Vanguard High-Yield Corporate Fund Admiral Shares
VWEAX
NASDAQ- -
USD
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Capital Structure
FRC
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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
- Nov 12, 2001
- CIK
- 0000106444
- Website
- investor.vanguard.com
- Similar Companies
- Business
- Vanguard High-Yield Corporate Fund Admiral Shares (VWEAX) is an open-end mutual fund that invests primarily in a diversified portfolio of high-yielding, higher-risk corporate bonds rated below investment grade (junk bonds), including those rated below Baa by Moody's or equivalent; short- and intermediate-term maturities predominate, with allocations to bank loans, convertible debt (limited to less than 10% of assets), investment-grade corporate bonds, U.S. Treasuries, cash equivalents, and minimal equity exposure. The fund employs a conservative, quality-focused strategy emphasizing higher-quality bonds within the high-yield universe to mitigate default risk and capital depreciation, managing against a custom benchmark of 95% Bloomberg U.S. High Yield Ba/B 2% Issuer Capped Index and 5% Bloomberg U.S. Treasury 1-5 Year Index; it maintains above-average credit quality relative to peers, with CCC-rated debt capped below 10% (around 5% as of mid-2025) and effective duration of 2.86 years. Assets under management total approximately $25.8 billion, with an adjusted expense ratio of 0.12%, a minimum initial investment of $50,000, and a trailing twelve-month yield of 6.25% as of December 2025. The fund, launched on November 12, 2001, and domiciled in the United States, is advised by The Vanguard Group, Inc., headquartered in Malvern, Pennsylvania, with subadvisory from Wellington Management for two-thirds of assets and Vanguard's in-house high-yield team for the remaining one-third. Portfolio management underwent significant transitions in recent years: in August 2022, Vanguard assumed direct management of one-third of assets previously fully subadvised by Wellington, with Michael Chang (Vanguard) and Elizabeth Shortsleeve (Wellington) appointed as lead managers; Michael Hong, longtime Wellington lead, was removed in July 2023 and retired by end-2024, leaving Shortsleeve in charge of her sleeve amid increased credit risk within guardrails (e.g., higher B-rated exposure). Sector preferences drive allocations, with recent overweight in financials (notably insurance brokerages) and strong energy picks contributing to top-quartile 5.5% returns through July 2025, outperforming peers amid tariff volatility; top holdings as of late 2025 include Ingram Micro Inc. (0.68%), U.S. Treasury Notes (aggregate ~1.8%), and diversified corporates like CCO Holdings and Medline Borrower LP. Geographic operations focus on U.S. bonds (84%), with 13% non-U.S. bonds (primarily via Wellington), targeting institutional and high-net-worth investors seeking high current income with moderated risk in the high-yield bond category; the fund is available for sale in the United States. Parent Vanguard Group implemented its largest fee cuts in early 2025 (costing $350 million), launched low-cost bond ETFs, and established a dedicated advice/wealth management division under new CEO Salim Ramji, while sustaining robust asset inflows rivaling BlackRock; no major acquisitions, funding rounds, or product launches specific to VWEAX were reported in 2024-2025, though Vanguard's private assets collaboration with Wellington and Blackstone continues without notable fund impact. Top sectors include corporate bonds (88%), government (6%), and bank loans (4%), with 989 holdings ensuring diversification (portfolio turnover 37%).