S&P Mid-Cap 400 Value Index Fund Institutional Shares (VMFVX)

Also available in 

more share classes

, including an 

ETF

.

Indexed to S&P MidCap 400 Value Index

  Fact sheet (12/31/2013)

Summary of this fund

Vanguard S&P Mid-Cap 400 Value Index Fund seeks to track the performance of a benchmark index that measures the investment return of mid-capitalization value stocks.

Investment approach

  • Seeks to track the performance of the S&P MidCap 400 Value Index.
  • Mid-cap value equity.
  • Passively managed, full-replication approach.
  • Fund remains fully invested.
  • Low expenses minimize net tracking error.

About the benchmark

  • The S&P MidCap 400Value Index represents the value companies of the S&P MidCap 400 Index. (The S&P MidCap 400 Index is composed of mid-cap stocks from the broad U.S. equity market.)
  • Tracks the value companies of the S&P MidCap 400 Index as identified by three factors: book value to price ratio, earnings to price ratio, and sales to price ratio.

PRICE AND DISTRIBUTIONS

Price and distributions

as of 04/17/2014

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 $/%
$179.82
$0.05 positive change   0.03%
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.

1.56% 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.

1.82%

KEY FUND FACTS

Key fund facts

Expense ratio
0.08% as of 04/17/2014
Lipper peer average
expense ratio
1.30% as of 12/31/2013
Designation
Domestic Mid-Cap Value
Inception on
11/02/2010
Earliest share class
inception on
09/07/2010
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.

$208.6 million as of 03/31/2014
Net assets for
VMFVX
 
$99.5 million as of 03/31/2014
Holdings 
291 as of 03/31/2014
Management style
Index
Benchmark
S&P MidCap 400 Value Index (SPTRMV)
Turnover rate 
 74.20%(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:
$5,000,000

ETF Knowledge Center™   

STYLEBOX

Stylebox

Stock
Index portfolio of mid-capitalization value stocks.



Expected range
Central tendency

About our styleboxes  

Objective

Vanguard S&P Mid-Cap 400 Value Index Fund seeks to track the performance of a benchmark index that measures the investment return of mid-capitalization value stocks.

Investment approach

  • Seeks to track the performance of the S&P MidCap 400 Value Index.
  • Mid-cap value equity.
  • Passively managed, full-replication approach.
  • Fund remains fully invested.
  • Low expenses minimize net tracking error.

About the benchmark

  • The S&P MidCap 400Value Index represents the value companies of the S&P MidCap 400 Index. (The S&P MidCap 400 Index is composed of mid-cap stocks from the broad U.S. equity market.)
  • Tracks the value companies of the S&P MidCap 400 Index as identified by three factors: book value to price ratio, earnings to price ratio, and sales to price ratio.

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

11/02/2010

NAV 
3.96% 21.48% 17.62%
Benchmark

S&P MidCap 400 Value Index

*
3.99% 21.58%

Note: Fee adjusted for mutual funds where applicable.

* Tracks the value companies of the S&P MidCap 400 Index as identified by three factors: book/price ratio, earnings/price ratio, and sales/price ratio.

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.


Sector weightings as of 03/31/2014

as of 03/31/2014
  Sector  VMFVX Benchmark

S&P MidCap 400 Value Index

+/- Weight
Financials 29.0% 29.0% 0.0%
Industrials 13.2% 13.2% 0.0%
Information Technology 12.8% 12.8% 0.0%
Consumer Discretionary 10.3% 10.3% 0.0%
Materials 9.3% 9.3% 0.0%
Utilities 8.7% 8.7% 0.0%
Health Care 6.8% 6.8% 0.0%
Energy 5.3% 5.3% 0.0%
Consumer Staples 4.0% 4.0% 0.0%
Telecommunication Services 0.6% 0.6% 0.0%
Other 0.0% 0.0% 0.0%
0%
30%
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 SL Green Realty Corp.
2 HollyFrontier Corp.
3 Realty Income Corp.
4 Fidelity National Financial Inc.
5 OGE Energy Corp.
6 Everest Re Group Ltd.
7 Ashland Inc.
8 New York Community Bancorp Inc.
9 Raymond James Financial Inc.
10 Foot Locker Inc.
Top 10 equals 10.1% 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 VMFVX Benchmark

S&P MidCap 400 Value Index

Number of stocks 291 291
Median market cap $4.3 billion $4.3 billion
P/E ratio 21.6x 21.6x
P/B ratio 1.9x 1.9x
Turnover rate 74.2% Fiscal year end 8/2013 N/A

Risk and volatility as of 03/31/2014

as of 03/31/2014
  VMFVX Benchmark

S&P MidCap 400 Value Index

R-squared N/A 1.00
Beta N/A 1.00
Alpha – 0.02 N/A
Standard deviation 15.66% 15.67%
Sharpe ratio 0.88 0.89

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. The fund’s target index may, at times, become focused in stocks of a particular sector, category, or group of companies. Because the fund seeks to track its target index, the fund may underperform the overall stock market.
  • Investment style risk: The chance that returns from mid-capitalization value 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.



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