Vanguard Tax-Managed Small-Cap Fund Admiral Shares
VTMSX
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- Vanguard Tax-Managed Small-Cap Fund Admiral Shares (VTMSX) is a mutual fund managed by The Vanguard Group, Inc., that seeks to provide a tax-efficient investment return consisting of long-term capital appreciation by investing primarily in stocks included in the S&P SmallCap 600 Index; this index comprises small-capitalization U.S. companies meeting criteria for market capitalization (typically between $1.1 billion and $7.4 billion), liquidity, and profitability, including positive GAAP earnings over the past 12 months and most recent quarter. The fund employs a representative sampling approach to closely track the index while actively managing trades to minimize capital gains distributions and tax events, resulting in low turnover of approximately 14%; it holds around 603 stocks weighted by float-adjusted market capitalization, with an adjusted expense ratio of 0.09%, total assets under management of about $9.5 billion, and a minimum initial investment of $10,000 for Admiral Shares. Operated within the small blend category of U.S. equity funds, VTMSX targets long-term investors seeking exposure to the small-cap segment of the investable U.S. market through a diversified, profitability-screened portfolio that emphasizes tax efficiency over frequent trading or reconstitution; its geographic focus is exclusively domestic U.S. equities. The fund was incepted on March 25, 1999, and is headquartered in Malvern, Pennsylvania, as part of The Vanguard Group, Inc.'s extensive lineup of low-cost index mutual funds. In early 2025, Vanguard implemented its largest round of fee cuts across funds, estimated at $350 million in cost, further lowering expense ratios including for VTMSX to enhance competitiveness; the firm also established a dedicated division for advice and wealth management services amid robust asset inflows rivaling BlackRock's and a doubling of client numbers since 2015. Under new CEO Salim Ramji, Vanguard maintained its high parent pillar rating, with the fund continuing to deliver annualized returns of approximately 9.5% since inception through March 2025, closely tracking the S&P SmallCap 600 Index net of its minimal fees. No fund-specific mergers, acquisitions, new share classes, or strategic shifts for VTMSX have been announced in the last 1-2 years, underscoring its stable tax-managed indexing strategy.