Vanguardfi Dividend Growth Fund
Vanguard Vanguard Dividend Growth FundProduct SummaryLarge-cap equity emphasizing dividend-paying stocks.Seeks a growing stream of income over time and long-term capitalVanguard Style View : Large BlendLarge- and mid-capitalization stocks.appreciation and current income.Invests primarily in stable, well-managed, dividend-producingcompanies.Managed as Vanguard Utilities Income Fund until December 2002.Market capitalizationFundamental research approach.Investment styleValue Blend GrowthLargeMidSmallCentral tendencyExpected range of fund holdingsQuarterly CommentaryEven with the human toll of COVID-19 mounting, unemploymentrunning high, and global economic activity remaining below itspre-pandemic level, stocks worldwide continued to rebound in thefourth quarter of 2020 from their precipitous fall earlier in the year.Investor sentiment was buoyed by the rollout of vaccines andsupportive monetary and fiscal policies. U.S. stocks posteddouble-digit gains. While large-capitalization stocks and thetechnology sector led the market earlier in the year, small-capsand more cyclical sectors moved to the fore in the fourth quarter.Emerging markets and developed European and Asian marketsalso performed well.Vanguard Dividend Growth Fund focuses on high-qualitycompanies with a history of paying a stable or increasing dividendover time. Its advisory team evaluates revenues, earnings, andfree cash flow as indicators of growing income streams. The funddoes not consider its benchmark index’s sector positioning;weightings result from stock selection.For the quarter, the fund lagged its benchmark, the NASDAQ USDividend Achievers Select Index ( 10.31%).Unfavorable sector allocation drove the underperformance for thequarter, specifically underweightings of communication servicesand information technology and an overweighting of real estate.Security selection had a neutral impact as positive selection inconsumer staples and financials was eroded by negative selectionin communication services, industrials, and health care. Inconsumer staples, the fund benefited from out-of-benchmarkpositions in Diageo ( 15%) and Coca-Cola ( 12%) and a lack ofexposure to Walmart ( 3%). In financials, it benefited fromout-of-benchmark exposures to PNC Financial Services ( 37%)and American Express ( 21%) and an overweight allocation toChubb ( 33%). The largest detractors included a lack of exposureto Walt Disney ( 46%) in communication services and anoverweight position in Amgen (–9%) in health care.For the 12 months ended December 31, the fund underperformedits benchmark ( 15.62%).As of December 31, 2020Poor sector allocation and security selection hindered results forthe 12 months. An underweight position in IT and overweightingsof financials and energy hurt. However, an overweight exposure toindustrials helped performance. Unfavorable selection in consumerstaples, specifically out-of-benchmark exposures to Diageo (–5%)and Coca-Cola ( 2%), detracted from results. The largestcontributors included overweight exposures to consumerdiscretionary holdings Home Depot ( 25%) and Nike ( 41%).People and ProcessVanguard Dividend Growth Fund seeks above-average currentincome and long-term growth of capital and income. The advisor,Wellington Management Company LLP, invests in a diversifiedarray of stable, well-managed companies that have a history of ora potential for growing dividends over time. Valuation is key tosecurity selection, with the advisor preferring stocks that trade ata discount to the market or that possess an attractive risk/rewardprofile. The advisor is not constrained by a traditional value orgrowth mandate, but is permitted sufficient style latitude to searcha broad investment universe for quality stocks.Wellington Management Company LLPFounded in 1928, Wellington Management Company LLP, Boston,Massachusetts, is among the nation’s oldest and most respectedinstitutional investment managers. The firm has advised VanguardDividend Growth Fund since 1992.Investment Manager BiographiesDonald J. Kilbride, Senior Managing Director. Portfolio manager.Advised the fund since 2006. Worked in investment managementsince 1996. B.A., College of the Holy Cross. M.B.A., University ofNorth Carolina, Kenan-Flagler Business School.
Vanguard Dividend Growth FundTotal ReturnsExpenseRatioDividend Growth Fund (5/15/1992)0.27%Quarter8.94%Yearto Date1 Year3 Years5 Years12.06%12.06%13.70%13.53%10 Years13.15%Dividend Growth Spliced Index—10.3115.6215.6213.7215.027.84Dividend Growth Spliced Average—11.9816.3016.3012.3613.4312.03The performance data shown represent past performance, which is not a guarantee of future results. Investment returns and principal value willfluctuate, so investors’ shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher thanthe performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Performance figures include thereinvestment of all dividends and any capital gains distributions. All returns are net of expenses.Note: Dividend Growth Spliced Index: Russell 1000 Index through January 31, 2010; NASDAQ US Dividend Achievers Select Index (formerly known as theDividend Achievers Select Index) thereafter. Prior to December 6, 2002, the comparative benchmark was known as the Utilities Composite Index. The indexweightings were: 40% S&P Utilities Index, 40% S&P Telephone Index, and 20% Lehman Brothers Utility Bond Index through April 30, 1999; 63.75% S&PUtilities Index, 21.25% S&P Telephone Index, and 15% Lehman Brothers Utility Bond Index through March 31, 2000; 75% S&P Utilities Index and 25% S&PTelephone Index through December 31, 2001; and 75% S&P Utilities Index and 25% S&P Integrated Telecommunication Services Index through December6, 2002. Average fund returns are derived from data provided by Lipper, a Thomson Reuters Company.As of December 31, 2020
Vanguard Dividend Growth FundQuarterly ReturnsYear-End3rd Quarter4th QuarterDividendGrowthDividendGrowthSpliced ,675Year1st Quarter2nd 87201613.14%Fund Facts0057TickerVDIGXNewspaper ListingDividGroCUSIP Number921908604Assets (millions) 47,397Inception0.27%DividendGrowthPrice/earnings ratioPrice/book ratioReturn on equityEarnings growth rate40NASDAQUS DividendAchieversSelectIndex212 145.4 Billion 157.6 Billion 209.9 Billion 239.1 Billion28.7x5.7x28.1x5.4x26.4%23.2%7.6%9.3%Equity yield (dividend)1.9%1.6%Foreign holdings4.9%0.0%Short-term reserves2.0%—17.0%—Turnover rate (fiscal year end)As of December 31, 2020Beta0.970.94DJ US Total Stock Mkt Float Adj Idx0.900.76R-squared and beta are calculated from trailing 36-month fund returnsrelative to the associated benchmark.Top 10 Largest Holdings% ofTotal Net AssetsEquity CharacteristicsAverage market capR-SquaredDividend Growth Spliced Index5/15/1992Expense Ratio(as of 5/2020)Median market cap 47,397Volatility MeasuresFund NumberNumber of stocksAssets(Millions)UnitedHealth Group Inc.3.9%McDonald's Corp.3.7Johnson & Johnson3.7Coca-Cola Co.3.5American Express Co.3.4NIKE Inc.3.2TJX Cos. Inc.3.2Procter & Gamble Co.3.1Medtronic plc3.1Union Pacific Corp.3.1Total33.9%The holdings listed exclude any temporary cash investments and equityindex products.
Vanguard Dividend Growth FundSector Diversification (% of Stocks)DividendGrowthCommunication Services2.0%NASDAQUS 6.2%-4.2Consumer Discretionary12.412.20.2Consumer 2.2Health Care20.315.44.9Industrials20.715.25.5Information 0.0Real lSector categories are based on the Global Industry Classification Standard( GICS ), except for the Other category (if applicable), which includessecurities that have not been provided a GICS classification as of the effectivereporting period.3 month attributionPortfolioAvg.weightConsumer StaplesBenchmark3 mo.returnContrib.ReturnAvg.weightAttribution3 .49.91.60.0-0.3-0.3Information Technology9.512.61.218.314.22.5-0.3-0.1-0.4Real Estate3.5-0.50.00.00.00.0-0.40.0-0.4Health -1.2Consumer DiscretionaryCommunication ServicesTotalAs of December 31, 2020
Vanguard Dividend Growth Fund12 month 12 mo.returnContrib.ReturnAvg.weight12 .39.90.10.40.00.4Consumer h .51.34.318.60.60.10.00.1Real Estate3.97.10.00.00.00.0-0.40.0-0.4Communication nancials10.64.0-0.47.52.20.3-0.70.2-0.6Consumer 2.1-1.4-3.5Information TechnologyTotalThe portfolio attribution data shown above is provided by FactSet based on information provided by Vanguard about the fund.s daily portfolio holdings as ofthe market close. Because the fund buys and sells stocks throughout the trading day and not necessarily at the market close, the attribution data shownabove is an estimate and may not precisely reflect actual attribution information. Information noted above does not reflect fair-value adjustments to prices offoreign securities held in the portfolio.Top contributors—3 monthTop detractors—3 month3 mo.returnTotal Endingeffect weightBenchweight3 mo.returnTotal Endingeffect weightBenchweightHoneywell International Inc.29.80.53.00.0Amgen Inc.-10.7-0.31.40.0PNC Financial Services Group Inc.37.00.41.50.0QUALCOMM Incorporated30.0-0.30.01.93.40.30.04.2Merck & Co. Inc.-0.6-0.32.50.0American Express Company18.20.33.50.0McDonald's Corporation-2.0-0.33.81.8Chubb Limited33.20.32.60.8Walt Disney Company46.0-0.90.03.6Total Endingeffect weightBenchweightTotal Endingeffect weightBenchweightWalmart Inc.Top contributors—12 monthTop detractors—12 month12 mo.return12 mo.returnHome Depot Inc.24.60.82.13.2Coca-Cola Company2.4-0.73.60.0Danaher Corporation45.30.81.60.0Microsoft Corporation42.5-0.73.14.3United Parcel Service Inc.48.70.82.30.0Walt Disney Company66.1-0.80.03.6Deere & Company57.90.72.00.0QUALCOMM Incorporated104.6-0.80.01.9UnitedHealth Group Incorporated21.20.64.03.6Diageo plc-0.3-0.82.40.0As of December 31, 2020
Vanguard Dividend Growth FundAs of December 31, 2020
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McDonald’s Corp. 3.7 Johnson & Johnson 3.7 Coca-Cola Co. 3.5 American Express Co. 3.4 NIKE Inc. 3.2 TJX Cos. Inc. 3.2 Procter & Gamble Co. 3.1 Medtronic plc 3.1 Union Pacific Corp. 3.1 Total 33.9% The holdings listed exclude any temporary cash investments and equity index products. EquityCharacteristics Dividend Growth NASDAQ US Dividend .
Vanguard International Property Securities Index Fund - 115 001 002 97 674 886 440 Vanguard Global Value Equity Fund VVLU 613 053 062 71 928 129 734 Vanguard Global Infrastructure Index Fund VBLD 128 385 277 82 191 294 545 . Index ETF Vanguard Emerging Markets Shares Index Fund Vanguard FTSE Europe Shares ETF Vanguard FTSE
Vanguard Investments Australia Ltd ABN 72 072 881 086 AFSL 227 263 (Vanguard, we, us or our), the responsible entity of the Funds. Vanguard Manager Select Series ARSN ABN APIR Vanguard Active Global Growth Fund 632 655 577 16 465 809 772 VAN0722AU Vanguard Active Emerging Market Equity Fund 632 655 675 13 359 821 400 VAN0221AU
CIBC Balanced Fund . CIBC Dividend Income Fund. 3. CIBC Dividend Growth Fund. 3. CIBC Canadian Equity Fund. 3. CIBC Canadian Equity Value Fund. 3. CIBC Canadian Small-Cap Fund . CIBC U.S. Equity Fund. 3 CIBC U.S. Small Companies Fund. 3. CIBC Global Equity Fund . CIBC International Equity Fund. 3. CIBC European Equity Fund. 3. CIBC Emerging .
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The Vanguard FTSE Asia ex Japan Shares Index ETF is a separate class of units in the Vanguard Asia ex Japan Shares Index Fund ARSN 606 451 110. The Vanguard MSCI Index International Shares (Hedged) ETF is a separate class of units in the Vanguard Global Shares Index Fund (Hedged) ARSN 165 786 989.
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dividend produce a higher stock price. Therefore, stocks with lower dividend yield will be more dependent on the financial performance than the high dividend stocks while the high dividend stock are more dependent on dividend policy. 1.3 Purpose There has been an abundance of studies conducted regarding dividend policy over several
Vanguard Target Retirement 2040 Fund 2038 and 2042 Vanguard Target Retirement 2035 Fund 2033 and 2037 . 7.0 Vanguard Total Bond Market II Index Fund Investor Shares 2.9 Vanguard Total International Bond Index Fund Invest
