VWAHX: Vanguard High-Yield Tax-Exempt

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VWAHX Vanguard High-Yield Tax-Exempt

  • Fund
  • VWAHX
  • Price as of: Nov 11, 2019
  • $11.68 - $0.00 - 0.00%

VWAHX - Profile

Vitals

  • YTD Return 4.7%
  • 3 Yr Annualized Return 1.0%
  • 5 Yr Annualized Return 0.8%
  • Net Assets $16 B
  • Holdings in Top 10 2.9%

52 WEEK LOW AND HIGH

$11.68
$10.98
$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

PRIMARY CATEGORY

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

Distributions

  • YTD Total Return 4.7%
  • 3 Yr Annualized Total Return 1.0%
  • 5 Yr Annualized Total Return 0.8%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.72%
DIVIDENDS
  • Dividend Yield 1.5%
  • 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 4.7% -5.1% 82.6% 36.40%
1 Yr 6.2% -3.1% 26.1% 41.45%
3 Yr 1.0%* -3.4% 10.1% 34.41%
5 Yr 0.8%* -14.8% 6.8% 31.52%
10 Yr 1.3%* -8.7% 8.1% 37.43%

* Annualized


Return Ranking - Calendar

Period VWAHX Return Category Return Low Category Return High Rank in Category (%)
2018 -2.4% -13.7% 0.8% 47.61%
2017 3.9% -2.8% 21.2% 2.59%
2016 -2.7% -58.1% 8.6% 78.38%
2015 0.4% -24.0% 3.0% 4.71%
2014 7.4% -60.4% 26.9% 8.94%

Total Return Ranking - Trailing

Period VWAHX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.7% -5.1% 82.6% 36.86%
1 Yr 6.2% -5.3% 26.1% 38.91%
3 Yr 1.0%* -3.4% 10.1% 43.14%
5 Yr 0.8%* -14.8% 6.8% 41.82%
10 Yr 1.3%* -8.7% 8.1% 46.39%

* Annualized


Total Return Ranking - Calendar

Period VWAHX Return Category Return Low Category Return High Rank in Category (%)
2018 -2.4% -13.7% 6.5% 56.00%
2017 3.9% -2.7% 27.0% 8.19%
2016 -2.7% -58.1% 10.7% 81.42%
2015 0.4% -14.6% 4.2% 9.98%
2014 7.4% -60.4% 26.9% 10.16%

NAV & Total Return History

VWAHX - Holdings

Concentration Analysis

VWAHX Category Low Category High VWAHX % Rank
Net Assets 16 B 691 K 245 B 4.69%
Number of Holdings 2427 2 17498 3.39%
Net Assets in Top 10 429 M -203 M 24.7 B 22.15%
Weighting of Top 10 2.87% 2.5% 126.7% 99.61%

Top 10 Holdings

  1. VIRGINIA SMALL BUSINESS FING AUTH PRIVATE ACTIVITY REV 5% 0.38%

  2. CHANDLER ARIZ INDL DEV AUTH INDL DEV REV 5% 0.31%

  3. PUERTO RICO SALES TAX FING CORP SALES TAX REV 5% 0.29%

  4. CHICAGO ILL BRD ED 7% 0.29%

  5. JEFFERSON CNTY ALA SWR REV 7% 0.28%

  6. NORTH TEX TWY AUTH REV 5% 0.28%

  7. NEW YORK TRANSN DEV CORP SPL FAC REV 5% 0.27%

  8. PORT PORT ARTHUR TEX NAV DIST EXEMPT FACS REV 1.9% 0.27%

  9. TOBACCO SETTLEMENT FING CORP N J 5% 0.25%

  10. WESTMORELAND CNTY PA INDL DEV AUTH HEALTH SYS REV 4.72% 0.25%


Asset Allocation

Weighting Return Low Return High VWAHX % Rank
Bonds
96.04% 80.58% 153.76% 63.63%
Other
3.97% -55.96% 30.83% 0.35%
Stocks
0.00% -17.64% 17.56% 43.35%
Preferred Stocks
0.00% -48.13% 8.19% 47.13%
Convertible Bonds
0.00% 0.00% 5.16% 63.17%
Cash
0.00% -46.73% 28.73% 84.62%

Bond Sector Breakdown

Weighting Return Low Return High VWAHX % Rank
Municipal
96.03% 0.00% 157.77% 37.04%
Derivative
0.00% -28.06% 28.01% 39.68%
Cash & Equivalents
0.00% -46.73% 28.73% 83.84%
Securitized
0.00% 0.00% 136.75% 70.44%
Corporate
0.00% -57.89% 99.15% 74.00%
Government
0.00% -86.06% 125.80% 70.02%

Bond Geographic Breakdown

Weighting Return Low Return High VWAHX % Rank
US
94.87% 63.24% 153.76% 45.75%
Non US
1.17% -26.08% 22.91% 66.28%

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% 96.89%
Management Fee 0.14% 0.00% 1.25% 5.22%
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

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% 1856.00% 20.05%

VWAHX - Distributions

Dividend Yield Analysis

VWAHX Category Low Category High VWAHX % Rank
Dividend Yield 1.47% 0.00% 96.08% 26.07%

Dividend Distribution Analysis

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

Dividend Payout History


Net Income Ratio Analysis

VWAHX Category Low Category High VWAHX % Rank
Net Income Ratio 3.72% -0.18% 6.30% 6.08%

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

9.3

9.3%

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

32.94

Category Average

7.62

Category Mode

7.46