Vanguardfi Value Index Fund
Vanguard ?
Vanguard? Value Index Fund
Investment Approach
Seeks to track the performance of the CRSP US Large Cap Value
Index.
Vanguard Style View: Large Value
Index portfolio of large-capitalization value stocks.
Large-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 Value Index Fund seeks to track the investment
performance of the CRSP US Large Cap Value Index, an unmanaged
benchmark representing U.S. large-capitalization value stocks. 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 Large Cap Value Index, returned
C0.93% for the quarter ended June 30. Its growth counterpart, the
CRSP US Large Cap Growth Index, returned 8.68%.
Health care (C3.6%), industrials (C3.2%), and consumer discretionary
(C5.3%) were the top detractors.
Technology (+9.0%) and utilities (+4.2%) were the only contributors.
For the 12 months ended June 30, the index returned 15.77%. All
sectors added to the benchmarks results. Financials (+30.7%),
technology (+47.6%), and industrials (+16.7%) 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 Value Index Fund since
1992.
Investment Manager Biographies
Gerard C. OReilly, Principal. Portfolio manager. Advised the fund
since 1994. Worked in investment management since 1992. B.S.,
Villanova University.
Walter Nejman. Portfolio manager. Advised the fund since 2016.
Worked in investment management since 2008. B.A., Arcadia
University. M.B.A., Villanova University.
As of June 30, 2024
Vanguard Value Index Fund
Total Returns
Expense
Ratio
Quarter
Year
to Date
1 Year
3 Years
5 Years
10 Years
Value Index Fund
Investor Shares (11/2/1992)
0.17%
-0.97%
8.66%
15.68%
7.86%
10.36%
9.74%
Admiral Shares (11/13/2000)
0.05
-0.93
8.73
15.84
7.99
10.50
9.88
Institutional Shares (7/2/1998)
0.04
-0.93
8.73
15.85
8.01
10.51
9.89
-0.93
8.73
15.77
8.00
10.50
9.90
Spliced 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 Value Index: S&P 500 Value Index (formerly known as the S&P 500/Barra Value Index) through May 16, 2003; MSCI US Prime Market Value Index
through April 16, 2013; CRSP US Large 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 Value Index Fund
Quarterly Returns: Investor Shares
Year-End
Year
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
Value
Index
Spliced
Value
Index
Assets
(Millions)
2024
9.72%
-0.97%
2023
-1.01
3.54
-2.38%
9.05%
9.11%
9.17%
$143
2022
0.96
-10.30
-5.77
14.62
-2.18
-2.01
233
2021
10.93
5.22
-0.99
9.29
26.31
26.51
264
2020
-25.00
12.69
5.58
14.50
2.18
2.26
273
2019
10.72
3.76
1.08
8.22
25.67
25.85
328
2018
-2.35
1.22
7.31
-10.95
-5.55
-5.40
1,381
2017
3.22
1.79
4.12
6.93
16.99
17.16
1,626
2016
1.60
3.77
3.01
7.50
16.75
16.93
1,587
2015
-0.60
0.44
-7.28
6.92
-1.03
-0.86
1,397
2014
2.78
4.25
0.80
4.67
13.05
13.29
1,593
147
Quarterly Returns: Admiral Shares
Year-End
Year
2024
1st Quarter
9.75%
2nd Quarter
3rd Quarter
4th Quarter
Value
Index
Spliced
Value
Index
-0.93%
2023
-0.98
3.55
-2.33%
9.09%
9.24%
9.17%
2022
0.99
-10.29
-5.74
14.66
-2.08
-2.01
Assets
(Millions)
$35,674
33,518
32,071
2021
10.99
5.25
-0.96
9.33
26.49
26.51
31,741
2020
-24.97
12.73
5.62
14.51
2.29
2.26
22,486
2019
10.76
3.77
1.14
8.23
25.82
25.85
22,414
2018
-2.32
1.28
7.32
-10.93
-5.43
-5.40
16,522
2017
3.25
1.82
4.16
6.96
17.13
17.16
16,778
2016
1.63
3.80
3.04
7.51
16.86
16.93
13,424
2015
-0.57
0.51
-7.28
6.99
-0.86
-0.86
10,408
2014
2.82
4.29
0.81
4.71
13.18
13.29
9,701
As of June 30, 2024
Vanguard Value Index Fund
Quarterly Returns: Institutional Shares
Year-End
Year
1st Quarter
2024
9.76%
2nd Quarter
3rd Quarter
-0.93%
4th Quarter
Value
Index
$16,874
-1.00
3.57
-2.33%
9.09%
2022
0.99
-10.27
-5.74
14.67
-2.05
-2.01
16,452
2021
10.99
5.24
-0.94
9.31
26.48
26.51
15,446
2020
-24.99
12.76
5.62
14.52
2.30
2.26
12,579
2019
10.76
3.78
1.12
8.26
25.83
25.85
12,481
2018
-2.32
1.25
7.35
-10.93
-5.42
-5.40
9,789
2017
3.26
1.82
4.16
6.97
17.14
17.16
10,085
2016
1.63
3.77
3.04
7.54
16.87
16.93
8,684
2015
-0.56
0.51
-7.28
6.99
-0.85
-0.86
7,176
2014
2.82
4.26
0.84
4.71
13.19
13.29
7,860
Fund Number
Ticker
Newspaper
Listing
CUSIP Number
Assets (millions)
(Total
$168,534)
Inception
Expense Ratio
(as of 4/2024)
Investor
Shares
Admiral
Shares
Institutional
Shares
0006
0506
0867
VIVAX
VVIAX
VIVIX
Value
ValAdml
ValueInst
922908405
922908678
922908850
$143
$35,674
$16,874
11/2/1992
11/13/2000
7/2/1998
0.17%
0.05%
0.04%
9.17%
Assets
(Millions)
2023
Fund Facts
9.26%
Spliced
Value
Index
16,183
Volatility Measures
R-Squared
Beta
Spliced Value Index
1.00
1.00
DJ US Total Stock Mkt Float Adj Idx
0.81
0.78
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
Broadcom Inc.
3.6 %
Berkshire Hathaway Inc.
3.6
JPMorgan Chase & Co.
2.8
Exxon Mobil Corp.
2.5
UnitedHealth Group Inc.
2.3
Procter & Gamble Co.
1.9
Johnson & Johnson
1.7
Home Depot Inc.
1.7
Merck & Co. Inc.
1.5
AbbVie Inc.
1.5
Total
23.1 %
The holdings listed exclude any temporary cash investments and equity index
products.
As of June 30, 2024
Vanguard Value Index Fund
Equity Characteristics
Value
Index
Number of stocks
CRSP US
Large Cap
Value Index
342
340
Median market cap
$131.8 Billion
$131.8 Billion
Average market cap
$213.7 Billion
$213.5 Billion
Price/earnings ratio
19.7x
19.7x
Price/book ratio
2.8x
2.8x
Return on equity
16.1%
16.1%
Earnings growth rate
11.4%
11.4%
Equity yield (dividend)
2.3%
2.3%
Foreign holdings
0.2%
0.0%
Short-term reserves
0.0%
Turnover rate (fiscal year end)
10.3%
Sector Diversification (% of Stocks)
Value
Index
CRSP US
Large Cap
Value Index
Overweight/
Underweight
Basic Materials
1.7%
1.7%
0.0
Consumer Discretionary
7.5
7.5
0.0
Consumer Staples
9.2
9.2
0.0
Energy
7.2
7.2
0.0
Financials
19.8
19.8
0.0
Health Care
16.8
16.8
0.0
Industrials
15.3
15.3
0.0
Other
0.0
0.0
0.0
Real Estate
3.1
3.1
0.0
Technology
10.7
10.7
0.0
3.3
3.3
0.0
5.4
5.4
0.0
100.0%
100.0%
Telecommunications
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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