Vanguard Tax-Managed Small-Cap Fund Institutional Shares
VTSIX
NASDAQ- -
USD
- -
- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- PO Box 2600 Valley Forge PA United States of America 19482
- IPO Date
- Apr 21, 1999
- CIK
- 0000923202
- Website
- investor.vanguard.com
- Similar Companies
- Business
- Vanguard Tax-Managed Small-Cap Fund Institutional Shares (VTSIX) is an open-end mutual fund managed by The Vanguard Group, Inc. that seeks tax-efficient total returns consisting of long-term capital appreciation and nominal current income by tracking the performance of the S&P SmallCap 600 Index, a benchmark comprising approximately 600 small-capitalization U.S. stocks selected based on market capitalization between USD 1.1 billion and USD 7.4 billion, liquidity requirements, and positive GAAP earnings. The fund employs a passively managed sampling methodology to hold all or substantially all of the index's stocks in approximate proportion, weighted by float-adjusted market capitalization, while actively implementing trading decisions via proprietary software to minimize net capital gains realization, offset gains with losses, and limit tracking error; it maintains full investment with low turnover of around 14%, no foreign holdings, and sector diversification led by financials (19%), industrials (19%), and information technology (13%). Institutional Shares feature a minimum investment of $5 million, an expense ratio of 0.06%, and assets under management of approximately $1 billion as of mid-2025. Launched on April 21, 1999, with headquarters in Malvern, Pennsylvania, the fund operates exclusively in the United States and targets institutional investors seeking small-blend exposure characterized by blend styles across growth and value small-cap equities. It benefits from Vanguard's Equity Index Group, overseen by principals including Rodney Comegys, with current portfolio managers Kenny Narzikul (since 2023) and Chris Nieves (since 2025), leveraging the firm's global infrastructure for efficient trading and risk management aligned with tracking error and excess return incentives. In early 2025, Vanguard implemented its largest round of fee reductions across funds, estimated at USD 350 million in cost to the firm, further lowering expenses for strategies like VTSIX; the firm also launched around a dozen low-cost bond ETFs domestically and internationally, alongside establishing a dedicated advice and wealth management division to enhance client services amid record asset inflows rivaling BlackRock. Vanguard entered private assets through collaborations with Wellington and Blackstone, diversifying capabilities without launching new products for VTSIX specifically. As of September 30, 2025, the fund reported total net assets of $1,017 million, quarterly returns of 9.05% matching its benchmark closely, and top holdings including SanDisk Corp. (1.9%), Sterling Infrastructure Inc., and SPX Technologies Inc., with the top 10 comprising 7.0% of assets.