VBR(VBR)
AI Look-Through Summary
AI GeneratedThe portfolio's sector allocation is skewed towards Industrials, Real Estate, and Financial Services, which together account for over 19% of the fund's holdings. This contrasts with a broader market that tends to be more weighted towards Technology and Consumer Cyclical sectors. The presence of Other as a significant sector allocation suggests a high degree of diversification within this category.
The top holdings are relatively evenly distributed among smaller-cap companies, with FLEX being the largest holding at 1.2%. However, no single stock dominates the portfolio to an extent that would raise concerns about concentration risk. The weighted P/E and P/B ratios suggest a moderate valuation posture, neither excessively cheap nor expensive compared to broader market metrics. A stable economic environment with steady growth in developed markets could be favorable for this portfolio, while a sharp downturn in Industrials or Real Estate sectors might pose challenges.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-07-14 07:28:15.913112+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 95/100The investment theme implied by the name VBR, which stands for Vanguard Small-Cap Value ETF, aligns closely with the provided top holdings and sector breakdown. The constituent list features companies such as Flex Ltd., NRG Energy, and W.W. Grainger, all of which are small-to-mid-cap entities operating in value-oriented sectors like utilities, industrials, and consumer cyclical goods. There is no evidence within these specific data points of mega-cap dominance or unrelated technology giants that would suggest a drift toward broad market exposure; instead, the holdings reflect a deliberate focus on smaller companies with established business models often associated with value investing strategies.
Sector coherence appears strong relative to the small-cap value mandate, as Industrials and Real Estate represent significant portions of the portfolio alongside Financial Services and Consumer Cyclical sectors, which are historically prevalent in this asset class. The concentration risk is notably mitigated by a top-10 holding weight of only 6.2%, indicating that no single stock or narrow subset of stocks drives the fund's performance to an excessive degree. With over thirty holdings distributed across Industrials and Real Estate alone, the portfolio demonstrates genuine differentiation from broad market indices through its specific tilt toward smaller, value-oriented firms rather than relying on a few large-cap leaders for stability.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-23 04:14:22.914674+00
🏢 Sector Analysis
AI GeneratedThe sector allocation of VBR presents a distinct departure from broad market indices, characterized by an almost complete absence of Technology and Communication Services sectors. With these growth-oriented industries comprising less than 5% combined weight, the fund's construction signals a deliberate avoidance of high-beta equities typically associated with rapid innovation cycles or digital transformation themes. Instead, the portfolio leans heavily into Industrials at 7.4%, followed by Real Estate and Financial Services each hovering around 6%. This distribution suggests an investment thesis anchored in cyclical recovery plays and value-oriented sectors that have historically demonstrated resilience during periods of economic contraction or when interest rate environments are less favorable for tech valuations. The inclusion of substantial holdings in Utilities, Energy, and Basic Materials further reinforces a bias toward capital-intensive industries with established cash flows rather than speculative growth narratives.
Concentration risk within this vehicle appears mitigated by the sheer number of underlying positions relative to its sector weights, yet specific top holdings like JBL, FLEX, and NRG carry individual weights that are notable for an ETF structure. The fact that no single holding exceeds 1% while the aggregate top-ten concentration sits at just 6.2% indicates a highly diversified approach designed to reduce idiosyncratic stock risk rather than relying on market cap weighting of dominant leaders in specific sub-sectors. This low-concentration profile, coupled with the exclusion of major tech names, implies that the fund aims to capture value and momentum factors prevalent in traditional industrial and resource-based economies without exposing capital to significant volatility driven by large-cap technology swings. The small allocation to Consumer Defensive sectors and the negligible presence of Communication Services suggest a strategic choice to underweight defensive havens and media/telecom utilities in favor of cyclical exposure, potentially targeting investors seeking equity participation in manufacturing, infrastructure, and energy transition themes while minimizing exposure to consumer spending softness or digital sector corrections.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-24 06:32:53.946761+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share VBR's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of VBR's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| SPTMSPTM | $12B | — | 469 | 83.3% |
| VBVB | $170B | — | 302 | 69.5% |
| ONEOONEO | $25M | — | 322 | 68.2% |
| ONEVONEV | $522M | — | 227 | 46.2% |
| VXFVXF | $84B | — | 250 | 45.4% |
83% of VBR's portfolio by weight is also held by SPTM. When SPTM receives inflows, it mechanically buys these shared stocks — dragging VBR's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofVBR's weight.
Overlap computed from constituent-level holdings data across 5 ETFs. Price co-movement with driver ETFs is structural, not coincidental. Not investment advice.
ETF Look-Through Dashboard
Peer through the ETF wrapper to see exactly what you own. Every metric is computed from constituent-level data.
Weighted metrics calculated based on 77% of fund assets with available data.
Herfindahl-Hirschman Concentration Index
Morningstar-Style Box
Sector & Cap Explorer
ETF Fundamental Radar
Operational health is mixed, with the bulk of weight in the mid-range (4–6) Piotroski scores.
Piotroski F-Score (Operational Health)
Score 0-9: Measures Profitability, Leverage, and Efficiency
Based on 55% of fund weight with Piotroski data.
Computed by rolling up individual stock Piotroski F-Scores, Altman Z-Scores, and Beneish M-Scores weighted by each constituent's allocation.
Dividend Safety True-Up
DeterministicThe dividend-paying companies inside VBR collectively pay out 50% of their Free Cash Flow to maintain the current yield. This is a sustainable payout level with moderate room for dividend growth. Based on 31% of fund weight in dividend-paying stocks.
FCF Payout Ratio = Dividends Paid / Free Cash Flow, weighted by constituent allocation. Not investment advice.
Earnings vs. Price Decomposition
ProprietaryVBR is up 23.6% over the last 12 months. The underlying weighted earnings growth of its constituents is -3.3%. The remaining +27.0% of performance is driven by multiple expansion (P/E inflation) — prices rose faster than earnings grew.
Earnings growth = weighted average YoY EPS growth of all constituents (capped at ±500% to limit outlier distortion). Based on 53% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of VBR's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of VBR's analyzed weight, 25% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 75% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 42% of fund weight with available data. Not investment advice.
Passive Crowding Score
MODERATEHow much of each constituent's market cap is structurally locked in passive ETFs — a proxy for liquidity fragility during sell-offs.
VBR has a Passive Crowding Score of 41/100. On average, 12.5% of the market capitalization of VBR's underlying holdings is structurally locked in passive ETF vehicles. This indicates moderate passive ownership density. Index rebalances and ETF creation/redemption activity can amplify short-term volatility in the underlying holdings.
Passive $ = Σ(ETF AUM × holding weight) across all 28 tracked ETFs. Actual passive ownership is higher (includes mutual funds, pension funds). Not investment advice.
Under the Hood — Top 15 Constituents
| # | Ticker | Company | Weight | P/E | F-Score |
|---|---|---|---|---|---|
| 1 | JBL | Jabil Inc. | 0.87% | 37.1x | 4/9 |
| 2 | NRG | NRG Energy Inc. Utilities | 0.66% | 145.1x | 5/9 |
| 3 | TPR | Tapestry Inc. | 0.63% | 56.4x | 7/9 |
| 4 | ATO | Atmos Energy Corp. Utilities | 0.61% | 21.9x | 6/9 |
| 5 | WSM | Williams-Sonoma Inc. Consumer Cyclical | 0.58% | 25.6x | 4/9 |
| 6 | MRNA | Moderna Inc. | 0.53% | — | — |
| 7 | SW | Smurfit Westrock plc Consumer Cyclical | 0.52% | 62.4x | 6/9 |
| 8 | FFIV | F5 Networks Inc. Technology | 0.50% | 33.1x | 7/9 |
| 9 | USFD | US Foods Holding Corp. | 0.48% | 31.2x | 6/9 |
| 10 | JBHT | JB Hunt Transport Services Inc. Industrials | 0.46% | 42.4x | 8/9 |
| 11 | EXE | Expand Energy Corp. Energy | 0.46% | 6.6x | 8/9 |
| 12 | CHRW | CH Robinson Worldwide Inc. Industrials | 0.45% | 41.7x | 7/9 |
| 13 | OMC | Omnicom Group Inc. Communication Services | 0.44% | — | 3/9 |
| 14 | RS | Reliance Steel & Aluminum Co. Basic Materials | 0.41% | 25.8x | 5/9 |
| 15 | SNX | SYNNEX Corp. | 0.41% | 15.7x | 7/9 |
Historical Holdings Snapshots
Browse how VBR’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-07-19
15 holdings · 8.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | JBL | 0.87% | 1,536,036 | $592.1M |
| 2 | NRG | 0.66% | 3,071,907 | $448.7M |
| 3 | TPR | 0.63% | 2,941,492 | $430.6M |
| 4 | ATO | 0.61% | 2,429,787 | $418.6M |
| 5 | WSM | 0.58% | 1,714,229 | $399.6M |
| 6 | MRNA | 0.53% | 5,199,246 | $364.1M |
| 7 | SW | 0.52% | 7,636,101 | $353.2M |
| 8 | FFIV | 0.50% | 821,424 | $341.7M |
| 9 | USFD | 0.48% | 3,206,208 | $327.8M |
| 10 | EXE | 0.46% | 3,482,968 | $317.6M |
| 11 | JBHT | 0.46% | 1,098,223 | $317.9M |
| 12 | CHRW | 0.45% | 1,629,915 | $307.0M |
| 13 | OMC | 0.44% | 4,141,240 | $301.6M |
| 14 | RS | 0.41% | 743,172 | $277.6M |
| 15 | SNX | 0.41% | 1,053,329 | $281.6M |
2026-07-18
15 holdings · 8.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | JBL | 0.87% | 1,536,036 | $592.1M |
| 2 | NRG | 0.66% | 3,071,907 | $448.7M |
| 3 | TPR | 0.63% | 2,941,492 | $430.6M |
| 4 | ATO | 0.61% | 2,429,787 | $418.6M |
| 5 | WSM | 0.58% | 1,714,229 | $399.6M |
| 6 | MRNA | 0.53% | 5,199,246 | $364.1M |
| 7 | SW | 0.52% | 7,636,101 | $353.2M |
| 8 | FFIV | 0.50% | 821,424 | $341.7M |
| 9 | USFD | 0.48% | 3,206,208 | $327.8M |
| 10 | JBHT | 0.46% | 1,098,223 | $317.9M |
| 11 | EXE | 0.46% | 3,482,968 | $317.6M |
| 12 | CHRW | 0.45% | 1,629,915 | $307.0M |
| 13 | OMC | 0.44% | 4,141,240 | $301.6M |
| 14 | RS | 0.41% | 743,172 | $277.6M |
| 15 | SNX | 0.41% | 1,053,329 | $281.6M |
2026-07-17
15 holdings · 8.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | JBL | 0.87% | 1,536,036 | $592.1M |
| 2 | NRG | 0.66% | 3,071,907 | $448.7M |
| 3 | TPR | 0.63% | 2,941,492 | $430.6M |
| 4 | ATO | 0.61% | 2,429,787 | $418.6M |
| 5 | WSM | 0.58% | 1,714,229 | $399.6M |
| 6 | MRNA | 0.53% | 5,199,246 | $364.1M |
| 7 | SW | 0.52% | 7,636,101 | $353.2M |
| 8 | FFIV | 0.50% | 821,424 | $341.7M |
| 9 | USFD | 0.48% | 3,206,208 | $327.8M |
| 10 | EXE | 0.46% | 3,482,968 | $317.6M |
| 11 | JBHT | 0.46% | 1,098,223 | $317.9M |
| 12 | CHRW | 0.45% | 1,629,915 | $307.0M |
| 13 | OMC | 0.44% | 4,141,240 | $301.6M |
| 14 | RS | 0.41% | 743,172 | $277.6M |
| 15 | SNX | 0.41% | 1,053,329 | $281.6M |
2026-07-16
15 holdings · 8.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | JBL | 0.87% | 1,536,036 | $592.1M |
| 2 | NRG | 0.66% | 3,071,907 | $448.7M |
| 3 | TPR | 0.63% | 2,941,492 | $430.6M |
| 4 | ATO | 0.61% | 2,429,787 | $418.6M |
| 5 | WSM | 0.58% | 1,714,229 | $399.6M |
| 6 | MRNA | 0.53% | 5,199,246 | $364.1M |
| 7 | SW | 0.52% | 7,636,101 | $353.2M |
| 8 | FFIV | 0.50% | 821,424 | $341.7M |
| 9 | USFD | 0.48% | 3,206,208 | $327.8M |
| 10 | JBHT | 0.46% | 1,098,223 | $317.9M |
| 11 | EXE | 0.46% | 3,482,968 | $317.6M |
| 12 | CHRW | 0.45% | 1,629,915 | $307.0M |
| 13 | OMC | 0.44% | 4,141,240 | $301.6M |
| 14 | RS | 0.41% | 743,172 | $277.6M |
| 15 | SNX | 0.41% | 1,053,329 | $281.6M |
2026-07-15
15 holdings · 9.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | FLEX | 1.25% | 5,450,682 | $821.9M |
| 2 | JBL | 0.82% | 1,487,154 | $542.2M |
| 3 | TPR | 0.66% | 3,001,483 | $436.6M |
| 4 | NRG | 0.64% | 3,148,426 | $422.1M |
| 5 | ATO | 0.63% | 2,452,596 | $414.8M |
| 6 | WSM | 0.55% | 1,769,792 | $360.3M |
| 7 | UTHR | 0.55% | 649,735 | $361.8M |
| 8 | ILMN | 0.53% | 2,153,371 | $350.9M |
| 9 | OMC | 0.51% | 4,600,648 | $334.5M |
| 10 | AKAM | 0.49% | 2,147,933 | $321.2M |
| 11 | MKSI | 0.49% | 996,941 | $323.3M |
| 12 | FFIV | 0.49% | 837,884 | $321.3M |
| 13 | SW | 0.48% | 7,743,146 | $318.6M |
| 14 | CHRW | 0.48% | 1,758,527 | $314.2M |
| 15 | JBHT | 0.47% | 1,121,989 | $310.2M |
2026-07-14
15 holdings · 9.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | FLEX | 1.25% | 5,450,682 | $821.9M |
| 2 | JBL | 0.82% | 1,487,154 | $542.2M |
| 3 | TPR | 0.66% | 3,001,483 | $436.6M |
| 4 | NRG | 0.64% | 3,148,426 | $422.1M |
| 5 | ATO | 0.63% | 2,452,596 | $414.8M |
| 6 | UTHR | 0.55% | 649,735 | $361.8M |
| 7 | WSM | 0.55% | 1,769,792 | $360.3M |
| 8 | ILMN | 0.53% | 2,153,371 | $350.9M |
| 9 | OMC | 0.51% | 4,600,648 | $334.5M |
| 10 | AKAM | 0.49% | 2,147,933 | $321.2M |
| 11 | MKSI | 0.49% | 996,941 | $323.3M |
| 12 | FFIV | 0.49% | 837,884 | $321.3M |
| 13 | CHRW | 0.48% | 1,758,527 | $314.2M |
| 14 | SW | 0.48% | 7,743,146 | $318.6M |
| 15 | JBHT | 0.47% | 1,121,989 | $310.2M |
Source: SEC filings and fund provider disclosures. Shows last 6 snapshot dates, top 15 holdings per date by weight.
Risk Profile
Sharpe = risk-adjusted return (higher is better). Computed from 1,200+ trading days with 5% risk-free rate.
Price Chart with Moving Averages
What Drove VBR Today?
Daily return attribution — which holdings contributed most (and least) to the fund's move.
Underwater (Drawdown from Peak)
How far below the all-time high the price has been over time. Deeper = more pain for holders.
Rolling 60-Day Beta vs S&P 500 (VOO)
How the ETF's sensitivity to market moves changes over time. β > 1 = more volatile than the market.
Yield & Income
Sector Drift Over Time
How VBR’s sector allocation has shifted across snapshots. Use the slider to travel through time.
Active Conviction Tracker
Shares bought and sold between the latest two data snapshots — reveals what the fund manager is actually doing.
Explore More
Quant metrics computed deterministically from financial statements and price data. Updated: 2026-07-17.
SecuritiesDB is for informational purposes only. Not investment advice.