VWAHX: Vanguard High-Yield Tax-Exempt

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VWAHX Vanguard High-Yield Tax-Exempt

Profile

VWAHX - Profile

Vitals

  • YTD Return 1.0%
  • 3 Yr Annualized Return 6.0%
  • 5 Yr Annualized Return 4.6%
  • Net Assets $16.6 B
  • Holdings in Top 10 2.8%

52 WEEK LOW AND HIGH

$11.86
$11.15
$11.91

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.17%

SALES FEES

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

BROKERAGE FEES

  • Turnover 17.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

  • Standard (Taxable) $3,000
  • IRA N/A

Fund Classification

Distributions

  • YTD Total Return 1.0%
  • 3 Yr Annualized Total Return 6.0%
  • 5 Yr Annualized Total Return 4.6%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.72%
DIVIDENDS
  • Dividend Yield 0.9%
  • 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 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.

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Categories

VWAHX - Mutual Fund Categories

Developed Market
North America
Low Cost
Active
No Load
U.S.
Long-Term Bond
Total Bond Market
Muni National Bond
Municipal Bond
U.S. Investment-Grade Bond
Fund Company Quick Screens

VWAHX - Fund Company Quick Screens

Vanguard Bond Funds
Vanguard Municipal Bond Funds
Vanguard U.S. Investment-Grade Bond Funds
Performance

VWAHX - Performance

Return Ranking - Trailing

Period VWAHX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.0% -0.4% 4.5% 15.43%
1 Yr 9.2% -1.0% 85.6% 8.27%
3 Yr 6.0%* -5.1% 22.9% 0.66%
5 Yr 4.6%* -14.6% 12.7% 1.05%
10 Yr 5.3%* -8.6% 9.3% 1.45%

* Annualized

Return Ranking - Calendar

Period VWAHX Return Category Return Low Category Return High Rank in Category (%)
2019 5.2% -1.7% 83.9% 31.16%
2018 -2.4% -12.4% 0.8% 47.60%
2017 3.9% -6.0% 17.1% 2.49%
2016 -2.7% -58.1% 8.6% 78.46%
2015 0.4% -18.3% 3.0% 5.12%

Total Return Ranking - Trailing

Period VWAHX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.0% -0.4% 4.5% 15.43%
1 Yr 9.2% -2.6% 85.6% 7.51%
3 Yr 6.0%* -5.1% 22.9% 0.78%
5 Yr 4.6%* -14.6% 12.7% 0.96%
10 Yr 5.3%* -8.6% 9.3% 1.64%

* Annualized

Total Return Ranking - Calendar

Period VWAHX Return Category Return Low Category Return High Rank in Category (%)
2019 5.2% -1.7% 83.9% 31.59%
2018 -2.4% -11.7% 6.5% 56.23%
2017 3.9% -6.0% 27.0% 8.41%
2016 -2.7% -58.1% 10.7% 81.58%
2015 0.4% -14.6% 4.2% 10.29%

NAV & Total Return History

Holdings

VWAHX - Holdings

Concentration Analysis

VWAHX Category Low Category High VWAHX % Rank
Net Assets 16.6 B 688 K 249 B 4.79%
Number of Holdings 2566 1 17590 3.01%
Net Assets in Top 10 445 M -216 M 23.5 B 22.79%
Weighting of Top 10 2.82% 2.3% 144.8% 99.54%

Top 10 Holdings

  1. VIRGINIA SMALL BUSINESS FING AUTH PRIVATE ACTIVITY REV 5% 0.37%
  2. NEW MEXICO MUN ENERGY ACQUISITION AUTH GAS SUPPLY REV 5% 0.33%
  3. CHANDLER ARIZ INDL DEV AUTH INDL DEV REV 5% 0.29%
  4. CHICAGO ILL BRD ED 7% 0.28%
  5. NORTH TEX TWY AUTH REV 5% 0.27%
  6. JEFFERSON CNTY ALA SWR REV 7% 0.27%
  7. TEXAS PRIVATE ACTIVITY BD SURFACE TRANSN CORP REV 5% 0.26%
  8. NEW YORK TRANSN DEV CORP SPL FAC REV 5% 0.25%
  9. PORT PORT ARTHUR TEX NAV DIST EXEMPT FACS REV 1.9% 0.25%
  10. PUERTO RICO SALES TAX FING CORP SALES TAX REV 4.33% 0.24%

Asset Allocation

Weighting Return Low Return High VWAHX % Rank
Bonds 		96.43% 80.34% 160.64% 58.49%
Other 		3.57% -26.77% 31.28% 0.53%
Stocks 		0.00% -17.64% 26.05% 37.72%
Preferred Stocks 		0.00% 0.00% 7.32% 42.75%
Convertible Bonds 		0.00% 0.00% 6.13% 61.25%
Cash 		0.00% -60.64% 28.73% 85.01%

Bond Sector Breakdown

Weighting Return Low Return High VWAHX % Rank
Municipal 		100.00% 0.00% 100.00% 1.84%
Derivative 		0.00% 0.00% 23.62% 39.99%
Cash & Equivalents 		0.00% -26.49% 21.73% 94.19%
Securitized 		0.00% 0.00% 97.31% 68.66%
Corporate 		0.00% 0.00% 99.29% 73.95%
Government 		0.00% 0.00% 100.00% 71.53%

Bond Geographic Breakdown

Weighting Return Low Return High VWAHX % Rank
US 		95.22% 61.83% 160.64% 42.29%
Non US 		1.21% -27.08% 26.76% 65.30%
Expenses

VWAHX - Expenses

Operational Fees

VWAHX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.17% 0.00% 209.96% 96.54%
Management Fee 0.14% 0.00% 1.25% 5.55%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.00% 0.50% N/A

Sales Fees

VWAHX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 5.75% N/A
Deferred Load N/A 0.25% 5.50% N/A

Trading Fees

VWAHX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.50% 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.

VWAHX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 17.00% 0.00% 2053.00% 20.47%
Distributions

VWAHX - Distributions

Dividend Yield Analysis

VWAHX Category Low Category High VWAHX % Rank
Dividend Yield 0.86% 0.00% 5.21% 24.50%

Dividend Distribution Analysis

VWAHX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

VWAHX Category Low Category High VWAHX % Rank
Net Income Ratio 3.72% 0.00% 6.30% 5.55%

Capital Gain Distribution Analysis

VWAHX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Semi-Monthly Annually

Dividend Payout History

View More +
Fund Manager Analysis

VWAHX - Fund Manager Analysis

Managers

Mathew Kiselak

Start Date

Tenure

Tenure Rank

Jul 16, 2010

9.47

9.5%

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 Category High Category Average Category Mode
0.01 33.1 7.64 0.67

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