% of shares outstanding is not shown for SUB: this is a fund line, and we hold no cover-page share count for it at any quarter — a fund's shares outstanding move with creations and redemptions rather than with issuance and buybacks, and it is not the SEC cover-page count this percentage is defined against. The figure is withheld rather than computed against a count that does not exist. Holder share counts are shown as filed.
Crowding percentile withheld — no market cap for SUB in the served universe — the cohort is size-matched, and an unmatched percentile would compare a micro-cap register to a mega-cap one.
| # | Holder | Shares | Value | % of shares out | Δ QoQ |
|---|---|---|---|---|---|
| 1 | BANK OF AMERICA CORP /DE/ | 10,534,00710.5M | $1.1B | — | ADD 27% |
| 2 | MERCER GLOBAL ADVISORS INC /ADV | 9,196,6159.2M | $979M | — | ADD 8% |
| 3 | MORGAN STANLEY | 5,916,6645.9M | $630M | — | ADD 4% |
| 4 | Bank of New York Mellon Corp | 4,932,8024.9M | $525M | — | TRIM -4% |
| 5 | UBS Group AG | 2,914,7332.9M | $310M | — | ADD 147% |
| 6 | Creative Planning | 2,904,8522.9M | $309M | — | ADD 3% |
| 7 | SEI INVESTMENTS CO | 2,860,1292.9M | $305M | — | ADD 2% |
| 8 | NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO | 1,542,5351.5M | $164M | — | ADD 11% |
| 9 | CITIGROUP INC | 1,453,9601.5M | $155M | — | ADD 4% |
| 10 | CAPTRUST FINANCIAL ADVISORS | 1,296,7281.3M | $138M | — | ADD 4% |
| 11 | FRANKLIN RESOURCES INC | 1,281,0431.3M | $136M | — | — |
| 12 | AMERIPRISE FINANCIAL INC | 1,048,4621.0M | $112M | — | ADD 2% |
| 13 | ALLSTATE CORP | 1,047,5841.0M | $112M | — | TRIM -32% |
| 14 | LPL Financial LLC | 1,037,1961.0M | $110M | — | — |
| 15 | Mariner, LLC | 883,807883,807 | $94M | — | — |
| 16 | ENVESTNET ASSET MANAGEMENT INC | 861,391861,391 | $92M | — | ADD 24% |
| 17 | TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERVICES, LLC | 817,913817,913 | $87M | — | NEW |
| 18 | Robinhood Asset Management, LLC | 755,267755,267 | $80M | — | — |
| 19 | Salomon & Ludwin, LLC | 711,088711,088 | $76M | — | ADD 7% |
| 20 | NISA INVESTMENT ADVISORS, LLC | 679,490679,490 | $72M | — | — |
| 21 | RAYMOND JAMES FINANCIAL INC | 634,187634,187 | $68M | — | ADD 22% |
| 22 | BANK OF MONTREAL /CAN/ | 632,784632,784 | $67M | — | TRIM -5% |
| 23 | JPMORGAN CHASE & CO | 603,574603,574 | $64M | — | TRIM -6% |
| 24 | Focus Partners Wealth | 593,545593,545 | $64M | — | ADD 8% |
| 25 | Allworth Financial LP | 596,499596,499 | $64M | — | — |
| 26 | ROYAL BANK OF CANADA | 587,359587,359 | $63M | — | ADD 9% |
| 27 | Heritage Investment Group, Inc. | 541,010541,010 | $58M | — | ADD 3% |
| 28 | COMMONWEALTH EQUITY SERVICES, LLC | 540,109540,109 | $58M | — | TRIM -12% |
| 29 | Cerity Partners LLC | 518,240518,240 | $55M | — | ADD 9% |
| 30 | US BANCORP \DE\ | 476,766476,766 | $51M | — | TRIM -10% |
| 31 | Truepoint, Inc. | 448,765448,765 | $48M | — | ADD 5% |
| 32 | WELLS FARGO & COMPANY/MN | 443,715443,715 | $47M | — | ADD 25% |
| 33 | Crestwood Advisors Group, LLC | 434,108434,108 | $46M | — | TRIM -15% |
| 34 | HighTower Advisors, LLC | 421,239421,239 | $45M | — | TRIM -15% |
| 35 | Apella Capital, LLC | 418,476418,476 | $45M | — | — |
| 36 | WIT, LLC | 418,588418,588 | $45M | — | — |
| 37 | GOLDMAN SACHS GROUP INC | 404,443404,443 | $43M | — | TRIM -5% |
| 38 | TIAA Wealth Investment Management LLC | 387,522387,522 | $41M | — | NEW |
| 39 | Beacon Pointe Advisors, LLC | 385,215385,215 | $41M | — | ADD 12% |
| 40 | UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 372,808372,808 | $40M | — | ADD 228% |
| 41 | Orion Porfolio Solutions, LLC | 366,914366,914 | $39M | — | ADD 5% |
| 42 | DGS Capital Management, LLC | 330,165330,165 | $35M | — | TRIM -2% |
| 43 | Cetera Investment Advisers | 327,556327,556 | $35M | — | ADD 26% |
| 44 | Rockefeller Capital Management L.P. | 308,233308,233 | $33M | — | ADD 5% |
| 45 | STIFEL FINANCIAL CORP | 298,813298,813 | $32M | — | TRIM -5% |
| 46 | RMR Wealth Builders | 294,637294,637 | $31M | — | ADD 2% |
| 47 | Willis Johnson & Associates, Inc. | 283,043283,043 | $30M | — | — |
| 48 | Gross & Hartman Investments LLC | 276,655276,655 | $29M | — | — |
| 49 | Modera Wealth Management, LLC | 275,400275,400 | $29M | — | ADD 9% |
| 50 | RITHOLTZ WEALTH MANAGEMENT | 271,256271,256 | $29M | — | ADD 4% |
| 51 | Glenview Trust Co | 263,159263,159 | $28M | — | ADD 101% |
| 52 | OLD NATIONAL BANCORP /IN/ | 262,352262,352 | $28M | — | TRIM -7% |
| 53 | Bear Mountain Capital, Inc. | 258,958258,958 | $28M | — | NEW |
| 54 | CITIZENS FINANCIAL GROUP INC/RI | 259,354259,354 | $28M | — | — |
| 55 | CAHABA WEALTH MANAGEMENT, INC. | 259,110259,110 | $28M | — | — |
| 56 | EP Wealth Advisors, LLC | 251,628251,628 | $27M | — | ADD 3% |
| 57 | CIBC Bancorp USA Inc. | 249,190249,190 | $27M | — | NEW |
| 58 | Merit Financial Group, LLC | 241,506241,506 | $26M | — | ADD 52% |
| 59 | Freestone Capital Holdings, LLC | 233,904233,904 | $25M | — | ADD 17% |
| 60 | FIFTH THIRD BANCORP | 231,380231,380 | $25M | — | ADD 8799% |
| 61 | Safe Harbor Family Capital, LLC | 231,281231,281 | $25M | — | — |
| 62 | LVW Advisors, LLC | 230,341230,341 | $25M | — | ADD 6% |
| 63 | PARTNERS CAPITAL INVESTMENT GROUP, LLP | 222,273222,273 | $24M | — | ADD 40% |
| 64 | JONES FINANCIAL COMPANIES LLLP | 213,298213,298 | $23M | — | ADD 57% |
| 65 | OSAIC HOLDINGS, INC. | 210,257210,257 | $22M | — | TRIM -20% |
| 66 | MATHER GROUP, LLC. | 197,700197,700 | $21M | — | — |
| 67 | Legacy Edge Advisors, LLC | 195,954195,954 | $21M | — | ADD 4% |
| 68 | WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | 197,812197,812 | $21M | — | TRIM -25% |
| 69 | Carnegie Investment Counsel | 190,620190,620 | $20M | — | TRIM -3% |
| 70 | Ascent Group, LLC | 187,832187,832 | $20M | — | ADD 7% |
| 71 | Members Trust Co | 187,268187,268 | $20M | — | ADD 4% |
| 72 | Betterment LLC | 186,835186,835 | $20M | — | TRIM -6% |
| 73 | GAMMA Investing LLC | 179,558179,558 | $19M | — | ADD 16% |
| 74 | ARKANSAS FINANCIAL GROUP, INC. | 175,251175,251 | $19M | — | — |
| 75 | BAILARD, INC. | 174,632174,632 | $19M | — | TRIM -12% |
| 76 | Alesco Advisors, LLC, An ESL Co | 173,848173,848 | $19M | — | — |
| 77 | One Capital Management, LLC | 171,415171,415 | $18M | — | — |
| 78 | Ellevest, Inc. | 164,434164,434 | $18M | — | ADD 3% |
| 79 | BROWN WEALTH MANAGEMENT, LLC | 155,398155,398 | $17M | — | ADD 4% |
| 80 | TD PRIVATE CLIENT WEALTH LLC | 149,522149,522 | $16M | — | ADD 13% |
| 81 | Dakota Wealth Management | 147,820147,820 | $16M | — | ADD 2% |
| 82 | Prime Capital Investment Advisors, LLC | 147,013147,013 | $16M | — | — |
| 83 | BANK OF HAWAII | 146,336146,336 | $16M | — | TRIM -3% |
| 84 | BRANDYWINE OAK PRIVATE WEALTH LLC | 145,350145,350 | $15M | — | ADD 6% |
| 85 | PEAPACK GLADSTONE FINANCIAL CORP | 145,078145,078 | $15M | — | ADD 43% |
| 86 | Slow Capital, Inc. | 141,308141,308 | $15M | — | — |
| 87 | FIRST NATIONAL BANK OF OMAHA | 133,231133,231 | $14M | — | ADD 7% |
| 88 | CITY OF LONDON INVESTMENT MANAGEMENT CO LTD | 130,304130,304 | $14M | — | — |
| 89 | Brookstone Capital Management | 124,842124,842 | $13M | — | ADD 12% |
| 90 | Oak Harvest Investment Services | 124,062124,062 | $13M | — | ADD 3% |
| 91 | Abundance Wealth Counselors | 123,854123,854 | $13M | — | ADD 5% |
| 92 | Sequoia Financial Advisors, LLC | 123,473123,473 | $13M | — | — |
| 93 | Janney Montgomery Scott LLC | 122,001122,001 | $13M | — | ADD 10% |
| 94 | FLPUTNAM INVESTMENT MANAGEMENT CO | 120,870120,870 | $13M | — | — |
| 95 | Smithfield Trust Co | 119,192119,192 | $13M | — | ADD 22% |
| 96 | MBL Wealth, LLC | 118,521118,521 | $13M | — | ADD 29% |
| 97 | Wealthcare Advisory Partners LLC | 116,104116,104 | $12M | — | ADD 21% |
| 98 | Grove Bank & Trust | 115,406115,406 | $12M | — | — |
| 99 | Quantinno Capital Management LP | 114,752114,752 | $12M | — | — |
| 100 | M&T Bank Corp | 111,949111,949 | $12M | — | TRIM -5% |
Rows rank by the value each filer reported — 13F filers price their own positions, so a holder with fewer shares can rank just above one with more.
| Holder | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| BANK OF AMERICA CORP /DE/ | 7.8M | 7.0M | 7.2M | 7.5M | 8.3M | 10.5M | $1.1B |
| MERCER GLOBAL ADVISORS INC /ADV | 6.3M | 6.6M | 6.9M | 7.8M | 8.5M | 9.2M | $979M |
| MORGAN STANLEY | 3.5M | 3.3M | 6.4M | 6.5M | 5.7M | 5.9M | $630M |
| Bank of New York Mellon Corp | 4.6M | 4.3M | 5.2M | 5.3M | 5.1M | 4.9M | $525M |
| UBS Group AG | 1.4M | 1.3M | 1.1M | 1.1M | 1.2M | 2.9M | $310M |
| Creative Planning | 2.6M | 2.6M | 2.6M | 2.8M | 2.8M | 2.9M | $309M |
| SEI INVESTMENTS CO | 2.7M | 2.7M | 2.7M | 2.8M | 2.8M | 2.9M | $305M |
| NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO | 810K | 1.0M | 1.2M | 1.3M | 1.4M | 1.5M | $164M |
| CITIGROUP INC | 1.1M | 1.1M | 1.3M | 1.2M | 1.4M | 1.5M | $155M |
| CAPTRUST FINANCIAL ADVISORS | 1.3M | 1.3M | 1.4M | 1.2M | 1.3M | 1.3M | $138M |
| FRANKLIN RESOURCES INC | 1.3M | 1.3M | 1.2M | 1.3M | 1.3M | 1.3M | $136M |
| AMERIPRISE FINANCIAL INC | 914K | 975K | 990K | 1.0M | 1.0M | 1.0M | $112M |
| ALLSTATE CORP | — | — | 21K | 48K | 1.5M | 1.0M | $112M |
| LPL Financial LLC | 922K | 850K | 970K | 928K | 1.0M | 1.0M | $110M |
| Mariner, LLC | 803K | 830K | 819K | 838K | 874K | 884K | $94M |
Shares reported each quarter by the largest current holders. Green = added vs the prior filing, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.
Holder count only — too few computable %-of-shares-outstanding quarters for a % pane. Line breaks are quarters with no 13F record, never interpolated.
Short interest has its own tab now — open SI →
Source: SEC Form 13F — every institution manager (≥ $100M in 13F securities) reporting a long US-listed position, across ~10,250 filers over 10 years of history. 13F is long-only, US-listed, filed up to 45 days after quarter-end.
| Biggest buyers | Δ shares | Δ value | |
|---|---|---|---|
| BANK OF AMERICA CORP /DE/ | +2,207,656 | $235M | ADD |
| UBS Group AG | +1,735,648 | $185M | ADD |
| TIAA-CREF INDIVIDUAL & INSTITUTIONAL SERVICES, LLC | +817,913 | $87M | OPEN |
| MERCER GLOBAL ADVISORS INC /ADV | +707,341 | $75M | ADD |
| TIAA Wealth Investment Management LLC | +387,522 | $41M | OPEN |
| Biggest sellers | Δ shares | Δ value | |
|---|---|---|---|
| TIAA TRUST, NATIONAL ASSOCIATION | −1,212,908 | $129M | TRIM |
| ALLSTATE CORP | −500,160 | $53M | TRIM |
| John A. Wolfe & Associates, Inc. | −486,884 | $52M | CLOSE |
| CIBC Private Wealth Group LLC | −225,669 | $24M | CLOSE |
| Bank of New York Mellon Corp | −213,833 | $23M | TRIM |
The 2025-Q4 register is as-filed in ITS OWN share basis; every count below was rebased into the 2026-Q1 basis (no split in between, factor 1). Dollar figures value the SHARE delta at one price — the 2026-03-31 close — rather than differencing two filings' own reported values, which would mix the quarter's price move into the trade figure.
13Fs disclose LONG US-listed positions only — shorts, most derivatives, bonds and non-US listings are invisible here, and a filer's quarter-over-quarter change is not necessarily a trade (index rebalances, in-kind transfers and entity successions all read as flow).
| Quarter | Holders | Shares held | % shares out | Value held |
|---|---|---|---|---|
| 2026-Q1 | 877 | 87,850,269 | — | $9.4B |
| 2025-Q4 | 857 | 82,050,181 | — | $8.7B |
| 2025-Q3 | 831 | 77,573,740 | — | $8.3B |
| 2025-Q2 | 846 | 82,677,017 | — | $8.8B |
| 2025-Q1 | 832 | 74,160,213 | — | $7.8B |
| 2024-Q4 | 829 | 73,534,701 | — | $7.8B |
| 2024-Q3 | 761 | 72,090,469 | — | $7.6B |
| 2024-Q2 | 758 | 72,960,920 | — | $7.6B |
| 2024-Q1 | 755 | 80,870,777 | — | $8.5B |
| 2023-Q4 | 784 | 80,374,288 | — | $8.5B |
| 2023-Q3 | 752 | 74,052,363 | — | $7.6B |
| 2023-Q2 | 753 | 79,757,281 | — | $8.3B |
| 2023-Q1 | 759 | 81,640,245 | — | $8.5B |
| 2022-Q4 | 783 | 86,695,527 | — | $9.1B |
| 2022-Q3 | 712 | 67,798,552 | — | $7.0B |
| 2022-Q2 | 689 | 64,143,774 | — | $6.7B |
| 2022-Q1 | 621 | 54,726,084 | — | $5.7B |
| 2021-Q4 | 601 | 42,881,846 | — | $4.6B |
| 2021-Q3 | 520 | 37,851,771 | — | $4.0B |
| 2021-Q2 | 506 | 31,136,713 | — | $3.4B |
| 2021-Q1 | 506 | 27,089,925 | — | $2.9B |
| 2020-Q4 | 473 | 23,875,368 | — | $2.6B |
| 2020-Q3 | 423 | 22,797,533 | — | $2.5B |
| 2020-Q2 | 401 | 20,468,995 | — | $2.2B |
| 2020-Q1 | 370 | 18,854,825 | — | $2.0B |
| 2019-Q4 | 373 | 17,524,293 | — | $1.9B |
| 2019-Q3 | 302 | 15,216,483 | — | $1.6B |
| 2019-Q2 | 294 | 14,410,383 | — | $1.5B |
| 2019-Q1 | 297 | 13,702,602 | — | $1.4B |
| 2018-Q4 | 276 | 13,019,838 | — | $1.4B |
| 2018-Q3 | 229 | 9,874,087 | — | $1.0B |
| 2018-Q2 | 219 | 9,955,432 | — | $976M |
| 2018-Q1 | 210 | 9,136,079 | — | $958M |
| 2017-Q4 | 214 | 8,776,886 | — | $920M |
| 2017-Q3 | 183 | 8,635,858 | — | $915M |
| 2017-Q2 | 179 | 8,211,979 | — | $866M |
| 2017-Q1 | 177 | 8,250,483 | — | $871M |
| 2016-Q4 | 180 | 8,379,697 | — | $881M |
| 2016-Q3 | 154 | 5,976,569 | — | $634M |
| 2016-Q2 | 140 | 5,669,440 | — | $599M |
| 2016-Q1 | 145 | 5,693,470 | — | $604M |
| 2015-Q4 | 130 | 5,231,565 | — | $554M |
| 2015-Q3 | 125 | 4,464,404 | — | $473M |
| 2015-Q2 | 125 | 4,580,934 | — | $484M |
| 2015-Q1 | 126 | 4,359,198 | — | $461M |
| 2014-Q4 | 126 | 4,496,579 | — | $476M |
| 2014-Q3 | 113 | 4,395,702 | — | $467M |
| 2014-Q2 | 105 | 4,311,441 | — | $458M |
| 2014-Q1 | 100 | 3,939,294 | — | $419M |
| 2013-Q4 | 105 | 3,851,998 | — | $409M |
| 2013-Q3 | 92 | 3,193,840 | — | $358M |
| 2013-Q2 | 95 | 2,859,916 | — | $301M |
| 2013-Q1 | 5 | 408,971 | — | $43M |
