Vanguard Ultra-Short-Term Bond Fund Investor Shares
VUBFX
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Capital Structure
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management - Bonds
- Address
- PO Box 2600 Valley Forge PA United States of America 19482
- IPO Date
- Feb 10, 2015
- CIK
- 0000106444
- Website
- investor.vanguard.com
- Similar Companies
- Business
- Vanguard Ultra-Short-Term Bond Fund Investor (VUBFX) is an actively managed open-end mutual fund that seeks current income with limited price volatility by investing primarily in a diversified portfolio of high-quality, short-term fixed income securities, including investment-grade corporate bonds, asset-backed securities (ABS), U.S. Treasuries, government bonds, and emerging-markets sovereign debt; it maintains a dollar-weighted average maturity of 0 to 2 years and an effective duration of approximately 0.93 years, with investment-grade credit typically comprising 65%-85% of assets, ABS at 15%-30%, Treasuries and government bonds at 0%-10%, and cash at 0%-10%. The fund, part of The Vanguard Group's suite of taxable bond strategies within the ultrashort bond category, features a low expense ratio of 0.20%, a minimum initial investment of $3,000, and total net assets exceeding $14 billion as of mid-2025. It targets income-focused investors, such as individuals and institutions seeking low-volatility short-term fixed income exposure with medium credit quality and limited interest-rate sensitivity. In a significant recent management change, Vanguard appointed Thanh Nguyen as co-portfolio manager on January 14, 2025, replacing Daniel Shaykevich, who had comanaged the strategy since April 2018 and shifted to other Vanguard fixed-income roles; Nguyen, with Vanguard since 2013 and over two decades of industry experience, now collaborates with lead comanager Arvind Narayanan, who joined in November 2019. This transition aligns with Vanguard's broader active fixed-income platform adjustments and maintains the fund's disciplined, collaborative process emphasizing sector allocation, security selection, and liquidity management through input from specialized credit research teams covering corporates, structured products, and emerging markets. No major acquisitions, partnerships, funding rounds, or product launches specific to VUBFX were reported in the past 1-2 years, though Vanguard continued portfolio repositioning, such as reducing corporate credit exposure to about 70% and increasing ABS allocations to 27% as of mid-2024 amid wider securitized spreads. Launched in 2015 as part of Vanguard's expansion into actively managed ultrashort bond offerings—the related ETF share class (VUSB) followed in April 2021—the fund operates under The Vanguard Group, Inc., headquartered at 100 Vanguard Blvd., Malvern, Pennsylvania 19355, with global offices supporting its investor base exceeding 30 million clients worldwide. Vanguard's investor-owned structure underscores its low-cost focus, positioning VUBFX as an economical option versus ultrashort bond peers averaging 0.34% expense ratios. The strategy remains available to U.S. investors through brokerage platforms, with no notable reorganizations or name changes in recent periods.