Investment objective & strategy
As of Dec. 19, 2025 · prospectusObjective. Vanguard Explorer Value Fund (the Fund) seeks to provide long-term capital appreciation.
Strategy. The Fund employs an active management approach, investing mainly in the stocks of small and mid-size U.S. companies considered by an advisor to be undervalued. Undervalued stocks are generally those that are out of favor with investors and are trading at prices that an advisor feels are below average in relation to measures such as cash flow and book value. These stocks may have above-average dividend yields. The Fund has multiple advisors, each of which independently selects and maintains a portfolio of common stocks for the Fund. The Fund employs an active management approach, investing mainly in the stocks of small and mid-size U.S. companies considered by an advisor to be undervalued. Undervalued stocks are generally those that are out of favor with investors and are trading at prices that an advisor feels are below average in relation to measures such as cash flow and book value. These stocks may have above-average dividend yields. The Fund has multiple advisors, each of which independently selects and maintains a portfolio of common stocks for the Fund.
Top holdings
As of Feb. 28, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| Vanguard Market Liquidity Fund | — | $70.14M | 5.80% |
| COVISTA INC | — | $19.20M | 1.59% |
| OneSpaWorld Holdings Ltd. COM USD0.0001 | OSW US | $18.90M | 1.56% |
| FIRST AMERICAN FINANCIAL CORP | — | $18.70M | 1.55% |
| NORWEGIAN CRUISE | — | $17.30M | 1.43% |
| SPHERE ENTERTAINMENT CO | — | $16.80M | 1.39% |
| AFFIL MANAGERS | — | $16.26M | 1.34% |
| BRINK'S CO/THE | — | $15.82M | 1.31% |
| VANGUARD S&P SM | — | $14.06M | 1.16% |
| RENASANT CORP | — | $13.30M | 1.10% |
Portfolio moves
Nov 30, 2025 → Feb 28, 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. |
|---|---|---|
| HARTFORD SMALL CAP VALUE FUND · HSMAX, HTSCX, HSMYX, HSMRX, HSMSX, HSMTX, HSEIX, HSMFX, HSMVX | 31% | 0.81% |
| NYLI VP Wellington Small Cap Portfolio | 27% | 0.75% |
| Ariel Fund · ARGFX, ARAIX | 27% | 0.70% |
Advisers
| Firm | Role |
|---|---|
| Frontier Capital Management Company, LLC | Adviser |
| Wellington Management Company LLP | Adviser |
| Ariel Investments, LLC | Adviser |
Footnotes
- Expense ratio as of December 19, 2025, from the fund's prospectus.
- Net assets and holdings count as of February 28, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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