Lincoln National's ETF Shuffle
Lincoln National Adjusts Stakes in Vanguard ETFs, Making VUG its Largest Holding
Key Points
Lincoln National boosted its Vanguard Intermediate-Term Bond ETF (BIV) stake by 33,908 shares in the first quarter, bringing total BIV holdings to 2,185,893 and representing about 4.9% of Lincoln's portfolio.
Lincoln National increased its Vanguard Growth ETF (VUG) position by 52,872 shares in the quarter, for a total of 719,053 shares, which equates to roughly 9.1% of its portfolio and makes VUG its largest holding with an approximate value of $314.1 million.
Lincoln's Vanguard Total International Stock ETF (VXUS) position decreased to 1,449,059 shares (−2.1%), making VXUS Lincoln's 15th-largest holding and accounting for about 3.2% of the portfolio, with a value around $111.7 million.
Lincoln boosted its Vanguard Mortgage-Backed Securities ETF (VMBS) stake by 40,592 shares to 3,791,318, making VMBS about 5.2% of Lincoln's holdings and its 10th-largest position, worth roughly $178.0 million.
Lincoln reduced its Vanguard Small-Cap ETF (VB) by 17,373 shares (−5.8%), leaving 284,318 shares, which constitutes about 2.2% of its portfolio and positions VB as Lincoln's 18th-largest holding with an approximate value of $74.5 million.
Lincoln National Corp made a bold move in the first quarter, raising its stake in Vanguard Growth ETF (VUG) by 52,872 shares. The insurer now holds 719,053 shares worth about $314.1 million, making VUG its single largest holding at roughly 9.1% of its total portfolio, according to Watchlist News.
The portfolio shifts did not stop there. Lincoln National also trimmed some positions while building others — a pattern of careful rebalancing across multiple Vanguard funds as markets stayed volatile heading into 2025.
Lincoln Bets Big on Growth and Bond ETFs
The Vanguard Growth ETF tracks large-cap, high-growth U.S. companies. Lincoln's 7.9% increase in VUG shows confidence in that corner of the market. At $314.1 million, it is by far the firm's biggest single fund bet, according to Watchlist News.
On the bond side, Lincoln added 33,908 shares of Vanguard Intermediate-Term Bond ETF (BIV), lifting its total to 2,185,893 shares worth about $168.7 million. BIV is now Lincoln's 12th-largest position, making up roughly 4.9% of the portfolio. The firm also raised its Vanguard Long-Term Bond ETF (BLV) stake by 2.6%, reaching 2,627,194 shares worth about $180.7 million, per Watchlist News.
Mortgage-Backed Securities Stake Quietly Climbs Higher
Lincoln added 40,592 shares of Vanguard Mortgage-Backed Securities ETF (VMBS) in the quarter. Its total position rose to 3,791,318 shares, valued at around $178.0 million. VMBS is now Lincoln's 10th-largest holding, at about 5.2% of the portfolio, according to Watchlist News.
Mortgage-backed securities are bonds tied to home loans. Buying more of them can signal that a firm expects interest rates to stabilize or fall. Lincoln's move into VMBS, alongside its bond ETF increases, suggests a lean toward income-generating, fixed-rate assets.
Lincoln Cuts International and Small-Cap Exposure
Not every move was an increase. Lincoln trimmed its Vanguard Total International Stock ETF (VXUS) position by 2.1%, leaving it with 1,449,059 shares worth about $111.7 million. VXUS fell to Lincoln's 15th-largest holding, now just 3.2% of the total portfolio, per Watchlist News.
Lincoln also cut its Vanguard Small-Cap ETF (VB) by 17,373 shares, a 5.8% drop. That leaves 284,318 shares worth about $74.5 million — just 2.2% of the portfolio and Lincoln's 18th-largest position. Smaller companies carry more risk in uncertain markets, which may explain the pullback.
Lincoln's Moves Reflect a Broader Institutional Trend
Lincoln is not alone in reshuffling Vanguard ETF holdings. Ticker Report noted that Lincoln also boosted its stake in Vanguard Total International Bond ETF (BNDX) by 1.7% in the first quarter, making it Lincoln's 8th-largest position. Other institutions, like Pacific Life Fund Advisors, increased exposure to Vanguard growth-focused ETFs in the same period.
Meanwhile, some firms moved in the opposite direction. IFC Advisors sold 47,261 shares of Vanguard Small-Cap ETF (VB) in Q1, slashing its position by 95.9%, per Watchlist News. The diverging moves show that institutions are reading the same market very differently as they head into mid-2025.
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