Vanguard Intermediate-Term Investment-Grade Fund Admiral Shares
VFIDX
NASDAQ- -
USD
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Capital Structure
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in mil. unless spec.Working Capital
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in mil. unless spec.Quarterly Revenue
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 100 Vanguard Boulevard Malvern PA United States of America 19355
- IPO Date
- Feb 12, 2001
- CIK
- 0000106444
- Website
- investor.vanguard.com
- Similar Companies
- Business
- Vanguard Intermediate-Term Investment-Grade Fund Admiral Shares (VFIDX) is an open-end mutual fund managed by The Vanguard Group, Inc., that seeks a moderate and sustainable level of current income by investing primarily in a diversified portfolio of short- and intermediate-term investment-grade fixed income securities. The fund allocates at least 80% of its assets to high-quality fixed income securities rated the equivalent of A3 or better and medium-quality securities rated the equivalent of Baa1, Baa2, or Baa3, with a dollar-weighted average maturity targeted between 5 and 10 years; its portfolio composition as of late 2024 includes approximately 83% in corporate bonds (with elevated exposure to industrials at 40%), 12% in U.S. Treasuries and agency debt, 2% in securitized products, and 3% in emerging-markets debt, alongside top holdings dominated by U.S. Treasury Notes and select sovereign debt such as Mexico bonds. VFIDX maintains moderate interest-rate sensitivity with an effective duration of around 6.17 years and a credit quality profile that is medium/moderate, featuring a significant stake in AAA-rated debt (top-quartile weighting) but increased BBB exposure (nearly half the portfolio) and modestly above-category-median junk bond holdings. The Admiral Shares class, designed for institutional investors with a minimum initial investment of $50,000, carries a low expense ratio of 0.10% and targets corporate bond category peers. Launched on February 12, 2001, and headquartered in Malvern, Pennsylvania—the base of parent company The Vanguard Group, Inc., founded in 1975—VFIDX operates globally through its fixed income exposures, primarily serving U.S.-based individual and institutional investors seeking income from investment-grade corporates and government securities. Since November 2019, under lead manager Arvind Narayanan (co-head of Vanguard's investment-grade corporate team) and comanager Dan Shaykevich, the fund has undergone notable strategic shifts, including a significant ramp-up in corporate debt (especially industrials, rising over 8 percentage points) and credit risk starting in Q2 2020, alongside a reduction in securitized exposure from 19% to 2%; these changes increased sensitivity to credit spreads while maintaining below-category-median duration (e.g., 6.0 years at 2024 year-end, 0.7 years shorter than peers). Recent portfolio adjustments have sustained top-quartile rankings in risk-adjusted performance since Narayanan's tenure began, with annualized returns of 1.6% through early 2025 outperforming the Bloomberg 5-10 Year U.S. Credit Index and category median, bolstered by defensive positioning in 2020 and 2022 rate hikes. In 2024, Vanguard underwent a leadership transition with Salim Ramji succeeding Tim Buckley as CEO in July, amid ongoing firm-wide expansions in low-cost ETFs and advice services, though no VFIDX-specific acquisitions, partnerships, or new launches were reported in the past 1-2 years.