Explorer Fund Investor Shares (VEXPX)

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Indexed to Russell 2500 Growth Index

  Fact sheet (03/31/2014)

Summary of this fund

Vanguard Explorer™ Fund seeks to provide long-term capital appreciation.

Investment approach

  • Small-cap growth equity.
  • Seeks long-term capital appreciation.
  • Broadly diversified, multimanager structure.
  • Fundamental and quantitative approaches.
  • Tends to be less volatile than peer funds.


Price and distributions

as of 04/23/2014


The market value of a mutual fund's total assets, minus liabilities, divided by the number of shares outstanding. The value of a single share is called its share value or share price.

Change $/%
– $0.64 negative change   – 0.62%
SEC yield

A non-money market fund's SEC yield is based on a formula mandated by the Securities and Exchange Commission (SEC) that calculates a fund's hypothetical annualized income, as a percentage of its assets. A security's income, for the purposes of this calculation, is based on the current market yield to maturity (in the case of bonds) or projected dividend yield (for stocks) of the fund's holdings over a trailing 30 day period. This hypothetical income will differ (at times, significantly) from the fund's actual experience; as a result, income distributions from the fund may be higher or lower than implied by the SEC yield.

The SEC yield for a money market fund is calculated by annualizing its daily income distributions for the previous seven days.

0.11% B


Dividend yield

The annual rate of return on a share of stock, determined by dividing the annual dividend by its current share price. In a stock mutual fund, this figure represents the average dividend yield of the stocks held by the fund.



Key fund facts

Expense ratio
0.51% as of 02/24/2014
Lipper peer average
expense ratio
1.42% as of 12/31/2013
Domestic Small Growth
Inception on
Total net assets

This represents the total net assets for all share classes of Vanguard's U.S. funds that share the same investment strategy, management and holdings, but does not include any collective trusts sharing the same investment mandate.

$13.0 billion as of 03/31/2014
Net assets for
$5.3 billion as of 03/31/2014
648 as of 03/31/2014
Management style
Russell 2500 Growth Index
Turnover rate 
 65.40%(Fiscal year-end  10/31/2013)

Fees and minimums

Fees and minimums

Purchase fee:

A fee charged by some mutual funds when an investor buys shares. This fee is not a sales charge or load because it is paid directly to the fund to offset the costs of trading certain securities.

Redemption fee:

A fee charged by some mutual funds when an investor sells shares. A redemption fee differs from a back-end load because the money is paid back into the fund. Many funds charge redemption fees only when shares are bought and then sold within a specific period of time, generally in an effort to discourage market-timing and short-term trading. Some brokers also charge their clients redemption fees for the sale of securities.

Minimum investment:

ETF Knowledge Center™   



Broadly diversified portfolio of small-capitalization growth stocks.

Expected range
Central tendency

About our styleboxes  


Vanguard Explorer™ Fund seeks to provide long-term capital appreciation.

Investment approach

  • Small-cap growth equity.
  • Seeks long-term capital appreciation.
  • Broadly diversified, multimanager structure.
  • Fundamental and quantitative approaches.
  • Tends to be less volatile than peer funds.

Total returns

as of 03/31/2014

View as:

as of 03/31/2014

View as:
  YTD 1 year 5 year 10 year Since inception


0.80% 29.26% 25.23% 8.76% 9.40%

Russell 2500 Growth Index

1.04% 26.66% 25.82% 9.64%

Note: Fee adjusted for mutual funds where applicable.

* Measures the performance of those Russell 2500 companies with higher price/book ratios and higher predicted and historical growth rates.

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.

People and process


Chartwell Investment Partners, Inc.
Granahan Investment Management, Inc.
Vanguard Equity Investment Group
Wellington Management Company, LLP
Kalmar Investment Advisers
Century Capital Management, LLC
Stephens Investment Management Group, LLC

Product management

Vanguard Explorer™ Fund seeks long-term capital appreciation using a multimanager approach that provides exposure to a broad universe of small-company growth stocks. The fund’s seven investment advisors—six using a fundamental approach and one using a quantitative approach—manage independent subportfolios. The multimanager structure diversifies risk and increases investment capacity, while providing individual managers with the opportunity to generate superior returns. The fund’s broad diversification tends to produce lower volatility. Vanguard may invest the fund’s cash flows in equity index futures and/or exchange-traded funds to manage liquidity needs while ensuring that the fund remains fully invested.

Firm and manager details  

Sector weightings

  Sector  VEXPX
as of 03/31/2014

Russell 2500 Growth Index

as of 12/31/2013
Information Technology 24.7% 21.3%
Consumer Discretionary 18.6% 18.8%
Industrials 17.3% 18.1%
Health Care 15.1% 16.5%
Financials 8.1% 8.1%
Materials 5.9% 7.4%
Energy 5.3% 4.4%
Consumer Staples 3.1% 3.8%
Telecommunication Services 1.1% 1.0%
Utilities 0.7% 0.6%
Other 0.1% 0.0%
Total 100.0% 100.0%

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

Top 10 holdings as of 03/31/2014

 as of 03/31/2014
Rank Holding
1 Alliance Data Systems Corp.
2 West Pharmaceutical Services Inc.
3 PTC Inc.
4 Urban Outfitters Inc.
5 Salix Pharmaceuticals Ltd.
6 First Solar Inc.
7 Ultimate Software Group Inc.
8 Cadence Design Systems Inc.
9 Silicon Laboratories Inc.
10 Finisar Corp.
Top 10 equals 6.9% of net assets

Portfolio holdings may exclude any temporary cash investments and equity index products.

Holdings policy for this fund  


Stockas of 03/31/2014 VEXPX Benchmark

Russell 2500 Growth Index

Number of stocks 648 1,459
Median market cap $3.2 billion $4.1 billion
P/E ratio 30.5x 33.1x
P/B ratio 3.1x 4.4x
Turnover rate 65.4% Fiscal year end 10/2013 N/A

Risk and volatility as of 03/31/2014

as of 03/31/2014
  VEXPX Benchmark

Russell 2500 Growth Index

R-squared N/A 0.99
Beta N/A 0.99
Alpha 0.05 N/A
Standard deviation 16.77% 16.89%
Sharpe ratio 0.86 0.82

Risk and volatility are based on the share class with the earliest inception date.

Risk measures are calculated from trailing 36-month fund returns relative to the associated benchmarks.

An investment in the fund could lose money over short or even long periods. You should expect the fund’s share price and total return to fluctuate within a wide range, like the fluctuations of the overall stock market. The fund’s performance could be hurt by:  

  • Stock market risk: The chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising stock prices and periods of falling stock prices.
  • Investment style risk: The chance that returns from small-capitalization growth stocks will trail returns from the overall stock market. Historically, small-cap stocks have been more volatile in price than the large-cap stocks that dominate the overall market, and they often perform quite differently.
  • Manager risk: The chance that poor security selection or focus on securities in a particular sector, category, or group of companies will cause the fund to underperform relevant benchmarks or other funds with a similar investment objective.

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