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VMNFX Vanguard Market Neutral Inv

  • Fund
  • VMNFX
  • Price as of: Mar 24, 2017
  • $12.02
  • - $0.03
  • - 0.25%
  • Category
  • Market Neutral

VMNFX - Profile

Vitals

  • YTD Return -3.0%
  • 3 Yr Annualized Return 3.1%
  • 5 Yr Annualized Return 3.2%
  • Net Assets $2.12 B
  • Holdings in Top 10 5.4%

52 WEEK LOW AND HIGH

$12.02
$11.60
$12.50

Expenses

OPERATING RELATED FEES

  • Expense Ratio 1.60%

SALES FEES

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

BROKERAGE FEES

  • Turnover 64.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

STANDARD (TAXABLE)

$250,000

IRA

N/A

Investment Themes

CATEGORY

Market Neutral
  • Fund Type Open End Mutual Fund
  • Investment Style Market Neutral

Distributions

  • YTD Total Return -3.0%
  • 3 Yr Annualized Total Return 3.1%
  • 5 Yr Annualized Total Return 3.2%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.48%
DIVIDENDS
  • Dividend Yield N/A
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name Vanguard Market Neutral Fund
  • Fund Family Name Vanguard
  • Inception Date Nov 11, 1998
  • Shares Outstanding N/A
  • Share Class Inv
  • Currency USD
  • Domiciled Country United States
  • Manager Michael R. Roach

Fund Description

The fund follows a market neutral strategy, which the managers define as a strategy designed to produce a portfolio that is neutral with respect to general stock market risk (sometimes referred to as beta neutrality). Beta is a measure of a portfolio's volatility relative to the volatility of the general stock market. The fund, as a whole, does not seek to adhere to any other definition of market neutrality.

VMNFX - Performance

Return Ranking - Trailing

Period VMNFX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD -3.0% -8.4% 6.4% 73.05% 5
1 Yr -2.3% -13.4% 16.2% 68.15% 4
3 Yr 3.1% * -3.6% 5.6% 19.27% 2
5 Yr 3.2% * -2.1% 3.7% 6.15% 1
10 Yr 1.7% * -1.4% 3.6% 37.84% 2

* Annualized


Return Ranking - Calendar

Period VMNFX Return Category Return Low Category Return High Rank in Category (%) Quintile
2016 2.1% -12.2% 13.1% 27.34% 2
2015 5.5% -15.7% 5.6% 1.63% 1
2014 4.3% -26.9% 10.0% 6.42% 1
2013 8.6% -9.7% 8.6% 2.38% 1
2012 -2.0% -6.4% 10.3% 73.91% 5

Total Return Ranking - Trailing

Period VMNFX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD -3.0% -8.4% 6.4% 73.05% 5
1 Yr -2.3% -13.4% 16.2% 62.22% 4
3 Yr 3.1% * -4.7% 5.6% 15.60% 1
5 Yr 3.2% * -2.7% 3.7% 4.62% 1
10 Yr 1.7% * -1.4% 3.6% 37.84% 2

* Annualized


Total Return Ranking - Calendar

Period VMNFX Return Category Return Low Category Return High Rank in Category (%) Quintile
2016 2.1% -12.2% 13.1% 32.81% 2
2015 5.5% -15.7% 8.8% 5.69% 1
2014 4.3% -8.8% 10.0% 11.93% 1
2013 8.6% -4.0% 13.6% 8.33% 1
2012 -1.6% -6.2% 16.7% 75.36% 5

NAV & Total Return History

VMNFX - Holdings

Filings data as of: Dec 31, 2016

Concentration Analysis

VMNFX Category Low Category High VMNFX % Rank Quintile
Net Assets 2.12 B 46.3 K 4.24 B 2.13% 1
Number of Holdings 280 2 2256 15.60% 3
Net Assets in Top 10 113 M -147 M 1.01 B 4.26% 1
Weighting of Top 10 5.4% 0.0% 439.3% 31.21% 5

Top 10 Holdings

  1. EP Energy Corp A 0.55%
  2. Advanced Micro Devices Inc 0.53%
  3. Hospitality Properties Trust 0.55%
  4. JetBlue Airways Corp 0.54%
  5. SpartanNash Co 0.54%
  6. JPMorgan Chase & Co 0.54%
  7. Aspen Technology Inc 0.54%
  8. Fifth Third Bancorp 0.53%
  9. Wabash National Corp 0.53%
  10. Alaska Air Group Inc 0.53%

Asset Allocation

Weighting Category Low Category High VMNFX % Rank Quintile
Stocks
96.55% -411.11% 177.22% 1.42% 1
Cash
3.45% -88.22% 512.65% 31.91% 5
Preferred Stocks
0.00% -0.01% 19.87% 7.09% 2
Other
0.00% -88.72% 92.92% 16.31% 3
Convertible Bonds
0.00% 0.00% 57.81% 5.67% 1
Bonds
0.00% -22.78% 75.70% 12.06% 2

Stock Sector Breakdown

Weighting Category Low Category High VMNFX % Rank Quintile
Industrials
16.95% -61.33% 27.11% 4.51% 1
Consumer Cyclical
14.51% -50.26% 28.51% 4.51% 1
Financial Services
12.25% -77.57% 20.98% 6.77% 1
Technology
12.16% -42.70% 37.26% 12.78% 2
Healthcare
9.74% -50.49% 27.57% 6.02% 1
Real Estate
7.54% -21.52% 8.89% 1.50% 1
Consumer Defense
6.93% -43.86% 30.56% 7.52% 1
Basic Materials
6.93% -29.79% 17.86% 4.51% 1
Energy
6.04% -21.34% 18.15% 5.26% 1
Utilities
2.27% -17.18% 15.52% 6.77% 1
Communication Services
1.24% -11.63% 9.31% 9.77% 2

Stock Geographic Breakdown

Weighting Category Low Category High VMNFX % Rank Quintile
US
94.16% -407.67% 94.16% 0.71% 1
Non US
2.39% -6.86% 94.79% 14.89% 3

VMNFX - Expenses

Operational Fees

VMNFX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 1.60% 0.65% 322.37% 70.92% 1
Management Fee 0.20% 0.12% 2.00% 18.44% 1
12b-1 Fee N/A 0.00% 1.00% N/A N/A
Administrative Fee N/A 0.04% 0.40% N/A N/A

Sales Fees

VMNFX Fees (% of AUM) Category Low Category High VMNFX Rank Quintile
Front Load N/A 2.25% 5.75% N/A N/A
Deferred Load N/A 1.00% 5.50% N/A N/A

Trading Fees

VMNFX Fees (% of AUM) Category Low Category High VMNFX 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.

VMNFX Fees (% of AUM) Category Low Category High VMNFX Rank Quintile
Turnover 64.00% 0.00% 7886.00% 30.94% 1

VMNFX - Distributions

Dividend Yield Analysis

VMNFX Category Low Category High VMNFX % Rank Quintile
Dividend Yield N/A 0.00% 0.49% N/A N/A

Dividend Distribution Analysis

VMNFX Category Low Category High Category Mode
Dividend Distribution Frequency Quarterly Annually Quarterly Annually

Dividend Payout History


Net Income Ratio Analysis

VMNFX Category Low Category High VMNFX % Rank Quintile
Net Income Ratio 0.48% -6.46% 3.16% 20.57% 2

Capital Gain Distribution Analysis

VMNFX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Quarterly Annually

VMNFX - Managers

Michael R. Roach

Manager

Start Date

Apr 27, 2012

Tenure

4.84

Tenure Rank

4.9%

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.


James P. Stetler

Manager

Start Date

Apr 27, 2012

Tenure

4.84

Tenure Rank

4.9%

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.


Binbin Guo

Manager

Start Date

Apr 28, 2016

Tenure

0.84

Tenure Rank

14.1%

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

26.5

Category Average

4.52

Category Mode

2.2