NAV
Equity
Market Captialization Large Investment Style Value
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VWELX Vanguard Wellington Fund Investor Shares
Also available at a lower cost as an Admiral™ Shares mutual fund.
Management style
Active
Asset class
Balanced
Category
Moderate Allocation
Risk / reward scale
3
Less
More
Investment minimum
$3,000
as of 04/08/2025
NAV price
$38.81
as of 04/08/2025
Overview
Key facts
CUSIP | 921935102 |
|---|---|
Management style | Active |
Asset class | Balanced |
Category | Moderate Allocation |
Inception date | 07/01/1929 |
Fund Number | 0021 |
Price
Minimum Investment
$3,000
NAV Price
$38.81
as of 04/08/2025
NAV change
as of 04/08/2025
Performance
YTD returns
-8.88%
as of 04/08/2025
Product summary
Founded in 1929, Wellington™ Fund is Vanguard’s oldest mutual fund and the nation’s oldest balanced fund. It offers exposure to stocks (about two-thirds of the portfolio) and bonds (one-third of the portfolio). Another key attribute is broad diversification—the fund invests in stocks and bonds across all economic sectors. This is important because one or two holdings should not have a sizeable impact on the fund. Investors with a long-term time horizon who want growth and are willing to accept stock market volatility may wish to consider this as a core holding in their portfolio.
Fund management
Wellington Management Company LLP
Performance & fees
Total returns
as of 03/31/2025
Recent returns
Average annual
| Month-end | 3-Month total | YTD | 1-yr | 3-yr | 5-yr | 10-yr | Since inception 07/01/1929 | |
|---|---|---|---|---|---|---|---|---|
VWELX | -3.63% | -1.67% | -1.67% | 6.97% | 5.69% | 11.04% | 8.08% | 8.28% |
| -3.71% | -1.92% | -1.92% | 7.06% | 6.27% | 12.10% | 8.92% | — |
as of 03/31/2025
| Year | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year-end | |
|---|---|---|---|---|---|---|
| 2025 | -1.67% | — | — | — | — | — |
| 2024 | 5.50% | 2.57% | 5.17% | 0.85% | 14.76% | 16.35% |
| 2023 | 3.33% | 4.15% | -3.10% | 9.65% | 14.33% | 19.36% |
| 2022 | -6.37% | -10.42% | -4.88% | 7.40% | -14.32% | -16.64% |
| 2021 | 3.54% | 6.26% | 1.00% | 7.10% | 19.01% | 17.34% |
| 2020 | -13.79% | 11.98% | 5.91% | 8.18% | 10.60% | 15.80% |
| 2019 | 8.64% | 3.89% | 3.18% | 5.19% | 22.51% | 24.40% |
| 2018 | -1.90% | 0.76% | 4.81% | -6.78% | -3.42% | -3.09% |
| 2017 | 3.43% | 2.65% | 3.39% | 4.52% | 14.72% | 15.76% |
| 2016 | 1.91% | 3.05% | 2.46% | 3.18% | 11.01% | 9.22% |
| 2015 | 0.85% | -0.54% | -4.12% | 4.04% | 0.06% | 1.38% |
as of 12/31/2024
| Year | Capital return by NAV | Income return by NAV | Total return by NAV | |
|---|---|---|---|---|
| 2024 | 12.32% | 2.45% | 14.76% | 16.35% |
| 2023 | 11.74% | 2.59% | 14.33% | 19.36% |
| 2022 | -16.10% | 1.78% | -14.32% | -16.64% |
| 2021 | 16.99% | 2.02% | 19.01% | 17.34% |
| 2020 | 8.11% | 2.49% | 10.60% | 15.80% |
| 2019 | 19.35% | 3.16% | 22.51% | 24.40% |
| 2018 | -5.98% | 2.56% | -3.42% | -3.09% |
| 2017 | 11.93% | 2.79% | 14.72% | 15.76% |
| 2016 | 8.16% | 2.85% | 11.01% | 9.22% |
| 2015 | -2.51% | 2.56% | 0.06% | 1.38% |
| 2014 | 7.12% | 2.71% | 9.82% | 11.36% |
| 2013 | 16.68% | 2.99% | 19.66% | 19.33% |
| 2012 | 9.40% | 3.18% | 12.57% | 13.36% |
| 2011 | 0.77% | 3.08% | 3.85% | 4.31% |
| 2010 | 7.80% | 3.14% | 10.94% | 12.97% |
as of 03/31/2025
| 1-yr | 3-yr | 5-yr | 10-yr | Since inception 07/01/1929 | |
|---|---|---|---|---|---|
| VWELX | 6.97% | 18.07% | 68.79% | 117.55% | 203713.04% |
| 7.06% | 20.02% | 77.01% | 135.00% | — |
Expense ratio
VWELX
0.25%
Average expense ratio of similar funds2
0.78%
Fund-specific fees
Purchase fee
None
Fund family redemption fee
None
None
The performance data shown represent past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate so that investors' shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited.
Performance data do not reflect the deduction of the $25 annual account service fee that may be applied to certain accounts. If this fee was included, performance would be lower.
Price
Closing price
Closing price as of 04/08/2025
NAV change
52-week High
$47.96
as of 12/06/2024
52-week Low
$38.81
as of 04/08/2025
52-week Difference
$9.15 (23.58%)
Historical prices
| Name | Date | NAV |
|---|---|---|
| VWELX | 04/08/2025 | $38.81 |
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Portfolio composition
Characteristics
as of 02/28/2025
| Fundamental | VWELX | |
|---|---|---|
| Number of stocks | 69 | 503 |
| Median market cap | $284.7 B | $284.7 B |
| Earnings growth rate | 23.2% | 19.4% |
| P/E ratio | 29.2x | 26.8x |
| P/B ratio | 5.5x | 4.8x |
| Return on equity | 26.3% | 27.0% |
| Foreign holdings | 2.6% | — |
| Fundamental | VWELX | |
|---|---|---|
| Number of bonds | 1400 | 4752 |
| Yield to maturity | 4.9% | 4.8% |
| Average coupon | 4.3% | 4.1% |
| Average effective maturity | 10.2 years | 10.1 years |
| Average duration | 6.8 years | 6.7 years |
| Fundamental | VWELX | |
|---|---|---|
| Fund total net assets as of 02/28/2025 | $113.1 B | — |
| Share class total net assets | $13.6 B | — |
Asset allocation
as of 02/28/2025
Stylebox
Fixed Income
Quality
Trsy/
AgcyInv Grd
CorpBelow
Inv
Grade
AgcyInv Grd
CorpBelow
Inv
Grade
Duration
Short
Medium
Long
Weighted exposures
as of 02/28/2025
Weighted equity exposures exclude any temporary cash investments and equity index futures. Some short-term fixed income securities are classified as cash and are excluded from the weighted bond exposures.
Holding details
as of 12/31/2024
| Ticker | Holdings | Shares | Market value |
|---|---|---|---|
| MSFT | Microsoft Corp. | 12,522,239 | $5,278,123,739 |
| NVDA | NVIDIA Corp. | 38,270,812 | $5,139,387,343 |
| AAPL | Apple Inc. | 19,356,508 | $4,847,256,733 |
| GOOGL | Alphabet Inc. Class A | 21,328,920 | $4,037,564,556 |
| AMZN | Amazon.com Inc. | 18,273,634 | $4,009,052,563 |
| WFC | Wells Fargo & Co. | 32,431,886 | $2,278,015,673 |
| AVGO | Broadcom Inc. | 9,676,612 | $2,243,425,726 |
| JPM | JPMorgan Chase & Co. | 7,540,348 | $1,807,496,819 |
| UNH | UnitedHealth Group Inc. | 3,330,491 | $1,684,762,177 |
| META | Facebook Inc. Class A | 2,699,317 | $1,580,477,097 |
| Ticker | Holdings | Shares | Market value |
|---|---|---|---|
| MSFT | Microsoft Corp. | 12,522,239 | $5,278,123,739 |
| NVDA | NVIDIA Corp. | 38,270,812 | $5,139,387,343 |
| AAPL | Apple Inc. | 19,356,508 | $4,847,256,733 |
| GOOGL | Alphabet Inc. Class A | 21,328,920 | $4,037,564,556 |
| AMZN | Amazon.com Inc. | 18,273,634 | $4,009,052,563 |
| WFC | Wells Fargo & Co. | 32,431,886 | $2,278,015,673 |
| AVGO | Broadcom Inc. | 9,676,612 | $2,243,425,726 |
| JPM | JPMorgan Chase & Co. | 7,540,348 | $1,807,496,819 |
| UNH | UnitedHealth Group Inc. | 3,330,491 | $1,684,762,177 |
| META | Facebook Inc. Class A | 2,699,317 | $1,580,477,097 |
| Ticker | Holdings | Shares | Market value |
|---|---|---|---|
| MSFT | Microsoft Corp. | 12,522,239 | $5,278,123,739 |
| NVDA | NVIDIA Corp. | 38,270,812 | $5,139,387,343 |
| AAPL | Apple Inc. | 19,356,508 | $4,847,256,733 |
| GOOGL | Alphabet Inc. Class A | 21,328,920 | $4,037,564,556 |
| AMZN | Amazon.com Inc. | 18,273,634 | $4,009,052,563 |
| WFC | Wells Fargo & Co. | 32,431,886 | $2,278,015,673 |
| AVGO | Broadcom Inc. | 9,676,612 | $2,243,425,726 |
| JPM | JPMorgan Chase & Co. | 7,540,348 | $1,807,496,819 |
| UNH | UnitedHealth Group Inc. | 3,330,491 | $1,684,762,177 |
| META | Facebook Inc. Class A | 2,699,317 | $1,580,477,097 |
Distributions
Realized/Unrealized gains
as of 02/28/2025
Realized gain
$1.17
% of NAV
Unrealized gains of NAV
$10.55
% of NAV
Fiscal year end
11/30/2025
Distribution schedule
Quarterly
How your fund can affect your taxes
A fund's capital gains and losses can reveal the tax implications of holding a particular fund in a taxable account. This is true of both realized and unrealized capital gains and losses.
Learn about realized and unrealized gains and lossesHow your fund can affect your taxes
A fund's capital gains and losses can reveal the tax implications of holding a particular fund in a taxable account. This is true of both realized and unrealized capital gains and losses.
Learn about realized and unrealized gains and lossesDividend income and capital gains
Fund management
Vanguard Wellington™ Fund uses a conservative approach and emphasizes broad diversification to moderate risk in pursuit of two objectives: long-term capital appreciation and reasonable current income. The stock/bond mix has provided an “all-weather” portfolio with competitive returns in various market cycles.
Equity component: Fundamental research identifies high-quality large- and mid-capitalization companies in out-of-favor industries. These stocks typically offer above-average dividend yields, low valuation multiples, and improving fundamentals.
Fixed income component: The advisor builds an intermediate-duration portfolio that may include short-, intermediate-, and long-term investment-grade corporate bonds, with some exposure to U.S. Treasury, government agency, and mortgage-backed securities. A top-down strategy ranks industry groups by valuation, liquidity, and economic outlook. Fundamental credit research seeks to identify stable and improving credits with low default risks.
Wellington Management Company LLP
Founded in 1928, Wellington Management Company LLP, Boston, Massachusetts, is among the nation’s oldest and most respected institutional investment managers. The firm has advised Vanguard Wellington Fund since 1929.
Loren L. Moran
CFA, Senior Managing Director Portfolio manager.
Advised the fund since 2017. Worked in investment management since 2006. B.S., Georgetown University.
Daniel J. Pozen
Senior Managing Director, Portfolio manager.
Advised the fund since 2019. Worked in investment management since 1999. B.A., Williams College. M.B.A., Dartmouth College.
Wellington Management Company
Wellington Management Company CEO Jean Hynes describes how the firm's collaborative culture, private ownership model and global investment resources help set it apart.
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Fund literature
Performance & fees
1
65% S&P 500 Index and 35% Lehman U.S. Long Credit AA or Better Bond Index through February 29, 2000; 65% S&P 500 Index and 35% Bloomberg U.S. Credit A or Better Bond Index thereafter.
2
Most recent data available. © 2023 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; (3) does not constitute investment advice offered by Morningstar; and (4) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
3
R-squared and beta are calculated from trailing 36-month fund returns relative to the associated benchmark.
Portfolio composition
4
65% S&P 500 Index and 35% Lehman U.S. Long Credit AA or Better Bond Index through February 29, 2000; 65% S&P 500 Index and 35% Bloomberg U.S. Credit A or Better Bond Index thereafter.
5
Credit-quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). "NR" is used to classify securities for which a rating is not available. NR securities may include a fund's investment in Vanguard Market Liquidity Fund or Vanguard Municipal Low Duration Fund, each of which invests in high-quality money market instruments and may serve as a cash management vehicle for the Vanguard funds, trusts, and accounts. U.S. Treasury, U.S. Agency, and U.S. Agency mortgage-backed securities appear under "U.S. Government." Credit-quality ratings for each issue are obtained from Bloomberg using ratings derived from Moody's Investors Service (Moody's), Fitch Ratings (Fitch), and Standard & Poor's (S&P). When ratings from all three agencies are available, the median rating is used. When ratings are available from two of the agencies, the lower rating is used. When one rating is available, that rating is used.
6
Alternative minimum tax (AMT) percentage represents the fund's income subject to the AMT as of the date indicated.
7
Sector categories are based on the Global Industry Classification Standard (“GICS”), except for the “Other” category (if applicable), which includes securities that have not been provided a GICS classification as of the effective reporting period.
© 2023 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
Vanguard average mutual fund expense ratio: 0.09%. Industry average mutual fund expense ratio: 0.50%. All averages are asset-weighted. Industry average excludes Vanguard. Sources: Vanguard and Morningstar, Inc., as of December 31, 2023.
Total returns: Short-term total return information is provided only as a service. Historical performance—particularly short-term performance—is no guarantee of future returns. Price, yield, and return on an actual investment will fluctuate, and you may have a gain or loss when you sell. Average annual returns include changes in price and reinvestments of dividends and capital gains. Since-inception returns for less than 1 year and year-to-date returns aren't annualized. Index performance is provided as a benchmark but isn't illustrative of any particular investment. You can't invest in an index.
Standardized returns: To see quarterly fee-adjusted returns, refer to the Price & Performance details.
Expense ratios: Expense ratios are displayed on Overview. For investments that are less than 1 fiscal year old, expense ratios are estimated.
Risk: All investing is subject to risk, including the possible loss of the money you invest. Funds that concentrate on a relatively narrow market sector face the risk of higher share-price volatility. Investments in stocks or bonds issued by non-U.S. companies are subject to risks including country/regional risk and currency risk.
The fund is subject to several stock and bond market risks, any of which could cause an investor to lose money. However, because stock and bond prices can move in different directions or to different degrees, the fund’s bond and short-term investment holdings may counteract some of the volatility experienced by the fund’s stock holdings. The fund’s performance could be hurt by:
- Stock market risk: The chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising stock prices and periods of falling stock prices.
- Investment style risk: The chance that returns from mid- and large-capitalization stocks will trail returns from the overall stock market. Historically, mid-cap stocks have been more volatile in price than the large-cap stocks that dominate the overall market, and they often perform quite differently. Mid-cap stocks tend to have greater volatility than large-cap stocks because, among other things, medium-size companies are more sensitive to changing economic conditions.
- Interest rate risk: The chance that bond prices will decline because of rising interest rates.
- Income risk: The chance that the fund’s income will decline because of falling interest rates.
- Credit risk: The chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond to decline. Credit risk should be low for the fund because it purchases only bonds that are of investment-grade quality.
- Call risk: The chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupon rates or interest rates before their maturity dates. The fund would then lose any price appreciation above the bond’s call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the fund’s income.
- Manager risk: The chance that poor security selection will cause the fund to underperform relevant benchmarks or other funds with a similar investment objective.