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VEXPX Vanguard Explorer Inv

  • Fund
  • VEXPX
  • Price as of: Mar 27, 2017
  • $90.27
  • + $0.07
  • + 0.08%
  • Category
  • Small Cap Growth Equities

VEXPX - Profile

Vitals

  • YTD Return 4.3%
  • 3 Yr Annualized Return 4.9%
  • 5 Yr Annualized Return 11.8%
  • Net Assets $11.9 B
  • Holdings in Top 10 7.6%

52 WEEK LOW AND HIGH

$90.27
$76.84
$92.87

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.45%

SALES FEES

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

BROKERAGE FEES

  • Turnover 66.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

STANDARD (TAXABLE)

$3,000

IRA

$3,000

Investment Themes

CATEGORY

Small Cap Growth Equities
  • Fund Type Open End Mutual Fund
  • Investment Style Small Growth

Distributions

  • YTD Total Return 4.3%
  • 3 Yr Annualized Total Return 4.9%
  • 5 Yr Annualized Total Return 11.8%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.46%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Annually

Fund Details

  • Legal Name Vanguard Explorer Fund
  • Fund Family Name Vanguard
  • Inception Date Dec 11, 1967
  • Shares Outstanding N/A
  • Share Class Inv
  • Currency USD
  • Domiciled Country United States
  • Manager Chad Meade

Fund Description

The Vanguard Explorer Fund Investor Shares (VEXPX) is a low-cost, actively managed fund that seeks to aggressively grow investor capital by betting on U.S. small-cap companies. The fund uses both fundamental and quantitative screens to find undervalued growth stocks. VEXPX also holds a small portion of its assets in stock index futures and ETFs to manage cash flows.

With its focus on riskier small-cap stocks, VEXPX makes for a great subcore position in a diversified portfolio. The fund is managed by Chartwell Investment Partners, Granahan Investment Management, Vanguard Equity Investment Group, Wellington Management Company, Kalmar Investment Advisers, Century Capital Management, Stephens Investment Management Group, and Arrowpoint Partners.

VEXPX - Performance

Return Ranking - Trailing

Period VEXPX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 4.3% -81.5% 11.8% 46.19% 3
1 Yr 29.6% -22.5% 51.5% 36.49% 2
3 Yr 4.9% * -21.1% 13.0% 34.60% 2
5 Yr 11.8% * -13.5% 16.4% 26.61% 2
10 Yr 7.3% * -6.7% 12.5% 44.91% 3

* Annualized


Return Ranking - Calendar

Period VEXPX Return Category Return Low Category Return High Rank in Category (%) Quintile
2016 7.5% -71.6% 25.7% 40.49% 3
2015 -13.5% -70.7% 14.9% 60.27% 4
2014 -10.1% -57.2% 35.1% 59.89% 4
2013 30.1% -17.6% 61.3% 49.44% 3
2012 11.2% -100.0% 30.8% 40.87% 3

Total Return Ranking - Trailing

Period VEXPX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 4.3% -81.5% 11.8% 46.66% 3
1 Yr 29.6% -31.1% 291.3% 30.32% 2
3 Yr 4.9% * -43.2% 166.8% 36.51% 2
5 Yr 11.8% * -11.4% 16.4% 32.84% 2
10 Yr 7.3% * -5.3% 12.5% 51.05% 3

* Annualized


Total Return Ranking - Calendar

Period VEXPX Return Category Return Low Category Return High Rank in Category (%) Quintile
2016 7.5% -71.6% 25.7% 42.34% 3
2015 -4.7% -37.2% 38.5% 64.12% 4
2014 4.6% -23.4% 66.8% 32.98% 2
2013 75.8% -32.6% 6103.1% 21.66% 2
2012 30.1% -100.0% 400.5% 26.27% 2

NAV & Total Return History

VEXPX - Holdings

Filings data as of: Dec 31, 2016

Concentration Analysis

VEXPX Category Low Category High VEXPX % Rank Quintile
Net Assets 11.9 B 39.1 K 18.2 B 0.47% 1
Number of Holdings 696 2 3403 1.73% 1
Net Assets in Top 10 872 M -2.31 M 3.01 B 1.57% 1
Weighting of Top 10 7.6% 4.9% 100.1% 33.70% 5

Top 10 Holdings

  1. Cadence Design Systems Inc 1.12%
  2. Cardtronics PLC 0.76%
  3. Abiomed Inc 0.72%
  4. Cavium Inc 0.64%
  5. Vanguard Small-Cap ETF 1.02%
  6. Clean Harbors Inc 0.71%
  7. Trinet Group Inc 0.71%
  8. Aspen Technology Inc 0.65%
  9. Kirby Corp 0.62%
  10. Genesee & Wyoming Inc Class A 0.60%

Asset Allocation

Weighting Category Low Category High VEXPX % Rank Quintile
Stocks
94.89% 11.91% 115.42% 22.36% 4
Cash
4.99% -15.42% 40.84% 5.98% 1
Bonds
0.10% -8.02% 76.16% 1.73% 1
Other
0.03% -1.29% 13.13% 11.50% 3
Preferred Stocks
0.00% 0.00% 10.15% 3.31% 1
Convertible Bonds
0.00% 0.00% 28.89% 0.94% 1

Stock Sector Breakdown

Weighting Category Low Category High VEXPX % Rank Quintile
Technology
22.18% 1.23% 68.90% 19.53% 3
Industrials
18.28% 0.95% 32.57% 9.29% 2
Healthcare
16.16% 1.08% 62.34% 18.27% 3
Consumer Cyclical
15.44% 0.00% 33.40% 11.65% 2
Financial Services
8.38% -2.02% 33.17% 15.28% 3
Real Estate
3.58% -2.75% 15.43% 11.81% 2
Basic Materials
3.47% 0.00% 21.28% 22.05% 4
Consumer Defense
3.24% -6.63% 12.45% 18.74% 4
Energy
2.67% 0.00% 19.28% 14.02% 3
Communication Services
1.20% -0.97% 6.13% 9.61% 2
Utilities
0.28% -0.72% 6.93% 9.45% 2

Stock Geographic Breakdown

Weighting Category Low Category High VEXPX % Rank Quintile
US
91.45% 3.25% 113.24% 23.31% 4
Non US
3.44% 0.00% 91.73% 11.97% 2

Bond Sector Breakdown

Weighting Category Low Category High VEXPX % Rank Quintile
Cash & Equivalents
5.09% -4.37% 40.84% 5.93% 1
Derivative
0.00% 0.00% 1.16% 0.48% 1
Securitized
0.00% 0.00% 19.85% 0.32% 1
Corporate
0.00% -0.22% 47.74% 4.97% 2
Municipal
0.00% 0.00% 0.48% 0.32% 1
Government
0.00% -16.72% 22.72% 1.28% 1

Bond Geographic Breakdown

Weighting Category Low Category High VEXPX % Rank Quintile
US
0.10% -11.13% 53.87% 1.73% 1
Non US
0.00% 0.00% 22.29% 0.47% 1

VEXPX - Expenses

Operational Fees

VEXPX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 0.45% 0.06% 27.39% 33.07% 1
Management Fee 0.43% 0.05% 1.50% 8.35% 1
12b-1 Fee N/A 0.00% 1.00% N/A N/A
Administrative Fee N/A 0.00% 0.45% N/A N/A

Sales Fees

VEXPX Fees (% of AUM) Category Low Category High VEXPX Rank Quintile
Front Load N/A 0.00% 5.75% N/A N/A
Deferred Load N/A 1.00% 5.50% N/A N/A

Trading Fees

VEXPX Fees (% of AUM) Category Low Category High VEXPX Rank Quintile
Max Redemption Fee N/A 0.00% 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.

VEXPX Fees (% of AUM) Category Low Category High VEXPX Rank Quintile
Turnover 66.00% 2.00% 710.00% 12.91% 3

VEXPX - Distributions

Dividend Yield Analysis

VEXPX Category Low Category High VEXPX % Rank Quintile
Dividend Yield 0.0% 0.00% 15.65% 50.00% 3

Dividend Distribution Analysis

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

Dividend Payout History


Net Income Ratio Analysis

VEXPX Category Low Category High VEXPX % Rank Quintile
Net Income Ratio 0.46% -2.01% 2.19% 4.57% 1

Capital Gain Distribution Analysis

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

VEXPX - Managers

Chad Meade

Manager

Start Date

Jun 16, 2014

Tenure

2.71

Tenure Rank

12.6%

Mr. Meade, Portfolio Manager, joined Arrowpoint Asset Management, LLC in May 2013. Mr. Prior to joining Arrowpoint, Mr. Meade served as an Equity Research Analyst, Co-Portfolio Manager and Executive Vice President AT Janus Capital (2001-2013). Prior to joining Janus Capital, he was a financial analyst for Goldman Sachs’ global investment research team. Chad graduated summa cum laude from Virginia Tech with a bachelor’s degree in Finance and was a member of the Omicron Delta Kappa Honor Society.


Brian A. Schaub

Manager

Start Date

Jun 16, 2014

Tenure

2.71

Tenure Rank

12.6%

Mr. Schaub, Portfolio Manager, joined Arrowpoint in May 2013. Prior to joining Arrowpoint, Mr. Schaub served as an Equity Research Analyst, Co-Portfolio Manager and Executive Vice President at Janus Capital (2000-2013). Brian graduated cum laude from Williams College with a bachelor’s degree in Economics and won the Arthur B. Graves, Class of 1858, Essay Prize in Economics for his work on Dell Computer. He holds the Chartered Financial Analyst designation.


Michael R. Roach

Manager

Start Date

Feb 17, 2012

Tenure

5.04

Tenure Rank

9.5%

Michael R. Roach, CFA, Portfolio Manager. He has been with the Vanguard Group, Inc. since 1998; has worked in investment management since 2001. Education: B.S., Bloomsburg University; M.S., Drexel University.


Jennifer M. Pawloski

Manager

Start Date

Jan 02, 2014

Tenure

3.16

Tenure Rank

12.1%

Jennifer M. Pawloski is a Vice President and Portfolio Manager with an expertise in the Technology sector. Jennifer M. Pawloski, Vice President of Granahan Investment Management, Inc. She has worked in investment management since 1993, has been with Granahan since 2007, has managed investment portfolios since 2008, and has co-managed a portion of the Fund since January 2014 Prior to joining Granahan Investment Management Inc in 2007, Ms. Pawloski was the Director of Equity Research for Longwood Investment Advisors in Boston, Massachusetts. Education: B.S., Bentley College.


Kenneth L. Abrams

Manager

Start Date

Feb 01, 1994

Tenure

23.09

Tenure Rank

0.5%

Mr. Abrams is a Senior Managing Director and Equity Portfolio Manager at Wellington Management Company LLP. He has specialized in small company investing for over 25 years. Prior to joining Wellington's Small Cap Opportunities Team in 1990, he worked as a research analyst on Wellington's Emerging Companies Team for four years. Before that, he worked for two years as a business analyst at McKinsey & Company consulting on strategic management issues. Mr. Abrams earned his MBA and his BA from Stanford University.


Gary C. Hatton

Manager

Start Date

Dec 31, 1998

Tenure

18.18

Tenure Rank

1.4%

Gary Hatton is co-Founder and Chief Investment Officer of Granahan Investment Management, and is a Managing Director serving on the Executive Committee. As a portfolio manager, Gary is responsible for the GIM Small Cap Discoveries strategy and a portion of the multi-managed Small Cap and SMID-Cap portfolios. His research expertise is in the Medical and Biotechnology Sectors. Prior to joining Granahan Investment Management in 1985, Gary was a Healthcare and Industrials Analyst at Eaton Vance Management in Boston. Gary received his MS in Finance from the University of Wisconsin at Madison, and his BS from University of Rhode Island. Gary holds the Chartered Financial Analyst designation and is a member of the CFA Institute.


Jane M. White

Manager

Start Date

Dec 31, 2000

Tenure

16.17

Tenure Rank

2.2%

Jane M. White, Managing Director and Chief Operating Officer of Granahan. She has worked in investment management since 1980; has been with Granahan since 1985; and has co-managed a portion of the Portfolio since 1996. 1982 - 1985: Granahan-Everitt Investments, Inc., Waltham, MA; Research Analyst. 1980 - 1982: Loomis-Sayles Company, Inc., Boston, MA; Research Assistant. Boston University, BA 1977


Ryan Edward Crane

Manager

Start Date

Aug 12, 2013

Tenure

3.55

Tenure Rank

11.3%

Ryan E. Crane,CFA. Education:B.S., University of Houston. Ryan Crane is the CIO of Stephens Investment Management Group and the Senior Portfolio Manager. He has worked in investment management since 1995, has been with SIMG since 2005. Prior to joining SIMG in 2004, Ryan was Senior Portfolio Manager for AIM Capital Management, Inc., and was the lead manager of AIM's Small Cap Growth Fund and team leader of the small/mid-cap growth investment team. While at AIM, Ryan was a portfolio manager on AIM Constellation, AIM Aggressive Growth, AIM Global Aggressive Growth, and AIM Emerging Growth Funds.


Ford B. Draper

Manager

Start Date

Feb 01, 2005

Tenure

12.08

Tenure Rank

3.8%

After Yale University and an MBA degree in Finance from Columbia University Graduate School of Business, Mr. Draper began his career in the investment research and capital management departments of Smith, Barney & Co., a major New York investment firm. In 1970, he joined Baker, Fentress & Company, a $350 million publicly-owned closed-end mutual fund, performing original investment research on a broad spectrum of companies and industries. For the following twelve years at Baker, Fentress, he had responsibilities as Vice President that included trading, investment research, investment strategy, and management of the Fund's portfolio. Mr. Draper founded Kalmar Investments in 1982.


James P. Stetler

Manager

Start Date

Feb 17, 2012

Tenure

5.04

Tenure Rank

9.5%

Stetler is a Principal of Vanguard. He has been with Vanguard since 1982; worked in investment management since 1996; He has managed a portion of the Fund since 2003. and has co-managed a portion of the Fund since 2012. Education: B.S., Susquehanna University; M.B.A., Saint Joseph’s University.


Dana F. Walker

Manager

Start Date

Feb 24, 2014

Tenure

3.01

Tenure Rank

12.4%

After the University of Virginia’s McIntire School of Commerce, Mr. Walker worked over three years for Delfi Management, Inc., investment advisor to the $350 million mutual fund group Sigma Funds. As a Senior Research Analyst, he performed original research in consumer-related industries, healthcare, retailing and distribution and was responsible for investment selection from these areas for the Sigma Funds and the portfolios of DP Asset Management, an affiliated $100 million investment advisory firm. Mr. Walker joined Kalmar Investments in 1986.


Daniel J. Fitzpatrick

Manager

Start Date

Feb 24, 2014

Tenure

3.01

Tenure Rank

12.4%

Daniel J. Fitzpatrick, CFA, is Managing Director and Equity Research Analyst. As an equity research analyst in Global Equity Portfolio Management on the Small Cap Opportunities Team, DJ conducts fundamental analysis on small cap equity investments, focusing on the info tech and industrials sectors. His research supports the investment decision making for a range of portfolios managed for clients of the firm. He works in our Boston office. Prior to joining Wellington Management in 1998, DJ worked as an equity research associate at Advest, Inc. (1997 –1998). DJ earned his BS in finance from Boston College (1996). Additionally, he holds the Chartered Financial Analyst designation.


Binbin Guo

Manager

Start Date

Feb 25, 2016

Tenure

1.01

Tenure Rank

15.0%

Binbin Guo, Ph.D., Principal of Vanguard and head of Equity Research and Portfolio Strategies of Vanguard’s Quantitative Equity Group. He has oversight responsibility for the quantitative research team and develops portfolio strategies for equity and alternative asset classes. He has been with Vanguard since 2007 and has co-managed a portion of the Fund since 2016. Education: B.S. and M.S., Tsinghua University, China; Ph.D. and M.Phil., Yale University.


Tenure Analysis

Category Low

0.0

Category High

44.4

Category Average

6.71

Category Mode

2.2