Structured Broad Market Fund Institutional Plus Shares (VSBPX)

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Indexed to Russell 3000 Index

  Fact sheet (03/31/2014)

Characteristics

Stylebox

Stocks
Portfolio of large, mid-, and small-capitalization stocks diversified across investment styles.



Expected range
Central tendency

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Market capitalization
as of 03/31/2014

  VSBPX Benchmark

Russell 3000 Index

+/- Weight
Large 32.5% 38.2% – 5.7%
Medium/Large 29.6% 26.4% 3.2%
Medium 19.9% 17.6% 2.3%
Medium/Small 12.3% 10.1% 2.2%
Small 5.7% 7.7% – 2.0%
Total 100.0% 100.0%  

More information about market capitalization  


Fundamentals
as of 03/31/2014

  VSBPX Benchmark

Russell 3000 Index

+/- Weight
Number of stocks 214 2,992 – 2,778
Median market cap $37.9 billion $46.1 billion – $8.1 billion
  VSBPX Benchmark

Russell 3000 Index

Earnings growth rate 14.3% 12.5%
Short-term reserves 0.00% N/A
P/E ratio 17.6x 20.0x
P/B ratio 2.8x 2.6x
Turnover rate (Fiscal year-end 09/30/2013) 63.5% N/A
Return on equity 17.1% 17.3%
Foreign holdings N/A

Composition

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Holdings
 
% of funds*
 
Sector
 
Market value
 
Shares
 
Apple Inc. (AAPL) 2.00% Computer Hardware $10,503,979 18,720
General Electric Co. (GE) 1.91% Industrial Conglomerates $10,006,149 356,980
Johnson & Johnson (JNJ) 1.70% Pharmaceuticals $8,921,507 97,407
Exxon Mobil Corp. (XOM) 1.66% Integrated Oil & Gas $8,725,464 86,220
Wells Fargo & Co. (WFC) 1.57% Diversified Banks $8,234,198 181,370
AT&T Inc. (T) 1.26% Integrated Telecommunication Services $6,635,712 188,729
International Business Machines Corp. (IBM) 1.19% IT Consulting & Other Services $6,272,716 33,442
Comcast Corp. Class A (CMCSA) 1.18% Cable & Satellite $6,198,957 119,291
Verizon Communications Inc. (VZ) 1.15% Integrated Telecommunication Services $6,027,365 122,657
PepsiCo Inc. (PEP) 1.08% Soft Drinks $5,681,390 68,500
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Holdings policy for this fund  

Sector categories are based on the Global Industry Classification Standard system.

Percentages may not add up to 100%. SEC regulations allow us to withhold a certain amount of holdings as proprietary information.

People and process

Firms

Vanguard Equity Investment Group

Product management

Vanguard Structured Broad Market Fund seeks to outperform the Russell 3000 Index—an unmanaged benchmark of U.S. equities—while tightly controlling risk relative to the benchmark. The portfolio integrates a proprietary stock-selection methodology with disciplined, consistently applied risk controls designed to match benchmark characteristics. Stock selection is a quantitative process that ranks stocks of similar size and industry representation. Quantitative models evaluate thousands of stocks daily based on fundamental criteria, including valuation, earnings growth prospects, and market acceptance. No attempt is made to predict relative performance based on sector or market capitalization. The fund is expected to exhibit annualized tracking error volatility of less than 1.75% by minimizing exposure to major market risk factors and tightly controlling relative positions of individual securities. Over the long run, the fund seeks an information ratio—value-added divided by tracking error volatility—of 0.6, which translates to an annualized alpha of approximately 1%.

Vanguard Equity Investment Group

Firm description

Launched in 1975, The Vanguard Group, Malvern, Pennsylvania, is among the world’s largest equity and fixed income managers. As chief investment officer and managing director, Mortimer J. Buckley oversees Vanguard’s Equity Investment and Fixed Income Groups. Joseph Brennan, CFA, Principal of Vanguard and head of Vanguard’s Equity Index Group, has oversight responsibility for all equity index funds managed by the Equity Investment Group. John Ameriks, Ph.D., Principal of Vanguard and head of Vanguard’s Active Equity Group, has oversight responsibility for all active equity funds managed by the Equity Investment Group. The Equity Investment Group manages indexed and structured 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 Structured Broad Market Fund since 2006.

Investment Manager Biographies

James D. Troyer, CFA, Principal

  • Portfolio manager.
  • Advised the fund since 2012.
  • Worked in investment management since 1979.
  • A.B., Occidental College.

James P. Stetler, Principal

  • Portfolio manager.
  • Advised the fund since 2006.
  • Worked in investment management since 1996.
  • B.S., Susquehanna University.
  • M.B.A., Saint Joseph’s University.

Michael R. Roach, CFA

  • Portfolio manager.
  • Advised the fund since 2012.
  • Worked in investment management since 2001.
  • B.S., Bloomsburg University.
  • M.S., Drexel University.

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