Vanguard High-Yield Corporate Fund Investor Shares
VWEHX
NASDAQ- -
USD
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Capital Structure
FRC
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in mil. unless spec.Working Capital
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in mil. unless spec.Growth Rates
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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
- Jan 2, 1980
- CIK
- 0000106444
- Website
- investor.vanguard.com
- Similar Companies
- Business
- Vanguard High-Yield Corporate Fund (VWEHX) is an open-end mutual fund that seeks a high level of current income by investing primarily in a diversified portfolio of high-yielding, higher-risk corporate bonds—commonly known as "junk bonds"—rated below investment grade, such as those with medium- and lower-range credit-quality ratings from Moody's or equivalent agencies; it also allocates to bank loans, short- and intermediate-term maturities, U.S. Treasury securities, cash equivalents, and a minor portion in other fixed-income instruments. The fund maintains a portfolio heavily weighted toward corporate bonds (approximately 87-96% of assets), with additional exposure to government bonds, cash (around 3%), and bank loans; top holdings as of mid-2025 typically include securities from issuers like Imola Merger Corp., United States Treasury Notes, Herc Holdings Inc., SS&C Technologies, and Medline Borrower LP, representing about 6% in the top 10 positions. Managed within the high-yield bond category with a low expense ratio of 0.22%, it targets investors seeking elevated yields amid limited interest-rate sensitivity and serves individual and institutional clients through investor and admiral share classes. Launched on December 27, 1978, the fund operates under The Vanguard Group, Inc., headquartered in Malvern, Pennsylvania, with subadvisory services provided by Wellington Management Company LLP, based in Boston, Massachusetts. Wellington, founded in 1928, oversees the majority of the portfolio, while Vanguard Fixed Income Group manages approximately one-third following a key advisory expansion. The fund's assets under management stand at roughly $25-26 billion, with geographic focus predominantly on U.S. bonds (over 80%), supplemented by non-U.S. bonds (around 14%), and no significant equity exposure. In recent developments, the fund added Vanguard Fixed Income Group as a co-advisor on August 29, 2022, with its high-yield credit team assuming responsibility for about one-third of assets and Elizabeth Shortsleeve joining from Wellington as co-portfolio manager alongside Michael Chang (appointed 2022) and others; this multi-manager structure enhances diversification and oversight. Portfolio managers Michael Chang and Elizabeth Shortsleeve continue to lead, focusing on credit quality, interest-rate sensitivity, and sustainable income amid fluctuating high-yield markets. No major acquisitions, funding rounds, or name changes have occurred in the last 1-2 years, though the fund has sustained strong performance with a TTM yield around 6% and YTD returns near 7-8% as of late 2025.