Large Value

Summary

The investment seeks to provide long-term capital appreciation and income.
Fund Assets (millions) $23,943.7
Portfolio Managers 4
Fund Inception Oct 23, 1958
Gross Expense Ratio 0.26%
Fund Family Vanguard
Prospectus (PDF)

Returns at NAV

Returns at MOP

Asset Mix

Short % 0% Long %
U.S. Stocks 0.0
85.2
Non-U.S. Stocks 0.0
12.9
U.S. Bonds 0.0
0.0
Non-U.S. Bonds 0.0
0.0
Convertible 0.0
0.0
Preferred 0.0
0.0
Other 0.0
0.0
Cash 0.3
2.2
As of 9/30/2025
Read important information about results and other investment disclosures
This chart tracks a hypothetical investment, with dividends reinvested, through November 30, 2025
VWNEX
S&P 500 TR USD

Market Capitalization

$0.0 Mil
Average

Giant
14.0%
Large
27.1%
Medium
45.2%
Small
13.5%
Micro
0.3%

As of 9/30/2025

Morningstar Ownership ZoneTM

Large Value
Weighted average of holdings
75% of fund's stock holdings
As of 9/30/25
INSIGHTS ON THE MORNINGSTAR OWNERSHIP ZONE

Investment Strategy

The fund invests mainly in large- and mid-capitalization companies whose stocks are considered by an advisor to be undervalued. Undervalued stocks are generally those that are out of favor with investors and that the advisor believes are trading at prices that are below average in relation to measures such as earnings and book value. It uses multiple investment advisors.

Fund Facts

Fund Inception Oct 23, 1958
Fund Assets (Millions) $23,943.7
Dividend Distribution Frequency Semi-Annually
Minimum Investment $50,000
Capital Gains Distribution Frequency Annually
Turnover 43%
Fiscal Year-End Oct
Prospectus Date Feb 28, 2025

Returns

Month-End Returns as of 11/30/25

Returns at NAV
| at MOP
Read important information about results and other investment disclosures
VWNEX
S&P 500 TR USD
ANNUAL RETURNS CHART

Quarter-End Returns as of 9/30/25

Yield & Valuation

12-Month Distribution Rates (NAV)
1.93%
30-Day SEC Yield (Gross | Net) 1.87% | 1.87%
Price/Book 1.97
Price/Cash Flow 10.01
Price/Earnings 14.09
As of 11/30/2025

Portfolio Management

Read important investment disclosures
Years of Experience With Fund
Richard Pzena 13 yrs
Benjamin Silver 10 yrs
John Flynn 8 yrs
David Palmer 7 yrs
As of 11/30/2025

Ratings & Risk

Morningstar Rating TM


Overall Morningstar RatingTM
Funds rated(1053)
3-yr. Morningstar RatingTM
(1053 funds rated)
5-yr. Morningstar RatingTM
(992 funds rated)
10-yr. Morningstar RatingTM
(822 funds rated)
Overall Morningstar Risk Above Average
HIGH
LOW
Morningstar Category
Large Value
ADVANTAGES AND DISADVANTAGES OF MORNINGSTAR RATINGS
Ratings are based on risk-adjusted returns as of 11/30/2025.

Risk Measures

Fund
Standard Deviation
16.88
Sharpe Ratio
0.56
R-squared
80
Beta
1.00
Capture Ratio (Downside/Upside)
107/91
American Funds and Morningstar Benchmark for the 10 Years Years ending 11/30/25 R-squared, Beta and Capture Ratio calculated using the S&P 500 TR USD.

Holdings

Equities Breakdown

Sectors
Equity Fund Holdings
 Financial Services 22.0%
Healthcare 16.1%
Technology 12.9%
Consumer Cyclical 8.4%
Industrials 7.3%
Communication Services 6.9%
Energy 6.8%
Consumer Defensive 6.5%
Basic Materials 5.8%
Real Estate 3.7%
Utilities 3.7%

Percentage of net assets as of 9/30/2025

Top 10 Holdings

Alphabet Inc Class A
3.2%
Wells Fargo & Co
2.8%
Morgan Stanley
1.7%
Tyson Foods Inc Class A
1.6%
MetLife Inc
1.5%
Raymond James Financial Inc
1.4%
Chubb Ltd
1.4%
Accenture PLC Class A
1.3%
T-Mobile US Inc
1.3%
Citigroup Inc
1.3%

Percentage of net assets as of 9/30/2025

Geographic Breakdown

Regions | Top Countries
Americas
88.7%
Greater Europe
10.6%
Greater Asia
0.7%
Percentage of net assets as of 9/30/2025

Fees & Expenses

Fees

Annual Management Fees 0.25%
Service 12b-1 --
Maximum Sales Charge --
As of each fund's most recent prospectus.

Expense Ratio

Gross
VWNEX 0.26%
Morningstar Category: Large Value 0.98%
Fund as of most recent prospectus. Morningstar Category as of 11/30/25.