Vanguard U.S. Momentum Factor

VFMO • BATS

Vanguard U.S. Momentum Factor is an exchange-traded fund on BATS. As of Q3 2025, 137 institutional investors hold shares in this ETF, with total holdings valued at $630.8M. Comprehensive Portfolio Management, LLC is the largest holder with a position valued at $120.4M.

Overview

Overview of institutional ownership in VFMO as of Q3 2025

All Institutions

Institutions: 137
Value Held: $630.8M
Shares Held: 3.3M
Avg Position: $4.6M
Median Position: $699.3K

Hedge Funds

Hedge Funds: 3
Value Held: $989.6K
Shares Held: 5.2K
Avg Position: $329.9K
Median Position: $233.7K

Biggest Investors

Institutions with the largest positions in VFMO as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
Comprehensive Portfolio Management, LLC RIA/Wealth	William James Artzerounian Managing Partner	$120.4M 2.34% of portfolio	628.4K shares	Q3 2021 Held for 4y 2m	$5.1B
GREAT VALLEY ADVISOR GROUP, INC. RIA/Wealth	James J Spinelli CEO	$65.8M 1.32% of portfolio	343.5K shares	Q1 2023 Held for 2y 8m	$5.0B
WELLS FARGO & COMPANY/MN Institution	Charles W. Scharf CEO	$57.6M 0.01% of portfolio	300.7K shares	Q1 2022 Held for 3y 8m	$488.50B
Strategic Investment Advisors, Inc RIA/Wealth	Alan Remy Leist CEO	$53.7M 2.69% of portfolio	280.3K shares	Q1 2019 Held for 6y 8m	$2.0B
DAVIDSON INVESTMENT ADVISORS Long Only Manager	Lawrence Todd Martinez CEO	$26.8M 1.14% of portfolio	139.8K shares	Q4 2021 Held for 3y 11m	$2.4B
ANDERSON HOAGLAND & CO RIA/Wealth	David C. Anderson Chairman	$22.8M 2.05% of portfolio	119.0K shares	Q4 2020 Held for 4y 11m	$1.1B
S Systelligence, LLC Institution	Kevin Robert Miller Managing Partner	$22.7M 4.31% of portfolio	118.6K shares	Q2 2024 Held for 1y 5m	$527.3M
CABOT MONEY MANAGEMENT INC RIA/Wealth	Robert Tomlinson Lutts Founder	$20.7M 2.30% of portfolio	108.2K shares	Q1 2022 Held for 3y 8m	$901.7M
Empirical Financial Services, LLC RIA/Wealth	Kenneth Robert Smith CEO	$19.9M 0.40% of portfolio	103.9K shares	Q1 2022 Held for 3y 8m	$5.0B
L LPL Financial LLC Institution	-	$19.9M 0.01% of portfolio	103.8K shares	Q3 2020 Held for 5y 2m	$340.07B

Net Capital Flow

Institutional buying and selling activity for VFMO in Q3 2025

Traded: +$4.9M
Buyers: 77
Sellers: 49
Total Bought: +$88.1M
Total Sold: −$83.2M
Avg Position: $4.3M

Biggest Buyers

Institution	Net Bought	Current Position
WELLS FARGO & COMPANY/MN Institution	+$57.5M +299.9K shares	$57.6M 300.7K shares
Comprehensive Portfolio Management, LLC RIA/Wealth	+$5.9M +30.6K shares	$120.4M 628.4K shares
Toroso Investments, LLC ETF Provider	+$4.7M +24.7K shares	$5.6M 29.3K shares
SAGESPRING WEALTH PARTNERS, LLC RIA/Wealth	+$2.1M +11.1K shares	$2.1M 11.1K shares
DAVIDSON INVESTMENT ADVISORS Long Only Manager	+$1.4M +7.5K shares	$26.8M 139.8K shares
W WILEY BROS.-AINTREE CAPITAL, LLC Institution	+$1.2M +6.3K shares	$3.5M 18.4K shares
F Financial Freedom, LLC Institution	+$1.2M +6.1K shares	$2.6M 13.8K shares
PFG Advisors RIA/Wealth	+$1.1M +5.7K shares	$1.1M 5.7K shares
A Advisor Group Holdings, Inc. Institution	+$1.1M +5.8K shares	$3.6M 19.2K shares
IEQ CAPITAL, LLC RIA/Wealth	+$962.9K +5.0K shares	$1.4M 7.5K shares

Biggest Sellers

Institution	Net Sold	Current Position
Cetera Investment Advisers RIA/Wealth	−$43.7M −227.9K shares	$15.9M 83.1K shares
S Systelligence, LLC Institution	−$11.5M −59.9K shares	$22.7M 118.6K shares
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	−$5.1M −29.3K shares	Sold Off 0 shares
BANK OF AMERICA CORP /DE/ Institution	−$4.0M −21.1K shares	$5.2M 27.2K shares
THRIVENT FINANCIAL FOR LUTHERANS Insurance Manager	−$3.7M −21.7K shares	Sold Off 0 shares
Mariner Wealth Advisors, LLC RIA/Wealth	−$1.8M −9.6K shares	$406.2K 2.1K shares
RAYMOND JAMES FINANCIAL INC RIA/Wealth	−$1.8M −9.5K shares	$13.3M 69.2K shares
Financial Partners Group, Inc RIA/Wealth	−$1.7M −8.8K shares	$7.7M 40.4K shares
F FULLCIRCLE WEALTH LLC RIA/Wealth	−$1.4M −8.0K shares	Sold Off 0 shares
Northwest Capital Management Inc RIA/Wealth	−$1.1M −6.5K shares	Sold Off 0 shares

Entry and Exit Activity

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

New Positions: 10
New Value: $4.1M
Exited Positions: 11
Exited Value: $13.8M

New Positions

Institution	Position Value
SAGESPRING WEALTH PARTNERS, LLC RIA/Wealth	$2.1M 11.1K shares
Soltis Investment Advisors LLC RIA/Wealth	$736.0K 3.8K shares
Signal Advisors Wealth, LLC RIA/Wealth	$361.9K 1.9K shares
Virtus Family Office LLC Family Office	$346.2K 1.8K shares
KESTRA PRIVATE WEALTH SERVICES, LLC RIA/Wealth	$211.9K 1.1K shares
S STIFEL FINANCIAL CORP Long Only Manager	$210.0K 1.1K shares
V Versant Capital Management, Inc RIA/Wealth	$27.0K 141.0 shares
T Tidemark, LLC RIA/Wealth	$19.9K 104.0 shares
Cloud Capital Management, LLC RIA/Wealth	$12.5K 65.0 shares
Quent Capital, LLC Hedge Fund•Long/Short	$2.9K 15.0 shares

Exited Positions

Institution	Previous Position
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	$5.1M 29.3K shares
THRIVENT FINANCIAL FOR LUTHERANS Insurance Manager	$3.7M 21.7K shares
F FULLCIRCLE WEALTH LLC RIA/Wealth	$1.4M 8.0K shares
Northwest Capital Management Inc RIA/Wealth	$1.1M 6.5K shares
CWM, LLC RIA/Wealth	$1.1M 6.5K shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$654.7K 3.8K shares
J JANE STREET GROUP, LLC Institution	$364.4K 2.1K shares
Belpointe Asset Management LLC RIA/Wealth	$218.7K 1.3K shares
S SIMPLEX TRADING, LLC Institution	$71.1K 412.0 shares
Transce3nd, LLC RIA/Wealth	$35.0K 203.0 shares

Options Activity

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

Call Positions: 0
Call Value: -
Put Positions: 0
Put Value: -

Call Positions

Institution	Position Value
No call positions found

Put Positions

Institution	Position Value
No put positions found

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
S Systelligence, LLC Institution	Kevin Robert Miller Managing Partner	4.31% $22.7M	118.6K shares	Q2 2024 Held for 1y 5m	$527.3M
Strategic Investment Advisors, Inc RIA/Wealth	Alan Remy Leist CEO	2.69% $53.7M	280.3K shares	Q1 2019 Held for 6y 8m	$2.0B
Comprehensive Portfolio Management, LLC RIA/Wealth	William James Artzerounian Managing Partner	2.34% $120.4M	628.4K shares	Q3 2021 Held for 4y 2m	$5.1B
CABOT MONEY MANAGEMENT INC RIA/Wealth	Robert Tomlinson Lutts Founder	2.30% $20.7M	108.2K shares	Q1 2022 Held for 3y 8m	$901.7M
ANDERSON HOAGLAND & CO RIA/Wealth	David C. Anderson Chairman	2.05% $22.8M	119.0K shares	Q4 2020 Held for 4y 11m	$1.1B
LINCOLN CAPITAL CORP RIA/Wealth	Brittany Albert Moran President	1.81% $5.0M	26.2K shares	Q2 2023 Held for 2y 5m	$278.1M
A Armbruster Capital Management, Inc. RIA/Wealth	Mark Edward Armbruster CEO	1.56% $9.1M	47.8K shares	Q1 2020 Held for 5y 8m	$587.6M
Wilkins Miller Wealth Management, LLC RIA/Wealth	Greg Alan Bowen CCO	1.35% $2.2M	11.5K shares	Q4 2024 Held for 11 months	$161.5M
GREAT VALLEY ADVISOR GROUP, INC. RIA/Wealth	James J Spinelli CEO	1.32% $65.8M	343.5K shares	Q1 2023 Held for 2y 8m	$5.0B
F Financial Freedom, LLC Institution	-	1.32% $2.6M	13.8K shares	Q4 2024 Held for 11 months	$200.8M

Hedge Fund Spotlight

Discover hedge funds investing in VFMO

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 U.S. Momentum Factor

Market Value: $233.7K
Shares Held: 1.2K
Portfolio Weight: 0.00%
Owned Since: 2025-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%