Vault-13

VANGUARD INDEX FDS VNQ

REAL ESTATE ETF · ETP · CUSIP 922908553

1,558 institutional holders -35 vs Q1 2023
222,195,727222.2m shares reported held*
$18.6bnreported value*
73 new 535 added 703 reduced 116 sold out net sold ≈ $562.9m (-7.2m 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 ($5.3m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $83.64. Options: 8 managers hold calls ($122.0m notional), 13 hold puts ($429.8m).

Trends to Q2 2023

Institutional holders

Managers reporting a position, each quarter

01k2kQ3 22: 1,513Q4 22: 1,623Q1 23: 1,593Q2 23: 1,5581,558Q3 22Q4 22Q1 23Q2 23
Numbers
QuarterHolders
Q3 20221,513
Q4 20221,623
Q1 20231,593
Q2 20231,558

Buyers vs sellers

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

Bought or addedCut or sold out
1k01kQ4 22: 782 bought or addedQ4 22: 673 cut or sold outQ4 22Q1 23: 723 bought or addedQ1 23: 770 cut or sold outQ1 23Q2 23: 608 bought or addedQ2 23: 819 cut or sold outQ2 23
Numbers
QuarterBought or addedCut or sold out
Q4 2022782673
Q1 2023723770
Q2 2023608819

Calls vs puts

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

CallsPuts
$0$200m$400m$600mQ3 22 calls: $64.4mQ3 22 puts: $280.2mQ3 22P/C 4.35Q4 22 calls: $89.7mQ4 22 puts: $380.1mQ4 22P/C 4.24Q1 23 calls: $107.6mQ1 23 puts: $433.7mQ1 23P/C 4.03Q2 23 calls: $122.0mQ2 23 puts: $429.8mQ2 23P/C 3.52
Numbers
QuarterCallsPutsP/C
Q3 2022$64.4m$280.2m4.35
Q4 2022$89.7m$380.1m4.24
Q1 2023$107.6m$433.7m4.03
Q2 2023$122.0m$429.8m3.52

Biggest buyers

JPMORGAN CHASE & CO Added +2,313,548+2.3m
TD AMERITRADE INVESTMENT MANAGEMENT, LLC Added +903,181+903.2k
Ballentine Partners, LLC Added +662,911+662.9k
MILLENNIUM MANAGEMENT LLC Added +559,555+559.6k
Empower Advisory Group, LLC Added +501,511+501.5k
BARCLAYS PLC Added +370,000+370.0k
Prime Capital Investment Advisors, LLC Added +338,792+338.8k
Cerity Partners LLC Added +338,641+338.6k
Wealthfront Advisers LLC Added +289,090+289.1k
CITIGROUP INC Added +284,992+285.0k

Biggest sellers

Mivtachim The Workers Social Insurance Fund Ltd. (Under Special Management) Sold out -3,629,854-3.6m
Meiji Yasuda Life Insurance Co Sold out -1,406,900-1.4m
WELLS FARGO & COMPANY/MN Reduced -935,900-935.9k
PNC Financial Services Group, Inc. Reduced -830,506-830.5k
Valmark Advisers, Inc. Reduced -702,336-702.3k
BANK OF AMERICA CORP /DE/ Reduced -682,766-682.8k
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC Reduced -486,440-486.4k
MORGAN STANLEY Reduced -464,843-464.8k
TWO SIGMA ADVISERS, LP Sold out -426,100-426.1k
BlackRock Inc. Reduced -399,693-399.7k

Biggest calls

CITADEL ADVISORS LLC Added $67.6m808.7k shares
CAPITAL FUND MANAGEMENT S.A. Added $27.0m323.7k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $19.8m237.3k shares
Walleye Trading LLC Reduced $5.8m69.2k shares
PEAK6 Investments LLC Reduced $1.5m18.3k shares
MARSHALL WACE, LLP New $192.2k2.3k shares
Cutler Group LLC / CA Reduced $25.0k6.9k shares
HAP Trading, LLC New $19.2k15.5k shares

Biggest puts

Elliott Investment Management L.P. Reduced $284.1m3.4m shares
CITADEL ADVISORS LLC Added $89.5m1.1m shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $40.0m478.7k shares
CAPITAL FUND MANAGEMENT S.A. Reduced $8.9m106.8k shares
DigitalBridge Group, Inc. Reduced $2.0m23.8k shares
Walleye Trading LLC Reduced $1.8m21.4k shares
PEAK6 Investments LLC Reduced $1.8m21.0k shares
BANK OF AMERICA CORP /DE/ New $835.6k10.0k shares
PRELUDE CAPITAL MANAGEMENT, LLC Reduced $576.6k6.9k shares
MARSHALL WACE, LLP New $275.7k3.3k 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 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Creative Planning 2.20% of their portfolio OVERLAND PARK, KS 19,805,49919.8m $1.7bn $1.7bn 2.20% Reduced -229.0k -228,963
2 MORGAN STANLEY 0.13% of their portfolio NEW YORK, NY 15,658,45615.7m $1.3bn $1.3bn 0.13% Reduced -464.8k -464,843
3 BANK OF AMERICA CORP /DE/ 0.10% of their portfolio CHARLOTTE, NC 10,376,23410.4m $867.0m $867.0m 0.10% Reduced -682.8k -682,766
4 Empower Advisory Group, LLC 3.49% of their portfolio Greenwood Village, CO 9,688,6489.7m $809.6m $809.6m 3.49% Added +501.5k +501,511
5 JPMORGAN CHASE & CO 0.08% of their portfolio NEW YORK, NY 8,674,9398.7m $724.9m $724.9m 0.08% Added +2.3m +2,313,548
6 WELLS FARGO & COMPANY/MN 0.20% of their portfolio SAN FRANCISCO, CA 8,199,7558.2m $685.2m $685.2m 0.20% Reduced -935.9k -935,900
7 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.84% of their portfolio MILWAUKEE, WI 7,819,0117.8m $653.4m $653.4m 0.84% Added +141.8k +141,781
8 Wealthfront Advisers LLC 2.55% of their portfolio Palo Alto, CA 7,191,8087.2m $600.9m $600.9m 2.55% Added +289.1k +289,090
9 US BANCORP \DE\ 0.84% of their portfolio MINNEAPOLIS, MN 6,211,0446.2m $519.0m $519.0m 0.84% Reduced -259.9k -259,873
10 GOLDMAN SACHS GROUP INC 0.10% of their portfolio NEW YORK, NY 4,861,7364.9m $406.2m $406.2m 0.10% Reduced -71.2k -71,189
11 PRUDENTIAL FINANCIAL INC 0.53% of their portfolio NEWARK, NJ 4,342,6644.3m $362.9m $362.9m 0.53% Added +57.4k +57,382
12 ENVESTNET ASSET MANAGEMENT INC 0.13% of their portfolio Berwyn, PA 3,460,4563.5m $289.2m $289.2m 0.13% Reduced -398.8k -398,808
13 Financial Engines Advisors L.L.C. 0.74% of their portfolio SANTA CLARA, CA 3,453,8023.5m $291.8m $291.8m 0.74% Reduced -21.2k -21,215
14 Bank of New York Mellon Corp 0.05% of their portfolio NEW YORK, NY 2,966,0513.0m $247.8m $247.8m 0.05% Reduced -52.0k -52,013
15 Vanderbilt University 51.29% of their portfolio NASHVILLE, TN 2,397,6462.4m $200.3m $200.3m 51.29% Unchanged
16 PNC Financial Services Group, Inc. 0.17% of their portfolio Pittsburgh, PA 2,395,4682.4m $200.2m $200.2m 0.17% Reduced -830.5k -830,506
17 FIFTH THIRD BANCORP 0.88% of their portfolio CINCINNATI, OH 2,384,7902.4m $199.3m $199.3m 0.88% Reduced -275.4k -275,409
18 Millburn Ridgefield LLC /DE/ 6.32% of their portfolio New York, NY 2,212,6972.2m $184.9m $184.9m 6.32% Added +114.0k +114,017
19 Catalyst Capital Advisors LLC 5.37% of their portfolio San Juan, PR 2,212,6972.2m $184.9m $184.9m 5.37% Added +114.0k +114,017
20 State of Tennessee, Department of Treasury 0.74% of their portfolio NASHVILLE, TN 2,122,8872.1m $177.4m $177.4m 0.74% Added +98.4k +98,434
21 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.10% of their portfolio Toronto, A6 2,040,9002.0m $170.5m $170.5m 0.10% Added +32.3k +32,290
22 Mariner, LLC 0.43% of their portfolio Overland Park, KS 1,937,8411.9m $161.9m $161.9m 0.43% Reduced -19.3k -19,275
23 UBS Group AG 0.07% of their portfolio ZURICH, V8 1,887,4421.9m $157.7m $157.7m 0.07% Reduced -18.0k -18,015
24 UNITED CAPITAL FINANCIAL ADVISORS, LLC 0.84% of their portfolio IRVING, TX 1,853,7861.9m $154.9m $154.9m 0.84% Added +62.5k +62,470
25 ROYAL BANK OF CANADA 0.04% of their portfolio TORONTO, A6 1,594,1901.6m $133.2m $133.2m 0.04% Reduced -10.3k -10,309
26 Corient Private Wealth LP 0.30% of their portfolio MIAMI, FL 1,538,2651.5m $128.6m $128.6m 0.30% Added +20.4k +20,387
27 GLENMEDE TRUST CO NA 0.72% of their portfolio PHILADELPHIA, PA 1,522,4191.5m $126.4m $126.4m 0.72% Unchanged
28 LPL Financial LLC 0.09% of their portfolio FORT MILL, SC 1,435,2261.4m $119.9m $119.9m 0.09% Reduced -118.6k -118,564
29 Pure Financial Advisors, LLC 4.29% of their portfolio SAN DIEGO, CA 1,210,4681.2m $101.1m $101.1m 4.29% Added +79.5k +79,479
30 State of New Jersey Common Pension Fund D 0.34% of their portfolio TRENTON, NJ 1,200,0001.2m $100.3m $100.3m 0.34% Unchanged
31 OSAIC HOLDINGS, INC. 0.17% of their portfolio SCOTTSDALE, AZ 1,125,6241.1m $94.1m $94.1m 0.17% Added +2.8k +2,840
32 Gibson Capital, LLC 24.31% of their portfolio WEXFORD, PA 1,119,9951.1m $93.6m $93.6m 24.31% Added +497 +497
33 VISTA CAPITAL PARTNERS, INC. 12.64% of their portfolio PORTLAND, OR 1,090,2561.1m $91.1m $91.1m 12.64% Added +20.4k +20,370
34 Ballentine Partners, LLC 1.97% of their portfolio Waltham, MA 1,028,5621.0m $85.9m $85.9m 1.97% Added +662.9k +662,911
35 HighTower Advisors, LLC 0.16% of their portfolio CHICAGO, IL 996,878996.9k $83.3m $83.3m 0.16% Reduced -22.5k -22,479
36 J.P. Morgan Private Wealth Advisors LLC 0.40% of their portfolio SAN FRANCISCO, CA 924,899924.9k $77.3m $77.3m 0.40% Reduced -362.0k -362,012
37 TD AMERITRADE INVESTMENT MANAGEMENT, LLC 0.81% of their portfolio OMAHA, NE 906,111906.1k $75.7m $75.7m 0.81% Added +903.2k +903,181
38 Sand Hill Global Advisors, LLC 3.53% of their portfolio Palo Alto, CA 849,479849.5k $71.0m $71.0m 3.53% Added +29.4k +29,418
39 COMMONWEALTH EQUITY SERVICES, LLC 0.14% of their portfolio WALTHAM, MA 815,898815.9k $68.2m $68.2m 0.14% Added +41.7k +41,744
40 AMERIPRISE FINANCIAL INC 0.02% of their portfolio MINNEAPOLIS, MN 810,674810.7k $65.7m $65.7m 0.02% Added +29.0k +29,011
41 Cerity Partners LLC 0.26% of their portfolio NEW YORK, NY 804,479804.5k $67.2m $67.2m 0.26% Added +338.6k +338,641
42 AVANTAX ADVISORY SERVICES, INC. 0.77% of their portfolio DALLAS, TX 801,220801.2k $66.9m $66.9m 0.77% Added +23.1k +23,084
43 MONETA GROUP INVESTMENT ADVISORS LLC 1.45% of their portfolio ST LOUIS, MO 785,970786.0k $65.7m $65.7m 1.45% Reduced -210.1k -210,120
44 REBALANCE, LLC 6.10% of their portfolio PALO ALTO, CA 769,260769.3k $64.3m $64.3m 6.10% Added +44.6k +44,564
45 Seven Post Investment Office LP 19.48% of their portfolio San Francisco, CA 753,365753.4k $63.0m $63.0m 19.48% Added +1.3k +1,254
46 ASSETMARK, INC 0.24% of their portfolio CONCORD, CA 727,752727.8k $60.8m $60.8m 0.24% Reduced -7.5k -7,510
47 Raymond James Financial Services Advisors, Inc. 0.11% of their portfolio ST. PETERSBURG, FL 724,941724.9k $60.6m $60.6m 0.11% Reduced -61.4k -61,440
48 RTD Financial Advisors, Inc. 8.76% of their portfolio Philadelphia, PA 721,232721.2k $60.3m $60.3m 8.76% Added +39.3k +39,282
49 STIFEL FINANCIAL CORP 0.08% of their portfolio ST. LOUIS, MO 693,590693.6k $58.0m $58.0m 0.08% Added +38.0k +38,048
50 MILLENNIUM MANAGEMENT LLC 0.06% of their portfolio NEW YORK, NY 692,061692.1k $57.8m $57.8m 0.06% Added +559.6k +559,555
51 Squarepoint Ops LLC 0.31% of their portfolio NEW YORK, NY 668,737668.7k $55.9m $55.9m 0.31% Reduced -45.5k -45,450
52 CITIZENS FINANCIAL GROUP INC/RI 1.88% of their portfolio PROVIDENCE, RI 618,461618.5k $51.7m $51.7m 1.88% Added +34.9k +34,934
53 LAKE STREET ADVISORS GROUP, LLC 2.73% of their portfolio PORTSMOUTH, NH 591,592591.6k $49.4m $49.4m 2.73% Reduced -72.9k -72,911
54 BNP PARIBAS FINANCIAL MARKETS 0.09% of their portfolio PARIS, I0 545,919545.9k $45.6m $45.6m 0.09% Added +163.9k +163,859
55 M&T Bank Corp 0.17% of their portfolio BUFFALO, NY 534,094534.1k $44.6m $44.6m 0.17% Added +8.8k +8,825
56 Passive Capital Management, LLC. 18.92% of their portfolio BALTIMORE, MD 533,248533.2k $44.6m $44.6m 18.92% Reduced -2.4k -2,447
57 LifeGuide Financial Advisors, LLC 30.10% of their portfolio MECHANICSBURG, PA 532,956533.0k $44.5m $44.5m 30.10% Added +16.8k +16,790
58 Empirical Financial Services, LLC d.b.a. Empirical Wealth Management 1.77% of their portfolio Seattle, WA 525,205525.2k $43.9m $43.9m 1.77% Added +41.8k +41,796
59 Efficient Advisors, LLC 2.79% of their portfolio BEAVERTON, OR 511,310511.3k $42.7m $42.7m 2.79% Added +69.5k +69,451
60 First Command Bank 3.92% of their portfolio FORT WORTH, TX 498,430498.4k $41.6m $41.6m 3.92% Added +20.7k +20,709
61 First Command Financial Services, Inc. 3.92% of their portfolio FORT WORTH, TX 498,430498.4k $41.6m $41.6m 3.92% Added +20.7k +20,709
62 BARCLAYS PLC 0.03% of their portfolio LONDON, X0 481,254481.3k $40.2m $40.2m 0.03% Added +370.0k +370,000
63 CITIGROUP INC 0.05% of their portfolio NEW YORK, NY 465,599465.6k $38.9m $38.9m 0.05% Added +285.0k +284,992
64 Comprehensive Financial Management LLC 1.25% of their portfolio Los Gatos, CA 449,695449.7k $38.0m $38.0m 1.25% Unchanged
65 TRUIST FINANCIAL CORP 0.06% of their portfolio CHARLOTTE, NC 447,023447.0k $37.4m $37.4m 0.06% Reduced -52.3k -52,321
66 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.06% of their portfolio BALA CYNWYD, PA 440,548440.5k $36.8m $36.8m 0.06% Reduced -322.7k -322,745
67 SCS Capital Management LLC 0.91% of their portfolio BOSTON, MA 438,538438.5k $37.0m $37.0m 0.91% Added +126.5k +126,526
68 OIKOS HOLDINGS LLC 13.70% of their portfolio NEW YORK, NY 415,131415.1k $34.7m $34.7m 13.70% Added +162.2k +162,150
69 RAYMOND JAMES & ASSOCIATES 0.03% of their portfolio ST PETERSBURG, FL 404,507404.5k $33.8m $33.8m 0.03% Reduced -18.8k -18,842
70 SUMITOMO LIFE INSURANCE CO 1.48% of their portfolio TOKYO, M0 402,119402.1k $33.6m $33.6m 1.48% Reduced -11.2k -11,212
71 FIRST CITIZENS BANK & TRUST CO 0.59% of their portfolio RALEIGH, NC 382,859382.9k $32.0m $32.0m 0.59% Reduced -40.5k -40,476
72 Rockefeller Capital Management L.P. 0.12% of their portfolio NEW YORK, NY 365,094365.1k $30.2m $30.2m 0.12% First filing
73 CONNABLE OFFICE INC 4.12% of their portfolio KALAMAZOO, MI 359,481359.5k $30.0m $30.0m 4.12% Added +14.2k +14,185
74 CAPTRUST FINANCIAL ADVISORS 0.12% of their portfolio RALEIGH, NC 353,956354.0k $29.2m $29.2m 0.12% Reduced -18.9k -18,907
75 Prime Capital Investment Advisors, LLC 0.58% of their portfolio OVERLAND PARK, KS 349,828349.8k $29.2m $29.2m 0.58% Added +338.8k +338,792
76 OSBORNE PARTNERS CAPITAL MANAGEMENT, LLC 2.10% of their portfolio SAN FRANCISCO, CA 349,273349.3k $29.2m $29.2m 2.10% Added +13.6k +13,566
77 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 343,975344.0k $29.1m $29.1m 0.00% Reduced -5.7k -5,693
78 STEPHENS INC /AR/ 0.50% of their portfolio LITTLE ROCK, AR 335,761335.8k $28.1m $28.1m 0.50% Added +7.2k +7,196
79 1832 Asset Management L.P. 0.05% of their portfolio TORONTO, A6 322,619322.6k $27.0m $27.0m 0.05% Added +7.1k +7,060
80 Chandler Asset Management, Inc. 7.05% of their portfolio SAN DIEGO, CA 321,772321.8k $26.9m $26.9m 7.05% Reduced -1.9k -1,930
81 TECTONIC ADVISORS LLC 3.26% of their portfolio FRISCO, TX 316,446316.4k $26.4m $26.4m 3.26% Added +18.4k +18,391
82 Garde Capital, Inc. 2.19% of their portfolio SEATTLE, WA 315,028315.0k $26.3m $26.3m 2.19% Added +4.3k +4,328
83 Disciplina Capital Management LLC 4.54% of their portfolio NASHVILLE, TN 307,848307.8k $25.8m $25.8m 4.54% Added +40.4k +40,442
84 One Day In July LLC 4.58% of their portfolio BURLINGTON, VT 302,641302.6k $25.3m $25.3m 4.58% Added +6.0k +6,034
85 Cetera Investment Advisers 0.21% of their portfolio SCHAUMBURG, IL 299,506299.5k $25.0m $25.0m 0.21% Reduced -211 -211
86 Baird Financial Group, Inc. 0.06% of their portfolio MILWAUKEE, WI 294,261294.3k $24.6m $24.6m 0.06% Reduced -31.9k -31,917
87 KWMG, LLC 3.04% of their portfolio OVERLAND PARK, KS 294,127294.1k $24.6m $24.6m 3.04% Added +22.3k +22,316
88 Conservest Capital Advisors, Inc. 2.82% of their portfolio WYNNEWOOD, PA 291,937291.9k $24.4m $24.4m 2.82% Reduced -31.2k -31,174
89 Crestone Asset Management LLC 5.33% of their portfolio BOULDER, CO 290,065290.1k $24.2m $24.2m 5.33% Added +13.1k +13,104
90 PEAPACK GLADSTONE FINANCIAL CORP 0.43% of their portfolio BEDMINSTER, NJ 288,232288.2k $24.1m $24.1m 0.43% Added +29.3k +29,272
91 Pacific Life Fund Advisors LLC 2.38% of their portfolio NEWPORT BEACH, CA 280,566280.6k $23.4m $23.4m 2.38% New
92 CreativeOne Wealth, LLC 0.60% of their portfolio OVERLAND PARK, KS 279,861279.9k $24.1m $24.1m 0.60% Added +133.9k +133,885
93 Ally Financial Inc. 3.05% of their portfolio Detroit, MI 261,000261.0k $21.8m $21.8m 3.05% Unchanged
94 BANK OF MONTREAL /CAN/ 0.01% of their portfolio TORONTO, A6 250,618250.6k $21.1m $21.1m 0.01% Reduced -56.3k -56,330
95 Cambridge Investment Research Advisors, Inc. 0.10% of their portfolio FAIRFIELD, IA 249,733249.7k $20.9m $20.9m 0.10% Reduced -17.5k -17,514
96 Cetera Advisor Networks LLC 0.14% of their portfolio EL SEGUNDO, CA 247,665247.7k $20.3m $20.3m 0.14% Added +36 +36
97 Quantitative Investment Management, LLC 1.94% of their portfolio CHARLOTTESVILLE, VA 245,374245.4k $20.5m $20.5m 1.94% New
98 TIAA, FSB 0.07% of their portfolio ST. LOUIS, MO 242,556242.6k $20.3m $20.3m 0.07% Reduced -39.1k -39,138
99 JNBA Financial Advisors 2.40% of their portfolio BLOOMINGTON, MN 239,689239.7k $20.0m $20.0m 2.40% Reduced -133 -133
100 MassMutual Private Wealth & Trust, FSB 0.72% of their portfolio Windsor, CT 239,454239.5k $20.0m $20.0m 0.72% Added +4.2k +4,165