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VASVX Vanguard Selected Value Inv

  • Fund
  • VASVX
  • Price as of: Dec 15, 2017
  • $33.88
  • + $0.32
  • + 0.95%
  • Category
  • Mid Cap Value Equities

VASVX - Profile

Vitals

  • YTD Return 17.7%
  • 3 Yr Annualized Return 9.8%
  • 5 Yr Annualized Return 14.9%
  • Net Assets $10.8 B
  • Holdings in Top 10 21.1%

52 WEEK LOW AND HIGH

$33.88
$28.78
$33.95

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.35%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 27.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

STANDARD (TAXABLE)

$3,000

IRA

$3,000

Investment Themes

CATEGORY

Mid Cap Value Equities
  • Fund Type Open End Mutual Fund
  • Investment Style Mid-Cap Value

Distributions

  • YTD Total Return 17.7%
  • 3 Yr Annualized Total Return 9.8%
  • 5 Yr Annualized Total Return 14.9%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.00%
DIVIDENDS
  • Dividend Yield 0.3%
  • Dividend Distribution Frequency Annually

Fund Details

  • Legal Name Vanguard Selected Value Fund
  • Fund Family Name Vanguard
  • Inception Date Feb 15, 1996
  • Shares Outstanding N/A
  • Share Class Inv
  • Currency USD
  • Domiciled Country United States
  • Manager James P. Barrow

Fund Description

The Vanguard Selected Value Fund Investor Shares (VASVX) is a low-cost, actively managed fund that focuses on mid-cap value stocks. VASVX seeks to provide investors with long-term capital appreciation, with income as a side objective. The fund uses a multimanager approach to portfolio construction in which each manager is given a set percentage of the fund’s assets. While each manager may use different fundamental metrics, the common theme for the fund is undervalued stocks. The fund has no constraints with regards to sector or industry weightings.

VASVX is considered a concentrated portfolio, holding just 100 to 160 different stocks. As such, it’s best used as a satellite position, complementing a broad mid-cap fund holding.

VASVX - Performance

Return Ranking - Trailing

Period VASVX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 17.7% -17.3% 27.2% 4.51% 1
1 Yr 20.1% -33.1% 33.5% 6.16% 1
3 Yr 9.8% * -9.7% 12.7% 19.49% 1
5 Yr 14.9% * -4.5% 20.8% 20.33% 2
10 Yr 9.2% * -0.2% 11.5% 19.57% 1

* Annualized


Return Ranking - Calendar

Period VASVX Return Category Return Low Category Return High Rank in Category (%) Quintile
2016 11.3% -22.1% 28.0% 62.10% 4
2015 -8.9% -30.9% 5.2% 34.87% 2
2014 0.6% -18.7% 36.2% 52.94% 3
2013 34.4% -39.7% 66.3% 19.48% 1
2012 12.9% -8.2% 41.2% 57.96% 3

Total Return Ranking - Trailing

Period VASVX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 17.7% -17.3% 27.2% 4.32% 1
1 Yr 20.1% -28.1% 97.8% 5.92% 1
3 Yr 9.8% * -7.6% 12.7% 17.22% 1
5 Yr 14.9% * -5.6% 22.4% 18.70% 1
10 Yr 9.2% * -0.2% 11.5% 18.35% 1

* Annualized


Total Return Ranking - Calendar

Period VASVX Return Category Return Low Category Return High Rank in Category (%) Quintile
2016 11.3% -22.1% 28.0% 66.75% 4
2015 -3.9% -26.7% 9.6% 34.36% 2
2014 7.0% -12.4% 25.7% 80.95% 5
2013 53.5% 0.0% 165.8% 32.85% 2
2012 20.9% -6.0% 258.2% 74.47% 4

NAV & Total Return History

VASVX - Holdings

Filings data as of: Sep 30, 2017

Concentration Analysis

VASVX Category Low Category High VASVX % Rank Quintile
Net Assets 10.8 B 313 K 38.8 B 1.89% 1
Number of Holdings 122 21 2581 7.78% 2
Net Assets in Top 10 2.28 B 105 K 9.23 B 1.18% 1
Weighting of Top 10 21.1% 6.4% 77.0% 17.69% 3

Top 10 Holdings

  1. Cigna Corp 2.29%
  2. Willis Towers Watson PLC 2.35%
  3. Micron Technology Inc 2.85%
  4. AerCap Holdings NV 2.10%
  5. Norwegian Cruise Line Holdings Ltd 2.03%
  6. Cardinal Health Inc 1.81%
  7. Stanley Black & Decker Inc 1.79%
  8. Owens-Corning Inc 2.06%
  9. KeyCorp 1.96%
  10. Microchip Technology Inc 1.87%

Asset Allocation

Weighting Category Low Category High VASVX % Rank Quintile
Stocks
93.96% 41.69% 100.35% 23.58% 5
Cash
6.03% -0.35% 36.03% 6.13% 1
Bonds
0.02% -0.05% 18.83% 4.01% 1
Preferred Stocks
0.00% 0.00% 28.41% 4.01% 5
Other
0.00% -5.25% 9.04% 5.90% 5
Convertible Bonds
0.00% 0.00% 5.01% 1.65% 5

Stock Sector Breakdown

Weighting Category Low Category High VASVX % Rank Quintile
Financial Services
25.34% 0.00% 37.79% 4.25% 1
Industrials
16.83% 0.00% 39.74% 6.13% 1
Consumer Cyclical
12.71% 0.00% 32.24% 16.51% 2
Basic Materials
10.14% 0.00% 18.04% 1.18% 1
Technology
7.94% 0.00% 28.78% 23.82% 4
Energy
6.57% 0.00% 37.42% 19.10% 4
Healthcare
6.03% 0.00% 21.72% 18.40% 3
Utilities
3.94% 0.00% 12.58% 21.93% 4
Consumer Defense
2.82% 0.00% 16.13% 24.06% 4
Real Estate
1.65% 0.00% 46.58% 28.07% 5
Communication Services
0.00% 0.00% 6.57% 16.27% 5

Stock Geographic Breakdown

Weighting Category Low Category High VASVX % Rank Quintile
US
79.36% 36.97% 99.96% 30.19% 5
Non US
14.60% 0.00% 40.16% 1.18% 1

Bond Sector Breakdown

Weighting Category Low Category High VASVX % Rank Quintile
Cash & Equivalents
6.03% -0.35% 36.03% 6.38% 1
Government
0.02% 0.00% 16.76% 2.60% 1
Derivative
0.00% -0.05% 0.18% 0.47% 5
Securitized
0.00% 0.00% 1.52% 1.42% 5
Corporate
0.00% 0.00% 30.46% 7.09% 5
Municipal
0.00% 0.00% 0.00% 0.24% 5

Bond Geographic Breakdown

Weighting Category Low Category High VASVX % Rank Quintile
US
0.02% -0.05% 16.76% 4.01% 1
Non US
0.00% 0.00% 5.13% 1.42% 5

VASVX - Expenses

Operational Fees

VASVX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 0.35% 0.07% 19.64% 40.80% 1
Management Fee 0.33% 0.05% 1.26% 11.32% 1
12b-1 Fee N/A 0.00% 1.00% N/A N/A
Administrative Fee N/A 0.01% 0.40% N/A N/A

Sales Fees

VASVX Fees (% of AUM) Category Low Category High VASVX Rank Quintile
Front Load N/A 2.50% 5.75% N/A N/A
Deferred Load N/A 1.00% 5.00% N/A N/A

Trading Fees

VASVX Fees (% of AUM) Category Low Category High VASVX Rank Quintile
Max Redemption Fee N/A 0.50% 2.00% N/A N/A

Turnover Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

VASVX Fees (% of AUM) Category Low Category High VASVX Rank Quintile
Turnover 27.00% 7.65% 628.00% 19.10% 1

VASVX - Distributions

Dividend Yield Analysis

VASVX Category Low Category High VASVX % Rank Quintile
Dividend Yield 0.3% 0.00% 1.57% 10.50% 1

Dividend Distribution Analysis

VASVX Category Low Category High Category Mode
Dividend Distribution Frequency Annually Annually Monthly Annually

Dividend Payout History


Net Income Ratio Analysis

VASVX Category Low Category High VASVX % Rank Quintile
Net Income Ratio 2.00% -4.56% 6.78% 2.83% 1

Capital Gain Distribution Analysis

VASVX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Daily Annually

VASVX - Managers

James P. Barrow

Manager

Start Date

Mar 25, 1999

Tenure

18.7

Tenure Rank

1.1%

During Mr. Barrow’s 55-year investment career, he has worked as a securities analyst and portfolio manager for several major institutions including Citizens & Southern Bank of South Carolina, Atlantic Richfield, and Reliance Insurance. In 1973, he joined Republic National Bank of Dallas as a portfolio manager, where he worked with Tim Hanley and John Strauss. He later was placed in charge of the Employee Benefit Portfolio Group and was a member of the Trust Investment Committee until the founding of this firm in 1979. Mr. Barrow graduated from the University of South Carolina with a BS.


Mark Giambrone

Manager

Start Date

Dec 18, 2002

Tenure

14.96

Tenure Rank

2.4%

Mr. Giambrone joined BHMS in 1999. Prior to joining BHMS, Mr. Giambrone served as a portfolio consultant at HOLT Value Associates. During his 25-year career, he has also served as a senior auditor/tax specialist for KPMG Peat Marwick and Ernst & Young Kenneth Leventhal. Mr. Giambrone graduated summa cum laude from Indiana University with a BS in Business and received an MBA from the University of Chicago.


Donald Gene Smith

Manager

Start Date

Feb 25, 2005

Tenure

12.77

Tenure Rank

3.8%

Donald G. Smith, Chief Investment Officer of Donald Smith & Co. He has worked in investment management since 1968. Don began his career as an analyst with Capital Research Company. He subsequently became a director, vice president, and portfolio manager of Capital Guardian Trust Co. In 1980, Don accepted the responsibility of CIO of Home Insurance Company and President of Home Portfolio Advisors, Inc., which he bought in 1983 and changed the name to Donald Smith & Co., Inc. He holds a B.S. from University of Illinois, M.B.A. from Harvard University and J.D. from University of California, Los Angeles.


Richard S. Pzena

Manager

Start Date

Mar 31, 2014

Tenure

3.67

Tenure Rank

12.1%

Mr. Pzena is the Founder, Managing Principal, Chief Executive Officer and Co-Chief Investment Officer of the firm. Prior to forming Pzena Investment Management in 1995, Mr. Pzena was the Director of U.S. Equity Investments and Chief Research Officer for Sanford C. Bernstein & Company. He joined Bernstein in 1986 as an oil industry analyst and was named to the Institutional Investor All America Research Team from 1988-1990. During 1990 and 1991, Mr. Pzena served as Chief Investment Officer, Small Cap Equities, and assumed his broader domestic equity role in 1991. Prior to joining Bernstein, Mr. Pzena worked for the Amoco Corporation in various financial and planning roles. He earned a B.S. summa cum laude and an M.B.A. from the Wharton School of the University of Pennsylvania in 1979 and 1980 respectively.


Richard Lawrence Greenberg

Manager

Start Date

Feb 25, 2005

Tenure

12.77

Tenure Rank

3.8%

Richard L. Greenberg, CFA, Senior Portfolio Manager at Donald Smith & Co. He has worked in investment management since 1981. He has been with the investment advisory firm that was founded as Home Portfolio Advisors and renamed Donald Smith & Co., Inc., since 1981. Mr. Greenberg began his investment industry career at Home Insurance Co. as an industry analyst, focusing primarily on the metals, banking and housing sectors. He graduated Phi Beta Kappa from SUNY (Binghamton) with a B.A. in psychology, and received his MBA from Wharton Business School. Mr. Greenberg is also a CFA Charterholder.


John J. Flynn

Manager

Start Date

Feb 25, 2016

Tenure

1.76

Tenure Rank

15.5%

Mr. Flynn is a Principal, Portfolio Manager of Small Cap Value and Senior Research Analyst at the firm. Prior to joining Pzena Investment Management in 2005, Mr. Flynn was an associate at Weston Presidio, a middle-market private equity investment firm. Mr. Flynn earned a B.A. in Music from Yale University in 2000 and an MBA with distinction from the Harvard Business School in 2005.


Benjamin S. Silver

Manager

Start Date

Feb 23, 2017

Tenure

0.77

Tenure Rank

16.9%

Mr. Silver is a Principal, Co–Director of Research, and Portfolio Manager at Pzena. Prior to joining Pzena Investment Management in 2001, Mr. Silver was a Research Analyst at Levitas & Company, a value based equity hedge fund. Mr. Silver was previously employed as a Manager for Ernst & Young LLP in their Financial Services Group from 1991 to 1996. He earned a B.S. magna cum laude in Accounting from Sy Syms School of Business at Yeshiva University. Mr. Silver is a Certified Public Accountant and holds the Chartered Financial Analyst designation.


Tenure Analysis

Category Low

0.0

Category High

29.2

Category Average

7.18

Category Mode

0.7