Growth and Income Fund Investor Shares (VQNPX)

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more share classes

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Indexed to S&P 500 Index

  Fact sheet (03/31/2014)

Summary of this fund

Vanguard Growth and Income Fund seeks to provide a total return (capital appreciation plus dividend income) greater than the return of the Standard & Poor’s 500 Index.

Investment approach

  • U.S. large-cap equity diversified across growth and value styles.
  • Seeks a total return greater than that of the S&P 500 Index.
  • Quantitatively managed.
  • Reflects aggregate characteristics and risks of the S&P 500 Index.

About the benchmark

  • The S&P 500 Index is a widely recognized benchmark of U.S. stock market performance that is dominated by the stocks of large U.S. companies.
  • The index includes 500 leading companies in leading industries of the U.S. economy.

PRICE AND DISTRIBUTIONS

Price and distributions

as of 04/23/2014

NAV

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 $/%
$40.29
– $0.05 negative change   – 0.12%
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.

1.63% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

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.

2.00%

KEY FUND FACTS

Key fund facts

Expense ratio
0.36% as of 01/27/2014
Lipper peer average
expense ratio
1.15% as of 12/31/2013
Designation
Domestic Large Blend
Inception on
12/10/1986
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.

$5.6 billion as of 03/31/2014
Net assets for
VQNPX
 
$3.0 billion as of 03/31/2014
Holdings 
641 as of 03/31/2014
Management style
Active
Benchmark
S&P 500 Index (SPXT)
Turnover rate 
 109.30%(Fiscal year-end  09/30/2013)

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.

None
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.

None
Minimum investment:
$3,000

ETF Knowledge Center™   

STYLEBOX

Stylebox

Stock
Portfolio of large- and mid-capitalization stocks diversified across investment styles.



Expected range
Central tendency

About our styleboxes  

Objective

Vanguard Growth and Income Fund seeks to provide a total return (capital appreciation plus dividend income) greater than the return of the Standard & Poor’s 500 Index.

Investment approach

  • U.S. large-cap equity diversified across growth and value styles.
  • Seeks a total return greater than that of the S&P 500 Index.
  • Quantitatively managed.
  • Reflects aggregate characteristics and risks of the S&P 500 Index.

About the benchmark

  • The S&P 500 Index is a widely recognized benchmark of U.S. stock market performance that is dominated by the stocks of large U.S. companies.
  • The index includes 500 leading companies in leading industries of the U.S. economy.

Total returns

as of 03/31/2014

View as:

as of 03/31/2014

View as:
25%
20
15
10
5
0%
 
 
 
 
 
  YTD 1 year 5 year 10 year Since inception

12/10/1986

NAV 
1.69% 22.00% 20.83% 6.63% 10.01%
Benchmark

S&P 500 Index

*
1.81% 21.86% 21.16% 7.42%

Note: Fee adjusted for mutual funds where applicable.

* A widely used barometer of U.S. stock market performance; as a market-weighted index of leading companies in leading industries, it is dominated by large-capitalization companies.

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

Firms

Vanguard Equity Investment Group
Los Angeles Capital
D. E. Shaw Investment Management, L.L.C.

Product management

Vanguard Growth and Income Fund seeks a total return greater than that of the S&P 500 Index by investing in U.S. large- and mid-capitalization stocks. The funds three investment advisors manage independent subportfolios. Although each advisor uses a different process to select securities, each is committed to using computer models to select a broadly diversified group of stocks that, as a whole, have investment characteristics similar to the S&P 500 Index, but are expected to provide a higher total return than that of the index.

Firm and manager details  

Sector weightings as of 03/31/2014

as of 03/31/2014
  Sector  VQNPX Benchmark

S&P 500 Index

+/- Weight
Information Technology 17.8% 18.6% – 0.8%
Health Care 15.3% 13.4% 1.9%
Financials 14.9% 16.4% – 1.5%
Consumer Discretionary 13.5% 12.1% 1.4%
Industrials 11.8% 10.7% 1.1%
Energy 8.9% 10.1% – 1.2%
Consumer Staples 8.0% 9.7% – 1.7%
Materials 3.6% 3.5% 0.1%
Telecommunication Services 3.2% 2.4% 0.8%
Utilities 3.0% 3.1% – 0.1%
Other 0.0% 0.0% 0.0%
0%
20%
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 Apple Inc.
2 Johnson & Johnson
3 Exxon Mobil Corp.
4 General Electric Co.
5 Google Inc.
6 AT&T Inc.
7 Bank of America Corp.
8 Wells Fargo & Co.
9 JPMorgan Chase & Co.
10 Microsoft Corp.
Top 10 equals 17.9% of net assets

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

Holdings policy for this fund  

Fundamentals

Stockas of 03/31/2014 VQNPX Benchmark

S&P 500 Index

Number of stocks 641 500
Median market cap $60.0 billion $66.3 billion
P/E ratio 18.0x 18.6x
P/B ratio 2.5x 2.6x
Turnover rate 109.3% Fiscal year end 9/2013 N/A

Risk and volatility as of 03/31/2014

as of 03/31/2014
  VQNPX Benchmark

S&P 500 Index

R-squared N/A 0.99
Beta N/A 1.01
Alpha 0.01 N/A
Standard deviation 12.64% 12.47%
Sharpe ratio 1.18 1.17

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:

  • Investment style risk: The chance that returns from large-capitalization stocks will trail returns from the overall stock market. Large-cap stocks tend to go through cycles of doing better—or worse—than other segments of the stock market or the stock market in general. These periods have, in the past, lasted for as long as several years.
  • 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.
  • 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.



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