Vanguard shifts to disaggregated SEC reporting

March 26, 2026 at 23:16 UTC

4 min read

Key Points

Vanguard has filed multiple amended Schedule 13G/As showing 0% ownership across a range of major U.S. companies.
The changes follow an internal realignment effective January 12, 2026, affecting how Vanguard and its subsidiaries report holdings.
Vanguard states the amendments are administrative reporting adjustments, not indications of share sales or trading activity.
Certain Vanguard subsidiaries will now report beneficial ownership separately, in line with SEC Release No. 34-39538.

Vanguard restructures reporting of equity holdings

The Vanguard Group has submitted a series of amended Schedule 13G and 13G/A filings indicating zero beneficial ownership in multiple U.S.-listed companies. Those filings, filed across late January and February 2026, state that Vanguard reports 0 shares and 0% ownership for each affected issuer at the parent-company level and report zero sole voting and dispositive power.

Companies named in these amendments include, according to some sources, Duke Energy, Electronic Arts, DTE Energy (DTE), Eaton, Emerson Electric (EMR), Deere & Co (DE), DuPont de Nemours, Domino's Pizza (DPZ), Dover, Digital Realty Trust (DLR), Edwards Lifesciences, Edison International (EIX), Elevance Health, Eli Lilly (LLY), Consolidated Edison (ED), Darden Restaurants (DRI) and Deckers Outdoor (DECK).

Across the filings, Vanguard emphasizes that it no longer holds or is deemed to hold beneficial ownership over securities that are now attributed to certain subsidiaries or business divisions.

January 12, 2026 internal realignment

Vanguard attributes the uniform move to 0% reported ownership to an internal realignment that took effect on January 12, 2026. As a result of this restructuring, certain Vanguard subsidiaries and divisions will report their holdings independently.

Multiple filings specify that the realignment leads to disaggregated reporting, where entities previously consolidated under The Vanguard Group for beneficial ownership purposes will now file separately with the U.S. Securities and Exchange Commission.

The amendments for issuers such as DTE Energy (DTE), Eaton, Emerson Electric (EMR), Deere & Co (DE), DuPont, Digital Realty Trust (DLR), Edwards Lifesciences, Edison International (EIX), Elevance Health, Eli Lilly (LLY), Consolidated Edison (ED), Darden and Deckers explicitly reference this internal change as the reason for the revised ownership figures.

Use of SEC Release No. 34-39538 framework

Several of the amended 13G/A filings state that the disaggregated approach is made in accordance with, or relying on, SEC Release No. 34-39538. This release permits certain institutional investors to report holdings on a disaggregated basis under defined conditions.

For Electronic Arts, DTE Energy (DTE), Eaton, Emerson Electric (EMR), DuPont, Dover, Digital Realty, Edison International (EIX) and Elevance Health, Vanguard cites this SEC framework in explaining why subsidiaries will now appear as separate reporting persons instead of being aggregated under the parent.

In these filings, The Vanguard Group clarifies that it no longer claims beneficial ownership over the securities that are now attributed to its subsidiaries under this structure.

Clarifying administrative vs. economic changes

Several amendments distinguish the reporting changes from trading activity. Filings for Deere & Co (DE), DuPont, Domino's Pizza (DPZ), Dover, Edison International, Elevance Health, Eli Lilly (LLY) and Consolidated Edison (ED) describe the updates as procedural, administrative or reporting clarifications.

For Domino's Pizza (DPZ) and Eli Lilly, Vanguard states that the disclosures reflect a change in reporting structure and are not trading events. The Domino's filing notes that Vanguard has no claimed voting or dispositive power over DPZ shares at the parent level.

Amendments for Deere & Co, Dover and Edison International specify that actual holdings, if any, will appear in future or separate filings from the disaggregated Vanguard affiliates rather than from The Vanguard Group itself.

Signatories and scope of affected issuers

Several filings, including those for DuPont and Elevance Health, are signed by Ashley Grim, Head of Global Fund Administration at Vanguard, underscoring the centralized administrative nature of the changes.

The broad list of issuers covered on March 26, 2026 spans sectors such as utilities, industrials, healthcare, consumer, technology and real estate. Each amendment reports 0 shares beneficially owned and 0% of the relevant class at the parent-company level.

In filings where dates are specified, such as Dover and Edison International, Vanguard reports 0% beneficial ownership as of March 13, 2026, consistent with the new disaggregated reporting framework introduced after the January 12 realignment.

Key Takeaways

Vanguard’s recent SEC amendments represent a structural shift in how ownership is reported, moving from aggregated to subsidiary-level disclosure.
The parent company now shows 0% beneficial ownership in numerous issuers, while underlying positions, if any, are expected to appear in separate affiliate filings.
By tying the change to SEC Release No. 34-39538, Vanguard is aligning its reporting with an established regulatory mechanism for disaggregated ownership.
Repeated clarification that the changes are administrative, not trading-driven, suggests that the filings primarily affect transparency and where investors should look for future ownership data.