13F filer · CIK 2100119 ↗
Vanguard Capital Management
You are looking at Q4 2018. See the latest, Q2 2026 →
Reported value
$2.23T
−13% on the quarter before
Positions
4,151
105 new · 123 sold out
Top 10
15.0%
of the value
Est. gain
−$371.98B
on stocks held all quarter
Est. return
−14.8%
on those stocks since Q3 2018
Positions as of Dec 31, 2018, from Vanguard Capital Management's 13F filing with the SEC. A 13F lists a manager's US-listed stocks and options at a quarter end and is filed up to 45 days later, so the fund may hold something else today. It leaves out short positions, cash and holdings outside the US.
Portfolio at a glance
- New
- Added
- Cut
- Same
- Options
The 24 largest positions, 25% of the reported value, each sized by its share, colored by what the fund did with it since Q3 2018. Striped tiles are options.
Largest buys
Since Q3 2018, by estimated size: the change in shares at the quarter-end price, since a 13F gives no trade prices. Percentages are the position's share of the portfolio, before and after.
- Linde Plc~$7.02BNew · 0.0% → 0.3%+44,981,539 shares
- Cigna Corp New~$5.42BNew · 0.0% → 0.2%+28,556,468 shares
- Microsoft~$2.56BAdded · 2.6% → 2.8%+25,224,648 shares
- Cvs Health Corp~$1.59BAdded · 0.3% → 0.3%+24,339,638 shares
- Amazon~$1.39BAdded · 2.3% → 2.1%+928,657 shares
- Marathon Pete Corp~$1.14BAdded · 0.1% → 0.1%+19,299,493 shares
- Johnson & Johnson~$1.02BAdded · 1.2% → 1.3%+7,891,125 shares
- Berkshire Hathaway Inc Del~$803.5MAdded · 1.1% → 1.2%+3,935,326 shares
- Diamondback Energy Inc~$801.2MAdded · 0.0% → 0.1%+8,642,461 shares
- Exxon Mobil Corp~$713.6MAdded · 1.1% → 1.0%+10,464,847 shares
Largest sells
Since Q3 2018, by estimated size: the change in shares at the quarter-end price, since a 13F gives no trade prices. Percentages are the position's share of the portfolio, before and after.
- Aetna Inc New~$4.74BSold out · 0.2% → 0.0%−23,388,893 shares
- Express Scripts Hldg Co~$3.83BSold out · 0.1% → 0.0%−40,305,179 shares
- Cigna Corporation~$3.71BSold out · 0.1% → 0.0%−17,800,567 shares
- Praxair Inc~$3.66BSold out · 0.1% → 0.0%−22,774,233 shares
- Rockwell Collins Inc~$2.34BSold out · 0.1% → 0.0%−16,664,339 shares
- Dell Technologies Inc~$1.71BSold out · 0.1% → 0.0%−17,655,038 shares
- Andeavor~$1.60BSold out · 0.1% → 0.0%−10,422,253 shares
- Ca Inc~$1.50BSold out · 0.1% → 0.0%−34,073,336 shares
- Forest City Rlty Tr Inc~$846.6MSold out · 0.0% → 0.0%−33,743,712 shares
- Energen Corp~$732.6MSold out · 0.0% → 0.0%−8,502,250 shares
Holdings
As of Dec 31, 2018. Changes are in shares against Sep 30, 2018, so a price move alone never reads as a buy or a sale.
| Holding | Value | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| MicrosoftCOM · shares +4.4% · price −11.2% | 2.8% | $61.26B | −$7.40B | ||||||||
| AppleCOM · shares −0.07% · price −30.1% | 2.4% | $53.40B | −$23.02B | ||||||||
| AmazonCOM · shares +3.1% · price −25.0% | 2.1% | $45.85B | −$14.83B | ||||||||
| Johnson & JohnsonCOM · shares +3.7% · price −6.6% | 1.3% | $28.56B | −$1.95B | ||||||||
| Berkshire Hathaway Inc DelCL B NEW · shares +3.0% · price −4.6% | 1.2% | $27.77B | −$1.31B | ||||||||
| Jpmorgan Chase & CoCOM · shares +1.7% · price −13.5% | 1.1% | $25.30B | −$3.88B | ||||||||
| Exxon Mobil CorpCOM · shares +3.2% · price −19.8% | 1.0% | $23.19B | −$5.55B | ||||||||
| MetaCL A · shares +2.3% · price −20.3% | 1.0% | $23.13B | −$5.75B | ||||||||
| AlphabetCAP STK CL C · shares +2.5% · price −13.2% | 1.0% | $23.03B | −$3.42B | ||||||||
| AlphabetCAP STK CL A · shares +2.8% · price −13.4% | 1.0% | $22.93B | −$3.46B | ||||||||
| Pfizer IncCOM · shares +2.2% · price −1.0% | 0.89% | $19.71B | −$185.6M | ||||||||
| Procter And Gamble CoCOM · shares +3.5% · price +10.4% | 0.81% | $17.92B | +$1.64B | ||||||||
| Unitedhealth Group IncCOM · shares +3.1% · price −6.4% | 0.80% | $17.80B | −$1.17B | ||||||||
| Verizon Communications IncCOM · shares +3.7% · price +5.3% | 0.80% | $17.72B | +$859.8M | ||||||||
| Visa Inc.COM CL A · shares +0.8% · price −12.1% | 0.80% | $17.70B | −$2.41B | ||||||||
| IntelCOM · shares +1.6% · price −0.8% | 0.77% | $17.09B | −$129.0M | ||||||||
| Chevron Corp NewCOM · shares +2.9% · price −11.0% | 0.75% | $16.78B | −$2.02B | ||||||||
| Bank Amer CorpCOM · shares −1.8% · price −16.4% | 0.73% | $16.27B | −$3.18B | ||||||||
| Merck & Co IncCOM · shares +1.4% · price +7.7% | 0.71% | $15.71B | +$1.11B | ||||||||
| AT&TCOM · shares +3.3% · price −15.0% | 0.70% | $15.65B | −$2.68B | ||||||||
| CiscoCOM · shares −0.02% · price −10.9% | 0.70% | $15.49B | −$1.90B | ||||||||
| Wells Fargo Co NewCOM · shares +0.5% · price −12.3% | 0.68% | $15.14B | −$2.12B | ||||||||
| Home Depot IncCOM · shares +0.5% · price −17.1% | 0.64% | $14.33B | −$2.93B | ||||||||
| Coca Cola CoCOM · shares +3.4% · price +2.5% | 0.64% | $14.16B | +$335.3M | ||||||||
| Pepsico IncCOM · shares +3.8% · price −1.2% | 0.62% | $13.72B | −$158.0M | ||||||||
| Total · 4,151 positions | 100% | $2.23T | −$371.98B |
Price is a stock's reported value over its shares at the quarter end. The estimated gain is the shares held at both quarter ends times the change in that price: shares bought or sold during the quarter add nothing, options are left out, and a stock split is read into the earlier share count and price.
What made money
From Q3 2018 to Q4 2018: 4,045 stocks held throughout, down $371.98B (−14.8%).
- Procter And Gamble Co+$1.64B+10%
- Merck & Co Inc+$1.11B+8%
- Verizon Communications Inc+$859.8M+5%
- Red Hat Inc+$735.3M+29%
- American Tower+$724.7M+9%
- Meta−$5.75B−20%
- Nvidia−$6.56B−52%
- Microsoft−$7.40B−11%
- Amazon−$14.83B−25%
- Apple−$23.02B−30%
Estimated as in the holdings table: shares held at both quarter ends times the change in price; options left out, 13 splits read into the share counts.
Reported value by quarter
The total value of each quarter's 13F at that quarter end. It moves with prices as well as with buying and selling. Pick a quarter to see what the fund held then.
Every quarter's filing
| Quarter | Reported value | Filing | |
|---|---|---|---|
| Q2 2026 | Aug 13, 2026 | $4.68T+17% | SEC ↗ |
| Q1 2026 | May 15, 2026 (amended) | $4.00T−42% | SEC ↗ |
| Q4 2025 | Jan 29, 2026 | $6.90T+3% | SEC ↗ |
| Q3 2025 | Nov 7, 2025 | $6.68T+8% | SEC ↗ |
| Q2 2025 | Aug 11, 2025 | $6.18T+12% | SEC ↗ |
| Q1 2025 | May 9, 2025 | $5.53T−4% | SEC ↗ |
| Q4 2024 | Feb 11, 2025 | $5.74T+3% | SEC ↗ |
| Q3 2024 | Nov 13, 2024 | $5.58T+7% | SEC ↗ |
| Q2 2024 | Aug 13, 2024 | $5.21T+3% | SEC ↗ |
| Q1 2024 | May 10, 2024 | $5.05T+10% | SEC ↗ |
| Q4 2023 | Mar 11, 2024 (amended) | $4.58T+12% | SEC ↗ |
| Q3 2023 | Dec 18, 2023 (amended) | $4.07T−3% | SEC ↗ |
| Q2 2023 | Aug 14, 2023 | $4.22T+7% | SEC ↗ |
| Q1 2023 | Jul 14, 2023 (amended) | $3.93T+7% | SEC ↗ |
| Q4 2022 | Feb 10, 2023 | $3.67T+8% | SEC ↗ |
| Q3 2022 | Nov 14, 2022 | $3.40T−4% | SEC ↗ |
| Q2 2022 | Aug 12, 2022 | $3.56T−16% | SEC ↗ |
| Q1 2022 | May 13, 2022 | $4.23T−4% | SEC ↗ |
| Q4 2021 | Feb 14, 2022 | $4.40T+9% | SEC ↗ |
| Q3 2021 | Nov 12, 2021 | $4.03T+0% | SEC ↗ |
| Q2 2021 | Aug 13, 2021 | $4.02T+9% | SEC ↗ |
| Q1 2021 | May 14, 2021 | $3.70T+7% | SEC ↗ |
| Q4 2020 | Feb 12, 2021 | $3.45T+14% | SEC ↗ |
| Q3 2020 | Nov 16, 2020 | $3.02T+7% | SEC ↗ |
| Q2 2020 | Aug 14, 2020 | $2.82T+20% | SEC ↗ |
| Q1 2020 | May 15, 2020 | $2.35T−20% | SEC ↗ |
| Q4 2019 | Feb 14, 2020 | $2.93T+9% | SEC ↗ |
| Q3 2019 | Nov 14, 2019 | $2.70T+1% | SEC ↗ |
| Q2 2019 | Aug 14, 2019 | $2.66T+4% | SEC ↗ |
| Q1 2019 | May 15, 2019 | $2.55T+15% | SEC ↗ |
| Q4 2018 | Feb 14, 2019 | $2.23T−13% | SEC ↗ |
| Q3 2018 | Dec 13, 2018 (amended) | $2.56T+7% | SEC ↗ |
| Q2 2018 | Aug 14, 2018 | $2.39T+5% | SEC ↗ |
| Q1 2018 | May 15, 2018 | $2.29T−0% | SEC ↗ |
| Q4 2017 | Feb 14, 2018 | $2.29T+7% | SEC ↗ |
| Q3 2017 | Nov 14, 2017 | $2.14T+5% | SEC ↗ |
| Q2 2017 | Aug 24, 2017 (amended) | $2.03T+4% | SEC ↗ |
| Q1 2017 | May 12, 2017 | $1.95T+9% | SEC ↗ |
| Q4 2016 | Feb 14, 2017 | $1.79T+5% | SEC ↗ |
| Q3 2016 | Nov 14, 2016 | $1.70T+6% | SEC ↗ |
| Q2 2016 | Aug 10, 2016 | $1.61T+4% | SEC ↗ |
| Q1 2016 | May 13, 2016 | $1.54T | SEC ↗ |