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VCVSX Vanguard Convertible Securities Inv

  • Fund
  • VCVSX
  • Price as of: Dec 15, 2017
  • $13.67
  • + $0.04
  • + 0.29%
  • Category
  • Preferred Stock/Convertible Bonds

VCVSX - Profile

Vitals

  • YTD Return 7.4%
  • 3 Yr Annualized Return 4.4%
  • 5 Yr Annualized Return 7.3%
  • Net Assets $1.29 B
  • Holdings in Top 10 14.2%

52 WEEK LOW AND HIGH

$13.67
$12.73
$13.83

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.34%

SALES FEES

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

BROKERAGE FEES

  • Turnover 103.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

Closed to new investors as of 2015-03-25

STANDARD (TAXABLE)

$3,000

IRA

$3,000

Investment Themes

CATEGORY

Preferred Stock/Convertible Bonds
  • Fund Type Open End Mutual Fund
  • Investment Style Convertibles

Distributions

  • YTD Total Return 7.4%
  • 3 Yr Annualized Total Return 4.4%
  • 5 Yr Annualized Total Return 7.3%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.04%
DIVIDENDS
  • Dividend Yield 0.3%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name Vanguard Convertible Securities Fund
  • Fund Family Name Vanguard
  • Inception Date Jun 17, 1986
  • Shares Outstanding N/A
  • Share Class Inv
  • Currency USD
  • Domiciled Country United States
  • Manager Abraham J. Ofer

VCVSX - Performance

Return Ranking - Trailing

Period VCVSX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 7.4% -5.8% 18.3% 38.53% 2
1 Yr 9.9% -10.4% 27.2% 73.39% 4
3 Yr 4.4% * -1.3% 10.9% 73.53% 4
5 Yr 7.3% * 1.8% 11.5% 60.82% 3
10 Yr 5.7% * 3.8% 8.2% 67.11% 4

* Annualized


Return Ranking - Calendar

Period VCVSX Return Category Return Low Category Return High Rank in Category (%) Quintile
2016 5.2% -2.1% 8.7% 35.92% 2
2015 -4.4% -17.9% 1.4% 34.95% 2
2014 -7.4% -7.4% 10.0% 95.10% 5
2013 8.0% -9.4% 21.4% 62.63% 4
2012 6.9% -10.2% 16.2% 78.13% 5

Total Return Ranking - Trailing

Period VCVSX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 7.4% -5.8% 18.3% 38.53% 2
1 Yr 9.9% -9.6% 27.2% 53.21% 3
3 Yr 4.4% * -2.5% 17.3% 65.69% 4
5 Yr 7.3% * 1.3% 11.5% 56.70% 3
10 Yr 5.7% * 3.8% 8.2% 64.47% 4

* Annualized


Total Return Ranking - Calendar

Period VCVSX Return Category Return Low Category Return High Rank in Category (%) Quintile
2016 6.1% -0.7% 11.2% 40.78% 2
2015 -1.4% -17.5% 6.8% 42.72% 3
2014 2.8% -2.4% 22.4% 90.20% 5
2013 25.5% -9.4% 37.3% 46.46% 3
2012 21.9% -9.5% 34.3% 21.88% 2

NAV & Total Return History

VCVSX - Holdings

Filings data as of: Sep 30, 2017

Concentration Analysis

VCVSX Category Low Category High VCVSX % Rank Quintile
Net Assets 1.29 B 1.99 M 7.96 B 9.17% 2
Number of Holdings 186 6 304 4.59% 1
Net Assets in Top 10 196 M -62.9 M 1.31 B 12.84% 3
Weighting of Top 10 14.2% 14.2% 102.9% 27.52% 5

Top 10 Holdings

  1. Microchip Tech 144A Cv 1.625% 1.74%
  2. Yahoo Cv 1.72%
  3. Servicenow 144A Cv 1.55%
  4. Tesla Cv 1.25% 1.49%
  5. Micron Tech Cv 3% 1.34%
  6. Cemex Sab De Cv Cv 3.72% 1.19%
  7. Priceline Grp Cv 0.9% 1.12%
  8. On Semicon Cv 1% 1.64%
  9. Blackhawk Net Hldgs Cv 1.5% 1.24%
  10. Becton Dickinson Pfd 1.15%

Asset Allocation

Weighting Category Low Category High VCVSX % Rank Quintile
Convertible Bonds
82.14% 0.00% 96.11% 4.59% 1
Cash
6.16% 0.00% 61.59% 9.17% 2
Preferred Stocks
6.13% 0.00% 76.24% 23.85% 5
Other
3.52% 0.00% 48.93% 4.59% 1
Stocks
1.18% -6.61% 32.36% 17.43% 3
Bonds
0.87% -50.44% 92.85% 22.02% 4

Stock Sector Breakdown

Weighting Category Low Category High VCVSX % Rank Quintile
Healthcare
1.18% 0.00% 3.10% 8.82% 2
Utilities
0.00% 0.00% 8.48% 12.75% 2
Technology
0.00% 0.00% 5.93% 11.76% 3
Real Estate
0.00% 0.00% 32.62% 11.76% 2
Industrials
0.00% -0.11% 4.27% 14.71% 3
Financial Services
0.00% -0.16% 4.71% 12.75% 3
Energy
0.00% -0.40% 0.70% 10.78% 2
Communication Services
0.00% -1.09% 4.45% 5.88% 1
Consumer Defense
0.00% 0.00% 3.89% 6.86% 1
Consumer Cyclical
0.00% -0.61% 5.73% 7.84% 2
Basic Materials
0.00% -0.20% 2.00% 5.88% 2

Stock Geographic Breakdown

Weighting Category Low Category High VCVSX % Rank Quintile
US
1.18% -6.61% 32.36% 17.43% 3
Non US
0.00% 0.00% 4.69% 9.17% 2

Bond Sector Breakdown

Weighting Category Low Category High VCVSX % Rank Quintile
Corporate
89.14% 1.96% 98.90% 15.60% 3
Cash & Equivalents
6.16% 0.00% 65.22% 9.17% 2
Derivative
0.00% -5.64% 0.78% 3.67% 1
Securitized
0.00% 0.00% 90.78% 5.50% 2
Municipal
0.00% 0.00% 0.03% 1.83% 1
Government
0.00% -56.81% 5.36% 5.50% 1

Bond Geographic Breakdown

Weighting Category Low Category High VCVSX % Rank Quintile
Non US
0.69% 0.00% 21.86% 15.60% 3
US
0.18% -54.82% 92.62% 20.18% 3

VCVSX - Expenses

Operational Fees

VCVSX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 0.34% 0.34% 7.42% 76.15% 1
Management Fee 0.32% 0.24% 1.15% 13.76% 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

VCVSX Fees (% of AUM) Category Low Category High VCVSX Rank Quintile
Front Load N/A 2.00% 5.75% N/A N/A
Deferred Load N/A 1.00% 5.00% N/A N/A

Trading Fees

VCVSX Fees (% of AUM) Category Low Category High VCVSX Rank Quintile
Max Redemption Fee N/A 1.00% 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.

VCVSX Fees (% of AUM) Category Low Category High VCVSX Rank Quintile
Turnover 103.00% 9.00% 947.00% 5.50% 4

VCVSX - Distributions

Dividend Yield Analysis

VCVSX Category Low Category High VCVSX % Rank Quintile
Dividend Yield 0.3% 0.03% 1.69% 71.30% 4

Dividend Distribution Analysis

VCVSX Category Low Category High Category Mode
Dividend Distribution Frequency Quarterly Quarterly Monthly Annually

Dividend Payout History


Net Income Ratio Analysis

VCVSX Category Low Category High VCVSX % Rank Quintile
Net Income Ratio 2.04% -1.25% 5.74% 50.46% 3

Capital Gain Distribution Analysis

VCVSX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Semi-Annually Annually

VCVSX - Managers

Abraham J. Ofer

Manager

Start Date

Dec 20, 2010

Tenure

6.95

Tenure Rank

11.2%

Mr. Ofer joined Oaktree in 1995. Prior to joining Oaktree, Mr. Ofer was co-portfolio manager of the International Convertible Value portfolios at Trust Company of the West. After joining TCW in 1984, he initially served as an equity research analyst specializing in the field of technology, after which he joined the High Yield and Convertible Securities unit as a credit analyst in 1986. In 1989, he began to manage investments in “busted” convertible portfolios. Mr. Ofer holds a B.A. degree in mathematics from Reed College and an M.B.A. in accounting and finance from the University of Chicago.


Stuart R. Spangler

Manager

Start Date

Jan 27, 2015

Tenure

2.84

Tenure Rank

18.2%

Mr. Spangler joined Oaktree in 1997 after serving as a convertible securities portfolio manager for Aon Corp., a global provider of insurance and consulting services. In addition, Mr. Spangler performed fundamental analysis on equities spanning numerous industries for the firm. Mr. Spangler holds a B.S. degree in management from the U.S. Air Force Academy, and is a CFA charterholder.


Jean-Pierre Latrille

Manager

Start Date

Mar 29, 2016

Tenure

1.67

Tenure Rank

19.9%

Mr. Latrille is a managing director in Oaktree’s non- U.S. Convertible Securities strategy, contributing to portfolio management, valuation and securities analysis. He joined Oaktree in 2014 from Barclays Capital where he was a managing director on the firm’s U.S. convertibles bond trading desk. Prior thereto, Mr. Latrille managed a convertible arbitrage fund at Amida Capital Management. From 1994 until 2006, he held various positions at J.P. Morgan, most recently serving as an executive director on their U.S. convertibles desk. Mr. Latrille holds a Commercial Engineering degree with distinction from the Universidad Austral de Chile and an M.B.A. from the Wharton School of the University of Pennsylvania. He is fluent in Spanish.


Petar Raketic

Manager

Start Date

Mar 29, 2016

Tenure

1.67

Tenure Rank

19.9%

Mr. Raketic is a managing director in Oaktree’s non- U.S. Convertible Securities strategy, contributing to portfolio management, valuation and securities analysis. Over the years he has covered a wide range of sectors and invested through a number of financial cycles. Mr. Raketic joined Oaktree and the Non-U.S. Convertible Securities team in early 2005 after completing his undergraduate degree at the University of Maryland. He graduated with a B.S. degree in finance and accounting summa cum laude from the University of Maryland. Mr. Raketic is a CFA charterholder.


Tenure Analysis

Category Low

0.0

Category High

32.5

Category Average

8.47

Category Mode

2.9