VONV(VONV)
AI Look-Through Summary
AI GeneratedThe portfolio's sector allocation is skewed towards technology and financial services, with these two sectors combining for over 32% of the fund's weight. This suggests that the underlying holdings are likely to be influenced by trends in these areas. The presence of a significant weighting in industrials, healthcare, and consumer defensive stocks also implies some level of diversification.
The top holdings reveal a notable concentration risk, with MU and BRK.B comprising over 6% of the fund's weight combined. GOOGL and AMZN also carry substantial weights, further increasing the portfolio's exposure to large-cap technology names. The sector mix appears to be more concentrated in technology than the broader market, which may make it more susceptible to sector-specific volatility. A favorable macro environment for this portfolio would likely involve sustained growth in technology spending and a stable financial services sector, while a downturn in these areas could have negative implications for returns.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-07-14 08:12:06.691896+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 15/100The investment theme implied by the ticker VONV suggests a specific value-oriented or potentially volatile-neutral strategy, yet the actual portfolio composition reveals a heavy reliance on broad-market mega-cap leaders that often diverge from strict thematic purity. The top holdings include diversified giants like Berkshire Hathaway and JPMorgan Chase alongside sector-specific powerhouses such as Amazon and Exxon Mobil. While these names are individually significant, their collective dominance creates a profile that mirrors the broader S&P 500 rather than adhering to a narrow or distinct investment thesis. This concentration in large-cap financials and technology suggests the fund may be utilizing well-known blue-chip stocks to stabilize returns, which can dilute any intended thematic focus inherent in its naming convention.
Sector analysis indicates that while Financial Services holds the largest weight at 17.1%, followed by Technology at 12.7% and Industrials at 10.9%, there is no single sector driving the majority of performance to a degree typical of pure-play thematic funds. The presence of substantial allocations across Consumer Defensive, Energy, Healthcare, and Communication Services further underscores a broadly diversified market exposure rather than a concentrated bet on a specific industry trend. With a top-ten concentration of 19.9% and significant representation from over sixty holdings in the financial sector alone, the fund demonstrates strong coherence with a large-cap value index but lacks the distinct differentiation expected if it were strictly following an alternative investment theme. The data suggests this vehicle functions more as a broad market proxy than a specialized thematic instrument.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-21 07:19:25.13323+00
🏢 Sector Analysis
AI GeneratedThe sector allocation of VONV reveals a distinct tilt toward large-cap financial institutions and technology leaders, with Financial Services comprising the largest segment at 17.1% followed by Technology at 12.7%. This distribution suggests an investment thesis centered on established market participants rather than small or mid-cap growth opportunities. The inclusion of significant weights in Communication Services (8.1%) and Industrials (10.9%), alongside substantial exposure to Energy (6.6%), indicates a strategy that captures broad economic cyclicality while maintaining heavy reliance on the stability of major conglomerates and financial giants like Berkshire Hathaway and JPMorgan Chase, which together account for over 5% of the portfolio.
Concentration risk appears moderate given the top-10 holdings represent only 19.9% of assets, yet the presence of massive single-name exposures in the Financial Services sector creates a specific vulnerability tied to regulatory changes or interest rate fluctuations affecting banks and insurers. The relatively smaller allocations to Utilities (4.2%), Real Estate (3.5%), and Basic Materials (3.3%) suggest an avoidance of defensive sectors typically favored during economic downturns, implying the fund is positioned for environments where income generation from large financial entities outweighs capital preservation needs in utility or real estate markets. Furthermore, the low number of holdings in Communication Services compared to its weight hints at a highly concentrated bet on specific mega-cap tech and media firms rather than diversified exposure across the entire sector.
Factor tilts inferred from this structure point toward value characteristics driven by large financial stocks, combined with quality factors associated with dominant technology players that often command high market capitalizations relative to their peers. The scarcity of holdings in sectors like Real Estate and Basic Materials further reinforces a preference for established corporate balance sheets over speculative or cyclical plays found in those industries. Ultimately, the fund's composition reflects a strategy seeking stability through massive institutional ownership while accepting sector-specific risks inherent to the financial services industry, leaving investors with a portfolio that mirrors the performance of the largest corporations across key economic drivers rather than offering broad diversification across all market caps and sectors.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-23 12:27:54.010544+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share VONV's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of VONV's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| SPTMSPTM | $12B | — | 473 | 90.8% |
| QUSQUS | $1B | — | 399 | 88.3% |
| VTIVanguard Total Stock Market Index Fund ETF Shares | $2.1T | 0.03% | 379 | 87.9% |
| VONEVONE | $10B | — | 377 | 87.9% |
| SPYState Street SPDR S&P 500 ETF Trust | $640B | 0.09% | 384 | 87.2% |
91% of VONV's portfolio by weight is also held by SPTM. When SPTM receives inflows, it mechanically buys these shared stocks — dragging VONV's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofVONV'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 96% 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 73% 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 VONV collectively pay out 66% of their Free Cash Flow to maintain the current yield. This is a sustainable payout level with moderate room for dividend growth. Based on 52% 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
ProprietaryVONV is up 28.3% over the last 12 months. The underlying weighted earnings growth of its constituents is +17.0%. The remaining +11.3% 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 73% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of VONV's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of VONV's analyzed weight, 57% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 43% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 65% 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.
VONV has a Passive Crowding Score of 37/100. On average, 11.3% of the market capitalization of VONV'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 48 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 | AMZN | Amazon.com Inc. Consumer Cyclical | 5.94% | 29.9x | 6/9 |
| 2 | AAPL | Apple Inc. Technology | 5.37% | 40.3x | 8/9 |
| 3 | MSFT | Microsoft Corp. Technology | 3.88% | 23.4x | 5/9 |
| 4 | BRK.B | Berkshire Hathaway Inc. Class B Financial Services | 2.61% | 14.7x | — |
| 5 | JPM | JPMorgan Chase & Co. Financial Services | 2.28% | 14.7x | 3/9 |
| 6 | INTC | Intel Corp. Technology | 1.72% | — | 6/9 |
| 7 | JNJ | Johnson & Johnson Healthcare | 1.71% | 29.0x | 4/9 |
| 8 | CSCO | Cisco Systems Inc. Technology | 1.30% | 36.5x | 8/9 |
| 9 | WMT | Walmart Inc. Consumer Defensive | 1.27% | 40.5x | 7/9 |
| 10 | ABBV | AbbVie Inc. Healthcare | 1.15% | 124.8x | 7/9 |
| 11 | UNH | UnitedHealth Group Inc. Healthcare | 1.05% | 31.8x | 6/9 |
| 12 | BAC | Bank of America Corp. Financial Services | 0.98% | 14.2x | 5/9 |
| 13 | PG | Procter & Gamble Co. Consumer Defensive | 0.96% | 22.2x | 6/9 |
| 14 | MRK | Merck & Co. Inc. Healthcare | 0.89% | 36.0x | 4/9 |
| 15 | CVX | Chevron Corp. Energy | 0.86% | 32.0x | 6/9 |
Historical Holdings Snapshots
Browse how VONV’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-07-18
15 holdings · 32.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | AMZN | 5.94% | 5,366,755 | $1.3B |
| 2 | AAPL | 5.37% | 3,999,621 | $1.2B |
| 3 | MSFT | 3.88% | 2,242,531 | $836.5M |
| 4 | BRK.B | 2.61% | 1,124,237 | $562.6M |
| 5 | JPM | 2.28% | 1,497,948 | $490.3M |
| 6 | INTC | 1.72% | 2,647,339 | $369.6M |
| 7 | JNJ | 1.71% | 1,454,670 | $369.4M |
| 8 | CSCO | 1.30% | 2,385,149 | $280.2M |
| 9 | WMT | 1.27% | 2,422,299 | $274.3M |
| 10 | ABBV | 1.15% | 983,559 | $247.5M |
| 11 | UNH | 1.05% | 545,124 | $226.6M |
| 12 | BAC | 0.98% | 3,720,612 | $212.0M |
| 13 | PG | 0.96% | 1,407,757 | $206.4M |
| 14 | MRK | 0.89% | 1,493,534 | $191.9M |
| 15 | CVX | 0.86% | 1,120,032 | $185.7M |
2026-07-17
15 holdings · 32.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | AMZN | 5.94% | 5,366,755 | $1.3B |
| 2 | AAPL | 5.37% | 3,999,621 | $1.2B |
| 3 | MSFT | 3.88% | 2,242,531 | $836.5M |
| 4 | BRK.B | 2.61% | 1,124,237 | $562.6M |
| 5 | JPM | 2.28% | 1,497,948 | $490.3M |
| 6 | INTC | 1.72% | 2,647,339 | $369.6M |
| 7 | JNJ | 1.71% | 1,454,670 | $369.4M |
| 8 | CSCO | 1.30% | 2,385,149 | $280.2M |
| 9 | WMT | 1.27% | 2,422,299 | $274.3M |
| 10 | ABBV | 1.15% | 983,559 | $247.5M |
| 11 | UNH | 1.05% | 545,124 | $226.6M |
| 12 | BAC | 0.98% | 3,720,612 | $212.0M |
| 13 | PG | 0.96% | 1,407,757 | $206.4M |
| 14 | MRK | 0.89% | 1,493,534 | $191.9M |
| 15 | CVX | 0.86% | 1,120,032 | $185.7M |
2026-07-16
15 holdings · 32.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | AMZN | 5.94% | 5,366,755 | $1.3B |
| 2 | AAPL | 5.37% | 3,999,621 | $1.2B |
| 3 | MSFT | 3.88% | 2,242,531 | $836.5M |
| 4 | BRK.B | 2.61% | 1,124,237 | $562.6M |
| 5 | JPM | 2.28% | 1,497,948 | $490.3M |
| 6 | INTC | 1.72% | 2,647,339 | $369.6M |
| 7 | JNJ | 1.71% | 1,454,670 | $369.4M |
| 8 | CSCO | 1.30% | 2,385,149 | $280.2M |
| 9 | WMT | 1.27% | 2,422,299 | $274.3M |
| 10 | ABBV | 1.15% | 983,559 | $247.5M |
| 11 | UNH | 1.05% | 545,124 | $226.6M |
| 12 | BAC | 0.98% | 3,720,612 | $212.0M |
| 13 | PG | 0.96% | 1,407,757 | $206.4M |
| 14 | MRK | 0.89% | 1,493,534 | $191.9M |
| 15 | CVX | 0.86% | 1,120,032 | $185.7M |
2026-07-15
15 holdings · 26.3% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | MU | 3.22% | 712,334 | $691.7M |
| 2 | BRK.B | 2.60% | 1,175,882 | $557.9M |
| 3 | GOOGL | 2.32% | 1,309,974 | $498.2M |
| 4 | JPM | 2.27% | 1,627,038 | $487.0M |
| 5 | AMZN | 2.12% | 1,681,365 | $455.0M |
| 6 | GOOG | 1.89% | 1,076,513 | $405.2M |
| 7 | XOM | 1.82% | 2,693,661 | $391.3M |
| 8 | JNJ | 1.61% | 1,534,248 | $345.7M |
| 9 | INTC | 1.50% | 2,813,095 | $322.6M |
| 10 | CSCO | 1.42% | 2,537,547 | $305.6M |
| 11 | WMT | 1.35% | 2,496,712 | $289.0M |
| 12 | CAT | 1.06% | 258,849 | $226.7M |
| 13 | UNH | 1.03% | 580,153 | $220.6M |
| 14 | AMD | 1.03% | 426,121 | $219.9M |
| 15 | CVX | 1.02% | 1,194,555 | $218.0M |
2026-07-14
15 holdings · 26.3% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | MU | 3.22% | 712,334 | $691.7M |
| 2 | BRK.B | 2.60% | 1,175,882 | $557.9M |
| 3 | GOOGL | 2.32% | 1,309,974 | $498.2M |
| 4 | JPM | 2.27% | 1,627,038 | $487.0M |
| 5 | AMZN | 2.12% | 1,681,365 | $455.0M |
| 6 | GOOG | 1.89% | 1,076,513 | $405.2M |
| 7 | XOM | 1.82% | 2,693,661 | $391.3M |
| 8 | JNJ | 1.61% | 1,534,248 | $345.7M |
| 9 | INTC | 1.50% | 2,813,095 | $322.6M |
| 10 | CSCO | 1.42% | 2,537,547 | $305.6M |
| 11 | WMT | 1.35% | 2,496,712 | $289.0M |
| 12 | CAT | 1.06% | 258,849 | $226.7M |
| 13 | UNH | 1.03% | 580,153 | $220.6M |
| 14 | AMD | 1.03% | 426,121 | $219.9M |
| 15 | CVX | 1.02% | 1,194,555 | $218.0M |
2026-07-13
15 holdings · 26.3% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | MU | 3.22% | 712,334 | $691.7M |
| 2 | BRK.B | 2.60% | 1,175,882 | $557.9M |
| 3 | GOOGL | 2.32% | 1,309,974 | $498.2M |
| 4 | JPM | 2.27% | 1,627,038 | $487.0M |
| 5 | AMZN | 2.12% | 1,681,365 | $455.0M |
| 6 | GOOG | 1.89% | 1,076,513 | $405.2M |
| 7 | XOM | 1.82% | 2,693,661 | $391.3M |
| 8 | JNJ | 1.61% | 1,534,248 | $345.7M |
| 9 | INTC | 1.50% | 2,813,095 | $322.6M |
| 10 | CSCO | 1.42% | 2,537,547 | $305.6M |
| 11 | WMT | 1.35% | 2,496,712 | $289.0M |
| 12 | CAT | 1.06% | 258,849 | $226.7M |
| 13 | AMD | 1.03% | 426,121 | $219.9M |
| 14 | UNH | 1.03% | 580,153 | $220.6M |
| 15 | CVX | 1.02% | 1,194,555 | $218.0M |
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 VONV 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 VONV’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.