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VWAHX Vanguard High-Yield Tax-Exempt

  • Fund
  • VWAHX
  • Price as of: Dec 08, 2016
  • $11.01
  • - $0.01
  • - 0.09%
  • Category
  • National Munis

VWAHX - Profile

Vitals

  • YTD Return -2.7%
  • 3 Yr Annualized Return 5.0%
  • 5 Yr Annualized Return 4.6%
  • Net Assets $10.5 B
  • Holdings in Top 10 4.2%

52 WEEK LOW AND HIGH

$11.01
$10.87
$11.80

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.20%

SALES FEES

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

BROKERAGE FEES

  • Turnover 21.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

STANDARD (TAXABLE)

$3,000

IRA

$3,000

Investment Themes

CATEGORY

National Munis
  • Fund Type Open End Mutual Fund
  • Investment Style Muni National Interm

Distributions

  • YTD Total Return -2.7%
  • 3 Yr Annualized Total Return 5.0%
  • 5 Yr Annualized Total Return 4.6%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.69%
DIVIDENDS
  • Dividend Yield 0.4%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name Vanguard High Yield Tax Exempt Fund
  • Fund Family Name Vanguard
  • Inception Date Dec 27, 1978
  • Shares Outstanding N/A
  • Share Class Inv
  • Currency USD
  • Domiciled Country United States
  • Manager Mathew M. Kiselak

Fund Description

The Vanguard High-Yield Tax-Exempt Fund (VWAHX) is a low-cost, actively managed municipal bond fund that seeks to provide a high level of tax-exempt income. VWAHX does this by betting on the high-yield subsector of the municipal bond market. These bonds are often tied to special projects or are from states and towns with less-than-stellar credit. The fund uses intensive credit analysis to find bonds that are trading below their real worth.

Given its mandate on high, tax-free (albeit riskier) income, high earners looking to save on taxes could find the fund a great fit in their taxable accounts. The fund is managed by Vanguard Group.

VWAHX - Performance

Return Ranking - Trailing

Period VWAHX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD -2.7% -5.6% 99.4% 47.32% 4
1 Yr 0.7% -5.8% 10.7% 11.99% 1
3 Yr 5.0% * -4.5% 7.0% 6.41% 1
5 Yr 4.6% * -0.7% 6.1% 7.64% 1
10 Yr 4.3% * -0.6% 4.9% 6.41% 1

* Annualized


Return Ranking - Calendar

Period VWAHX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 0.4% -10.9% 2.6% 8.28% 1
2014 7.4% -2.2% 12.0% 9.08% 1
2013 -7.0% -11.9% 0.1% 51.14% 4
2012 5.3% -7.1% 10.2% 12.55% 1
2011 6.1% -1.8% 15.2% 19.49% 2

Total Return Ranking - Trailing

Period VWAHX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD -2.7% -4.7% 99.4% 50.89% 4
1 Yr 0.7% -8.9% 8.9% 8.27% 1
3 Yr 5.0% * -5.4% 7.0% 3.99% 1
5 Yr 4.6% * -1.2% 6.1% 5.40% 1
10 Yr 4.3% * -0.6% 4.9% 4.70% 1

* Annualized


Total Return Ranking - Calendar

Period VWAHX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 0.4% -9.7% 5.1% 19.93% 2
2014 7.4% -0.9% 17.0% 12.39% 1
2013 -7.0% -11.9% 2.1% 55.32% 4
2012 5.3% -0.6% 17.8% 19.23% 2
2011 6.1% -1.1% 16.2% 31.48% 2

NAV & Total Return History

VWAHX - Holdings

Filings data as of: Sep 30, 2016

Concentration Analysis

VWAHX Category Low Category High VWAHX % Rank Quintile
Net Assets 10.5 B 491 K 50.6 B 1.13% 1
Number of Holdings 1628 1 6199 1.13% 1
Net Assets in Top 10 474 M -176 M 1.27 B 2.74% 1
Weighting of Top 10 4.2% 0.0% 100.0% 34.84% 5

Top 10 Holdings

  1. Nuveen Divid Advantage Mun Fd Var Rt De 0.48%
  2. Nuveen Divid Advantage Mun Fd Var R 0.8% 0.48%
  3. New York Liberty Dev Corp Libe Rev Bd 5% 0.48%
  4. California Statewide Cmntys De Rev 5.25% 0.41%
  5. Chicago Ill Brd Ed Ult Tax G 7% 0.40%
  6. Golden St Tob Securitization C Enh 0.01% 0.40%
  7. Iowa Fin Auth 5.5% 0.39%
  8. Jefferson Cnty Ala Swr Rev Swr Rev W 7% 0.39%
  9. Texas Mun Pwr Agy Rev Ref Rev B 0.38%
  10. California St Go Bds 6.5% 0.34%

Asset Allocation

Weighting Category Low Category High VWAHX % Rank Quintile
Bonds
96.97% 0.00% 202.21% 15.46% 3
Cash
2.95% -110.85% 100.00% 16.45% 3
Preferred Stocks
0.09% 0.00% 11.68% 1.13% 1
Other
0.00% -2.77% 27.54% 6.13% 2
Convertible Bonds
0.00% 0.00% 2.79% 0.81% 1
Stocks
0.00% 0.00% 1.43% 1.13% 1

Bond Sector Breakdown

Weighting Category Low Category High VWAHX % Rank Quintile
Municipal
96.13% 0.00% 140.30% 17.26% 4
Cash & Equivalents
2.95% -110.85% 100.00% 16.61% 3
Corporate
0.57% 0.00% 34.61% 2.42% 1
Government
0.35% -43.18% 117.34% 5.32% 1
Securitized
0.00% 0.00% 41.81% 2.90% 1
Derivative
0.00% -0.43% 5.58% 0.48% 1

Bond Geographic Breakdown

Weighting Category Low Category High VWAHX % Rank Quintile
US
96.97% 0.00% 202.21% 15.48% 3
Non US
0.00% 0.00% 20.62% 0.81% 1

VWAHX - Expenses

Operational Fees

VWAHX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 0.20% 0.10% 4.60% 25.76% 1
Management Fee 0.16% 0.00% 1.00% 6.28% 1
12b-1 Fee N/A 0.00% 1.00% N/A N/A
Administrative Fee N/A 0.00% 0.35% N/A N/A

Sales Fees

VWAHX Fees (% of AUM) Category Low Category High VWAHX Rank Quintile
Front Load N/A 0.50% 5.75% N/A N/A
Deferred Load N/A 0.50% 5.50% N/A N/A

Trading Fees

VWAHX Fees (% of AUM) Category Low Category High VWAHX Rank Quintile
Max Redemption Fee N/A 0.25% 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.

VWAHX Fees (% of AUM) Category Low Category High VWAHX Rank Quintile
Turnover 21.00% 0.00% 783.51% 10.79% 3

VWAHX - Distributions

Dividend Yield Analysis

VWAHX Category Low Category High VWAHX % Rank Quintile
Dividend Yield 0.4% 0.00% 2.86% 13.05% 1

Dividend Distribution Analysis

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

Dividend Payout History


Net Income Ratio Analysis

VWAHX Category Low Category High VWAHX % Rank Quintile
Net Income Ratio 3.69% -0.60% 5.26% 6.92% 1

Capital Gain Distribution Analysis

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

VWAHX - Managers

Mathew M. Kiselak

Manager

Start Date

Jul 16, 2010

Tenure

6.38

Tenure Rank

10.8%

Mathew M. Kiselak, Principal of Vanguard. He has worked in investment management since 1987, has managed investment portfolios since 1990, and has been with Vanguard since 2010. Education: B.S., Pace University.


Tenure Analysis

Category Low

0.0

Category High

37.2

Category Average

7.34

Category Mode

1.9