<div class="body__content">
<h2>Key Points</h2><ul><li><p>Gallagher Fiduciary added 525,553 shares of VCLT in the fourth quarter.</p></li><li><p>The fund's quarter-end stake value rose by approximately $39.9 million, reflecting both share increase and price movement.</p></li><li><p>The fund's VCLT position now totals 845,731 shares, worth roughly $64 million as of December 31, 2025.</p></li><li><p>The stake represents 2.1% of Gallagher's reported 13F assets, which places it outside the fund's top five holdings.</p></li><li>10 stocks we like better than Vanguard Long-Term Corporate Bond ETF ›</li></ul><p>Gallagher Fiduciary Advisors, LLC reported a buy of the <strong>Vanguard Long-Term Corporate Bond ETF</strong> <span class="ticker">(NASDAQ:VCLT)</span> in the fourth quarter.</p><h2 id="what-happened">What happened</h2><p>According to an SEC filing dated Feb. 17, 2026, Gallagher Fiduciary Advisors, LLC increased its holding in Vanguard Long-Term Corporate Bond ETF by 525,553 shares. The estimated transaction value was about $40 million, calculated using the average closing price over the quarter. The quarter-end position value increased by $39.9 million, reflecting both share additions and price changes.</p><h2 id="what-else-to-know">What else to know</h2><ul><li>The fund’s VCLT position totaled approximately 2.1% of 13F assets under management (AUM), as of Dec. 31, 2025.</li><li>Top holdings after the filing:<ul><li>NYSE: MCD: $1.3 billion (43.8% of AUM)</li><li>NYSE: PCG: $312.2 million (10.1% of AUM)</li><li>NYSE: DAL: $280.4 million (9.1% of AUM)</li><li>NYSEMKT: VTI: $161.5 million (5.2% of AUM)</li><li>NYSE: CBRE: $143.8 million (4.7% of AUM)</li></ul></li><li>As of Feb. 16, 2026, VCLT shares were priced at $77.27, up 7.6% over one year, underperforming the S&amp;P 500 by 5.6 percentage points.</li><li>VCLT’s trailing dividend yield was 5.41% as of Feb. 16, 2026.</li></ul><h2 id="etf-overview">ETF overview</h2><section><table><tbody><tr><th>Metric</th><th>Value</th></tr><tr><td>Net assets</td><td>$8.5 billion</td></tr><tr><td>Dividend yield</td><td>5.41%</td></tr><tr><td>Price (as of market close 2/13/26)</td><td>$77.27</td></tr><tr><td>1-year total return</td><td>7.6%</td></tr></tbody></table></section><h2 id="etf-snapshot">ETF snapshot</h2><ul><li>The investment strategy focuses on tracking the Bloomberg U.S. 10+ Year Corporate Bond Index and targeting long-term, investment-grade corporate bonds.</li><li>Underlying holdings primarily consist of U.S. dollar-denominated, fixed-rate, taxable securities issued by industrial, utility, and financial companies with maturities greater than 10 years.</li><li>Structured as a passively managed ETF, the fund offers a low-cost exposure to long-term corporate debt, appealing to investors seeking higher yield and duration within a diversified portfolio.</li></ul><p>The Vanguard Long-Term Corporate Bond ETF provides institutional investors with targeted access to the long-duration segment of the U.S. investment-grade corporate bond market. The fund's scale and disciplined index-tracking approach help deliver efficient exposure to a diversified pool of high-quality issuers.</p><h2 id="what-this-transaction-means-for-investors">What this transaction means for investors</h2><p>Gallagher manages money for many clients, so there can be many reasons for its buy/sell decisions each quarter. While it significantly added to VCLT in the fourth quarter, it also bought more stock exposure through VTI. It also reduced positions in individual stocks, including McDonald’s, PG&amp;E, and Delta Air Lines, which were three of its top holdings.</p><p>Interest rates have been elevated in recent years, but some investors are anticipating lower rates in 2026. This outlook would favor buying long-term duration bonds, which could benefit from lower rates.</p><p>The Federal Reserve already cut rates twice last year, and some investors expect more rate cuts to stimulate the economy this year. Buying bonds can help an investor lock in higher yields, while also positioning for capital returns if bond prices rise and interest rates fall.</p><h2>Should you buy stock in Vanguard Long-Term Corporate Bond ETF right now?</h2>
<p>Before you buy stock in Vanguard Long-Term Corporate Bond ETF, consider this:</p>
<p>The <em>Motley Fool Stock Advisor</em> analyst team just identified what they believe are the <strong>10 best stocks</strong> for investors to buy now… and Vanguard Long-Term Corporate Bond ETF wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.</p>
<p>Consider when <strong>Netflix</strong> made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, <strong>you’d have $530,233</strong>!* Or when <strong>Nvidia</strong> made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, <strong>you’d have $1,119,682</strong>!*</p>
<p>Now, it’s worth noting <em>Stock Advisor’s</em> total average return is 955<span>% — a market-crushing outperformance compared to 191% for the S&amp;P 500. <strong><span>Don't miss the latest top 10 list, available with <em>Stock Advisor</em>, and join an investing community built by individual investors for individual investors.</span></strong></span></p>
<p>See the 10 stocks »</p>
<p style="color: #767676; text-align: left"><em>*Stock Advisor returns as of March 11, 2026. </em></p><p><em>Annie Dean, Chief Strategy Officer at CBRE, is a member of The Motley Fool’s board of directors. John Ballard has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Vanguard Total Stock Market ETF. The Motley Fool recommends Delta Air Lines. The Motley Fool has a disclosure policy.</em></p>
<p>The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.</p>
</div>

SCHI

IGSB

VCIT

VCLT

SPIB

<p>Gallagher Fiduciary Advisors, LLC increased its stake in the Vanguard Long-Term Corporate Bond ETF (VCLT) by 525,553 shares in Q4, totaling 845,731 shares valued at approximately $64 million as of December 31, 2025. This position represents 2.1% of Gallagher's 13F assets. The fund's investment strategy focuses on long-term, investment-grade corporate bonds, and the VCLT shares have a trailing dividend yield of 5.41%. Despite a 7.6% increase in share price over the past year, VCLT underperformed the S&P 500 by 5.6 percentage points. Investors are advised to consider other stocks recommended by analysts before investing in VCLT.</p>

nasdaq

Schwab 5-10 Year Corp Bond ETF

iShares Trust iShares 1-5 Year Invest Grade Corp Bond ETF

Vanguard Intermediate Term Bd

Vanguard Long Term Bd

SPDR Intermed Term

iShares iBoxx  Invt

Gallagher Fiduciary Buys $40 Million of Vanguard Long-Term Corporate Bond ETF