Vanguard Market Neutral Fund Investor Shares (VMNFX) Fund Details & Analysis

Fund Information

Fund Category Equity Market Neutral

Fund Family Vanguard

Fund Style Large

ISIN US92205G1040

CUSIP 92205G104

Inception Date 1998-10-19

Domicile United States

Country USA

Fiscal Year End December

NAV Chart

Fund Metrics

Net Assets $390.56 Million

Share Class Net Assets $357.25 Million

Expense Ratio 1.40%

Expense Ratio Date 2025-04-29

Dividend Yield 0.04%

Morning Star Rating -

Morning Star Risk Rating -

Morning Star Category -

Performance

YTD Return 3.15%

1-Year Return 13.65%

3-Year Return 10.10%

5-Year Return 12.85%

NAV $14.42

Previous Close Price $14.28

Last Update 2025-12-31

Dividend Information

Dividend Yield 0.04%

Dividend (ttm) 0.17

Dividend Growth -58.12%

Payout Frequency Annual

Ex-Dividend Date n/a

Ratings

Morning Star Rating -

Morning Star Risk Rating -

Morning Star Category -

Beta (5Y) 1.23

About Vanguard Market Neutral Fund Investor Shares

The fund follows a market neutral strategy, which the managers define as a strategy designed to produce a portfolio that is neutral with respect to general stock market risk (sometimes referred to as beta neutrality). Beta is a measure of a portfolio's volatility relative to the volatility of the general stock market. The fund, as a whole, does not seek to adhere to any other definition of market neutrality.

Detailed Metrics

Market Cap Distribution

AverageMarketCap 4412.74%

Giant 0.96%

Large 5.13%

Medium 16.55%

Micro 47.64%

Small 27.13%

Value & Growth Metrics

Book-Value Growth % -1.66%

Cash-Flow Growth % 5.87%

Dividend Yield % 1.69%

Historical Earnings % 1.51%

Long-Term Earnings % 10.20%

Asset Allocation

Type	Net %	Long %	Short %	Category Average	benchmark
Bond	0.00%	0.00%	0.00%	6.94%	77.43%
Cash	99.02%	99.02%	0.00%	88.81%	0.00%
Non US Stock	-1.98%	2.73%	4.71%	83.28%	8.63%
Not Classified	0.00%	0.00%	0.00%	0.00%	0.00%
Other	0.00%	0.00%	0.00%	7.92%	2.00%
US Stock	2.97%	94.68%	91.72%	86.98%	11.94%

Top Holdings

Name	Weight	Owned	Change
Vanguard Market Liquidity Fund	2.07%	-	-
BIGCOMMERCE-1	0.89%	-	-
ARDMORE SHIPPING	0.89%	-	-
ROBINHOOD MARK-A	0.97%	-	-
NMI HOLDINGS INC	0.86%	-	-
CNO FINANCIAL GR	0.85%	-	-
MGIC INVT CORP	0.86%	-	-
AMERICAN ASSETS	0.86%	-	-
SKYWEST INC	0.85%	-	-
PRICESMART INC	0.87%	-	-
AVISTA CORP	0.91%	-	-
MR COOPER GROUP	0.90%	-	-
ESSENT GROUP LTD	0.84%	-	-
PALOMAR HOLDINGS	0.87%	-	-
BANK NT BUTTERFI	0.85%	-	-
OFG BANCORP	0.84%	-	-
PRIMORIS SERVICE	0.93%	-	-
NATIONAL VISION	0.92%	-	-
MASTEC INC	0.87%	-	-
TUTOR PERINI COR	0.86%	-	-
ADTALEM GLOBAL E	0.83%	-	-

See the full breakdown of VMNFX fund's asset allocation and top holdings .

Sector Weights

Category	Subcategory	Amount %	Category Avg	Stocks %	Benchmark
Bond Sector	Cash and Equivalents	2.94%	51.26%	100.00%	0.00%
Bond Sector	Corporate	2.94%	0.03%	0.00%	22.70%
Bond Sector	Derivative	2.94%	11.61%	0.00%	0.00%
Bond Sector	Government	2.94%	34.48%	0.00%	63.51%
Bond Sector	Municipal	2.94%	0.00%	0.00%	0.03%
Bond Sector	Securitized	2.94%	2.62%	0.00%	13.75%
Cyclical	Basic Materials	4.74%	6.21%	0.00%	4.78%
Cyclical	Consumer Cyclical	10.62%	11.36%	0.00%	8.86%
Cyclical	Financial Services	19.90%	17.98%	0.00%	19.36%
Cyclical	Real Estate	7.66%	3.33%	0.00%	8.10%
Defensive	Consumer Defensive	3.49%	5.24%	0.00%	5.24%
Defensive	Healthcare	12.89%	9.05%	0.00%	9.76%
Defensive	Utilities	2.94%	3.81%	0.00%	3.00%
Sensitive	Communication Services	4.78%	5.20%	0.00%	4.91%
Sensitive	Energy	3.56%	4.65%	0.00%	4.24%
Sensitive	Industrials	15.22%	18.74%	0.00%	12.29%
Sensitive	Technology	14.21%	14.42%	0.00%	19.45%

World Regions

Region	Subregion	Category Average	Stocks Percent	Benchmark
Americas	Latin America	1.11%	2.41%	1.21%
Americas	North America	55.55%	97.20%	61.58%
Greater Asia	Asia Developed	1.47%	0.17%	4.91%
Greater Asia	Asia Emerging	0.81%	-	4.82%
Greater Asia	Australasia	3.32%	-	1.98%
Greater Asia	Japan	15.55%	-	6.94%
Greater Europe	Africa/Middle East	0.40%	-	1.38%
Greater Europe	Europe Developed	15.89%	0.22%	13.10%
Greater Europe	Europe Emerging	0.11%	-	0.30%
Greater Europe	United Kingdom	5.81%	-	3.79%

Dividend History

Date	Amount	Unadjusted Amount	Currency	Declaration Date	Record Date	Payment Date	Period
2024-12-30	$0.737	$0.737	USD	-	-	-	-
2024-03-27	$0.006	$0.006	USD	-	2024-03-26	2024-03-28	Semiannual
2023-12-27	$0.672	$0.672	USD	-	2023-12-26	2023-12-28	Semiannual
2023-03-28	$0.001	$0.001	USD	-	2023-03-27	2023-03-29	Semiannual
2022-12-21	$0.093	$0.093	USD	2022-12-21	2022-12-20	2022-12-22	Semiannual
2021-12-23	$0.017	$0.017	USD	2021-12-22	2021-12-22	2021-12-27	Semiannual
2020-12-23	$0.053	$0.053	USD	-	2020-12-22	2020-12-24	Semiannual
2020-03-27	$0.019	$0.019	USD	2020-03-26	2020-03-26	2020-03-30	Semiannual
2019-12-17	$0.312	$0.312	USD	2019-12-16	2019-12-16	2019-12-18	Semiannual
2019-03-29	$0.010	$0.010	USD	2019-03-28	2019-03-28	2019-04-01	Annual
2018-12-18	$0.102	$0.102	USD	2018-12-17	2018-12-17	2018-12-19	Annual
2018-03-29	$0.007	$0.007	USD	2018-03-28	2018-03-28	2018-04-02	Annual
2017-12-22	$0.124	$0.124	USD	2017-12-21	2017-12-21	2017-12-26	Annual
2017-03-28	$0.000	$0.000	USD	2017-03-27	2017-03-27	2017-03-29	Other
2016-12-23	$0.047	$0.047	USD	2016-12-22	2016-12-22	2016-12-27	Annual
2015-12-24	$0.002	$0.002	USD	2015-12-23	2015-12-23	2015-12-28	Annual
2013-03-19	$0.003	$0.003	USD	2013-03-18	2013-03-18	2013-03-20	Other
2012-12-26	$0.045	$0.045	USD	2012-12-24	2012-12-24	2012-12-27	Annual
2010-04-22	$0.020	$0.020	USD	-	-	-	-
2009-03-20	$0.012	$0.012	USD	-	2009-03-19	2009-03-23	Other
2008-12-30	$0.134	$0.134	USD	-	2008-12-29	2008-12-31	Annual
2008-06-26	$0.043	$0.043	USD	-	2008-06-25	2008-06-27	Other
2007-11-28	$0.607	$0.607	USD	-	-	-	-
2006-12-15	$0.493	$0.493	USD	-	-	-	-
2005-12-16	$0.147	$0.147	USD	-	-	-	-
2002-12-09	$0.021	$0.021	USD	-	-	-	-
2001-12-10	$0.249	$0.249	USD	-	-	-	-
2000-12-11	$0.655	$0.655	USD	-	-	-	-
1999-12-15	$0.402	$0.402	USD	-	-	-	-
1998-12-15	$0.041	$0.041	USD	-	-	-	-

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Vanguard Market Neutral Fund Investor Shares NMFQS:VMNFX