Mystery Surrounds $7 Billion Outflow from Vanguard S&P 500 Fund

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A record outflow from one of Vanguard Group’s biggest exchange-traded funds is stirring speculation over who was behind it and why. More than $7 billion was pulled from the $172 billion Vanguard S&P 500 ETF (VOO) on a single day this week, according to data compiled by Bloomberg, about 4% of the fund’s assets. But trading volumes were below the one-year average and there were no obvious outsized transactions, while the U.S. equity benchmark rose on the day -- making a mass exodus less appealing. It’s all leading to a theory that a major holder of the fund executed a large over-the-counter trade.


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