Economics and markets

Exposure to Silicon Valley Bank, Signature Bank securities in Vanguard funds

March 14, 2023

Tables present Vanguard funds with direct exposure to securities issued by SVB Financial or Signature Bank, as well as the extent of those exposures, as of February 28, 2023.   Forty-six funds had exposure to SVB Financial. In the active bond category, the exposures were: Core Bond, 0.02%; Global Credit Bond, 0.04%; Intermediate-Term Investment-Grade, 0.07%; Short-Term Investment-Grade, 0.04%; and Variable Insurance Fund: Short-Term Investment-Grade, 0.04%. In the active stock category, the exposures were: Growth and Income, 0.00%; Market Neutral, –0.52%; Mid-Cap growth, 0.90%; and U.S. Value Factor, 0.07%. In the balanced index category, the exposures were: Balanced Index, 0.03%; and Tax-Managed Balanced, 0.04%. In the bond index category, the exposures were: Institutional Total Bond Market Index, 0.01%; Intermediate-Term Bond Index, 0.04%; Intermediate-Term Corporate Bond Index, 0.08%; Short-Term Corporate Bond Index, 0.06%; Total Bond Market Index, 0.01%, Total Bond Market II Index, 0.01%; Short-Term Bond Index, 0.02%; and Variable Insurance Fund: Total Bond Market Index, 0.01%. In the stock index category, the exposures were: 500 Index, 0.05%; Employee Benefit Index, 0.05%; ESG U.S. Stock, 0.05%; Financials Index, 0.36%; FTSE Social Index, 0.06%; Growth Index, 0.05%; Institutional 500 Index, 0.05%; Institutional Index, 0.05%; Institutional Total Stock Market Index, 0.04%; Institutional Total Stock Market Index Trust, 0.04%; Large-Cap Index, 0.05%; Mid-Cap Growth Index, 0.29%; Mid-Cap Growth Index, 0.28%; Mid-Cap Value Index, 0.26%; Russell 1000 Growth Index, 0.06%; Russell 1000 Growth Index Trust, 0.06%; Russell 1000 Index, 0.05%; Russell 1000 Value Index, 0.03%; Russell 1000 Value Index Trust, 0.03%; Russell 3000 Index, 0.04%; S&P 500 Value Index, 0.11%; Tax-Managed Capital Appreciation, 0.04%; Total Stock Market Index, 0.04%; Total World Stock Index, 0.03%; Value Index, 0.05%; Variable Insurance Fund: Equity Index Portfolio, 0.05%; and Variable Insurance Fund: Mid-Cap Index, 0.28%.  Thirty-two funds had exposure to Signature Bank. In the active stock category, the exposures were: Global Equity, 0.23%; Growth and Income, 0.03%; and U.S. Value Factor, 0.15%. In the balanced index category, the exposures were: Balanced Index, 0.01%; and Tax-Managed Balanced, 0.02%. In the bond index category, the exposures were: Institutional Total Bond Market Index Trust, 0.00%; Short-Term Bond Ind4ex, 0.00%; Short-Term Corporate Bond Index, 0.01%; Total Bond Market Index, 0.00%, and Total Bond Market II Index, 0.00%. In the stock index category, the exposures were: 500 Index, 0.02%; Employee Benefit Index, 0.02%; ESG U.S. Stock, 0.02%; Financials Index, 0.15%; FTSE Social Index, 0.03%; Institutional 500 Index, 0.02%; Institutional Index, 0.02%; Institutional Total Stock Market Index, 0.02%; Institutional Total Stock Market Index Trust, 0.02%; Russell 1000 Growth Index, 0.00%; Russell 1000 Growth Index Trust, 0.00%; Russell 1000 Index, 0.02%; Russell 1000 Value Index, 0.04%; Russell 1000 Value Index Trust, 0.04%; Russell 3000 Index, 0.02%; S&P 500 Value Index, 0.05%; Small-Cap Index, 0.15%; Small-Cap Value Index, 0.27%; Tax-Managed Capital Appreciation, 0.03%; Total Stock Market Index, 0.02%; Total World Stock Index, 0.01%; and Variable Insurance Fund: Equity Index Portfolio, 0.02%.
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