VANGUARD SPECIALIZED FUNDS

VIG Q1 2026 institutional ownership is a $44.1B book across 2,442 holders. Bank of America is the largest holder at $4.7B (21.7M shares, -6.3%, -$775M) -- the largest seller and a trim from $5.4B. Morgan Stanley is second at $2.8B (13.0M shares, +0.1%, slight value decline). Wells Fargo is third at $2.3B (10.8M shares, -0.5%, -$56M). Vanguard Global Advisers is fourth at $2.3B (10.6M shares, NEW after reclassification). Wealthfront Advisers is fifth at $1.9B (9.0M shares, -9.9%, -$236M). LPL Financial $1.5B (+0.5%, slight value decline). UBS Group $1.4B (+1.1%, slight value decline). Raymond James $1.2B (+0.4%, +$2M). HB Wealth Management $1.2B (+0.1%, slight value decline). RBC $891M (-0.2%, -$23M). JPMorgan $673M (-1.2%, -$40M). Envestnet $537M (+4.7%, +$32M) -- one of few meaningful adds. Prudential $535M (-8.4%, -$63M). Ameriprise $526M (-6.8%, -$49M). Commonwealth Equity $511M (-7.6%, -$55M). HighTower $506M (-0.2%, -$13M). SignatureFD $474M (+0.4%, +$2M). Jones Financial $433M (+13.5%, +$52M) -- a meaningful buy from Edward Jones platform. OSAIC Holdings $420M (+2.4%, +$5M). Creative Planning $259M (+2.2%, +$12M). Waverly Advisors $270M (+2.0%, +$2M). Joel Isaacson $290M (+0.6%, +$0.4M). Northwestern Mutual Wealth $341M (+0.2%, -$5M). New position: Vanguard Global Advisers $2.3B (NEW after reclassification). Corient Private Wealth near-total exit -$313M (-50.8%, from $641M to $328M). Wealth Enhancement -$105M (-46.4%). The 75.50 whaleScore reflects AUM. Smart-money-signal read: VIG Q1 2026 holder flows are net-trim. The defining feature is the ABSENCE of major accumulators -- no top-10 holder made a meaningful add. Buyers are concentrated among RIAs and smaller wealth platforms (Jones +$52M, Envestnet +$32M, Creative Planning +$12M) making modest adds. Sellers include mega-platforms: Bank of America -$775M, Wealthfront -$236M, Corient -$313M, Wells Fargo -$56M, Prudential -$63M. The net read is cautious on dividend-growth/dividend-appreciation strategies this quarter -- the absence of institutional accumulation from large active managers (no Fidelity, no JPMorgan, no BlackRock meaningful add) combined with broad-based sales from wealth platforms suggests a rotation away from dividend-focused equity.