Sage Capital Management, LLC

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed April 15, 2026), Sage Capital Management, LLC reported 163 stock positions worth $212.8 million. Its top holding was Nvidia (NVDA) at 6.5% of the portfolio, followed by Global X US Infrastructure (PAVE, 5.0%) and SS Technology Select Sector (XLK, 4.1%). Compared with Q4 2025, it opened 10 new positions, sold out of 8, added to 78 and reduced 37. The biggest buy was a new position in SS SPDR P S&P 500 Hi Div ETF (SPYD) and the biggest sale Intl Business Machines (IBM, shares −7%).

Most Recent 13F
Q2 2026
Location
Stockton, NJ
CIK
0002030667
Portfolio Value
$212.8M (Q1 2026)
SEC Filing
0001172661-26-001492 ↗ filed Apr 15, 2026

Holdings Value

0$100.0M$200.0M$300.0M Q1 2024: $184.3M Q1 2024 Q2 2024: $190.3M Q2 2024 Q3 2024: $208.2M Q3 2024 Q4 2024: $197.9M Q4 2024 Q1 2025: $184.2M Q1 2025 Q2 2025: $207.8M Q2 2025 Q3 2025: $222.2M Q3 2025 Q4 2025: $216.4M Q4 2025 Q1 2026: $212.8M $212.8M Q1 2026 Q2 2026: $256.2M Q2 2026

Holdings 163 stocks · $212.8M
NVDA Nvidia Corp. 6.49% 79,195 $13.8M Add +0.7%
PAVE Global X US Infrastructure 5.04% 211,277 $10.7M Reduce -0.8%
XLK SS Technology Select Sector 4.15% 66,412 $8.8M Reduce -0.0%
QQQ Invesco QQQ Trust Series 1 3.91% 14,398 $8.3M Add +2.2%
SPY SS SPDR S&P 500 ETF Trust-US 3.57% 11,681 $7.6M Reduce -5.1%
PHO Invesco Water Resources ETF 3.05% 97,169 $6.5M Reduce -2.2%
STXF Strive 500 ETF 2.81% 142,425 $6.0M Add +5.8%
XLP SS Consumer Staples Sel Sect 2.60% 67,463 $5.5M Add +6.7%
RSP Invesco S&P 500 Equal Weight 2.43% 26,880 $5.2M Reduce -2.2%
HACK Amplify Cybersecurity ETF 2.24% 63,561 $4.8M Reduce -6.8%
CWB SS SPDR BB Conv Sec ETF 2.14% 49,660 $4.5M Add +0.5%
DON Wisdomtree US Midcap Dividen 1.97% 79,639 $4.2M Reduce -0.5%
SDY SS SPDR S&P Dividend ETF 1.63% 23,726 $3.5M Add +0.5%
QTUM Defiance Quantum ETF 1.61% 31,866 $3.4M Add +0.1%
DBEF Xtrackers MSCI Eafe Hedged E 1.59% 68,671 $3.4M Reduce -3.8%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 1.56% 13,645 $3.3M Reduce -7.5%
XSSPX Nuveen S&P 500 Dynam Overwr 1.49% 197,501 $3.2M Reduce -1.9%
BOTZ Global X Robotics & Artifici 1.47% 94,432 $3.1M Add +1.1%
XITK SS SPDR F Inno Tech ETF 1.38% 20,079 $2.9M Reduce -2.1%
JEPI JPMorgan Equity Premium Inco 1.38% 51,780 $2.9M Add +22.6%
MINT PIMCO Enhanced Short Maturit 1.34% 28,377 $2.9M Reduce -7.9%
IRM Iron Mountain Inc. filed as IRON MTN INC DEL 1.28% 26,692 $2.7M Reduce -1.9%
AAPL Apple Inc. 1.24% 10,400 $2.6M Add +1.9%
GRID First TRST Nasd Class Edg Sgiif 1.13% 14,662 $2.4M Reduce -0.6%
XBI SS SPDR S&P Biotech ETF 1.12% 18,569 $2.4M Reduce -0.6%
PBJ Invesco Food & Beverage ETF 1.00% 43,268 $2.1M Add +0.2%
CIBR First Trust Nasdaq Cybersecu 0.97% 32,804 $2.1M Add +0.1%
DTCR Global X Data Center & Digit 0.95% 84,090 $2.0M Reduce -9.2%
DIA SS SPDR Dow Jones Indus Avg filed as STATE STR SPDR DOW JONES IND 0.91% 4,174 $1.9M Add +0.2%
MSFT Microsoft Corp. 0.89% 5,113 $1.9M Add +0.2%
SDOG Alps Sector Dividend Dogs 0.89% 28,976 $1.9M Add +0.8%
BRK.B Berkshire Hathaway Inc. Class B 0.88% 3,921 $1.9M Add +1.3%
IWF iShares Russell 1000 Growth 0.87% 4,333 $1.8M Add +0.1%
HEDJ Wisdomtree Europe Hedged Equ 0.85% 34,396 $1.8M Reduce -0.3%
LAMR Lamar Advertising Co. Class A 0.83% 13,909 $1.8M Reduce -3.3%
CRWD CrowdStrike Holdings Inc. Class A 0.74% 4,045 $1.6M Add +1.2%
SPYD SS SPDR P S&P 500 Hi Div ETF 0.71% 33,066 $1.5M New
AMZN Amazon.com Inc. 0.67% 6,798 $1.4M Add +11.6%
SKYY First Trust Cloud Computing 0.66% 12,899 $1.4M Reduce -0.7%
IJH iShares Core S&P Midcap ETF 0.64% 20,259 $1.4M Add +0.2%
FDN First Trust DJ Internet Ind 0.63% 5,709 $1.3M No change
SPHQ Invesco S&P 500 Quality ETF 0.61% 17,343 $1.3M Reduce -0.8%
XOM Exxon Mobil Corp. 0.58% 7,292 $1.2M Add +0.3%
XLU St Sr Utl SL SE SPDR ETF-Usd 0.58% 26,739 $1.2M Add +0.4%
TQQQ Proshares Ultrapro QQQ 0.57% 29,080 $1.2M Add +0.1%
FIW First Trust Water ETF 0.56% 11,601 $1.2M Reduce -2.8%
EWU iShares MSCI United Kingdom 0.56% 26,089 $1.2M Reduce -0.4%
AMD Advanced Micro Devices 0.56% 5,805 $1.2M Add +34.1%
AMT American Tower Corp. 0.55% 6,821 $1.2M Reduce -3.8%
IVV iShares Core S&P 500 ETF 0.52% 1,703 $1.1M Add +0.1%
HQH Abrdn Healthcare Investors 0.52% 62,475 $1.1M Add +4.0%
XLV SS Health Care Select Sector 0.52% 7,547 $1.1M Add +0.2%
XLB SS Materials Select Sector 0.52% 22,133 $1.1M Add +0.3%
COST Costco Wholesale Corp. 0.52% 1,099 $1.1M No change
VTIP Vanguard Short-Term Tips 0.51% 21,602 $1.1M Reduce -7.7%
XHB SS SPDR S&P Homebldrs ETF 0.50% 10,755 $1.1M Add +0.2%
PSA Public Storage 0.49% 3,828 $1.0M Reduce -4.3%
OKE Oneok Inc. 0.48% 11,275 $1.0M Add +0.5%
SPHD Invesco S&P 500 High Dividen 0.46% 19,590 $972K Reduce -0.2%
LIT Global X Lithium & Battery T 0.45% 12,942 $962K Add +0.2%
VAW Vanguard Materials ETF 0.40% 3,776 $852K Add +0.2%
DLR Digital Realty Trust Inc. 0.40% 4,717 $851K Add +10.4%
ABBV Abbvie Inc. 0.36% 3,485 $758K Add +0.2%
ECL Ecolab Inc. 0.36% 2,846 $757K Add +0.0%
STAG Stag Industrial Inc. 0.35% 20,718 $747K Add +0.2%
VIG Vanguard Dividend Apprec ETF 0.35% 3,469 $747K Add +0.2%
NKE Nike Inc. Class B 0.35% 14,086 $744K Add +7.2%
MAR Marriott International Class A 0.33% 2,173 $711K Add +0.1%
WMT Walmart Inc. 0.33% 5,677 $706K No change
AXP American Express Co. 0.33% 2,324 $703K No change
LLY Eli Lilly & Co. 0.32% 730 $673K Add +0.1%
IFRA iShares US Infrastructure 0.30% 11,021 $630K Add +0.1%
LTC LTC Properties Inc. filed as LTC PPTYS INC 0.29% 16,716 $621K Reduce -0.6%
RSPU Invesco S&P 500 Equal Weight 0.28% 7,417 $602K Add +0.6%
XLY SS Consumer Disc Select Sect 0.28% 5,519 $602K Add +0.1%
VCIT Vanguard Int-Term Corporate 0.27% 7,013 $581K Add +0.5%
TECL Dire Dai Tec Bull 3X ETF-Usd 0.27% 6,706 $581K Add +0.1%
IWN iShares Russell 2000 Value E 0.27% 3,012 $571K Add +0.4%
GOOGL Alphabet Inc. Class A 0.27% 1,976 $569K Add +0.1%
PECO Phillips Edison & Company Inc. 0.27% 15,190 $568K Add +0.3%
HD Home Depot Inc. 0.24% 1,571 $517K No change
META Meta Platforms Inc. Class A 0.24% 894 $512K Add +0.1%
DVY iShares Select Dividend ETF 0.24% 3,354 $508K Reduce -1.4%
PG The Procter & Gamble Co. 0.24% 3,488 $504K Add +0.1%
IHI iShares U.S. Medical Devices 0.23% 9,364 $500K Add +1.8%
KRE SS SPDR S&P Regional Bank 0.23% 7,405 $483K Add +0.5%
IYH iShares U.S. Healthcare ETF 0.22% 7,749 $478K Add +0.3%
GD General Dynamics Corp. 0.22% 1,373 $472K Add +0.1%
IWO iShares Russell 2000 Growth 0.22% 1,492 $469K No change
VZ Verizon Communications Inc. 0.22% 9,328 $468K Add +0.8%
URA Global X Uranium ETF 0.22% 9,630 $467K Add +79.4%
RKLB Rocket Lab Corp. 0.22% 7,257 $466K No change
JNJ Johnson & Johnson 0.22% 1,893 $463K No change
INDA iShares MSCI India ETF 0.21% 9,664 $453K No change
WMB Williams Cos Inc. 0.21% 6,165 $449K Add +0.3%
IJS iShares S&P Small-Cap 600 Va 0.20% 3,606 $427K Add +0.1%
ET Energy Transfer LP 0.20% 22,091 $426K Add +0.1%
TSM Taiwan Semiconductor-SP ADR 0.20% 1,233 $417K No change
XAODX Abrdn Total Dynamic Dividend 0.19% 44,500 $410K No change
VNQ Vanguard Real Estate ETF 0.19% 4,599 $408K Reduce -12.7%
AVK Advent Convert & Income 0.19% 36,200 $404K Add +9.0%
VTI VG Morningstar TS MKT ETF-US 0.19% 1,248 $401K Add +0.2%
CHD Church & Dwight Co. Inc. 0.19% 4,261 $398K No change
VYM Vanguard High DVD Yield ETF 0.19% 2,680 $397K Add +0.6%
RSPT Invesco S&P 500 Equal Weight 0.18% 8,691 $393K Reduce -6.4%
JPM JPMorgan Chase & Co. 0.18% 1,298 $382K Add +0.3%
IJR iShares Core S&P Small-Cap E 0.18% 3,028 $377K Reduce -9.2%
KBE SS SPDR S&P Bank ETF 0.18% 6,300 $375K Add +0.3%
HST Host Hotels & Resorts Inc. 0.17% 19,158 $367K Add +1.1%
PFF iShares Preferred & Income S 0.17% 12,065 $366K Reduce -18.8%
ABT Abbott Laboratories 0.17% 3,462 $356K Add +0.2%
DSI iShares ESG MSCI KLD 400 ETF 0.16% 2,835 $344K No change
ARM Arm Holdings PLC-ADR 0.16% 2,231 $338K No change
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.15% 2,735 $325K Reduce -6.0%
CVX Chevron Corp. 0.15% 1,550 $321K No change
FAN First Trust Global Wind Ener 0.15% 12,871 $318K No change
TSLA Tesla Inc. 0.15% 846 $315K No change
ELF Elf Beauty Inc. 0.15% 5,126 $311K No change
TXN Texas Instruments Inc. 0.15% 1,600 $311K No change
RSPS Invesco S&P 500 Equal Weight 0.15% 10,527 $311K Reduce -10.4%
XLI SS Industrial Select Sector 0.15% 1,920 $311K Add +0.3%
FELG Fidelity Enh LRG Cap GWTH 0.15% 8,272 $310K Add +0.1%
IWM iShares Russell 2000 ETF 0.14% 1,233 $307K Add +0.1%
OTIS Otis Worldwide Corp. 0.14% 3,923 $303K Reduce -29.6%
FDX FedEx Corp. 0.14% 845 $302K Add +0.4%
OAKM Oakmark US Large Cap ETF 0.14% 10,800 $298K Add +2.9%
MCD McDonald's Corp. 0.13% 914 $284K Add +0.2%
T AT&T Inc. 0.13% 9,774 $283K Add +0.9%
ZAP GX US Electrification ETF 0.12% 8,210 $264K No change
IEFA iShares Core MSCI Eafe ETF 0.12% 2,905 $263K New
XLE SS Energy Select Sector 0.12% 4,188 $257K New
PEP Pepsico Inc. 0.12% 1,600 $248K No change
ED Consolidated Edison Inc. 0.12% 2,174 $246K Reduce -23.8%
NPFD Nuveen Var RT Pref & Inc. 0.12% 13,500 $245K No change
TRGP Targa Resources Corp. 0.11% 969 $243K New
COP Conocophillips 0.11% 1,805 $238K New
XEXGX Eaton Vance Tax-Managed Glob 0.11% 27,431 $238K No change
WES Western Midstream Partners L 0.11% 5,713 $235K No change
CR Crane Co. 0.11% 1,351 $231K No change
NSC Norfolk Southern Corp. 0.11% 800 $230K No change
UNM Unum Group 0.10% 3,007 $220K Add +0.6%
DRLL Strive US Energy ETF 0.10% 5,507 $217K New
QYLD Global X Nasd 100 Cov Call 0.10% 12,453 $214K Add +1.6%
XLF SS Financial Select Sector 0.10% 4,293 $212K No change
PLD Prologis Inc. 0.10% 1,602 $212K Reduce -4.7%
GILD Gilead Sciences Inc. 0.10% 1,511 $211K New
VRTX Vertex Pharmaceuticals Inc. 0.10% 472 $211K No change
TIP iShares Tips Bond ETF 0.10% 1,882 $208K New
EQIX Equinix Inc. 0.10% 210 $207K New
CX Cemex Sab-Spons ADR Part Cer 0.09% 16,132 $185K No change
RQI Cohen & Steers Qual Inc. RLTY 0.08% 14,981 $181K Add +3.4%
JPC Nuveen Prefered & Income Opp 0.08% 22,500 $170K No change
GGT Gabelli Multimedia Trust Inc. 0.08% 41,000 $161K No change
AGNC AGNC Investment Corp. 0.07% 14,500 $145K Add +38.1%
YYY Amplify Cef High Income ETF 0.06% 11,000 $121K New
NMZ Nuveen Muni Hi Inc. Opport 0.05% 10,500 $109K No change
NRK Nuveen NY Amt-FR Muni Inc. 0.05% 10,000 $102K No change
CHW Calamos Global Dynamic Incom 0.05% 14,000 $102K No change
GCV Gabelli Convert & Inc. Sec 0.05% 23,000 $98K No change
XIGDX Voya GLBL Eqty DVD & PRM Opp 0.03% 12,500 $71K No change
EOD Allspring Global Dividend Op 0.03% 12,000 $70K No change
PPSI Pioneer Power Solutions Inc. 0.03% 21,000 $68K No change
ORMP Oramed Pharmaceuticals Inc. 0.03% 17,977 $61K Add +7.3%

Portfolio Sells Q4 2025 → Q1 2026
IBM Intl Business Machines Corp. Reduce -7.5% 1.56% −0.47
SPY SS SPDR S&P 500 ETF Trust-US Reduce -5.1% 3.57% −0.31
XITK SS SPDR F Inno Tech ETF Reduce -2.1% 1.38% −0.31
HACK Amplify Cybersecurity ETF Reduce -6.8% 2.24% −0.29
XLK SS Technology Select Sector Reduce -0.0% 4.15% −0.27
PHO Invesco Water Resources ETF Reduce -2.2% 3.05% −0.18
PLTR Palantir Technologies Inc. Class A Sold out 0.00% −0.16
XSSPX Nuveen S&P 500 Dynam Overwr Reduce -1.9% 1.49% −0.14
JEF Jefferies Financial Group Inc. Sold out 0.00% −0.13
SKYY First Trust Cloud Computing Reduce -0.7% 0.66% −0.12
IDVO Amplify CWP Intl Enh DVD Inc. Sold out 0.00% −0.10
SCHF Schwab Intl Equity ETF Sold out 0.00% −0.10
SSO Proshares Ultra S&P500 Sold out 0.00% −0.10
MINT PIMCO Enhanced Short Maturit Reduce -7.9% 1.34% −0.09
OTIS Otis Worldwide Corp. Reduce -29.6% 0.14% −0.08
XCHYX Calamos Convert & High Inc. Sold out 0.00% −0.07
RMT Royce Micro-Cap Trust Inc. Sold out 0.00% −0.06
BRW Saba Capital Income & Opport Sold out 0.00% −0.04
PFF iShares Preferred & Income S Reduce -18.8% 0.17% −0.04
FIW First Trust Water ETF Reduce -2.8% 0.56% −0.04
VTIP Vanguard Short-Term Tips Reduce -7.7% 0.51% −0.03
VNQ Vanguard Real Estate ETF Reduce -12.7% 0.19% −0.02
AMT American Tower Corp. Reduce -3.8% 0.55% −0.02
ED Consolidated Edison Inc. Reduce -23.8% 0.12% −0.02
LAMR Lamar Advertising Co. Class A Reduce -3.3% 0.83% −0.01
RSPS Invesco S&P 500 Equal Weight Reduce -10.4% 0.15% −0.01
RSPT Invesco S&P 500 Equal Weight Reduce -6.4% 0.18% −0.01
RSP Invesco S&P 500 Equal Weight Reduce -2.2% 2.43% −0.01
IJR iShares Core S&P Small-Cap E Reduce -9.2% 0.18% −0.01
BNY Bank of New York Mellon Corp. Reduce -6.0% 0.15% −0.00
HEDJ Wisdomtree Europe Hedged Equ Reduce -0.3% 0.85% −0.00
PLD Prologis Inc. Reduce -4.7% 0.10% +0.00
SPHQ Invesco S&P 500 Quality ETF Reduce -0.8% 0.61% +0.01
DBEF Xtrackers MSCI Eafe Hedged E Reduce -3.8% 1.59% +0.01
PSA Public Storage Reduce -4.3% 0.49% +0.01
DVY iShares Select Dividend ETF Reduce -1.4% 0.24% +0.02
SPHD Invesco S&P 500 High Dividen Reduce -0.2% 0.46% +0.02
LTC LTC Properties Inc. Reduce -0.6% 0.29% +0.02
EWU iShares MSCI United Kingdom Reduce -0.4% 0.56% +0.03
DTCR Global X Data Center & Digit Reduce -9.2% 0.95% +0.04
DON Wisdomtree US Midcap Dividen Reduce -0.5% 1.97% +0.06
XBI SS SPDR S&P Biotech ETF Reduce -0.6% 1.12% +0.06
GRID First TRST Nasd Class Edg Sgiif Reduce -0.6% 1.13% +0.08
IRM Iron Mountain Inc. Reduce -1.9% 1.28% +0.24
PAVE Global X US Infrastructure Reduce -0.8% 5.04% +0.34

Portfolio Buys Q4 2025 → Q1 2026
SPYD SS SPDR P S&P 500 Hi Div ETF New 0.71% +0.71
XLP SS Consumer Staples Sel Sect Add +6.7% 2.60% +0.33
JEPI JPMorgan Equity Premium Inco Add +22.6% 1.38% +0.26
XOM Exxon Mobil Corp. Add +0.3% 0.58% +0.18
AMD Advanced Micro Devices Add +34.1% 0.56% +0.13
IEFA iShares Core MSCI Eafe ETF New 0.12% +0.12
XLE SS Energy Select Sector New 0.12% +0.12
TRGP Targa Resources Corp. New 0.11% +0.11
URA Global X Uranium ETF Add +79.4% 0.22% +0.11
COP Conocophillips New 0.11% +0.11
SDY SS SPDR S&P Dividend ETF Add +0.5% 1.63% +0.11
DRLL Strive US Energy ETF New 0.10% +0.10
PBJ Invesco Food & Beverage ETF Add +0.2% 1.00% +0.10
GILD Gilead Sciences Inc. New 0.10% +0.10
CWB SS SPDR BB Conv Sec ETF Add +0.5% 2.14% +0.10
OKE Oneok Inc. Add +0.5% 0.48% +0.10
TIP iShares Tips Bond ETF New 0.10% +0.10
EQIX Equinix Inc. New 0.10% +0.10
DLR Digital Realty Trust Inc. Add +10.4% 0.40% +0.09
SDOG Alps Sector Dividend Dogs Add +0.8% 0.89% +0.08
LIT Global X Lithium & Battery T Add +0.2% 0.45% +0.07
STXF Strive 500 ETF Add +5.8% 2.81% +0.07
XLB SS Materials Select Sector Add +0.3% 0.52% +0.06
YYY Amplify Cef High Income ETF New 0.06% +0.06
XLU St Sr Utl SL SE SPDR ETF-Usd Add +0.4% 0.58% +0.05
VZ Verizon Communications Inc. Add +0.8% 0.22% +0.05
WMB Williams Cos Inc. Add +0.3% 0.21% +0.04
VAW Vanguard Materials ETF Add +0.2% 0.40% +0.04
ET Energy Transfer LP Add +0.1% 0.20% +0.03
FDX FedEx Corp. Add +0.4% 0.14% +0.03
IFRA iShares US Infrastructure Add +0.1% 0.30% +0.03
RSPU Invesco S&P 500 Equal Weight Add +0.6% 0.28% +0.03
IJH iShares Core S&P Midcap ETF Add +0.2% 0.64% +0.03
MAR Marriott International Class A Add +0.1% 0.33% +0.02
T AT&T Inc. Add +0.9% 0.13% +0.02
PECO Phillips Edison & Company Inc. Add +0.3% 0.27% +0.02
HST Host Hotels & Resorts Inc. Add +1.1% 0.17% +0.02
IWN iShares Russell 2000 Value E Add +0.4% 0.27% +0.02
AGNC AGNC Investment Corp. Add +38.1% 0.07% +0.02
AMZN Amazon.com Inc. Add +11.6% 0.67% +0.02
IJS iShares S&P Small-Cap 600 Va Add +0.1% 0.20% +0.01
ECL Ecolab Inc. Add +0.0% 0.36% +0.01
VYM Vanguard High DVD Yield ETF Add +0.6% 0.19% +0.01
XLI SS Industrial Select Sector Add +0.3% 0.15% +0.01
RQI Cohen & Steers Qual Inc. RLTY Add +3.4% 0.08% +0.01
GD General Dynamics Corp. Add +0.1% 0.22% +0.01
ORMP Oramed Pharmaceuticals Inc. Add +7.3% 0.03% +0.01
PG The Procter & Gamble Co. Add +0.1% 0.24% +0.01
KRE SS SPDR S&P Regional Bank Add +0.5% 0.23% +0.01
MCD McDonald's Corp. Add +0.2% 0.13% +0.00

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 166$256.2MNVDA, XLK, PAVE, QQQ, SPY
Q1 2026 163$212.8MNVDA, PAVE, XLK, QQQ, SPY
Q4 2025 161$216.4MNVDA, PAVE, XLK, QQQ, SPY
Q3 2025 157$222.2MNVDA, PAVE, XLK, SPY, QQQ
Q2 2025 157$207.8MNVDA, PAVE, XLK, PHO, SPY
Q1 2025 152$184.2MPAVE, NVDA, PHO, XLK, SPY
Q4 2024 157$197.9MNVDA, PAVE, XLK, PHO, SPY
Q3 2024 161$208.2MPAVE, NVDA, PHO, SPY, XLK
Q2 2024 154$190.3MNVDA, PAVE, SPY, PHO, XLK
Q1 2024 152$184.3MPAVE, PHO, SPY, XLK, NVDA