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 benchmark representing medium-size American firms. It began trading in November 2001, and as of October 2018, the mutual fund was yielding 1.51% It holds a four-star rating and a gold medal by Morningstar Investment Research. Its net expense ratio is .05%; its management fee is .04%. The Admiral share class is Vanguard’s version of an institutional share class, in which larger clients and accounts are charged lower fees in exchange for higher minimum account balances.
Donald Butler has managed the fund since its inception. Michael Johnson joined him as portfolio manager in 2016.
As of October 2018, Vanguard Mid-Cap Index Fund Admiral Shares is up 7.37% year to date (YTD). The mutual fund has generated strong returns of 13.78% over the past three years; 11.66% over the past five years; 12.42% over the past 10 years; and 10.24% since its inception – almost precisely in line with its benchmark index.
As of October 2018, 99.49% of the mutual fund was allocated to stocks; the rest was in bonds and cash. The top five sectors by allocation weight were technology (18.87%), consumer cyclicals (15.09%), industrials (15.5%), financial services (13.44%) and healthcare (10.02%).
Top 10 Holdings
The Vanguard Mid-Cap Index Fund Admiral Shares had a total of 366 positions within its portfolio, and it has an annual turnover ratio of 14%. the median market cap of its companies is $15.3 billion (on the larger end of the mid-cap range). The top 10 holdings, which comprise 7.07% of the total assets, are
|Edwards Lifesciences Corp||EW||0.83%|
|Concho Resources Inc||CXO||0.70%|
|Roper Technologies Inc||ROP||0.70%|
|Worldpay Inc Class A||WP||0.70%|
|Align Technology Inc||ALGN||0.68%|
|Amphenol Corp Class A||APH||0.64%|
The Bottom Line
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. Since 2016, they've been on a roll, and the 2017 corporate tax cut should help them further. Throughout its lifespan, the Vanguard Mid-Cap Index Fund Admiral Shares has provided investors with outstanding returns and still remains one of the top mutual funds for long-term exposure in medium-size companies.
Overall, mid-cap stocks have outperformed their larger counterparts, as of March 2016. 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 the spread as the year continues. H