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Vanguard Tax-Exempt Bond Index Fund
VTEB

1,207 hedge funds and large institutions have $28B invested in Vanguard Tax-Exempt Bond Index Fund in 2025 Q2 according to their latest regulatory filings, with 104 funds opening new positions, 503 increasing their positions, 461 reducing their positions, and 101 closing their positions.

New
Increased
Maintained
Reduced
Closed

97% more call options, than puts

Call options by funds: $6.08M | Put options by funds: $3.08M

5% more capital invested

Capital invested by funds: $26.5B → $28B (+$1.43B)

3.49% more ownership

Funds ownership: 74.61% → 78.1% (+3.5%)

9% more repeat investments, than reductions

Existing positions increased: 503 | Existing positions reduced: 461

3% more first-time investments, than exits

New positions opened: 104 | Existing positions closed: 101

1% less funds holding

Funds holding: 1,216 → 1,207 (-9)

13% less funds holding in top 10

Funds holding in top 10: 104 → 91 (-13)

Holders
1,207
Holders Change
-9
Holders Change %
-0.74%
% of All Funds
15.89%
Holding in Top 10
91
Holding in Top 10 Change
-13
Holding in Top 10 Change %
-12.5%
% of All Funds
1.2%
New
104
Increased
503
Reduced
461
Closed
101
Calls
$6.08M
Puts
$3.08M
Net Calls
+$3M
Net Calls Change
+$31.9M

Top Buyers

Rank Fund Capital Flow
1
JP Morgan Chase
JP Morgan Chase
New York
+$1.5B
2
Fidelity Investments
Fidelity Investments
Massachusetts
+$352M
3
SEI Investments
SEI Investments
Pennsylvania
+$151M
4
Royal Bank of Canada
Royal Bank of Canada
Ontario, Canada
+$93.2M
5
Pathstone Holdings
Pathstone Holdings
New Jersey
+$57.8M

Top Sellers

Rank Fund Capital Flow
1
Charles Schwab
Charles Schwab
California
-$304M
2
D.E. Shaw & Co
D.E. Shaw & Co
New York
-$196M
3
Wealthfront Advisers
Wealthfront Advisers
California
-$97.9M
4
UBS Group
UBS Group
Switzerland
-$74.6M
5
Susquehanna International Group
Susquehanna International Group
Pennsylvania
-$32.6M
Name Holding Trade Value Shares
Change 		Change in
Stake
SCM
1101
Sollinda Capital Management
Florida
$204K +$203K +4,156 New
OWP
1102
ORG Wealth Partners
Texas
$196K – – –
AA
1103
Addison Advisors
Vermont
$185K +$34.7K +710 +23%
MA
1104
MCF Advisors
Kentucky
$180K -$1.09M -22,370 -86%
FP
1105
Financial Perspectives
Minnesota
$179K – – –
BIA
1106
Bell Investment Advisors
California
$179K -$30.6K -627 -15%
Russell Investments Group
1107
Russell Investments Group
United Kingdom
$175K +$146K +2,990 +510%
RF
1108
Robinswood Financial
Washington
$174K – – –
FC
1109
Fairscale Capital
New Hampshire
$173K -$100K -2,052 -37%
LFA
1110
LGT Financial Advisors
Texas
$166K +$4.01K +82 +2%
AT
1111
Arlington Trust
Alabama
$164K – – –
VCM
1112
Versant Capital Management
Arizona
$164K +$928 +19 +0.6%
WT
1113
Whittier Trust
California
$162K – – –
RLIM
1114
Red Lighthouse Investment Management
New York
$161K +$151K +3,088 +1,576%
OC
1115
Oakworth Capital
Alabama
$159K -$528K -10,812 -77%
VWWMG
1116
Vermillion & White Wealth Management Group
Pennsylvania
$153K – – –
AUB
1117
Atlantic Union Bankshares
Virginia
$151K +$151K +3,083 New
IAS
1118
IMA Advisory Services
Colorado
$147K – – –
1L
1119
10Elms LLP
Oklahoma
$139K – – –
FNWA
1120
Financial Network Wealth Advisors
Utah
$138K – – –
MBFW
1121
Morton Brown Family Wealth
Pennsylvania
$133K +$133K +2,716 New
MA
1122
Montag & Associates
Georgia
$132K – – –
JFGIW
1123
Johnson Financial Group Inc (Wisconsin)
Wisconsin
$130K +$19.7K +403 +18%
WWM
1124
Woodside Wealth Management
Massachusetts
$124K – – –
DI
1125
DAGCO Inc
Ohio
$115K +$928 +19 +0.8%
43 44
45
46 47

VTEB Hedge Fund Activity: Q2 2025 in Review

1,207 of the 7,595 institutional investors tracked by Wall St. Rank reported a position in Vanguard Tax-Exempt Bond Index Fund (VTEB) for Q2 2025, worth a combined $28B — up 5.4% from $26.5B a quarter earlier.

Buyers outnumbered sellers: 104 funds opened new VTEB positions and 101 closed out — a net gain of 3 holders — while 503 added to existing stakes and 461 trimmed.

The largest buyer was JP Morgan Chase, adding an estimated $1.5B. The largest seller was Charles Schwab, cutting an estimated $304M.

  • 1,207 institutional investors held Vanguard Tax-Exempt Bond Index Fund (VTEB) as of Q2 2025, down from 1,216 in Q1 2025.
  • Funds reported $28B of Vanguard Tax-Exempt Bond Index Fund stock for Q2 2025, up 5.4% quarter-over-quarter.
  • 104 funds opened new Vanguard Tax-Exempt Bond Index Fund positions in Q2 2025 and 101 closed out, a net change of +3 holders.
  • The largest Vanguard Tax-Exempt Bond Index Fund buyer in Q2 2025 was JP Morgan Chase, an estimated $1.5B added.
  • The largest Vanguard Tax-Exempt Bond Index Fund seller in Q2 2025 was Charles Schwab, an estimated $304M sold.

Based on aggregated 13F filings for Q2 2025.