The Vanguard Mid-Cap Index Fund Admiral Shares mutual fund (VIMAX) is an index fund that seeks to mirror the performance of the CRSP U.S. Mid-Cap Index, an unmanaged 澳洲幸运5官方开奖结果体彩网:benchmark representing medium-size American firms. It began trading in November 2001, and as of November 2020, the mutual fund was yielding 1.34% It holds a five-star rating by Morningstar Investment Research. Its net expense ratio is .05%; its management fee is .04%. The 澳洲幸运5官方开奖结果体彩网:Admiral share class is Vanguard’s version of an 澳洲幸运5官方开奖结果体彩网:institutional share class, in which larger clients and accounts are charged lower fees in exchange for higher minimum 澳洲幸运5官方开奖结果体彩网:account balances.

Donald Butler has managed the fund since its inception. Michael Johnson joined him as portfolio manager in 2016.

Performance

As of Dec. 2020, Vanguard Mid-Cap Index Fund Admiral Shares is up 18.24% 澳洲幸运5官方开奖结果体彩网:year to date (YTD). The mutual fund has generated strong returns of 18.24% over the past three years; 13.28% over the past five years; 12.40% over the past 10 years; and 10,53% since its inception – almost precisely in line with its benchmark index.

Portfolio Allocation

As of November 2020, 97.88% of the mutual fund was allocated to stocks; the rest was in bonds and cash. The top five sectors by allocation weight were technology (19.70%), consumer discretionary (15.60%), industrials (13.50%), healthcare (12%), and financial services (11.20%).

Top 10 Holdings

The Vanguard Mid-Cap Index Fund Admiral Shares had a total of 346 positions within its portfolio, and it has an annual turnover ratio of 15.2%. the median 澳洲幸运5官方开奖结果体彩网:market cap of its companies is $22.2 billion (on the larger end of the mid-cap range). The top 10 holdings, which comprise 7.50% of the total assets, are Moderna, Snap, .Twilio, Lululemon Athletica, DocuSign, IDEXX Laboratories, KLA, Amphenol, Trade Desk, and Veeva Systems.

The Bottom Line

Historically, mid-cap stocks have been more volatile in price than the 澳洲幸运5官方开奖结果体彩网:large-cap stocks that dominate the overall market, and they often perform quite differently. Since 2016, they've been on a roll, and the 2017 澳洲幸运5官方开奖结果体彩网:corporate tax cut may have helped them. Throughout its lifespan, the Vanguard Mid-Cap Index Fund Admiral Shares has provided investors with outstanding returns and still remains 澳洲幸运5官方开奖结果体彩网:one of the top mutual funds for 澳洲幸运5官方开奖结果体彩网:long-term exposure in medium-size companies.

Overall, mid-cap stocks have not outperformed their larger counterparts, as of October 2020. While the S&P 400 hopes to continue building on its positive YTD gains, the Vanguard Mid-Cap Index Fund Admiral Shares have lagged the overall mid-cap index and the manager hopes to shorten th𝔍e spread.