Vanguard Core Bond Fund Investor Shares
VCORX
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USD
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Capital Structure
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management - Bonds
- Address
- 100 Vanguard Boulevard Malvern PA United States of America 19355
- IPO Date
- Mar 30, 2016
- CIK
- 0000836906
- Website
- blackrock.com
- Similar Companies
- Business
- Vanguard Core Bond Fund Investor Shares (VCORX) is an actively managed open-end mutual fund that seeks total return while generating a moderate level of current income by investing primarily in a diversified portfolio of fixed income securities. The fund, launched on March 28, 2016, and domiciled in the United States, commits at least 80% of its assets to bonds, including U.S. Treasury obligations and other U.S. government and agency securities; corporate bonds; asset-backed, mortgage-backed, and mortgage-related securities; with bonds generally featuring maturities of 90 days or more at issuance and a dollar-weighted average maturity normally ranging between 4 and 12 years. It predominantly holds U.S. dollar-denominated bonds, which may be issued by foreign corporations, U.S. affiliates of foreign corporations, or foreign governments, while limiting non-U.S. dollar-denominated bonds to up to 10% of assets and non-investment-grade (junk) bonds to no more than 5%; the portfolio emphasizes high- or upper-medium-quality investment-grade securities across sectors such as corporate bonds (approximately 30%), agency mortgage-backed (approximately 29%), government (approximately 27%), and asset-backed (approximately 5%), supplemented by derivatives including futures, options, swaps, foreign currency exchange forwards, and to-be-announced (TBA) mortgage-backed securities, as well as short positions in TBAs. Investor Shares carry a net expense ratio of 0.20%, with a minimum initial investment of $3,000 and subsequent investments of $1, targeting retail investors seeking intermediate core bond exposure with moderate interest-rate sensitivity and credit quality; Admiral Shares (VCOBX) offer a lower expense ratio of 0.10% for qualified investors with a $50,000 minimum. The fund is managed by The Vanguard Group, Inc., headquartered at 100 Vanguard Blvd., Malvern, Pennsylvania 19355, which oversees approximately $17.5 billion in assets for VCORX across roughly 2,948 holdings with a portfolio turnover rate of 363% as of the most recent fiscal year ended September 30, 2024. Co-portfolio managers include Arvind Narayanan, CFA (since 2019), Daniel Shaykevich (since 2018), and Brian W. Quigley, CFA (since inception), leveraging Vanguard's Fixed Income Group for security selection driven by top-down macroeconomic insights, bottom-up sector analysis, and risk optimization. Recent developments include prospectus updates effective March 24, 2025, refining redemption policies to address potential impacts from large shareholder redemptions, such as in-kind payments or delays up to seven days amid market stress, alongside adjustments to frequent-trading limitations for certain retirement accounts. Vanguard has expanded its core bond offerings, announcing in June 2024 plans for the related Vanguard Core Bond ETF (VCRB), launched later that year, and Vanguard Core-Plus Bond ETF (VPLS) in December 2023, both actively managed by the same team to provide ETF share classes with similar strategies; these complement VCORX without altering its operations. No major acquisitions, funding rounds, name changes, or reorganizations specific to VCORX have occurred in the last 1-2 years, though Vanguard's broader fixed income lineup saw enhancements like new municipal bond ETFs in 2024.