Vanguard Consumer Discretionary Index Fund Admiral Shares
VCDAX
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- Vanguard Consumer Discretionary Index Fund Admiral Shares (VCDAX) is an open-end mutual fund that employs an indexing investment approach designed to track the performance of the MSCI US Investable Market Index/Consumer Discretionary 25/50, comprising stocks of large-, mid-size, and small U.S. companies within the consumer discretionary sector as classified under the Global Industry Classification Standard (GICS); its portfolio primarily consists of U.S. equities in consumer cyclical industries such as retailers, automobiles, apparel, hotels, restaurants, and leisure, with top holdings including Amazon.com Inc. (approximately 23%), Tesla Inc. (approximately 16%), Home Depot Inc. (approximately 6%), McDonald's Corp. (approximately 4%), and Booking Holdings Inc. (approximately 3%), representing over 50% of assets; the fund holds around 300 securities, with 97% in U.S. stocks, 3% in non-U.S. stocks primarily from Latin America and Europe, and minimal cash exposure. Launched on July 14, 2005, and domiciled in the United States with minimum initial investments of $100,000 for Admiral Shares, VCDAX is managed by The Vanguard Group, Inc., headquartered in Valley Forge, Pennsylvania, and serves investors seeking low-cost exposure to the consumer discretionary segment through a non-diversified portfolio with a net expense ratio of 0.09% to 0.10% and low turnover of approximately 6%. The fund targets individual and institutional investors in the United States, with assets under management exceeding $6.7 billion as of early 2025. In recent developments, the fund's management team transitioned in February 2025 with Aaron Choi and Chris Nieves assuming principal responsibilities, succeeding prior managers amid minor portfolio oversight adjustments; Vanguard, as the fund sponsor, implemented its largest fee reductions across products in early 2025 at an estimated cost of $350 million, launched approximately a dozen low-cost bond ETFs for U.S. and international investors through mid-2025, established a dedicated advice and wealth management division, and entered a strategic partnership with HarbourVest in early 2025 to launch annual private equity funds for qualified investors, broadening asset class access while maintaining focus on low-cost indexing; additionally, portfolio manager Nick Birkett departed within the prior three months, reflecting team turnover in Vanguard's passive strategies. These changes align with Vanguard's ongoing scale-driven innovations, including asset growth surpassing rivals and enhanced advisor tools, without direct alterations to VCDAX's benchmark or structure.