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VMNFX Vanguard Market Neutral Inv

  • Fund
  • VMNFX
  • Price as of: Apr 24, 2018
  • $11.72
  • - $0.09
  • - 0.76%
  • Category
  • Market Neutral

VMNFX - Profile

Vitals

  • YTD Return 0.5%
  • 3 Yr Annualized Return 1.4%
  • 5 Yr Annualized Return 2.8%
  • Net Assets $1.65 B
  • Holdings in Top 10 162.6%

52 WEEK LOW AND HIGH

$11.72
$11.61
$12.08

Expenses

OPERATING RELATED FEES

  • Expense Ratio 1.54%

SALES FEES

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

BROKERAGE FEES

  • Turnover 79.00%

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 0.5%
  • 3 Yr Annualized Total Return 1.4%
  • 5 Yr Annualized Total Return 2.8%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.94%
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 James P. Stetler

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 0.5% -9.0% 6.4% 30.50% 2
1 Yr -1.1% -14.5% 12.6% 65.19% 4
3 Yr 1.4% * -6.7% 6.1% 42.20% 3
5 Yr 2.8% * -2.5% 5.2% 15.38% 1
10 Yr 0.3% * -1.5% 3.9% 61.90% 3

* Annualized


Return Ranking - Calendar

Period VMNFX Return Category Return Low Category Return High Rank in Category (%) Quintile
2017 -5.9% -21.2% 13.1% 73.44% 5
2016 2.1% -15.7% 7.9% 21.95% 2
2015 5.5% -26.9% 5.6% 1.64% 1
2014 4.3% -8.8% 10.0% 9.90% 1
2013 8.6% -9.7% 8.6% 2.41% 1

Total Return Ranking - Trailing

Period VMNFX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 0.5% -9.0% 6.4% 30.50% 2
1 Yr -1.1% -15.4% 12.6% 54.81% 3
3 Yr 1.4% * -6.7% 6.1% 35.78% 2
5 Yr 2.8% * -2.5% 5.2% 12.82% 1
10 Yr 0.3% * -1.5% 3.9% 59.52% 3

* Annualized


Total Return Ranking - Calendar

Period VMNFX Return Category Return Low Category Return High Rank in Category (%) Quintile
2017 -5.9% -21.2% 13.1% 73.44% 5
2016 2.1% -15.7% 8.8% 30.89% 2
2015 5.5% -10.4% 8.7% 4.10% 1
2014 4.3% -8.8% 10.4% 14.85% 1
2013 8.6% -4.0% 13.6% 6.02% 1

NAV & Total Return History

VMNFX - Holdings

Filings data as of: Dec 31, 2017

Concentration Analysis

VMNFX Category Low Category High VMNFX % Rank Quintile
Net Assets 1.65 B 46.3 K 5.24 B 4.26% 1
Number of Holdings 504 2 1956 7.09% 1
Net Assets in Top 10 -328 K -147 M 735 M 26.95% 4
Weighting of Top 10 162.6% 0.0% 335.5% 4.26% 1

Top 10 Holdings

  1. Nabors Industries Ltd 16.54%
  2. Bank of the Ozarks Inc 16.43%
  3. Freeport-McMoRan Inc 16.36%
  4. Compass Minerals International Inc 16.36%
  5. Alcoa Corp 16.27%
  6. Universal Insurance Holdings Inc 16.25%
  7. Vulcan Materials Co 16.14%
  8. SiteOne Landscape Supply Inc 16.12%
  9. Exelixis Inc 16.11%
  10. Delek US Holdings Inc 16.04%

Asset Allocation

Weighting Category Low Category High VMNFX % Rank Quintile
Cash
105.87% -92.43% 512.65% 2.84% 1
Preferred Stocks
0.00% -0.58% 14.78% 9.22% 2
Other
0.00% -88.72% 101.59% 13.48% 2
Convertible Bonds
0.00% 0.00% 73.58% 10.64% 2
Bonds
0.00% -59.67% 39.42% 15.60% 3
Stocks
-5.88% -411.11% 180.96% 32.62% 5

VMNFX - Expenses

Operational Fees

VMNFX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 1.54% 0.82% 322.37% 70.21% 1
Management Fee 0.18% 0.13% 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 79.00% 0.00% 7042.00% 30.22% 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 0.94% -6.46% 3.09% 14.89% 1

Capital Gain Distribution Analysis

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

VMNFX - Managers

James P. Stetler

Manager

Start Date

Apr 27, 2012

Tenure

5.93

Tenure Rank

4.9%

James P. Stetler, Principal of Vanguard. He has been with Vanguard since 1982, has worked in investment management since 1996, has managed investment portfolios since 2003, and has co-managed 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

1.92

Tenure Rank

16.1%

Binbin Guo, Ph.D., Principal of The Vanguard Group, Inc. and head of the Alpha Equity Investment team within Vanguard’s Quantitative Equity Group. He oversees the active quantitative equity funds and separately managed equity accounts. He has been with Vanguard since 2007. Education: B.S. and M.S., Tsinghua University, China; Ph.D. and M.Phil., Yale University.


Tenure Analysis

Category Low

0.0

Category High

27.6

Category Average

5.17

Category Mode

3.3