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VMNFX Vanguard Market Neutral Inv

  • Fund
  • VMNFX
  • Price as of: May 14, 2019
  • $10.68 - $0.02 - 0.19%
  • Category
  • Market Neutral

VMNFX - Profile

Vitals

  • YTD Return -8.1%
  • 3 Yr Annualized Return -4.0%
  • 5 Yr Annualized Return -1.3%
  • Net Assets $1.19 B
  • Holdings in Top 10 239.5%

52 WEEK LOW AND HIGH

$10.68
$10.68
$12.11

Expenses

OPERATING RELATED FEES

  • Expense Ratio 1.80%

SALES FEES

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

BROKERAGE FEES

  • Turnover 110.00%

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 -8.1%
  • 3 Yr Annualized Total Return -4.0%
  • 5 Yr Annualized Total Return -1.3%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.93%
DIVIDENDS
  • Dividend Yield 0.0%
  • 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 (%)
YTD -8.1% -10.6% 12.9% 84.52%
1 Yr -9.4% -33.6% 4.2% 72.62%
3 Yr -4.0%* -15.4% 5.5% 68.29%
5 Yr -1.3%* -22.9% 2.3% 44.30%
10 Yr 0.8%* -13.8% 14.1% 35.71%

* Annualized


Return Ranking - Calendar

Period VMNFX Return Category Return Low Category Return High Rank in Category (%)
2018 -0.3% -27.8% 6.2% 24.39%
2017 -5.9% -21.2% 6.1% 81.71%
2016 2.1% -8.4% 7.9% 30.49%
2015 5.5% -71.0% 5.6% 2.53%
2014 4.3% -7.6% 5.2% 8.96%

Total Return Ranking - Trailing

Period VMNFX Return Category Return Low Category Return High Rank in Category (%)
YTD -8.1% -10.6% 12.9% 84.52%
1 Yr -9.4% -33.6% 6.8% 76.19%
3 Yr -4.0%* -13.3% 7.2% 78.05%
5 Yr -1.3%* -22.9% 3.8% 58.23%
10 Yr 0.8%* -13.8% 15.8% 50.00%

* Annualized


Total Return Ranking - Calendar

Period VMNFX Return Category Return Low Category Return High Rank in Category (%)
2018 -0.3% -27.8% 8.0% 29.27%
2017 -5.9% -9.9% 7.0% 89.02%
2016 2.1% -8.4% 11.2% 56.10%
2015 5.5% -71.0% 5.6% 2.53%
2014 4.3% -7.6% 6.4% 13.43%

NAV & Total Return History

VMNFX - Holdings

Concentration Analysis

VMNFX Category Low Category High VMNFX % Rank
Net Assets 1.19 B 8.49 M 7.68 B 15.48%
Number of Holdings 590 11 1081 11.90%
Net Assets in Top 10 80.9 M -35.7 M 748 M 20.24%
Weighting of Top 10 239.53% 5.9% 433.5% 4.76%

Top 10 Holdings

  1. Five9 Inc 24.66%

  2. FirstEnergy Corp 24.61%

  3. Haemonetics Corp 24.54%

  4. Exelon Corp 24.44%

  5. Beacon Roofing Supply Inc 23.74%

  6. Abercrombie & Fitch Co Class A 23.64%

  7. Crocs Inc 23.54%

  8. Booz Allen Hamilton Holding Corp 23.52%

  9. Deckers Outdoor Corp 23.49%

  10. World Wrestling Entertainment Inc Class A 23.36%


Asset Allocation

Weighting Return Low Return High VMNFX % Rank
Cash
102.50% -14.35% 104.02% 8.33%
Stocks
17.37% -24.07% 94.13% 59.52%
Preferred Stocks
0.00% -0.69% 9.08% 92.86%
Convertible Bonds
0.00% 0.00% 65.77% 94.05%
Bonds
0.00% -88.90% 96.76% 91.67%
Other
-19.88% -19.88% 92.70% 98.81%

Stock Sector Breakdown

Weighting Return Low Return High VMNFX % Rank
Consumer Cyclical
140.95% -14.77% 140.95% 1.22%
Industrials
72.49% -1.85% 82.28% 10.98%
Financial Services
32.01% -1.85% 32.01% 1.22%
Energy
29.89% -6.19% 29.89% 1.22%
Basic Materials
26.66% -3.48% 26.66% 1.22%
Healthcare
20.58% -8.57% 26.62% 6.10%
Utilities
-5.71% -5.71% 8.92% 98.78%
Real Estate
-15.68% -15.68% 5.92% 98.78%
Consumer Defense
-50.73% -50.73% 29.57% 98.78%
Communication Services
-66.38% -66.38% 5.23% 98.78%
Technology
-146.96% -146.96% 28.23% 98.78%

Stock Geographic Breakdown

Weighting Return Low Return High VMNFX % Rank
US
40.60% -23.42% 89.53% 45.24%
Non US
-23.23% -23.23% 64.88% 98.81%

VMNFX - Expenses

Operational Fees

VMNFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.80% 0.77% 5.07% 69.05%
Management Fee 0.17% 0.13% 2.00% 2.38%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.04% 0.40% N/A

Sales Fees

VMNFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.25% 5.75% N/A
Deferred Load N/A 1.00% 5.50% N/A

Trading Fees

VMNFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% 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 Return Low Category Return High Rank in Category (%)
Turnover 110.00% 52.00% 4753.00% 24.39%

VMNFX - Distributions

Dividend Yield Analysis

VMNFX Category Low Category High VMNFX % Rank
Dividend Yield 0.01% 0.00% 0.11% 39.29%

Dividend Distribution Analysis

VMNFX Category Low Category High Category Mode
Dividend Distribution Frequency Quarterly Annually Semi-Annually Annually

Dividend Payout History


Net Income Ratio Analysis

VMNFX Category Low Category High VMNFX % Rank
Net Income Ratio 0.93% -2.10% 2.72% 27.38%

Capital Gain Distribution Analysis

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

VMNFX - Managers

James P. Stetler

Manager

Start Date

Tenure

Tenure Rank

Apr 27, 2012

7.01

7.0%

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

Tenure

Tenure Rank

Apr 28, 2016

3.01

3.0%

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

28.67

Category Average

6.45

Category Mode

5.37