Vanguard Long-Term Treasury Fund Admiral Shares
VUSUX
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- Vanguard Long-Term Treasury Fund Admiral Shares (VUSUX) is an open-end mutual fund managed by The Vanguard Group, Inc. that seeks to provide a high and sustainable level of current income by investing at least 80% of its assets in U.S. Treasury securities, including bills, notes, and bonds; the fund maintains a dollar-weighted average maturity of 15 to 30 years and may also invest in Treasury inflation-protected securities (TIPS) and derivatives such as options and futures for hedging or risk management purposes. The portfolio consists primarily of long-term U.S. government bonds with high credit quality (average AAA rating), extensive interest-rate sensitivity (effective duration of approximately 14 years), and top holdings dominated by United States Treasury Bonds maturing in 15 to 30 years; it features a low expense ratio of 0.10%, a minimum initial investment of $50,000 for Admiral Shares, and a TTM yield of around 4.3%. Launched on February 12, 2001, and headquartered in Malvern, Pennsylvania, the fund operates within the Long Government category, targeting institutional and high-net-worth investors seeking income and ballast during market stress through exposure to the Bloomberg U.S. Treasury Long-Term Bond Index benchmark. The fund is managed by a team including John Madziyire (since November 2021), Brian Quigley (since November 2021, with over 25 years of experience), and Nathan Persons (since January 2025), emphasizing a disciplined process aligned with Vanguard's low-cost, investor-first philosophy under CEO Salim Ramji, who assumed leadership in July 2024. Geographically, the fund focuses exclusively on U.S. Treasury securities issued by the federal government, with nearly 100% allocation to domestic government bonds and minimal cash or non-U.S. exposure. In recent developments, Vanguard underwent a CEO transition with Salim Ramji succeeding Tim Buckley in July 2024, amid ongoing firm-wide initiatives such as lowering minimum investments for its robo-advisor and launching new low-cost ETFs in early 2025 to manage short-term liquidity; additionally, portfolio manager Nathan Persons joined the VUSUX team in January 2025. Earlier in 2024, Vanguard divested its small business retirement plans segment—including Individual 401(k), Multi-SEP, and SIMPLE IRA plans—to Ascensus, enabling continued access to Vanguard funds on the Ascensus platform while streamlining operations; no direct changes to VUSUX holdings, strategy, or performance were reported, though the fund maintained its Gold Morningstar Medalist Rating due to strong risk-adjusted returns and process consistency. Total assets stand at approximately $2.9 billion as of mid-2025, reflecting steady scale within Vanguard's $9 trillion-plus asset base.