Wellington Fund Admiral Shares (VWENX)

Closed to new investors.

Also available in 

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Indexed to Wellington Composite Index

  Fact sheet (12/31/2013)

Summary of this fund

Vanguard Wellington™ Fund seeks to provide long-term capital appreciation and reasonable current income.

Investment approach

  • Balanced asset allocation: 60%–70% stocks, 30%–40% bonds.
  • Seeks long-term capital appreciation and reasonable current income, with moderate risk.
  • Large- and mid-cap value stocks.
  • Intermediate-, short-, and long-term government and investment-grade corporate bonds.
  • Fundamental, risk-controlled investment approach.


Price and distributions

as of 04/16/2014


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 $/%
$0.38 positive change   0.57%
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.

2.29% 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
0.18% as of 03/25/2014
Lipper peer average
expense ratio
0.97% as of 12/31/2013
Moderate Allocation
Inception on
Earliest share class
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.

$82.9 billion as of 03/31/2014
Net assets for
$55.5 billion as of 03/31/2014
806 as of 03/31/2014
Management style
Wellington Composite Index
Turnover rate 
 34.90%(Fiscal year-end  11/30/2013)

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.

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™   



Portfolio emphasizing large- and mid-capitalization value stocks.

Portfolio of intermediate-, short-, and long-term government and investment-grade corporate credits. 

Expected range
Central tendency

About our styleboxes  


Vanguard Wellington™ Fund seeks to provide long-term capital appreciation and reasonable current income.

Investment approach

  • Balanced asset allocation: 60%–70% stocks, 30%–40% bonds.
  • Seeks long-term capital appreciation and reasonable current income, with moderate risk.
  • Large- and mid-cap value stocks.
  • Intermediate-, short-, and long-term government and investment-grade corporate bonds.
  • Fundamental, risk-controlled investment approach.

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


2.37% 14.52% 15.97% 8.23% 7.57%

Wellington Composite Index

2.07% 14.08% 16.51% 6.72%

Note: Fee adjusted for mutual funds where applicable.

* 65% S&P 500 Index and 35% Lehman U.S. Long Credit AA or Better Bond Index through February 29, 2000; 65% S&P 500 Index and 35% Barclays U.S. Credit A or Better Bond Index thereafter.

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


Wellington Management Company, LLP

Product management

Vanguard Wellington™ Fund uses a conservative approach and emphasizes broad diversification to moderate risk in pursuit of three objectives: long-term capital appreciation, reasonable current income, and capital conservation. The stock/bond mix has provided an “all-weather” portfolio with competitive returns in various market cycles.Equity component: Fundamental research identifies high-quality large- and mid-capitalization companies in out-of-favor industries. These stocks typically offer above-average dividend yields, low valuation multiples, and improving fundamentals.Fixed income component: The advisor builds an intermediate-duration portfolio that may include short-, intermediate-, and long-term investment-grade corporate bonds, with some exposure to U.S. Treasury, government agency, and mortgage-backed securities. A top-down strategy ranks industry groups by valuation, liquidity, and economic outlook. Fundamental credit research seeks to identify stable and improving credits with low default risks.

Firm and manager details  

Sector weightings as of 03/31/2014

as of 03/31/2014
  Sector  VWENX Benchmark

Wellington Composite Index

+/- Weight
Financials 21.1% 16.4% 4.7%
Health Care 18.5% 13.4% 5.1%
Industrials 13.0% 10.7% 2.3%
Information Technology 13.0% 18.6% – 5.6%
Energy 10.5% 10.1% 0.4%
Consumer Staples 8.3% 9.7% – 1.4%
Consumer Discretionary 7.7% 12.1% – 4.4%
Utilities 3.2% 3.1% 0.1%
Telecommunication Services 2.6% 2.4% 0.2%
Materials 2.1% 3.5% – 1.4%
Other 0.0% 0.0% 0.0%
Total 100.0% 100.0%

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

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

(% of fund) as of 03/31/2014
  Credit rating  VWENX
U.S. Government 24.1%
Aaa 4.7%
Aa 13.6%
A 40.9%
Baa 16.7%
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 Moody’s Investors Service and Standard & Poor’s, and the higher rating for each issue is used.

Top 10 holdings as of 03/31/2014

 as of 03/31/2014
Rank Holding
1 Wells Fargo & Co.
2 Merck & Co. Inc.
3 Microsoft Corp.
4 JPMorgan Chase & Co.
5 Verizon Communications Inc.
6 Exxon Mobil Corp.
7 Chevron Corp.
8 Comcast Corp.
9 Johnson & Johnson
10 CVS Caremark Corp.
Top 10 equals: 16.2% of net assets & 24.8% of net equities

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

Holdings policy for this fund  

Asset allocation  
as of 03/31/2014

Asset class VWENX
 Stock 65.80%
 Bond 33.93%
 Short-term reserves 0.27%
Total 100.00%


Balancedas of 03/31/2014 VWENX Benchmark

Wellington Composite Index

Turnover rate 34.9% Fiscal year end 11/2013 N/A
Short-term reserves 0.27% N/A
Stockas of 03/31/2014 VWENX Benchmark

Wellington Composite Index

Number of stocks 101
Median market cap $85.3 billion
P/E ratio 16.5x
P/B ratio 2.3x
Bondas of 03/31/2014 VWENX Benchmark

Wellington Composite Index

Number of bonds 705
Yield to maturity 2.57%
Average duration 6.0 (years)
Average maturity 8.8 (years)
Average coupon 3.79%

Risk and volatility as of 03/31/2014

as of 03/31/2014
  VWENX Benchmark

Wellington Composite Index

R-squared N/A 0.98
Beta N/A 0.98
Alpha 0.00 N/A
Standard deviation 8.16% 8.25%
Sharpe ratio 1.37 1.38

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.

The fund is subject to several stock and bond market risks, any of which could cause an investor to lose money. However, because stock and bond prices can move in different directions or to different degrees, the fund’s bond and short-term investment holdings may counteract some of the volatility experienced by the fund’s stock holdings. 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 mid- and large-capitalization stocks will trail returns from the overall stock market. Historically, mid-cap stocks have been more volatile in price than the large-cap stocks that dominate the overall market, and they often perform quite differently. Mid-cap stocks tend to have greater volatility than large-cap stocks because, among other things, medium-size companies are more sensitive to changing economic conditions.
  • Interest rate risk: The chance that bond prices overall will decline because of rising interest rates.
  • Income risk: The chance that the fund’s income will decline because of falling interest rates.
  • Credit risk: The chance that a bond issuer will fail to pay interest and principal in a timely manner, or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond to decline.
  • Call risk: The chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. The fund would then lose any price appreciation above the bond’s call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the fund’s income.
  • 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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