Investment objective & strategy
As of Jan. 28, 2026 · prospectusObjective. Vanguard Equity Income Fund (the Fund) seeks to provide an above-average level of current income and reasonable long-term capital appreciation.
Strategy. The Fund employs an active management approach, investing mainly in common stocks of mid-size and large companies whose stocks typically pay above-average levels of dividend income and are, in the opinion of the purchasing advisor, undervalued relative to similar stocks. In addition, the Fund generally invests in companies believed to be committed to paying consistent dividends. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities. For purposes of the 80% policy, equity securities include common stocks, preferred stocks, warrants to purchase common stocks and preferred stocks, depositary receipts, and other securities with equity characteristics. The Fund uses multiple investment advisors, each of which independently … The Fund employs an active management approach, investing mainly in common stocks of mid-size and large companies whose stocks typically pay above-average levels of dividend income and are, in the opinion of the purchasing advisor, undervalued relative to similar stocks. In addition, the Fund generally invests in companies believed to be committed to paying consistent dividends. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities. For purposes of the 80% policy, equity securities include common stocks, preferred stocks, warrants to purchase common stocks and preferred stocks, depositary receipts, and other securities with equity characteristics. The Fund uses multiple investment advisors, each of which independently selects and maintains a portfolio of common stocks for the Fund.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| BROADCOM INC | — | $3.48B | 5.56% |
| MERCK & CO | — | $1.58B | 2.53% |
| JOHNSON&JOHNSON | — | $1.47B | 2.34% |
| BANK OF AMERICA CORPORATION | — | $1.32B | 2.11% |
| CISCO SYSTEMS INC | — | $1.13B | 1.80% |
| Vanguard Market Liquidity Fund | — | $1.05B | 1.68% |
| DIAMONDBACK ENERGY INC | — | $999.49M | 1.60% |
| HONEYWELL INTL INC | — | $896.03M | 1.43% |
| GILEAD SCIENCES INC | — | $849.68M | 1.36% |
| M&T BANK CORP | — | $802.09M | 1.28% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| EQUITY INCOME PORTFOLIO | 95% | 0.29% |
| JNL/WMC Equity Income Fund | 67% | 0.59% |
| Guardian Equity Income VIP Fund | 61% | 0.55% |
Advisers
| Firm | Role |
|---|---|
| The Vanguard Group, Inc. | Adviser |
| Wellington Management Company LLP | Adviser |
Footnotes
- Expense ratio as of January 28, 2026, from the fund's prospectus.
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. As reported in the fund's prospectus performance bar chart.
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