Vault-13

VANGUARD INDEX FDS VBR

SM CP VAL ETF · ETP · CUSIP 922908611

1,660 institutional holders +80 vs Q3 2025
87,421,70387.4m shares reported held*
$18.4bnreported value*
69 new 658 added 517 reduced 76 sold out net sold ≈ $71.4m (-298.3k 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 ($34.1m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $210.14. Options: 3 managers hold calls ($11.7m notional), 3 hold puts ($2.4m).

Trends to Q4 2025

Institutional holders

Managers reporting a position, each quarter

01k2kQ3 22: 1,090Q4 22: 1,221Q1 23: 1,209Q2 23: 1,239Q3 23: 1,241Q4 23: 1,386Q1 24: 1,379Q2 24: 1,372Q3 24: 1,433Q4 24: 1,594Q1 25: 1,533Q2 25: 1,567Q3 25: 1,580Q4 25: 1,6601,660Q3 22Q2 23Q1 24Q4 24Q4 25
Numbers
QuarterHolders
Q3 20221,090
Q4 20221,221
Q1 20231,209
Q2 20231,239
Q3 20231,241
Q4 20231,386
Q1 20241,379
Q2 20241,372
Q3 20241,433
Q4 20241,594
Q1 20251,533
Q2 20251,567
Q3 20251,580
Q4 20251,660

Buyers vs sellers

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

Bought or addedCut or sold out
1k01kQ1 24: 595 bought or addedQ1 24: 603 cut or sold outQ2 24: 550 bought or addedQ2 24: 602 cut or sold outQ2 24Q3 24: 645 bought or addedQ3 24: 557 cut or sold outQ4 24: 714 bought or addedQ4 24: 511 cut or sold outQ4 24Q1 25: 662 bought or addedQ1 25: 701 cut or sold outQ2 25: 623 bought or addedQ2 25: 706 cut or sold outQ2 25Q3 25: 681 bought or addedQ3 25: 658 cut or sold outQ4 25: 727 bought or addedQ4 25: 593 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 2024595603
Q2 2024550602
Q3 2024645557
Q4 2024714511
Q1 2025662701
Q2 2025623706
Q3 2025681658
Q4 2025727593

Calls vs puts

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

CallsPuts
$0$5m$10m$15mQ1 25 calls: $7.2mQ1 25 puts: $1.3mQ1 25P/C 0.18Q2 25 calls: $10.5mQ2 25 puts: $604.5kQ2 25P/C 0.06Q3 25 calls: $13.7mQ3 25 puts: $1.7mQ3 25P/C 0.12Q4 25 calls: $11.7mQ4 25 puts: $2.4mQ4 25P/C 0.20
Numbers
QuarterCallsPutsP/C
Q1 2025$7.2m$1.3m0.18
Q2 2025$10.5m$604.5k0.06
Q3 2025$13.7m$1.7m0.12
Q4 2025$11.7m$2.4m0.20

Biggest buyers

BANK OF AMERICA CORP /DE/ Added +560,544+560.5k
Corient Private Wealth LP Added +371,324+371.3k
Focus Partners Wealth Added +297,074+297.1k
WALLER FINANCIAL PLANNING GROUP, INC Added +143,445+143.4k
Grove Street Fiduciary, LLC New +141,499+141.5k
CWM, LLC Added +120,819+120.8k
SHUFRO ROSE & CO LLC Added +117,329+117.3k
ASSETMARK, INC Added +113,412+113.4k
RAYMOND JAMES FINANCIAL INC Added +103,253+103.3k
ASPIRIANT, LLC Added +93,408+93.4k

Biggest sellers

JPMORGAN CHASE & CO Reduced -706,117-706.1k
PARK AVENUE SECURITIES LLC Sold out -471,888-471.9k
ENVESTNET ASSET MANAGEMENT INC Reduced -312,587-312.6k
OSAIC HOLDINGS, INC. Reduced -276,445-276.4k
Wealthspire Advisors, LLC Reduced -161,467-161.5k
Sanctuary Advisors, LLC Reduced -138,125-138.1k
TIAA TRUST, NATIONAL ASSOCIATION Reduced -113,547-113.5k
Total Wealth Planning, LLC Reduced -102,813-102.8k
INSPIRION WEALTH ADVISORS, LLC Reduced -99,504-99.5k
Empowered Funds, LLC Sold out -96,186-96.2k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $6.8m31.9k shares
CITADEL ADVISORS LLC Added $4.0m18.9k shares
JANE STREET GROUP, LLC Reduced $910.7k4.3k shares

Biggest puts

CITADEL ADVISORS LLC Added $1.2m5.9k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $804.8k3.8k shares
JANE STREET GROUP, LLC Reduced $296.5k1.4k 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 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BANK OF AMERICA CORP /DE/ 0.25% of their portfolio CHARLOTTE, NC 15,999,34816.0m $3.4bn $3.4bn 0.25% Added +560.5k +560,544
2 ASSETMARK, INC 1.89% of their portfolio CONCORD, CA 4,379,4334.4m $927.5m $927.5m 1.89% Added +113.4k +113,412
3 MORGAN STANLEY 0.05% of their portfolio NEW YORK, NY 3,772,8343.8m $799.0m $799.0m 0.05% Reduced -58.0k -58,046
4 Betterment LLC 1.22% of their portfolio NEW YORK, NY 3,019,6663.0m $639.5m $639.5m 1.22% Reduced -80.4k -80,400
5 WELLS FARGO & COMPANY/MN 0.07% of their portfolio SAN FRANCISCO, CA 1,710,3861.7m $362.2m $362.2m 0.07% Reduced -66.3k -66,256
6 ASPIRIANT, LLC 9.86% of their portfolio San Francisco, CA 1,620,7081.6m $343.2m $343.2m 9.86% Added +93.4k +93,408
7 SEI INVESTMENTS CO 0.31% of their portfolio OAKS, PA 1,492,7971.5m $316.2m $316.2m 0.31% Added +40.5k +40,536
8 LPL Financial LLC 0.08% of their portfolio FORT MILL, SC 1,438,7151.4m $304.7m $304.7m 0.08% Added +8.6k +8,609
9 UBS Group AG 0.06% of their portfolio ZURICH, V8 1,391,1511.4m $294.6m $294.6m 0.06% Reduced -58.0k -57,980
10 ENVESTNET ASSET MANAGEMENT INC 0.08% of their portfolio Berwyn, PA 1,347,2871.3m $285.3m $285.3m 0.08% Reduced -312.6k -312,587
11 CAPTRUST FINANCIAL ADVISORS 0.50% of their portfolio RALEIGH, NC 1,236,0131.2m $261.8m $261.8m 0.50% Added +11.5k +11,525
12 Cetera Investment Advisers 0.26% of their portfolio SCHAUMBURG, IL 1,133,2461.1m $240.0m $240.0m 0.26% Added +62.3k +62,346
13 RAYMOND JAMES FINANCIAL INC 0.07% of their portfolio ST. PETERSBURG, FL 1,054,5521.1m $223.3m $223.3m 0.07% Added +103.3k +103,253
14 Focus Partners Wealth 0.21% of their portfolio ST LOUIS, MO 849,534849.5k $179.9m $179.9m 0.21% Added +297.1k +297,074
15 JONES FINANCIAL COMPANIES LLLP 0.11% of their portfolio DES PERES, MO 845,509845.5k $179.1m $179.1m 0.11% Reduced -61.0k -60,997
16 PNC Financial Services Group, Inc. 0.10% of their portfolio Pittsburgh, PA 825,195825.2k $174.8m $174.8m 0.10% Added +1.4k +1,369
17 Allworth Financial LP 0.72% of their portfolio FOLSOM, CA 822,944822.9k $174.3m $174.3m 0.72% Added +13.9k +13,933
18 HighTower Advisors, LLC 0.19% of their portfolio CHICAGO, IL 811,935811.9k $172.0m $172.0m 0.19% Reduced -3.3k -3,263
19 CHOREO, LLC 2.18% of their portfolio ROCKFORD, IL 800,045800.0k $171.2m $171.2m 2.18% Added +14.2k +14,156
20 JPMORGAN CHASE & CO 0.01% of their portfolio NEW YORK, NY 748,345748.3k $158.5m $158.5m 0.01% Reduced -706.1k -706,117
21 TIAA TRUST, NATIONAL ASSOCIATION 0.38% of their portfolio CHARLOTTE, NC 741,951742.0k $157.1m $157.1m 0.38% Reduced -113.5k -113,547
22 AMERIPRISE FINANCIAL INC 0.03% of their portfolio MINNEAPOLIS, MN 713,304713.3k $151.1m $151.1m 0.03% Reduced -13.4k -13,365
23 Corient Private Wealth LP 0.10% of their portfolio MIAMI, FL 693,939693.9k $146.4m $146.4m 0.10% Added +371.3k +371,324
24 MATHER GROUP, LLC. 1.38% of their portfolio CHICAGO, IL 634,982635.0k $134.5m $134.5m 1.38% Reduced -2.3k -2,329
25 OSAIC HOLDINGS, INC. 0.19% of their portfolio SCOTTSDALE, AZ 609,009609.0k $129.2m $129.2m 0.19% Reduced -276.4k -276,445
26 COMMONWEALTH EQUITY SERVICES, LLC 0.17% of their portfolio WALTHAM, MA 585,914585.9k $124.1m $124.1m 0.17% Reduced -3.5k -3,472
27 Efficient Advisors, LLC 7.02% of their portfolio BEAVERTON, OR 567,985568.0k $120.3m $120.3m 7.02% Reduced -47.4k -47,437
28 RWA WEALTH PARTNERS, LLC 1.15% of their portfolio BOSTON, MA 496,724496.7k $105.2m $105.2m 1.15% Added +12.9k +12,873
29 ROYAL BANK OF CANADA 0.02% of their portfolio TORONTO, A6 486,145486.1k $103.0m $103.0m 0.02% Added +2.5k +2,482
30 Mill Creek Capital Advisors, LLC 2.09% of their portfolio Conshohocken, PA 483,233483.2k $102.3m $102.3m 2.09% Added +692 +692
31 Rockefeller Capital Management L.P. 0.18% of their portfolio NEW YORK, NY 474,832474.8k $100.6m $100.6m 0.18% Added +23.2k +23,206
32 Mariner, LLC 0.12% of their portfolio Overland Park, KS 471,283471.3k $99.8m $99.8m 0.12% Added +11.0k +10,966
33 MONETA GROUP INVESTMENT ADVISORS LLC 0.75% of their portfolio ST LOUIS, MO 468,700468.7k $99.3m $99.3m 0.75% Added +19.3k +19,316
34 Align Financial, LLC 0.27% of their portfolio HERMANTOWN, MN 459,936459.9k $459.9k $459.9k 0.27% First filing
35 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.14% of their portfolio PLYMOUTH, MN 455,082455.1k $100.1m $100.1m 0.14% Reduced -5.8k -5,822
36 Retirement Investment Advisors, Inc. 6.72% of their portfolio OKLAHOMA CITY, OK 393,715393.7k $83.4m $83.4m 6.72% Added +7.7k +7,668
37 JMG Financial Group, Ltd. 2.31% of their portfolio DOWNERS GROVE, IL 388,085388.1k $82.2m $82.2m 2.31% Reduced -6.7k -6,743
38 Retirement Systems of Alabama 0.26% of their portfolio MONTGOMERY, AL 382,480382.5k $81.0m $81.0m 0.26% Unchanged
39 STEPHENS GROUP ASSET MANAGEMENT, LLC 5.39% of their portfolio LITTLE ROCK, AR 381,201381.2k $80.7m $80.7m 5.39% Added +2.7k +2,676
40 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.05% of their portfolio MILWAUKEE, WI 366,780366.8k $77.7m $77.7m 0.05% Reduced -788 -788
41 STIFEL FINANCIAL CORP 0.07% of their portfolio ST. LOUIS, MO 357,653357.7k $75.8m $75.8m 0.07% Added +18.2k +18,250
42 SOA Wealth Advisors, LLC. 1.19% of their portfolio NEW YORK, NY 355,427355.4k $7.0m $7.0m 1.19% Added +306 +306
43 BANK OF MONTREAL /CAN/ 0.03% of their portfolio TORONTO, A6 349,503349.5k $74.0m $74.0m 0.03% Added +3 +3
44 Modera Wealth Management, LLC 0.85% of their portfolio WESTWOOD, NJ 347,369347.4k $73.6m $73.6m 0.85% Reduced -11.1k -11,074
45 Mokosak Advisory Group, LLC 17.19% of their portfolio URBANDALE, IA 323,418323.4k $68.5m $68.5m 17.19% Added +13.7k +13,692
46 Rodgers & Associates, LTD 6.84% of their portfolio Lancaster, PA 319,068319.1k $67.6m $67.6m 6.84% Added +4.7k +4,652
47 GOLDMAN SACHS GROUP INC 0.01% of their portfolio NEW YORK, NY 316,670316.7k $67.1m $67.1m 0.01% Added +198 +198
48 Creative Planning 0.05% of their portfolio OVERLAND PARK, KS 312,049312.0k $66.1m $66.1m 0.05% Added +4.8k +4,833
49 UNITED CAPITAL FINANCIAL ADVISORS, LLC 0.39% of their portfolio IRVING, TX 308,452308.5k $65.3m $65.3m 0.39% Reduced -41.2k -41,249
50 Cresset Asset Management, LLC 0.28% of their portfolio Chicago, IL 308,069308.1k $65.2m $65.2m 0.28% Added +10.6k +10,646
51 1832 Asset Management L.P. 0.08% of their portfolio TORONTO, A6 301,566301.6k $63.9m $63.9m 0.08% Reduced -990 -990
52 Bragg Financial Advisors, Inc 2.04% of their portfolio CHARLOTTE, NC 295,284295.3k $62.5m $62.5m 2.04% Added +1.2k +1,237
53 Mason Investment Advisory Services, Inc. 2.87% of their portfolio RESTON, VA 285,194285.2k $60.4m $60.4m 2.87% Added +3.7k +3,710
54 Financial Advisory Corp 8.77% of their portfolio Grand Rapids, MI 284,736284.7k $60.3m $60.3m 8.77% Added +2.0k +1,978
55 Savant Capital, LLC 0.34% of their portfolio ROCKFORD, IL 281,708281.7k $59.7m $59.7m 0.34% Reduced -18.2k -18,165
56 STEPHENS INC /AR/ 0.71% of their portfolio LITTLE ROCK, AR 267,844267.8k $56.7m $56.7m 0.71% Reduced -553 -553
57 Cerity Partners LLC 0.08% of their portfolio NEW YORK, NY 266,186266.2k $56.4m $56.4m 0.08% Added +10.6k +10,552
58 EXENCIAL WEALTH ADVISORS, LLC 1.77% of their portfolio OKLAHOMA CITY, OK 263,467263.5k $55.8m $55.8m 1.77% Reduced -4.2k -4,189
59 WIT, LLC 1.06% of their portfolio DISTRICT OF COLUMBIA, DC 250,167250.2k $53.0m $53.0m 1.06% Unchanged
60 BAILARD, INC. 1.17% of their portfolio Foster City, CA 249,231249.2k $52.8m $52.8m 1.17% Added +1.4k +1,390
61 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio SAN FRANCISCO, CA 246,488246.5k $52.2m $52.2m 0.01% Reduced -8.9k -8,896
62 THOMPSON SIEGEL & WALMSLEY LLC 0.86% of their portfolio RICHMOND, VA 239,847239.8k $50.8m $50.8m 0.86% Added +631 +631
63 TRUIST FINANCIAL CORP 0.06% of their portfolio CHARLOTTE, NC 227,217227.2k $48.1m $48.1m 0.06% Added +13.0k +13,009
64 Zhang Financial LLC 1.79% of their portfolio PORTAGE, MI 226,870226.9k $48.0m $48.0m 1.79% Reduced -9.3k -9,337
65 Abacus Planning Group, Inc. 6.08% of their portfolio COLUMBIA, SC 215,550215.6k $45.7m $45.7m 6.08% Added +2.8k +2,757
66 MML INVESTORS SERVICES, LLC 0.10% of their portfolio SPRINGFIELD, MA 202,263202.3k $42.8m $42.8m 0.10% Reduced -2.7k -2,721
67 Wealthspire Advisors, LLC 0.33% of their portfolio NEW YORK, NY 197,999198.0k $41.9m $41.9m 0.33% Reduced -161.5k -161,467
68 Summit Financial, LLC 0.61% of their portfolio PARSIPPANY, NJ 196,321196.3k $41.6m $41.6m 0.61% Added +2.1k +2,066
69 Equitable Holdings, Inc. 0.28% of their portfolio NEW YORK, NY 193,127193.1k $40.9m $40.9m 0.28% Reduced -17.0k -17,043
70 Opal Wealth Advisors, LLC 10.65% of their portfolio JERICHO, NY 192,768192.8k $40.8m $40.8m 10.65% Added +4.9k +4,947
71 Foster Group, Inc. 1.19% of their portfolio WEST DES MOINES, IA 186,403186.4k $39.5m $39.5m 1.19% Reduced -12.5k -12,544
72 Comprehensive Financial Management LLC 1.18% of their portfolio Los Gatos, CA 184,376184.4k $39.0m $39.0m 1.18% Unchanged
73 Strategies Wealth Advisors, LLC 3.82% of their portfolio GRAND RAPIDS, MI 180,173180.2k $38.2m $38.2m 3.82% Added +7.6k +7,554
74 Kestra Advisory Services, LLC 0.16% of their portfolio AUSTIN, TX 177,635177.6k $37.6m $37.6m 0.16% Added +34.8k +34,828
75 CWM, LLC 0.10% of their portfolio OMAHA, NE 173,948173.9k $36.8m $36.8m 0.10% Added +120.8k +120,819
76 Sanctuary Advisors, LLC 0.19% of their portfolio INDIANAPOLIS, IN 168,373168.4k $35.7m $35.7m 0.19% Reduced -138.1k -138,125
77 Cambridge Investment Research Advisors, Inc. 0.09% of their portfolio FAIRFIELD, IA 165,723165.7k $35.1m $35.1m 0.09% Reduced -2.4k -2,392
78 MERCER GLOBAL ADVISORS INC /ADV 0.05% of their portfolio DENVER, CO 162,435162.4k $34.4m $34.4m 0.05% Reduced -8.1k -8,095
79 Waldron Private Wealth LLC 1.36% of their portfolio BRIDGEVILLE, PA 162,374162.4k $34.4m $34.4m 1.36% Reduced -3.8k -3,784
80 SHUFRO ROSE & CO LLC 2.30% of their portfolio NEW YORK, NY 160,599160.6k $34.0m $34.0m 2.30% Added +117.3k +117,329
81 NATIXIS ADVISORS, LLC 0.05% of their portfolio Boston, MA 160,053160.1k $33.9m $33.9m 0.05% Added +46.9k +46,875
82 Beacon Pointe Advisors, LLC 0.24% of their portfolio NEWPORT BEACH, CA 157,913157.9k $33.4m $33.4m 0.24% Added +58.4k +58,414
83 US BANCORP \DE\ 0.04% of their portfolio MINNEAPOLIS, MN 155,486155.5k $32.9m $32.9m 0.04% Added +3.9k +3,875
84 Asset Management Group, Inc. 5.14% of their portfolio STAMFORD, CT 149,918149.9k $31.8m $31.8m 5.14% Added +1.2k +1,233
85 NewEdge Advisors, LLC 0.11% of their portfolio NEW ORLEANS, LA 147,636147.6k $31.3m $31.3m 0.11% Added +3.3k +3,275
86 Pathstone Holdings, LLC 0.12% of their portfolio ENGLEWOOD, NJ 147,425147.4k $31.2m $31.2m 0.12% Reduced -5.5k -5,452
87 WALLER FINANCIAL PLANNING GROUP, INC 6.93% of their portfolio COLUMBUS, OH 147,254147.3k $31.2m $31.2m 6.93% Added +143.4k +143,445
88 Private Advisor Group, LLC 0.15% of their portfolio MORRISTOWN, NJ 146,032146.0k $30.9m $30.9m 0.15% Added +844 +844
89 FMR LLC 0.00% of their portfolio BOSTON, MA 143,985144.0k $30.5m $30.5m 0.00% Added +10.6k +10,605
90 Baird Financial Group, Inc. 0.05% of their portfolio MILWAUKEE, WI 143,982144.0k $30.5m $30.5m 0.05% Added +6.4k +6,392
91 Marotta Asset Management 5.64% of their portfolio CHARLOTTESVILLE, VA 143,896143.9k $30.5m $30.5m 5.64% Added +6.4k +6,386
92 Merit Financial Group, LLC 0.24% of their portfolio ALPHARETTA, GA 143,889143.9k $30.5m $30.5m 0.24% Reduced -16.9k -16,853
93 Grove Street Fiduciary, LLC 12.53% of their portfolio PETERBOROUGH, NH 141,499141.5k $30.0m $30.0m 12.53% New
94 Aaron Wealth Advisors LLC 1.63% of their portfolio Chicago, IL 138,251138.3k $29.3m $29.3m 1.63% Added +1.6k +1,571
95 Verus Financial Partners, Inc. 2.85% of their portfolio RICHMOND, VA 137,820137.8k $30.9m $30.9m 2.85% Reduced -6.7k -6,742
96 Plante Moran Financial Advisors, LLC 1.83% of their portfolio SOUTHFIELD, MI 136,768136.8k $29.0m $29.0m 1.83% Added +18.3k +18,336
97 Northwest Quadrant Wealth Management, LLC 5.94% of their portfolio BEND, OR 135,704135.7k $28.7m $28.7m 5.94% Added +2.3k +2,275
98 COMERICA BANK 0.11% of their portfolio DALLAS, TX 133,866133.9k $28.4m $28.4m 0.11% Reduced -1.5k -1,498
99 McAdam, LLC 1.30% of their portfolio Philadelphia, PA 133,850133.8k $28.3m $28.3m 1.30% Added +3.4k +3,350
100 Focus Partners Advisor Solutions, LLC 0.35% of their portfolio SAINT LOUIS, MO 133,619133.6k $28.3m $28.3m 0.35% Added +3.1k +3,063