Vault-13

VANGUARD MUN BD FDS VTEB

TAX EXEMPT BD · ETP · CUSIP 922907746

1,230 institutional holders +120 vs Q3 2024
529,151,120529.2m shares reported held*
$26.6bnreported value*
84 new 549 added 344 reduced 59 sold out net sold ≈ $2.9bn (-57.4m 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 ($6.4m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $50.19. Options: 2 managers hold calls ($1.1m notional), 2 hold puts ($4.2m).

Trends to Q4 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: 1,092Q3 24: 1,110Q4 24: 1,2301,230Q3 22Q1 23Q3 23Q1 24Q3 24Q4 24
Numbers
QuarterHolders
Q3 2022764
Q4 2022861
Q1 2023883
Q2 2023898
Q3 2023930
Q4 20231,076
Q1 20241,059
Q2 20241,092
Q3 20241,110
Q4 20241,230

Buyers vs sellers

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

Bought or addedCut or sold out
1k01kQ1 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 24Q3 24: 632 bought or addedQ3 24: 374 cut or sold outQ4 24: 633 bought or addedQ4 24: 403 cut or sold outQ4 24
Numbers
QuarterBought or addedCut or sold out
Q1 2023479320
Q2 2023453362
Q3 2023500351
Q4 2023561395
Q1 2024572416
Q2 2024573403
Q3 2024632374
Q4 2024633403

Calls vs puts

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

CallsPuts
$0$2m$4m$6mQ1 24 calls: $1.4mQ1 24 puts: $4.4mQ1 24P/C 3.24Q2 24 calls: $1.1mQ2 24 puts: $1.1mQ2 24P/C 1.03Q3 24 calls: $2.0mQ3 24 puts: $4.4mQ3 24P/C 2.16Q4 24 calls: $1.1mQ4 24 puts: $4.2mQ4 24P/C 3.76
Numbers
QuarterCallsPutsP/C
Q1 2024$1.4m$4.4m3.24
Q2 2024$1.1m$1.1m1.03
Q3 2024$2.0m$4.4m2.16
Q4 2024$1.1m$4.2m3.76

Biggest buyers

TIAA TRUST, NATIONAL ASSOCIATION Added +2,308,219+2.3m
D. E. Shaw & Co., Inc. Added +2,201,760+2.2m
FRANKLIN RESOURCES INC Added +1,420,106+1.4m
CHARLES SCHWAB INVESTMENT MANAGEMENT INC Added +1,116,602+1.1m
VANGUARD GROUP INC Added +1,044,587+1.0m
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Added +973,892+973.9k
OSAIC HOLDINGS, INC. Added +896,363+896.4k
MORGAN STANLEY Added +838,412+838.4k
HighTower Advisors, LLC Added +817,486+817.5k
BANK OF AMERICA CORP /DE/ Added +808,213+808.2k

Biggest sellers

JPMORGAN CHASE & CO Reduced -70,651,563-70.7m
Wealthfront Advisers LLC Reduced -7,060,125-7.1m
Morningstar Investment Services LLC Reduced -1,186,804-1.2m
Rockwood Wealth Management, LLC Reduced -535,764-535.8k
FMR LLC Reduced -442,970-443.0k
RENAISSANCE TECHNOLOGIES LLC Reduced -375,100-375.1k
Corient Private Wealth LP Reduced -326,826-326.8k
UBS Group AG Reduced -317,212-317.2k
OLD MISSION CAPITAL LLC Sold out -290,079-290.1k
SEI INVESTMENTS CO Reduced -253,225-253.2k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $1.1m22.2k shares
CITADEL ADVISORS LLC Reduced $5.0k100 shares

Biggest puts

CITADEL ADVISORS LLC Added $3.8m75.4k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP New $421.1k8.4k 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 2024

#ManagerLocationShares Value% of their portfolioChangeShares change
1 JPMORGAN CHASE & CO 0.31% of their portfolio NEW YORK, NY 78,695,63978.7m $3.9bn $3.9bn 0.31% Reduced -70.7m -70,651,563
2 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 1.42% of their portfolio MILWAUKEE, WI 33,640,28733.6m $1.7bn $1.7bn 1.42% Added +973.9k +973,892
3 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.30% of their portfolio SAN FRANCISCO, CA 32,676,29632.7m $1.6bn $1.6bn 0.30% Added +1.1m +1,116,602
4 Creative Planning 1.23% of their portfolio OVERLAND PARK, KS 25,130,88325.1m $1.3bn $1.3bn 1.23% Added +167.5k +167,497
5 Wealthfront Advisers LLC 3.59% of their portfolio Palo Alto, CA 24,488,69724.5m $1.2bn $1.2bn 3.59% Reduced -7.1m -7,060,125
6 RAYMOND JAMES FINANCIAL INC 0.38% of their portfolio ST. PETERSBURG, FL 20,777,02920.8m $1.0bn $1.0bn 0.38% First filing
7 NORTHERN TRUST CORP 0.11% of their portfolio CHICAGO, IL 16,099,22716.1m $807.1m $807.1m 0.11% Added +616.9k +616,932
8 TIAA TRUST, NATIONAL ASSOCIATION 2.36% of their portfolio CHARLOTTE, NC 15,533,14015.5m $778.7m $778.7m 2.36% Added +2.3m +2,308,219
9 MORGAN STANLEY 0.05% of their portfolio NEW YORK, NY 13,845,98913.8m $694.1m $694.1m 0.05% Added +838.4k +838,412
10 FMR LLC 0.04% of their portfolio BOSTON, MA 13,322,14313.3m $667.8m $667.8m 0.04% Reduced -443.0k -442,970
11 WELLS FARGO & COMPANY/MN 0.15% of their portfolio SAN FRANCISCO, CA 12,088,36712.1m $606.0m $606.0m 0.15% Added +201.6k +201,617
12 ENVESTNET ASSET MANAGEMENT INC 0.16% of their portfolio Berwyn, PA 10,207,53310.2m $511.7m $511.7m 0.16% Added +303.4k +303,440
13 BANK OF AMERICA CORP /DE/ 0.05% of their portfolio CHARLOTTE, NC 9,912,6349.9m $496.9m $496.9m 0.05% Added +808.2k +808,213
14 SEI INVESTMENTS CO 0.61% of their portfolio OAKS, PA 9,536,7099.5m $478.1m $478.1m 0.61% Reduced -253.2k -253,225
15 FRANKLIN RESOURCES INC 0.09% of their portfolio San Mateo, CA 6,742,3216.7m $338.0m $338.0m 0.09% Added +1.4m +1,420,106
16 MERCER GLOBAL ADVISORS INC /ADV 0.72% of their portfolio DENVER, CO 5,874,2645.9m $294.5m $294.5m 0.72% Reduced -84.9k -84,941
17 LPL Financial LLC 0.11% of their portfolio FORT MILL, SC 5,411,7845.4m $271.3m $271.3m 0.11% Added +421.7k +421,714
18 UBS Group AG 0.06% of their portfolio ZURICH, V8 5,349,1495.3m $268.2m $268.2m 0.06% Reduced -317.2k -317,212
19 ASPIRIANT, LLC 9.36% of their portfolio San Francisco, CA 5,170,3645.2m $259.2m $259.2m 9.36% Reduced -23.5k -23,460
20 Cerity Partners LLC 0.43% of their portfolio NEW YORK, NY 3,998,8304.0m $200.5m $200.5m 0.43% Added +762.9k +762,893
21 CLIFTONLARSONALLEN WEALTH ADVISORS, LLC 3.73% of their portfolio MINNEAPOLIS, MN 3,837,9273.8m $192.4m $192.4m 3.73% Added +219.3k +219,309
22 Corient Private Wealth LP 0.32% of their portfolio MIAMI, FL 3,806,9853.8m $190.4m $190.4m 0.32% Reduced -326.8k -326,826
23 AMERIPRISE FINANCIAL INC 0.05% of their portfolio MINNEAPOLIS, MN 3,612,9413.6m $181.1m $181.1m 0.05% Reduced -217.6k -217,649
24 US BANCORP \DE\ 0.24% of their portfolio MINNEAPOLIS, MN 3,583,7013.6m $179.7m $179.7m 0.24% Added +167.5k +167,474
25 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 3,500,1573.5m $175.5m $175.5m 0.00% Added +1.0m +1,044,587
26 JONES FINANCIAL COMPANIES LLLP 0.16% of their portfolio DES PERES, MO 3,442,9583.4m $172.6m $172.6m 0.16% Added +570.7k +570,671
27 RWA WEALTH PARTNERS, LLC 2.06% of their portfolio BOSTON, MA 3,336,5223.3m $167.3m $167.3m 2.06% Added +60.7k +60,706
28 OSAIC HOLDINGS, INC. 0.29% of their portfolio SCOTTSDALE, AZ 3,131,0033.1m $131.3m $131.3m 0.29% Added +896.4k +896,363
29 Mariner, LLC 0.25% of their portfolio Overland Park, KS 2,998,3443.0m $150.3m $150.3m 0.25% Added +473.5k +473,532
30 HighTower Advisors, LLC 0.19% of their portfolio CHICAGO, IL 2,777,4722.8m $139.2m $139.2m 0.19% Added +817.5k +817,486
31 Orgel Wealth Management, LLC 3.34% of their portfolio ALTOONA, WI 2,550,3032.6m $127.8m $127.8m 3.34% Added +62.2k +62,184
32 PNC Financial Services Group, Inc. 0.09% of their portfolio Pittsburgh, PA 2,536,7292.5m $127.2m $127.2m 0.09% Added +153.8k +153,764
33 Members Trust Co 4.23% of their portfolio TAMPA, FL 2,446,9952.4m $122.7m $122.7m 4.23% Added +10.2k +10,222
34 SCS Capital Management LLC 2.44% of their portfolio BOSTON, MA 2,362,2932.4m $118.4m $118.4m 2.44% Reduced -124.6k -124,575
35 D. E. Shaw & Co., Inc. 0.12% of their portfolio New York, NY 2,228,6002.2m $111.7m $111.7m 0.12% Added +2.2m +2,201,760
36 Prime Capital Investment Advisors, LLC 1.44% of their portfolio OVERLAND PARK, KS 1,975,2052.0m $99.0m $99.0m 1.44% Added +100.2k +100,249
37 GeoWealth Management, LLC 3.17% of their portfolio CHICAGO, IL 1,935,1721.9m $97.0m $97.0m 3.17% Added +180.2k +180,225
38 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.19% of their portfolio PLYMOUTH, MN 1,930,5171.9m $96.8m $96.8m 0.19% Added +424.4k +424,431
39 Baird Financial Group, Inc. 0.16% of their portfolio MILWAUKEE, WI 1,677,3381.7m $84.1m $84.1m 0.16% Reduced -4.0k -4,013
40 Meeder Advisory Services, Inc. 5.21% of their portfolio DUBLIN, OH 1,666,3641.7m $83.5m $83.5m 5.21% Added +151.9k +151,852
41 OneDigital Investment Advisors LLC 0.94% of their portfolio OVERLAND PARK, KS 1,618,8471.6m $81.2m $81.2m 0.94% Added +219.9k +219,858
42 Sequoia Financial Advisors, LLC 0.74% of their portfolio Akron, OH 1,535,9471.5m $77.0m $77.0m 0.74% Added +11.4k +11,404
43 ROYAL BANK OF CANADA 0.02% of their portfolio TORONTO, A6 1,476,6181.5m $74.0m $74.0m 0.02% Reduced -83.2k -83,230
44 Sanctuary Advisors, LLC 0.46% of their portfolio INDIANAPOLIS, IN 1,434,1681.4m $72.0m $72.0m 0.46% Added +69.7k +69,692
45 Lutz Financial Services LLC 5.68% of their portfolio OMAHA, NE 1,400,5501.4m $70.2m $70.2m 5.68% Added +60.4k +60,445
46 Bleakley Financial Group, LLC 2.08% of their portfolio PARSIPPANY, NJ 1,375,5001.4m $69.0m $69.0m 2.08% Reduced -69.8k -69,844
47 Full Sail Capital, LLC 4.33% of their portfolio OKLAHOMA CITY, OK 1,356,8041.4m $68.0m $68.0m 4.33% Added +113.7k +113,655
48 Topsail Wealth Management, LLC 13.82% of their portfolio CHARLOTTE, NC 1,290,9271.3m $64.7m $64.7m 13.82% First filing
49 BAKER BOYER NATIONAL BANK 21.86% of their portfolio WALLA WALLA, WA 1,262,0391.3m $63.3m $63.3m 21.86% Added +29.4k +29,385
50 Savant Capital, LLC 0.49% of their portfolio ROCKFORD, IL 1,246,1221.2m $62.5m $62.5m 0.49% Added +137.4k +137,438
51 Crestwood Advisors Group, LLC 1.17% of their portfolio BOSTON, MA 1,242,5701.2m $62.3m $62.3m 1.17% Added +50.4k +50,422
52 COMMONWEALTH EQUITY SERVICES, LLC 0.09% of their portfolio WALTHAM, MA 1,238,1241.2m $62.1m $62.1m 0.09% Added +50.3k +50,276
53 STIFEL FINANCIAL CORP 0.06% of their portfolio ST. LOUIS, MO 1,228,4491.2m $61.6m $61.6m 0.06% Reduced -58.4k -58,422
54 Ackerman Capital Advisors, LLC 16.02% of their portfolio DALLAS, TX 1,218,7421.2m $61.1m $61.1m 16.02% Added +2.0k +2,022
55 Wedmont Private Capital 3.19% of their portfolio WEST CHESTER, PA 1,215,6581.2m $60.4m $60.4m 3.19% Added +154.0k +154,000
56 Bank of New York Mellon Corp 0.01% of their portfolio NEW YORK, NY 1,199,2571.2m $60.1m $60.1m 0.01% Added +81.6k +81,631
57 Waldron Private Wealth LLC 2.37% of their portfolio BRIDGEVILLE, PA 1,174,6591.2m $58.9m $58.9m 2.37% Added +13.6k +13,618
58 MML INVESTORS SERVICES, LLC 0.19% of their portfolio SPRINGFIELD, MA 1,121,0871.1m $56.2m $56.2m 0.19% Added +71.9k +71,882
59 THOMPSON SIEGEL & WALMSLEY LLC 0.84% of their portfolio RICHMOND, VA 1,074,2301.1m $53.9m $53.9m 0.84% Added +74.9k +74,859
60 Avidian Wealth Enterprises, LLC 2.38% of their portfolio Houston, TX 1,056,8311.1m $53.0m $53.0m 2.38% Added +4.1k +4,131
61 Cetera Investment Advisers 0.11% of their portfolio SCHAUMBURG, IL 1,021,4171.0m $51.2m $51.2m 0.11% Reduced -26.8k -26,848
62 West Financial Advisors, LLC 9.69% of their portfolio DES MOINES, IA 1,002,4621.0m $50.3m $50.3m 9.69% Added +35.0k +35,034
63 GOLDMAN SACHS GROUP INC 0.01% of their portfolio NEW YORK, NY 993,109993.1k $49.8m $49.8m 0.01% Added +123.9k +123,902
64 REGIONS FINANCIAL CORP 0.36% of their portfolio BIRMINGHAM, AL 976,082976.1k $48.9m $48.9m 0.36% Reduced -49.4k -49,385
65 MATHER GROUP, LLC. 0.63% of their portfolio CHICAGO, IL 962,724962.7k $48.3m $48.3m 0.63% Added +23.4k +23,398
66 Integrated Wealth Concepts LLC 0.55% of their portfolio WALTHAM, MA 945,746945.7k $47.4m $47.4m 0.55% Added +143.6k +143,622
67 a16z Perennial Management, L.P. 2.57% of their portfolio MENLO PARK, CA 871,366871.4k $43.7m $43.7m 2.57% Unchanged
68 SAGESPRING WEALTH PARTNERS, LLC 1.14% of their portfolio FRANKLIN, TN 863,953864.0k $43.3m $43.3m 1.14% First filing
69 Beaird Harris Wealth Management, LLC 3.73% of their portfolio DALLAS, TX 862,263862.3k $43.2m $43.2m 3.73% Reduced -87.2k -87,236
70 TRUIST FINANCIAL CORP 0.07% of their portfolio CHARLOTTE, NC 838,048838.0k $42.0m $42.0m 0.07% Added +250.2k +250,167
71 Sunflower Bank, N.A. 11.31% of their portfolio DALLAS, TX 811,864811.9k $40.7m $40.7m 11.31% Reduced -14.7k -14,714
72 EP Wealth Advisors, LLC 0.33% of their portfolio TORRANCE, CA 806,374806.4k $40.4m $40.4m 0.33% Added +34.3k +34,290
73 Financial Engines Advisors L.L.C. 0.08% of their portfolio SANTA CLARA, CA 797,994798.0k $40.0m $40.0m 0.08% Reduced -11.3k -11,288
74 Foster Group, Inc. 1.50% of their portfolio WEST DES MOINES, IA 786,209786.2k $39.4m $39.4m 1.50% Reduced -39.7k -39,747
75 JFS WEALTH ADVISORS, LLC 2.68% of their portfolio HERMITAGE, PA 783,483783.5k $39.3m $39.3m 2.68% Reduced -13.2k -13,199
76 Kestra Investment Management, LLC 1.51% of their portfolio AUSTIN, TX 767,016767.0k $38.5m $38.5m 1.51% Added +62.2k +62,228
77 M&T Bank Corp 0.13% of their portfolio BUFFALO, NY 761,525761.5k $38.2m $38.2m 0.13% Added +58.7k +58,702
78 BSW Wealth Partners 5.58% of their portfolio BOULDER, CO 758,765758.8k $38.0m $38.0m 5.58% Reduced -22.4k -22,396
79 Willow Creek Wealth Management Inc. 3.85% of their portfolio Sebastopol, CA 753,987754.0k $37.8m $37.8m 3.85% Added +92.2k +92,160
80 Heritage Investment Group, Inc. 6.91% of their portfolio POMPANO BEACH, FL 738,083738.1k $37.0m $37.0m 6.91% Added +1.6k +1,606
81 Callan Capital, LLC 2.64% of their portfolio LA JOLLA, CA 720,590720.6k $36.1m $36.1m 2.64% Reduced -99.7k -99,719
82 GenTrust, LLC 1.55% of their portfolio MIAMI, FL 712,413712.4k $35.7m $35.7m 1.55% Added +8.8k +8,767
83 Wealthspire Advisors, LLC 0.35% of their portfolio NEW YORK, NY 704,877704.9k $35.3m $35.3m 0.35% Reduced -42.7k -42,723
84 Merriman Wealth Management, LLC 1.47% of their portfolio SEATTLE, WA 704,250704.2k $35.3m $35.3m 1.47% Reduced -3.6k -3,564
85 HBK Sorce Advisory LLC 1.03% of their portfolio ERIE, PA 677,785677.8k $34.0m $34.0m 1.03% Added +184.4k +184,384
86 Modera Wealth Management, LLC 0.41% of their portfolio WESTWOOD, NJ 677,339677.3k $34.0m $34.0m 0.41% Added +22.6k +22,564
87 Waverly Advisors, LLC 0.52% of their portfolio BIRMINGHAM, AL 673,996674.0k $33.8m $33.8m 0.52% Added +616.8k +616,796
88 Passive Capital Management, LLC. 11.55% of their portfolio BALTIMORE, MD 654,869654.9k $32.8m $32.8m 11.55% Reduced -26.6k -26,583
89 Allworth Financial LP 0.18% of their portfolio FOLSOM, CA 649,434649.4k $32.5m $32.5m 0.18% Added +86.7k +86,697
90 Bedel Financial Consulting, Inc. 4.48% of their portfolio INDIANAPOLIS, IN 639,565639.6k $32.2m $32.2m 4.48% Added +17.6k +17,611
91 Allen Investment Management, LLC 0.37% of their portfolio NEW YORK, NY 639,311639.3k $32.0m $32.0m 0.37% Unchanged
92 One Capital Management, LLC 1.03% of their portfolio WESTLAKE VILLAGE, CA 621,774621.8k $31.2m $31.2m 1.03% Reduced -78.9k -78,917
93 Astoria Strategic Wealth, Inc. 8.60% of their portfolio NEW BRAUNFELS, TX 576,796576.8k $28.9m $28.9m 8.60% Reduced -81.4k -81,409
94 Koss-Olinger Consulting, LLC 2.53% of their portfolio GAINESVILLE, FL 575,241575.2k $28.8m $28.8m 2.53% Reduced -96.3k -96,295
95 Pinnacle Financial Partners Inc 0.58% of their portfolio Nashville, TN 564,824564.8k $28.8m $28.8m 0.58% Added +16.9k +16,927
96 CWM, LLC 0.12% of their portfolio OMAHA, NE 559,495559.5k $28.0m $28.0m 0.12% Reduced -38.9k -38,883
97 Facet Wealth, Inc. 0.74% of their portfolio WEST PALM BEACH, FL 553,994554.0k $27.8m $27.8m 0.74% Added +148.4k +148,364
98 One Wealth Advisors, LLC 4.03% of their portfolio SAN FRANCISCO, CA 541,897541.9k $27.2m $27.2m 4.03% Added +76.3k +76,296
99 Bragg Financial Advisors, Inc 1.10% of their portfolio CHARLOTTE, NC 540,612540.6k $27.1m $27.1m 1.10% Added +27.6k +27,582
100 NICOLET ADVISORY SERVICES, LLC 2.46% of their portfolio GREEN BAY, WI 538,402538.4k $26.8m $26.8m 2.46% Reduced -11.2k -11,166