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 $238.25 billion the year before.
|The top fund holders of Bank of America (As reported Q3 2020)|
|Holder||# Shares||Date Reported||% Outstanding||$ Value|
|Vanguard Total Stock Market Index Fund||218,569,154||Sep 29, 2020||2.53%||5,265,330,919|
|Vanguard 500 Index Fund||156,410,051||Sep 29, 2020||1.81%||3,767,918,128|
|SPDR S&P 500 ETF Trust||82,147,736||Nov 29, 2020||0.95%||2,313,280,245|
|Dodge & Cox Stock Fund||78,887,500||Sep 29, 2020||0.91%||1,900,399,875|
Vanguard Total Stock Market Index Fund (VTSMX)
Vanguard index 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. The Vanguard Total Stock Market Index Fund Investor Shares (VTSMX) (which is closed to most new investors), is the single largest mutual fund holder of Bank of America, owning 218.6 million shares or 2.53% of the company and 0.56% of the fund's portfolio. As of Q3 2020, the Vanguard Total Stock Market fund held $199.5 billion in assets, with a 0.14% management fee. 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.
Vanguard S&P 500 Fund (VFINX)
The Vanguard S&P 500 Fund (VFINX) closely tracks the S&P 500 Index, and it is the second-largest mutual fund holder with 156.4 million shares of BAC, or 1.81% of the company—as of the third quarter of 2020. VFINX is the industry's first index fund for individual investors. Over 98% of its assets are invested in U.S. stocks covering a diversified spectrum of the largest U.S. companies, mirroring the S&P 500. Bank of America shares represent less than 1% of Vanguard 500's $573.0 billion portfolio.
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 Q3, 2020, SPY held 82.1 million BAC shares for a market value of $2.3 billion. Bank of America represented 0.68% of the fund's total assets.
Dodge & Cox Stock Fund (DODGX)
The $69 billion Dodge & Cox Stock Fund (DODGX) has been around since 1965 as an actively-managed equity fund that seeks long-term growth of principal and income, charging a 0.52% management fee. The Fund typically invests in medium-to-large well-established companies that, in Dodge & Cox's opinion, appear to be temporarily undervalued by the stock market but have a favorable outlook for long-term growth. DODGX is the fourth-largest fund holder of Bank of America shares, holding 78.9 million as of Q3 2020.
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Bank of America. "2019 Annual Report," Page 49. Accessed Nov. 22, 2020.
Vanguard. "Vanguard Total Stock Market Index Fund Investor Shares (VTSMX) - Price and Performance." Accessed Nov. 22, 2020.
Vanguard. "Vanguard Total Stock Market Index Fund Investor Shares (VTSMX) - Portfolio." Accessed Nov. 22, 2020.
Morningstar. "VFINX," Accessed Feb. 16, 2021.
State Street Global Advisors. "SPDR S&P 500 ETF Trust." Accessed Nov. 22, 2020.
State Street Global Advisors. "Download All Holdings - Daily." Download Spreadsheet. Accessed Nov. 22, 2020.
Morningstar. "DODGX," Accessed Feb. 16, 2021.
Dodge & Cox. "Stock Fund," Accessed Feb. 16, 2021.