% of shares outstanding is not shown for VSMAX: 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 VSMAX 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 | Fulton Bank, N.A. | 269,019269,019 | $34M | — | TRIM -3% |
| 2 | FIRST MERCHANTS CORP | 190,251190,251 | $24M | — | TRIM -5% |
| 3 | NEVILLE RODIE & SHAW INC | 13,00913,009 | $2M | — | TRIM -5% |
| 4 | NORTH STAR ASSET MANAGEMENT INC | 9,8159,815 | $1M | — | ADD 3% |
| 5 | Arvest Bank Trust Division | 3,7883,788 | $475,349 | — | — |
| 6 | Dempze Nancy E | 3,5903,590 | $450,422 | — | — |
| 7 | Williams Jones Wealth Management, LLC. | 3,4633,463 | $434,424 | — | TRIM -3% |
| 8 | PUZO MICHAEL J | 3,4003,400 | $426,564 | — | ADD 100% |
| 9 | McIlrath & Eck, LLC | 1,3001,300 | $163,077 | — | NEW |
| 10 | Coston, McIsaac & Partners | 389389 | $48,000 | — | NEW |
| 11 | Financial Gravity Asset Management, Inc. | 121121 | $15,220 | — | — |
| 12 | OAKWORTH CAPITAL, INC. | 6666 | $8,227 | — | — |
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 |
|---|---|---|---|---|---|---|---|
| Fulton Bank, N.A. | 292K | 293K | 280K | 269K | 277K | 269K | $34M |
| FIRST MERCHANTS CORP | 300K | 237K | 219K | 209K | 200K | 190K | $24M |
| NEVILLE RODIE & SHAW INC | 14K | 13K | 14K | 14K | 14K | 13K | $2M |
| NORTH STAR ASSET MANAGEMENT INC | 9K | 9K | 9K | 9K | 10K | 10K | $1M |
| Arvest Bank Trust Division | 5K | 5K | 4K | 4K | 4K | 4K | $475,349 |
| Dempze Nancy E | 3K | 3K | 4K | 4K | 4K | 4K | $450,422 |
| Williams Jones Wealth Management, LLC. | 4K | 4K | 4K | 4K | 4K | 3K | $434,424 |
| PUZO MICHAEL J | — | — | — | 2K | 2K | 3K | $426,564 |
| McIlrath & Eck, LLC | — | — | — | — | — | 1K | $163,077 |
| Coston, McIsaac & Partners | — | — | — | — | — | 389 | $48,000 |
| Financial Gravity Asset Management, Inc. | — | 220 | — | 120 | 121 | 121 | $15,220 |
| OAKWORTH CAPITAL, INC. | — | — | — | 65 | 65 | 66 | $8,227 |
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 | |
|---|---|---|---|
| PUZO MICHAEL J | +1,700 | $213,282 | ADD |
| McIlrath & Eck, LLC | +1,300 | $163,098 | OPEN |
| Coston, McIsaac & Partners | +389 | $48,804 | OPEN |
| NORTH STAR ASSET MANAGEMENT INC | +300 | $37,638 | ADD |
| OAKWORTH CAPITAL, INC. | +1 | $125 | — |
| Biggest sellers | Δ shares | Δ value | |
|---|---|---|---|
| FIRST MERCHANTS CORP | −9,911 | $1M | TRIM |
| Fulton Bank, N.A. | −7,482 | $938,692 | TRIM |
| Kohmann Bosshard Financial Services, LLC | −5,943 | $745,609 | CLOSE |
| RFP Financial Group LLC | −2,860 | $358,816 | CLOSE |
| Fifth Third Wealth Advisors LLC | −2,273 | $285,171 | CLOSE |
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 | 12 | 498,211 | — | $63M |
| 2025-Q4 | 13 | 523,781 | — | $65M |
| 2025-Q3 | 11 | 515,566 | — | $63M |
| 2025-Q2 | 11 | 561,566 | — | $64M |
| 2025-Q1 | 15 | 586,326 | — | $62M |
| 2024-Q4 | 15 | 701,832 | — | $81M |
| 2024-Q3 | 16 | 731,982 | — | $83M |
| 2024-Q2 | 16 | 740,707 | — | $77M |
| 2024-Q1 | 13 | 442,694 | — | $48M |
| 2023-Q4 | 15 | 534,248 | — | $55M |
| 2023-Q3 | 13 | 1,053,199 | — | $98M |
| 2023-Q2 | 14 | 553,389 | — | $53M |
| 2023-Q1 | 13 | 558,150 | — | $51M |
| 2022-Q4 | 13 | 559,923 | — | $49M |
| 2022-Q3 | 13 | 584,443 | — | $48M |
| 2022-Q2 | 13 | 587,028 | — | $50M |
| 2022-Q1 | 15 | 603,160 | — | $61M |
| 2021-Q4 | 17 | 667,305 | — | $72M |
| 2021-Q3 | 14 | 676,772 | — | $71M |
| 2021-Q2 | 14 | 701,617 | — | $76M |
| 2021-Q1 | 13 | 674,600 | — | $69M |
| 2020-Q4 | 12 | 547,758 | — | $51M |
| 2020-Q3 | 12 | 651,458 | — | $48M |
| 2020-Q2 | 11 | 544,626 | — | $38M |
| 2020-Q1 | 11 | 1,144,500 | — | $76M |
| 2019-Q4 | 18 | 1,153,324 | — | $92M |
| 2019-Q3 | 17 | 888,875 | — | $66M |
| 2019-Q2 | 11 | 1,132,001 | — | $85M |
| 2019-Q1 | 11 | 1,150,688 | — | $84M |
| 2018-Q4 | 13 | 1,553,877 | — | $98M |
| 2018-Q3 | 11 | 658,828 | — | $51M |
| 2018-Q2 | 8 | 205,324 | — | $15M |
| 2018-Q1 | 10 | 669,032 | — | $47M |
| 2017-Q4 | 11 | 668,387 | — | $47M |
| 2017-Q3 | 10 | 1,577,678 | — | $50M |
| 2017-Q2 | 10 | 742,057 | — | $48M |
| 2017-Q1 | 10 | 719,865 | — | $46M |
| 2016-Q4 | 9 | 631,052 | — | $39M |
| 2016-Q3 | 8 | 569,509 | — | $33M |
| 2016-Q2 | 10 | 550,185 | — | $30M |
| 2016-Q1 | 8 | 530,959 | — | $28M |
| 2015-Q4 | 6 | 169,589 | — | $9M |
| 2015-Q3 | 6 | 447,168 | — | $23M |
| 2015-Q2 | 6 | 435,935 | — | $25M |
| 2015-Q1 | 8 | 473,044 | — | $28M |
| 2014-Q4 | 6 | 405,972 | — | $23M |
| 2014-Q3 | 6 | 52,440 | — | $3M |
| 2014-Q2 | 5 | 45,324 | — | $3M |
| 2014-Q1 | 4 | 33,078 | — | $2M |
| 2013-Q4 | 3 | 28,241 | — | $1M |
| 2013-Q3 | 2 | 10,799 | — | $529,000 |
| 2013-Q2 | 2 | 10,799 | — | $485,000 |
