Fund Evaluator:
Vanguard Large Cap Index Admiral (VLCAX)
Follow This Fund
Best Performing in Large Blend Over the Last Year
| 67.3% | PRIMECAP Odyssey Growth (POGRX) |
| 62.4% | Vanguard PRIMECAP Core Inv (VPCCX) |
| 58.7% | Vanguard PRIMECAP Adm (VPMAX) |
| 58.6% | Vanguard PRIMECAP Inv (VPMCX) |
| 51.1% | PRIMECAP Odyssey Stock (POSKX) |
Fund Details
Vanguard Large Cap Index Admiral Overview
Vanguard Large Cap Index Admiral (VLCAX) is a passively managed U.S. Equity Large Blend fund. Vanguard launched the fund in 2004.
The investment seeks to track the performance of the CRSP U.S. Large Cap Index that measures the investment return of large-capitalization stocks. The fund manager employs an indexing investment approach designed to track the performance of the target index, a broadly diversified index of large U.S. companies representing approximately the top 85% of the U.S. investable market capitalization, as determined by the index provider. Under normal circumstances, it 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 Large Cap Index Admiral (VLCAX)
There are 2 members of the management team with an average tenure of 1.36 years: Chris Nieves (2025), Jena Stenger (2025). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: CRSP US Large Cap TR USD index with a weighting of 100% and DJ US Total Stock Market TR USD index with a weighting of 100%. Vanguard Large Cap Index Admiral has 461 securities in its portfolio. The top 10 holdings constitute 39.5% 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 Large Cap Index Admiral is part of the Equity global asset class and is within the U.S. Equity fund group. Vanguard Large Cap Index Admiral has 0.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 99.1%. There is 0.4% 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 Large Cap Index Admiral has 0.3% of the portfolio in cash.
Assets Under Management
The fund has $17 billion in total assets, which is above the $6 billion average for the Large Blend 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.
VLCAX 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 Large Cap Index Admiral expense ratio is low compared to funds in the Large Blend category. Vanguard Large Cap Index Admiral has an expense ratio of 0.05%, which is 94% 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 Large Cap Index Admiral has a portfolio turnover rate of 3%, indicating that holds its assets around 0.3 years. By way of comparison, the average portfolio turnover is 48% for the Large Blend category.
Recently, in the month of June 2026, Vanguard Large Cap Index Admiral returned -0.9%, which earned it a grade of D, as the Large Blend category had an average return of -0.2%. 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 Large Cap Index Admiral has a trailing yield of 1.01%, which is above the 0.56% category average. The fund normally distributes its income quarterly 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 Large Cap Index Admiral Grades
Year to date, the fund has returned 10.0%, 0.9 percentage points better than the category, which translates into a grade of C. The fund has returned 21.9% over the past year (grade of B), 20.8% over the past three years (grade of B) and 12.9% per year over the past five years (grade of B) and 15.5% per year over the past 10 years (grade of A).
For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about Vanguard Large Cap Index Admiral, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
VLCAX 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 |
|
| VLCAX Return (NAV) | -0.9% | 15.5% | 21.9% | 20.8% | 12.9% | 15.5% |
| VLCAX Grade | D | B | B | B | B | A |
| +/- Category | -0.7% | 1.7% | 2.4% | 2.3% | 1.4% | 1.4% |
| Large Blend Avg | -0.2% | 13.8% | 19.5% | 18.5% | 11.6% | 14.1% |
| VLCAX Tax Cost Ratio | na | na | 0.3% | 0.3% | 0.3% | 0.4% |
VLCAX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| VLCAX Return (NAV) | 10.0% | 18.1% | 25.1% | 27.3% | -19.7% | 27.0% | 21.0% | 31.4% | -4.5% | 22.0% | 11.6% |
| VLCAX Grade | C | B | B | A | D | C | B | B | B | B | B |
| +/- Category | 0.9% | 2.2% | 3.0% | 3.6% | -2.4% | 0.5% | 3.5% | 1.6% | 1.5% | 0.7% | 1.4% |
| Large Blend Avg | 9.0% | 15.9% | 22.1% | 23.7% | -17.3% | 26.5% | 17.5% | 29.8% | -5.9% | 21.3% | 10.2% |
| Risk Measures | |
| Standard Deviation: | 13.2% |
| Total Risk Index: | 1.09 - Above Average |
| Category Risk Index: | 1.00 - Average |
| Category Risk Grade: | C (56% Rank) |
| Beta: | 1.01 |
| R-Squared: | 100% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 1.0% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $74172 Mil |
| Fund Total Assets: | $17,418 Mil |
| Share Class Type: | ADM |
| Portfolio Turnover: | 3% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 1.4 years | |||
| Average Tenure: 1.4 years | |||
| Managers (Year): Nieves Chris (2025), Stenger Jena (2025) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 461 |
| % in Top 10 Holdings: | 39.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.4% |
Portfolio Allocation |
|
| Domestic Stock: | 99.1% |
| Foreign Stock: | 0.4% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.2% |
| Cash: | 0.3% |
Purchase Information
| Fund Family: | Vanguard |
| Phone Number: | 800-662-7447 |
| Website: | www.vanguard.com |
| Status: | Open |
| Inception Date: | February 2, 2004 |
| 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 (%): | 0.05% ( Rating : Low ) |
| Category Average Expense Ratio (%): | 0.81% |
| Share Class: | Vanguard Large-Cap ETF |
| Min. Subsequent Purchase: | $ 1 |
| Min. Subsequent IRA Purchase: | $ 0 |
