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.
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%)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
KIM
Karpus Investment Management
Pittsford,
New York
|
+$39.3M |
| 2 |
JP Morgan Chase
New York
|
+$16.1M |
| 3 |
MLA
MB, Levis & Associates
Center Valley,
Pennsylvania
|
+$12.4M |
| 4 |
HSA
HBK Sorce Advisory
Erie,
Pennsylvania
|
+$10.9M |
| 5 |
Thrivent Financial for Lutherans
Minneapolis,
Minnesota
|
+$7.45M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
SIC
SJS Investment Consulting
Sylvania,
Ohio
|
-$461K |
| 2 |
BCG
Breakwater Capital Group
Paramus,
New Jersey
|
-$340K |
| 3 |
EFS
Essex Financial Services
Essex,
Connecticut
|
-$181K |
| 4 |
PWS
Physician Wealth Solutions
North Las Vegas,
Nevada
|
-$166K |
| 5 |
Bank of America
Charlotte,
North Carolina
|
-$166K |
| Name | Holding | Trade Value |
Shares Change |
Change in Stake |
|
|---|---|---|---|---|---|
76
Franklin Resources
San Mateo,
California
| $5.27K | – | – | – |
|
77
Wells Fargo
San Francisco,
California
| $64 | +$74 | +1 | New |
|
|
78
Bank of America
Charlotte,
North Carolina
| – | -$166K | -2,250 | Closed |
|
79
UBS Group
Zurich,
Switzerland
| – | -$95.9K | -1,304 | Closed |
|
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.