Fund Evaluator:

Vanguard S&P Mid-Cap 400 Value Idx I Overview

Vanguard S&P Mid-Cap 400 Value Idx I (VMFVX) is a passively managed U.S. Equity Mid-Cap Value fund. Vanguard launched the fund in 2010.

The investment seeks to track the performance of a S&P MidCap 400® Value Index that measures the investment return of mid-capitalization value stocks in the United States. The target index measures the performance of mid-size value companies in the United States. Under normal circumstances, the fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the stocks that make up the target index.

About Vanguard S&P Mid-Cap 400 Value Idx I (VMFVX)

There are 2 members of the management team with an average tenure of 2.45 years: Kenny Narzikul (2023), Chris Nieves (2025). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: DJ US Total Stock Market TR USD index with a weighting of 100% and S&P MidCap 400 Value TR USD index with a weighting of 100%. Vanguard S&P Mid-Cap 400 Value Idx I has 303 securities in its portfolio. The top 10 holdings constitute 10.1% 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 S&P Mid-Cap 400 Value Idx I is part of the Equity global asset class and is within the U.S. Equity fund group. Vanguard S&P Mid-Cap 400 Value Idx I has 0.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 98.9%. There is 0.7% 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 S&P Mid-Cap 400 Value Idx I has 0.2% of the portfolio in cash.

Assets Under Management

The fund has $151 million in total assets, which is below the $642 million average for the Mid-Cap Value 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.

VMFVX 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 S&P Mid-Cap 400 Value Idx I expense ratio is low compared to funds in the Mid-Cap Value category. Vanguard S&P Mid-Cap 400 Value Idx I has an expense ratio of 0.03%, which is 97% 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 S&P Mid-Cap 400 Value Idx I has a portfolio turnover rate of 39%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 51% for the Mid-Cap Value category.

Recently, in the month of July 2026, Vanguard S&P Mid-Cap 400 Value Idx I returned 0.2%, which earned it a grade of D, as the Mid-Cap Value category had an average return of 1.7%. 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 S&P Mid-Cap 400 Value Idx I has a trailing yield of 1.66%, which is above the 0.87% category average. The fund normally distributes its income 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 S&P Mid-Cap 400 Value Idx I Grades

Year to date, the fund has returned 13.3%, 2.3 percentage points worse than the category, which translates into a grade of D. The fund has returned 20.7% over the past year (grade of C), 11.9% over the past three years (grade of D) and 9.2% per year over the past five years (grade of C) and 10.5% per year over the past 10 years (grade of B).

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