Vanguard Mortgage-Backed Securities

VMBS • NASDAQ

Vanguard Mortgage-Backed Securities is an exchange-traded fund on NASDAQ. As of Q3 2025, 610 institutional investors hold shares in this ETF, with total holdings valued at $13.4B. BANK OF AMERICA CORP /DE/ is the largest holder with a position valued at $2.7B.

Overview

Overview of institutional ownership in VMBS as of Q3 2025

All Institutions

Institutions: 610
Value Held: $13.4B
Shares Held: 286.1M
Avg Position: $22.0M
Median Position: $957.5K

Hedge Funds

Hedge Funds: 9
Value Held: $52.3M
Shares Held: 1.1M
Avg Position: $5.8M
Median Position: $692.6K

Biggest Investors

Institutions with the largest positions in VMBS 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	$2.7B 0.20% of portfolio	57.6M shares	≤ Q2 2013 Held for 12y 6m+	$1.33T
JPMORGAN CHASE & CO Institution	Jamie Dimon CEO	$2.4B 0.15% of portfolio	50.9M shares	Q3 2018 Held for 7y 3m	$1.56T
ENVESTNET ASSET MANAGEMENT INC Long Only Manager	Christopher Russell Todd CEO	$1.0B 0.31% of portfolio	22.2M shares	≤ Q2 2013 Held for 12y 6m+	$342.01B
Bank of New York Mellon Corp Institution	Robin Vince CEO	$485.4M 0.09% of portfolio	10.3M shares	Q3 2016 Held for 9y 3m	$556.34B
GENWORTH FINANCIAL WEALTH MANAGEMENT, INC Long Only Manager	Hyun Michael Kim CEO	$415.1M 0.89% of portfolio	8.8M shares	Q3 2013 Held for 12y 3m	$46.5B
WELLS FARGO & COMPANY/MN Institution	Charles W. Scharf CEO	$383.4M 0.08% of portfolio	8.2M shares	≤ Q2 2013 Held for 12y 6m+	$488.52B
MATHER GROUP, INC. RIA/Wealth	Jennifer Alisa Des Groseilliers CEO	$318.3M 3.21% of portfolio	6.8M shares	Q4 2015 Held for 10 years	$9.9B
S STIFEL FINANCIAL CORP Long Only Manager	Adam Vartan Topalian CIO	$294.5M 0.27% of portfolio	6.3M shares	Q1 2014 Held for 11y 9m	$109.37B
L LPL Financial LLC Institution	-	$289.0M 0.08% of portfolio	6.2M shares	≤ Q2 2013 Held for 12y 6m+	$340.07B
RAYMOND JAMES FINANCIAL INC RIA/Wealth	Steven Robert Marcus CEO	$264.3M 0.09% of portfolio	5.6M shares	Q4 2024 Held for 1 year	$310.44B

Net Capital Flow

Institutional buying and selling activity for VMBS in Q3 2025

Traded: +$736.0M
Buyers: 353
Sellers: 220
Total Bought: +$935.3M
Total Sold: −$199.4M
Avg Position: $20.5M

Biggest Buyers

Institution	Net Bought	Current Position
BANK OF AMERICA CORP /DE/ Institution	+$209.8M +4.5M shares	$2.7B 57.6M shares
Angeles Investment Advisors, LLC Fund of Funds	+$90.3M +1.9M shares	$90.3M 1.9M shares
JPMORGAN CHASE & CO Institution	+$58.9M +1.3M shares	$2.4B 50.9M shares
ENVESTNET ASSET MANAGEMENT INC Long Only Manager	+$53.5M +1.1M shares	$1.0B 22.2M shares
WELLS FARGO & COMPANY/MN Institution	+$46.6M +992.3K shares	$383.4M 8.2M shares
W WOODARD & CO ASSET MANAGEMENT GROUP INC /ADV RIA/Wealth	+$32.3M +688.8K shares	$32.4M 688.9K shares
SEVEN MILE ADVISORY RIA/Wealth	+$26.7M +567.6K shares	$26.7M 567.6K shares
S STIFEL FINANCIAL CORP Long Only Manager	+$19.6M +417.1K shares	$294.5M 6.3M shares
Hartland & Co., LLC RIA/Wealth	+$17.6M +374.9K shares	$119.8M 2.6M shares
B Bell State Bank & Trust Institution	+$15.6M +331.9K shares	$36.6M 778.5K shares

Biggest Sellers

Institution	Net Sold	Current Position
$DEUTSCHE BANK AG\ logo$ DEUTSCHE BANK AG\ Institution	−$45.9M −990.0K shares	Sold Off 0 shares
SCHWAB CHARLES INVESTMENT MANAGEMENT INC Long Only Manager	−$38.8M −826.1K shares	$116.0M 2.5M shares
AMERIPRISE FINANCIAL INC Institution	−$22.2M −472.2K shares	$210.9M 4.5M shares
J JANE STREET GROUP, LLC Institution	−$7.7M −167.2K shares	Sold Off 0 shares
F/M Investments LLC ETF Provider	−$6.2M −133.6K shares	Sold Off 0 shares
Simplicity Wealth,LLC RIA/Wealth	−$4.1M −86.2K shares	$4.8M 103.1K shares
Private Advisor Group, LLC RIA/Wealth	−$3.7M −78.6K shares	$11.6M 248.1K shares
F Fisher Asset Management, LLC Institution	−$3.4M −71.8K shares	$970.7K 20.7K shares
RAYMOND JAMES FINANCIAL INC RIA/Wealth	−$2.9M −61.1K shares	$264.3M 5.6M shares
H HSBC HOLDINGS PLC Institution	−$2.8M −59.3K shares	$3.2M 68.6K shares

Entry and Exit Activity

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

New Positions: 30
New Value: $130.3M
Exited Positions: 42
Exited Value: $70.7M

New Positions

Institution	Position Value
Angeles Investment Advisors, LLC Fund of Funds	$90.3M 1.9M shares
SEVEN MILE ADVISORY RIA/Wealth	$26.7M 567.6K shares
Verdence Capital Advisors LLC RIA/Wealth	$3.0M 63.7K shares
LEUCADIA NATIONAL CORP Institution	$2.4M 52.1K shares
Main Street Financial Solutions, LLC RIA/Wealth	$1.6M 33.8K shares
Siligmueller & Norvid Wealth Advisors LLC RIA/Wealth	$1.4M 25.3K shares
BERKSHIRE ASSET MANAGEMENT LLC/PA RIA/Wealth	$1.1M 22.9K shares
A4 Wealth Advisors LLC RIA/Wealth	$722.9K 15.4K shares
BAM Wealth Management, LLC RIA/Wealth	$632.9K 13.5K shares
Investment Research Partners LLC Hedge Fund•Multi-Strategy	$415.9K 8.8K shares

Exited Positions

Institution	Previous Position
$DEUTSCHE BANK AG\ logo$ DEUTSCHE BANK AG\ Institution	$45.9M 990.0K shares
J JANE STREET GROUP, LLC Institution	$7.7M 167.2K shares
F/M Investments LLC ETF Provider	$6.2M 133.6K shares
C Clifford Group, LLC Institution	$1.8M 39.6K shares
True North Advisors, LLC RIA/Wealth	$1.5M 31.4K shares
C Colony Group, LLC Institution	$1.1M 23.2K shares
Financial Advocates Investment Management RIA/Wealth	$741.7K 16.0K shares
Kure Advisory, LLC RIA/Wealth	$635.3K 13.7K shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	$574.7K 12.4K shares
T TWO SIGMA SECURITIES, LLC Institution	$554.9K 12.0K shares

Options Activity

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

Call Positions: 1
Call Value: -
Put Positions: 1
Put Value: -

Call Positions

Institution	Position Value
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	- - contracts

Put Positions

Institution	Position Value
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	- - contracts

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
POWER WEALTH MANAGEMENT LLC RIA/Wealth	Brett Andrew Power President	11.39% $31.3M	666.1K shares	Q4 2023 Held for 2 years	$274.6M
Employees' Retirement Fund of the City of Fort Worth RIA/Wealth	Sanjiv Kumar Founder	9.58% $19.6M	418.2K shares	Q4 2024 Held for 1 year	$204.9M
Sterling Investment Management, Inc. RIA/Wealth	John Harman Payne CIO	9.14% $15.2M	323.9K shares	Q4 2024 Held for 1 year	$166.5M
Bell Investment Advisors, Inc RIA/Wealth	James Frederick Bell Founder	7.69% $47.0M	1.0M shares	Q2 2022 Held for 3y 6m	$611.5M
C Cravens & Co Advisors, LLC Institution	-	6.91% $10.1M	215.5K shares	Q4 2023 Held for 2 years	$146.5M
F Family CFO Inc RIA/Wealth	Annamalai Rajendran CEO	6.46% $14.0M	297.2K shares	Q4 2021 Held for 4 years	$216.0M
Angeles Investment Advisors, LLC Fund of Funds	Howard David Perlow CEO	5.93% $90.3M	1.9M shares	Q3 2025 Held for 3 months	$1.5B
Dynamic Wealth Strategies, LLC RIA/Wealth	Nathan Christopher Ankney Managing Partner	5.51% $8.2M	175.5K shares	Q1 2024 Held for 1y 9m	$149.7M
Windward Private Wealth Management Inc. RIA/Wealth	Andrew Steven Osborne CEO	5.37% $15.6M	331.5K shares	Q4 2020 Held for 5 years	$289.9M
O OneAscent Investment Solutions LLC Long Only Manager	Coleman James Pearson President	5.36% $5.0M	107.1K shares	Q1 2025 Held for 9 months	$93.8M

Hedge Fund Spotlight

Discover hedge funds investing in VMBS

Investment Research Partners LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerMartin Anthony Wildy

Portfolio Value: $222.3M
Positions: 224
Last Reported: Q3 2025

Sector Allocation

Position in Vanguard Mortgage-Backed Securities

Market Value: $415.9K
Shares Held: 8.8K
Portfolio Weight: 0.19%
Owned Since: 2025-Q3

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