U.S. Growth Fund Admiral Shares (VWUAX)

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Indexed to Russell 1000 Growth Index

  Fact sheet (03/31/2014)

Summary of this fund

Vanguard U.S. Growth Fund seeks to provide long-term capital appreciation.

Investment approach

  • Large-cap growth equity.
  • Seeks long-term capital appreciation.
  • Multi-manager structure.
  • Diversified portfolio.
  • Fundamental stock selection.

About the benchmark

  • The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe.
  • It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted and historical growth values.

PRICE AND DISTRIBUTIONS

Price and distributions

as of 04/22/2014

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 $/%
$75.06
$0.93 positive change   1.25%
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.

0.52% 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.

0.95%

KEY FUND FACTS

Key fund facts

Expense ratio
0.31% as of 04/22/2014
Lipper peer average
expense ratio
1.22% as of 12/31/2013
Designation
Domestic Large Growth
Inception on
08/13/2001
Earliest share class
inception on
01/06/1959
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
VWUAX
 
$1.5 billion as of 03/31/2014
Holdings 
178 as of 03/31/2014
Management style
Active
Benchmark
Russell 1000 Growth Index (RU10GRTR)
Turnover rate 
 38.00%(Fiscal year-end  08/31/2013)

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.

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:
N/A

ETF Knowledge Center™   

STYLEBOX

Stylebox

Stock
Invests in large-capitalization growth stocks.



Expected range
Central tendency

About our styleboxes  

Objective

Vanguard U.S. Growth Fund seeks to provide long-term capital appreciation.

Investment approach

  • Large-cap growth equity.
  • Seeks long-term capital appreciation.
  • Multi-manager structure.
  • Diversified portfolio.
  • Fundamental stock selection.

About the benchmark

  • The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe.
  • It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted and historical growth values.

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

08/13/2001

NAV 
0.69% 24.58% 20.47% 7.18% 3.90%
Benchmark

Russell 1000 Growth Index

*
1.12% 23.22% 21.68% 7.86%

Note: Fee adjusted for mutual funds where applicable.

* Measures the performance of those Russell 1000 companies with higher price/book ratios, 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

Firms

Baillie Gifford Overseas Ltd.
Wellington Management Company, LLP
William Blair & Company, L.L.C.
Jennison Associates LLC
Delaware Investments Fund Advisers

Product management

Vanguard U.S. Growth Fund seeks long-term capital appreciation by investing in a diversified portfolio of large-capitalization stocks believed to have superior sustainable growth potential at reasonable valuations. The fund’s three investment advisors use a fundamental approach to independently select and maintain a portfolio of common stocks for the fund. In addition, 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  VWUAX
as of 03/31/2014
Benchmark

Russell 1000 Growth Index

as of 12/31/2013
Information Technology 31.1% 27.1%
Consumer Discretionary 22.3% 19.9%
Health Care 14.9% 12.2%
Financials 9.1% 5.4%
Industrials 7.4% 12.4%
Consumer Staples 6.9% 11.9%
Energy 4.8% 4.4%
Materials 2.8% 4.5%
Telecommunication Services 0.5% 2.0%
Utilities 0.1% 0.2%
Other 0.1% 0.0%
0%
35%
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 Google Inc.
2 MasterCard Inc.
3 Visa Inc.
4 Priceline Group Inc.
5 Allergan Inc.
6 QUALCOMM Inc.
7 EOG Resources Inc.
8 Microsoft Corp.
9 Gilead Sciences Inc.
10 Walgreen Co.
Top 10 equals 24.6% 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 VWUAX Benchmark

Russell 1000 Growth Index

Number of stocks 178 626
Median market cap $36.8 billion $58.2 billion
P/E ratio 27.5x 22.1x
P/B ratio 4.3x 4.8x
Turnover rate 38.0% Fiscal year end 8/2013 N/A

Risk and volatility as of 03/31/2014

as of 03/31/2014
  VWUAX Benchmark

Russell 1000 Growth Index

R-squared N/A 0.96
Beta N/A 1.16
Alpha – 0.15 N/A
Standard deviation 15.04% 12.76%
Sharpe ratio 0.98 1.14

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 large-capitalization growth 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.
  • Asset concentration risk: The chance that the fund’s performance may be hurt disproportionately by the poor performance of relatively few stocks. The fund tends to invest a high percentage of assets in its ten largest holdings.
  • 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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