Wellington Fund Investor Shares (VWELX)

Closed to new investors.

 
 

Characteristics

Stylebox

Stocks
Portfolio emphasizing large- and mid-capitalization value stocks.



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



Expected range
Central tendency

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Market capitalization as of 03/31/2014

  VWELX Benchmark

Wellington Composite Index

+/- Weight
Large 56.3% 0.0% 56.3%
Medium/Large 41.5% 0.0% 41.5%
Medium 2.2% 0.0% 2.2%
Medium/Small 0.0% 0.0% 0.0%
Small 0.0% 0.0% 0.0%
Total 100.0% 0.0%  

More information about market capitalization  


 

Fundamentals as of 03/31/2014


 
 
 
  VWELX Benchmark

Wellington Composite Index

+/- Weight
Number of stocks 101
Median market cap $85.3 billion
 
  VWELX Benchmark

Wellington Composite Index

Earnings growth rate 10.9%
P/E ratio 16.5x
P/B ratio 2.3x
Return on equity 18.5%
Foreign holdings 8.86% N/A
 

Asset allocation as of 03/31/2014

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

Composition

Sector weightings as of 03/31/2014

  Sector
 
 VWELX
 
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%
0%
25%
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

 

Select time

  Credit rating  VWELX
U.S. Government 24.1%
Aaa 4.7%
Aa 13.6%
A 40.9%
Baa 16.7%
0%
45%
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.
 

Distribution by issuer type (% of fund) as of 03/31/2014

 
  Issuer  VWELX
Industrial 33.6%
Finance 25.9%
Treasury 15.4%
Government Mortgage-Backed 8.3%
Utilities 5.7%
Other 4.5%
Asset-Backed 3.5%
Foreign 2.6%
Commercial Mortgage-Backed 0.5%
Agency 0.0%
0%
35%
Total 100.0%
 

People and process

Firms

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.

Wellington Management Company, LLP

Firm description

Founded in 1928, Wellington Management Company, LLP, Boston, Massachusetts, is among the nation’s oldest and most respected institutional investment managers. The firm has advised Vanguard Wellington Fund since 1929.

Investment Manager Biographies

Edward P. Bousa, CFA, Senior Vice President

  • Equity portfolio manager.
  • Advised the fund since 2000.
  • Worked in investment management since 1984.
  • B.A., Williams College.
  • M.B.A., Harvard Business School.

John C. Keogh, Senior Vice President

  • Fixed income portfolio manager.
  • Advised the fund since 2003.
  • Worked in investment management since 1979.
  • B.A., Tufts University.

 
 
 
 

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