VEXPX Vanguard Explorer Fund Investor Shares

Also available at a lower cost as an Admiral™ Shares mutual fund.

Management style

Active

Asset class

Domestic Stock - More Aggressive

Category

Small Growth

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 5

Less

More

End of Risk Scale.

Expense ratio

0.44%

as of 02/28/2025

as of 04/30/2025

Investment minimum

$3,000

as of 05/05/2025

NAV price

$105.01

as of 05/05/2025

Overview

Key facts

CUSIP

921926101

Management style

Active

Asset class

Domestic Stock - More Aggressive

Category

Small Growth

Inception date

12/11/1967

Fund Number

0024

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 5

Less

More

End of Risk Scale.
Price

Minimum Investment

$3,000

NAV Price

$105.01

as of 05/05/2025

NAV change

decreased-$0.32 (-0.30%)

as of 05/05/2025

Expense Ratio

0.44%

as of 02/28/2025

Performance

YTD returns

-8.65%

as of 05/05/2025

Product summary

This fund seeks to identify small and midsize companies with growth potential. Because it focuses on small and mid-size companies, the fund tends to be more unpredictable than stock funds that focus on larger companies. However, the fund’s use of multiple advisors with diverse strategies, and its broad exposure to more than 500 stocks, can help reduce—but not eliminate—risk that may come from investing in this often-volatile segment of the market. This fund may be considered complementary to a well-diversified, long-term portfolio.

Fund management

Wellington Management Company LLP

Stephens Investment Management Group, LLC

ArrowMark Partners

Vanguard Quantitative Equity Group

ClearBridge Investments, LLC

Performance & fees

Total returns
Month-end/Quarterly Pre-Tax Toggle

as of 04/30/2025

Recent returns

Average annual

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

Since inception

12/11/1967

VEXPX

-1.90%-14.47%-10.66%-2.17%3.35%10.09%8.38%9.18%

Benchmark

-0.32%-14.36%-11.09%0.84%4.59%8.04%7.63%

as of 03/31/2025

Year1st Qtr2nd Qtr3rd Qtr4th QtrYear-end

Benchmark

2025-8.93%
20247.25%-3.60%7.14%-0.47%10.25% 13.90%
20237.00%4.76%-5.72%13.33%19.77% 18.93%
2022-9.50%-18.48%-2.64%6.85%-23.26% -26.21%
20216.62%6.05%-0.91%3.76%16.26% 5.04%
2020-26.74%32.76%6.65%26.62%31.33% 40.47%
201917.51%4.18%-2.09%9.51%31.26% 32.65%
20184.14%7.15%8.59%-19.54%-2.50% -7.47%
20176.16%4.62%4.44%5.99%22.95% 24.46%
2016-1.18%2.62%8.26%2.32%12.33% 9.73%
20156.29%0.06%-12.89%3.25%-4.34% -0.19%

as of 12/31/2024

Year

Capital return by NAV

Income return by NAV

Total return by NAV

Benchmark

20249.82% 0.44%10.25%13.90%
202319.14% 0.63%19.77%18.93%
2022-23.54% 0.28%-23.26%-26.21%
202116.03% 0.23%16.26%5.04%
202031.18% 0.15%31.33%40.47%
201930.91% 0.36%31.26%32.65%
2018-2.80% 0.30%-2.50%-7.47%
201722.40% 0.55%22.95%24.46%
201611.94% 0.39%12.33%9.73%
2015-4.63% 0.29%-4.34%-0.19%
20143.76% 0.15%3.91%7.05%
201344.31% 0.05%44.36%40.65%
201214.50% 0.39%14.89%16.13%
2011-2.02% 0.13%-1.89%-1.57%
201027.24% 0.19%27.43%28.86%

as of 04/30/2025

1-yr3-yr5-yr10-yr

Since inception

12/11/1967

VEXPX-2.17% 10.38%61.74% 123.57% 15325.06%

Benchmark

0.84%14.40%47.19%108.55%

Expense ratio

VEXPX

0.44%

Average expense ratio of similar funds2

1.14%

Historical volatility measures
as of 03/31/2025
BenchmarkR-Squared3Beta3
Russell 2500 Growth Index10.980.93
Dow Jones U.S. Total Stock Market Index0.881.12
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 05/05/2025

NAV

$105.01

NAV change

decreased-$0.32 (-0.30%)

52-week High

$132.40

as of 12/04/2024

52-week Low

$91.70

as of 04/08/2025

52-week Difference

$40.70 (44.38%)

30 day SEC yield

0.46%

 

B SEC yield footnote code

 

as of 04/30/2025

Historical prices
Chart/Table Toggle
NameDateNAV
VEXPX 05/02/2025
$105.33

This chart can’t be displayed on mobile devices. For the best viewing experience, visit this page from your desktop or laptop.

Portfolio composition

Characteristics

as of 03/31/2025

FundamentalVEXPX
Benchmark
Number of stocks 745 1289
Median market cap $6.5 B $5.3 B
Earnings growth rate 17.1% 19.6%
Short-term reserves 1.6%
P/E ratio 21.5x 22.9x
P/B ratio 2.8x 4.2x
Turnover rate (Fiscal Year-end 10/31/2024) 35.1%
Return on equity 10.1% 11.0%
Foreign holdings 1.3%
Fund total net assets as of 03/31/2025 $19.8 B
Share class total net assets $2.8 B
Stylebox

Equity

Market Captialization Small Investment Style Growth

Weighted exposures

as of 03/31/2025

3.40%CommunicationServices
Sectors4VEXPX Benchmark Benchmark+/- Weight Communication Services3.40%1.80%1.60%Consumer Discretionary11.50%13.90%-2.40%Consumer Staples2.80%3.30%-0.50%Energy4.70%4.20%0.50%Financials12.70%10.50%2.20%Health Care18.70%21.70%-3.00%Industrials21.60%20.70%0.90%Information Technology17.50%18.40%-0.90%Materials2.80%3.50%-0.70%Real Estate3.50%1.30%2.20%Utilities0.80%0.70%0.10%

Weighted equity exposures exclude any temporary cash investments and equity index futures. Some short-term fixed income securities are classified as cash and are excluded from the weighted bond exposures.

Holding details

as of 03/31/2025

Ticker Holdings Shares Market value
VB Vanguard Small-Cap ETF 1,328,035 $294,491,761
GWRE Guidewire Software Inc. 1,175,413 $220,225,380
VNOM Viper Energy Partners LP 4,498,016 $203,085,422
KEX Kirby Corp. 1,693,672 $171,077,809
AR Antero Resources Corp. 4,219,297 $170,628,371
WIX Wix.com Ltd. 969,441 $158,387,271
DT Dynatrace Inc. 3,318,929 $156,487,502
HLI Houlihan Lokey Inc. Class A 941,693 $152,083,420
GMED Globus Medical Inc. 2,043,975 $149,618,970
MIDD Middleby Corp. 974,724 $148,138,554
Name

of issuer

Title of issuer Coupon/Yield Category of investment Cusip/Other id Effective maturity date Final maturity date Principal amount Amortized cost
922908751
40171V100
927959106
497266106
03674X106
M98068105
268150109
441593100
379577208
596278101
Ticker Description Shares
VB
GWRE
VNOM
KEX
AR
WIX
DT
HLI
GMED
MIDD
Ticker Holdings Shares Market value
VB Vanguard Small-Cap ETF 1,328,035 $294,491,761
GWRE Guidewire Software Inc. 1,175,413 $220,225,380
VNOM Viper Energy Partners LP 4,498,016 $203,085,422
KEX Kirby Corp. 1,693,672 $171,077,809
AR Antero Resources Corp. 4,219,297 $170,628,371
WIX Wix.com Ltd. 969,441 $158,387,271
DT Dynatrace Inc. 3,318,929 $156,487,502
HLI Houlihan Lokey Inc. Class A 941,693 $152,083,420
GMED Globus Medical Inc. 2,043,975 $149,618,970
MIDD Middleby Corp. 974,724 $148,138,554
Name

of issuer

Title of issuer Coupon/Yield Category of investment Cusip/Other id Effective maturity date Final maturity date Principal amount Amortized cost
922908751
40171V100
927959106
497266106
03674X106
M98068105
268150109
441593100
379577208
596278101
Ticker Description Shares
VB
GWRE
VNOM
KEX
AR
WIX
DT
HLI
GMED
MIDD
Ticker Holdings Shares Market value
VB Vanguard Small-Cap ETF 1,328,035 $294,491,761
GWRE Guidewire Software Inc. 1,175,413 $220,225,380
VNOM Viper Energy Partners LP 4,498,016 $203,085,422
KEX Kirby Corp. 1,693,672 $171,077,809
AR Antero Resources Corp. 4,219,297 $170,628,371
WIX Wix.com Ltd. 969,441 $158,387,271
DT Dynatrace Inc. 3,318,929 $156,487,502
HLI Houlihan Lokey Inc. Class A 941,693 $152,083,420
GMED Globus Medical Inc. 2,043,975 $149,618,970
MIDD Middleby Corp. 974,724 $148,138,554
Name

of issuer

Title of issuer Coupon/Yield Category of investment Cusip/Other id Effective maturity date Final maturity date Principal amount Amortized cost
922908751
40171V100
927959106
497266106
03674X106
M98068105
268150109
441593100
379577208
596278101
Ticker Description Shares
VB
GWRE
VNOM
KEX
AR
WIX
DT
HLI
GMED
MIDD

Distributions

Realized/Unrealized gains

as of 03/31/2025

Realized gain

$3.15

% of NAV

increased3.01%

Unrealized gains of NAV

$14.30

% of NAV

increased13.66%

Fiscal year end

10/31/2025

Distribution schedule

Annually

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
Type$/Share Payable date Record date Reinvest date Reinvest price
Dividend$0.48680012/31/202412/27/202412/30/2024$114.96
ST Cap Gain$0.95333612/31/202412/27/202412/30/2024$114.96
LT Cap Gain$6.03674612/31/202412/27/202412/30/2024$114.96
Dividend$0.57900012/19/202312/15/202312/18/2023$108.77
ST Cap Gain$0.10486912/19/202312/15/202312/18/2023$108.77
LT Cap Gain$0.19691912/19/202312/15/202312/18/2023$108.77

Fund management

Vanguard Explorer™ Fund seeks long-term capital appreciation using a multimanager approach that provides exposure to a broad universe of small- and mid-capitalization growth stocks. The fund’s five investment advisors—four using a fundamental approach and one using a quantitative approach—manage independent subportfolios. The multimanager structure diversifies risk and increases investment capacity, while providing individual managers with the opportunity to generate superior returns. The fund’s broad diversification tends to produce lower volatility. Vanguard may invest the fund’s cash flows in equity index futures and/or exchange-traded funds to manage liquidity needs while ensuring that the fund remains fully invested.

Vanguard Quantitative Equity Group
Using an active quantitative process, the firm seeks to modestly outperform the Russell 2500 Growth Index while tightly controlling risk factors relative to the index. Stock selection involves the use of proprietary computer models, which rank stocks of similar size and industry sector based on valuation, momentum, and earnings growth prospects. The portfolio manager seeks to add alpha by overweighting the most attractive stocks and underweighting or avoiding the least attractive, based on their peer rankings. The resulting portfolio is optimized to maintain neutral weightings based on market capitalization, sector, and style, and limit exposure to individual securities.


Launched in 1975, The Vanguard Group, Malvern, Pennsylvania, is among the world's largest equity and fixed income managers. As chief investment officer, Gregory Davis, CFA, oversees Vanguard's Equity Index, Investment Strategy, Quantitative Equity, and Fixed Income Groups. John Ameriks, Ph.D., Principal of and head of Vanguard's Quantitative Equity Group, is responsible for all active equity funds managed by the Investment Management Group. The Quantitative Equity Group manages Vanguard active equity mutual funds using a quantitative investment approach. The group has advised Vanguard Explorer Fund since 1997.

Investment Manager Biography

Cesar Orosco
CFA, Senior portfolio manager.
Advised the fund since 2021. Worked in investment management since 2004. B.S., Universidad de Lima. Ph.D., University of Pennsylvania.
Wellington Management Company LLP
The firm uses fundamental research and a flexible, opportunistic approach to select a diversified portfolio of high-quality stocks. The investment team works with Wellington’s industry analysts to identify the most attractive companies in each sector. The team seeks to identify companies early in their growth cycle, selecting 70–100 stocks typically representing all sectors.


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 Explorer Fund since 1967.

Investment Manager Biography

Daniel J. Fitzpatrick
CFA, Senior Managing Director Portfolio manager.
Advised the fund since 2014. Worked in investment management since 1997. B.S., Boston College.
Stephens Investment Management Group, LLC
Stephens Investment Management Group, LLC employs a disciplined, bottom-up investment selection process that combines rigorous fundamental analysis with quantitative screening seeking to identify companies that will exhibit potential for superior earnings growth. There are two distinctly different types of stocks in which they invest: core growth and earnings catalyst. The characteristics they seek for core growth stocks are consistent and predictable earnings growth that is generated by unique, defensible business models. For earnings catalyst stocks, they are looking for inflection points such as large earnings surprises or positive revisions to earnings estimates or guidance. They generally require all stocks to be profitable or on the cusp of profitability and exhibiting at least 12% earnings growth. Their portfolios generally hold 90 to 110 stocks.


Established in 2005, Stephens Investment Management Group, LLC, Little Rock, Arkansas, and Houston, Texas, specializes in the management of small and mid-capitalization growth equities. The firm has advised Vanguard Explorer Fund since 2013.

Investment Manager Biography

Ryan E. Crane
CFA, Chief Investment Officer Portfolio manager.
Advised the fund since 2013. Worked in investment management since 1995. B.S., University of Houston.
ArrowMark Partners
The firm uses in-depth fundamental research to uncover companies that, in its opinion, can control their own economic destiny. The portfolio managers start by identifying businesses with strong competitive advantages in industries with high barriers to entry, then narrow their focus to companies with large potential markets and high-quality business models focused on the future. Finally, considerations are made for potential down-side risk, resulting in a diversified portfolio of between 75–100 stocks.


Founded in 2007, ArrowMark Partners, Denver, Colorado, is a diversified investment management firm that applies its specialized experience and in-depth fundamental research across a range of investment strategies designed to meet client needs. The firm has advised Vanguard Explorer Fund since 2014.
Chad Meade
Portfolio manager.
Advised the fund since 2014. Worked in investment management since 1998. B.S., Virginia Tech.
Brian Schaub
CFA, Portfolio manager.
Advised the fund since 2014. Worked in investment management since 2000. B.A., Williams College.
ClearBridge Investments, LLC
The firm seeks to invest in quality growth companies that are category leaders (or have the ability to become market leaders), and display capital allocation discipline aimed at fueling long-term sustainable growth. The research process is disciplined and collaborative, with each member of the team executing on a shared investment philosophy and process.


With a legacy dating to 1962, ClearBridge Investments, LLC, New York , New York, is a global equity manager committed to delivering long-term results through active management. The firm has advised Vanguard Explorer Fund since 2017.
Brian Angerame
Portfolio manager.
Advised the fund since 2017. Worked in investment management since 1994. B.A., Dartmouth College.
Jeffrey Bailin
CFA, Portfolio manager.
Advised the fund since 2023. Worked in investment management since 2010. B.S., Georgetown University.
Aram Green
Portfolio manager.
Advised the fund since 2017. Worked in investment management since 2001. B.A., Union College.
Matthew Lilling
CFA, Portfolio manager.
Advised the fund since 2020. Worked in investment management since 2006. B.A., Emory University. M.B.A., Columbia Business School.

Performance & fees

1
Measures the performance of those Russell 2500 companies with higher price/book ratios and higher predicted and historical growth rates.
2

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.

3

R-squared and beta are calculated from trailing 36-month fund returns relative to the associated benchmark.

Portfolio composition

4

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.

© 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.

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.
  • Investment style risk: The chance that returns from small- and mid-capitalization growth stocks will trail returns from the overall stock market. Historically, small- and 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. Small- and mid-size companies tend to have greater stock volatility because, among other things, these companies are more sensitive to changing economic conditions.
  • Manager risk: The chance that poor security selection will cause the fund to underperform relevant benchmarks or other funds with a similar investment objective.