Vanguard Market Neutral Fund Institutional Shares (VMNIX)

Fund Assets	637.47M
Expense Ratio	1.872%
Min. Investment	$5,000,000
Turnover	108.00%
Dividend (ttm)	0.50
Dividend Yield	2.90%
Dividend Growth	-34.34%
Payout Frequency	Semi-Annual
Ex-Dividend Date	Mar 30, 2026

Previous Close	17.25
YTD Return	23.94%
1-Year Return	31.68%
5-Year Return	100.61%
52-Week Low	13.37
52-Week High	17.25
Beta (5Y)	0.03
Holdings	616
Inception Date	Oct 19, 1998

About VMNIX

Vanguard Market Neutral Fund Institutional Shares is an open-end mutual fund specializing in a market-neutral investment strategy. Its primary objective is to deliver long-term capital appreciation while minimizing the portfolio’s exposure to general stock market risk. The fund achieves this by maintaining long and short positions in a diversified portfolio of securities, aiming for a net market exposure close to zero. This approach is designed to generate returns through security selection, rather than broad market movements, making it distinct from traditional equity funds that rely on market trends for performance. Vanguard Market Neutral Fund Institutional Shares primarily invests in equities, including both domestic and a small portion of non-U.S. stocks, and utilizes equity-related derivatives. Its portfolio is widely diversified across market capitalizations, with a notable allocation to small- and micro-cap companies. The fund’s low correlation to major equity indices positions it as a tool for institutional investors seeking alternative strategies to hedge against market volatility and enhance portfolio diversification. By focusing on relative value and risk control, it serves a significant role in the alternative investment segment of the financial markets.

• Fund Family: Vanguard
• Category: Equity Mkt Neutral
• Performance Rating: Above Average
• Risk Rating: Average
• Stock Exchange: Nasdaq
• Ticker Symbol: VMNIX
• Share Class: Institutional Shares
• Index: Index is not available on Lipper Database

Performance

VMNIX had a total return of 31.68% in the past year, including dividends. Since the fund's inception, the average annual return has been 3.04%.

Other Share Classes

These are alternative share classes of the same fund, from the same provider.

Symbol	Share Class	Expense Ratio
VMNFX	Investor Shares	1.95%

Top 10 Holdings

9.94% of assets

Name	Symbol	Weight
Vanguard Cmt Funds-Vanguard Market Liquidity Fund - Vanguard Market Liquidity Fund	n/a	2.48%
Lam Research Corporation	LRCX	0.92%
MaxLinear, Inc.	MXL	0.87%
Southwest Airlines Co.	LUV	0.86%
Happen, Inc.	HAPN	0.86%
Extreme Networks, Inc.	EXTR	0.84%
PENN Entertainment, Inc.	PENN	0.80%
Slide Insurance Holdings, Inc.	SLDE	0.79%
Sarepta Therapeutics, Inc.	SRPT	0.77%
Virtu Financial, Inc.	VIRT	0.75%

Dividend History

Ex-Dividend	Amount	Pay Date
Mar 30, 2026	$0.013	Mar 31, 2026
Dec 23, 2025	$0.4841	Dec 24, 2025
Mar 28, 2025	$0.0161	Mar 31, 2025
Dec 30, 2024	$0.741	Dec 31, 2024
Mar 27, 2024	$0.0079	Mar 28, 2024
Dec 27, 2023	$0.6755	Dec 28, 2023

Data Sources: Tiingo, Twelve Data, and more

Historical data is provided by Tiingo. Delayed stock pricing data is provided by Twelve Data. Several fund data points are also provided by Finnhub.

Last checked:

Oct 16, 2026

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