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VTMFX Vanguard Tax-Managed Balanced Adm

  • Fund
  • VTMFX
  • Price as of: Dec 09, 2016
  • $28.13
  • + $0.06
  • + 0.21%
  • Category
  • Diversified Portfolio

VTMFX - Profile

Vitals

  • YTD Return 4.7%
  • 3 Yr Annualized Return 5.9%
  • 5 Yr Annualized Return 8.5%
  • Net Assets $3 B
  • Holdings in Top 10 7.8%

52 WEEK LOW AND HIGH

$28.13
$25.65
$28.26

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.11%

SALES FEES

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

BROKERAGE FEES

  • Turnover 9.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

STANDARD (TAXABLE)

$10,000

IRA

N/A

Investment Themes

CATEGORY

Diversified Portfolio
  • Fund Type Open End Mutual Fund
  • Investment Style Allocation--30% to 50% Equity

Distributions

  • YTD Total Return 6.4%
  • 3 Yr Annualized Total Return 5.9%
  • 5 Yr Annualized Total Return 8.5%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.11%
DIVIDENDS
  • Dividend Yield 0.5%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name Vanguard Tax Managed Balanced Fund
  • Fund Family Name Vanguard
  • Inception Date Sep 06, 1994
  • Shares Outstanding N/A
  • Share Class Other
  • Currency USD
  • Domiciled Country United States
  • Manager James M. D'Arcy

Fund Description

The Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX) is a traditional balanced fund that splits its portfolio evenly between stocks and bonds. VTMFX is passively managed to minimize taxes. The equity side of the fund holds broad U.S. stock index funds and the bond side holds tax-free municipal bonds. VTMFX tracks the Russell 1000 Index and the Barclays 1–15 Year Municipal Bond Index.

Expenses for VTMFX are very low. Given its scope and broad holdings, the fund is suitable as a “one-stop-shop” holding for investors in high tax brackets. The fund is internally managed by Vanguard.

VTMFX - Performance

Return Ranking - Trailing

Period VTMFX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 4.7% -66.0% 23.3% 49.51% 3
1 Yr 3.8% -37.1% 45.9% 38.04% 2
3 Yr 5.9% * -13.0% 11.8% 6.19% 1
5 Yr 8.5% * -11.0% 13.7% 22.55% 2
10 Yr 5.8% * -5.5% 8.1% 10.71% 1

* Annualized


Return Ranking - Calendar

Period VTMFX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 0.3% -37.7% 48.7% 1.01% 1
2014 7.6% -59.3% 14.8% 3.28% 1
2013 11.9% -17.5% 36.4% 31.78% 2
2012 8.3% -16.2% 18.4% 44.68% 3
2011 3.0% -30.5% 7.4% 3.19% 1

Total Return Ranking - Trailing

Period VTMFX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 6.4% -65.8% 32.0% 45.50% 3
1 Yr 3.8% -40.3% 73.2% 28.86% 2
3 Yr 5.9% * -14.0% 28.2% 5.67% 1
5 Yr 8.5% * -11.4% 13.7% 18.99% 1
10 Yr 5.8% * -5.5% 8.1% 10.15% 1

* Annualized


Total Return Ranking - Calendar

Period VTMFX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 2.4% -29.3% 50.4% 2.11% 1
2014 10.4% -54.8% 25.4% 8.59% 1
2013 15.6% -16.7% 57.2% 46.83% 3
2012 12.3% -16.2% 74.5% 60.48% 4
2011 6.5% -25.3% 15.8% 5.21% 1

NAV & Total Return History

VTMFX - Holdings

Filings data as of: Oct 31, 2016

Concentration Analysis

VTMFX Category Low Category High VTMFX % Rank Quintile
Net Assets 3 B 81.4 K 100 B 3.43% 1
Number of Holdings 2465 1 12494 0.69% 1
Net Assets in Top 10 234 M -654 M 20.2 B 11.12% 3
Weighting of Top 10 7.8% 0.2% 816.2% 30.71% 5

Top 10 Holdings

  1. Apple Inc 1.42%
  2. Exxon Mobil Corp 0.79%
  3. Microsoft Corp 1.05%
  4. Johnson & Johnson 0.74%
  5. Berkshire Hathaway Inc B 0.64%
  6. General Electric Co 0.59%
  7. Facebook Inc A 0.67%
  8. Amazon.com Inc 0.70%
  9. Alphabet Inc A 0.58%
  10. JPMorgan Chase & Co 0.57%

Asset Allocation

Weighting Category Low Category High VTMFX % Rank Quintile
Bonds
52.48% -41.48% 861.65% 7.17% 2
Stocks
47.28% -49.32% 151.04% 17.77% 3
Cash
0.24% -794.77% 139.25% 27.14% 5
Convertible Bonds
0.00% 0.00% 33.12% 7.19% 4
Preferred Stocks
0.00% -0.92% 35.22% 8.83% 4
Other
0.00% -15.48% 99.72% 18.26% 5

Stock Sector Breakdown

Weighting Category Low Category High VTMFX % Rank Quintile
Technology
8.93% -8.03% 70.04% 10.91% 2
Financial Services
6.88% -5.07% 69.58% 14.67% 3
Healthcare
6.34% -1.46% 29.90% 11.79% 3
Consumer Cyclical
5.52% -6.02% 54.37% 13.42% 3
Industrials
5.23% -4.02% 48.84% 13.51% 3
Consumer Defense
4.49% -4.74% 27.69% 10.26% 3
Energy
3.29% -2.68% 33.46% 11.75% 3
Communication Services
2.00% -2.53% 27.16% 8.45% 3
Real Estate
1.65% -8.01% 48.98% 13.51% 3
Utilities
1.57% -7.18% 47.20% 8.50% 3
Basic Materials
1.40% -1.82% 21.85% 12.53% 4

Stock Geographic Breakdown

Weighting Category Low Category High VTMFX % Rank Quintile
US
47.11% -97.12% 148.25% 10.85% 2
Non US
0.17% -2.98% 150.26% 27.60% 5

Bond Sector Breakdown

Weighting Category Low Category High VTMFX % Rank Quintile
Municipal
52.48% 0.00% 91.28% 0.18% 1
Cash & Equivalents
0.24% -794.84% 138.37% 27.00% 5
Securitized
0.00% -0.01% 40.54% 23.57% 5
Corporate
0.00% 0.00% 90.42% 29.61% 5
Derivative
0.00% -84.53% 32.28% 3.16% 2
Government
0.00% -91.64% 806.44% 26.73% 5

Bond Geographic Breakdown

Weighting Category Low Category High VTMFX % Rank Quintile
US
52.48% -154.38% 699.68% 3.57% 1
Non US
0.00% -57.44% 198.64% 24.81% 5

VTMFX - Expenses

Operational Fees

VTMFX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 0.11% 0.00% 165.34% 18.54% 1
Management Fee 0.10% 0.00% 2.55% 5.14% 1
12b-1 Fee N/A 0.00% 1.00% N/A N/A
Administrative Fee N/A 0.00% 0.83% N/A N/A

Sales Fees

VTMFX Fees (% of AUM) Category Low Category High VTMFX Rank Quintile
Front Load N/A 0.14% 5.75% N/A N/A
Deferred Load N/A 0.75% 5.50% N/A N/A

Trading Fees

VTMFX Fees (% of AUM) Category Low Category High VTMFX Rank Quintile
Max Redemption Fee N/A 0.11% 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.

VTMFX Fees (% of AUM) Category Low Category High VTMFX Rank Quintile
Turnover 9.00% 0.00% 5609.00% 14.07% 1

VTMFX - Distributions

Dividend Yield Analysis

VTMFX Category Low Category High VTMFX % Rank Quintile
Dividend Yield 0.5% 0.00% 11.33% 6.18% 1

Dividend Distribution Analysis

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

Dividend Payout History


Net Income Ratio Analysis

VTMFX Category Low Category High VTMFX % Rank Quintile
Net Income Ratio 2.11% -2.96% 9.94% 10.12% 2

Capital Gain Distribution Analysis

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

VTMFX - Managers

James M. D'Arcy

Manager

Start Date

Jun 28, 2013

Tenure

3.43

Tenure Rank

4.8%

James M. D’Arcy, Portfolio Manager, and has been with Vanguard since 2011. Prior to this ,James D'Arcy is a director and senior portfolio manager for Columbia Management focusing on tax-exempt and crossover short duration accounts. In addition, he manages two short-term funds and various short-term separate accounts and is responsible for developing tax-exempt strategies for Columbia Management’s tax-exempt liquidity strategies group. Mr. D'Arcy joined Columbia Management in 1999 and has been a member of the investment community since 1996. Prior to joining Columbia Management, Mr. D'Arcy worked on the fixed-income trading desk at Wells Capital Management. Mr. D'Arcy received his B.A. in economics from the University of Colorado at Boulder. He holds the Chartered Financial Analyst designation. In addition, he is a member of the CFA North Carolina Society and the National Federation of Municipal Analysts.


Donald M. Butler

Manager

Start Date

Apr 08, 2016

Tenure

0.65

Tenure Rank

6.8%

Donald M. Butler, CFA, Principal of Vanguard. He has been with Vanguard since 1992; has managed investment portfolios since 1997; and has co-managed the Fund since 2009. Education: B.S.B.A., Shippensburg University.


William A. Coleman

Manager

Start Date

Apr 08, 2016

Tenure

0.65

Tenure Rank

6.8%

William Coleman, Portfolio Manager. He has worked in investment management since joining Vanguard in 2006. Education: B.S., King’s College; M.B.A., St. Joseph’s University.


Tenure Analysis

Category Low

0.0

Category High

35.9

Category Average

5.47

Category Mode

1.9