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

SecurityVNQ / Vanguard Specialized Funds - Vanguard Real Estate ETF
InstitutionComerica Bank
Latest Disclosed Ownership198,720 shares
Latest Disclosed Value $ 17,584,734
Comerica Bank reports 31.57% decrease in ownership of VNQ / Vanguard Specialized Funds - Vanguard Real Estate ETF

On January 29, 2026 - Comerica Bank filed a 13F-HR form disclosing ownership of 198,720 shares of Vanguard Specialized Funds - Vanguard Real Estate ETF (US:VNQ) valued at $17,584,733 USD as of December 31, 2025. The entity filed a previous 13F-HR on November 14, 2025 disclosing 290,409 shares of Vanguard Specialized Funds - Vanguard Real Estate ETF. This represents a change in shares of -31.57% during the quarter. The current value of the position is $19,234,109 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)
2026-01-29 2025-12-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 198,720 -91,689 -31.57 17,585 -33.77 0.0571
2025-11-14 2025-09-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 290,409 4,189 1.46 26,549 4.15 0.0999
2025-08-14 2025-06-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 286,220 92,482 47.74 25,491 45.32 0.0989
2025-05-14 2025-03-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 193,738 -8,370 -4.14 17,541 -2.57 0.0737
2025-02-14 2024-12-31 13F/A-1 VANGUARD INDEX FDS REAL ESTATE ETF 922908553 202,108 18,118 9.85 18,004 0.44 0.0726
2025-02-14 2024-12-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 202,108 18,118 18,004 0.0603
2024-11-14 2024-09-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 183,990 -98,196 -34.80 17,924 -24.16 0.0709
2024-08-15 2024-06-30 13F VANGUARD REIT ETF COMMON 922908553 282,186 55,767 24.63 23,636 20.71 0.0984
2024-05-16 2024-03-31 13F VANGUARD REIT ETF COMMON 922908553 226,419 -93,403 -29.20 19,581 -30.71 0.0844
2024-02-14 2023-12-31 13F VANGUARD REIT ETF COMMON 922908553 319,822 98,055 44.22 28,259 68.43 0.1302
2023-11-21 2023-09-30 13F VANGUARD INDEX FDS COMMON 922908553 221,767 221,767 16,779 0.0874
2023-08-22 2023-06-30 13F VANGUARD REIT ETF CLO 922908553 0 -159,981 -100.00 0 -100.00
2023-01-26 2022-12-31 13F VANGUARD REIT ETF CLO 922908553 159,981 4,282 2.75 14 -99.88 0.1100
2022-10-28 2022-09-30 13F VANGUARD REIT ETF CLO 922908553 155,699 5,686 3.79 12,167 -13.25 0.1026
2022-08-02 2022-06-30 13F VANGUARD REIT ETF CLO 922908553 150,013 135,201 912.78 14,026 741.90 0.1152
2022-04-27 2022-03-31 13F VANGUARD REIT ETF CLO 922908553 14,812 -1,188 -7.42 1,666 -0.83 0.0121
2022-02-18 2021-12-31 13F VANGUARD REIT ETF CLO 922908553 16,000 -11,013 -40.77 1,680 -42.23 0.0124
2021-11-22 2021-09-30 13F VANGUARD REIT ETF CLO 922908553 27,013 14,425 114.59 2,908 117.83 0.0175
2021-08-26 2021-06-30 13F VANGUARD REIT ETF CLO 922908553 12,588 -129,036 -91.11 1,335 -90.36 0.0080
2021-04-28 2021-03-31 13F VANGUARD REIT ETF CLO 922908553 141,624 1,879 1.34 13,848 15.53 0.0826
2021-01-28 2020-12-31 13F VANGUARD REIT ETF CLO 922908553 139,745 127,818 1,071.67 11,986 1,151.15 0.0761
2020-10-30 2020-09-30 13F VANGUARD REIT ETF CLO 922908553 11,927 -196,163 -94.27 958 -94.18 0.0070
2020-07-31 2020-06-30 13F VANGUARD REIT ETF CLO 922908553 208,090 190,075 1,055.09 16,461 1,155.61 0.1268
2020-05-01 2020-03-31 13F VANGUARD REIT ETF CLO 922908553 18,015 -154,238 -89.54 1,311 -92.00 0.0120
2020-02-07 2019-12-31 13F VANGUARD REIT ETF CLO 922908553 172,253 36,074 26.49 16,379 26.68 0.1241
2019-10-31 2019-09-30 13F VANGUARD REIT ETF CLO 922908553 136,179 14,815 12.21 12,929 19.86 0.1022
2019-08-02 2019-06-30 13F VANGUARD REIT ETF CLO 922908553 121,364 15,459 14.60 10,787 16.14 0.0864
2019-05-02 2019-03-31 13F VANGUARD REIT ETF CLO 922908553 105,905 88,457 506.98 9,288 549.97 0.0753
2019-02-06 2018-12-31 13F VANGUARD REIT ETF CLO 922908553 17,448 2,716 18.44 1,429 25.46 0.0121
2018-11-01 2018-09-30 13F VANGUARD REIT ETF CLO 922908553 14,732 -779 -5.02 1,139 -9.67 0.0092
2018-08-01 2018-06-30 13F VANGUARD REIT ETF CLO 922908553 15,511 -6,296 -28.87 1,261 -22.64 0.0088
2018-05-01 2018-03-31 13F VANGUARD REIT ETF CLO 922908553 21,807 -7,171 -24.75 1,630 -29.80 0.0116
2018-02-02 2017-12-31 13F VANGUARD REIT ETF CLO 922908553 28,978 1,009 3.61 2,322 1.00 0.0155
2017-11-06 2017-09-30 13F VANGUARD REIT ETF CLO 922908553 27,969 2,610 10.29 2,299 8.44 0.0166
2017-08-03 2017-06-30 13F VANGUARD REIT ETF CLO 922908553 25,359 1,924 8.21 2,120 8.11 0.0159
2017-05-03 2017-03-31 13F VANGUARD REIT ETF CLO 922908553 23,435 2,497 11.93 1,961 13.35 0.0149
2017-02-08 2016-12-31 13F VANGUARD REIT ETF CLO 922908553 20,938 -7,241 -25.70 1,730 -32.53 0.0137
2016-08-11 2016-06-30 13F VANGUARD REIT ETF CLO 922908553 28,179 2,110 8.09 2,564 17.94 0.0221
2016-05-11 2016-03-31 13F VANGUARD REIT ETF CLO 922908553 26,069 6,321 32.01 2,174 42.18 0.0194
2016-02-05 2015-12-31 13F VANGUARD REIT ETF CLO 922908553 19,748 -634 -3.11 1,529 -0.71 0.0150
2015-11-12 2015-09-30 13F VANGUARD REIT ETF CLO 922908553 20,382 -22,288 -52.23 1,540 -51.69 0.0146
2015-08-13 2015-06-30 13F VANGUARD REIT ETF CLO 922908553 42,670 15,779 58.68 3,188 40.63 0.0137
2015-05-15 2015-03-31 13F VANGUARD REIT ETF CLO 922908553 26,891 -21,911 -44.90 2,267 -42.64 0.0192
2015-02-13 2014-12-31 13F VANGUARD REIT ETF CLO 922908553 48,802 25,365 108.23 3,952 134.82 0.0171
2014-10-21 2014-09-30 13F VANGUARD REIT ETF CLO 922908553 23,437 -1,115 -4.54 1,683 -8.38 0.0149
2014-08-12 2014-06-30 13F VANGUARD REIT ETF CLO 922908553 24,552 2,170 9.70 1,837 16.27 0.0156
2014-05-15 2014-03-31 13F VANGUARD REIT ETF CLO 922908553 22,382 581 2.67 1,580 12.30 0.0121
2014-02-11 2013-12-31 13F VANGUARD REIT ETF CLO 922908553 21,801 -65,022 -74.89 1,407 -75.50 0.0109
2013-11-12 2013-09-30 13F VANGUARD REIT ETF CLO 922908553 86,823 86,823 5,743 0.0400
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.