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Vanguard Real Estate ETF
VNQ

1,712 hedge funds and large institutions have $19.7B invested in Vanguard Real Estate ETF in 2025 Q1 according to their latest regulatory filings, with 114 funds opening new positions, 679 increasing their positions, 690 reducing their positions, and 94 closing their positions.

New
Increased
Maintained
Reduced
Closed

21% more first-time investments, than exits

New positions opened: 114 | Existing positions closed: 94

2% more funds holding in top 10

Funds holding in top 10: 107 → 109 (+2)

9% more call options, than puts

Call options by funds: $125M | Put options by funds: $115M

0.24% more ownership

Funds ownership: 56.21% → 56.46% (+0.24%)

1% less capital invested

Capital invested by funds: $19.9B → $19.7B (-$224M)

2% less repeat investments, than reductions

Existing positions increased: 679 | Existing positions reduced: 690

1% less funds holding

Funds holding: 1,734 → 1,712 (-22)

Holders
1,712
Holders Change
-22
Holders Change %
-1.27%
% of All Funds
22.96%
Holding in Top 10
109
Holding in Top 10 Change
+2
Holding in Top 10 Change %
+1.87%
% of All Funds
1.46%
New
114
Increased
679
Reduced
690
Closed
94
Calls
$125M
Puts
$115M
Net Calls
+$9.95M
Net Calls Change
+$25.4M

Top Buyers

1
State of New Jersey Common Pension Fund D
State of New Jersey Common Pension Fund D
New Jersey
+$364M
2
BNP Paribas Financial Markets
BNP Paribas Financial Markets
France
+$242M
3
Empower Advisory Group
Empower Advisory Group
Colorado
+$187M
4
Goldman Sachs
Goldman Sachs
New York
+$107M
5
Citigroup
Citigroup
New York
+$74.5M

Top Sellers

1
Caisse de Depot et Placement du Quebec (CDPQ)
Caisse de Depot et Placement du Quebec (CDPQ)
Quebec, Canada
-$228M
2
BCMIO
Beacon Capital Management Inc (Ohio)
Ohio
-$146M
3
JP Morgan Chase
JP Morgan Chase
New York
-$83.6M
4
FI
FIDELIS iM
Oregon
-$65.3M
5
Creative Planning
Creative Planning
Kansas
-$61.7M
Name Holding Trade Value Shares
Change 		Change in
Stake
Creative Planning
1
Creative Planning
Kansas
$1.29B -$61.7M -679,894 -5%
Empower Advisory Group
2
Empower Advisory Group
Colorado
$1.25B +$187M +2,064,842 +18%
Morgan Stanley
3
Morgan Stanley
New York
$1.08B -$37M -407,483 -3%
Bank of America
4
Bank of America
North Carolina
$971M +$40M +441,152 +4%
Northwestern Mutual Wealth Management
5
Northwestern Mutual Wealth Management
Wisconsin
$864M +$44.7M +492,425 +5%
JP Morgan Chase
6
JP Morgan Chase
New York
$786M -$83.6M -920,718 -10%
State of New Jersey Common Pension Fund D
7
State of New Jersey Common Pension Fund D
New Jersey
$779M +$364M +4,013,382 +88%
Wealthfront Advisers
8
Wealthfront Advisers
California
$775M +$2.4M +26,397 +0.3%
US Bancorp
9
US Bancorp
Minnesota
$456M -$56.6M -623,422 -11%
Goldman Sachs
10
Goldman Sachs
New York
$425M +$107M +1,178,304 +33%
Wells Fargo
11
Wells Fargo
California
$411M -$10.7M -117,408 -3%
Prudential Financial
12
Prudential Financial
New Jersey
$378M +$1.16M +12,731 +0.3%
Financial Engines Advisors
13
Financial Engines Advisors
California
$295M -$7.81M -86,053 -3%
BNP Paribas Financial Markets
14
BNP Paribas Financial Markets
France
$294M +$242M +2,669,771 +458%
Bank of New York Mellon
15
Bank of New York Mellon
New York
$250M +$44.8M +493,609 +22%
Envestnet Asset Management
16
Envestnet Asset Management
Illinois
$244M -$792K -8,730 -0.3%
State of Tennessee, Department of Treasury
17
State of Tennessee, Department of Treasury
Tennessee
$186M +$60M +660,946 +47%
Mariner
18
Mariner
Kansas
$182M +$9.26M +101,978 +5%
PFA
19
Pure Financial Advisors
California
$165M +$6.02M +66,372 +4%
LPL Financial
20
LPL Financial
California
$157M +$7.55M +83,213 +5%
Fifth Third Bancorp
21
Fifth Third Bancorp
Ohio
$156M -$1.94M -21,414 -1%
UBS Group
22
UBS Group
Switzerland
$147M -$24.7M -272,541 -14%
Royal Bank of Canada
23
Royal Bank of Canada
Ontario, Canada
$135M +$12.5M +137,331 +10%
Manulife (Manufacturers Life Insurance)
24
Manulife (Manufacturers Life Insurance)
Ontario, Canada
$133M +$4.13M +45,460 +3%
D.E. Shaw & Co
25
D.E. Shaw & Co
New York
$133M +$51.2M +564,040 +63%
1
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VNQ Hedge Fund Activity: Q1 2025 in Review

1,712 of the 7,457 institutional investors tracked by Wall St. Rank reported a position in Vanguard Real Estate ETF (VNQ) for Q1 2025, worth a combined $19.7B — down 1.1% from $19.9B a quarter earlier.

Buyers outnumbered sellers: 114 funds opened new VNQ positions and 94 closed out — a net gain of 20 holders — while 679 added to existing stakes and 690 trimmed.

The largest buyer was State of New Jersey Common Pension Fund D, adding an estimated $364M. The largest seller was Caisse de Depot et Placement du Quebec (CDPQ), cutting an estimated $228M.

  • 1,712 institutional investors held Vanguard Real Estate ETF (VNQ) as of Q1 2025, down from 1,734 in Q4 2024.
  • Funds reported $19.7B of Vanguard Real Estate ETF stock for Q1 2025, down 1.1% quarter-over-quarter.
  • 114 funds opened new Vanguard Real Estate ETF positions in Q1 2025 and 94 closed out, a net change of +20 holders.
  • The largest Vanguard Real Estate ETF buyer in Q1 2025 was State of New Jersey Common Pension Fund D, an estimated $364M added.
  • The largest Vanguard Real Estate ETF seller in Q1 2025 was Caisse de Depot et Placement du Quebec (CDPQ), an estimated $228M sold.

Based on aggregated 13F filings for Q1 2025.