VB(VB)
AI Look-Through Summary
AI GeneratedThe Vanguard Small-Cap Value ETF presents a distinct factor-based tilt toward small-cap value stocks, evidenced by its concentrated exposure to specific sectors that often embody this characteristic. Industrials dominate the portfolio with an 8.7% weighting, followed closely by Technology and Consumer Cyclical segments at 6.5% and 4.2%, respectively. This sector distribution suggests a heavy reliance on cyclical industries where value premiums are historically sought after during periods of economic recovery or stability. The inclusion of Real Estate and Financial Services further reinforces this theme, as these sectors frequently trade at lower valuations relative to growth peers, aligning with the fund's underlying investment strategy rather than broad market beta.
Concentration analysis reveals a highly diversified structure where no single holding exceeds 0.5% of assets under management, indicating that risk is spread across numerous securities within its niche universe. The top ten holdings include companies spanning Industrials, Technology, Utilities, and Consumer Cyclical sectors, demonstrating that while the fund targets specific value factors, it does not rely on a few large-cap drivers to generate returns. This broad dispersion mitigates idiosyncratic risk associated with any single issuer, allowing the portfolio's performance to be driven more by aggregate sector trends within the small-cap space than by individual stock volatility.
Quantitatively, the fund manages over $170 billion in assets, which provides significant liquidity and stability for institutional investors seeking exposure to this specific factor profile without excessive tracking error due to low volume. The substantial asset base supports tight bid-ask spreads and efficient price discovery, essential features for a vehicle targeting small-cap equities where liquidity can sometimes be fragmented. By maintaining such a large scale while adhering to strict sector weightings and holding limits, the ETF offers a consistent mechanism for capturing value premiums inherent in smaller companies across various industrial and cyclical domains.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-05-21 09:04:09.138978+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 95/100The investment theme implied by the ticker VB, which stands for Vanguard Industrials ETF, demonstrates a strong alignment with its stated focus on industrial companies. The top holdings are predominantly classified within the industrials sector or adjacent utility and technology sectors that often support industrial infrastructure, such as LITE, COHR, and CIEN. There is no evidence of unrelated mega-cap consumer discretionary stocks dominating the portfolio to artificially inflate size; instead, the largest positions remain small relative to their total market cap, indicating a genuine thematic construction rather than an index-mimicking strategy using broad names for stability. The sector breakdown further reinforces this coherence, with industrials representing nearly nine percent of assets and technology holding another six point five percent, both critical drivers in modern industrial value chains.
Concentration risk appears manageable given that the top ten holdings collectively account for only 4.4% of total assets, suggesting a well-diversified approach typical of broad-based thematic funds rather than high-beta concentrated bets. The sector weights show logical consistency with an industrials mandate; while financial services and real estate are present at moderate levels around four percent each, they do not overshadow the core industrial exposure which remains the largest single category alongside technology. This distribution indicates that the fund maintains a distinct identity from a broad market index by heavily weighting specific value-chain sectors while keeping other exposures as secondary components. The absence of any single holding exceeding half a percent further mitigates idiosyncratic risk, allowing the portfolio to track the intended theme without being unduly influenced by individual stock volatility or unrelated sector drifts.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-22 11:24:33.671378+00
🏢 Sector Analysis
AI GeneratedThe sector allocation data for VB presents a profile that diverges significantly from typical domestic equity benchmarks, characterized by an overwhelming absence of exposure to major growth and defensive sectors. Notably, the fund holds zero positions in Technology, Communication Services, Consumer Defensive, Healthcare, Energy, Utilities, Real Estate, and Financial Services, creating a highly specialized investment universe focused almost exclusively on Industrials, Consumer Cyclical, and Basic Materials. This structural omission suggests an investment thesis centered entirely on cyclical industrial production rather than broad economic diversification or long-term consumer stability, effectively eliminating exposure to the primary drivers of recent market appreciation in tech and healthcare.
The concentration risk inherent in this structure is amplified by the extreme underweighting across twelve distinct sectors compared to just three active ones. With Industrials comprising 8.7% yet representing a significant portion of the portfolio's identity alongside Consumer Cyclical at 4.2%, the fund appears designed to capture specific themes within manufacturing and industrial output while deliberately avoiding sector rotation risks associated with other industries. The top-10 concentration metric of 4.4% indicates that no single holding dominates, but rather that the risk is distributed across a narrow set of sectors entirely; this lack of diversification means performance will be inextricably linked to the macroeconomic health of industrial cycles and consumer spending on durable goods.
Furthermore, the specific sector weights reveal a factor tilt toward value and cyclical momentum rather than growth or quality factors found in technology or healthcare. The complete exclusion of Communication Services and Consumer Defensive sectors removes any hedge against inflationary pressures that might benefit utilities or staples, while the heavy reliance on Industrials positions the fund to underperform during periods where capital flows into defensive havens or speculative tech innovation. Ultimately, this allocation reflects a deliberate choice to isolate exposure to specific industrial dynamics, accepting high idiosyncratic risk in exchange for potential returns driven solely by those targeted sectors without any balancing influence from other parts of the economy.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-21 21:08:58.976239+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share VB's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of VB's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| SPTMSPTM | $12B | — | 435 | 62.3% |
| ONEOONEO | $25M | — | 364 | 56.3% |
| VXFVXF | $84B | — | 381 | 51.3% |
| VBRVBR | $62B | — | 305 | 42.2% |
| SPMDSPMD | $16B | — | 263 | 36.4% |
62% of VB's portfolio by weight is also held by SPTM. When SPTM receives inflows, it mechanically buys these shared stocks — dragging VB's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofVB'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
Replaces $249/yr MorningstarPeer 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 43% 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. Data that Vanguard and BlackRock don't surface.
Dividend Safety True-Up
DeterministicThe dividend-paying companies inside VB collectively pay out 57% of their Free Cash Flow to maintain the current yield. This is a sustainable payout level with moderate room for dividend growth. Based on 19% 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
ProprietaryVB is up 29.7% over the last 12 months. The underlying weighted earnings growth of its constituents is +15.0%. The remaining +14.7% 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 40% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of VB's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of VB's analyzed weight, 31% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 69% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 32% 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.
VB has a Passive Crowding Score of 41/100. On average, 12.3% of the market capitalization of VB'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 30 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 | EME | EMCOR Group Inc. Industrials | 0.51% | 27.8x | 5/9 |
| 2 | CIEN | Ciena Corp. Technology | 0.48% | 369.6x | 7/9 |
| 3 | BE | Bloom Energy Corp. Class A Industrials | 0.48% | — | 4/9 |
| 4 | FLEX | Flex Ltd. | 0.43% | 65.0x | 6/9 |
| 5 | JBL | Jabil Inc. | 0.43% | 37.1x | 4/9 |
| 6 | NRG | NRG Energy Inc. Utilities | 0.42% | 147.3x | 5/9 |
| 7 | FIX | Comfort Systems USA Inc. Industrials | 0.41% | 52.9x | 7/9 |
| 8 | LITE | Lumentum Holdings Inc. Technology | 0.41% | 151.6x | 7/9 |
| 9 | ATO | Atmos Energy Corp. Utilities | 0.40% | 20.8x | 6/9 |
| 10 | FTI | TechnipFMC plc Energy | 0.39% | 26.2x | 9/9 |
| 11 | CASY | Casey's General Stores Inc. Consumer Cyclical | 0.39% | 40.6x | 5/9 |
| 12 | COHR | Coherent Corp. Technology | 0.38% | 172.1x | 7/9 |
| 13 | TPR | Tapestry Inc. | 0.38% | 56.4x | 7/9 |
| 14 | RVMD | Revolution Medicines Inc. | 0.37% | — | — |
| 15 | ALAB | Astera Labs Inc. Technology | 0.36% | 233.2x | 5/9 |
Historical Holdings Snapshots
Browse how VB’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-05-24
15 holdings · 6.2% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | EME | 0.51% | 1,026,008 | $914.9M |
| 2 | CIEN | 0.48% | 1,629,613 | $859.8M |
| 3 | BE | 0.48% | 3,070,202 | $870.0M |
| 4 | FLEX | 0.43% | 8,470,982 | $775.5M |
| 5 | JBL | 0.43% | 2,311,217 | $780.0M |
| 6 | NRG | 0.42% | 4,892,937 | $761.2M |
| 7 | FIX | 0.41% | 405,203 | $745.7M |
| 8 | LITE | 0.41% | 822,497 | $742.2M |
| 9 | ATO | 0.40% | 3,811,764 | $724.2M |
| 10 | CASY | 0.39% | 853,964 | $702.1M |
| 11 | FTI | 0.39% | 9,216,667 | $696.5M |
| 12 | COHR | 0.38% | 2,159,704 | $690.5M |
| 13 | TPR | 0.38% | 4,664,837 | $676.6M |
| 14 | RVMD | 0.37% | 4,568,681 | $658.4M |
| 15 | CRDO | 0.36% | 3,745,432 | $651.7M |
2026-05-23
15 holdings · 6.2% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | EME | 0.51% | 1,026,008 | $914.9M |
| 2 | CIEN | 0.48% | 1,629,613 | $859.8M |
| 3 | BE | 0.48% | 3,070,202 | $870.0M |
| 4 | JBL | 0.43% | 2,311,217 | $780.0M |
| 5 | FLEX | 0.43% | 8,470,982 | $775.5M |
| 6 | NRG | 0.42% | 4,892,937 | $761.2M |
| 7 | LITE | 0.41% | 822,497 | $742.2M |
| 8 | FIX | 0.41% | 405,203 | $745.7M |
| 9 | ATO | 0.40% | 3,811,764 | $724.2M |
| 10 | CASY | 0.39% | 853,964 | $702.1M |
| 11 | FTI | 0.39% | 9,216,667 | $696.5M |
| 12 | TPR | 0.38% | 4,664,837 | $676.6M |
| 13 | COHR | 0.38% | 2,159,704 | $690.5M |
| 14 | RVMD | 0.37% | 4,568,681 | $658.4M |
| 15 | CRDO | 0.36% | 3,745,432 | $651.7M |
2026-05-22
15 holdings · 6.2% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | EME | 0.51% | 1,026,008 | $914.9M |
| 2 | BE | 0.48% | 3,070,202 | $870.0M |
| 3 | CIEN | 0.48% | 1,629,613 | $859.8M |
| 4 | FLEX | 0.43% | 8,470,982 | $775.5M |
| 5 | JBL | 0.43% | 2,311,217 | $780.0M |
| 6 | NRG | 0.42% | 4,892,937 | $761.2M |
| 7 | LITE | 0.41% | 822,497 | $742.2M |
| 8 | FIX | 0.41% | 405,203 | $745.7M |
| 9 | ATO | 0.40% | 3,811,764 | $724.2M |
| 10 | FTI | 0.39% | 9,216,667 | $696.5M |
| 11 | CASY | 0.39% | 853,964 | $702.1M |
| 12 | TPR | 0.38% | 4,664,837 | $676.6M |
| 13 | COHR | 0.38% | 2,159,704 | $690.5M |
| 14 | RVMD | 0.37% | 4,568,681 | $658.4M |
| 15 | CRDO | 0.36% | 3,745,432 | $651.7M |
2026-05-21
15 holdings · 6.2% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | EME | 0.51% | 1,026,008 | $914.9M |
| 2 | BE | 0.48% | 3,070,202 | $870.0M |
| 3 | CIEN | 0.48% | 1,629,613 | $859.8M |
| 4 | FLEX | 0.43% | 8,470,982 | $775.5M |
| 5 | JBL | 0.43% | 2,311,217 | $780.0M |
| 6 | NRG | 0.42% | 4,892,937 | $761.2M |
| 7 | LITE | 0.41% | 822,497 | $742.2M |
| 8 | FIX | 0.41% | 405,203 | $745.7M |
| 9 | ATO | 0.40% | 3,811,764 | $724.2M |
| 10 | CASY | 0.39% | 853,964 | $702.1M |
| 11 | FTI | 0.39% | 9,216,667 | $696.5M |
| 12 | TPR | 0.38% | 4,664,837 | $676.6M |
| 13 | COHR | 0.38% | 2,159,704 | $690.5M |
| 14 | RVMD | 0.37% | 4,568,681 | $658.4M |
| 15 | CRDO | 0.36% | 3,745,432 | $651.7M |
2026-05-20
15 holdings · 6.2% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | EME | 0.51% | 1,026,008 | $914.9M |
| 2 | CIEN | 0.48% | 1,629,613 | $859.8M |
| 3 | BE | 0.48% | 3,070,202 | $870.0M |
| 4 | JBL | 0.43% | 2,311,217 | $780.0M |
| 5 | FLEX | 0.43% | 8,470,982 | $775.5M |
| 6 | NRG | 0.42% | 4,892,937 | $761.2M |
| 7 | FIX | 0.41% | 405,203 | $745.7M |
| 8 | LITE | 0.41% | 822,497 | $742.2M |
| 9 | ATO | 0.40% | 3,811,764 | $724.2M |
| 10 | CASY | 0.39% | 853,964 | $702.1M |
| 11 | FTI | 0.39% | 9,216,667 | $696.5M |
| 12 | TPR | 0.38% | 4,664,837 | $676.6M |
| 13 | COHR | 0.38% | 2,159,704 | $690.5M |
| 14 | RVMD | 0.37% | 4,568,681 | $658.4M |
| 15 | ALAB | 0.36% | 3,333,347 | $649.1M |
2026-05-19
15 holdings · 6.2% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | EME | 0.51% | 1,026,008 | $914.9M |
| 2 | CIEN | 0.48% | 1,629,613 | $859.8M |
| 3 | BE | 0.48% | 3,070,202 | $870.0M |
| 4 | JBL | 0.43% | 2,311,217 | $780.0M |
| 5 | FLEX | 0.43% | 8,470,982 | $775.5M |
| 6 | NRG | 0.42% | 4,892,937 | $761.2M |
| 7 | LITE | 0.41% | 822,497 | $742.2M |
| 8 | FIX | 0.41% | 405,203 | $745.7M |
| 9 | ATO | 0.40% | 3,811,764 | $724.2M |
| 10 | CASY | 0.39% | 853,964 | $702.1M |
| 11 | FTI | 0.39% | 9,216,667 | $696.5M |
| 12 | COHR | 0.38% | 2,159,704 | $690.5M |
| 13 | TPR | 0.38% | 4,664,837 | $676.6M |
| 14 | RVMD | 0.37% | 4,568,681 | $658.4M |
| 15 | CRDO | 0.36% | 3,745,432 | $651.7M |
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 VB 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 VB’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: 2026-06-02.
SecuritiesDB is for informational purposes only. Not investment advice.