Vanguard Specialized Funds - Vanguard Real Estate ETF
US ˙ ARCA ˙ US9229085538

SecurityVNQ / Vanguard Specialized Funds - Vanguard Real Estate ETF
InstitutionArmbruster Capital Management, Inc.
Latest Disclosed Ownership9,481 shares
Latest Disclosed Value $ 840,965
Armbruster Capital Management, Inc. reports 6.74% decrease in ownership of VNQ / Vanguard Specialized Funds - Vanguard Real Estate ETF

On April 21, 2026 - Armbruster Capital Management, Inc. filed a 13F-HR form disclosing ownership of 9,481 shares of Vanguard Specialized Funds - Vanguard Real Estate ETF (US:VNQ) valued at $840,965 USD as of March 31, 2026. The entity filed a previous 13F-HR on January 23, 2026 disclosing 10,166 shares of Vanguard Specialized Funds - Vanguard Real Estate ETF. This represents a change in shares of -6.74% during the quarter. The current value of the position is $917,666 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-04-21 2026-03-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 9,481 -685 -6.74 841 -6.56 0.1378
2026-01-23 2025-12-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 10,166 -140 -1.36 900 -4.56 0.1511
2025-10-20 2025-09-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 10,306 -166 -1.59 942 1.07 0.1603
2025-07-23 2025-06-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 10,472 25 0.24 933 -1.38 0.1689
2025-04-16 2025-03-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 10,447 -8,475 -44.79 946 -43.92 0.1886
2025-01-22 2024-12-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 18,922 -50 -0.26 1,686 -8.82 0.3425
2024-11-04 2024-09-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 18,972 -1,075 -5.36 1,848 10.07 0.3681
2024-07-29 2024-06-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 20,047 -45 -0.22 1,679 -3.34 0.3486
2024-05-07 2024-03-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 20,092 425 2.16 1,738 0.00 0.3697
2024-02-01 2023-12-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 19,667 475 2.47 1,738 19.63 0.3958
2023-10-17 2023-09-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 19,192 -315 -1.61 1,452 -10.92 0.3668
2023-08-03 2023-06-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 19,507 -1,000 -4.88 1,630 -4.23 0.4012
2023-05-09 2023-03-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 20,507 3,450 20.23 1,703 21.05 0.4350
2023-02-13 2022-12-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 17,057 925 5.73 1,407 8.74 0.3647
2022-11-16 2022-09-30 13F/A-1 VANGUARD INDEX FDS REAL ESTATE ETF 922908553 16,132 50 0.31 1,293 -11.74 0.3688
2022-10-19 2022-09-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 16,132 50 1,293 0.3688
2022-08-01 2022-06-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 16,082 -225 -1.38 1,465 -17.09 0.3962
2022-05-05 2022-03-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 16,307 0 0.00 1,767 -6.61 0.4253
2022-02-15 2021-12-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 16,307 -75 -0.46 1,892 13.50 0.4330
2021-10-21 2021-09-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 16,382 -475 -2.82 1,667 -2.86 0.4764
2021-08-06 2021-06-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 16,857 -225 -1.32 1,716 9.37 0.4842
2021-04-29 2021-03-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 17,082 -2,600 -13.21 1,569 -6.16 0.4648
2021-02-12 2020-12-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 19,682 -2,150 -9.85 1,672 -3.02 0.5612
2020-10-30 2020-09-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 21,832 -2,180 -9.08 1,724 -8.59 0.6626
2020-08-10 2020-06-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 24,012 -41,716 -63.47 1,886 -58.92 0.7567
2020-05-08 2020-03-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 65,728 -53,033 -44.66 4,591 -58.34 2.1632
2020-02-12 2019-12-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 118,761 7,927 7.15 11,020 6.63 4.2162
2019-11-08 2019-09-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 110,834 -7,585 -6.41 10,335 -0.14 4.2875
2019-07-18 2019-06-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 118,419 14,320 13.76 10,350 14.40 4.3412
2019-04-16 2019-03-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 104,099 6,094 6.22 9,047 23.80 3.9118
2019-01-28 2018-12-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 98,005 21,480 28.07 7,308 18.37 3.6233
2018-10-22 2018-09-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 76,525 10,455 15.82 6,174 14.74 2.6983
2018-07-30 2018-06-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 66,070 -12,823 -16.25 5,381 -9.62 2.5280
2018-04-18 2018-03-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 78,893 -35,907 -31.28 5,954 -37.50 3.7745
2018-02-02 2017-12-31 13F VANGUARD INDEX FDS REIT ETF 922908553 114,800 -1,995 -1.71 9,526 -1.83 4.3561
2017-11-08 2017-09-30 13F Vanguard REIT Equities 922908553 116,795 -7,208 -5.81 9,704 -5.98 4.9760
2017-08-01 2017-06-30 13F Vanguard REIT Equities 922908553 124,003 2,810 2.32 10,321 3.12 5.5765
2017-05-08 2017-03-31 13F Vanguard REIT Equities 922908553 121,193 10,352 9.34 10,009 9.41 5.5868
2017-02-06 2016-12-31 13F Vanguard REIT Equities 922908553 110,841 6,316 6.04 9,148 0.90 5.3609
2016-10-25 2016-09-30 13F Vanguard REIT Equities 922908553 104,525 3,076 3.03 9,066 0.79 5.6144
2016-07-29 2016-06-30 13F Vanguard REIT Equities 922908553 101,449 13,113 14.84 8,995 21.50 5.8219
2016-05-03 2016-03-31 13F Vanguard REIT Equities 922908553 88,336 33,756 61.85 7,403 70.11 5.0590
2016-01-26 2015-12-31 13F Vanguard REIT Equities 922908553 54,580 54,580 4,352 3.8836
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.