Long-Term Corporate Bond ETF (VCLT)

Also available as a 

mutual fund.

Indexed to Barclays US 10+ Year Corp Index

  Fact sheet (12/31/2013)

Characteristics

Stylebox

Bonds
Portfolio of high-quality, long-term corporate bonds.



Expected range
Central tendency

About our styleboxes  





Fundamentals
as of 03/31/2014

  VCLT Benchmark

Barclays U.S. 10+ Year Corporate Index

Number of bonds 1,265 1,426
Yield to maturity 4.83% 4.83%
Short-term reserves 1.37% N/A
  VCLT Benchmark

Barclays U.S. 10+ Year Corporate Index

Average duration 13.5 (years) 13.5 (years)
Average maturity 23.9 (years) 24.0 (years)
Average coupon 5.88% 5.88%

Composition

Distribution by credit quality(% of fund)
as of 03/31/2014

Select time

  Credit rating  VCLT
U.S. Government 0.0%
Aaa 1.3%
Aa 6.8%
A 44.4%
Baa 47.5%
< Baa 0.0%
0%
50%
Total 100.0%
* Credit-quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). “NR” is used to classify securities for which a rating is not available. U.S. Treasury, U.S. Agency, and U.S. Agency mortgage-backed securities appear under “U.S. Government.” Credit-quality ratings for each issue are obtained from Barclays using ratings derived from Moody’s Investors Service, Fitch Ratings, and Standard & Poor’s. When ratings from all three agencies are available, the median rating is used. When ratings are available from two of the agencies, the lower rating is used. When one rating is available, that rating is used.

Distribution by issuer type  (% of fund)
as of 03/31/2014

  Issuer  VCLT
Industrial 63.1%
Finance 18.8%
Utilities 17.9%
Other 0.2%
Agency 0.0%
Asset-Backed 0.0%
Commercial Mortgage-Backed 0.0%
Foreign 0.0%
Government Mortgage-Backed 0.0%
Treasury 0.0%
0%
65%
Total 100.0%

Distribution by maturity (% of fund)
as of 03/31/2014

Select time

  Maturity  VCLT
Under 1 Year 0.3%
1 - 3 Years 0.0%
3 - 5 Years 0.0%
5 - 10 Years 1.2%
10 - 20 Years 21.7%
20 - 30 Years 75.5%
Over 30 Years 1.3%
0%
80%
Total 100.0%

People and process

Firms

Vanguard Fixed Income Group

Product management

Vanguard Long-Term Corporate Bond ETF seeks to track the performance of a market-weighted corporate bond index with a long-term dollar-weighted average maturity. The fund invests by sampling the index, meaning that it holds a range of securities that, in the aggregate, approximates the full index in terms of key risk factors and other characteristics. All of the fund’s investments will be selected through the sampling process and at least 80% of the fund’s assets will be invested in bonds included in the index. The fund maintains a dollar-weighted average maturity consistent with that of the index.

Vanguard Fixed Income 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. Gregory Davis, CFA, principal and global head of Fixed Income Group, has direct oversight responsibility for all money market, bond, and stable value portfolios managed by the Fixed Income Group. He has managed investment portfolios since 2000, and has been with Vanguard since 1999. Kenneth E. Volpert, CFA, principal and head of Vanguard’s Taxable Bond Group, has direct oversight responsibility for all taxable bond funds managed by the Fixed Income Group. He has managed investment portfolios since 1982 and has been with Vanguard since 1992. Christopher W. Alwine, CFA, principal and head of Vanguard’s Municipal Bond Funds, has direct oversight responsibility for all tax-exempt bond funds managed by the Fixed Income Group. He has managed investment portfolios since 1996 and has been with Vanguard since 1990. Pamela Wisehaupt Tynan, principal and head of Vanguard’s Municipal Money Market Funds, has direct oversight responsibility for all tax-exempt money market funds managed by the Fixed Income Group. She has managed investment portfolios since 1988 and has been with Vanguard since 1982. The Fixed Income Group offers actively managed investments in U.S. Treasury, corporate, and tax-exempt securities, as well as passively managed index portfolios. Since 1981, it has refined techniques in total-return management, credit research, and index sampling to seek to deliver consistent performance with transparency and risk control. The group has advised Vanguard Long-Term Corporate Bond ETF since 2009.

Investment Manager Biographies

Joshua C. Barrickman, CFA, Principal, Head of Bond Index Group

  • Portfolio manager.
  • Advised the fund since 2009.
  • Worked in investment management since 1999.
  • B.S., Ohio Northern University.
  • M.B.A., Lehigh University.

Paul M. Malloy, CFA

  • Portfolio manager.
  • Advised the fund since 2013.
  • Worked in investment management since 2005.
  • B.S., St. Francis University.

© 1995–2014 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, distributor. Your use of this site signifies that you accept our terms & conditions of use.