13F filer · CIK 2100119 ↗
Vanguard Capital Management
You are looking at Q1 2025. See the latest, Q2 2026 →
Reported value
$5.53T
−3.7% on the quarter before
Positions
4,280
110 new · 123 sold out
Top 10
26.2%
of the value
Est. gain
−$270.29B
on stocks held all quarter
Est. return
−4.7%
on those stocks since Q4 2024
Positions as of Mar 31, 2025, 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, 37% of the reported value, each sized by its share, colored by what the fund did with it since Q4 2024. Striped tiles are options.
Largest buys
Since Q4 2024, 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.
- Eli Lilly~$4.11BAdded · 1.0% → 1.2%+4,975,395 shares
- Unitedhealth Group Inc~$2.92BAdded · 0.8% → 0.9%+5,583,343 shares
- Microsoft~$2.75BAdded · 5.0% → 4.7%+7,314,509 shares
- Alphabet~$2.21BAdded · 1.6% → 1.4%+14,307,345 shares
- Crh Plc~$2.16BAdded · 0.1% → 0.1%+24,591,538 shares
- Amazon~$1.70BAdded · 3.1% → 2.9%+8,913,959 shares
- Schwab Charles Corp~$1.55BAdded · 0.2% → 0.2%+19,817,022 shares
- Alphabet~$1.51BAdded · 1.3% → 1.2%+9,687,855 shares
- DoorDash~$1.48BAdded · 0.1% → 0.1%+8,073,882 shares
- Nvidia~$1.47BAdded · 5.1% → 4.3%+13,568,584 shares
Largest sells
Since Q4 2024, 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.
- Palantir~$1.94BCut · 0.3% → 0.3%−22,937,547 shares
- Flutter Entmt Plc~$1.36BCut · 0.0% → 0.0%−6,156,984 shares
- Welltower Inc~$904.7MCut · 0.2% → 0.3%−5,904,925 shares
- Smartsheet Inc~$797.6MSold out · 0.0% → 0.0%−14,235,855 shares
- Altair Engr Inc~$752.2MSold out · 0.0% → 0.0%−6,894,230 shares
- Aspen Technology Inc~$706.8MSold out · 0.0% → 0.0%−2,831,209 shares
- Bank America Corp~$694.5MCut · 0.5% → 0.5%−16,643,736 shares
- Summit Matls Inc~$626.1MSold out · 0.0% → 0.0%−12,373,001 shares
- Hashicorp Inc~$559.3MSold out · 0.0% → 0.0%−16,350,402 shares
- Arcadium Lithium Plc~$542.0MSold out · 0.0% → 0.0%−105,655,899 shares
Holdings
As of Mar 31, 2025. Changes are in shares against Dec 31, 2024, so a price move alone never reads as a buy or a sale.
| Holding | Value | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| AppleCOM · shares +0.4% · price −11.3% | 5.6% | $311.16B | −$39.49B | ||||||||
| MicrosoftCOM · shares +1.1% · price −10.9% | 4.7% | $259.54B | −$31.54B | ||||||||
| NvidiaCOM · shares +0.6% · price −19.3% | 4.3% | $237.68B | −$56.47B | ||||||||
| AmazonCOM · shares +1.1% · price −13.3% | 2.9% | $158.35B | −$23.98B | ||||||||
| MetaCL A · shares −0.07% · price −1.6% | 2.0% | $110.12B | −$1.75B | ||||||||
| Berkshire Hathaway Inc DelCL B NEW · shares +1.7% · price +17.5% | 1.5% | $80.21B | +$11.74B | ||||||||
| BroadcomCOM · shares +0.4% · price −27.8% | 1.4% | $79.90B | −$30.60B | ||||||||
| AlphabetCAP STK CL A · shares +2.9% · price −18.3% | 1.4% | $78.84B | −$17.17B | ||||||||
| Jpmorgan Chase & Co.COM · shares +0.2% · price +2.3% | 1.2% | $66.92B | +$1.52B | ||||||||
| Eli LillyCOM · shares +6.7% · price +7.0% | 1.2% | $65.43B | +$4.00B | ||||||||
| AlphabetCAP STK CL C · shares +2.4% · price −18.0% | 1.2% | $64.30B | −$13.75B | ||||||||
| TeslaCOM · shares +1.5% · price −35.8% | 1.2% | $63.98B | −$35.19B | ||||||||
| Visa Inc.COM CL A · shares +1.1% · price +10.9% | 1.0% | $56.45B | +$5.49B | ||||||||
| Exxon Mobil CorpCOM · shares −0.3% · price +10.6% | 0.92% | $51.13B | +$4.88B | ||||||||
| Unitedhealth Group IncCOM · shares +6.6% · price +3.5% | 0.86% | $47.52B | +$1.52B | ||||||||
| MastercardCL A · shares +0.5% · price +4.1% | 0.77% | $42.50B | +$1.66B | ||||||||
| Costco Whsl Corp NewCOM · shares +1.0% · price +3.2% | 0.73% | $40.33B | +$1.25B | ||||||||
| Procter And Gamble CoCOM · shares +0.10% · price +1.7% | 0.71% | $39.20B | +$636.5M | ||||||||
| Johnson & JohnsonCOM · shares +0.5% · price +14.7% | 0.70% | $38.80B | +$4.94B | ||||||||
| Walmart IncCOM · shares +0.8% · price −2.8% | 0.68% | $37.40B | −$1.08B | ||||||||
| Abbvie IncCOM · shares +0.5% · price +17.9% | 0.66% | $36.44B | +$5.51B | ||||||||
| NetflixCOM · shares +1.4% · price +4.6% | 0.64% | $35.43B | +$1.54B | ||||||||
| Home Depot IncCOM · shares +0.8% · price −5.8% | 0.64% | $35.36B | −$2.15B | ||||||||
| Bank America CorpCOM · shares −2.5% · price −5.1% | 0.48% | $26.76B | −$1.42B | ||||||||
| Chevron Corp NewCOM · shares −0.4% · price +15.5% | 0.47% | $26.16B | +$3.51B | ||||||||
| Total · 4,280 positions | 100% | $5.53T | −$270.29B |
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 Q4 2024 to Q1 2025: 4,170 stocks held throughout, down $270.29B (−4.7%).
- Berkshire Hathaway Inc Del+$11.74B+17%
- Abbvie Inc+$5.51B+18%
- Visa Inc.+$5.49B+11%
- Philip Morris Intl Inc+$5.35B+32%
- Johnson & Johnson+$4.94B+15%
- Broadcom−$30.60B−28%
- Microsoft−$31.54B−11%
- Tesla−$35.19B−36%
- Apple−$39.49B−11%
- Nvidia−$56.47B−19%
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 ↗ |