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Which funds own VTEB

Vanguard Mun BD FDS in the Q2 2026 filings. At least 1 of the 91 current managers on file reported a position, worth $90m between them. It is among the largest positions of fewer than a fifth of the current managers on file. Buying and selling roughly cancelled this quarter, which is what a name looks like when the argument is still live.

Managers holding: 1; at least, of 91 current
Combined value: $90m; as reported
Opened: 0; new this quarter
Added to: 1; already held
Trimmed or sold out: 1; 1 sold out entirely

Only each manager’s largest 200 positions are listed here, so a smaller holder may be missing.

Managers reporting a position

Largest first. Weight is the share of that manager’s whole reported book, which is the number worth quoting: $400m is a rounding error in one book and a defining bet in another.

Manager	Value	Weight	Shares	Change on the quarter	Action
Renaissance Technologies LLC Quantitative · $72.6bn book	$90m	0.1%	1,776,200	+$68m+1,333,800	Added

Sold out of this quarter

Valued at what the position was worth in the previous filing, because by this one it is gone.

AllianceBernstein LP · Long-only$400k held before

Ownership through time

At least 2 of the 95 managers whose filings are on file listed VTEB in Q2 2026, against 1 in Q3 2015. 1 manager more than in Q1 2026: 1 listed it again.

Each manager’s largest 500 positions a quarter are read, so a small holding in a very large book can be missing, and a manager is counted as leaving only where its own filing shows it.

Managers on file listing it

Their combined reported value

Between the quarter ends of Q1 2026 and Q2 2026. Each change in shares is valued at the Q2 2026 price, so the price’s own move is left out; a 13F shows the two quarter ends, not when in between anything was bought or sold.

Started in Q2 2026

No manager on file started a position.

Largest increases, by shares

Fidelity (FMR LLC)20,319,509 to 21,371,891 shares+$53m

Largest decreases, by shares

No manager on file sold part of it.

Left it

No manager on file is shown leaving it.

Manager	First listed	Largest	Q2 2026
Fidelity (FMR LLC)	Q4 2022	$1.1bn	$1.1bn
Renaissance Technologies LLC	Q4 2023	$90m	$90m
Wellington Management Group LLP	Q3 2025	$348m	last listed Q3 2025
Jane Street Group LLC	Q3 2015	$338m	last listed Q1 2024
D. E. Shaw & Co.	Q1 2024	$212m	last listed Q1 2025
Schonfeld Strategic Advisors LLC	Q3 2024	$12m	last listed Q3 2024

What VTEB is worth

Knowing who owns it is half the question. The other half is what it is worth against the companies it trades beside, which is the one an interviewer will follow up with.

Build the comp set around VTEB →

How much of the picture this is

A Form 13F reports US-listed long equity and nothing else: no shorts, no bonds, no cash and no non-US listings. It arrives forty-five days after the quarter ends, so a manager who sold in July still shows the position in a filing published in August. This page reads the managers on file here rather than every filer in the market, and each manager’s largest positions rather than the whole table, so a small position in a very large book may not appear. Say “their last filing showed” rather than “they own”, and the distinction will do you credit.

What to do with a name the funds are buying

Knowing who owns something is the start of a pitch, not the pitch. The next questions are what it is worth and why they were buying.

Comps ExplorerValue it against the peers it trades beside Every managerRead any of these books in full Deal tapeWhat buyers paid for whole companies, not slices Hedge fund interviewsHow the room runs, and the stock pitch it wants

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Illustrative figures. Default values are plausible starting points chosen so a model has somewhere to begin. They are not data, not a view on any company, and not calibrated to anything. Outputs move with whatever you type in.

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The holdings, every quarter, and the week between

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