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Vanguard Total Bond Market
BND

1,610 hedge funds and large institutions have $74.4B invested in Vanguard Total Bond Market in 2025 Q1 according to their latest regulatory filings, with 127 funds opening new positions, 739 increasing their positions, 594 reducing their positions, and 88 closing their positions.

New
Increased
Maintained
Reduced
Closed

52% more call options, than puts

Call options by funds: $3.81M | Put options by funds: $2.51M

44% more first-time investments, than exits

New positions opened: 127 | Existing positions closed: 88

24% more repeat investments, than reductions

Existing positions increased: 739 | Existing positions reduced: 594

6% more funds holding in top 10

Funds holding in top 10: 258 → 273 (+15)

0% more funds holding

Funds holding: 1,606 → 1,610 (+4)

4% less capital invested

Capital invested by funds: $77.8B → $74.4B (-$3.45B)

3.14% less ownership

Funds ownership: 62.23% → 59.09% (-3.1%)

Holders
1,610
Holders Change
+4
Holders Change %
+0.25%
% of All Funds
21.58%
Holding in Top 10
273
Holding in Top 10 Change
+15
Holding in Top 10 Change %
+5.81%
% of All Funds
3.66%
New
127
Increased
739
Reduced
594
Closed
88
Calls
$3.81M
Puts
$2.51M
Net Calls
+$1.29M
Net Calls Change
-$3.9M

Top Buyers

Rank Fund Capital Flow
1
Mastercard Foundation Asset Management (MFAM)
Mastercard Foundation Asset Management (MFAM)
Ontario, Canada
+$643M
2
Morgan Stanley
Morgan Stanley
New York
+$629M
3
Creative Planning
Creative Planning
Kansas
+$580M
4
Vanguard Group
Vanguard Group
Pennsylvania
+$344M
5
JP Morgan Chase
JP Morgan Chase
New York
+$300M

Top Sellers

Rank Fund Capital Flow
1
EP
Essential Planning
New Hampshire
-$3.27B
2
TTSTC
Texas Treasury Safekeeping Trust Company
Texas
-$297M
3
Bank of America
Bank of America
North Carolina
-$288M
4
MWM
Mission Wealth Management
California
-$193M
5
Osaic Holdings
Osaic Holdings
Arizona
-$129M
Name Holding Trade Value Shares
Change 		Change in
Stake
MC
51
McMorgan & Co
California
$136M +$1.49M +20,562 +1%
APCM
52
Alaska Permanent Capital Management
Alaska
$133M -$2.41M -33,275 -2%
MML Investors Services
53
MML Investors Services
Massachusetts
$129M +$3.98M +54,830 +3%
AAG
54
Armstrong Advisory Group
Massachusetts
$129M – – –
OC
55
Oakworth Capital
Alabama
$128M -$165K -2,276 -0.1%
VFA
56
Voya Financial Advisors
Connecticut
$127M +$6.23M +85,877 +5%
Betterment LLC
57
Betterment LLC
New York
$125M +$2.09M +28,851 +2%
Commonwealth Equity Services
58
Commonwealth Equity Services
Massachusetts
$125M -$21.8M -300,187 -15%
CFA
59
Capstone Financial Advisors
Illinois
$124M +$1.98M +27,223 +2%
Cerity Partners
60
Cerity Partners
New York
$124M -$5.52M -76,009 -4%
Envestnet Portfolio Solutions
61
Envestnet Portfolio Solutions
Illinois
$123M -$42.3M -582,613 -26%
PIMG
62
Patriot Investment Management Group
Tennessee
$118M +$6.78M +93,396 +6%
DDSF
63
Diana Davis Spencer Foundation
Maryland
$118M – – –
Mariner
64
Mariner
Kansas
$115M +$2M +27,536 +2%
GC
65
Garde Capital
Washington
$115M +$114M +1,567,276 New
CAM
66
Chandler Asset Management
California
$114M +$3.71M +51,070 +3%
VFP
67
Verus Financial Partners
Virginia
$112M +$1.53M +21,057 +1%
Wealth Enhancement Advisory Services
68
Wealth Enhancement Advisory Services
Minnesota
$110M -$11.2M -154,447 -9%
AC
69
Apella Capital
Connecticut
$109M -$1.38M -18,989 -1%
BWL
70
Bogart Wealth LLC
Virginia
$108M +$1.05M +14,481 +1%
Truist Financial
71
Truist Financial
North Carolina
$107M -$56.3M -776,249 -35%
WANY
72
Wealthspire Advisors (New York)
New York
$106M +$51.5M +709,970 +98%
VAS
73
Vestmark Advisory Solutions
Massachusetts
$104M -$37M -509,446 -26%
RWM
74
Ritholtz Wealth Management
New York
$104M +$19.1M +262,804 +23%
EA
75
Efficient Advisors
Ohio
$103M +$1M +13,785 +1%
1 2
3
4 5

BND Hedge Fund Activity: Q1 2025 in Review

1,610 of the 7,459 institutional investors tracked by Wall St. Rank reported a position in Vanguard Total Bond Market (BND) for Q1 2025, worth a combined $74.4B — down 4.4% from $77.8B a quarter earlier.

Buyers outnumbered sellers: 127 funds opened new BND positions and 88 closed out — a net gain of 39 holders — while 739 added to existing stakes and 594 trimmed.

The largest buyer was Mastercard Foundation Asset Management (MFAM), opening a new position worth an estimated $643M. The largest seller was Essential Planning, cutting an estimated $3.27B.

  • 1,610 institutional investors held Vanguard Total Bond Market (BND) as of Q1 2025, up from 1,606 in Q4 2024.
  • Funds reported $74.4B of Vanguard Total Bond Market stock for Q1 2025, down 4.4% quarter-over-quarter.
  • 127 funds opened new Vanguard Total Bond Market positions in Q1 2025 and 88 closed out, a net change of +39 holders.
  • The largest Vanguard Total Bond Market buyer in Q1 2025 was Mastercard Foundation Asset Management (MFAM), an estimated $643M added.
  • The largest Vanguard Total Bond Market seller in Q1 2025 was Essential Planning, an estimated $3.27B sold.

Based on aggregated 13F filings for Q1 2025.