VFH(VFH)
AI Look-Through Summary
AI GeneratedVFH presents a portfolio defined by an overwhelming concentration within the financial services sector, which accounts for approximately 83.3% of total assets under management. This singular focus is reinforced by the top ten holdings, all of which operate exclusively in this industry, creating a structure where performance will be almost entirely correlated with macroeconomic factors influencing banking and insurance firms rather than broader market diversification. The fund's largest positions include JPMorgan Chase and Berkshire Hathaway, each commanding significant weight above 7%, while major players like Mastercard, Bank of America, Visa, Goldman Sachs, Wells Fargo, Morgan Stanley, Citigroup, and American Express round out the core equity base with combined weights exceeding 30%.
Geographic exposure is not explicitly detailed in the provided data, but given that all top constituents are U.S.-based financial institutions, the portfolio likely maintains a heavy tilt toward domestic equities. The remaining sector allocations are minimal; technology comprises only 1.2%, real estate accounts for 0.3%, and industrials and consumer cyclicals show zero weight in this snapshot. This lack of exposure to non-financial sectors means the fund does not offer traditional diversification benefits against a potential downturn specific to banking or regulatory changes affecting that industry alone. With assets under management at $13.4 billion, the ETF possesses substantial liquidity, yet its narrow scope implies that volatility will mirror the broader financial services landscape rather than being dampened by holdings in other economic verticals like technology or healthcare.
Quantitatively, the extreme sector homogeneity suggests high beta characteristics relative to a diversified market index, as gains and losses will be amplified within this specific industry cycle. The absence of any meaningful allocation to defensive sectors or growth-oriented non-financial companies indicates that this vehicle is structured for investors seeking targeted exposure to the financial ecosystem rather than broad market participation. Consequently, the fund's risk profile hinges on the stability and profitability trends of its top ten banks and insurers, with no buffer provided by assets outside this dominant classification.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-05-22 20:39:33.06854+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 98/100The investment theme implied by the name VFH, which stands for Vanguard Financials ETF, exhibits an exceptionally high degree of alignment with its actual underlying assets. The portfolio is almost entirely composed of large-cap financial services institutions, including major banks and insurance companies that dominate the top holdings list. There are no significant deviations into unrelated sectors or industries; even the minimal allocations to technology and real estate serve primarily as minor diversifiers rather than thematic distractors. This structural consistency suggests the fund operates strictly within its designated sector without utilizing broad-market names merely to stabilize returns, thereby maintaining a pure focus on the financial services industry as intended by its name.
Concentration risk is notable but consistent with the nature of a single-sector focused equity strategy. The top ten holdings account for nearly half of the total assets under management, reflecting a heavy reliance on established mega-cap players within the banking and insurance subsectors. Sector weights are coherent with the theme, as 83.3% of the portfolio remains in financial services, while other sectors represent negligible exposure. This composition differentiates the fund from broad market indices by providing deep specialization rather than diversification across all economic drivers. The data indicates a vehicle designed specifically for investors seeking concentrated exposure to the financial sector, with little deviation into unrelated areas that would dilute this specific investment objective.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-22 23:41:46.759805+00
🏢 Sector Analysis
AI GeneratedVFH exhibits an exceptionally concentrated portfolio structure, with Financial Services accounting for over 83% of total assets and the top ten holdings comprising nearly half of the fund's value. This allocation strategy clearly targets a specific investment thesis centered on large-cap bank stocks rather than providing broad diversification across market sectors or asset classes. The negligible exposure to Technology, Real Estate, Industrials, and Consumer Cyclical sectors underscores an intentional avoidance of non-financial equities, suggesting the fund is designed as a pure-play vehicle for investors seeking concentrated exposure to banking performance without sectoral hedging.
The dominance of major institutions like JPMorgan Chase, Berkshire Hathaway, Mastercard, Bank of America, and Visa within the top five positions reinforces this narrow focus on established financial giants with significant market capitalization. Such high concentration inherently amplifies idiosyncratic risk; a downturn specific to the banking industry or regulatory changes affecting these large players would have an outsized impact on the fund's overall volatility compared to more diversified peers. Furthermore, the lack of meaningful weight in growth-oriented sectors like Technology implies that this vehicle does not currently tilt toward high-growth momentum factors but rather prioritizes stability and earnings visibility found within mature financial services firms.
Ultimately, the data indicates a specialized mandate where performance is almost entirely dependent on the health and valuation trajectory of the U.S. banking sector. While this approach offers precise targeting for those bullish on finance, it simultaneously exposes the portfolio to significant single-sector risk that limits its ability to capitalize on opportunities arising in other areas of the economy during periods when financials underperform relative to other industries.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-23 07:50:11.218326+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share VFH's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of VFH's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| SPTMSPTM | $12B | — | 260 | 91.3% |
| QUSQUS | $1B | — | 84 | 83.5% |
| VONEVONE | $10B | — | 75 | 83.3% |
| VTIVanguard Total Stock Market Index Fund ETF Shares | $2.1T | 0.03% | 75 | 83.3% |
| VOOVanguard S&P 500 ETF | $1.5T | 0.03% | 76 | 82.6% |
91% of VFH's portfolio by weight is also held by SPTM. When SPTM receives inflows, it mechanically buys these shared stocks — dragging VFH's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofVFH'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 94% of fund assets with available data.
Herfindahl-Hirschman Concentration Index
Morningstar-Style Box
Sector & Cap Explorer
ETF Fundamental Radar
Caution: 25% of fund weight scores below 4 — indicating weak profitability or deteriorating fundamentals.
Piotroski F-Score (Operational Health)
Score 0-9: Measures Profitability, Leverage, and Efficiency
Based on 86% 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 VFH collectively pay out 36% of their Free Cash Flow to maintain the current yield. This leaves a substantial cash buffer, making dividend cuts unlikely even in a downturn. Based on 43% 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
ProprietaryVFH is up 3.8% over the last 12 months. The underlying weighted earnings growth of its constituents is +12.1%. Despite earnings growth, valuations have contracted by 8.3% — the market is paying less per dollar of earnings than a year ago.
Earnings growth = weighted average YoY EPS growth of all constituents (capped at ±500% to limit outlier distortion). Based on 85% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of VFH's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of VFH's analyzed weight, 50% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 50% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 36% of fund weight with available data. Not investment advice.
Concentration Risk Monitor
ELEVATEDVFH's top holding JPM at 9.5% is above the 8% elevated-concentration threshold. The effective number of stocks is 35 vs. the actual count of 50.
Effective # of Stocks = 1 / HHI (Herfindahl-Hirschman Index). Variance share approximated as w² / Σw². 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.
VFH has a Passive Crowding Score of 37/100. On average, 11.2% of the market capitalization of VFH'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 37 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 | JPM | JPMorgan Chase & Co. Financial Services | 9.53% | 14.3x | 3/9 |
| 2 | BRK.B | Berkshire Hathaway Inc. Class B Financial Services | 7.74% | 14.1x | — |
| 3 | MA | Mastercard Inc. Class A Financial Services | 5.06% | 28.6x | 8/9 |
| 4 | BAC | Bank of America Corp. Financial Services | 4.28% | 12.8x | 5/9 |
| 5 | V | Visa Inc. Class A Financial Services | 4.17% | 28.5x | 6/9 |
| 6 | GS | Goldman Sachs Group Inc. Financial Services | 3.12% | 18.7x | 3/9 |
| 7 | WFC | Wells Fargo & Co. Financial Services | 3.07% | 12.0x | 3/9 |
| 8 | MS | Morgan Stanley Financial Services | 2.69% | 18.8x | 3/9 |
| 9 | C | Citigroup Inc. Financial Services | 2.59% | 15.5x | 2/9 |
| 10 | AXP | American Express Co. Financial Services | 2.11% | 19.8x | 4/9 |
| 11 | BLK | Blackrock Inc. Financial Services | 1.87% | 26.3x | 3/9 |
| 12 | SCHW | Charles Schwab Corp. Financial Services | 1.84% | 17.4x | 7/9 |
| 13 | SPGI | S&P Global Inc. Financial Services | 1.59% | 26.8x | 7/9 |
| 14 | CB | Chubb Ltd. Financial Services | 1.45% | 11.0x | 6/9 |
| 15 | COF | Capital One Financial Corp. Financial Services | 1.44% | 57.8x | 5/9 |
Historical Holdings Snapshots
Browse how VFH’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-05-24
15 holdings · 52.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | JPM | 9.53% | 4,159,929 | $1.3B |
| 2 | BRK.B | 7.74% | 2,233,525 | $1.1B |
| 3 | MA | 5.06% | 1,374,833 | $691.4M |
| 4 | BAC | 4.28% | 10,955,123 | $585.7M |
| 5 | V | 4.17% | 1,727,298 | $569.7M |
| 6 | GS | 3.12% | 462,272 | $427.0M |
| 7 | WFC | 3.07% | 5,097,095 | $419.1M |
| 8 | MS | 2.69% | 1,927,803 | $367.4M |
| 9 | C | 2.59% | 2,766,231 | $354.0M |
| 10 | AXP | 2.11% | 894,828 | $289.1M |
| 11 | BLK | 1.87% | 239,334 | $255.0M |
| 12 | SCHW | 1.84% | 2,741,071 | $251.2M |
| 13 | SPGI | 1.59% | 503,295 | $217.0M |
| 14 | CB | 1.45% | 607,092 | $198.5M |
| 15 | COF | 1.44% | 1,032,272 | $197.5M |
2026-05-23
15 holdings · 52.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | JPM | 9.53% | 4,159,929 | $1.3B |
| 2 | BRK.B | 7.74% | 2,233,525 | $1.1B |
| 3 | MA | 5.06% | 1,374,833 | $691.4M |
| 4 | BAC | 4.28% | 10,955,123 | $585.7M |
| 5 | V | 4.17% | 1,727,298 | $569.7M |
| 6 | GS | 3.12% | 462,272 | $427.0M |
| 7 | WFC | 3.07% | 5,097,095 | $419.1M |
| 8 | MS | 2.69% | 1,927,803 | $367.4M |
| 9 | C | 2.59% | 2,766,231 | $354.0M |
| 10 | AXP | 2.11% | 894,828 | $289.1M |
| 11 | BLK | 1.87% | 239,334 | $255.0M |
| 12 | SCHW | 1.84% | 2,741,071 | $251.2M |
| 13 | SPGI | 1.59% | 503,295 | $217.0M |
| 14 | CB | 1.45% | 607,092 | $198.5M |
| 15 | COF | 1.44% | 1,032,272 | $197.5M |
2026-05-22
15 holdings · 52.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | JPM | 9.53% | 4,159,929 | $1.3B |
| 2 | BRK.B | 7.74% | 2,233,525 | $1.1B |
| 3 | MA | 5.06% | 1,374,833 | $691.4M |
| 4 | BAC | 4.28% | 10,955,123 | $585.7M |
| 5 | V | 4.17% | 1,727,298 | $569.7M |
| 6 | GS | 3.12% | 462,272 | $427.0M |
| 7 | WFC | 3.07% | 5,097,095 | $419.1M |
| 8 | MS | 2.69% | 1,927,803 | $367.4M |
| 9 | C | 2.59% | 2,766,231 | $354.0M |
| 10 | AXP | 2.11% | 894,828 | $289.1M |
| 11 | BLK | 1.87% | 239,334 | $255.0M |
| 12 | SCHW | 1.84% | 2,741,071 | $251.2M |
| 13 | SPGI | 1.59% | 503,295 | $217.0M |
| 14 | CB | 1.45% | 607,092 | $198.5M |
| 15 | COF | 1.44% | 1,032,272 | $197.5M |
2026-05-21
15 holdings · 52.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | JPM | 9.53% | 4,159,929 | $1.3B |
| 2 | BRK.B | 7.74% | 2,233,525 | $1.1B |
| 3 | MA | 5.06% | 1,374,833 | $691.4M |
| 4 | BAC | 4.28% | 10,955,123 | $585.7M |
| 5 | V | 4.17% | 1,727,298 | $569.7M |
| 6 | GS | 3.12% | 462,272 | $427.0M |
| 7 | WFC | 3.07% | 5,097,095 | $419.1M |
| 8 | MS | 2.69% | 1,927,803 | $367.4M |
| 9 | C | 2.59% | 2,766,231 | $354.0M |
| 10 | AXP | 2.11% | 894,828 | $289.1M |
| 11 | BLK | 1.87% | 239,334 | $255.0M |
| 12 | SCHW | 1.84% | 2,741,071 | $251.2M |
| 13 | SPGI | 1.59% | 503,295 | $217.0M |
| 14 | CB | 1.45% | 607,092 | $198.5M |
| 15 | COF | 1.44% | 1,032,272 | $197.5M |
2026-05-20
15 holdings · 52.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | JPM | 9.53% | 4,159,929 | $1.3B |
| 2 | BRK.B | 7.74% | 2,233,525 | $1.1B |
| 3 | MA | 5.06% | 1,374,833 | $691.4M |
| 4 | BAC | 4.28% | 10,955,123 | $585.7M |
| 5 | V | 4.17% | 1,727,298 | $569.7M |
| 6 | GS | 3.12% | 462,272 | $427.0M |
| 7 | WFC | 3.07% | 5,097,095 | $419.1M |
| 8 | MS | 2.69% | 1,927,803 | $367.4M |
| 9 | C | 2.59% | 2,766,231 | $354.0M |
| 10 | AXP | 2.11% | 894,828 | $289.1M |
| 11 | BLK | 1.87% | 239,334 | $255.0M |
| 12 | SCHW | 1.84% | 2,741,071 | $251.2M |
| 13 | SPGI | 1.59% | 503,295 | $217.0M |
| 14 | CB | 1.45% | 607,092 | $198.5M |
| 15 | COF | 1.44% | 1,032,272 | $197.5M |
2026-05-19
15 holdings · 52.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | JPM | 9.53% | 4,159,929 | $1.3B |
| 2 | BRK.B | 7.74% | 2,233,525 | $1.1B |
| 3 | MA | 5.06% | 1,374,833 | $691.4M |
| 4 | BAC | 4.28% | 10,955,123 | $585.7M |
| 5 | V | 4.17% | 1,727,298 | $569.7M |
| 6 | GS | 3.12% | 462,272 | $427.0M |
| 7 | WFC | 3.07% | 5,097,095 | $419.1M |
| 8 | MS | 2.69% | 1,927,803 | $367.4M |
| 9 | C | 2.59% | 2,766,231 | $354.0M |
| 10 | AXP | 2.11% | 894,828 | $289.1M |
| 11 | BLK | 1.87% | 239,334 | $255.0M |
| 12 | SCHW | 1.84% | 2,741,071 | $251.2M |
| 13 | SPGI | 1.59% | 503,295 | $217.0M |
| 14 | CB | 1.45% | 607,092 | $198.5M |
| 15 | COF | 1.44% | 1,032,272 | $197.5M |
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 VFH 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 VFH’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.