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VWITX Vanguard Interm-Term Tx-Ex Inv

  • Fund
  • VWITX
  • Price as of: Aug 08, 2016
  • $14.53
  • - $0.01
  • - 0.07%
  • Category
  • National Munis

VWITX - Profile

Vitals

  • YTD Return 1.9%
  • 3 Yr Annualized Return 5.1%
  • 5 Yr Annualized Return 4.4%
  • Net Assets $52.2 B
  • Holdings in Top 10 2.0%

52 WEEK LOW AND HIGH

$14.53
$14.11
$14.64

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.20%

SALES FEES

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

BROKERAGE FEES

  • Turnover 12.00%

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 1.9%
  • 3 Yr Annualized Total Return 5.1%
  • 5 Yr Annualized Total Return 4.4%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.91%
DIVIDENDS
  • Dividend Yield 0.4%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name Vanguard Intermediate-Term Tax-Exempt Fund
  • Fund Family Name Vanguard
  • Inception Date Sep 01, 1977
  • Shares Outstanding N/A
  • Share Class Inv
  • Currency USD
  • Domiciled Country United States
  • Manager James M. D'Arcy

Fund Description

The Vanguard Intermediate-Term Tax-Exempt Fund Investor Shares (VWITX) aims to provide high income for tax-sensitive investors. It does this by betting on intermediate-term municipal bonds from a variety of state, town and municipal issuers. Munis are generally exempt from Federal taxes and some state taxes. Using credit analysis, the actively managed fund seeks out only high-quality muni bonds. VWITX’s holdings are kept for between six and 12 years.

With its low costs, VWITX makes an ideal core bond position for investors in high tax brackets or in a taxable account. The fund is managed by Vanguard’s Fixed Income Group.

VWITX - Performance

Return Ranking - Trailing

Period VWITX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 1.9% -2.5% 99.4% 32.68% 3
1 Yr 6.1% -5.8% 13.3% 34.94% 2
3 Yr 5.1% * -4.5% 9.4% 38.99% 2
5 Yr 4.4% * -0.5% 8.0% 40.41% 3
10 Yr 4.6% * -0.3% 5.9% 23.63% 2

* Annualized


Return Ranking - Calendar

Period VWITX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 -0.1% -10.9% 99.6% 17.52% 2
2014 N/A 4.5% 4.5% N/A N/A
2013 N/A -6.5% -6.5% N/A N/A
2012 N/A 1.5% 1.5% N/A N/A
2011 N/A 3.3% 3.3% N/A N/A

Total Return Ranking - Trailing

Period VWITX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 1.9% -2.5% 99.4% 32.46% 3
1 Yr 6.1% -8.9% 13.3% 21.10% 2
3 Yr 5.1% * -5.4% 9.4% 30.33% 2
5 Yr 4.4% * -0.5% 8.0% 35.79% 2
10 Yr 4.6% * -0.3% 5.9% 18.78% 1

* Annualized


Total Return Ranking - Calendar

Period VWITX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 -0.1% -10.9% 99.6% 17.52% 2
2014 N/A 4.5% 4.5% N/A N/A
2013 N/A -6.5% -6.5% N/A N/A
2012 N/A 1.5% 1.5% N/A N/A
2011 N/A 3.3% 3.3% N/A N/A

NAV & Total Return History

VWITX - Holdings

Filings data as of: Mar 31, 2016

Concentration Analysis

VWITX Category Low Category High VWITX % Rank Quintile
Net Assets 52.2 B 491 K 52.2 B 0.16% 1
Number of Holdings 5633 1 5633 0.16% 1
Net Assets in Top 10 978 M -90.5 M 1.34 B 0.32% 1
Weighting of Top 10 2.0% 0.0% 100.0% 33.87% 5

Top 10 Holdings

  1. Central Plains Engy Proj Neb Rev Ref 5% 0.35%
  2. Univ Calif Revs For Prev Rev Bds 5% 0.32%
  3. California St Go Bds 5.75% 0.18%
  4. Maryland St Go Bds 5% 0.18%
  5. Maryland St Go Bds 5% 0.18%
  6. Massachusetts St Go Bds 5% 0.17%
  7. Chicago Ill O Hare Intl Arpt R 3rd Li 5% 0.16%
  8. Houston Tex Higher Ed Fin Corp Rev 0.79% 0.15%
  9. Texas St Go Mobili 0.15%
  10. California St Go Bds 5% 0.14%

Asset Allocation

Weighting Category Low Category High VWITX % Rank Quintile
Bonds
94.52% 0.00% 202.21% 16.91% 3
Cash
5.48% -110.85% 100.00% 15.81% 3
Other
0.00% -2.77% 30.50% 6.45% 2
Convertible Bonds
0.00% 0.00% 4.07% 0.65% 1
Preferred Stocks
0.00% 0.00% 11.63% 1.13% 1
Stocks
0.00% 0.00% 1.71% 1.13% 1

Bond Sector Breakdown

Weighting Category Low Category High VWITX % Rank Quintile
Municipal
94.49% 0.00% 146.16% 16.29% 3
Cash & Equivalents
5.48% -110.85% 100.00% 15.81% 3
Government
0.03% -17.17% 117.34% 6.77% 2
Securitized
0.00% 0.00% 30.99% 2.26% 1
Corporate
0.00% 0.00% 33.65% 3.71% 1
Derivative
0.00% -0.52% 5.07% 0.48% 1

Bond Geographic Breakdown

Weighting Category Low Category High VWITX % Rank Quintile
US
94.52% 0.00% 202.21% 16.77% 3
Non US
0.00% 0.00% 24.05% 0.97% 1

VWITX - Expenses

Operational Fees

VWITX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 0.20% 0.09% 4.60% 24.96% 1
Management Fee 0.17% 0.00% 1.00% 5.80% 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

VWITX Fees (% of AUM) Category Low Category High VWITX 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

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

VWITX Fees (% of AUM) Category Low Category High VWITX Rank Quintile
Turnover 12.00% 0.00% 783.51% 15.14% 2

VWITX - Distributions

Dividend Yield Analysis

VWITX Category Low Category High VWITX % Rank Quintile
Dividend Yield 0.4% 0.00% 2.86% 12.05% 1

Dividend Distribution Analysis

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

Dividend Payout History


Net Income Ratio Analysis

VWITX Category Low Category High VWITX % Rank Quintile
Net Income Ratio 2.91% -0.70% 5.26% 16.75% 2

Capital Gain Distribution Analysis

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

VWITX - Managers

James M. D'Arcy

Manager

Start Date

Jun 28, 2013

Tenure

3.09

Tenure Rank

14.0%

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.


Tenure Analysis

Category Low

0.1

Category High

36.9

Category Average

7.39

Category Mode

1.6