Vanguard Mid-Cap Growth Fund - Vanguard Advisors
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Vanguard ®
Vanguard ® Mid-Cap Growth Fund
Product Summary Vanguard Style View : Mid Growth
Mid-cap growth equity portfolio. Portfolio of mid-capitalization growth stocks.
Seeks long-term capital appreciation. Investment style
Value Blend Growth
Active, fundamental investment process.
Market capitalization
Large
Broadly diversified, multimanager structure.
Mid
Small
Central tendency
Expected range of fund holdings
Quarterly Commentary People and Process
The human toll of COVID-19 further mounted during the second Vanguard Mid-Cap Growth Fund seeks long-term capital
quarter of 2021 amid fresh outbreaks of the virus and new appreciation using a multimanager approach that provides
variants. The global economy nevertheless continued to rebound exposure to a broad universe of mid-cap growth stocks. The fund’s
sharply if unevenly. Countries that have better succeeded in investment advisors use fundamental, bottom-up stock selection
containing the virus—whether through vaccinations, lockdowns, or to analyze and identify companies that they believe have
both—tended to fare the best. With the reopening of economies outstanding management and catalysts for growth, such as new
and pent-up demand boosting corporate profits, global stocks products, market-share gains, and improving cost structure. The
finished the quarter significantly higher. U.S. stocks outperformed advisors look for strong revenue or earnings growth and proven
other developed markets as a whole as well as emerging markets. and sustainable competitive advantages. Each advisor
independently manages its portion of fund assets, using its own
For the three months ended June 30, the broad U.S. stock market research and investment methods.
returned 8.24%, as measured by the Russell 3000 Index.
Small-capitalization stocks, after a strong first quarter, fell behind
in the second, with the Russell 2000 Index (+4.29%) trailing the Frontier Capital Management Co., LLC
large-cap Russell 1000 Index (+8.54%). And growth stocks
regained their dominance over value, as the Russell 3000 Growth Frontier Capital employs a fundamental, bottom-up, and
Index (+11.38%) widely outperformed the Russell 3000 Value research-intensive investment approach to select mid-cap growth
Index (+5.16%). stocks. Frontier Capital seeks companies with above-average
mid-cap growth prospects and competitive advantages that will
Vanguard Mid-Cap Growth Fund underperformed its benchmark, allow them to earn superior rates of return on capital over a
the Russell Midcap Growth Index (+11.07%), for the quarter but business cycle. The approach attempts to balance growth
beat the average return of its peers (+7.45%). Weak security prospects with reasonable valuation and is long-term in nature;
selection in information technology (+11.6%) health care investment time frames are typically three–five years.
(+13.5%), and industrials (+11.3%) drove the underperformance.
In health care, an underweight allocation to biotechnology vaccine
provider Moderna (+79%), the largest detractor for the period, Firm Description
dampened relative results.
Founded in 1980, Frontier Capital Management Co., LLC, of
For the 12 months ended June 30, the fund underperformed its Boston, Massachusetts, is known for a fundamental,
benchmark (+43.77%) and peer average (+44.31%), largely research-intensive approach focused on small- and mid-sized
because of selection in health care (+41.2%). As it did for the companies. The firm has advised Vanguard Mid-Cap Growth Fund
quarter, the portfolio’s underweighting of Moderna (+267%) since 2018.
weighed on relative results. An underweight allocation to real
estate (+76.9%) also detracted. On the other side of the ledger, Investment Manager Biographies
payment-solutions provider Square (+132%), a top-five holding,
boosted relative results. Christopher J. Scarpa, Vice President. Portfolio manager. Advised
the fund since 2018. Worked in investment management since
1998. B.A., Tufts University. M.B.A, Harvard Business School.
Note: Company returns may differ if a security was held in the
portfolio for less than the full period.
As of June 30, 2021Vanguard Mid-Cap Growth Fund
Ravi Dabas, Vice President. Portfolio manager. Advised the fund Melissa Chadwick-Dunn. Portfolio manager. Advised the fund
since 2019. Worked in investment management since 2007. B.E., since 2016. With RS Investments since 2001. Worked in
Delhi College of Engineering. M.S., University of Houston. M.B.A., investment management since 1992. B.A. and M.A., University of
The Wharton School of the University of Pennsylvania. Chicago. M.B.A. The Wharton School at the University of
Pennsylvania.
RS Investments
Chris Clark, CFA. Portfolio manager. Advised the fund since 2016.
The RS Investments team employs both fundamental analysis and With RS Investments since 2007. Worked in investment
quantitative screening in seeking to identify companies it believes management since 2001. B.A., University of Virginia.
will produce sustainable earnings growth over a multi-year horizon.
Paul Leung, CFA. Portfolio manager. Advised the fund since 2018.
Investment candidates typically exhibit some or all of the following
Worked in investment management since 1999. B.S., Cornell
key criteria: strong organic revenue growth, expanding margins
University.
and profitability, innovative products or services, defensible
competitive advantages, growing market share, and experienced
Wellington Management Company LLP
management teams. RS Investment starts with a quantitative
model that incorporates 60 underlying factors spanning growth,
Wellington Management uses traditional methods of stock
quality, valuation, and sentiment categories. The advisor then
selection—fundamental research and analysis—to identify
evaluates fundamental drivers to filter out short-term noise and
companies that it believes have above-average growth prospects.
determine whether a company can maintain sustainable growth.
Wellington Management believes there is a short-term bias in
RS Investments then uses rigorous scenario analysis to drive
equity markets that rewards near-term cyclical growth and creates
target prices for both upside and downside cases, with only those
opportunity for long-term growth. The team focuses on sustainable
stocks that have better than 2:1 upside-to-downside ratio making it
earnings power and develops bottom-up valuations based on
into the portfolio. Finally, the team uses a proprietary 3-stage risk
return on investment capital forecasts, price-to-sales, and
management process to manage holdings flagged for review
quantitative risk factors. Wellington Management seeks to control
based on short-term performance.
risk by emphasizing larger positions in established growth stocks
and holding smaller positions in emerging names.
Firm Description
Firm Description
RS Investments, located in San Francisco, California, is a franchise
Founded in 1928, Wellington Management Company LLP, Boston,
of Victory Capital Management Inc., a multi-boutique investment
Massachusetts, is among the nation’s oldest and most respected
adviser based in Brooklyn, Ohio, that has 11 independent
institutional investment managers. The firm has advised Vanguard
investment franchises. The firm has advised Vanguard Mid-Cap
Mid-Cap Growth Fund since 2018.
Growth Fund since 2016.
Investment Manager Biographies
Investment Manager Biographies
Timothy N. Manning, Managing Director. Portfolio manager.
Steve Bishop. Portfolio manager. Advised the fund since 2016.
Advised the fund since 2018. Worked in investment management
With RS Investments since 1996. Worked in investment
since 1996. B.S., Boston University.
management since 1992. B.A., University of Notre Dame. M.B.A.
Harvard Business School.
Scott Tracy, CFA, Chief Investment Officer. Portfolio manager.
Advised the fund since 2016. With RS Investments since 2001.
Worked in investment management since 1997. B.A., Trinity
College. M.B.A. University of California - Berkeley.
Investment Advisors
Fund Assets Managed
% $ Million
Frontier Capital Management Co., LLC 45 2,281
RS Investments 44 2,254
Wellington Management Company LLP 9 468
Cash investments 2 103
Total 100 5,106
As of June 30, 2021Vanguard Mid-Cap Growth Fund
Total Returns
Expense Year
Ratio Quarter to Date 1 Year 3 Years 5 Years 10 Years
Mid-Cap Growth Fund (12/31/1997) 0.34% 8.15% 8.83% 40.46% 19.39% 18.80% 13.54%
Russell Midcap Growth Index — 11.07 10.44 43.77 22.39 20.52 15.13
Mid-Cap Growth Funds Average — 7.45 9.04 44.31 21.57 20.40 13.72
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: Average fund returns are derived from data provided by Lipper, a Thomson Reuters Company.
As of June 30, 2021Vanguard Mid-Cap Growth Fund
Quarterly Returns
Year-End
Russell
Midcap
Mid-Cap Growth Assets
Year 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Growth Index (Millions)
2021 0.63% 8.15% — — — — $5,106
2020 -20.88 30.65 9.45% 17.92% 33.41% 35.59% 5,092
2019 20.74 5.74 -2.98 6.62 32.07 35.47 4,712
2018 4.05 4.73 8.20 -17.98 -3.29 -4.75 3,721
2017 6.12 4.08 4.24 5.97 22.01 25.27 4,273
2016 -2.67 -1.33 3.85 0.71 0.44 7.33 4,050
2015 6.90 -0.35 -8.22 2.49 0.21 -0.20 4,302
2014 1.54 2.79 -1.47 7.81 10.86 11.90 3,492
2013 11.39 2.51 8.47 8.31 34.15 35.74 3,083
2012 14.82 -4.53 3.92 0.81 14.84 15.81 2,201
2011 8.37 1.94 -17.39 10.85 1.17 -1.65 1,800
Fund Facts
Volatility Measures
Fund Number 0301 R-Squared Beta
Ticker VMGRX
Russell Midcap Growth Index 0.97 1.01
Newspaper Listing MidCpGro
DJ US Total Stock Mkt Float Adj Idx 0.87 1.08
CUSIP Number 921946307
R-squared and beta are calculated from trailing 36-month fund returns
Assets (millions) $5,106 relative to the associated benchmark.
Inception 12/31/1997
Expense Ratio
(as of 2/2021) 0.34% Top 10 Largest Holdings
% of
Total Net Assets
Equity Characteristics
Caesars Entertainment Inc. 2.4%
Russell
Midcap Twilio Inc. 1.9
Mid-Cap Growth Roku Inc. 1.8
Growth Index
Square Inc. 1.8
Number of stocks 167 390
Mattel Inc. 1.6
Median market cap $21.7 Billion $25.9 Billion
MSCI Inc. 1.6
Average market cap $30.2 Billion $27.0 Billion
Chipotle Mexican Grill Inc. 1.6
Price/earnings ratio 38.9x 38.2x
Lululemon Athletica Inc. 1.5
Price/book ratio 7.6x 10.7x
RingCentral Inc. 1.5
Return on equity 9.4% 16.0%
Palo Alto Networks Inc. 1.4
Earnings growth rate 23.8% 18.9%
Total 17.1%
Equity yield (dividend) 0.2% 0.5%
The holdings listed exclude any temporary cash investments and equity
Foreign holdings 1.1% 0.0% index products.
Short-term reserves 2.9% —
Turnover rate (fiscal year end) 73.6% —
As of June 30, 2021Vanguard Mid-Cap Growth Fund
Sector Diversification (% of Stocks)
Russell
Midcap
Mid-Cap Growth Overweight/
Growth Index Underweight
Communication Services 7.8% 6.2% 1.6
Consumer Discretionary 19.3 15.9 3.4
Consumer Staples 1.2 2.1 -0.9
Energy 0.0 1.5 -1.5
Financials 7.3 4.5 2.8
Health Care 19.6 17.5 2.1
Industrials 11.7 14.3 -2.6
Information Technology 31.7 34.0 -2.3
Materials 1.4 2.0 -0.6
Other 0.0 0.0 0.0
Real Estate 0.0 1.8 -1.8
Utilities 0.0 0.2 -0.2
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.
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
Communication Services 7.1 14.0 1.1 6.2 12.9 0.8 0.1 0.1 0.1
Consumer Staples 1.4 -6.1 -0.1 3.4 0.2 0.0 0.2 -0.1 0.1
Energy 0.0 0.0 0.0 0.6 19.9 0.1 0.0 0.0 0.0
Materials 2.0 -3.8 -0.1 2.0 -1.9 0.0 0.0 0.0 0.0
Utilities 0.0 0.0 0.0 0.1 7.6 0.0 0.0 0.0 0.0
Real Estate 0.0 0.0 0.0 1.8 17.6 0.3 -0.1 0.0 -0.1
Consumer Discretionary 18.1 8.4 1.4 11.3 7.7 0.8 -0.3 0.1 -0.2
Financials 7.6 8.6 0.6 3.5 11.7 0.4 0.0 -0.2 -0.2
Cash 3.4 0.0 0.0 0.0 0.0 0.0 -0.4 0.0 -0.4
Industrials 11.4 6.6 0.7 12.5 11.3 1.4 0.0 -0.5 -0.6
Health Care 18.9 9.8 1.9 21.8 13.5 3.0 -0.1 -0.6 -0.7
Information Technology 30.1 8.8 2.7 36.8 11.6 4.4 -0.1 -0.8 -0.9
Total 100.0 8.2 8.2 100.0 11.1 11.1 -0.7 -2.1 -2.9
As of June 30, 2021Vanguard Mid-Cap Growth Fund
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
Consumer Staples 1.4 30.1 0.4 3.7 11.1 0.6 0.7 0.2 0.9
Financials 6.2 51.0 2.8 3.5 31.2 1.1 -0.2 0.9 0.7
Consumer Discretionary 15.9 51.1 7.5 11.0 45.1 4.9 -0.1 0.7 0.6
Communication Services 5.9 94.7 4.0 6.2 75.9 3.9 -0.4 0.8 0.4
Materials 2.6 29.7 1.0 2.1 24.9 0.6 0.0 0.1 0.1
Utilities 0.0 0.0 0.0 0.1 28.0 0.0 0.0 0.0 0.0
Energy 0.0 0.0 0.0 0.5 77.2 0.3 -0.1 0.0 -0.1
Industrials 11.9 39.8 4.9 12.3 42.8 5.4 -0.1 -0.4 -0.6
Information Technology 32.9 42.3 14.1 36.9 45.4 16.4 -0.2 -0.5 -0.7
Real Estate 0.6 -12.1 -0.1 1.5 76.9 1.0 -0.4 -0.4 -0.8
Cash 3.2 0.1 0.0 0.0 0.0 0.0 -1.4 0.0 -1.4
Health Care 19.5 27.8 5.7 22.2 41.2 9.6 0.0 -2.4 -2.4
Total 100.0 40.5 40.5 100.0 43.9 43.9 -2.3 -1.1 -3.4
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
Caesars Entertainment Inc. 18.6 0.2 2.4 0.3 LPL Financial Holdings Inc. -4.9 -0.2 1.1 0.3
Dollar Tree Inc. -14.1 0.1 0.0 0.0 Builders FirstSource Inc. -8.0 -0.2 0.6 0.0
Roku Inc. 41.0 0.1 1.8 1.3 Mattel Inc. 0.9 -0.2 1.6 0.2
Cadence Design Systems Inc. -0.1 0.1 0.0 0.9 Global Payments Inc. -6.9 -0.2 0.8 0.0
Nuance Communications Inc. 25.9 0.1 0.0 0.1 Moderna Inc. 79.4 -0.3 0.7 0.0
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
Square Inc. 132.3 1.2 1.8 0.0 DexCom Inc. 4.6 -0.4 0.9 1.0
Caesars Entertainment Inc. 156.4 1.0 2.4 0.3 SBA Communications Corp. -12.1 -0.5 0.0 0.1
Twitter Inc. 128.4 0.7 1.1 0.1 Pinterest Inc. 256.1 -0.6 0.0 1.1
SVB Financial Group 158.2 0.5 1.3 0.0 Moderna Inc. 266.0 -0.7 0.7 0.0
IAC/InteractiveCorp. 83.2 0.5 1.2 0.0 Roku Inc. 41.0 -0.7 1.8 1.3
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