Vanguard Dividend Appreciation

VIG • XNYS

Vanguard Dividend Appreciation is a publicly traded company on XNYS. As of Q3 2025, 2,175 institutional investors hold shares in this company, with total holdings valued at $42.4B. BANK OF AMERICA CORP /DE/ is the largest holder with a position valued at $4.6B.

Overview

Overview of institutional ownership in VIG as of Q3 2025

All Institutions

Institutions: 2,175
Value Held: $42.4B
Shares Held: 196.5M
Avg Position: $19.5M
Median Position: $1.2M

Hedge Funds

Hedge Funds: 23
Value Held: $131.9M
Shares Held: 611.1K
Avg Position: $5.7M
Median Position: $1.2M

Biggest Investors

Institutions with the largest positions in VIG 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	$4.6B 0.34% of portfolio	0.00% 21.3M shares	Q4 2022 Held for 2y 11m	$1.33T
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$2.7B 0.16% of portfolio	0.00% 12.5M shares	Q4 2022 Held for 2y 11m	$1.65T
WELLS FARGO & COMPANY/MN Institution	Charles W. Scharf CEO	$2.3B 0.47% of portfolio	0.00% 10.6M shares	Q4 2022 Held for 2y 11m	$488.61B
VANGUARD GROUP INC Institution	Salim Ramji CEO	$2.3B 0.03% of portfolio	0.00% 10.6M shares	Q4 2022 Held for 2y 11m	$6.69T
Wealthfront Advisers LLC RIA/Wealth	Andrew Samuel Rachleff CEO	$2.1B 4.86% of portfolio	0.00% 9.6M shares	Q4 2022 Held for 2y 11m	$42.6B
L LPL Financial LLC Institution	-	$1.5B 0.44% of portfolio	0.00% 6.9M shares	Q4 2022 Held for 2y 11m	$340.07B
UBS Group AG Institution	Sergio P. Ermotti CEO	$1.4B 0.27% of portfolio	0.00% 6.3M shares	Q4 2022 Held for 2y 11m	$511.54B
H HB Wealth Management, LLC Institution	-	$1.2B 8.00% of portfolio	0.00% 5.5M shares	Q4 2022 Held for 2y 11m	$14.7B
RAYMOND JAMES FINANCIAL INC RIA/Wealth	Steven Robert Marcus CEO	$1.1B 0.37% of portfolio	0.00% 5.3M shares	Q4 2024 Held for 11 months	$310.43B
JPMORGAN CHASE & CO Institution	Jamie Dimon CEO	$672.6M 0.04% of portfolio	0.00% 3.1M shares	Q1 2023 Held for 2y 8m	$1.56T

Net Capital Flow

Institutional buying and selling activity for VIG in Q3 2025

Net Flow: +$547.1M
Buyers: 873
Sellers: 846
Total Bought: +$1.6B
Total Sold: −$1.0B
Avg Position: $20.0M

Biggest Buyers

Institution	Net Bought	Current Position
C CI Private Wealth, LLC RIA/Wealth	+$159.3M +738.3K shares	$339.6M 1.6M shares
Diversified Enterprises, LLC RIA/Wealth	+$137.8M +638.5K shares	$138.2M 640.3K shares
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	+$134.7M +624.3K shares	$134.7M 624.3K shares
Wealthfront Advisers LLC RIA/Wealth	+$108.4M +502.5K shares	$2.1B 9.6M shares
L LPL Financial LLC Institution	+$79.5M +368.4K shares	$1.5B 6.9M shares
MERCER GLOBAL ADVISORS INC /ADV RIA/Wealth	+$64.9M +300.6K shares	$166.4M 771.3K shares
H HB Wealth Management, LLC Institution	+$63.2M +295.7K shares	$1.2B 5.5M shares
A Advisor Group Holdings, Inc. Institution	+$49.9M +233.7K shares	$390.9M 1.8M shares
Cetera Investment Advisers RIA/Wealth	+$46.7M +216.6K shares	$262.5M 1.2M shares
PFG Advisors RIA/Wealth	+$33.9M +157.1K shares	$33.9M 157.1K shares

Biggest Sellers

Institution	Net Sold	Current Position
PRUDENTIAL FINANCIAL INC Institution	−$292.8M −1.4M shares	$585.0M 2.7M shares
A Accredited Wealth Management, LLC RIA/Wealth	−$55.4M −23.0K shares	$5.4M 2.2K shares
UBS Group AG Institution	−$48.3M −224.0K shares	$1.4B 6.3M shares
M Mosaic Advisors LLC Family Office	−$36.8M −170.5K shares	$3.7M 17.4K shares
Pathstone Holdings, LLC Family Office	−$32.5M −150.6K shares	$47.3M 219.1K shares
MORGAN STANLEY RIA/Wealth	−$31.9M −148.0K shares	$2.7B 12.5M shares
Resonant Capital Advisors, LLC RIA/Wealth	−$31.5M −145.4K shares	$26.8M 123.9K shares
ENVESTNET ASSET MANAGEMENT INC Long Only Manager	−$20.1M −93.2K shares	$490.8M 2.3M shares
WELLS FARGO & COMPANY/MN Institution	−$18.7M −86.5K shares	$2.3B 10.6M shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	−$16.7M −77.2K shares	$6.8M 31.4K shares

Entry and Exit Activity

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

New Positions: 86
New Value: $233.5M
Exited Positions: 56
Exited Value: $26.6M

New Positions

Institution	Position Value
MML INVESTORS SERVICES, LLC RIA/Wealth	$126.3M 585.3K shares
Wharton Business Group, LLC RIA/Wealth	$24.5M 113.7K shares
San Luis Wealth Advisors LLC RIA/Wealth	$10.1M 47.0K shares
FIRST HORIZON NATIONAL CORP RIA/Wealth	$10.0M 46.5K shares
F FORMULATE FINANCIAL LLC RIA/Wealth	$9.2M 42.5K shares
S Scott & Selber, Inc. RIA/Wealth	$6.1M 28.5K shares
F Financial Engines Advisors L.L.C. Institution	$4.5M 21.0K shares
S STEINBERGANNA WEALTH MANAGEMENT RIA/Wealth	$4.0M 18.5K shares
NBC SECURITIES, INC. RIA/Wealth	$2.7M 12.7K shares
Landmark Wealth Management, LLC RIA/Wealth	$2.7M 12.6K shares

Exited Positions

Institution	Previous Position
Divergent Planning, LLC RIA/Wealth	$5.2M 25.6K shares
Eldridge Investment Advisors, Inc. RIA/Wealth	$2.3M 11.4K shares
Blue Edge Capital, LLC RIA/Wealth	$2.1M 10.4K shares
Arlington Partners LLC RIA/Wealth	$1.6M 8.0K shares
Advisor Resource Council RIA/Wealth	$1.6M 8.0K shares
Siligmueller & Norvid Wealth Advisors LLC RIA/Wealth	$1.3M 6.1K shares
NOVUS ADVISORS, LLC RIA/Wealth	$1.2M 5.8K shares
F Fund Evaluation Group, LLC Institution	$909.1K 4.4K shares
AlphaStar Capital Management, LLC RIA/Wealth	$780.6K 3.8K shares
S SMITH CHAS P & ASSOCIATES PA CPAS Institution	$740.9K 3.6K shares

Options Activity

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

Call Positions: 4
Call Value: $104.5M
Put Positions: 4
Put Value: $22.5M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$65.9M 3.1K contracts
J JANE STREET GROUP, LLC Institution	$17.9M 828.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$17.6M 817.0 contracts
W WOLVERINE TRADING, LLC Institution	$3.1M 145.0 contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$14.4M 668.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$5.2M 241.0 contracts
J JANE STREET GROUP, LLC Institution	$2.5M 115.0 contracts
W WOLVERINE TRADING, LLC Institution	$364.8K 17.0 contracts

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
Hubbell Strickland Wealth Management, LLC RIA/Wealth	Carson Wayne Strickland CCO	30.77% $74.8M	0.00% 346.6K shares	Q4 2022 Held for 2y 11m	$243.0M
360 Financial, Inc. RIA/Wealth	Michael Anthony Rogers President	24.96% $77.6M	0.00% 359.6K shares	Q4 2022 Held for 2y 11m	$310.9M
Frazier Financial Advisors, LLC RIA/Wealth	Joshua James Frazier CEO	24.81% $40.3M	0.00% 186.7K shares	Q4 2023 Held for 1y 11m	$162.4M
T Trust Point Inc. Institution	-	20.77% $257.2M	0.00% 1.2M shares	Q4 2023 Held for 1y 11m	$1.2B
P Prodigy Asset Management LLC Institution	-	19.63% $36.7M	0.00% 170.0K shares	Q4 2024 Held for 11 months	$186.9M
McCarthy Asset Management, Inc. RIA/Wealth	Stephen Peter Mccarthy President	17.00% $26.5M	0.00% 122.7K shares	Q4 2022 Held for 2y 11m	$155.8M
GEN Financial Management, INC. RIA/Wealth	Eric Craig Moleski President	16.78% $19.5M	0.00% 90.1K shares	Q4 2024 Held for 11 months	$116.0M
K KITCHING PARTNERS, LLC RIA/Wealth	Stephen Richard Kitching Managing Partner	16.48% $17.5M	0.00% 80.9K shares	Q4 2023 Held for 1y 11m	$105.9M
KilterHowling LLC RIA/Wealth	William Hopkins Stites Managing Partner	15.64% $28.1M	0.00% 130.2K shares	Q4 2021 Held for 3y 11m	$179.6M
Ariston Services Group RIA/Wealth	Peter Emmanuel Shenas Managing Partner	15.24% $25.3M	0.00% 117.2K shares	Q4 2023 Held for 1y 11m	$165.9M