Vanguard Materials

VAW • ARCA

Vanguard Materials is an exchange-traded fund on ARCA. As of Q3 2025, 347 institutional investors hold shares in this ETF, with total holdings valued at $1.2B. BANK OF AMERICA CORP /DE/ is the largest holder with a position valued at $290.3M.

Overview

Overview of institutional ownership in VAW as of Q3 2025

All Institutions

Institutions: 347
Value Held: $1.2B
Shares Held: 6.3M
Avg Position: $3.6M
Median Position: $420.2K

Hedge Funds

Hedge Funds: 4
Value Held: $4.0M
Shares Held: 19.3K
Avg Position: $988.9K
Median Position: $607.5K

Biggest Investors

Institutions with the largest positions in VAW as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
BANK OF AMERICA CORP /DE/ Institution	Brian T. Moynihan CEO	$290.3M 0.02% of portfolio	1.4M shares	Q4 2022 Held for 2y 11m	$1.33T
Beacon Capital Management, Inc. RIA/Wealth	Emily Marlene Damman President	$112.4M 5.37% of portfolio	548.8K shares	Q4 2022 Held for 2y 11m	$2.1B
Empower Advisory Group, LLC RIA/Wealth	Jonathan David Kreider CEO	$71.3M 0.20% of portfolio	348.0K shares	Q1 2023 Held for 2y 8m	$36.1B
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$60.6M 0.00% of portfolio	295.6K shares	Q4 2022 Held for 2y 11m	$1.65T
L LPL Financial LLC Institution	-	$59.1M 0.02% of portfolio	288.4K shares	Q4 2022 Held for 2y 11m	$340.07B
ENVESTNET ASSET MANAGEMENT INC Long Only Manager	Christopher Russell Todd CEO	$55.9M 0.02% of portfolio	272.7K shares	Q4 2022 Held for 2y 11m	$341.99B
M MANUFACTURERES LIFE INSURANCE CO Institution	-	$53.7M 0.04% of portfolio	262.2K shares	Q2 2022 Held for 3y 5m	$120.17B
WELLS FARGO & COMPANY/MN Institution	Charles W. Scharf CEO	$50.7M 0.01% of portfolio	247.6K shares	Q4 2022 Held for 2y 11m	$488.50B
RAYMOND JAMES FINANCIAL INC RIA/Wealth	Steven Robert Marcus CEO	$33.2M 0.01% of portfolio	162.2K shares	Q4 2024 Held for 11 months	$310.43B
Green Harvest Asset Management LLC Long Only Manager	Stuart Sherman Parker CEO	$30.0M 0.46% of portfolio	146.7K shares	Q4 2022 Held for 2y 11m	$6.5B

Net Capital Flow

Institutional buying and selling activity for VAW in Q3 2025

Traded: +$65.3M
Buyers: 144
Sellers: 136
Total Bought: +$113.2M
Total Sold: −$47.9M
Avg Position: $3.3M

Biggest Buyers

Institution	Net Bought	Current Position
Beacon Capital Management, Inc. RIA/Wealth	+$18.0M +87.7K shares	$112.4M 548.8K shares
L LPL Financial LLC Institution	+$13.4M +65.3K shares	$59.1M 288.4K shares
ENVESTNET ASSET MANAGEMENT INC Long Only Manager	+$10.6M +51.9K shares	$55.9M 272.7K shares
RAYMOND JAMES FINANCIAL INC RIA/Wealth	+$8.8M +43.0K shares	$33.2M 162.2K shares
Cetera Investment Advisers RIA/Wealth	+$5.4M +26.2K shares	$23.7M 115.7K shares
Lido Advisors, LLC RIA/Wealth	+$5.0M +24.6K shares	$14.5M 70.8K shares
MERCER GLOBAL ADVISORS INC /ADV RIA/Wealth	+$4.6M +22.3K shares	$5.0M 24.2K shares
MML INVESTORS SERVICES, LLC RIA/Wealth	+$4.4M +2.0K shares	$4.4M 21.5K shares
Richmond Brothers, Inc. RIA/Wealth	+$3.5M +17.0K shares	$7.2M 34.9K shares
BANK OF AMERICA CORP /DE/ Institution	+$3.4M +16.4K shares	$290.3M 1.4M shares

Biggest Sellers

Institution	Net Sold	Current Position
C CI Private Wealth, LLC RIA/Wealth	−$12.9M −63.1K shares	$2.1M 10.4K shares
TrueWealth Financial Partners RIA/Wealth	−$6.2M −30.2K shares	$2.9M 14.1K shares
M MANUFACTURERES LIFE INSURANCE CO Institution	−$4.7M −22.8K shares	$53.7M 262.2K shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	−$2.4M −11.9K shares	$1.0M 5.1K shares
PARK NATIONAL CORP /OH/ Institution	−$2.4M −11.5K shares	$7.5M 36.6K shares
Envestnet Portfolio Solutions, Inc. Long Only Manager	−$1.9M −9.8K shares	Sold Off 0 shares
WELLS FARGO & COMPANY/MN Institution	−$1.8M −8.6K shares	$50.7M 247.6K shares
B BNP PARIBAS ARBITRAGE, SA Institution	−$1.4M −6.7K shares	$4.0M 19.7K shares
N NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Institution	−$968.6K −4.7K shares	$8.0M 38.9K shares
Ameritas Advisory Services, LLC RIA/Wealth	−$889.3K −4.3K shares	$273.2K 1.3K shares

Entry and Exit Activity

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

New Positions: 26
New Value: $8.3M
Exited Positions: 29
Exited Value: $5.5M

New Positions

Institution	Position Value
MML INVESTORS SERVICES, LLC RIA/Wealth	$4.4M 21.5K shares
Wolff Financial Management LLC RIA/Wealth	$849.9K 4.1K shares
N NWAM LLC Institution	$754.7K 3.7K shares
H HB Wealth Management, LLC Institution	$319.2K 1.6K shares
AQR CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	$302.0K 1.5K shares
Fountainhead AM, LLC RIA/Wealth	$252.2K 1.2K shares
O One Capital Management, LLC RIA/Wealth	$225.3K 1.1K shares
IEQ CAPITAL, LLC RIA/Wealth	$224.2K 1.1K shares
BIP Wealth, LLC RIA/Wealth	$220.6K 1.1K shares
Smith, Salley & Associates RIA/Wealth	$204.9K 1.0K shares

Exited Positions

Institution	Previous Position
Envestnet Portfolio Solutions, Inc. Long Only Manager	$1.9M 9.8K shares
G GTS SECURITIES LLC Institution	$531.3K 2.7K shares
SRS Capital Advisors, Inc. RIA/Wealth	$513.8K 2.6K shares
Eqis Capital Management, Inc. RIA/Wealth	$335.4K 1.7K shares
Independent Advisor Alliance RIA/Wealth	$304.6K 1.6K shares
WSFS CAPITAL MANAGEMENT, LLC RIA/Wealth	$297.3K 1.5K shares
HONKAMP KRUEGER FINANCIAL SERVICES INC /ADV RIA/Wealth	$277.6K 1.4K shares
Bank of New York Mellon Corp Institution	$257.8K 1.3K shares
Checchi Capital Advisers, LLC RIA/Wealth	$223.5K 1.1K shares
A American Trust Institution	$220.3K 1.1K shares

Options Activity

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

Call Positions: 2
Call Value: $880.9K
Put Positions: 0
Put Value: -

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$635.1K 31.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$245.8K 12.0 contracts

Put Positions

Institution	Position Value
No put positions found

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
Beacon Capital Management, Inc. RIA/Wealth	Emily Marlene Damman President	5.37% $112.4M	548.8K shares	Q4 2022 Held for 2y 11m	$2.1B
Richmond Brothers, Inc. RIA/Wealth	Matthew Jeremy Curfman President	4.52% $7.2M	34.9K shares	Q3 2024 Held for 1y 2m	$158.4M
T Tranquilli Financial Advisor LLC RIA/Wealth	Louis Tranquilli Member	2.09% $3.5M	17.2K shares	Q4 2022 Held for 2y 11m	$168.9M
S Strengthening Families & Communities, LLC Institution	-	1.97% $8.7M	42.6K shares	Q1 2025 Held for 8 months	$444.6M
Hershey Financial Advisers, LLC RIA/Wealth	Matthew Dawson Berry Partner	1.51% $1.8M	8.6K shares	Q2 2025 Held for 5 months	$116.7M
TrueWealth Financial Partners RIA/Wealth	Patrick Bruce Severson Managing Partner	1.48% $2.9M	14.1K shares	Q4 2022 Held for 2y 11m	$196.0M
Sagace Wealth Management LLC RIA/Wealth	Dodd Marvel Disler CEO	1.38% $2.0M	9.9K shares	Q2 2024 Held for 1y 5m	$146.8M
S Silver Coast Investments LLC Institution	-	1.16% $3.4M	16.4K shares	Q4 2023 Held for 1y 11m	$291.1M
Buska Wealth Management, LLC RIA/Wealth	Kailey Elizabeth Berendsen President	1.01% $3.4M	16.4K shares	Q1 2024 Held for 1y 8m	$332.8M
Vickerman Investment Advisors, Inc. RIA/Wealth	Michael James Vickerman President	0.95% $4.7M	23.0K shares	Q4 2022 Held for 2y 11m	$494.5M

Hedge Fund Spotlight

Discover hedge funds investing in VAW

Quantinno Capital Management LP

Hedge Fund • Market Neutral

Portfolio ManagerHoon Nmn Kim

Portfolio Value: $36.6B
Positions: 2,911
Last Reported: Q3 2025

Sector Allocation

Position in Vanguard Materials

Market Value: $2.5M
Shares Held: 12.1K
Portfolio Weight: 0.01%
Owned Since: 2024-Q2

Top Holding	Sector	Market Value	Weight
1 Nvidia NVDA	Semiconductors Technology	$2.1B	5.71%
2 Apple AAPL	Consumer Electronics Technology	$1.9B	5.06%
3 Microsoft MSFT	Software - Infrastructure Technology	$1.4B	3.93%