Vanguard Long-Term Corporate Bond

VCLT • NASDAQ

Vanguard Long-Term Corporate Bond is an exchange-traded fund on NASDAQ. As of Q3 2025, 332 institutional investors hold shares in this ETF, with total holdings valued at $4.0B. MORGAN STANLEY is the largest holder with a position valued at $664.7M.

Overview

Overview of institutional ownership in VCLT as of Q3 2025

All Institutions

Institutions: 332
Value Held: $4.0B
Shares Held: 51.9M
Avg Position: $12.1M
Median Position: $887.2K

Hedge Funds

Hedge Funds: 3
Value Held: $119.6M
Shares Held: 1.5M
Avg Position: $39.9M
Median Position: $25.2M

Biggest Investors

Institutions with the largest positions in VCLT as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$664.7M 0.04% of portfolio	8.6M shares	≤ Q2 2013 Held for 12y 5m+	$1.65T
S State of Tennessee, Treasury Department Institution	-	$223.3M 0.74% of portfolio	2.9M shares	Q1 2015 Held for 10y 8m	$30.1B
M Meiji Yasuda Life Insurance Co Institution	-	$220.0M 6.33% of portfolio	2.8M shares	Q3 2020 Held for 5y 2m	$3.5B
BANK OF AMERICA CORP /DE/ Institution	Brian T. Moynihan CEO	$211.9M 0.02% of portfolio	2.7M shares	≤ Q2 2013 Held for 12y 5m+	$1.33T
A Allianz Investment Management U.S. LLC Institution	-	$187.6M 7.17% of portfolio	2.4M shares	Q1 2021 Held for 4y 8m	$2.6B
C COUNTRY TRUST BANK Institution	-	$150.1M 3.28% of portfolio	1.9M shares	Q3 2025 Held for 2 months	$4.6B
WELLS FARGO & COMPANY/MN Institution	Charles W. Scharf CEO	$129.1M 0.03% of portfolio	1.7M shares	≤ Q2 2013 Held for 12y 5m+	$488.50B
V Varma Mutual Pension Insurance Co Institution	-	$124.2M 0.95% of portfolio	1.6M shares	Q4 2024 Held for 11 months	$13.1B
NORTHWESTERN MUTUAL INVESTMENT MANAGEMENT COMPANY, LLC Insurance Manager	Thomas David Zale President	$94.3M 1.36% of portfolio	1.2M shares	Q2 2025 Held for 5 months	$6.9B
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	Dan Michael Berkovitz Chairman	$94.1M 0.08% of portfolio	1.2M shares	Q3 2025 Held for 2 months	$121.98B

Net Capital Flow

Institutional buying and selling activity for VCLT in Q3 2025

Traded: −$7.5B
Buyers: 195
Sellers: 123
Total Bought: +$863.0M
Total Sold: −$8.4B
Avg Position: $11.1M

Biggest Buyers

Institution	Net Bought	Current Position
MORGAN STANLEY RIA/Wealth	+$251.2M +3.2M shares	$664.7M 8.6M shares
C COUNTRY TRUST BANK Institution	+$150.1M +1.9M shares	$150.1M 1.9M shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$94.1M +1.2M shares	$94.1M 1.2M shares
NORTHWESTERN MUTUAL INVESTMENT MANAGEMENT COMPANY, LLC Insurance Manager	+$73.0M +940.1K shares	$94.3M 1.2M shares
J JANE STREET GROUP, LLC Institution	+$29.4M +378.6K shares	$48.9M 629.4K shares
BANK OF AMERICA CORP /DE/ Institution	+$26.4M +339.8K shares	$211.9M 2.7M shares
G GREENLEAF TRUST Institution	+$18.4M +236.8K shares	$18.4M 236.8K shares
TORCHMARK CORP Institution	+$17.9M +230.0K shares	$54.7M 704.5K shares
CWM, LLC RIA/Wealth	+$16.4M +210.8K shares	$16.4M 211.8K shares
Kestra Advisory Services, LLC RIA/Wealth	+$13.9M +178.7K shares	$14.4M 185.8K shares

Biggest Sellers

Institution	Net Sold	Current Position
Gallagher Fiduciary Advisors, LLC Pension/Endowment	−$4.6B −59.0M shares	$24.9M 320.2K shares
P PRUDENTIAL PLC Institution	−$3.1B −40.4M shares	Sold Off 0 shares
SCHWAB CHARLES INVESTMENT MANAGEMENT INC Long Only Manager	−$172.7M −2.3M shares	Sold Off 0 shares
CITIGROUP INC Institution	−$103.4M −1.3M shares	$2.0M 25.1K shares
STATE STREET CORP Institution	−$85.1M −1.1M shares	Sold Off 0 shares
Wright Fund Managment, LLC Long Only Manager	−$76.5M −985.1K shares	$26.6M 342.6K shares
B BNP PARIBAS ARBITRAGE, SA Institution	−$62.4M −803.0K shares	$7.7M 99.7K shares
C Capitolis Liquid Global Markets LLC Private Equity	−$50.9M −670.5K shares	Sold Off 0 shares
Angeles Investment Advisors, LLC Fund of Funds	−$39.2M −505.1K shares	$85.5M 1.1M shares
TORONTO DOMINION BANK Institution	−$15.2M −200.0K shares	Sold Off 0 shares

Entry and Exit Activity

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

New Positions: 24
New Value: $192.0M
Exited Positions: 31
Exited Value: $3.4B

New Positions

Institution	Position Value
C COUNTRY TRUST BANK Institution	$150.1M 1.9M shares
G GREENLEAF TRUST Institution	$18.4M 236.8K shares
MONETA GROUP INVESTMENT ADVISORS LLC RIA/Wealth	$7.1M 91.2K shares
S Silphium Asset Management Ltd Institution	$6.2M 80.0K shares
ALESCO ADVISORS LLC RIA/Wealth	$2.4M 30.7K shares
WJ Financial Advisors LLC RIA/Wealth	$1.8M 22.6K shares
E Equity Wealth Partners, LLC RIA/Wealth	$977.9K 12.6K shares
PARK AVENUE SECURITIES LLC RIA/Wealth	$757.9K 9.8K shares
We Are One Seven, LLC RIA/Wealth	$660.8K 8.5K shares
Tandem Financial, LLC RIA/Wealth	$647.8K 8.3K shares

Exited Positions

Institution	Previous Position
P PRUDENTIAL PLC Institution	$3.1B 40.4M shares
SCHWAB CHARLES INVESTMENT MANAGEMENT INC Long Only Manager	$172.7M 2.3M shares
STATE STREET CORP Institution	$85.1M 1.1M shares
C Capitolis Liquid Global Markets LLC Private Equity	$50.9M 670.5K shares
TORONTO DOMINION BANK Institution	$15.2M 200.0K shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$9.9M 131.0K shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$5.9M 77.7K shares
Moran Wealth Management, LLC RIA/Wealth	$2.9M 38.9K shares
Simplicity Wealth,LLC RIA/Wealth	$2.6M 33.7K shares
Tide Cove Capital Partners LLC RIA/Wealth	$2.3M 31.3K shares

Options Activity

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

Call Positions: 3
Call Value: $15.5M
Put Positions: 3
Put Value: $10.3M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$12.4M 1.6K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$2.1M 273.0 contracts
W WOLVERINE TRADING, LLC Institution	$996.1K 128.0 contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$7.3M 939.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$2.0M 258.0 contracts
W WOLVERINE TRADING, LLC Institution	$1.0M 134.0 contracts

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
Employees' Retirement Fund of the City of Fort Worth RIA/Wealth	Sanjiv Kumar Founder	20.39% $37.6M	484.1K shares	Q4 2022 Held for 2y 11m	$184.3M
NYL Investors LLC Insurance Manager	Anthony Ramsey Malloy CEO	16.81% $48.9M	629.9K shares	Q1 2018 Held for 7y 8m	$290.9M
TORCHMARK CORP Institution	Mark S. McAndrew CEO	13.67% $54.7M	704.5K shares	Q3 2023 Held for 2y 2m	$400.2M
D Diana Davis Spencer Foundation Institution	-	12.05% $35.8M	461.0K shares	Q4 2014 Held for 10y 11m	$297.2M
D DOW CHEMICAL CO /DE/ Institution	-	9.38% $24.5M	315.8K shares	Q2 2024 Held for 1y 5m	$261.5M
S SWAN Capital LLC RIA/Wealth	Andrew Scott Mcnair CCO	8.26% $20.4M	262.3K shares	Q3 2023 Held for 2y 2m	$246.6M
A Allianz Investment Management U.S. LLC Institution	-	7.17% $187.6M	2.4M shares	Q1 2021 Held for 4y 8m	$2.6B
LeConte Wealth Management, LLC RIA/Wealth	Kevin A. Painter Managing Partner	6.87% $10.3M	132.4K shares	Q1 2025 Held for 8 months	$149.7M
Davidson Capital Management Inc. RIA/Wealth	John Kyle Davidson President	6.39% $28.6M	368.5K shares	Q4 2024 Held for 11 months	$447.6M
M Meiji Yasuda Life Insurance Co Institution	-	6.33% $220.0M	2.8M shares	Q3 2020 Held for 5y 2m	$3.5B