Fund Evaluator:
Vanguard Explorer Inv (VEXPX)
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Best Performing in Small Growth Over the Last Year
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Fund Details
Vanguard Explorer Inv Overview
Vanguard Explorer Inv (VEXPX) is an actively managed U.S. Equity Small Growth fund. Vanguard launched the fund in 1967.
The investment seeks to provide long-term capital appreciation. The fund employs an active management approach, investing mainly in the stocks of small and mid-size companies and choosing stocks considered by the fund’s advisors to have superior growth potential. It has multiple advisors, each of which independently selects and maintains a portfolio of common stocks for the fund.
About Vanguard Explorer Inv (VEXPX)
There are 9 members of the management team with an average tenure of 9.09 years: Chad Meade (2014), Brian Schaub (2014), Aram Green (2017), Matthew Lilling (2020), Cesar Orosco (2021), Jeffrey Bailin, CFA (2023), Ryan Crane (2013), Daniel Fitzpatrick (2014), Brian Angerame (2017). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: DJ US Total Stock Market Flt Adj TR USD index with a weighting of 100% and Russell 2500 Growth TR USD index with a weighting of 100%. Vanguard Explorer Inv has 741 securities in its portfolio. The top 10 holdings constitute 9.8% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Vanguard Explorer Inv is part of the Equity global asset class and is within the U.S. Equity fund group. Vanguard Explorer Inv has 2.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 95.1%. There is 2.4% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Vanguard Explorer Inv has 2.5% of the portfolio in cash.
Assets Under Management
The fund has $2 billion in total assets, which is above the $454 million average for the Small Growth category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
VEXPX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Vanguard Explorer Inv expense ratio is below average compared to funds in the Small Growth category. Vanguard Explorer Inv has an expense ratio of 0.39%, which is 67% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Vanguard Explorer Inv has a portfolio turnover rate of 51%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 76% for the Small Growth category.
Recently, in the month of June 2026, Vanguard Explorer Inv returned 4.6%, which earned it a grade of F, as the Small Growth category had an average return of 6.5%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Vanguard Explorer Inv has a trailing yield of 0.36%, which is above the 0.07% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Vanguard Explorer Inv Grades
Year to date, the fund has returned 20.3%, 1.8 percentage points worse than the category, which translates into a grade of C. The fund has returned 30.6% over the past year (grade of C), 14.9% over the past three years (grade of D) and 6.1% per year over the past five years (grade of B) and 13.3% per year over the past 10 years (grade of B).
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VEXPX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| VEXPX Return (NAV) | 4.6% | 20.5% | 30.6% | 14.9% | 6.1% | 13.3% |
| VEXPX Grade | F | D | C | D | B | B |
| +/- Category | -1.9% | -4.2% | -3.1% | -1.4% | 1.5% | 0.7% |
| Small Growth Avg | 6.5% | 24.7% | 33.7% | 16.4% | 4.6% | 12.5% |
| VEXPX Tax Cost Ratio | na | na | 1.7% | 1.2% | 1.7% | 1.8% |
VEXPX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| VEXPX Return (NAV) | 20.3% | 7.1% | 10.3% | 19.8% | -23.3% | 16.3% | 31.3% | 31.3% | -2.5% | 23.0% | 12.3% |
| VEXPX Grade | C | D | D | B | A | B | D | C | B | C | B |
| +/- Category | -1.8% | -0.9% | -5.3% | 3.0% | 4.7% | 5.8% | -10.5% | 1.4% | 1.6% | -1.1% | 2.1% |
| Small Growth Avg | 22.1% | 8.0% | 15.5% | 16.7% | -27.9% | 10.5% | 41.8% | 29.9% | -4.1% | 24.1% | 10.2% |
| Risk Measures | |
| Standard Deviation: | 17.4% |
| Total Risk Index: | 1.43 - High |
| Category Risk Index: | 0.87 - Low |
| Category Risk Grade: | A (18% Rank) |
| Beta: | 1.16 |
| R-Squared: | 75% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Growth |
| Bond Investment Style: | na |
| Yield: | 0.4% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $22425 Mil |
| Fund Total Assets: | $2,036 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 51% |
Management Team
| Number of Managers: 9 | |||
| Longest Tenure: 12.9 years | |||
| Average Tenure: 9.1 years | |||
| Managers (Year): Crane Ryan (2013), Fitzpatrick Daniel (2014), Meade Chad (2014), Schaub Brian (2014), Green Aram (2017), Angerame Brian (2017), Lilling Matthew (2020), Orosco Cesar (2021), Bailin, CFA Jeffrey (2023) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 741 |
| % in Top 10 Holdings: | 9.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 2.4% |
Portfolio Allocation |
|
| Domestic Stock: | 95.1% |
| Foreign Stock: | 2.4% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.5% |
Purchase Information
| Fund Family: | Vanguard |
| Phone Number: | 800-662-7447 |
| Website: | www.vanguard.com |
| Status: | Open |
| Inception Date: | December 11, 1967 |
| Min. Initial Purchase: | $3,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.39% ( Rating : Below Avg ) |
| Category Average Expense Ratio (%): | 1.18% |
| Share Class: | Vanguard Explorer Inv |
| Min. Subsequent Purchase: | $ 1 |
| Min. Subsequent IRA Purchase: | $ 0 |
