VWAHX: Vanguard High-Yield Tax-Exempt

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VWAHX Vanguard High-Yield Tax-Exempt

  • Fund
  • VWAHX
  • Price as of: Dec 12, 2019
  • $11.79
    - $0.01 - 0.09%

Profile

VWAHX - Profile

Vitals

  • YTD Return 5.6%
  • 3 Yr Annualized Return 6.3%
  • 5 Yr Annualized Return 4.7%
  • Net Assets $16.3 B
  • Holdings in Top 10 2.8%

52 WEEK LOW AND HIGH

$11.79
$11.10
$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 $3,000

Fund Classification


Distributions

  • YTD Total Return 5.6%
  • 3 Yr Annualized Total Return 6.3%
  • 5 Yr Annualized Total Return 4.7%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.72%
DIVIDENDS
  • Dividend Yield 1.2%
  • 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.


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Performance

VWAHX - Performance

Return Ranking - Trailing

Period VWAHX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.6% -0.2% 83.9% 28.59%
1 Yr 10.1% -0.2% 26.6% 9.79%
3 Yr 6.3%* -2.1% 9.4% 0.93%
5 Yr 4.7%* -14.7% 6.6% 0.82%
10 Yr 5.4%* -8.6% 8.5% 2.47%

* Annualized

Return Ranking - Calendar

Period VWAHX Return Category Return Low Category Return High Rank in Category (%)
2018 -2.4% -12.4% 0.8% 47.65%
2017 3.9% -2.8% 17.1% 2.57%
2016 -2.7% -58.1% 8.6% 78.38%
2015 0.4% -18.3% 3.0% 4.89%
2014 7.4% -60.4% 26.9% 8.85%

Total Return Ranking - Trailing

Period VWAHX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.6% -0.2% 83.9% 29.63%
1 Yr 10.1% -5.2% 26.6% 8.82%
3 Yr 6.3%* -2.1% 9.4% 1.06%
5 Yr 4.7%* -14.7% 6.6% 0.68%
10 Yr 5.4%* -8.6% 8.5% 2.78%

* Annualized

Total Return Ranking - Calendar

Period VWAHX Return Category Return Low Category Return High Rank in Category (%)
2018 -2.4% -11.7% 6.5% 56.06%
2017 3.9% -2.7% 27.0% 8.05%
2016 -2.7% -58.1% 10.7% 81.44%
2015 0.4% -14.6% 4.2% 10.36%
2014 7.4% -60.4% 26.9% 10.07%

NAV & Total Return History


Holdings

VWAHX - Holdings

Concentration Analysis

VWAHX Category Low Category High VWAHX % Rank
Net Assets 16.3 B 691 K 247 B 4.81%
Number of Holdings 2566 2 17572 3.21%
Net Assets in Top 10 445 M -203 M 25.7 B 21.10%
Weighting of Top 10 2.82% 2.5% 138.1% 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% 80.25% 160.29% 60.62%
Other
3.57% -36.80% 29.62% 0.93%
Stocks
0.00% -17.64% 26.52% 24.41%
Preferred Stocks
0.00% 0.00% 8.19% 31.22%
Convertible Bonds
0.00% 0.00% 6.26% 53.71%
Cash
0.00% -60.29% 28.73% 83.57%

Bond Sector Breakdown

Weighting Return Low Return High VWAHX % Rank
Municipal
96.43% 0.00% 149.42% 37.13%
Derivative
0.00% -25.78% 41.91% 24.91%
Cash & Equivalents
0.00% -60.29% 28.73% 82.68%
Securitized
0.00% 0.00% 136.75% 63.26%
Corporate
0.00% 0.00% 98.80% 69.71%
Government
0.00% -86.06% 125.74% 63.65%

Bond Geographic Breakdown

Weighting Return Low Return High VWAHX % Rank
US
95.22% 60.74% 157.48% 42.62%
Non US
1.21% -27.08% 24.33% 65.79%

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% 96.95%
Management Fee 0.14% 0.00% 1.25% 5.31%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.00% 0.63% N/A

Sales Fees

VWAHX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 5.75% N/A
Deferred Load N/A 0.00% 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

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% 20.09%

Distributions

VWAHX - Distributions

Dividend Yield Analysis

VWAHX Category Low Category High VWAHX % Rank
Dividend Yield 1.17% 0.00% 96.19% 28.40%

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% 5.89%

Capital Gain Distribution Analysis

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

Dividend Payout History

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Fund Manager Analysis

VWAHX - Fund Manager Analysis

Managers

Mathew M. Kiselak


Start Date

Tenure

Tenure Rank

Jul 16, 2010

9.38

9.4%

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
0.0 33.02 7.69 7.54