VBR(VBR)
AI Look-Through Summary
AI GeneratedVBR presents a distinct market profile characterized by significant exposure to large-cap value equities, evidenced by its substantial assets under management of $62.3 billion. The fund's sector allocation reveals a pronounced tilt toward Industrials at 7.4%, followed closely by Real Estate and Financial Services, both hovering around the 6% mark. This distribution suggests an underlying strategy that favors established companies within these cyclical and defensive-leaning sectors rather than technology or consumer staples. While the top ten holdings collectively represent only a fraction of the portfolio's total weight, with individual positions capped at approximately 0.8%, this low concentration indicates a highly diversified approach where no single stock exerts dominant influence on performance metrics. Notable inclusions such as NRG and ATO within the Utilities sector alongside Communication Services and Consumer Cyclical names further underscore a broad-based industrial theme rather than a narrow thematic bet.
Geographically, while specific regional breakdowns are not provided in the current data snapshot, the composition of holdings like CHRW and WSM typically correlates with U.S.-centric exposure given their primary market listings. The quantitative structure implies a portfolio designed for stability through diversification across multiple industrial sub-sectors rather than aggressive growth chasing seen in smaller-cap or tech-heavy vehicles. With sectors like Basic Materials holding 4.2% weight, the fund maintains some sensitivity to commodity cycles without overexposing capital to that single driver. The presence of firms operating in Real Estate and Financial Services adds layers of income generation potential alongside operational exposure to manufacturing and logistics trends inherent in heavy industrials. Ultimately, this ETF functions as a vehicle for capturing value-oriented returns across established industrial pillars while maintaining strict adherence to large-cap parameters through its weighting methodology.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-05-24 10:49:37.947347+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 | — | 465 | 84.0% |
| VBVB | $170B | — | 305 | 71.0% |
| ONEOONEO | $25M | — | 305 | 66.6% |
| VXFVXF | $84B | — | 261 | 49.9% |
| ONEVONEV | $522M | — | 209 | 46.8% |
84% 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
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 75% 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 56% 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 VBR collectively pay out 52% 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 26.3% over the last 12 months. The underlying weighted earnings growth of its constituents is -1.5%. The remaining +27.8% 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 55% 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 44% 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 42/100. 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 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 | JBL | Jabil Inc. | 0.77% | 37.1x | 4/9 |
| 2 | FLEX | Flex Ltd. | 0.76% | 65.0x | 6/9 |
| 3 | NRG | NRG Energy Inc. Utilities | 0.75% | 147.3x | 5/9 |
| 4 | ATO | Atmos Energy Corp. Utilities | 0.71% | 20.8x | 6/9 |
| 5 | TPR | Tapestry Inc. | 0.67% | 56.4x | 7/9 |
| 6 | UTHR | United Therapeutics Corp. | 0.57% | 21.0x | 6/9 |
| 7 | OMC | Omnicom Group Inc. Communication Services | 0.54% | — | 3/9 |
| 8 | CHRW | CH Robinson Worldwide Inc. Industrials | 0.49% | 36.2x | 7/9 |
| 9 | WSM | Williams-Sonoma Inc. Consumer Cyclical | 0.49% | 22.8x | 4/9 |
| 10 | USFD | US Foods Holding Corp. | 0.47% | 31.2x | 6/9 |
| 11 | SW | Smurfit Westrock plc Consumer Cyclical | 0.45% | 57.2x | 6/9 |
| 12 | EME | EMCOR Group Inc. Industrials | 0.45% | 27.8x | 5/9 |
| 13 | BG | Bunge Global SA Consumer Defensive | 0.45% | 32.4x | 3/9 |
| 14 | JBHT | JB Hunt Transport Services Inc. Industrials | 0.43% | 42.9x | 8/9 |
| 15 | RS | Reliance Steel & Aluminum Co. Basic Materials | 0.43% | 24.8x | 5/9 |
Historical Holdings Snapshots
Browse how VBR’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-05-24
15 holdings · 8.4% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | JBL | 0.77% | 1,484,415 | $501.0M |
| 2 | FLEX | 0.76% | 5,440,601 | $498.1M |
| 3 | NRG | 0.75% | 3,142,351 | $488.9M |
| 4 | ATO | 0.71% | 2,448,006 | $465.1M |
| 5 | TPR | 0.67% | 2,996,028 | $434.5M |
| 6 | UTHR | 0.57% | 648,459 | $370.5M |
| 7 | OMC | 0.54% | 4,566,563 | $350.3M |
| 8 | CHRW | 0.49% | 1,755,245 | $319.1M |
| 9 | WSM | 0.49% | 1,766,602 | $320.1M |
| 10 | USFD | 0.47% | 3,263,930 | $305.1M |
| 11 | EME | 0.45% | 329,404 | $293.7M |
| 12 | BG | 0.45% | 2,290,639 | $291.1M |
| 13 | SW | 0.45% | 7,728,672 | $296.7M |
| 14 | MKSI | 0.43% | 995,061 | $282.3M |
| 15 | RS | 0.43% | 765,439 | $277.5M |
2026-05-23
15 holdings · 8.4% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | JBL | 0.77% | 1,484,415 | $501.0M |
| 2 | FLEX | 0.76% | 5,440,601 | $498.1M |
| 3 | NRG | 0.75% | 3,142,351 | $488.9M |
| 4 | ATO | 0.71% | 2,448,006 | $465.1M |
| 5 | TPR | 0.67% | 2,996,028 | $434.5M |
| 6 | UTHR | 0.57% | 648,459 | $370.5M |
| 7 | OMC | 0.54% | 4,566,563 | $350.3M |
| 8 | CHRW | 0.49% | 1,755,245 | $319.1M |
| 9 | WSM | 0.49% | 1,766,602 | $320.1M |
| 10 | USFD | 0.47% | 3,263,930 | $305.1M |
| 11 | EME | 0.45% | 329,404 | $293.7M |
| 12 | SW | 0.45% | 7,728,672 | $296.7M |
| 13 | BG | 0.45% | 2,290,639 | $291.1M |
| 14 | MKSI | 0.43% | 995,061 | $282.3M |
| 15 | CF | 0.43% | 2,261,219 | $280.8M |
2026-05-22
15 holdings · 8.4% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | JBL | 0.77% | 1,484,415 | $501.0M |
| 2 | FLEX | 0.76% | 5,440,601 | $498.1M |
| 3 | NRG | 0.75% | 3,142,351 | $488.9M |
| 4 | ATO | 0.71% | 2,448,006 | $465.1M |
| 5 | TPR | 0.67% | 2,996,028 | $434.5M |
| 6 | UTHR | 0.57% | 648,459 | $370.5M |
| 7 | OMC | 0.54% | 4,566,563 | $350.3M |
| 8 | CHRW | 0.49% | 1,755,245 | $319.1M |
| 9 | WSM | 0.49% | 1,766,602 | $320.1M |
| 10 | USFD | 0.47% | 3,263,930 | $305.1M |
| 11 | SW | 0.45% | 7,728,672 | $296.7M |
| 12 | BG | 0.45% | 2,290,639 | $291.1M |
| 13 | EME | 0.45% | 329,404 | $293.7M |
| 14 | CF | 0.43% | 2,261,219 | $280.8M |
| 15 | RS | 0.43% | 765,439 | $277.5M |
2026-05-21
15 holdings · 8.4% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | JBL | 0.77% | 1,484,415 | $501.0M |
| 2 | FLEX | 0.76% | 5,440,601 | $498.1M |
| 3 | NRG | 0.75% | 3,142,351 | $488.9M |
| 4 | ATO | 0.71% | 2,448,006 | $465.1M |
| 5 | TPR | 0.67% | 2,996,028 | $434.5M |
| 6 | UTHR | 0.57% | 648,459 | $370.5M |
| 7 | OMC | 0.54% | 4,566,563 | $350.3M |
| 8 | WSM | 0.49% | 1,766,602 | $320.1M |
| 9 | CHRW | 0.49% | 1,755,245 | $319.1M |
| 10 | USFD | 0.47% | 3,263,930 | $305.1M |
| 11 | EME | 0.45% | 329,404 | $293.7M |
| 12 | SW | 0.45% | 7,728,672 | $296.7M |
| 13 | BG | 0.45% | 2,290,639 | $291.1M |
| 14 | JBHT | 0.43% | 1,119,762 | $281.7M |
| 15 | CF | 0.43% | 2,261,219 | $280.8M |
2026-05-20
15 holdings · 8.4% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | JBL | 0.77% | 1,484,415 | $501.0M |
| 2 | FLEX | 0.76% | 5,440,601 | $498.1M |
| 3 | NRG | 0.75% | 3,142,351 | $488.9M |
| 4 | ATO | 0.71% | 2,448,006 | $465.1M |
| 5 | TPR | 0.67% | 2,996,028 | $434.5M |
| 6 | UTHR | 0.57% | 648,459 | $370.5M |
| 7 | OMC | 0.54% | 4,566,563 | $350.3M |
| 8 | CHRW | 0.49% | 1,755,245 | $319.1M |
| 9 | WSM | 0.49% | 1,766,602 | $320.1M |
| 10 | USFD | 0.47% | 3,263,930 | $305.1M |
| 11 | BG | 0.45% | 2,290,639 | $291.1M |
| 12 | SW | 0.45% | 7,728,672 | $296.7M |
| 13 | EME | 0.45% | 329,404 | $293.7M |
| 14 | CF | 0.43% | 2,261,219 | $280.8M |
| 15 | MKSI | 0.43% | 995,061 | $282.3M |
2026-05-19
15 holdings · 8.4% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | JBL | 0.77% | 1,484,415 | $501.0M |
| 2 | FLEX | 0.76% | 5,440,601 | $498.1M |
| 3 | NRG | 0.75% | 3,142,351 | $488.9M |
| 4 | ATO | 0.71% | 2,448,006 | $465.1M |
| 5 | TPR | 0.67% | 2,996,028 | $434.5M |
| 6 | UTHR | 0.57% | 648,459 | $370.5M |
| 7 | OMC | 0.54% | 4,566,563 | $350.3M |
| 8 | WSM | 0.49% | 1,766,602 | $320.1M |
| 9 | CHRW | 0.49% | 1,755,245 | $319.1M |
| 10 | USFD | 0.47% | 3,263,930 | $305.1M |
| 11 | EME | 0.45% | 329,404 | $293.7M |
| 12 | BG | 0.45% | 2,290,639 | $291.1M |
| 13 | SW | 0.45% | 7,728,672 | $296.7M |
| 14 | CF | 0.43% | 2,261,219 | $280.8M |
| 15 | RS | 0.43% | 765,439 | $277.5M |
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: 2026-06-02.
SecuritiesDB is for informational purposes only. Not investment advice.