13F filer · CIK 2100119 ↗
Vanguard Capital Management
You are looking at Q4 2025. See the latest, Q2 2026 →
Reported value
$6.90T
+3.3% on the quarter before
Positions
4,329
123 new · 138 sold out
Top 10
31.2%
of the value
Est. gain
+$125.69B
on stocks held all quarter
Est. return
+1.9%
on those stocks since Q3 2025
Positions as of Dec 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, 41% of the reported value, each sized by its share, colored by what the fund did with it since Q3 2025. Striped tiles are options.
Largest buys
Since Q3 2025, 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.
- Nvidia~$8.05BAdded · 6.2% → 6.1%+43,149,475 shares
- Microsoft~$7.72BAdded · 5.4% → 5.0%+15,955,898 shares
- Apple~$7.30BAdded · 5.3% → 5.6%+26,856,752 shares
- Totalenergies Se~$5.34BNew · 0.0% → 0.1%+81,863,403 shares
- Meta~$4.80BAdded · 2.1% → 1.9%+7,269,279 shares
- Alphabet~$3.92BAdded · 1.9% → 2.4%+12,531,695 shares
- Tesla~$2.94BAdded · 1.7% → 1.7%+6,538,720 shares
- Alphabet~$2.55BAdded · 1.5% → 1.9%+8,128,234 shares
- Qnity Electronics Inc~$2.23BNew · 0.0% → 0.0%+27,270,370 shares
- Crh Plc~$1.83BAdded · 0.1% → 0.1%+14,623,673 shares
Largest sells
Since Q3 2025, 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.
- Kellanova~$2.74BSold out · 0.0% → 0.0%−33,420,185 shares
- Mr Cooper Group Inc~$1.41BSold out · 0.0% → 0.0%−6,685,853 shares
- Interpublic Group Cos Inc~$1.24BSold out · 0.0% → 0.0%−44,436,576 shares
- Amazon~$1.14BCut · 2.8% → 2.8%−4,937,929 shares
- Light & Wonder Inc~$666.0MSold out · 0.0% → 0.0%−7,934,380 shares
- Cushman Wakefield Plc~$578.0MSold out · 0.0% → 0.0%−36,304,186 shares
- Liberty Media Corp Del~$451.8MSold out · 0.0% → 0.0%−4,658,706 shares
- Allete Inc~$417.4MSold out · 0.0% → 0.0%−6,286,072 shares
- Spirit Aerosystems Hldgs Inc~$413.2MSold out · 0.0% → 0.0%−10,705,044 shares
- Lxp Industrial Trust~$409.5MSold out · 0.0% → 0.0%−45,698,056 shares
Holdings
As of Dec 31, 2025. Changes are in shares against Sep 30, 2025, so a price move alone never reads as a buy or a sale.
| Holding | Value | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| NvidiaCOM · shares +1.9% · price −0.0% | 6.1% | $422.74B | −$177.9M | ||||||||
| AppleCOM · shares +1.9% · price +6.8% | 5.6% | $387.75B | +$24.11B | ||||||||
| MicrosoftCOM · shares +2.3% · price −6.6% | 5.0% | $347.21B | −$24.10B | ||||||||
| AmazonCOM · shares −0.6% · price +5.1% | 2.8% | $195.14B | +$9.51B | ||||||||
| BroadcomCOM · shares +0.8% · price +4.9% | 2.4% | $167.06B | +$7.75B | ||||||||
| AlphabetCAP STK CL A · shares +2.4% · price +28.8% | 2.4% | $165.57B | +$36.10B | ||||||||
| AlphabetCAP STK CL C · shares +2.0% · price +28.8% | 1.9% | $132.11B | +$29.01B | ||||||||
| MetaCL A · shares +3.8% · price −10.1% | 1.9% | $132.02B | −$14.32B | ||||||||
| TeslaCOM · shares +2.6% · price +1.1% | 1.7% | $116.44B | +$1.26B | ||||||||
| Eli LillyCOM · shares +1.2% · price +40.8% | 1.3% | $88.09B | +$25.23B | ||||||||
| Jpmorgan Chase & Co.COM · shares −0.05% · price +2.2% | 1.2% | $85.63B | +$1.80B | ||||||||
| Berkshire Hathaway Inc DelCL B NEW · shares +1.8% · price −0.0% | 1.1% | $78.97B | −$13.9M | ||||||||
| Visa Inc.COM CL A · shares +0.7% · price +2.7% | 0.82% | $56.46B | +$1.49B | ||||||||
| Exxon Mobil CorpCOM · shares +0.07% · price +6.7% | 0.75% | $51.72B | +$3.26B | ||||||||
| Johnson & JohnsonCOM · shares +1.6% · price +11.6% | 0.72% | $49.74B | +$5.09B | ||||||||
| Walmart IncCOM · shares +1.0% · price +8.1% | 0.71% | $49.02B | +$3.64B | ||||||||
| MastercardCL A · shares +0.6% · price +0.4% | 0.66% | $45.61B | +$164.4M | ||||||||
| Abbvie IncCOM · shares +1.7% · price −1.3% | 0.60% | $41.31B | −$542.1M | ||||||||
| PalantirCL A · shares +0.7% · price −2.6% | 0.56% | $38.30B | −$998.8M | ||||||||
| Costco Whsl Corp NewCOM · shares +0.4% · price −6.8% | 0.55% | $37.62B | −$2.75B | ||||||||
| NetflixCOM · shares +1.2% · price −21.8% | 0.53% | $36.57B | −$10.07B | ||||||||
| Bank America CorpCOM · shares +3.7% · price +6.6% | 0.52% | $35.81B | +$2.14B | ||||||||
| Home Depot IncCOM · shares +1.3% · price −15.1% | 0.50% | $34.28B | −$6.01B | ||||||||
| OracleCOM · shares +3.5% · price −30.7% | 0.49% | $34.07B | −$14.59B | ||||||||
| Procter And Gamble CoCOM · shares +1.2% · price −6.7% | 0.49% | $34.03B | −$2.43B | ||||||||
| Total · 4,329 positions | 100% | $6.90T | +$125.69B |
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 2025 to Q4 2025: 4,206 stocks held throughout, up $125.69B (+1.9%).
- Alphabet+$36.10B+29%
- Alphabet+$29.01B+29%
- Eli Lilly+$25.23B+41%
- Apple+$24.11B+7%
- Micron+$12.36B+71%
- Home Depot Inc−$6.01B−15%
- Netflix10:1 split−$10.07B−22%
- Meta−$14.32B−10%
- Oracle−$14.59B−31%
- Microsoft−$24.10B−7%
Estimated as in the holdings table: shares held at both quarter ends times the change in price; options left out, 21 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 ↗ |