VANGUARD SMALL-CAP VALUE ETF

Vanguard Small-Cap Value ETF (ticker VBR, CUSIP 922908611) is a Vanguard product tracking the CRSP US Small Cap Value Index, covering approximately 1,500 small-cap U.S. companies with relatively low valuation multiples. Its narrow-angle appeal — small-cap value underperformance over the prior several years — means institutional ownership skews toward value-oriented managers making targeted small-cap tactical allocations. In Q2 2026, ten institutions reported a notable $45.33M in VBR positions — the largest stock batch aggregate so far in this Vanguard ETF set, reflecting the concentration of holdings in a handful of managers deploying meaningful value-oriented capital. Gladwyn Financial Advisors led the buying: from 51,030 to 52,261 shares (+1,231 and +$1.61M), suggesting a meaningful commitment to small-cap value. Atmos Advisory added 474 shares (+$995K), and Trust Co of the South built from 12,427 to 13,458 (+1,031 shares, +$570K). Hilltop added 130 shares (+$561K). Against these four adds, Collective Family Office liquidated 770 shares (-$744K in value gain on the remaining holdings) and MassMutual reduced 1,680 shares (-$311K). Versant and Eastern trimmed token amounts. The net quarter was constructive on a share basis, with the buying managers running larger positional increments than the sellers trimmed.