Vanguard Equity Income Fund - Vanguard Institutional
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Vanguard ® Equity Income Fund
Product Summary Vanguard Style View : Large Value
Primarily large-cap value equity. Diversified portfolio of large- and mid-capitalization, yield-oriented
value stocks.
Seeks an above average level of current income and reasonable
Investment style
long-term capital appreciation. Value Blend Growth
Multimanager structure combines two distinct strategies.
Market capitalization
Large
Broadly diversified.
Mid
Small
Central tendency
Expected range of fund holdings
Quarterly Commentary People and Process
The outbreak of a novel coronavirus upended economies and Vanguard Equity Income Fund seeks an above average level of
financial markets worldwide during the first quarter of 2020. Crude dividend income and reasonable long-term capital appreciation.
oil prices sank more than 50% as trade and travel restrictions The fund has two advisors who perform extensive research to
multiplied and non-essential businesses were shuttered. identify dividend-paying, undervalued companies with catalysts for
Subsequent U.S. jobless claims soared to all-time highs, with share-price appreciation. Each advisor has a distinct strategy: One
nearly 10 million filed during the two weeks ended March 28. uses fundamental concepts applied with quantitative investment
Prompted to emergency action, the U.S. Federal Reserve took techniques and one uses traditional, yet distinct, fundamental
steps to support the economy and markets, including slashing its strategies. Vanguard may invest the fund’s cash flows in equity
target range for short-term interest rates twice in March, the index futures and/or exchange-traded funds to manage liquidity
second time to 0.00%–0.25%. To provide additional liquidity to needs while ensuring that the fund remains fully invested.
stressed markets, the Fed also said it would buy hundreds of
billions of dollars in government and mortgage-related bonds.
Meanwhile, Congress approved a $2.2 trillion stimulus package to Wellington Management Company LLP
limit the economic damage.
The firm looks for large-cap stocks that have high projected
Amid the global de-risking during the quarter, Vanguard Equity earnings and dividend growth rates and that are trading at a
Income Fund modestly outperformed its benchmark, the FTSE significant discount. Fundamental analysis seeks to identify
High Dividend Yield Index (–23.94%). Strong selection in financials companies that are likely to maintain a strong position after a
and consumer discretionary drove the outperformance, led by market or industry matures.
notable overweight positions in Progressive (+5%) and Home
Depot (–13%). Even though the energy sector lagged because of
crude prices, the fund’s selection, particularly underweight Firm Description
positions in Exxon Mobil (–45%) and TC Energy (–17%),
contributed to results. Consumer staples and utility names Founded in 1928, Wellington Management Company LLP, Boston,
detracted, led by Walmart (–4%), NextEra Energy (–8%), and UGI Massachusetts, is among the nation’s oldest and most respected
(–40%). institutional investment managers. The firm has advised Vanguard
Equity Income Fund since 2000.
For the 12 months ended March 31, the fund outperformed its
benchmark (–14.66%). Selection, notably in energy, consumer Investment Manager Biographies
discretionary, and financials, drove the outperformance. Top
contributors included underweight positions in Exxon Mobil (–51%) W. Michael Reckmeyer, III, CFA, Senior Managing Director.
and Occidental Petroleum (–20%), and an overweight to TC Energy Portfolio manager. Advised the fund since 2007. Worked in
(+3%). Utilities and consumer staples detracted on the margin, investment management since 1984. B.S., University of
with an overweight to UGI (–48%) and underweights to Proctor & Wisconsin. M.B.A., University of Wisconsin.
Gamble (+9%) and Walmart (+19%).
Vanguard Quantitative Equity Group
The firm’s Quantitative Equity Group invests their portion of the
fund’s assets mainly in common stocks of established
medium-size and large companies that pay high levels of dividend
income and have the potential for capital appreciation. Generally,
QEG purchases securities that are out of favor with the
investment community.
As of March 31, 2020 For institutional use only. Not for distribution to retail investors.Vanguard Equity Income Fund
Firm Description Investment Manager Biographies
Launched in 1975, The Vanguard Group, Malvern, Pennsylvania, is James P. Stetler. Senior portfolio manager. Advised the fund since
among the world's largest equity and fixed income managers. As 2003. Worked in investment management since 1996. B.S.,
chief investment officer, Gregory Davis, CFA, oversees Susquehanna University. M.B.A., Saint Joseph’s University.
Vanguard's Equity Index, Quantitative Equity, and Fixed Income
Groups. John Ameriks, Ph.D., Principal of and head of Vanguard's Binbin Guo, Principal, Head of Equity Research and Portfolio
Quantitative Equity Group, is responsible for all active equity funds Strategies. Portfolio manager. Advised the fund since 2010.
managed by the Investment Management Group. The Quantitative Worked in investment management since 1998. B.S. and M.S.,
Equity Group manages Vanguard active equity mutual funds using Tsinghua University. . Ph.D. and M.Phil., Yale University.
a quantitative investment approach. The group has advised
Vanguard Equity Income Fund since 2003.
Investment Advisors
Fund Assets Managed
% $ Million
Wellington Management Company LLP 64 18,995
Vanguard Quantitative Equity Group 34 10,147
Cash investments 2 737
Total 100 29,879
Total Returns
Year
Quarter to Date 1 Year 3 Years 5 Years 10 Years
Equity Income Fund
Investor Shares (3/21/1988) -23.07% -23.07% -13.26% 0.95% 4.46% 9.51%
Admiral Shares (8/13/2001) -23.06 -23.06 -13.20 1.03 4.55 9.61
Spliced Equity Income Index -23.94 -23.94 -14.66 0.10 4.06 9.40
Equity Income Funds Average -24.56 -24.56 -15.50 -1.11 1.83 6.86
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. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.
Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Performance figures include the
reinvestment of all dividends and any capital gains distributions. All returns are net of expenses.
Note: Spliced Equity Income Index: Russell 1000 Value Index through July 31, 2007; FTSE High Dividend Yield Index thereafter. Average fund returns are
derived from data provided by Lipper, a Thomson Reuters Company. Admiral class shareholders are required to maintain specific minimum balances and
meet other special criteria.
As of March 31, 2020Vanguard Equity Income Fund
Quarterly Returns: Investor Shares
Year-End
Equity Spliced Equity Assets
Year 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Income Income Index (Millions)
2020 -23.07% — — — — — $4,239
2019 11.05 3.41% 2.24% 6.64% 25.22% 24.24% 5,750
2018 -2.56 1.36 5.32 -9.36 -5.72 -5.85 4,991
2017 4.52 2.00 4.46 6.31 18.38 16.51 6,085
2016 3.53 4.01 1.67 4.78 14.70 16.96 5,803
2015 -0.07 -0.38 -5.46 7.07 0.77 0.39 5,064
2014 2.34 5.14 -0.55 4.00 11.29 13.58 5,676
2013 11.26 3.57 3.58 8.98 30.07 30.34 5,257
2012 8.37 -0.85 5.53 0.08 13.49 12.75 3,966
2011 6.58 2.10 -10.66 13.76 10.60 10.65 3,328
2010 4.57 -9.36 11.17 9.02 14.88 14.36 2,626
Quarterly Returns: Admiral Shares
Year-End
Equity Spliced Equity Assets
Year 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Income Income Index (Millions)
2020 -23.06% — — — — — $25,641
2019 11.11 3.43% 2.26% 6.67% 25.35% 24.24% 33,500
2018 -2.55 1.40 5.34 -9.36 -5.65 -5.85 25,094
2017 4.56 1.98 4.49 6.35 18.49 16.51 25,256
2016 3.55 4.02 1.73 4.79 14.82 16.96 19,558
2015 -0.04 -0.34 -5.46 7.09 0.86 0.39 13,915
2014 2.34 5.18 -0.53 4.03 11.38 13.58 13,118
2013 11.28 3.59 3.62 9.00 30.19 30.34 10,290
2012 8.38 -0.79 5.49 0.14 13.58 12.75 5,725
2011 6.60 2.08 -10.61 13.79 10.69 10.65 3,292
2010 4.59 -9.35 11.20 9.07 14.99 14.36 2,272
Fund Facts
Volatility Measures
Investor Admiral R-Squared Beta
Shares Shares
Spliced Equity Income Index 1.00 0.97
Fund Number 0065 0565
DJ US Total Stock Mkt Float Adj Idx 0.94 0.90
Ticker VEIPX VEIRX
R-squared and beta are calculated from trailing 36-month fund returns
Newspaper Listing EqInc EqIncAdml
relative to the associated benchmark.
CUSIP Number 921921102 921921300
Assets (millions) $4,239 $25,641
(Total $29,879)
Inception 3/21/1988 8/13/2001
Expense Ratio
(as of 1/2020) 0.27% 0.18%
As of March 31, 2020Vanguard Equity Income Fund
Equity Characteristics
FTSE High
Dividend Top 10 Largest Holdings
Equity Yield
Income Index
% of
Number of stocks 182 395 Total Net Assets
Median market cap $98.4 Billion $98.4 Billion Johnson & Johnson 3.9%
Average market cap $122.6 Billion $121.7 Billion JPMorgan Chase & Co. 3.3
Price/earnings ratio 13.7x 14.0x Verizon Communications Inc. 3.0
Price/book ratio 2.0x 1.9x Cisco Systems Inc. 2.9
Return on equity 16.6% 16.6% Intel Corp. 2.6
Earnings growth rate 7.6% 5.9% Pfizer Inc. 2.5
Equity yield (dividend) 3.7% 4.2% Comcast Corp. 2.4
Foreign holdings 6.3% 0.0% Merck & Co. Inc. 2.3
Short-term reserves 2.9% — Procter & Gamble Co. 2.1
Turnover rate (fiscal year end) 32.0% — Bank of America Corp. 1.9
Total 26.9%
The holdings listed exclude any temporary cash investments and equity
Sector Diversification (% of Stocks) index products.
FTSE High
Dividend
Equity Yield Overweight/
Income Index Underweight
Communication Services 7.1% 7.7% -0.6
Consumer Discretionary 5.0 4.6 0.4
Consumer Staples 13.0 15.9 -2.9
Energy 4.7 5.6 -0.9
Financials 15.8 15.7 0.1
Health Care 19.5 17.2 2.3
Industrials 10.6 7.2 3.4
Information Technology 12.3 12.3 0.0
Materials 2.4 3.7 -1.3
Other 0.0 0.0 0.0
Real Estate 1.6 0.0 1.6
Utilities 8.0 10.1 -2.1
Total 100.0% 100.0%
Sector categories are based on the Global Industry Classification Standard
(GICS), except for the Other category (if applicable), which includes
securities that have not been provided a GICS classification as of the effective
reporting period.
As of March 31, 2020Vanguard Equity Income Fund
3 month attribution
Portfolio Benchmark Attribution
Avg. 3 mo. Contrib. Avg. 3 mo. Contrib. Alloc. Select Total
weight return Return weight return Return effect effect effect
Consumer Discretionary 4.1 -29.6 -1.1 5.3 -36.4 -2.0 0.2 0.4 0.5
Energy 6.9 -43.3 -3.4 7.1 -48.6 -3.7 0.0 0.5 0.5
Financials 17.9 -35.5 -5.9 17.9 -36.5 -6.7 0.2 0.2 0.4
Cash 1.7 0.3 0.0 0.0 0.0 0.0 0.3 0.0 0.3
Health Care 17.7 -10.8 -2.0 15.2 -10.4 -1.6 0.4 0.0 0.3
Real Estate 1.4 2.4 -0.1 0.0 -38.8 0.0 -0.3 0.6 0.3
Communication Services 6.7 -18.9 -1.4 7.5 -20.4 -1.7 0.0 0.1 0.1
Industrials 10.2 -22.7 -2.5 7.1 -22.6 -1.6 0.0 -0.1 0.0
Materials 2.2 -34.8 -0.7 3.8 -29.5 -1.1 0.1 -0.2 -0.1
Information Technology 10.4 -19.2 -1.7 11.8 -18.5 -1.8 -0.1 -0.1 -0.2
Utilities 8.5 -17.3 -1.7 9.6 -14.1 -1.6 -0.1 -0.3 -0.4
Consumer Staples 12.4 -15.1 -2.1 14.7 -13.2 -2.2 -0.2 -0.2 -0.5
Total 100.0 -22.5 -22.5 100.0 -23.9 -23.9 0.4 1.0 1.4
12 month attribution
Portfolio Benchmark Attribution
Avg. 12 mo. Contrib. Avg. 12 mo. Contrib. Alloc. Select Total
weight return Return weight return Return effect effect effect
Energy 8.1 -43.1 -3.4 8.3 -50.9 -4.1 0.0 0.9 0.9
Consumer Discretionary 4.1 -23.1 -0.8 5.6 -30.3 -1.6 0.2 0.4 0.6
Health Care 16.5 0.1 -0.4 14.0 -0.5 -0.4 0.4 0.1 0.5
Financials 17.6 -20.2 -2.9 18.3 -22.0 -3.6 0.1 0.3 0.4
Real Estate 1.3 16.7 0.1 0.0 -34.5 0.0 -0.3 0.7 0.4
Cash 1.8 1.8 0.0 0.0 0.0 0.0 0.2 0.0 0.2
Industrials 9.8 -12.7 -1.5 7.3 -13.6 -0.9 0.0 0.0 0.1
Information Technology 10.3 -8.7 -0.7 11.7 -10.3 -0.9 0.0 0.2 0.1
Communication Services 6.7 -9.7 -0.8 7.5 -7.6 -0.8 0.0 -0.1 -0.1
Materials 2.8 -33.0 -0.6 4.0 -22.2 -0.7 0.1 -0.3 -0.3
Consumer Staples 12.6 -3.4 -0.7 14.2 -2.2 -0.8 -0.2 -0.1 -0.4
Utilities 8.2 -6.5 -0.9 9.0 -2.7 -0.7 -0.1 -0.3 -0.4
Total 100.0 -12.6 -12.6 100.0 -14.7 -14.7 0.3 1.7 2.1
The portfolio attribution data shown above is provided by FactSet based on information provided by Vanguard about the fund.s daily portfolio holdings as of
the market close. Because the fund buys and sells stocks throughout the trading day and not necessarily at the market close, the attribution data shown
above is an estimate and may not precisely reflect actual attribution information. Information noted above does not reflect fair-value adjustments to prices of
foreign securities held in the portfolio.
Top contributors—3 month Top detractors—3 month
3 mo. Total Ending Bench 3 mo. Total Ending Bench
return effect weight weight return effect weight weight
[Cash] 0.3 0.4 2.4 0.0 MetLife Inc. -39.5 -0.2 1.1 0.3
CROWN CASTLE INTL CORP 2.4 0.3 1.5 0.0 NextEra Energy Inc. -0.1 -0.2 0.3 1.5
Wells Fargo & Company -46.1 0.3 0.5 1.3 Gilead Sciences Inc. 16.2 -0.2 0.6 1.2
Roche Holding AG 3.0 0.2 1.0 0.0 Bank of America Corporation -39.3 -0.4 2.0 0.0
Progressive Corporation 5.3 0.2 1.6 0.5 Suncor Energy Inc. -51.2 -0.5 0.0 0.0
As of March 31, 2020Vanguard Equity Income Fund
Top contributors—12 month Top detractors—12 month
12 mo. Total Ending Bench 12 mo. Total Ending Bench
return effect weight weight return effect weight weight
Exxon Mobil Corporation -50.6 0.4 0.7 2.0 Amgen Inc. 9.9 -0.2 0.3 1.5
CROWN CASTLE INTL CORP 16.7 0.4 1.5 0.0 Procter & Gamble Company 8.5 -0.2 2.1 3.3
Roche Holding AG 21.3 0.3 1.0 0.0 Walmart Inc. 18.8 -0.2 1.2 1.9
Wells Fargo & Company -38.2 0.3 0.5 1.3 NextEra Energy Inc. 27.3 -0.2 0.3 1.5
Schlumberger N.V. (Schlumberger Suncor Energy Inc. -49.1 -0.6 0.0 0.0
Limited) -69.5 0.2 0.1 0.2
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