Bank of America Corporation (BAC) is the second-largest bank in the United States, behind JPMorgan Chase (JPM) but ahead of Wells Fargo (WFC), Citigroup (C) and U.S. Bancorp (USB).
At the end of 2019, Bank of America held $2.4 trillion in assets. It reported $91.24 billion in revenue net of interest expenses, up slightly from $91 billion in 2018. It had a market capitalization of $311.2 billion at the end of 2019, up from $238.25 billion the year before.
The following are four top fund holders of Bank of America.
Vanguard Total Stock Market Index Funds
These funds are designed to provide exposure to the entire U.S. equity market, including small-cap, mid-cap and large-cap companies, be they growth or value. Vanguard offers three versions of the fund:
- Vanguard Total Stock Market Index Fund Investor Shares (VTSMX), which is closed to new investors.
- Vanguard Total Stock Market Index Fund Admiral Shares (VTSAX), which requires a $3,000 minimum investment and carries a 0.04% expense ratio.
- Vanguard Total Stock Market ETF (VTI), which has a 0.03% expense ratio.
As of October 31, 2020, Vanguard Total Stock Market funds held $921.4 billion in assets, of which VTSMX represented $135.3 billion. The VTSMX returned 11.37% annually in the five years through October 2020, compared with 11.49% for its benchmark, the CRSP US Total Market Index.
As of October 31, 2020, Vanguard Total Stock Market funds held 220.12 million BAC shares for a market value of $5.22 billion. Bank of America represented 0.56% of total assets.
Vanguard S&P 500 ETF (VOO)
This ETF closely tracks the S&P 500 Index. It is the ETF version of the Vanguard 500 Index Fund Investor Shares (VFNIX), which carries a higher expense ratio—0.14% versus 0.03% for the ETF—and has been closed to new investment. As of October 31, 2020, Vanguard S&P 500 funds held $557 billion in assets. The ETF returned 11.68% annually in the five years through October 2020, compared with 11.71% for its benchmark.
As of October 31, 2020, Vanguard S&P 500 funds held 156 million BAC shares for a market value of $3.7 billion. Bank of America represented 0.66% of total assets.
SPDR S&P 500 ETF Trust (SPY)
This popular ETF offers exposure to large-cap U.S. stocks with the goal of generating returns that correspond generally to the price and yield performance of the S&P 500 Index. As of November 19, 2020, the fund held $319 billion in assets. SPY has an expense ratio of 0.0945%. It returned 11.58% annually in the five years through October 2020, compared with 11.71% for its benchmark.
As of November 19, 2020, SPY held 81.4 million BAC shares for a market value of $2.18 billion. Bank of America represented 0.68% of the fund’s total assets.
Vanguard Institutional Index Fund Institutional Shares (VINIX)
This fund for institutional investors tracks the S&P 500 Index and takes a passively managed, full-replication approach. The fund is the institutional version of VFINX and requires a $5 million minimum investment. It had $231.6 billion in assets as of October 31, 2020. VINIX has an expense of 0.035%. It returned 11.68% annually in the five years through October 2020, compared with 11.71% for its benchmark.
As of October 31, 2020, VINIX held 64.89 million BAC shares for a market value of $1.54 billion. Bank of America represented 0.6% of the fund’s total assets.