For people who invest directly in individual accounts (including IRAs and rollovers); in joint, brokerage, college savings, or small-business accounts; or in annuities.
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For broker-dealers, registered investment advisors, and trust or bank brokerage professionals.
Fact sheet (12/31/2013)
A brief product description that includes information on performance, cost, industry weightings, top holdings, investment approach, and portfolio attributes. Updated quarterly.
Summary prospectus (02/24/2014)
A simplified, standardized version of a statutory prospectus. Includes discussions of investment objectives and policies, risks, costs, and past performance intended to make it easier to compare all mutual funds regardless of provider. Updated annually.
Statutory prospectus (02/24/2014)
Includes detailed discussions of investment objectives and policies, risks, costs, and past performance. By law, a prospectus must be provided to a potential investor before he or she can invest. Updated annually.
Statement of additional information
A document provided as a supplement to a mutual fund prospectus. It contains more detailed information about fund policies, operations, and risks. Updated annually.
Investment profile (12/31/2013)
A detailed product overview including style view, returns, holdings, characteristics, quarterly commentary on investment performance, and detailed discussion on the management team and investment process. Updated quarterly.
Investment commentary (12/31/2013)
A detailed product overview including description, style view, returns, holdings, characteristics, and brief quarterly commentary on investment performance. Updated quarterly.
Semiannual report (04/30/2013)
A financial statement that lists assets (such as securities holdings), liabilities, and earnings, as well as certain historical information. Updated semiannually.
Annual report (10/31/2013)
A financial statement that lists assets (such as securities holdings), liabilities, and earnings, as well as certain historical information. Updated annually.
Portfolio holdings information:
The following additional terms and conditions apply to the publication on this Site of any Vanguard fund's portfolio holdings as described above:
The stylebox view considers a fund's potential holdings, including frequently owned categories of securities.
Note: The stylebox view for bond funds uses duration rather than average weighted maturity. Duration is a more accurate measure of interest rate sensitivity because it takes into consideration all mortgage prepayments, puts, and adjustable coupons.
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Indexed to Russell 2500 Growth Index
Vanguard Explorer™ Fund seeks to provide long-term capital appreciation.
Investment approachSmall-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 03/07/2014
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.
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.
BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH
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
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.
Fees and minimums
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.
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.
ETF Knowledge Center™
StockBroadly diversified portfolio of small-capitalization growth stocks.
About our styleboxes
as of 12/31/2013
Russell 2500 Growth Index
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.
Total returns details
Chartwell Investment Partners, L.P.Granahan Investment Management, Inc.Vanguard Equity Investment GroupWellington Management Company, LLPKalmar Investment AdvisersCentury Capital Management, LLCStephens Investment Management Group, LLC
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 categories are based on the Global Industry Classification Standard system.
Sector weighting details
Portfolio holdings may exclude any temporary cash investments and equity index products.
Holdings policy for this fund
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:
Risk and volatility details
Investment profile (12/31/2013)
Investment commentary (12/31/2013)
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