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VCRM

Vanguard Core Tax-Exempt Bond ETF
VCRM

77 hedge funds and large institutions have $302M invested in Vanguard Core Tax-Exempt Bond ETF in 2025 Q3 according to their latest regulatory filings, with 28 funds opening new positions, 36 increasing their positions, 8 reducing their positions, and 2 closing their positions.

New
Increased
Maintained
Reduced
Closed

1,300% more first-time investments, than exits

New positions opened: 28 | Existing positions closed: 2

350% more repeat investments, than reductions

Existing positions increased: 36 | Existing positions reduced: 8

150% more funds holding in top 10

Funds holding in top 10: 2 → 5 (+3)

99% more capital invested

Capital invested by funds: $152M → $302M (+$150M)

51% more funds holding

Funds holding: 51 → 77 (+26)

10.04% more ownership

Funds ownership: 55.46% → 65.5% (+10%)

Holders
77
Holders Change
+26
Holders Change %
+50.98%
% of All Funds
1.01%
Holding in Top 10
5
Holding in Top 10 Change
+3
Holding in Top 10 Change %
+150%
% of All Funds
0.07%
New
28
Increased
36
Reduced
8
Closed
2
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
KIM
Karpus Investment Management
New York
+$39.3M
2
JP Morgan Chase
JP Morgan Chase
New York
+$16.1M
3
MLA
MB, Levis & Associates
Pennsylvania
+$12.4M
4
HSA
HBK Sorce Advisory
Pennsylvania
+$10.9M
5
Thrivent Financial for Lutherans
Thrivent Financial for Lutherans
Minnesota
+$7.45M

Top Sellers

Rank Fund Capital Flow
1
SIC
SJS Investment Consulting
Ohio
-$461K
2
BCG
Breakwater Capital Group
New Jersey
-$340K
3
EFS
Essex Financial Services
Connecticut
-$181K
4
PWS
Physician Wealth Solutions
Nevada
-$166K
5
Bank of America
Bank of America
North Carolina
-$166K
Name Holding Trade Value Shares
Change 		Change in
Stake
EC
26
Elequin Capital
New York
$3.14M +$1.42M +19,221 +85%
BRIA
27
Balanced Rock Investment Advisors
Massachusetts
$2.96M +$510K +6,911 +21%
VBA
28
von Borstel & Associates
Oregon
$2.81M +$2.74M +37,192 New
KLI
29
Kelman-Lazarov Inc
Tennessee
$2.81M +$1.48M +20,067 +116%
BC
30
Brio Consultants
California
$2.49M +$133K +1,806 +6%
Goldman Sachs
31
Goldman Sachs
New York
$1.93M – – –
CFS
32
CRA Financial Services
New Jersey
$1.87M +$145K +1,970 +9%
SAM
33
Smithbridge Asset Management
Pennsylvania
$1.83M +$1.8M +24,367 New
KFGG
34
Keystone Financial Group (Georgia)
Georgia
$1.75M +$1.71M +23,202 New
Truist Financial
35
Truist Financial
North Carolina
$1.52M +$1.49M +20,248 New
BEW
36
Burton Enright Welch
California
$1.38M +$1.09M +14,755 +409%
S
37
Sunpointe
Missouri
$1.38M +$268K +3,633 +25%
SIC
38
SJS Investment Consulting
Ohio
$1.32M -$461K -6,246 -26%
CISOA
39
Capital Investment Services of America
Wisconsin
$1.3M +$928K +12,585 +267%
OHWA
40
Oak Hill Wealth Advisors
Virginia
$1.09M +$623K +8,448 +140%
IWC
41
Integrated Wealth Concepts
Massachusetts
$1.07M +$1.05M +14,249 New
LPL Financial
42
LPL Financial
California
$1.03M +$491K +6,655 +95%
TWP
43
TFO Wealth Partners
Ohio
$1M +$984K +13,340 New
LKBC
44
L.K. Benson & Company
Maryland
$989K +$75.8K +1,028 +8%
HIP
45
HUB Investment Partners
Texas
$832K +$53K +719 +7%
AFG
46
ABLE Financial Group
Arizona
$801K +$118K +1,602 +18%
GGS
47
Galvin Gaustad & Stein
Arizona
$793K – – –
FTUS
48
Flow Traders U.S.
New York
$732K -$95K -1,288 -12%
NA
49
NewEdge Advisors
Louisiana
$715K +$701K +9,500 New
NF
50
NavPoint Financial
Minnesota
$713K +$699K +9,474 New
1
2
3 4

VCRM Hedge Fund Activity: Q3 2025 in Review

77 of the 7,619 institutional investors tracked by Wall St. Rank reported a position in Vanguard Core Tax-Exempt Bond ETF (VCRM) for Q3 2025, worth a combined $302M — up 99% from $152M a quarter earlier.

Buyers outnumbered sellers: 28 funds opened new VCRM positions and 2 closed out — a net gain of 26 holders — while 36 added to existing stakes and 8 trimmed.

The largest buyer was Karpus Investment Management, opening a new position worth an estimated $39.3M. The largest seller was SJS Investment Consulting, cutting an estimated $461K.

  • 77 institutional investors held Vanguard Core Tax-Exempt Bond ETF (VCRM) as of Q3 2025, up from 51 in Q2 2025.
  • Funds reported $302M of Vanguard Core Tax-Exempt Bond ETF stock for Q3 2025, up 99% quarter-over-quarter.
  • 28 funds opened new Vanguard Core Tax-Exempt Bond ETF positions in Q3 2025 and 2 closed out, a net change of +26 holders.
  • The largest Vanguard Core Tax-Exempt Bond ETF buyer in Q3 2025 was Karpus Investment Management, an estimated $39.3M added.
  • The largest Vanguard Core Tax-Exempt Bond ETF seller in Q3 2025 was SJS Investment Consulting, an estimated $461K sold.

Based on aggregated 13F filings for Q3 2025.