VWESX: Vanguard Long-Term Investment-Grade Inv

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VWESX Vanguard Long-Term Investment-Grade Inv

  • Fund
  • VWESX
  • Price as of: Dec 06, 2019
  • $11.14
    - $0.04 - 0.36%

Profile

VWESX - Profile

Vitals

  • YTD Return 16.4%
  • 3 Yr Annualized Return 3.3%
  • 5 Yr Annualized Return 0.8%
  • Net Assets $19.4 B
  • Holdings in Top 10 7.6%

52 WEEK LOW AND HIGH

$11.14
$9.48
$11.54

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.22%

SALES FEES

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

BROKERAGE FEES

  • Turnover 32.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

  • Standard (Taxable) $3,000
  • IRA $3,000

Fund Classification


Distributions

  • YTD Total Return 16.4%
  • 3 Yr Annualized Total Return 3.3%
  • 5 Yr Annualized Total Return 0.8%
  • Capital Gain Distribution Frequency None
  • Net Income Ratio 4.08%
DIVIDENDS
  • Dividend Yield 1.2%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Vanguard Long Term Investment Grade Fund
  • Fund Family Name
    Vanguard
  • Inception Date
    Jul 09, 1973
  • Shares Outstanding
    N/A
  • Share Class
    Inv
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Scott I. St. John

Fund Description

The Vanguard Long-Term Investment-Grade Fund Investor Shares (VWESX) is a low-cost, actively managed fund designed to provide a high level of current income. VWESX achieves this by betting on high-quality, long-term bonds. The fund focuses on corporate bonds but does have the flexibility to invest in Treasuries, MBS and other similarly rated debt securities. Managers at the fund use a bottom-up fundamental credit selection process to choose bonds for the portfolio.

Given its low costs, VWESX makes an ideal core position in any income seeker’s portfolio. The fund is managed by Vanguard Fixed Income Group and Wellington Management Company LLP.


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Performance

VWESX - Performance

Return Ranking - Trailing

Period VWESX Return Category Return Low Category Return High Rank in Category (%)
YTD 16.4% -0.1% 83.6% 0.43%
1 Yr 17.6% -1.8% 26.6% 0.25%
3 Yr 3.3%* -2.5% 9.4% 14.30%
5 Yr 0.8%* -14.7% 6.6% 29.77%
10 Yr 2.1%* -5.5% 7.9% 24.19%

* Annualized

Return Ranking - Calendar

Period VWESX Return Category Return Low Category Return High Rank in Category (%)
2018 -10.1% -12.4% 0.8% 99.54%
2017 5.9% -2.8% 17.1% 0.93%
2016 1.6% -58.1% 8.6% 14.11%
2015 -7.9% -18.3% 3.0% 99.23%
2014 11.4% -34.8% 26.9% 3.00%

Total Return Ranking - Trailing

Period VWESX Return Category Return Low Category Return High Rank in Category (%)
YTD 16.4% -0.1% 83.6% 0.43%
1 Yr 17.6% -2.1% 26.6% 0.36%
3 Yr 3.3%* -2.5% 9.4% 15.65%
5 Yr 0.8%* -14.7% 6.6% 40.96%
10 Yr 2.1%* -1.4% 7.9% 30.72%

* Annualized

Total Return Ranking - Calendar

Period VWESX Return Category Return Low Category Return High Rank in Category (%)
2018 -10.1% -11.7% 6.5% 99.58%
2017 5.9% -2.7% 27.0% 1.94%
2016 1.6% -58.1% 10.7% 21.87%
2015 -7.9% -14.6% 4.2% 99.42%
2014 11.4% -34.8% 26.9% 3.20%

NAV & Total Return History


Holdings

VWESX - Holdings

Concentration Analysis

VWESX Category Low Category High VWESX % Rank
Net Assets 19.4 B 691 K 247 B 4.16%
Number of Holdings 990 2 17572 14.90%
Net Assets in Top 10 1.48 B -203 M 25.7 B 8.67%
Weighting of Top 10 7.56% 2.5% 138.1% 92.93%

Top 10 Holdings

  1. United States Treasury Bonds 4.5% 1.14%
  2. Wells Fargo & Company 5.61% 0.92%
  3. United States Treasury Bonds 4.75% 0.80%
  4. Goldman Sachs Group, Inc. 4.02% 0.77%
  5. United States Treasury Bonds 4.75% 0.75%
  6. Comcast Corporation 4.95% 0.71%
  7. Amazon.com, Inc. 4.05% 0.64%
  8. United States Treasury Bonds 4.38% 0.62%
  9. International Business Machines Corporation 4.15% 0.61%
  10. CALIFORNIA ST 7.3% 0.60%

Asset Allocation

Weighting Return Low Return High VWESX % Rank
Bonds
96.93% 80.25% 160.29% 55.31%
Cash
3.00% -60.29% 28.73% 37.36%
Convertible Bonds
0.07% 0.00% 6.26% 42.34%
Stocks
0.00% -17.64% 26.52% 75.36%
Preferred Stocks
0.00% 0.00% 8.19% 77.89%
Other
0.00% -36.80% 30.83% 73.12%

Bond Sector Breakdown

Weighting Return Low Return High VWESX % Rank
Corporate
76.39% 0.00% 98.80% 5.62%
Municipal
10.36% 0.00% 149.42% 43.90%
Government
7.50% -86.06% 125.80% 44.97%
Cash & Equivalents
3.00% -60.29% 28.73% 38.11%
Securitized
2.73% 0.00% 136.75% 47.96%
Derivative
0.00% -25.78% 41.91% 70.07%

Bond Geographic Breakdown

Weighting Return Low Return High VWESX % Rank
US
91.30% 60.74% 157.48% 58.09%
Non US
5.63% -27.08% 24.33% 40.56%

Expenses

VWESX - Expenses

Operational Fees

VWESX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.22% 0.00% 209.96% 96.40%
Management Fee 0.20% 0.00% 1.25% 8.50%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.00% 0.63% N/A

Sales Fees

VWESX 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

VWESX 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.

VWESX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 32.00% 0.00% 2053.00% 39.57%

Distributions

VWESX - Distributions

Dividend Yield Analysis

VWESX Category Low Category High VWESX % Rank
Dividend Yield 1.23% 0.00% 95.22% 26.84%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

VWESX Category Low Category High VWESX % Rank
Net Income Ratio 4.08% 0.00% 6.30% 2.77%

Capital Gain Distribution Analysis

VWESX Category Low Category High Capital Mode
Capital Gain Distribution Frequency None Annually Annually Annually

Dividend Payout History

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Fund Manager Analysis

VWESX - Fund Manager Analysis

Managers

Scott I. St. John


Start Date

Tenure

Tenure Rank

May 28, 2014

5.51

5.5%

As a US corporate bond portfolio manager and chair of the US Corporate Bond Strategy Group, Scott manages dedicated US corporate bond portfolios. The US Corporate Bond Strategy Group meets regularly to discuss the outlook and investment strategy for the US dollar-denominated investment-grade corporate bond market. It acts as a forum for the review and evaluation of market cycle, sector, industry, and credit quality strategies, as well as individual issuer ideas. It is also responsible for setting the research agenda for the investment-grade corporate credit team. The strategies developed by the group help shape portfolio positioning for dedicated US Corporate Bond Portfolios, as well as the corporate bond holdings in US Core Bond Plus, Core Bond, Long, and Intermediate Bond portfolios. Prior to joining Wellington Management in 2003, Scott worked as a fixed income analyst at State Street Research (2001 – 2003). Before that, he was a fixed income analyst at Eaton Vance Management (1995 – 2001) and a commercial loan officer for the Bank of Boston (1994 – 1995). Scott earned his MBA from the University of Rochester (1994) and his BS in business management from Cornell University (1990). Scott also holds the Chartered Financial Analyst designation and is a member of the CFA Institute.

Daniel Shaykevich


Start Date

Tenure

Tenure Rank

Apr 13, 2018

1.63

1.6%

Daniel Shaykevich, Principal of Vanguard. He has worked in investment management since 2001, has managed investment portfolios since 2004, has been with Vanguard since 2013. Prior to Vanguard, he was a portfolio manager for BlackRock from 2001 to 2013. He holds a B.S. from Carnegie Mellon University.

Samuel C. Martinez


Start Date

Tenure

Tenure Rank

Apr 13, 2018

1.63

1.6%

Samuel C. Martinez, CFA, Assistant Portfolio Manager at Vanguard. He has been with Vanguard since 2007, has worked in investment management since 2010, has managed investment portfolios since 2014. He holds a B.S. from Southern Utah University and M.B.A from The Wharton School of the University of Pennsylvania.

Arvind Narayanan


Start Date

Tenure

Tenure Rank

Nov 19, 2019

0.03

0.0%

Arvind Narayanan, CFA, Portfolio Manager at Vanguard. He has been with Vanguard since February 2019, has worked in investment management since 2002, has managed investment portfolios since 2006, and has co-managed the Funds since November 2019. Education: B.A., Goucher College; M.B.A., New York University.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.0 33.02 7.7 7.54