Vanguardfi Small-Cap Value Index Fund
Vanguard ?
Vanguard? Small-Cap Value Index Fund
Investment Approach
Seeks to track the performance of the CRSP US Small Cap Value
Index.
Vanguard Style View: Small Value
Index portfolio of small-capitalization value stocks.
Small-cap value equity.
Fund remains fully invested.
Low expenses minimize net tracking error.
Note: The Investor Shares are closed to new investors.
Investment style
Value Blend Growth
Market capitalization
Passively managed, full-replication approach.
Large
Mid
Small
Central tendency
Expected range of fund holdings
Quarterly Commentary
People and Process
The pace of inflation and the timing of potential interest rate cuts
remained center stage in the second quarter of 2024. Financial
markets lost ground in April amid slow or stalled progress on inflation
and strong economic data from some markets, including the United
States. This delayed expectations for monetary easing. However,
global stocks soon resumed their upward trajectory, and enthusiasm
about artificial intelligence in the tech sector helped push a number of
indexes to record highs. In the final month of the period, the Bank of
Canada and the European Central Bank cut policy rates.
Vanguard Small-Cap Value Index Fund seeks to track the investment
performance of the CRSP US Small Cap Value Index, an unmanaged
benchmark representing value stocks of small U.S. companies. The
fund attempts to replicate the target index by investing all, or
substantially all, of its assets in the stocks that make up the index,
holding each stock in approximately the same proportion as its
weighting in the index. The experience and stability of Vanguards
Equity Index Group have permitted continuous refinement of
techniques for reducing tracking error. The group uses proprietary
software to implement trading decisions that accommodate cash
flow and maintain close correlation with index characteristics.
Vanguards refined indexing process, combined with low management
fees and efficient trading, has provided tight tracking net of expenses.
Global stocks returned 2.42% for the quarter, as measured by the
FTSE Global All Cap Index. U.S. and emerging markets equities led the
way, while those in Europe and the Asia-Pacific region lagged.
The funds benchmark, the CRSP US Small Cap Value Index, returned
C4.35% for the quarter ended June 30. Its growth counterpart, the
CRSP US Small Cap Growth Index, returned C3.89%.
Industrials (C6.2%), consumer discretionary (C7.5%), and basic
materials (C7.5%) were the top detractors. They accounted for 45.0%
of the indexs weighting at quarter-end and subtracted about 3.2
percentage points from its result.
Utilities (+2.7%) was the sole contributor.
For the 12 months ended June 30, 2024, the index returned 12.85%. All
industry groups added to the benchmarks results. Financials
(+22.6%), industrials (+15.5%), and consumer discretionary (+7.9%)
were the top contributors.
Vanguard Equity Index Group
Launched in 1975, The Vanguard Group, Malvern, Pennsylvania, is
among the worlds largest equity and fixed income managers. As chief
investment officer, Gregory Davis, CFA, oversees Vanguards Equity
Index, Investment Strategy, Quantitative Equity, and Fixed Income
Groups. Rodney Comegys, Principal and global head of Vanguards
Equity Index Group, is responsible for all equity index funds. The Equity
Index Group manages indexed equity portfolios covering U.S. and
international markets. It has developed sophisticated portfolio
construction methodologies and efficient trading strategies that seek
to deliver returns that are highly correlated with target portfolio
benchmarks. The group has advised Vanguard Small-Cap Value Index
Fund since 1998.
Investment Manager Biographies
Gerard C. OReilly, Principal. Portfolio manager. Advised the fund
since 2016. Worked in investment management since 1992. B.S.,
Villanova University.
Nick Birkett, CFA. Portfolio manager. Advised the fund since 2023.
Worked in investment management since 2005. BSc, University of
Bath.
As of June 30, 2024
Vanguard Small-Cap Value Index Fund
Total Returns
Expense
Ratio
Quarter
Year
to Date
1 Year
3 Years
5 Years
10 Years
Small-Cap Value Index Fund
Investor Shares (5/21/1998)
0.19%
-4.37%
2.40%
12.73%
3.77%
9.05%
7.76%
Admiral Shares (9/27/2011)
0.07
-4.34
2.47
12.86
3.89
9.18
7.89
Institutional Shares (12/7/1999)
0.06
-4.35
2.47
12.86
3.91
9.19
7.90
-4.35
2.48
12.85
3.90
9.16
7.89
Spliced Small-Cap Value Index
The performance data shown represent past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, so
investors shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited. For
performance data current to the most recent month-end, visit our website at performance. The performance of an index is not an exact
representation of any particular investment, as you cannot invest directly in an index. Figures for periods of less than one year are cumulative returns. All other
figures represent average annual returns. Performance figures include the reinvestment of all dividends and any capital gains distributions. All returns are net of
expenses.
Note: Spliced Small-Cap Value Index: S&P SmallCap 600 Value Index (formerly known as the S&P SmallCap 600/Barra Value Index) through May 16, 2003; MSCI US
Small Cap Value Index through April 16, 2013; CRSP US Small Cap Value Index thereafter. Admiral class shareholders are required to maintain specific minimum
balances and meet other special criteria. Institutional class shareholders are required to maintain a minimum balance of $5 million.
As of June 30, 2024
Vanguard Small-Cap Value Index Fund
Quarterly Returns: Investor Shares
Year-End
2nd Quarter
Assets
(Millions)
1st Quarter
2024
7.08%
2023
0.61
4.61
2022
-1.24
2021
16.78
2020
-34.89
2019
13.32
2018
-2.10
2017
1.92
2016
3.48
3.60
2015
3.46
-1.37
-9.14
2.71
-4.78
-4.64
1,972
2014
3.40
4.73
-5.46
7.83
10.39
10.63
2,293
4th Quarter
Small-Cap
Value Index
Year
-4.37%
3rd Quarter
Spliced
Small-Cap
Value Index
15.86%
$91
15.91%
112
-3.09%
13.60%
-14.48
-3.88
11.57
-9.43
-9.27
149
5.36
-2.20
6.34
27.96
28.15
208
20.75
4.00
29.31
5.72
5.75
234
1.98
-0.97
7.13
22.61
22.76
255
5.22
3.16
-17.51
-12.34
-12.27
1,501
0.42
4.38
4.53
11.67
11.83
2,060
5.75
9.95
24.65
24.82
2,357
Quarterly Returns: Admiral Shares
Year-End
Year
1st Quarter
2nd Quarter
2024
7.13%
2023
0.63
-4.34%
4.65
2022
-1.20
3rd Quarter
4th Quarter
Small-Cap
Value Index
Spliced
Small-Cap
Value Index
Assets
(Millions)
-3.07%
13.63%
15.99%
15.91%
$19,370
19,421
-14.45
-3.86
11.61
-9.31
-9.27
17,505
19,307
2021
16.81
5.41
-2.20
6.38
28.09
28.15
2020
-34.87
20.78
4.04
29.33
5.85
5.75
14,314
2019
13.36
2.00
-0.93
7.17
22.76
22.76
13,907
2018
-2.07
5.28
3.19
-17.49
-12.23
-12.27
10,167
2017
1.98
0.44
4.39
4.56
11.80
11.83
11,278
2016
3.49
3.65
5.76
9.98
24.78
24.82
9,469
2015
3.51
-1.36
-9.12
2.76
-4.65
-4.64
6,467
2014
3.45
4.76
-5.43
7.87
10.55
10.63
5,774
As of June 30, 2024
Vanguard Small-Cap Value Index Fund
Quarterly Returns: Institutional Shares
Year-End
Year
1st Quarter
2nd Quarter
2024
7.13%
2023
0.64
4.64
2022
-1.21
-14.45
2021
16.78
5.41
2020
-34.87
2019
13.38
2018
3rd Quarter
-4.35%
4th Quarter
Spliced
Small-Cap
Value Index
-3.05%
13.61%
15.99%
15.91%
-3.87
11.62
-9.31
-9.27
4,797
-2.19
6.40
28.11
28.15
4,733
20.80
4.03
29.34
5.86
5.75
3,774
2.02
-0.91
7.16
22.81
22.76
3,632
-2.06
5.28
3.19
-17.51
-12.23
-12.27
3,077
2017
1.99
0.42
4.41
4.56
11.80
11.83
3,649
2016
3.50
3.67
5.74
10.00
24.80
24.82
2,882
2015
3.50
-1.33
-9.14
2.75
-4.67
-4.64
2,334
2014
3.45
4.80
-5.45
7.89
10.59
10.63
1,927
Investor
Shares
Admiral
Shares
Institutional
Shares
0860
5860
0865
Ticker
VISVX
VSIAX
VSIIX
Newspaper
Listing
SmVal
SmValAdml
SmValInst
922908793
921937686
922908785
$91
$19,370
$5,464
5/21/1998
9/27/2011
12/7/1999
0.19%
0.07%
0.06%
Fund Number
CUSIP Number
Assets (millions)
(Total $52,497)
Inception
Expense Ratio
(as of 4/2024)
Assets
(Millions)
Fund Facts
Small-Cap
Value Index
$5,464
5,564
Volatility Measures
R-Squared
Beta
Spliced Small Cap Value Index
1.00
1.00
DJ US Total Stock Mkt Float Adj Idx
0.79
1.01
R-squared and beta are calculated from trailing 36-month fund returns relative
to the associated benchmark.
Top 10 Largest Holdings
% of
Total Net Assets
Booz Allen Hamilton Holding Corp.
0.6%
Carlisle Cos. Inc.
0.6
First Citizens BancShares Inc.
0.6
EMCOR Group Inc.
0.6
Builders FirstSource Inc.
0.5
Reliance Inc.
0.5
Atmos Energy Corp.
0.5
NRG Energy Inc.
0.5
IDEX Corp.
0.5
Bunge Global SA
0.5
Total
5.4 %
The holdings listed exclude any temporary cash investments and equity index
products.
As of June 30, 2024
Vanguard Small-Cap Value Index Fund
Equity Characteristics
Small-Cap
Value Index
Number of stocks
CRSP US
Small Cap
Value Index
848
842
Median market cap
$6.8 Billion
$6.8 Billion
Average market cap
$7.6 Billion
$7.6 Billion
Price/earnings ratio
14.1x
14.1x
Price/book ratio
1.7x
1.7x
Return on equity
11.3%
11.5%
Earnings growth rate
13.5%
13.6%
Equity yield (dividend)
2.1%
2.1%
Foreign holdings
0.0%
0.0%
Short-term reserves
0.0%
Turnover rate (fiscal year end)
15.6%
Sector Diversification (% of Stocks)
Small-Cap
Value Index
Basic Materials
Consumer Discretionary
Consumer Staples
Energy
5.7%
CRSP US
Small Cap
Value Index
5.7%
Overweight/
Underweight
0.0
15.7
15.8
-0.1
3.5
3.4
0.1
4.7
4.7
0.0
20.3
20.3
0.0
6.2
6.2
0.0
Industrials
23.5
23.5
0.0
Other
0.0
0.0
0.0
Real Estate
8.5
8.5
0.0
Technology
6.2
6.2
0.0
Telecommunications
1.0
1.0
0.0
4.7
4.7
0.0
100.0%
100.0%
Financials
Health Care
Utilities
Total
Sector categories are based on the Industry Classification Benchmark system
(ICB), except for the Other category (if applicable), which includes securities
that have not been provided an ICB classification as of the effective reporting
period.
As of June 30, 2024
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