Vanguard Global Advisers 13F Portfolio

Look at the biggest dollar adds table and the pattern is blunt: buy what owns everything, then layer in income-heavy financials and pipelines.

• VOO and VTI: The largest adds by far, with VOO up 4.2% in shares and an estimated $1.15B of incremental capital, VTI up 5.2% and about $711.9M. They’re leaning into the simple view that owning the S&P 500 and total U.S. market remains the highest-confidence long-term call.
• VWO and VEA: Emerging and developed ex-U.S. equity get fresh capital (VWO shares up 6.8%, VEA up 1.1%), signaling a quiet bet that non-U.S. markets finally deserve more than tactical scraps.
• Canadian banks (RY, TD, BMO, CM, plus BNS and BAC): The biggest single-name increases cluster in North American banks. Royal Bank of Canada (RY) shares jumped 9.1%, TD 8.6%, BMO 8.9%, BNS 7.8%, CM 6.8%, and BAC 4.5%. Each sits well in the green versus cost (RY up 28.4% vs basis, TD 29.9%, BMO 37.1%, CM 31.1%, BAC 23.5%), suggesting they’re adding to winners, not averaging down.
• ENB and CVX: Enbridge (ENB) is a notable energy add with shares up 9.3% and almost flat to cost, while Chevron (CVX) nudges higher. Together with the banks, these reads as a cashflow-and-dividends barbell to the growth-heavy tech book.
• BND and BNDX: Core U.S. aggregate bond exposure (BND) and hedged international bonds (BNDX) both get 5–7% more shares, even though BND is slightly underwater vs cost and BNDX flat. They’re building fixed-income ballast without waiting for hindsight-perfect entry points.

The trims are small in percentage terms but very telling in where they occur. The biggest reductions by dollars are almost all in mega-cap tech and AI beneficiaries, implying profit-taking at the edges rather than a view change.

• Core AI and cloud: Nvidia (NVDA) shares are down 1.7%, Apple (AAPL) 1.3%, Microsoft (MSFT) 1.4%, and Amazon (AMZN) 1.2%. All sit comfortably above cost (NVDA +24.9% vs basis, AMZN +20.8%), so these look like capital reallocation from richly valued winners into cheaper beta and income.
• Broader chip complex: Broadcom (AVGO), Micron (MU), AMD, Intel, Applied Materials (AMAT), Lam Research (LRCX), KLA (KLAC), and even legacy Sandisk (SNDK) are all trimmed 1–1.7%. MU in particular is up an eye-catching 204.8% vs average buy, precisely the sort of move that invites risk management.
• Platform tech and payments: Alphabet (GOOGL/GOOG), Meta, Visa, and Mastercard all see 0.4–2.7% share reductions. None are being abandoned; they remain core exposures, but their role is slowly shifting from growth engines to funding sources.
• Defensive and staples: Health-care majors (LLY, JNJ, MRK, ABBV, UNH) and staples/retail (WMT, COST, HD, PG) are all gently shaved. This isn’t a rotation away from defense so much as a broad-based, proportional trim to make room for the index and bond adds.

Even in cyclicals — Tesla, Caterpillar, Exxon, GE Aerospace — position changes are in the low single digits. The story isn’t a sector call; it’s a sizing discipline: clip 1–3% from almost every stock, recycle into scalable ETF sleeves.

The sector bars tell a subtle but important story: tech is still king, but its dominance is being diluted by ETFs, banks, and bonds.

Technology’s share of the top-50 book slipped from an estimated 37.42% to 36.46%. That’s not a bearish stance on semis; it’s the mechanical result of trimming nearly every major chip and platform name while allowing VOO/VTI and other unclassified ETFs to swell to 40.16% of the visible portfolio from 39.08%.

Financials are one of the few classic sectors with a clear net build, rising from about 6.08% to 6.36%, driven almost entirely by the Canadian bank adds plus more BAC. Energy edges up to 2.01% from 2.00% on ENB and CVX, while health care, consumer, and industrials all tick down a bit as they’re used as pro rata funding.

What’s under “Unclassified” is important here: VOO, VTI, VEA, VWO, VIG, VV, BND, and BNDX. The rising weight of that bucket means more of the book’s sector decisions are being outsourced to index methodologies. Vanguard Global Advisers is effectively accepting market-cap sector allocations at the top of the portfolio and letting bottom-up single-name tilts matter less at the margin.

Taken together, the quarter reads as an institutional risk-on expressed almost entirely through scalable, rules-based exposure. They want more equity, more EM, more banks, and more duration in the system — but without leaning harder into any one hero stock.

Incremental dollars are flowing into the S&P 500, total U.S. market, broad international equity, and core bonds. Single-name tech and AI champions remain large and profitable, but are no longer being expanded at the same pace as the ETFs that contain them.

The Canadian bank and pipeline build-out is the most active thematic choice: a preference for high-yield, regulated, oligopolistic franchises with strong balance sheets, sitting alongside growthier U.S. tech and consumer names. Paired with larger BND and BNDX stakes, this positions the book to benefit if rates drift lower or even stabilize, without making a heroic macro call.

For observers, the message is straightforward: don’t look for Vanguard Global Advisers to call the next stock-market hero. The evidence from this 13F is that their edge, as they see it, is owning more of the market itself — and letting time, not security selection, do more of the heavy lifting from here.