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VWAHX Vanguard High-Yield Tax-Exempt

  • Fund
  • VWAHX
  • Price as of: May 14, 2019
  • $11.56 + $0.01 + 0.09%
  • Category
  • National Munis
Profile Performance Holdings Expenses Distributions Managers Read Next

VWAHX - Profile

Vitals

  • YTD Return 3.6%
  • 3 Yr Annualized Return -0.1%
  • 5 Yr Annualized Return 0.8%
  • Net Assets $14.3 B
  • Holdings in Top 10 7.1%

52 WEEK LOW AND HIGH

$11.56
$10.95
$11.56

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

$3,000

Investment Themes

CATEGORY

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

Distributions

  • YTD Total Return 3.6%
  • 3 Yr Annualized Total Return -0.1%
  • 5 Yr Annualized Total Return 0.8%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.72%
DIVIDENDS
  • Dividend Yield 0.0%
  • 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 (%)
YTD 3.6% -3.2% 4.3% 5.34%
1 Yr 3.4% -3.1% 5.2% 7.91%
3 Yr -0.1%* -3.1% 1.8% 13.03%
5 Yr 0.8%* -2.2% 2.0% 4.56%
10 Yr 1.7%* -8.8% 2.8% 7.06%

* Annualized

Return Ranking - Calendar

Period VWAHX Return Category Return Low Category Return High Rank in Category (%)
2018 -2.4% -4.8% 0.8% 67.26%
2017 3.9% -0.9% 5.6% 4.22%
2016 -2.7% -6.1% 7.3% 60.90%
2015 0.4% -10.9% 2.6% 14.05%
2014 7.4% -60.4% 12.0% 13.03%

Total Return Ranking - Trailing

Period VWAHX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.6% -3.2% 4.8% 5.34%
1 Yr 3.4% -3.1% 7.2% 12.65%
3 Yr -0.1%* -3.0% 3.1% 20.77%
5 Yr 0.8%* -1.9% 3.8% 13.28%
10 Yr 1.7%* -8.8% 4.8% 18.10%

* Annualized

Total Return Ranking - Calendar

Period VWAHX Return Category Return Low Category Return High Rank in Category (%)
2018 -2.4% -4.8% 1.7% 70.04%
2017 3.9% -0.9% 6.2% 6.63%
2016 -2.7% -6.1% 7.3% 67.01%
2015 0.4% -9.6% 3.9% 21.59%
2014 7.4% -60.4% 12.0% 14.71%

NAV & Total Return History

VWAHX - Holdings

Concentration Analysis

VWAHX Category Low Category High VWAHX % Rank
Net Assets 14.3 B 770 K 66.2 B 1.98%
Number of Holdings 2293 3 8426 1.98%
Net Assets in Top 10 996 M -122 M 1.81 B 2.77%
Weighting of Top 10 7.12% 2.5% 100.0% 88.91%

Top 10 Holdings

  1. Cmt Municipal Rate 2.35%
  2. VIRGINIA SMALL BUSINESS FING AUTH 5% 0.45%
  3. CHICAGO ILL BRD ED 7% 0.34%
  4. JEFFERSON CNTY ALA 7% 0.32%
  5. NEW YORK TRANSN DEV CORP 5% 0.31%
  6. NORTH TEX TWY AUTH 5% 0.31%
  7. WESTMORELAND CNTY PA INDL DEV AUTH 4.72% 0.28%
  8. SALEM CNTY N J POLLUTN CTL FING AUTH 5% 0.27%
  9. TEXAS TRANSN COMMN ST HWY FD 5% 0.27%
  10. PENNSYLVANIA ST TPK COMMN TPK REV 5% 0.27%

Asset Allocation

Weighting Return Low Return High VWAHX % Rank
Bonds 		100.00% 66.80% 103.87% 7.52%
Stocks 		0.00% 0.00% 0.01% 48.32%
Preferred Stocks 		0.00% 0.00% 9.32% 48.32%
Other 		0.00% -3.88% 30.00% 52.48%
Convertible Bonds 		0.00% 0.00% 2.58% 48.51%
Cash 		0.00% -2.12% 31.82% 89.90%

Bond Sector Breakdown

Weighting Return Low Return High VWAHX % Rank
Municipal 		95.47% 0.00% 112.93% 73.47%
Derivative 		0.00% 0.00% 0.01% 48.71%
Cash & Equivalents 		0.00% -7.72% 31.82% 87.13%
Securitized 		0.00% 0.00% 25.65% 49.70%
Corporate 		0.00% 0.00% 39.31% 56.24%
Government 		0.00% -13.64% 71.35% 47.33%

Bond Geographic Breakdown

Weighting Return Low Return High VWAHX % Rank
US 		99.24% 53.15% 103.17% 18.22%
Non US 		0.76% 0.00% 25.08% 27.72%

VWAHX - Expenses

Operational Fees

VWAHX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.17% 0.08% 4.80% 96.84%
Management Fee 0.14% 0.00% 0.65% 3.56%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.34% 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 0.50% 5.50% N/A

Trading Fees

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

VWAHX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 17.00% 0.00% 504.54% 25.69%

VWAHX - Distributions

Dividend Yield Analysis

VWAHX Category Low Category High VWAHX % Rank
Dividend Yield 0.03% 0.00% 0.94% 23.91%

Dividend Distribution Analysis

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

Dividend Payout History

View More History

Net Income Ratio Analysis

VWAHX Category Low Category High VWAHX % Rank
Net Income Ratio 3.72% 0.01% 4.95% 6.72%

Capital Gain Distribution Analysis

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

VWAHX - Managers

Mathew M. Kiselak

Manager

Start Date

Tenure

Tenure Rank

Jul 16, 2010

8.79

8.8%

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

39.6

Category Average

7.67

Category Mode

4.15

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