Vanguard Intermediate-Term Bond

BIV • ARCA

Vanguard Intermediate-Term Bond is an exchange-traded fund on ARCA. As of Q3 2025, 905 institutional investors hold shares in this ETF, with total holdings valued at $15.8B. WELLS FARGO & COMPANY/MN is the largest holder with a position valued at $1.9B.

Overview

Overview of institutional ownership in BIV as of Q3 2025

All Institutions

Institutions: 905
Value Held: $15.8B
Shares Held: 202.4M
Avg Position: $17.5M
Median Position: $1.2M

Hedge Funds

Hedge Funds: 8
Value Held: $20.4M
Shares Held: 261.9K
Avg Position: $2.6M
Median Position: $1.3M

Biggest Investors

Institutions with the largest positions in BIV as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
WELLS FARGO & COMPANY/MN Institution	Charles W. Scharf CEO	$1.9B 0.39% of portfolio	24.3M shares	≤ Q2 2013 Held for 12y 6m+	$488.52B
ENVESTNET ASSET MANAGEMENT INC Long Only Manager	Christopher Russell Todd CEO	$1.5B 0.45% of portfolio	19.6M shares	≤ Q2 2013 Held for 12y 6m+	$342.01B
N NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Institution	-	$774.0M 0.52% of portfolio	9.9M shares	≤ Q2 2013 Held for 12y 6m+	$149.83B
GOLDMAN SACHS GROUP INC Institution	David M. Solomon CEO	$703.6M 0.10% of portfolio	9.0M shares	≤ Q2 2013 Held for 12y 6m+	$691.37B
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$521.7M 0.03% of portfolio	6.7M shares	≤ Q2 2013 Held for 12y 6m+	$1.65T
BANK OF AMERICA CORP /DE/ Institution	Brian T. Moynihan CEO	$495.6M 0.04% of portfolio	6.3M shares	≤ Q2 2013 Held for 12y 6m+	$1.33T
L LPL Financial LLC Institution	-	$389.6M 0.11% of portfolio	5.0M shares	≤ Q2 2013 Held for 12y 6m+	$340.07B
T True Link Financial Advisors, LLC Institution	-	$378.9M 24.38% of portfolio	4.9M shares	Q4 2020 Held for 5 years	$1.6B
Baird Financial Group, Inc. Private Equity	Paul Lee Schultz General Counsel	$318.5M 0.51% of portfolio	4.1M shares	Q2 2015 Held for 10y 6m	$62.1B
AMERIPRISE FINANCIAL INC Institution	Jim Cracchiolo CEO	$316.0M 0.07% of portfolio	4.1M shares	≤ Q2 2013 Held for 12y 6m+	$433.11B

Net Capital Flow

Institutional buying and selling activity for BIV in Q3 2025

Traded: +$1.5B
Buyers: 511
Sellers: 325
Total Bought: +$1.7B
Total Sold: −$202.8M
Avg Position: $16.4M

Biggest Buyers

Institution	Net Bought	Current Position
WELLS FARGO & COMPANY/MN Institution	+$657.4M +8.4M shares	$1.9B 24.3M shares
ENVESTNET ASSET MANAGEMENT INC Long Only Manager	+$79.4M +1.0M shares	$1.5B 19.6M shares
N NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Institution	+$62.9M +805.0K shares	$774.0M 9.9M shares
Baird Financial Group, Inc. Private Equity	+$40.3M +515.6K shares	$318.5M 4.1M shares
B Billeaud Capital Management, Inc. RIA/Wealth	+$34.7M +439.9K shares	$103.8M 1.3M shares
MORGAN STANLEY RIA/Wealth	+$27.0M +345.6K shares	$521.7M 6.7M shares
Zhang Financial LLC RIA/Wealth	+$25.9M +332.0K shares	$88.7M 1.1M shares
UBS Group AG Institution	+$24.4M +311.9K shares	$136.5M 1.7M shares
UNITED CAPITAL FINANCIAL ADVISERS, LLC RIA/Wealth	+$24.2M +310.1K shares	$264.7M 3.4M shares
Kropog Financial Group, LLC RIA/Wealth	+$24.1M +308.2K shares	$24.1M 308.2K shares

Biggest Sellers

Institution	Net Sold	Current Position
Beacon Capital Management, Inc. RIA/Wealth	−$25.9M −331.1K shares	$79.2M 1.0M shares
Penserra Capital Management LLC ETF Provider	−$11.1M −141.6K shares	$25.9M 331.9K shares
Reliant Wealth Planning RIA/Wealth	−$7.2M −91.7K shares	$45.9M 588.3K shares
SCHWAB CHARLES INVESTMENT MANAGEMENT INC Long Only Manager	−$7.0M −90.0K shares	Sold Off 0 shares
CONQUIS FINANCIAL LLC RIA/Wealth	−$6.9M −88.7K shares	$6.4M 81.7K shares
B BANK OF STOCKTON RIA/Wealth	−$6.1M −78.1K shares	$6.9M 88.6K shares
Farther Finance Advisors, LLC RIA/Wealth	−$6.0M −76.8K shares	$34.6M 443.1K shares
Greystone Financial Group, LLC RIA/Wealth	−$5.6M −72.0K shares	$29.2M 373.7K shares
FMR LLC Institution	−$5.1M −65.8K shares	$113.2M 1.4M shares
SRS Capital Advisors, Inc. RIA/Wealth	−$5.0M −64.5K shares	Sold Off 0 shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited BIV in Q3 2025

New Positions: 28
New Value: $72.0M
Exited Positions: 55
Exited Value: $40.8M

New Positions

Institution	Position Value
Kropog Financial Group, LLC RIA/Wealth	$24.1M 308.2K shares
Tandem Financial, LLC RIA/Wealth	$21.4M 274.1K shares
Integrity Advisory Solutions, LLC RIA/Wealth	$10.2M 130.0K shares
E Equity Wealth Partners, LLC RIA/Wealth	$4.6M 59.2K shares
Marmo Financial Group, LLC RIA/Wealth	$4.1M 52.6K shares
BAM Wealth Management, LLC RIA/Wealth	$1.5M 19.0K shares
M MEMBERS Trust Co Institution	$722.3K 9.3K shares
G Ground Swell Capital, LLC Hedge Fund•Multi-Strategy	$615.1K 7.9K shares
BridgePort Financial Solutions, LLC RIA/Wealth	$485.9K 6.2K shares
Magnolia Private Wealth, LLC RIA/Wealth	$468.5K 6.0K shares

Exited Positions

Institution	Previous Position
SCHWAB CHARLES INVESTMENT MANAGEMENT INC Long Only Manager	$7.0M 90.0K shares
SRS Capital Advisors, Inc. RIA/Wealth	$5.0M 64.5K shares
L Laurel Wealth Advisors LLC RIA/Wealth	$3.1M 39.9K shares
Ballast, Inc. RIA/Wealth	$2.9M 38.1K shares
H Harel Insurance Investments & Financial Services Ltd. Institution	$2.7M 35.5K shares
WESTWOOD HOLDINGS GROUP INC Institution	$2.2M 27.9K shares
Financial Advocates Investment Management RIA/Wealth	$2.0M 26.1K shares
Eqis Capital Management, Inc. RIA/Wealth	$1.7M 22.6K shares
AlphaStar Capital Management, LLC RIA/Wealth	$1.6M 20.9K shares
S Stephens Consulting, LLC RIA/Wealth	$1.4M 18.3K shares

Options Activity

Institutions with the largest Call and Put options positions in BIV as of Q3 2025

Call Positions: 3
Call Value: $679.4K
Put Positions: 1
Put Value: -

Call Positions

Institution	Position Value
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$406.1K 52.0 contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$273.3K 35.0 contracts
W WOLVERINE TRADING, LLC Institution	- - contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	- - contracts

Most Committed Institutions

Institutions with BIV as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
D Diana Davis Spencer Foundation Institution	-	37.47% $111.4M	1.4M shares	Q4 2014 Held for 11 years	$297.2M
T True Link Financial Advisors, LLC Institution	-	24.38% $378.9M	4.9M shares	Q4 2020 Held for 5 years	$1.6B
S Seneschal Advisors, LLC Institution	-	22.20% $30.6M	391.6K shares	Q4 2024 Held for 1 year	$137.8M
B Billeaud Capital Management, Inc. RIA/Wealth	Joseph Steckler Billeaud CIO	20.89% $103.8M	1.3M shares	Q4 2016 Held for 9 years	$496.8M
Gordian Advisors LLC RIA/Wealth	David Alan Hamra CCO	20.84% $31.0M	397.1K shares	Q4 2023 Held for 2 years	$148.8M
Kropog Financial Group, LLC RIA/Wealth	Ryan Christopher Kropog CEO	19.72% $24.1M	308.2K shares	Q3 2025 Held for 3 months	$122.1M
Reliant Wealth Planning RIA/Wealth	Angela Sue Dietrich President	16.22% $45.9M	588.3K shares	Q2 2023 Held for 2y 6m	$283.3M
S Sage Financial Management Group, Inc. Institution	-	15.45% $48.4M	619.7K shares	Q4 2021 Held for 4 years	$313.2M
F FPC INVESTMENT ADVISORY, INC. RIA/Wealth	Bijan Golkar President	15.27% $25.5M	326.0K shares	Q1 2024 Held for 1y 9m	$166.7M
Family Investment Center, Inc. RIA/Wealth	Alexander Jason Valner President	14.24% $68.6M	877.9K shares	Q4 2023 Held for 2 years	$481.6M

Hedge Fund Spotlight

Discover hedge funds investing in BIV

CITADEL ADVISORS LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerKenneth Cordele Griffin

Portfolio Value: $122.10B
Positions: 5,533
Last Reported: Q3 2025

Sector Allocation

Position in Vanguard Intermediate-Term Bond

Market Value: $11.5M
Shares Held: 146.9K
Portfolio Weight: 0.01%
Owned Since: 2025-Q3

Top Holding	Sector	Market Value	Weight
1 Microsoft MSFT	Software - Infrastructure Technology	$2.1B	1.68%
2 Nvidia NVDA	Semiconductors Technology	$1.8B	1.50%
3 Meta Platforms, Inc. META	Internet Content & Information Communication Services	$1.4B	1.18%