Vault-13

VANGUARD MUN BD FDS VTEB

TAX EXEMPT BD · ETP · CUSIP 922907746

1,092 institutional holders +33 vs Q1 2024
570,069,694570.1m shares reported held*
$28.6bnreported value*
85 new 488 added 336 reduced 67 sold out net sold ≈ $1.1bn (-22.8m 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 ($20.9m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $50.20. Options: 3 managers hold calls ($1.1m notional), 2 hold puts ($1.1m).

Trends to Q2 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: 1,059Q2 24: 1,0921,092Q3 22Q1 23Q3 23Q1 24Q2 24
Numbers
QuarterHolders
Q3 2022764
Q4 2022861
Q1 2023883
Q2 2023898
Q3 2023930
Q4 20231,076
Q1 20241,059
Q2 20241,092

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 outQ2 23: 453 bought or addedQ2 23: 362 cut or sold outQ2 23Q3 23: 500 bought or addedQ3 23: 351 cut or sold outQ4 23: 561 bought or addedQ4 23: 395 cut or sold outQ4 23Q1 24: 572 bought or addedQ1 24: 416 cut or sold outQ2 24: 573 bought or addedQ2 24: 403 cut or sold outQ2 24
Numbers
QuarterBought or addedCut or sold out
Q4 2022468352
Q1 2023479320
Q2 2023453362
Q3 2023500351
Q4 2023561395
Q1 2024572416
Q2 2024573403

Calls vs puts

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

CallsPuts
$0$2m$4m$6mQ3 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 3.24Q2 24 calls: $1.1mQ2 24 puts: $1.1mQ2 24P/C 1.03
Numbers
QuarterCallsPutsP/C
Q3 2023$1.0m$2.5m2.44
Q4 2023$781.1k$2.8m3.54
Q1 2024$1.4m$4.4m3.24
Q2 2024$1.1m$1.1m1.03

Biggest buyers

CHARLES SCHWAB INVESTMENT MANAGEMENT INC New +30,556,219+30.6m
TIAA TRUST, NATIONAL ASSOCIATION Added +2,441,163+2.4m
Wealthfront Advisers LLC Added +1,609,840+1.6m
NORTHERN TRUST CORP Added +1,409,611+1.4m
Creative Planning Added +796,659+796.7k
BANK OF AMERICA CORP /DE/ Added +731,432+731.4k
Koss-Olinger Consulting, LLC New +677,414+677.4k
MERCER GLOBAL ADVISORS INC /ADV Added +640,552+640.6k
WELLS FARGO & COMPANY/MN Added +612,792+612.8k
OLD MISSION CAPITAL LLC New +562,447+562.4k

Biggest sellers

Charles Schwab Investment Advisory, Inc. Sold out -29,485,963-29.5m
MORGAN STANLEY Reduced -24,655,182-24.7m
JPMORGAN CHASE & CO Reduced -4,535,138-4.5m
D. E. Shaw & Co., Inc. Sold out -3,737,300-3.7m
SCS Capital Management LLC Reduced -2,934,548-2.9m
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Reduced -2,891,406-2.9m
FMR LLC Reduced -1,312,898-1.3m
Hanson & Doremus Investment Management Reduced -798,776-798.8k
Corient Private Wealth LP Reduced -516,404-516.4k
JANE STREET GROUP, LLC Reduced -510,575-510.6k

Biggest calls

CITADEL ADVISORS LLC Reduced $441.0k8.8k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $325.7k6.5k shares
WOLVERINE TRADING, LLC New $290.6k5.8k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $902.0k18.0k shares
CITADEL ADVISORS LLC Reduced $185.4k3.7k 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 2024

#ManagerLocationShares Value% of their portfolioChangeShares change
1 JPMORGAN CHASE & CO 0.32% of their portfolio NEW YORK, NY 149,488,256149.5m $7.5bn $7.5bn 0.32% Reduced -4.5m -4,535,138
2 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 1.57% of their portfolio MILWAUKEE, WI 31,707,29431.7m $1.6bn $1.6bn 1.57% Reduced -2.9m -2,891,406
3 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.29% of their portfolio SAN FRANCISCO, CA 30,556,21930.6m $1.5bn $1.5bn 0.29% New
4 Wealthfront Advisers LLC 5.05% of their portfolio Palo Alto, CA 29,977,10630.0m $1.5bn $1.5bn 5.05% Added +1.6m +1,609,840
5 Creative Planning 1.37% of their portfolio OVERLAND PARK, KS 25,601,03425.6m $1.3bn $1.3bn 1.37% Added +796.7k +796,659
6 RAYMOND JAMES & ASSOCIATES 0.59% of their portfolio ST PETERSBURG, FL 17,893,41217.9m $896.6m $896.6m 0.59% Added +255.9k +255,949
7 FMR LLC 0.06% of their portfolio BOSTON, MA 17,170,57217.2m $860.4m $860.4m 0.06% Reduced -1.3m -1,312,898
8 NORTHERN TRUST CORP 0.12% of their portfolio CHICAGO, IL 14,556,53414.6m $729.4m $729.4m 0.12% Added +1.4m +1,409,611
9 TIAA TRUST, NATIONAL ASSOCIATION 2.14% of their portfolio CHARLOTTE, NC 13,830,41113.8m $693.0m $693.0m 2.14% Added +2.4m +2,441,163
10 MORGAN STANLEY 0.05% of their portfolio NEW YORK, NY 12,251,84712.3m $613.9m $613.9m 0.05% Reduced -24.7m -24,655,182
11 SEI INVESTMENTS CO 0.73% of their portfolio OAKS, PA 10,241,39210.2m $513.2m $513.2m 0.73% Reduced -378.1k -378,064
12 BANK OF AMERICA CORP /DE/ 0.05% of their portfolio CHARLOTTE, NC 9,375,8409.4m $469.8m $469.8m 0.05% Added +731.4k +731,432
13 ENVESTNET ASSET MANAGEMENT INC 0.16% of their portfolio Berwyn, PA 9,372,7889.4m $469.7m $469.7m 0.16% Added +502.9k +502,858
14 WELLS FARGO & COMPANY/MN 0.10% of their portfolio SAN FRANCISCO, CA 7,668,6997.7m $384.3m $384.3m 0.10% Added +612.8k +612,792
15 UBS Group AG 0.10% of their portfolio ZURICH, V8 6,180,0936.2m $309.7m $309.7m 0.10% Added +78.0k +77,959
16 MERCER GLOBAL ADVISORS INC /ADV 0.77% of their portfolio DENVER, CO 5,639,2285.6m $281.5m $281.5m 0.77% Added +640.6k +640,552
17 ASPIRIANT, LLC 10.67% of their portfolio San Francisco, CA 5,221,0815.2m $261.6m $261.6m 10.67% Added +199.2k +199,173
18 LPL Financial LLC 0.11% of their portfolio FORT MILL, SC 4,556,3944.6m $228.3m $228.3m 0.11% Added +434.5k +434,513
19 FRANKLIN RESOURCES INC 0.07% of their portfolio San Mateo, CA 4,503,7294.5m $225.7m $225.7m 0.07% Reduced -10.7k -10,723
20 Corient Private Wealth LP 0.35% of their portfolio MIAMI, FL 4,005,8904.0m $200.8m $200.8m 0.35% Reduced -516.4k -516,404
21 AMERIPRISE FINANCIAL INC 0.05% of their portfolio MINNEAPOLIS, MN 3,685,3843.7m $184.7m $184.7m 0.05% Added +204.2k +204,182
22 US BANCORP \DE\ 0.23% of their portfolio MINNEAPOLIS, MN 3,374,7903.4m $169.1m $169.1m 0.23% Reduced -318.4k -318,384
23 CLIFTONLARSONALLEN WEALTH ADVISORS, LLC 3.60% of their portfolio MINNEAPOLIS, MN 3,353,3113.4m $168.0m $168.0m 3.60% Added +228.8k +228,758
24 RWA WEALTH PARTNERS, LLC 2.11% of their portfolio BOSTON, MA 3,185,6003.2m $159.6m $159.6m 2.11% Added +21.9k +21,917
25 Cerity Partners LLC 0.43% of their portfolio NEW YORK, NY 3,161,9923.2m $158.4m $158.4m 0.43% Added +31.4k +31,394
26 SCS Capital Management LLC 2.69% of their portfolio BOSTON, MA 2,562,5402.6m $128.4m $128.4m 2.69% Reduced -2.9m -2,934,548
27 JONES FINANCIAL COMPANIES LLLP 0.15% of their portfolio DES PERES, MO 2,532,0712.5m $126.9m $126.9m 0.15% Added +223.8k +223,817
28 Members Trust Co 3.81% of their portfolio TAMPA, FL 2,506,5282.5m $125.6m $125.6m 3.81% Reduced -173.7k -173,656
29 Mariner, LLC 0.23% of their portfolio Overland Park, KS 2,391,7882.4m $119.9m $119.9m 0.23% Added +165.4k +165,404
30 PNC Financial Services Group, Inc. 0.08% of their portfolio Pittsburgh, PA 2,361,7962.4m $118.3m $118.3m 0.08% Reduced -16.3k -16,285
31 OSAIC HOLDINGS, INC. 0.25% of their portfolio SCOTTSDALE, AZ 2,135,0782.1m $107.0m $107.0m 0.25% Added +195.5k +195,471
32 Orgel Wealth Management, LLC 2.83% of their portfolio ALTOONA, WI 2,093,2122.1m $104.9m $104.9m 2.83% Added +136.2k +136,243
33 Raymond James Financial Services Advisors, Inc. 0.14% of their portfolio ST. PETERSBURG, FL 2,014,3242.0m $100.9m $100.9m 0.14% Added +58.4k +58,367
34 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 2,010,7002.0m $100.8m $100.8m 0.00% Added +402.4k +402,376
35 HighTower Advisors, LLC 0.14% of their portfolio CHICAGO, IL 1,841,5531.8m $92.3m $92.3m 0.14% Added +44.6k +44,649
36 Prime Capital Investment Advisors, LLC 1.36% of their portfolio OVERLAND PARK, KS 1,835,9951.8m $92.0m $92.0m 1.36% Reduced -26.2k -26,165
37 Callan Capital, LLC 3.40% of their portfolio LA JOLLA, CA 1,636,6641.6m $82.0m $82.0m 3.40% Reduced -78.4k -78,440
38 GeoWealth Management, LLC 3.57% of their portfolio CHICAGO, IL 1,635,6321.6m $82.0m $82.0m 3.57% Added +77.2k +77,182
39 Sequoia Financial Advisors, LLC 0.92% of their portfolio Akron, OH 1,524,1321.5m $76.4m $76.4m 0.92% Added +24.7k +24,657
40 Baird Financial Group, Inc. 0.16% of their portfolio MILWAUKEE, WI 1,517,9781.5m $76.1m $76.1m 0.16% Added +37.6k +37,597
41 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.18% of their portfolio PLYMOUTH, MN 1,515,6901.5m $76.0m $76.0m 0.18% Added +5.4k +5,424
42 OneDigital Investment Advisors LLC 0.90% of their portfolio OVERLAND PARK, KS 1,439,0901.4m $72.1m $72.1m 0.90% Added +112.4k +112,409
43 Meeder Advisory Services, Inc. 5.07% of their portfolio DUBLIN, OH 1,430,7481.4m $71.7m $71.7m 5.07% Added +330.3k +330,339
44 Sanctuary Advisors, LLC 0.52% of their portfolio INDIANAPOLIS, IN 1,427,3321.4m $71.1m $71.1m 0.52% First filing
45 Bleakley Financial Group, LLC 2.05% of their portfolio PARSIPPANY, NJ 1,414,1571.4m $70.9m $70.9m 2.05% Reduced -28.5k -28,537
46 Simplicity Wealth,LLC 1.60% of their portfolio SUMMIT, NJ 1,413,2711.4m $70.8m $70.8m 1.60% Reduced -20.9k -20,872
47 Morningstar Investment Services LLC 0.71% of their portfolio CHICAGO, IL 1,299,1451.3m $65.3m $65.3m 0.71% Added +16.4k +16,402
48 Lutz Financial Services LLC 5.60% of their portfolio OMAHA, NE 1,282,5591.3m $64.3m $64.3m 5.60% Added +93.6k +93,556
49 BAKER BOYER NATIONAL BANK 21.93% of their portfolio WALLA WALLA, WA 1,252,5881.3m $62.8m $62.8m 21.93% Added +59.4k +59,382
50 ROYAL BANK OF CANADA 0.01% of their portfolio TORONTO, A6 1,237,5111.2m $62.0m $62.0m 0.01% Added +307.7k +307,739
51 Ackerman Capital Advisors, LLC 16.28% of their portfolio DALLAS, TX 1,225,2631.2m $61.4m $61.4m 16.28% Added +66.3k +66,316
52 STIFEL FINANCIAL CORP 0.07% of their portfolio ST. LOUIS, MO 1,210,3221.2m $60.6m $60.6m 0.07% Reduced -13.8k -13,798
53 Crestwood Advisors Group, LLC 1.22% of their portfolio BOSTON, MA 1,177,8251.2m $59.0m $59.0m 1.22% Reduced -62.6k -62,625
54 COMMONWEALTH EQUITY SERVICES, LLC 0.09% of their portfolio WALTHAM, MA 1,164,3621.2m $58.3m $58.3m 0.09% Reduced -11.1k -11,144
55 Waldron Private Wealth LLC 2.59% of their portfolio BRIDGEVILLE, PA 1,156,1201.2m $57.9m $57.9m 2.59% Reduced -26.3k -26,321
56 Full Sail Capital, LLC 3.89% of their portfolio OKLAHOMA CITY, OK 1,153,5021.2m $57.8m $57.8m 3.89% Added +91.5k +91,453
57 JANE STREET GROUP, LLC 0.06% of their portfolio NEW YORK, NY 1,127,6631.1m $56.5m $56.5m 0.06% Reduced -510.6k -510,575
58 Cetera Investment Advisers 0.13% of their portfolio SCHAUMBURG, IL 1,105,4301.1m $55.4m $55.4m 0.13% Reduced -1.7k -1,692
59 Independent Advisor Alliance 1.86% of their portfolio CHARLOTTE, NC 1,081,7811.1m $54.2m $54.2m 1.86% Added +122.3k +122,321
60 Savant Capital, LLC 0.53% of their portfolio ROCKFORD, IL 1,062,6171.1m $53.2m $53.2m 0.53% Added +81.6k +81,619
61 REGIONS FINANCIAL CORP 0.39% of their portfolio BIRMINGHAM, AL 1,025,6811.0m $51.4m $51.4m 0.39% Reduced -7.2k -7,237
62 Avidian Wealth Enterprises, LLC 2.44% of their portfolio Houston, TX 1,007,8871.0m $50.5m $50.5m 2.44% Added +15.3k +15,335
63 MML INVESTORS SERVICES, LLC 0.20% of their portfolio SPRINGFIELD, MA 999,737999.7k $50.1m $50.1m 0.20% Reduced -9.4k -9,385
64 Bank of New York Mellon Corp 0.01% of their portfolio NEW YORK, NY 987,951988.0k $49.5m $49.5m 0.01% Added +91.4k +91,386
65 THOMPSON SIEGEL & WALMSLEY LLC 0.77% of their portfolio RICHMOND, VA 961,235961.2k $48.2m $48.2m 0.77% Added +45.6k +45,599
66 West Financial Advisors, LLC 9.66% of their portfolio DES MOINES, IA 928,729928.7k $46.5m $46.5m 9.66% Added +25.0k +25,024
67 MATHER GROUP, LLC. 0.57% of their portfolio CHICAGO, IL 913,628913.6k $46.2m $46.2m 0.57% Added +65.4k +65,393
68 Wedmont Private Capital 2.89% of their portfolio WEST CHESTER, PA 908,607908.6k $45.9m $45.9m 2.89% Added +141.2k +141,155
69 Beaird Harris Wealth Management, LLC 4.21% of their portfolio DALLAS, TX 893,027893.0k $44.7m $44.7m 4.21% Added +6.6k +6,615
70 a16z Perennial Management, L.P. 2.34% of their portfolio MENLO PARK, CA 871,366871.4k $43.7m $43.7m 2.34% Added +435.7k +435,683
71 Foster Group, Inc. 1.68% of their portfolio WEST DES MOINES, IA 854,874854.9k $42.8m $42.8m 1.68% Reduced -40.9k -40,905
72 GOLDMAN SACHS GROUP INC 0.01% of their portfolio NEW YORK, NY 843,356843.4k $42.3m $42.3m 0.01% Added +8.4k +8,411
73 Sunflower Bank, N.A. 9.11% of their portfolio DALLAS, TX 770,413770.4k $38.6m $38.6m 9.11% Added +10.7k +10,667
74 Integrated Wealth Concepts LLC 0.52% of their portfolio WALTHAM, MA 760,539760.5k $38.1m $38.1m 0.52% Added +381.7k +381,745
75 BSW Wealth Partners 6.19% of their portfolio BOULDER, CO 753,421753.4k $37.8m $37.8m 6.19% Added +42.8k +42,754
76 Heritage Investment Group, Inc. 7.69% of their portfolio POMPANO BEACH, FL 746,537746.5k $37.4m $37.4m 7.69% Reduced -7.7k -7,723
77 Merriman Wealth Management, LLC 1.63% of their portfolio SEATTLE, WA 743,564743.6k $37.3m $37.3m 1.63% Reduced -2.2k -2,234
78 EP Wealth Advisors, LLC 0.39% of their portfolio TORRANCE, CA 725,620725.6k $36.4m $36.4m 0.39% Added +30.3k +30,328
79 One Capital Management, LLC 1.24% of their portfolio WESTLAKE VILLAGE, CA 725,587725.6k $36.4m $36.4m 1.24% Added +260.4k +260,353
80 Financial Engines Advisors L.L.C. 0.08% of their portfolio SANTA CLARA, CA 707,335707.3k $35.4m $35.4m 0.08% Added +14.1k +14,052
81 M&T Bank Corp 0.12% of their portfolio BUFFALO, NY 697,083697.1k $34.9m $34.9m 0.12% Reduced -24.0k -24,018
82 CWM, LLC 0.16% of their portfolio OMAHA, NE 695,489695.5k $34.9m $34.9m 0.16% Reduced -46.3k -46,285
83 Passive Capital Management, LLC. 12.68% of their portfolio BALTIMORE, MD 681,740681.7k $34.2m $34.2m 12.68% Added +2.1k +2,091
84 Koss-Olinger Consulting, LLC 3.14% of their portfolio GAINESVILLE, FL 677,414677.4k $33.9m $33.9m 3.14% New
85 Allen Investment Management, LLC 0.41% of their portfolio NEW YORK, NY 675,526675.5k $33.9m $33.9m 0.41% Unchanged
86 Modera Wealth Management, LLC 0.49% of their portfolio WESTWOOD, NJ 662,512662.5k $33.2m $33.2m 0.49% Added +907 +907
87 Willow Creek Wealth Management Inc. 3.77% of their portfolio Sebastopol, CA 661,211661.2k $33.1m $33.1m 3.77% Added +14.2k +14,201
88 Rockwood Wealth Management, LLC 3.91% of their portfolio New Hope, PA 641,234641.2k $32.1m $32.1m 3.91% Added +61.2k +61,166
89 JFS WEALTH ADVISORS, LLC 2.53% of their portfolio HERMITAGE, PA 639,126639.1k $32.0m $32.0m 2.53% Added +55.8k +55,790
90 Wealthspire Advisors, LLC 0.41% of their portfolio NEW YORK, NY 637,750637.8k $32.0m $32.0m 0.41% Added +59.8k +59,783
91 FLOW TRADERS U.S. LLC 1.54% of their portfolio NEW YORK, NY 623,878623.9k $31.3m $31.3m 1.54% Added +528.8k +528,792
92 Bedel Financial Consulting, Inc. 4.54% of their portfolio INDIANAPOLIS, IN 618,306618.3k $31.0m $31.0m 4.54% Reduced -6.9k -6,857
93 GenTrust, LLC 1.64% of their portfolio MIAMI, FL 600,381600.4k $30.1m $30.1m 1.64% Added +244.7k +244,742
94 RENAISSANCE TECHNOLOGIES LLC 0.05% of their portfolio NEW YORK, NY 597,654597.7k $29.9m $29.9m 0.05% Reduced -212.1k -212,146
95 OLD MISSION CAPITAL LLC 0.74% of their portfolio CHICAGO, IL 562,447562.4k $28.2m $28.2m 0.74% New
96 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.05% of their portfolio BALA CYNWYD, PA 558,077558.1k $28.0m $28.0m 0.05% New
97 TRUIST FINANCIAL CORP 0.04% of their portfolio CHARLOTTE, NC 554,566554.6k $27.8m $27.8m 0.04% Added +38.5k +38,549
98 NICOLET ADVISORY SERVICES, LLC 2.56% of their portfolio GREEN BAY, WI 531,872531.9k $26.7m $26.7m 2.56% Added +6.6k +6,576
99 Pinnacle Financial Partners Inc 0.57% of their portfolio Nashville, TN 529,803529.8k $26.8m $26.8m 0.57% Added +2.3k +2,283
100 Beacon Pointe Advisors, LLC 0.31% of their portfolio NEWPORT BEACH, CA 527,271527.3k $26.4m $26.4m 0.31% Added +54.6k +54,594