Vanguard Financials

VFH • ARCA

Vanguard Financials is an exchange-traded fund on ARCA. As of Q3 2025, 685 institutional investors hold shares in this ETF, with total holdings valued at $6.8B. BANK OF AMERICA CORP /DE/ is the largest holder with a position valued at $3.1B.

Overview

Overview of institutional ownership in VFH as of Q3 2025

All Institutions

Institutions: 685
Value Held: $6.8B
Shares Held: 52.1M
Avg Position: $10.0M
Median Position: $562.6K

Hedge Funds

Hedge Funds: 9
Value Held: $96.2M
Shares Held: 734.5K
Avg Position: $10.7M
Median Position: $3.6M

Biggest Investors

Institutions with the largest positions in VFH 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	$3.1B 0.23% of portfolio	23.4M shares	≤ Q2 2013 Held for 12y 5m+	$1.33T
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$468.3M 0.03% of portfolio	3.6M shares	≤ Q2 2013 Held for 12y 5m+	$1.65T
WELLS FARGO & COMPANY/MN Institution	Charles W. Scharf CEO	$234.2M 0.05% of portfolio	1.8M shares	Q3 2019 Held for 6y 2m	$488.50B
UBS Group AG Institution	Sergio P. Ermotti CEO	$230.6M 0.05% of portfolio	1.8M shares	Q4 2014 Held for 10y 11m	$511.54B
Green Harvest Asset Management LLC Long Only Manager	Stuart Sherman Parker CEO	$185.9M 2.85% of portfolio	1.4M shares	Q4 2022 Held for 2y 11m	$6.5B
RAYMOND JAMES FINANCIAL INC RIA/Wealth	Steven Robert Marcus CEO	$152.6M 0.05% of portfolio	1.2M shares	Q4 2024 Held for 11 months	$310.43B
FMR LLC Institution	-	$128.6M 0.01% of portfolio	980.0K shares	Q1 2014 Held for 11y 8m	$1.92T
L LPL Financial LLC Institution	-	$127.4M 0.04% of portfolio	970.9K shares	≤ Q2 2013 Held for 12y 5m+	$340.07B
Beacon Capital Management, Inc. RIA/Wealth	Emily Marlene Damman President	$116.1M 5.55% of portfolio	884.6K shares	Q4 2013 Held for 11y 11m	$2.1B
AMERIPRISE FINANCIAL INC Institution	Jim Cracchiolo CEO	$111.6M 0.03% of portfolio	850.3K shares	≤ Q2 2013 Held for 12y 5m+	$433.11B

Net Capital Flow

Institutional buying and selling activity for VFH in Q3 2025

Traded: −$54.4M
Buyers: 284
Sellers: 256
Total Bought: +$326.9M
Total Sold: −$381.3M
Avg Position: $9.4M

Biggest Buyers

Institution	Net Bought	Current Position
BANK OF AMERICA CORP /DE/ Institution	+$69.1M +526.7K shares	$3.1B 23.4M shares
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	+$27.4M +208.5K shares	$72.8M 554.5K shares
MERCER GLOBAL ADVISORS INC /ADV RIA/Wealth	+$22.7M +173.1K shares	$24.9M 189.4K shares
MORGAN STANLEY RIA/Wealth	+$21.8M +166.1K shares	$468.3M 3.6M shares
A ALLIANZ SE Institution	+$17.9M +136.8K shares	$18.0M 136.8K shares
Lido Advisors, LLC RIA/Wealth	+$15.8M +120.2K shares	$38.7M 294.5K shares
Cetera Investment Advisers RIA/Wealth	+$13.3M +101.2K shares	$58.3M 444.6K shares
L LPL Financial LLC Institution	+$13.1M +100.1K shares	$127.4M 970.9K shares
WELLS FARGO & COMPANY/MN Institution	+$13.0M +99.0K shares	$234.2M 1.8M shares
RAYMOND JAMES FINANCIAL INC RIA/Wealth	+$10.8M +82.2K shares	$152.6M 1.2M shares

Biggest Sellers

Institution	Net Sold	Current Position
Kingstone Capital Partners Texas, LLC RIA/Wealth	−$116.3M −913.6K shares	Sold Off 0 shares
C CI Private Wealth, LLC RIA/Wealth	−$96.4M −734.8K shares	$19.1M 145.4K shares
KCM INVESTMENT ADVISORS LLC RIA/Wealth	−$18.3M −139.6K shares	$26.8M 204.3K shares
Beacon Capital Management, Inc. RIA/Wealth	−$17.0M −129.5K shares	$116.1M 884.6K shares
ENVESTNET ASSET MANAGEMENT INC Long Only Manager	−$14.8M −112.4K shares	$80.2M 611.4K shares
THRIVENT FINANCIAL FOR LUTHERANS Insurance Manager	−$13.5M −106.0K shares	Sold Off 0 shares
THEORY FINANCIAL LLC RIA/Wealth	−$11.8M −92.1K shares	$18.9M 147.1K shares
BABSON CAPITAL MANAGEMENT LLC Insurance Manager	−$11.3M −89.0K shares	Sold Off 0 shares
GENWORTH FINANCIAL WEALTH MANAGEMENT, INC Long Only Manager	−$7.3M −55.6K shares	$2.7M 20.5K shares
UBS Group AG Institution	−$6.0M −46.1K shares	$230.6M 1.8M shares

Entry and Exit Activity

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

New Positions: 20
New Value: $7.0M
Exited Positions: 39
Exited Value: $149.2M

New Positions

Institution	Position Value
C Cubist Systematic Strategies, LLC Institution	$2.6M 19.6K shares
BBR PARTNERS, LLC Family Office	$1.2M 9.2K shares
S Shared Vision Wealth Group LLC RIA/Wealth	$425.6K 3.3K shares
C Cyndeo Wealth Partners, LLC RIA/Wealth	$412.5K 3.1K shares
L Laffer Investments RIA/Wealth	$383.7K 2.9K shares
DOLIVER CAPITAL ADVISORS, INC. RIA/Wealth	$335.8K 2.6K shares
IMS Capital Management RIA/Wealth	$328.1K 2.5K shares
ENDEAVOR PRIVATE WEALTH, INC. RIA/Wealth	$244.7K 1.9K shares
Gateway Wealth Partners, LLC RIA/Wealth	$231.4K 1.8K shares
R RMB Capital Management, LLC RIA/Wealth	$200.0K 1.5K shares

Exited Positions

Institution	Previous Position
Kingstone Capital Partners Texas, LLC RIA/Wealth	$116.3M 913.6K shares
THRIVENT FINANCIAL FOR LUTHERANS Insurance Manager	$13.5M 106.0K shares
BABSON CAPITAL MANAGEMENT LLC Insurance Manager	$11.3M 89.0K shares
E Elevation Capital Advisory, LLC RIA/Wealth	$1.3M 10.1K shares
TUDOR INVESTMENT CORP ET AL Hedge Fund•Multi-Strategy	$956.7K 7.5K shares
SAXON INTERESTS, INC. RIA/Wealth	$859.0K 7.2K shares
Q Quantitative Investment Management, LLC Hedge Fund•Quant Macro	$799.3K 6.3K shares
INTL FCSTONE INC. Institution	$532.9K 4.2K shares
QRG CAPITAL MANAGEMENT, INC. Long Only Manager	$511.4K 4.0K shares
Sentinus, LLC RIA/Wealth	$427.3K 3.4K shares

Options Activity

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

Call Positions: 4
Call Value: $7.9M
Put Positions: 2
Put Value: $905.6K

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$6.5M 493.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$1.1M 83.0 contracts
J JANE STREET GROUP, LLC Institution	$328.1K 25.0 contracts
W WOLVERINE TRADING, LLC Institution	- - contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$485.6K 37.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$420.0K 32.0 contracts

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
THEORY FINANCIAL LLC RIA/Wealth	Ryan Charles Stout Managing Partner	6.91% $18.9M	147.1K shares	Q4 2022 Held for 2y 11m	$273.2M
Marmo Financial Group, LLC RIA/Wealth	Scott Anthony Marmo President	6.52% $13.5M	102.6K shares	Q1 2023 Held for 2y 8m	$206.5M
TIFF ADVISORY SERVICES INC Fund of Funds	Clarence Kane Brenan CEO	5.83% $28.0M	213.5K shares	Q2 2021 Held for 4y 5m	$480.3M
Beacon Capital Management, Inc. RIA/Wealth	Emily Marlene Damman President	5.55% $116.1M	884.6K shares	Q4 2013 Held for 11y 11m	$2.1B
S SEARCY FINANCIAL SERVICES INC /ADV RIA/Wealth	Jessica Ann Kmetty CEO	5.53% $14.6M	110.9K shares	Q1 2025 Held for 8 months	$263.1M
T TRUST CO OF OKLAHOMA Institution	-	5.36% $18.3M	139.3K shares	Q3 2020 Held for 5y 2m	$341.0M
Richmond Brothers, Inc. RIA/Wealth	Matthew Jeremy Curfman President	4.68% $7.4M	56.5K shares	Q3 2024 Held for 1y 2m	$158.4M
A Ayalon Holdings Ltd. Institution	-	4.50% $16.8M	128.1K shares	Q4 2017 Held for 7y 11m	$373.1M
Wheelhouse Advisory Group LLC RIA/Wealth	Rishi Ghosh Managing Partner	4.24% $9.8M	75.0K shares	Q4 2023 Held for 1y 11m	$232.2M
North Forty Two & Co. RIA/Wealth	William Lawrence Ross Founder	4.21% $4.3M	32.8K shares	Q4 2024 Held for 11 months	$102.4M

Hedge Fund Spotlight

Discover hedge funds investing in VFH

HBK Sorce Advisory LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerMatthew Atcheson Leffers

Portfolio Value: $4.1B
Positions: 732
Last Reported: Q3 2025

Sector Allocation

Position in Vanguard Financials

Market Value: $296.5K
Shares Held: 2.3K
Portfolio Weight: 0.01%
Owned Since: 2024-Q1

Top Holding	Sector	Market Value	Weight
1 SCHX Schwab U.S. Large-Cap ETF SCHX	ETF ETF	$897.0M	21.96%
2 VCRB Vanguard Core Bond VCRB	ETF ETF	$680.4M	16.66%
3 Vanguard FTSE Developed Markets VEA	ETF ETF	$464.3M	11.37%

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