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VPGDX Vanguard Managed Allocation Fund

Management style

Active

Asset class

Category

Risk / reward scale

Start of Risk Scale. On a scale of 1 to 5, 1 is less risk less reward, 5 is more risk more reward
The fund risk level is a 3

Less

More

End of Risk Scale.

Acquired fund fees and expenses1

0.27%

as of 04/28/2023

Investment minimum

Closed

as of

NAV price

Overview

Key facts

CUSIP

92205M200

Management style

Active

Asset class

Category

Inception date

05/02/2008

Fund Number

1498

Ratings

Risk / reward scale

Start of Risk Scale. On a scale of 1 to 5, 1 is less risk less reward, 5 is more risk more reward
The fund risk level is a 3

Less

More

End of Risk Scale.
Price

Minimum Investment

Closed

NAV Price

NAV change

Acquired fund fees and expenses2

0.27%

as of 04/28/2023

Performance

YTD returns

as of 04/01/2025

Product summary
Vanguard Managed Allocation Fund offers a broadly diversified portfolio of equities, fixed income, commodity-linked investments, and alternative investments by investing in several underlying Vanguard funds. The portfolio managers follow an actively managed asset allocation process to construct a transparent, disciplined, and broadly diversified approach that is balanced across major asset classes, global markets, and alternative investments. The fund seeks to deliver a targeted inflation-adjusted return through long-term capital appreciation and moderate income. It may be attractive to investors seeking to build a strategic, longer-term, globally diversified multi-asset class portfolio, as it offers those characteristics in a single package.
Fund management

Vanguard Quantitative Equity Group

Performance & fees

Total returns
Month-end/Quarterly Pre-Tax Toggle

as of —

Recent returns

Average annual

Month-end3-Month totalYTD1-yr3-yr5-yr10-yr

Since inception

05/02/2008

VPGDX4

Benchmark

-2.61%1.68%1.72%10.12%1.90%6.53%6.08%

This information is temporarily unavailable.

as of 12/31/2022

Year

Capital return by NAV

Income return by NAV

Total return by NAV

Benchmark

2022-11.76% 2.62%-9.13%-14.22%
20219.76% 4.01%13.77%11.84%
20205.28% 1.61%6.89%13.89%
201912.02% 3.63%15.64%19.51%
2018-7.74% 2.07%-5.67%-5.50%
201710.80% 2.49%13.29%15.06%
20164.47% 3.08%7.55%7.80%
2015-2.36% 1.63%-0.72%-2.04%
20142.36% 3.46%5.83%6.58%
201312.31% 3.66%15.97%12.28%
20128.39% 2.63%11.02%10.68%
2011-1.69% 2.38%0.69%-0.90%
20109.12% 4.55%13.67%12.40%

This information is temporarily unavailable.

Acquired fund fees and expenses5

VPGDX4

0.27%

Average expense ratio of similar funds6

Historical volatility measures

This information is temporararily unavailable

Fund-specific fees

Purchase fee

None

Fund family redemption fee

None

The performance data shown represent past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate so that 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.

Performance data do not reflect the deduction of the $25 annual account service fee that may be applied to certain accounts. If this fee was included, performance would be lower.

Price

Closing price

Closing price as of

NAV

$—

NAV change

(—)

52-week High

52-week Low

52-week Difference

— (—)

Historical prices
Chart/Table Toggle

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Portfolio composition

Allocation to underlying funds

This information is temporarily unavailable.

Characteristics

as of 12/31/2024

FundamentalVPGDX
Benchmark
Fund total net assets as of

Distributions

Realized/Unrealized gains

Realized gain

% of NAV

Unrealized gains of NAV

% of NAV

Fiscal year end

Distribution schedule

How your fund can affect your taxes

A fund's capital gains and losses can reveal the tax implications of holding a particular fund in a taxable account. This is true of both realized and unrealized capital gains and losses.

These tax implications don't apply to investors holding a fund in a tax-deferred account, such as an IRA or employer-sponsored retirement plan.

Learn about realized and unrealized gains and losses

How your fund can affect your taxes

A fund's capital gains and losses can reveal the tax implications of holding a particular fund in a taxable account. This is true of both realized and unrealized capital gains and losses.

These tax implications don't apply to investors holding a fund in a tax-deferred account, such as an IRA or employer-sponsored retirement plan.

Learn about realized and unrealized gains and losses
Dividend income and capital gains

This information is temporarily unavailable.

Fund management

Vanguard Managed Allocation Fund invests in Vanguard mutual funds and other investments across a broadly diversified selection of opportunities—such as stocks, bonds, cash, inflation-linked investments, and selected other investments—in proportions that reflect the advisor’s evaluation of their expected risks and returns as an integrated whole. The advisor uses quantitative analysis and professional judgment in an attempt to combine complementary asset classes and investments across the risk/reward spectrum. The advisor does not maintain a fixed asset allocation policy for the fund, and the exact proportion of each asset class or investment may be changed to reflect shifts in the advisor’s risk and return expectations. While the fund has flexibility to invest substantially in a single asset class or investment, the fund is generally expected to allocate its assets across multiple asset classes and investments.

Dashboard

1

The acquired fund fees and expenses based on the fees and expenses of the underlying funds.

Overview

2

The acquired fund fees and expenses based on the fees and expenses of the underlying funds.

Performance & fees

3
On May 21, 2020, Vanguard Managed Payout Fund was renamed Vanguard Managed Allocation Fund, and the Managed Payout Composite Index was renamed accordingly as the Managed Allocation Composite Index. Weighted 36% CRSP US Total Market Index, 24.5% Bloomberg U.S. Aggregate Float Adjusted Index, 24% FTSE Global All Cap ex US Index, 10.5% Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged), and 5% Bloomberg Commodity Index as of May 1, 2015. In prior periods, the composite was 42% CRSP US Total Market Index, 28% U.S. Aggregate Float Adjusted Index, 18% FTSE Global All Cap ex US Index, 7% Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged), and 5% Bloomberg Commodity Index (Dow Jones-UBS Commodity Index through June 30, 2014) through April 30, 2015; and 35% CRSP US Total Market Index (MSCI US Broad Market Index through May 31, 2013), 12% U.S. Aggregate Float Adjusted Index (U.S. Aggregate Bond Index through December 31, 2009), 15% FTSE Global All Cap ex US Index (MSCI All Country World ex USA Investable Market Index through May 31, 2013), 3% Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged), 15% Citigroup Three-Month U.S. Treasury Bill Index, 10% Dow Jones-UBS Commodity Index, and 10% REIT Spliced Index (MSCI US REIT Index adjusted to include a 2% cash position through April 30, 2009) through January 31, 2014. International stock benchmark returns are adjusted for withholding taxes.
4

Prior to May 21, 2020, Vanguard Managed Allocation Fund was known as Vanguard Managed Payout Fund and included a managed payout feature that made mandated monthly cash distributions.

5

The acquired fund fees and expenses based on the fees and expenses of the underlying funds.

6

Most recent data available. © 2023 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; (3) does not constitute investment advice offered by Morningstar; and (4) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

© 2023 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Vanguard average mutual fund expense ratio: 0.09%. Industry average mutual fund expense ratio: 0.50%. All averages are asset-weighted. Industry average excludes Vanguard. Sources: Vanguard and Morningstar, Inc., as of December 31, 2023.

Total returns: Short-term total return information is provided only as a service. Historical performance—particularly short-term performance—is no guarantee of future returns. Price, yield, and return on an actual investment will fluctuate, and you may have a gain or loss when you sell. Average annual returns include changes in price and reinvestments of dividends and capital gains. Since-inception returns for less than 1 year and year-to-date returns aren't annualized. Index performance is provided as a benchmark but isn't illustrative of any particular investment. You can't invest in an index.

Standardized returns: To see quarterly fee-adjusted returns, refer to the Price & Performance details.

Expense ratios: Expense ratios are displayed on Overview. For investments that are less than 1 fiscal year old, expense ratios are estimated.

Risk: All investing is subject to risk, including the possible loss of the money you invest. Funds that concentrate on a relatively narrow market sector face the risk of higher share-price volatility. Investments in stocks or bonds issued by non-U.S. companies are subject to risks including country/regional risk and currency risk.

The fund invests its assets in Vanguard funds that represent a wide range of asset classes, each with specific risk and return characteristics. These risks include U.S. stock risks (including stock market risk and REIT stock risk), foreign stock risks (including currency risk, currency hedging risk, country/regional risk, and emerging markets risk), bond risks (including interest rate risk, income risk, credit risk, call risk, country/regional risk, currency hedging risk, and event risk), inflation-linked investment risk, commodity-linked investment risks, market neutral investment risk, absolute return investing risk, and derivatives risk. The risks of each asset class have the potential to hurt—sometimes significantly—the fund’s performance over both the short and the long term. The fund also is subject to manager risk and asset allocation risk, the chance that investment selections and/or asset allocation decisions by the advisor will cause the fund to fail to achieve its objective or to generate lower returns than were possible from different investment selections and/or asset allocation decisions. For further details on all risks, please refer to the fund’s prospectus.