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Name

As of 04/19/2023

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Vanguard Alternative Strategies Fund

VASFX | Fund

$16.55

$114 M

3.25%

$0.54

1.28%

Vitals

YTD Return

-0.3%

1 yr return

-2.6%

3 Yr Avg Return

-3.2%

5 Yr Avg Return

-3.8%

Net Assets

$114 M

Holdings in Top 10

72.6%

52 WEEK LOW AND HIGH

$16.6
$16.42
$17.51

Expenses

OPERATING FEES

Expense Ratio 1.28%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 166.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$50,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 04/19/2023

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Vanguard Alternative Strategies Fund

VASFX | Fund

$16.55

$114 M

3.25%

$0.54

1.28%

VASFX - Profile

Distributions

  • YTD Total Return -0.3%
  • 3 Yr Annualized Total Return -3.2%
  • 5 Yr Annualized Total Return -3.8%
  • Capital Gain Distribution Frequency Semi-Annually
  • Net Income Ratio -0.25%
DIVIDENDS
  • Dividend Yield 3.2%
  • Dividend Distribution Frequency Annually

Fund Details

  • Legal Name
    Vanguard Alternative Strategies Fund
  • Fund Family Name
    Vanguard
  • Inception Date
    Aug 11, 2015
  • Shares Outstanding
    N/A
  • Share Class
    Inv
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Fei Xu

Fund Description

The Fund seeks to generate returns by utilizing several alternative strategies that, individually and collectively, are expected to have low correlation with traditional capital markets and that collectively are expected to have lower volatility than the overall U.S. stock market. The strategies are based on the advisor’s view regarding investable opportunities across capital markets. The Fund pursues strategies that include the following: long/short equity, event driven, fixed income relative value, currencies, commodity-linked investments, and equity index futures. The Fund will hold long and/or short positions within each strategy in an allocation that attempts to minimize market exposure, while attempting to capture attractive risk premiums identified by the advisor. The advisor expects that, over the long term, the assets underlying its long positions will outperform (appreciate more than or depreciate less than) the assets underlying its short positions.The Fund implements these strategies by investing—either directly or indirectly through a wholly owned subsidiary—in a broad range of investments that may include, but are not limited to, the following: equities; fixed income instruments; options; foreign currency exchange forward contracts; futures, including commodity, global equity index, and U.S. and foreign Treasury futures; and swaps.The Fund seeks to generate absolute returns independent of market conditions, while managing volatility by combining strategies with different volatility patterns. The Fund is expected to utilize leverage in an attempt to match the expected risk profile of each individual strategy and the fund overall to a targeted level. A strategy will generate a positive return if stocks or other instruments held long (long positions) in the aggregate outperform stocks or other instruments sold short (short positions). This will happen if the long positions increase in value (appreciate) while the short positions decline in value (depreciate) or if the long positions appreciate more than, or depreciate less than, the short positions.The Fund has adopted a risk methodology that targets a fixed range of volatility set by the advisor. This fixed range of volatility may change from time to time. The advisor will consider risk level of the individual strategies, composition of the portfolio, and market conditions when determining the fixed volatility range.Although the Fund generally expects to maintain an approximate equal weighting among the strategies, the advisor may increase or decrease a strategy’s weighting within the Fund to a level deemed appropriate to further the Fund’s investment objective. In addition, the advisor may discontinue use of any of the strategies or add one or more new strategies if deemed to be in the best interests of the Fund.The strategies employed by the Fund include:• Long/Short Equity: The Fund may engage in strategies that seek to provide both long and short exposure to equity securities. This strategy involves simultaneously purchasing equities (e.g., U.S. and foreign stocks) the advisor expects to increase in value (i.e., investing long) and selling equities the advisor expects to decrease in value (i.e., short selling). This strategy may maintain overweightings in a variety of industry and sector exposures when seeking to capitalize on pricing inefficiencies between related equity securities. When taking a short position, the Fund sells a stock that it does not own and then borrows the stock from a third party to meet its settlement obligations. The Fund seeks to reduce the net exposure of the overall portfolio to general market movements and to minimize volatility by simultaneously engaging in long investing and short selling.• Event Driven: The Fund may engage in event driven strategies, which seek to profit from investing in, and in some cases shorting, the securities (e.g., U.S. and foreign stocks) of a company based on the belief that a specific event or catalyst will affect the price of the company’s stock. This strategy attempts to capitalize on price discrepancies and returns generated by an impending corporate activity, such as an acquisition or merger. The advisor may also engage in this strategy using futures, forwards, or swaps. Foreign currency exchange forward contracts may be used to hedge currency risks presented by securities transactions. Swaps and futures may be used to create synthetic exposure to securities.• Fixed Income Relative Value: The Fund may seek to profit by capitalizing on perceived mispricing of various liquid fixed income or interest rate-sensitive securities. This strategy will employ a variety of quantitative and qualitative methods to identify securities it believes are mispriced or display liquidity discrepancies based on historical, fundamental, or technical factors. The advisor may also engage in this strategy primarily using U.S. Treasury futures.• Currencies: The Fund may utilize this strategy to benefit from expected currency movements across countries through the use of long and short foreign currency exchange forward contracts. The Fund seeks to benefit from premiums associated with selling currencies of countries with poor fundamental characteristics and purchasing currencies of countries with strong fundamental characteristics.• Commodity-Linked Investments: The Fund may engage in investments that create both long and short exposure to commodities by using exchange-traded commodity futures contracts, commodity-linked swaps, or other commodity-linked investments. Commodities include real assets such as agricultural products, livestock, precious and industrial metals, and energy products. The Fund typically obtains exposure to commodities by investing a portion of its assets in a wholly owned subsidiary, which in turn invests in commodity-linked investments and fixed income securities. The Fund may also obtain exposure to commodities by investing directly incommodity-linked investments. Commodity-linked investments include commodity futures contracts, commodity-linked structured notes, commodity-linked swaps, exchange-traded commodity pools or funds, and other commodity-linked instruments.• Equity Index Futures: The Fund may utilize long and short positions in global equity index futures to capture excess return opportunities. The Fund seeks to benefit from global differences in market and fundamental characteristics by buying equity index futures with strong characteristics and selling equity index futures with poor characteristics.
Read More

VASFX - Performance

Return Ranking - Trailing

Period VASFX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.3% -73.0% 19.4% 73.12%
1 Yr -2.6% -9.1% 86.9% 97.09%
3 Yr -3.2%* -9.5% 16.2% 89.16%
5 Yr -3.8%* -4.9% 14.4% 95.07%
10 Yr N/A* -0.9% 7.5% N/A

* Annualized

Return Ranking - Calendar

Period VASFX Return Category Return Low Category Return High Rank in Category (%)
2023 -1.0% -22.7% 305.1% 96.67%
2022 -0.5% -9.8% 27.3% 62.90%
2021 -6.9% -20.8% 10.9% 4.44%
2020 0.8% -12.4% 29.4% 89.11%
2019 0.2% -10.5% 15.8% 62.30%

Total Return Ranking - Trailing

Period VASFX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.3% -73.0% 19.4% 73.12%
1 Yr -2.6% -13.4% 86.9% 95.64%
3 Yr -3.2%* -9.5% 16.2% 88.76%
5 Yr -3.8%* -5.3% 14.4% 95.07%
10 Yr N/A* -0.9% 7.5% N/A

* Annualized

Total Return Ranking - Calendar

Period VASFX Return Category Return Low Category Return High Rank in Category (%)
2023 -1.0% -22.7% 305.1% 96.67%
2022 -0.5% -9.8% 27.3% 64.52%
2021 -6.9% -20.8% 10.9% 4.44%
2020 0.8% -8.4% 29.4% 95.54%
2019 0.2% -10.2% 18.0% 74.87%

NAV & Total Return History

VASFX - Holdings

Concentration Analysis

VASFX Category Low Category High VASFX % Rank
Net Assets 114 M 1.5 M 5.01 B 57.93%
Number of Holdings 361 4 4478 45.94%
Net Assets in Top 10 133 M -398 M 2.55 B 49.82%
Weighting of Top 10 72.64% 13.1% 100.0% 82.57%

Top 10 Holdings

  1. Us 2yr Note (Cbt) Sep21 39.46%
  2. Us 2yr Note (Cbt) Sep21 39.46%
  3. Us 2yr Note (Cbt) Sep21 39.46%
  4. Us 2yr Note (Cbt) Sep21 39.46%
  5. Us 2yr Note (Cbt) Sep21 39.46%
  6. Us 2yr Note (Cbt) Sep21 39.46%
  7. Us 2yr Note (Cbt) Sep21 39.46%
  8. Us 2yr Note (Cbt) Sep21 39.46%
  9. Us 2yr Note (Cbt) Sep21 39.46%
  10. Us 2yr Note (Cbt) Sep21 39.46%

Asset Allocation

Weighting Return Low Return High VASFX % Rank
Bonds 		53.69% -326.45% 6347.80% 89.40%
Cash 		30.54% -6278.21% 410.43% 19.08%
Stocks 		9.89% -3.75% 97.95% 38.16%
Other 		5.88% -21.53% 148.54% 35.34%
Preferred Stocks 		0.00% -0.12% 46.97% 99.29%
Convertible Bonds 		0.00% 0.00% 87.92% 86.22%

Stock Sector Breakdown

Weighting Return Low Return High VASFX % Rank
Financial Services 		14.67% 0.00% 59.28% 23.23%
Technology 		14.53% 0.00% 39.58% 64.96%
Healthcare 		12.21% 0.00% 45.63% 23.23%
Industrials 		11.81% 0.00% 21.45% 46.85%
Consumer Cyclical 		11.41% 0.00% 29.09% 21.26%
Consumer Defense 		7.78% 0.00% 13.62% 38.98%
Basic Materials 		6.92% 0.00% 27.46% 83.07%
Utilities 		6.10% 0.00% 9.23% 45.67%
Communication Services 		5.66% 0.00% 21.78% 11.02%
Real Estate 		5.20% 0.00% 51.26% 35.43%
Energy 		3.70% 0.00% 100.00% 96.46%

Stock Geographic Breakdown

Weighting Return Low Return High VASFX % Rank
Non US 		6.45% -19.62% 42.11% 27.21%
US 		3.44% -8.85% 91.88% 43.46%

Bond Sector Breakdown

Weighting Return Low Return High VASFX % Rank
Government 		49.13% 0.00% 84.29% 96.47%
Cash & Equivalents 		27.98% 0.27% 100.00% 1.77%
Derivative 		22.89% 0.00% 88.81% 93.64%
Securitized 		0.00% 0.00% 56.83% 83.75%
Corporate 		0.00% 0.00% 87.73% 89.05%
Municipal 		0.00% 0.00% 27.33% 75.97%

Bond Geographic Breakdown

Weighting Return Low Return High VASFX % Rank
US 		53.69% -126.19% 6311.18% 92.58%
Non US 		0.00% -382.37% 121.02% 82.33%

VASFX - Expenses

Operational Fees

VASFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.28% 0.29% 31.15% 94.60%
Management Fee 0.22% 0.00% 2.50% 3.89%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.30% N/A

Sales Fees

VASFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.50% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

VASFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

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.

VASFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 166.00% 0.00% 491.00% 58.06%

VASFX - Distributions

Dividend Yield Analysis

VASFX Category Low Category High VASFX % Rank
Dividend Yield 3.25% 0.00% 4.56% 71.38%

Dividend Distribution Analysis

VASFX Category Low Category High Category Mod
Dividend Distribution Frequency Annually Annually Quarterly Annually

Net Income Ratio Analysis

VASFX Category Low Category High VASFX % Rank
Net Income Ratio -0.25% -2.51% 6.83% 63.31%

Capital Gain Distribution Analysis

VASFX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Semi-Annually Annually Annually Annually

Distributions History

View More +

VASFX - Fund Manager Analysis

Managers

Fei Xu

Start Date

Tenure

Tenure Rank

May 19, 2017

5.04

5.0%

Fei Xu, CFA, Portfolio Manager at Vanguard. He has been with Vanguard since 2004. Education: B.S., Peking University; M.S., University of California, Los Angeles; M.B.A., Duke University.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.02 17.37 4.48 1.67

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