Vanguard Real Estate

VNQ • ARCA

Vanguard Real Estate is an exchange-traded fund on ARCA. As of Q3 2025, 1,637 institutional investors hold shares in this ETF, with total holdings valued at $19.5B. Empower Advisory Group, LLC is the largest holder with a position valued at $1.4B.

Overview

Overview of institutional ownership in VNQ as of Q3 2025

All Institutions

Institutions: 1,637
Value Held: $19.5B
Shares Held: 213.7M
Avg Position: $11.9M
Median Position: $929.4K

Hedge Funds

Hedge Funds: 22
Value Held: $170.8M
Shares Held: 1.9M
Avg Position: $7.8M
Median Position: $1.2M

Biggest Investors

Institutions with the largest positions in VNQ as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
Empower Advisory Group, LLC RIA/Wealth	Jonathan David Kreider CEO	$1.4B 3.81% of portfolio	15.0M shares	Q1 2023 Held for 2y 8m	$36.1B
Creative Planning RIA/Wealth	Peter Alex Mallouk CEO	$1.2B 0.93% of portfolio	13.3M shares	≤ Q2 2013 Held for 12y 5m+	$130.86B
N NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Institution	-	$1.0B 0.67% of portfolio	11.0M shares	≤ Q2 2013 Held for 12y 5m+	$149.83B
BANK OF AMERICA CORP /DE/ Institution	Brian T. Moynihan CEO	$925.3M 0.07% of portfolio	10.1M shares	≤ Q2 2013 Held for 12y 5m+	$1.33T
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$893.9M 0.05% of portfolio	9.8M shares	≤ Q2 2013 Held for 12y 5m+	$1.65T
Wealthfront Advisers LLC RIA/Wealth	Andrew Samuel Rachleff CEO	$854.2M 2.01% of portfolio	9.3M shares	Q4 2018 Held for 6y 11m	$42.6B
S State of New Jersey Common Pension Fund D Institution	-	$786.1M 2.89% of portfolio	8.6M shares	Q3 2015 Held for 10y 2m	$27.2B
JPMORGAN CHASE & CO Institution	Jamie Dimon CEO	$780.3M 0.05% of portfolio	8.5M shares	≤ Q2 2013 Held for 12y 5m+	$1.56T
$US BANCORP \DE\ logo$ US BANCORP \DE\ Institution	Gunjan Kedia CEO	$473.2M 0.56% of portfolio	5.2M shares	≤ Q2 2013 Held for 12y 5m+	$84.3B
PRUDENTIAL FINANCIAL INC Institution	Andrew F. Sullivan CEO	$427.9M 0.51% of portfolio	4.7M shares	≤ Q2 2013 Held for 12y 5m+	$84.1B

Net Capital Flow

Institutional buying and selling activity for VNQ in Q3 2025

Traded: +$510.3M
Buyers: 796
Sellers: 672
Total Bought: +$1.2B
Total Sold: −$647.3M
Avg Position: $11.4M

Biggest Buyers

Institution	Net Bought	Current Position
N NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Institution	+$77.4M +847.0K shares	$1.0B 11.0M shares
Cetera Investment Advisers RIA/Wealth	+$75.6M +827.1K shares	$186.1M 2.0M shares
Sand Hill Global Advisors, LLC RIA/Wealth	+$70.1M +766.6K shares	$148.4M 1.6M shares
Empower Advisory Group, LLC RIA/Wealth	+$53.0M +580.2K shares	$1.4B 15.0M shares
Wealthfront Advisers LLC RIA/Wealth	+$51.7M +565.7K shares	$854.2M 9.3M shares
CAISSE DE DEPOT ET PLACEMENT DU QUEBEC Fund of Funds	+$49.6M +542.7K shares	$111.8M 1.2M shares
JPMORGAN CHASE & CO Institution	+$45.5M +498.0K shares	$780.3M 8.5M shares
PRUDENTIAL FINANCIAL INC Institution	+$38.8M +424.1K shares	$427.9M 4.7M shares
B BNP PARIBAS ARBITRAGE, SA Institution	+$37.5M +410.5K shares	$133.2M 1.5M shares
Steward Partners Investment Advisory, LLC RIA/Wealth	+$36.5M +399.3K shares	$49.3M 539.7K shares

Biggest Sellers

Institution	Net Sold	Current Position
STATE STREET CORP Institution	−$112.5M −1.2M shares	$33.2M 362.8K shares
GOLDMAN SACHS GROUP INC Institution	−$96.7M −1.1M shares	$263.9M 2.9M shares
Creative Planning RIA/Wealth	−$38.2M −417.4K shares	$1.2B 13.3M shares
Kingstone Capital Partners Texas, LLC RIA/Wealth	−$36.1M −405.3K shares	Sold Off 0 shares
CITIGROUP INC Institution	−$27.9M −304.9K shares	$69.4M 759.2K shares
P Proficio Capital Partners LLC Family Office	−$15.5M −14.0M shares	Sold Off 0 shares
Pathstone Holdings, LLC Family Office	−$13.1M −143.4K shares	$63.6M 695.5K shares
C COMMON FUND FOR NONPROFIT ORGANIZATIONS Institution	−$12.2M −133.5K shares	$5.7M 62.1K shares
Beacon Capital Management, Inc. RIA/Wealth	−$11.7M −127.5K shares	$79.9M 873.7K shares
ENVESTNET ASSET MANAGEMENT INC Long Only Manager	−$11.2M −122.9K shares	$199.3M 2.2M shares

Entry and Exit Activity

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

New Positions: 30
New Value: $26.7M
Exited Positions: 71
Exited Value: $108.5M

New Positions

Institution	Position Value
Sone Capital Management, LLC Hedge Fund•Multi-Strategy	$7.0M 76.6K shares
United Financial Planning Group LLC RIA/Wealth	$5.4M 59.1K shares
Forefront Wealth Partners, LLC RIA/Wealth	$4.4M 48.1K shares
Mount Yale Investment Advisors, LLC RIA/Wealth	$1.8M 20.0K shares
N Nekton Capital Ltd. Institution	$1.6M 18.0K shares
Kassira Wealth Management LLC RIA/Wealth	$821.5K 9.0K shares
Berman McAleer LLC RIA/Wealth	$820.9K 9.0K shares
CHILTON INVESTMENT CO LLC Hedge Fund•Long/Short	$760.5K 8.3K shares
BAKER TILLY FINANCIAL, LLC RIA/Wealth	$631.5K 6.9K shares
KPP Advisory Services LLC RIA/Wealth	$578.0K 6.3K shares

Exited Positions

Institution	Previous Position
Kingstone Capital Partners Texas, LLC RIA/Wealth	$36.1M 405.3K shares
P Proficio Capital Partners LLC Family Office	$15.5M 14.0M shares
I Iyo Bank, Ltd. Institution	$8.9M 99.7K shares
N NORDEN GROUP LLC Institution	$5.9M 66.7K shares
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	$5.3M 59.9K shares
SRS Capital Advisors, Inc. RIA/Wealth	$4.3M 44.0K shares
P Perbak Capital Partners LLP Institution	$4.1M 45.8K shares
WELLINGTON MANAGEMENT CO LLP Long Only Manager	$3.5M 39.2K shares
Eqis Capital Management, Inc. RIA/Wealth	$3.3M 37.3K shares
L Laurel Wealth Advisors LLC RIA/Wealth	$3.1M 34.4K shares

Options Activity

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

Call Positions: 11
Call Value: $91.3M
Put Positions: 13
Put Value: $118.9M

Call Positions

Institution	Position Value
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$33.5M 3.7K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$22.9M 2.5K contracts
J JANE STREET GROUP, LLC Institution	$9.2M 1.0K contracts
CAPITAL FUND MANAGEMENT S.A. Hedge Fund•Quant Macro	$7.8M 857.0 contracts
Lighthouse Investment Partners, LLC Fund of Funds	$4.6M 500.0 contracts
P PEAK6 LLC Institution	$4.0M 442.0 contracts
UBS Group AG Institution	$3.8M 416.7 contracts
Walleye Trading LLC RIA/Wealth	$3.3M 356.0 contracts
S Squarepoint Ops LLC Hedge Fund•Quant	$1.3M 137.0 contracts
Marshall Wace LLP Institution	$1.1M 117.0 contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$49.7M 5.4K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$36.8M 4.0K contracts
J JANE STREET GROUP, LLC Institution	$9.7M 1.1K contracts
CAPITAL FUND MANAGEMENT S.A. Hedge Fund•Quant Macro	$8.6M 944.0 contracts
UBS Group AG Institution	$4.7M 512.0 contracts
T TORNO CAPITAL, LLC Institution	$4.6M 500.0 contracts
Walleye Trading LLC RIA/Wealth	$2.3M 253.0 contracts
S Squarepoint Ops LLC Hedge Fund•Quant	$1.3M 141.0 contracts
Colony Capital, Inc. Institution	$694.8K 76.0 contracts
P PEAK6 LLC Institution	$521.1K 57.0 contracts

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
Seven Post Investment Office LP Family Office	Eric Matthew Allbin Managing Partner	27.44% $76.2M	833.2K shares	Q1 2020 Held for 5y 8m	$277.6M
Gibson Capital, LLC RIA/Wealth	Roger Cass Gibson Founder	21.01% $113.9M	1.2M shares	≤ Q2 2013 Held for 12y 5m+	$542.2M
CABANA LLC RIA/Wealth	George Chaddwick Mason CEO	13.28% $2.2M	23.7K shares	Q1 2025 Held for 8 months	$16.4M
Passive Capital Management, LLC. RIA/Wealth	Jonathan Ennis Farber Founder	12.99% $39.7M	433.9K shares	Q4 2021 Held for 3y 11m	$305.4M
V Vanderbilt University Institution	-	12.88% $77.6M	848.7K shares	Q1 2019 Held for 6y 8m	$602.3M
VISTA CAPITAL PARTNERS, INC. RIA/Wealth	Dougal Williams CEO	12.20% $119.2M	1.3M shares	≤ Q2 2013 Held for 12y 5m+	$977.2M
DEFINE FINANCIAL, LLC RIA/Wealth	Taylor Robert Schulte CEO	10.35% $17.2M	188.6K shares	Q4 2024 Held for 11 months	$166.7M
Fairfield University RIA/Wealth	Christopher George Cousins President	9.58% $19.3M	211.6K shares	Q4 2021 Held for 3y 11m	$201.8M
Fort Henry Capital, LLC RIA/Wealth	Sanjiv Kumar Founder	8.62% $13.6M	148.5K shares	Q4 2020 Held for 4y 11m	$157.4M
D DAI ICHI LIFE INSURANCE CO., LTD. Institution	-	8.61% $8.9M	98.0K shares	Q1 2024 Held for 1y 8m	$103.6M

Hedge Fund Spotlight

Discover hedge funds investing in VNQ

RENAISSANCE TECHNOLOGIES LLC

Hedge Fund • Quant

Portfolio ManagerPeter Fitzhugh Brown

Portfolio Value: $75.8B
Positions: 3,419
Last Reported: Q3 2025

Sector Allocation

Position in Vanguard Real Estate

Market Value: $4.1M
Shares Held: 45.0K
Portfolio Weight: 0.01%
Owned Since: 2025-Q2

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