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

SecurityVNQ / Vanguard Specialized Funds - Vanguard Real Estate ETF
InstitutionTanglewood Wealth Management, Inc.
Latest Disclosed Ownership225,487 shares
Latest Disclosed Value $ 20,000,708
Tanglewood Wealth Management, Inc. reports 5,538.58% increase in ownership of VNQ / Vanguard Specialized Funds - Vanguard Real Estate ETF

On April 20, 2026 - Tanglewood Wealth Management, Inc. filed a 13F-HR form disclosing ownership of 225,487 shares of Vanguard Specialized Funds - Vanguard Real Estate ETF (US:VNQ) valued at $20,000,697 USD as of March 31, 2026. The entity filed a previous 13F-HR on January 29, 2026 disclosing 3,999 shares of Vanguard Specialized Funds - Vanguard Real Estate ETF. This represents a change in shares of 5,538.58% during the quarter. The current value of the position is $21,824,887 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)
2026-04-20 2026-03-31 13F VANGUARD REAL ESTATE ETF REAL ESTATE ETF 922908553 225,487 221,488 5,538.58 20,001 5,565.72 1.6566
2026-01-29 2025-12-31 13F VANGUARD REAL ESTATE ETF REAL ESTATE ETF 922908553 3,999 -199,119 -98.03 354 -98.10 0.0324
2025-10-30 2025-09-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 203,118 1,540 0.76 18,569 3.44 1.7257
2025-07-21 2025-06-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 201,578 -12,010 -5.62 17,953 -7.17 1.7698
2025-04-14 2025-03-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 213,588 -11,232 -5.00 19,338 -3.44 2.1755
2025-01-24 2024-12-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 224,820 73,546 48.62 20,027 35.90 2.3072
2024-10-28 2024-09-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 151,274 18,422 13.87 14,737 32.44 1.6981
2024-07-26 2024-06-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 132,852 -80,437 -37.71 11,128 -39.67 1.3835
2024-05-08 2024-03-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 213,289 56,907 36.39 18,445 33.49 2.2794
2024-02-08 2023-12-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 156,382 41,080 35.63 13,818 58.40 1.6917
2023-10-31 2023-09-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 115,302 -52,585 -31.32 8,724 -37.82 1.4796
2023-08-04 2023-06-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 167,887 -125,685 -42.81 14,029 -42.46 2.0058
2023-05-02 2023-03-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 293,572 27,316 10.26 24,378 11.01 3.5409
2023-02-07 2022-12-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 266,256 32,506 13.91 21,961 17.18 3.2893
2022-11-02 2022-09-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 233,750 -2,339 -0.99 18,740 -12.88 2.8287
2022-07-22 2022-06-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 236,089 25,338 12.02 21,510 -5.82 2.9015
2022-05-10 2022-03-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 210,751 -714 -0.34 22,839 -6.90 3.4288
2022-02-02 2021-12-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 211,465 18,803 9.76 24,532 25.11 4.0675
2021-11-10 2021-09-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 192,662 26,483 15.94 19,609 15.93 3.4812
2021-08-02 2021-06-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 166,179 32,257 24.09 16,915 37.50 3.0274
2021-04-29 2021-03-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 133,922 5,670 4.42 12,302 12.95 2.4474
2021-02-05 2020-12-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 128,252 -178,489 -58.19 10,892 -55.03 2.2903
2020-10-16 2020-09-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 306,741 -5,949 -1.90 24,220 -1.37 5.5226
2020-08-07 2020-06-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 312,690 3,857 1.25 24,556 13.83 6.9481
2020-04-24 2020-03-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 308,833 811 0.26 21,572 -24.52 4.1847
2020-02-04 2019-12-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 308,022 -3,956 -1.27 28,581 -1.76 5.4989
2019-11-12 2019-09-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 311,978 3,450 1.12 29,092 7.89 6.3442
2019-07-26 2019-06-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 308,528 2,647 0.87 26,965 1.43 6.4968
2019-04-24 2019-03-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 305,881 -50,600 -14.19 26,584 0.00 5.8428
2019-02-07 2018-12-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 356,481 -65,077 -15.44 26,583 -21.84 6.6700
2018-10-25 2018-09-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 421,558 2,215 0.53 34,011 -0.42 9.6146
2018-08-03 2018-06-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 419,343 7,497 1.82 34,156 9.89 9.9439
2018-04-23 2018-03-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 411,846 95,921 30.36 31,082 18.57 9.5933
2018-02-05 2017-12-31 13F VANGUARD INDEX FDS REIT ETF 922908553 315,925 6,026 1.94 26,215 1.81 8.2472
2017-11-02 2017-09-30 13F VANGUARD INDEX FDS REIT ETF 922908553 309,899 2,523 0.82 25,749 0.65 8.1748
2017-07-18 2017-06-30 13F VANGUARD INDEX FDS REIT ETF 922908553 307,376 2,043 0.67 25,583 1.45 7.8199
2017-05-09 2017-03-31 13F VANGUARD INDEX FDS REIT ETF 922908553 305,333 -3,315 -1.07 25,217 -1.00 8.1511
2017-02-06 2016-12-31 13F VANGUARD INDEX FDS REIT ETF 922908553 308,648 -2,674 -0.86 25,473 -5.67 8.7762
2016-11-02 2016-09-30 13F VANGUARD INDEX FDS REIT ETF 922908553 311,322 -3,241 -1.03 27,004 -3.18 9.7132
2016-07-19 2016-06-30 13F VANGUARD INDEX FDS REIT ETF 922908553 314,563 795 0.25 27,892 6.08 10.2831
2016-05-05 2016-03-31 13F VANGUARD INDEX FDS REIT ETF 922908553 313,768 537 0.17 26,294 5.29 9.0496
2016-02-08 2015-12-31 13F VANGUARD INDEX FDS REIT ETF 922908553 313,231 -1,558 -0.49 24,974 5.03 9.8931
2015-11-03 2015-09-30 13F VANGUARD INDEX FDS REIT ETF 922908553 314,789 1,902 0.61 23,779 1.75 9.9355
2015-07-28 2015-06-30 13F VANGUARD INDEX FDS REIT ETF 922908553 312,887 5,067 1.65 23,370 -9.95 10.2672
2015-05-05 2015-03-31 13F VANGUARD INDEX FDS REIT ETF 922908553 307,820 -1,945 -0.63 25,952 3.43 12.5456
2015-01-21 2014-12-31 13F VANGUARD INDEX FDS REIT ETF 922908553 309,765 -8,683 -2.73 25,091 9.66 15.7389
2014-10-17 2014-09-30 13F VANGUARD INDEX FDS REIT ETF 922908553 318,448 7,440 2.39 22,881 -1.69 15.4436
2014-07-28 2014-06-30 13F VANGUARD INDEX FDS REIT ETF 922908553 311,008 114,792 58.50 23,275 67.97 22.6503
2014-04-24 2014-03-31 13F VANGUARD INDEX FDS REIT ETF 922908553 196,216 -113,886 -36.73 13,857 -30.78 14.6790
2014-01-24 2013-12-31 13F VANGUARD INDEX FDS REIT ETF 922908553 310,102 -43,312 -12.26 20,020 -14.35 16.3836
2013-10-25 2013-09-30 13F VANGUARD INDEX FDS REIT ETF 922908553 353,414 2,983 0.85 23,375 -2.93 21.4946
2013-07-19 2013-06-30 13F VANGUARD INDEX FDS REIT ETF 922908553 350,431 350,431 24,081 20.7047
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.