VANGUARD ASSET MANAGEMENT, Ltd

Vanguard Asset Management, Ltd — the investment-adviser vehicle distinct from the larger fiduciary trust co — carried $115.7 billion across its Q1 2026 thirteen-F. Its top three positions mirror the parent fiduciary family's thesis almost exactly: NVIDIA ($7.1 billion, 6.1%), Apple ($6.4 billion, 5.5%), and Microsoft ($4.7 billion, 4.1%) lead, with Amazon, Broadcom, and both Alphabet share classes rounding out the top tier. This is the same passive-index blueprint at one-third the scale, suggesting that Vanguard's wider system deploys multiple legal shells — trust, adviser, and others — to implement substantially the same market-cap-weighted mandate in different regulatory and tax domiciles. Healthcare and Financials provide the same ballast as in the fiduciary trust name, while Energy and Consumer Staples holdings remain underweight by design. For investors trying to read Vanguard as a single market-moving entity, the practical insight is that both vehicles move together because they answer to the same benchmark logic; the adviser vehicle simply houses a smaller slice of the same equation.