS Capital Management LLC 2.96% of their portfolio BOSTON, MA 5,497,0885.5m $278.2m $278.2m 2.96% Reduced -131.3k -131,320
17 ASPIRIANT, LLC 10.52% of their portfolio San Francisco, CA 5,021,9085.0m $254.1m $254.1m 10.52% Reduced -483.1k -483,147
18 MERCER GLOBAL ADVISORS INC /ADV 0.72% of their portfolio DENVER, CO 4,998,6765.0m $253.2m $253.2m 0.72% Added +362.6k +362,585
19 Corient Private Wealth LP 0.41% of their portfolio MIAMI, FL 4,522,2944.5m $228.8m $228.8m 0.41% Reduced -5.8k -5,761
20 FRANKLIN RESOURCES INC 0.07% of their portfolio San Mateo, CA 4,514,4524.5m $228.4m $228.4m 0.07% Added +728.0k +728,049
21 LPL Financial LLC 0.11% of their portfolio FORT MILL, SC 4,121,8814.1m $208.6m $208.6m 0.11% Added +1.5m +1,482,759
22 D. E. Shaw & Co., Inc. 0.24% of their portfolio New York, NY 3,737,3003.7m $189.1m $189.1m 0.24% Added +3.4m +3,373,000
23 US BANCORP \DE\ 0.26% of their portfolio MINNEAPOLIS, MN 3,693,1743.7m $186.9m $186.9m 0.26% Reduced -159.7k -159,723
24 AMERIPRISE FINANCIAL INC 0.05% of their portfolio MINNEAPOLIS, MN 3,481,2023.5m $176.2m $176.2m 0.05% Added +486.5k +486,533
25 RWA WEALTH PARTNERS, LLC 2.15% of their portfolio BOSTON, MA 3,163,6833.2m $160.1m $160.1m 2.15% Added +109.7k +109,692
26 Cerity Partners LLC 0.42% of their portfolio NEW YORK, NY 3,130,5983.1m $157.8m $157.8m 0.42% Added +248.1k +248,062
27 CLIFTONLARSONALLEN WEALTH ADVISORS, LLC 3.60% of their portfolio MINNEAPOLIS, MN 3,124,5533.1m $158.1m $158.1m 3.60% Added +453.1k +453,145
28 Members Trust Co 4.04% of their portfolio TAMPA, FL 2,680,1842.7m $135.6m $135.6m 4.04% Added +42.1k +42,057
29 PNC Financial Services Group, Inc. 0.08% of their portfolio Pittsburgh, PA 2,378,0812.4m $120.3m $120.3m 0.08% Reduced -53.5k -53,540
30 JONES FINANCIAL COMPANIES LLLP 0.16% of their portfolio DES PERES, MO 2,308,2542.3m $116.8m $116.8m 0.16% Added +102.6k +102,648
31 Mariner, LLC 0.23% of their portfolio Overland Park, KS 2,226,3842.2m $112.7m $112.7m 0.23% Reduced -178.6k -178,598
32 Orgel Wealth Management, LLC 2.72% of their portfolio ALTOONA, WI 1,956,9692.0m $99.0m $99.0m 2.72% Added +120.8k +120,817
33 Raymond James Financial Services Advisors, Inc. 0.15% of their portfolio ST. PETERSBURG, FL 1,955,9572.0m $99.0m $99.0m 0.15% Reduced -27.2k -27,175
34 OSAIC HOLDINGS, INC. 0.22% of their portfolio SCOTTSDALE, AZ 1,939,6071.9m $98.1m $98.1m 0.22% Reduced -318.8k -318,763
35 Prime Capital Investment Advisors, LLC 1.32% of their portfolio OVERLAND PARK, KS 1,862,1601.9m $94.2m $94.2m 1.32% Added +80.3k +80,251
36 HighTower Advisors, LLC 0.15% of their portfolio CHICAGO, IL 1,796,9041.8m $90.9m $90.9m 0.15% Added +169.4k +169,390
37 Callan Capital, LLC 3.82% of their portfolio LA JOLLA, CA 1,715,1041.7m $86.8m $86.8m 3.82% Added +934.8k +934,803
38 JANE STREET GROUP, LLC 0.11% of their portfolio NEW YORK, NY 1,638,2381.6m $82.9m $82.9m 0.11% New
39 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 1,608,3241.6m $81.4m $81.4m 0.00% Reduced -97.0k -96,975
40 GeoWealth Management, LLC 3.05% of their portfolio CHICAGO, IL 1,558,4501.6m $78.9m $78.9m 3.05% Added +1.6m +1,550,788
41 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.20% of their portfolio PLYMOUTH, MN 1,510,2661.5m $76.4m $76.4m 0.20% Added +88.0k +87,962
42 Sequoia Financial Advisors, LLC 0.94% of their portfolio Akron, OH 1,499,4751.5m $75.9m $75.9m 0.94% Added +27.8k +27,798
43 Baird Financial Group, Inc. 0.16% of their portfolio MILWAUKEE, WI 1,480,3811.5m $74.9m $74.9m 0.16% Reduced -385.5k -385,549
44 Bleakley Financial Group, LLC 2.11% of their portfolio PARSIPPANY, NJ 1,442,6941.4m $73.0m $73.0m 2.11% Added +53.7k +53,732
45 Simplicity Wealth,LLC 1.73% of their portfolio SUMMIT, NJ 1,434,1431.4m $72.6m $72.6m 1.73% New
46 OneDigital Investment Advisors LLC 1.05% of their portfolio OVERLAND PARK, KS 1,326,6811.3m $67.1m $67.1m 1.05% Added +204.6k +204,613
47 Morningstar Investment Services LLC 0.71% of their portfolio CHICAGO, IL 1,282,7431.3m $64.9m $64.9m 0.71% Reduced -1.3m -1,304,627
48 Crestwood Advisors Group, LLC 1.37% of their portfolio BOSTON, MA 1,240,4501.2m $62.8m $62.8m 1.37% Added +17.0k +17,045
49 STIFEL FINANCIAL CORP 0.07% of their portfolio ST. LOUIS, MO 1,224,1201.2m $61.9m $61.9m 0.07% Added +29.6k +29,564
50 BAKER BOYER NATIONAL BANK 20.79% of their portfolio WALLA WALLA, WA 1,193,2061.2m $60.4m $60.4m 20.79% Reduced -111 -111
51 Lutz Financial Services LLC 5.25% of their portfolio OMAHA, NE 1,189,0031.2m $60.2m $60.2m 5.25% Added +137.8k +137,794
52 Waldron Private Wealth LLC 2.70% of their portfolio BRIDGEVILLE, PA 1,182,4411.2m $59.8m $59.8m 2.70% Reduced -37.6k -37,596
53 COMMONWEALTH EQUITY SERVICES, LLC 0.10% of their portfolio WALTHAM, MA 1,175,5061.2m $59.5m $59.5m 0.10% Reduced -67.2k -67,221
54 Ackerman Capital Advisors, LLC 16.20% of their portfolio DALLAS, TX 1,158,9471.2m $58.6m $58.6m 16.20% Reduced -1.3k -1,336
55 Cetera Investment Advisers 0.13% of their portfolio SCHAUMBURG, IL 1,107,1221.1m $56.0m $56.0m 0.13% Added +610.0k +609,976
56 Meeder Advisory Services, Inc. 5.66% of their portfolio DUBLIN, OH 1,100,4091.1m $55.7m $55.7m 5.66% Added +59.8k +59,810
57 Full Sail Capital, LLC 3.75% of their portfolio OKLAHOMA CITY, OK 1,062,0491.1m $53.7m $53.7m 3.75% Added +161.4k +161,413
58 REGIONS FINANCIAL CORP 0.40% of their portfolio BIRMINGHAM, AL 1,032,9181.0m $52.3m $52.3m 0.40% Added +24.8k +24,770
59 MML INVESTORS SERVICES, LLC 0.21% of their portfolio SPRINGFIELD, MA 1,009,1221.0m $51.1m $51.1m 0.21% Reduced -80.3k -80,264
60 Avidian Wealth Enterprises, LLC 2.69% of their portfolio Houston, TX 992,552992.6k $50.2m $50.2m 2.69% Added +375.8k +375,809
61 Savant Capital, LLC 0.57% of their portfolio ROCKFORD, IL 980,998981.0k $49.6m $49.6m 0.57% Reduced -34.7k -34,698
62 Independent Advisor Alliance 1.75% of their portfolio CHARLOTTE, NC 959,460959.5k $48.5m $48.5m 1.75% Reduced -671.5k -671,484
63 ROYAL BANK OF CANADA 0.01% of their portfolio TORONTO, A6 929,772929.8k $47.0m $47.0m 0.01% Reduced -129.6k -129,613
64 THOMPSON SIEGEL & WALMSLEY LLC 0.71% of their portfolio RICHMOND, VA 915,636915.6k $46.3m $46.3m 0.71% Added +52.3k +52,262
65 West Financial Advisors, LLC 9.81% of their portfolio DES MOINES, IA 903,705903.7k $45.7m $45.7m 9.81% Added +19.8k +19,833
66 Bank of New York Mellon Corp 0.01% of their portfolio NEW YORK, NY 896,565896.6k $45.4m $45.4m 0.01% Added +208.6k +208,558
67 Foster Group, Inc. 2.25% of their portfolio WEST DES MOINES, IA 895,779895.8k $45.3m $45.3m 2.25% Added +768.0k +767,979
68 Hanson & Doremus Investment Management 0.78% of their portfolio BURLINGTON, VT 893,667893.7k $4.5m $4.5m 0.78% Added +819.1k +819,104
69 Beaird Harris Wealth Management, LLC 4.37% of their portfolio DALLAS, TX 886,412886.4k $44.9m $44.9m 4.37% Added +63.1k +63,062
70 MATHER GROUP, LLC. 0.68% of their portfolio CHICAGO, IL 848,235848.2k $43.3m $43.3m 0.68% Reduced -1.8k -1,768
71 GOLDMAN SACHS GROUP INC 0.01% of their portfolio NEW YORK, NY 834,945834.9k $42.2m $42.2m 0.01% Reduced -185.4k -185,358
72 RENAISSANCE TECHNOLOGIES LLC 0.06% of their portfolio NEW YORK, NY 809,800809.8k $41.0m $41.0m 0.06% Reduced -638.3k -638,295
73 Wedmont Private Capital 2.81% of their portfolio WEST CHESTER, PA 767,452767.5k $38.5m $38.5m 2.81% Added +101.7k +101,667
74 Sunflower Bank, N.A. 8.65% of their portfolio DALLAS, TX 759,746759.7k $38.4m $38.4m 8.65% Added +70.6k +70,634
75 Heritage Investment Group, Inc. 7.86% of their portfolio POMPANO BEACH, FL 754,260754.3k $38.2m $38.2m 7.86% Added +5.1k +5,149
76 Merriman Wealth Management, LLC 1.68% of their portfolio SEATTLE, WA 745,798745.8k $37.7m $37.7m 1.68% Reduced -56.4k -56,426
77 CWM, LLC 0.18% of their portfolio OMAHA, NE 741,774741.8k $37.5m $37.5m 0.18% Added +1.9k +1,850
78 M&T Bank Corp 0.13% of their portfolio BUFFALO, NY 721,101721.1k $36.5m $36.5m 0.13% Reduced -119.4k -119,440
79 BSW Wealth Partners 6.09% of their portfolio BOULDER, CO 710,667710.7k $36.0m $36.0m 6.09% Added +7.5k +7,529
80 EP Wealth Advisors, LLC 0.41% of their portfolio TORRANCE, CA 695,292695.3k $35.2m $35.2m 0.41% Added +1.8k +1,832
81 Financial Engines Advisors L.L.C. 0.08% of their portfolio SANTA CLARA, CA 693,283693.3k $35.1m $35.1m 0.08% Reduced -42.8k -42,765
82 Passive Capital Management, LLC. 13.46% of their portfolio BALTIMORE, MD 679,649679.6k $34.4m $34.4m 13.46% Added +40.4k +40,374
83 Allen Investment Management, LLC 0.43% of their portfolio NEW YORK, NY 675,526675.5k $34.2m $34.2m 0.43% Reduced -92.5k -92,487
84 Modera Wealth Management, LLC 0.51% of their portfolio WESTWOOD, NJ 661,605661.6k $33.5m $33.5m 0.51% Reduced -13.9k -13,904
85 Willow Creek Wealth Management Inc. 3.83% of their portfolio Sebastopol, CA 647,010647.0k $32.7m $32.7m 3.83% Added +6.9k +6,851
86 Bedel Financial Consulting, Inc. 4.96% of their portfolio INDIANAPOLIS, IN 625,163625.2k $31.6m $31.6m 4.96% Reduced -1.0k -1,040
87 JFS WEALTH ADVISORS, LLC 2.34% of their portfolio HERMITAGE, PA 583,336583.3k $29.5m $29.5m 2.34% Added +55.0k +55,009
88 Rockwood Wealth Management, LLC 3.79% of their portfolio New Hope, PA 580,068580.1k $29.4m $29.4m 3.79% Added +86.0k +85,971
89 Wealthspire Advisors, LLC 0.39% of their portfolio NEW YORK, NY 577,967578.0k $29.2m $29.2m 0.39% Reduced -27.9k -27,850
90 Pinnacle Financial Partners Inc 0.58% of their portfolio Nashville, TN 527,520527.5k $26.7m $26.7m 0.58% Reduced -26.2k -26,209
91 NICOLET ADVISORY SERVICES, LLC 2.68% of their portfolio GREEN BAY, WI 525,296525.3k $26.3m $26.3m 2.68% Reduced -7.7k -7,688
92 Manning & Napier Group, LLC 0.30% of their portfolio Fairport, NY 520,143520.1k $26.3m $26.3m 0.30% Reduced -33.4k -33,374
93 TRUIST FINANCIAL CORP 0.04% of their portfolio CHARLOTTE, NC 516,017516.0k $26.1m $26.1m 0.04% Added +31.4k +31,364
94 LAZARD ASSET MANAGEMENT LLC 0.03% of their portfolio NEW YORK, NY 504,010504.0k $25.5m $25.5m 0.03% Reduced -16.8k -16,813
95 Bragg Financial Advisors, Inc 1.10% of their portfolio CHARLOTTE, NC 482,873482.9k $24.4m $24.4m 1.10% Added +22.7k +22,732
96 Beacon Pointe Advisors, LLC 0.27% of their portfolio NEWPORT BEACH, CA 472,677472.7k $23.9m $23.9m 0.27% Reduced -30.3k -30,279
97 One Capital Management, LLC 0.85% of their portfolio WESTLAKE VILLAGE, CA 465,234465.2k $23.5m $23.5m 0.85% Reduced -17.1k -17,108
98 BANK OF HAWAII 1.12% of their portfolio HONOLULU, HI 454,835454.8k $23.0m $23.0m 1.12% Added +35.8k +35,820
99 Lido Advisors, LLC 0.20% of their portfolio Los Angeles, CA 450,655450.7k $22.8m $22.8m 0.20% Reduced -76.3k -76,321
100 a16z Perennial Management, L.P. 2.06% of their portfolio MENLO PARK, CA 435,683435.7k $22.0m $22.0m 2.06% Unchanged