Vanguard Total Bond Market

BND • NASDAQ

Vanguard Total Bond Market is an exchange-traded fund on NASDAQ. As of Q3 2025, 1,609 institutional investors hold shares in this ETF, with total holdings valued at $79.9B. JPMORGAN CHASE & CO is the largest holder with a position valued at $9.8B.

Overview

Overview of institutional ownership in BND as of Q3 2025

All Institutions

Institutions: 1,609
Value Held: $79.9B
Shares Held: 1.09B
Avg Position: $49.7M
Median Position: $1.6M

Hedge Funds

Hedge Funds: 18
Value Held: $95.3M
Shares Held: 1.3M
Avg Position: $5.3M
Median Position: $2.6M

Biggest Investors

Institutions with the largest positions in BND as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
JPMORGAN CHASE & CO Institution	Jamie Dimon CEO	$9.8B 0.62% of portfolio	131.3M shares	≤ Q2 2013 Held for 12y 5m+	$1.56T
N NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Institution	-	$9.4B 6.28% of portfolio	126.6M shares	≤ Q2 2013 Held for 12y 5m+	$149.83B
Creative Planning RIA/Wealth	Peter Alex Mallouk CEO	$9.3B 7.10% of portfolio	124.9M shares	Q1 2020 Held for 5y 8m	$130.86B
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$8.1B 0.49% of portfolio	108.6M shares	≤ Q2 2013 Held for 12y 5m+	$1.65T
VANGUARD GROUP INC Institution	Salim Ramji CEO	$5.3B 0.08% of portfolio	71.9M shares	Q4 2013 Held for 11y 11m	$6.69T
WELLS FARGO & COMPANY/MN Institution	Charles W. Scharf CEO	$1.9B 0.40% of portfolio	26.1M shares	≤ Q2 2013 Held for 12y 5m+	$488.61B
BANK OF AMERICA CORP /DE/ Institution	Brian T. Moynihan CEO	$1.7B 0.13% of portfolio	22.9M shares	≤ Q2 2013 Held for 12y 5m+	$1.33T
ENVESTNET ASSET MANAGEMENT INC Long Only Manager	Christopher Russell Todd CEO	$1.6B 0.47% of portfolio	21.6M shares	≤ Q2 2013 Held for 12y 5m+	$341.99B
Hanson McClain, Inc. RIA/Wealth	John Bradley Bunch CEO	$1.5B 6.80% of portfolio	20.6M shares	Q1 2015 Held for 10y 8m	$22.6B
L LPL Financial LLC Institution	-	$1.3B 0.39% of portfolio	17.6M shares	≤ Q2 2013 Held for 12y 5m+	$340.07B

Net Capital Flow

Institutional buying and selling activity for BND in Q3 2025

Net Flow: +$2.9B
Buyers: 818
Sellers: 582
Total Bought: +$4.4B
Total Sold: −$1.5B
Avg Position: $50.5M

Biggest Buyers

Institution	Net Bought	Current Position
Creative Planning RIA/Wealth	+$747.2M +10.0M shares	$9.3B 124.9M shares
JPMORGAN CHASE & CO Institution	+$407.3M +5.5M shares	$9.8B 131.3M shares
VANGUARD GROUP INC Institution	+$351.0M +4.7M shares	$5.3B 71.9M shares
BANK OF AMERICA CORP /DE/ Institution	+$348.5M +4.7M shares	$1.7B 22.9M shares
N NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Institution	+$313.5M +4.2M shares	$9.4B 126.6M shares
MORGAN STANLEY RIA/Wealth	+$159.2M +2.1M shares	$8.1B 108.6M shares
Cetera Investment Advisers RIA/Wealth	+$102.0M +1.4M shares	$550.9M 7.4M shares
L LPL Financial LLC Institution	+$98.8M +1.3M shares	$1.3B 17.6M shares
S SEI INVESTMENTS CO Institution	+$96.8M +1.3M shares	$1.3B 16.9M shares
Kestra Advisory Services, LLC RIA/Wealth	+$67.0M +900.4K shares	$92.1M 1.2M shares

Biggest Sellers

Institution	Net Sold	Current Position
STATE STREET CORP Institution	−$250.0M −3.4M shares	$326.9M 4.4M shares
Gallagher Fiduciary Advisors, LLC Pension/Endowment	−$217.3M −2.9M shares	$12.8M 172.0K shares
Vestmark Advisory Solutions, Inc. Fund of Funds	−$109.5M −1.5M shares	$121.8M 1.6M shares
C CI Private Wealth, LLC RIA/Wealth	−$73.5M −987.9K shares	$208.1M 2.8M shares
HPM Partners LLC RIA/Wealth	−$59.4M −799.0K shares	$62.3M 838.3K shares
PRUDENTIAL FINANCIAL INC Institution	−$54.3M −729.6K shares	$103.8M 1.4M shares
Gridiron Partners, LLC Long Only Manager	−$37.5M −504.1K shares	$1.8M 24.1K shares
Kingstone Capital Partners Texas, LLC RIA/Wealth	−$36.4M −494.4K shares	Sold Off 0 shares
J JONES FINANCIAL COMPANIES LLLP Institution	−$34.8M −469.4K shares	$250.6M 3.4M shares
E EXCHANGE TRADED CONCEPTS, LLC Institution	−$29.2M −397.2K shares	Sold Off 0 shares

Entry and Exit Activity

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

New Positions: 51
New Value: $132.6M
Exited Positions: 82
Exited Value: $168.9M

New Positions

Institution	Position Value
N New Jersey Better Educational Savings Trust Institution	$27.8M 373.4K shares
BIP Wealth, LLC RIA/Wealth	$24.5M 329.6K shares
DIAM Co., Ltd. Long Only Manager	$15.8M 212.8K shares
FIRST COMMONWEALTH FINANCIAL CORP /PA/ Institution	$15.7M 211.0K shares
Platt Investment Counsel, LLC RIA/Wealth	$9.2M 124.4K shares
Northern Financial Advisors Inc RIA/Wealth	$5.3M 71.1K shares
Siligmueller & Norvid Wealth Advisors LLC RIA/Wealth	$5.2M 69.7K shares
N Nearwater Capital Markets, Ltd Institution	$4.0M 54.4K shares
Harpswell Capital Advisors, LLC Fund of Funds	$3.8M 50.5K shares
V Vise Technologies, Inc. Institution	$2.5M 34.3K shares

Exited Positions

Institution	Previous Position
Kingstone Capital Partners Texas, LLC RIA/Wealth	$36.4M 494.4K shares
E EXCHANGE TRADED CONCEPTS, LLC Institution	$29.2M 397.2K shares
XML Financial, LLC RIA/Wealth	$21.6M 293.2K shares
TEXAS TREASURY SAFEKEEPING TRUST CO Fund of Funds	$15.9M 215.6K shares
L Laurel Wealth Advisors LLC RIA/Wealth	$10.8M 147.0K shares
O OLD MISSION CAPITAL LLC Institution	$8.8M 119.9K shares
P PFW Advisors LLC RIA/Wealth	$6.0M 81.5K shares
Dynasty Wealth Management, LLC Fund of Funds	$5.7M 76.9K shares
Herold Advisors, Inc. RIA/Wealth	$4.8M 64.6K shares
Marmo Financial Group, LLC RIA/Wealth	$4.7M 63.7K shares

Options Activity

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

Call Positions: 4
Call Value: $6.9M
Put Positions: 2
Put Value: $1.5M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$4.6M 618.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$1.2M 159.0 contracts
J JANE STREET GROUP, LLC Institution	$654.5K 88.0 contracts
W WOLVERINE TRADING, LLC Institution	$439.0K 59.0 contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$1.1M 148.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$364.4K 49.0 contracts

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
N New Jersey Better Educational Savings Trust Institution	-	47.07% $27.8M	373.4K shares	Q3 2025 Held for 2 months	$59.0M
D Diana Davis Spencer Foundation Institution	-	40.24% $119.6M	1.6M shares	Q4 2014 Held for 10y 11m	$297.2M
Sherwood Financial Partners, LLC RIA/Wealth	Hannah Elizabeth Oaks Boundy Managing Partner	31.14% $35.7M	480.0K shares	Q4 2024 Held for 11 months	$114.6M
A Arizona PSPRS Trust Institution	-	24.97% $726.1M	9.7M shares	Q2 2024 Held for 1y 5m	$2.9B
FIDELIS iM, LLC RIA/Wealth	Keegan Jay Denn President	24.26% $28.1M	378.1K shares	Q3 2021 Held for 4y 2m	$115.9M
MCMORGAN & CO LLC Fund of Funds	John F. Scott Santaguida CEO	22.42% $143.2M	1.9M shares	Q3 2021 Held for 4y 2m	$638.8M
C CBIZ Investment Advisory Services, LLC RIA/Wealth	James Andrew King President	22.17% $566.1M	7.6M shares	Q4 2019 Held for 5y 11m	$2.6B
HORIZON BANCORP INC /IN/ RIA/Wealth	James David Pattie President	21.55% $44.9M	603.6K shares	Q4 2022 Held for 2y 11m	$208.3M
BLUESTEM FINANCIAL ADVISORS, LLC RIA/Wealth	Jacob Daniel Kuebler President	21.50% $54.9M	738.8K shares	Q4 2019 Held for 5y 11m	$255.5M
Silver Oak Advisory Group, Inc. RIA/Wealth	Jessica Marie Howe President	21.01% $43.5M	585.3K shares	Q4 2021 Held for 3y 11m	$207.2M

Hedge Fund Spotlight

Discover hedge funds investing in BND

SELDON CAPITAL LP

Hedge Fund • Multi-Strategy

Portfolio ManagerMatthew A Fong

Portfolio Value: $284.5M
Positions: 70
Last Reported: Q3 2025

Sector Allocation

Position in Vanguard Total Bond Market

Market Value: $1.6M
Shares Held: 21.6K
Portfolio Weight: 0.56%
Owned Since: 2021-Q4

Top Holding	Sector	Market Value	Weight
1 Talen Energy Corporation TLN	Unknown Unknown	$30.1M	10.59%
2 Vanguard Total World Stock VT	ETF ETF	$29.4M	10.32%
3 Celestica CLS	Hardware, Equipment & Parts Technology	$27.6M	9.69%