Investment objective & strategy
As of Jan. 28, 2026 · prospectusObjective. Vanguard Capital Opportunity Fund (the Fund) seeks to provide long-term capital appreciation.
Strategy. The Fund employs an active management approach, investing mainly in U.S. stocks, with an emphasis on companies that are considered to have prospects for rapid earnings growth. The Fund may emphasize mid-cap companies but will consider the stocks from companies across the capitalization spectrum for investment, which may include foreign securities. The Funds investment advisor uses fundamental research to identify stocks that are expected to outperform the market over a three- to five-year time horizon and that are available at attractive prices relative to their fundamental values. The Fund reserves the right to invest up to 25% of its assets in foreign securities. The Fund employs an active management approach, investing mainly in U.S. stocks, with an emphasis on companies that are considered to have prospects for rapid earnings growth. The Fund may emphasize mid-cap companies but will consider the stocks from companies across the capitalization spectrum for investment, which may include foreign securities. The Funds investment advisor uses fundamental research to identify stocks that are expected to outperform the market over a three- to five-year time horizon and that are available at attractive prices relative to their fundamental values. The Fund reserves the right to invest up to 25% of its assets in foreign securities.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| LILLY ELI and CO | — | $1.61B | 6.55% |
| MICRON TECHNOLOGY INC | — | $1.38B | 5.62% |
| FLEX LTD | — | $696.07M | 2.83% |
| Vanguard Market Liquidity Fund | — | $671.92M | 2.73% |
| NVIDIA CORP | — | $604.51M | 2.46% |
| AMGEN INC | — | $602.39M | 2.45% |
| KLA CORP | — | $600.15M | 2.44% |
| ALPHABET INC CL A | — | $530.97M | 2.16% |
| FEDEX CORP | — | $482.22M | 1.96% |
| MICROSOFT CORP | — | $460.21M | 1.87% |
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. |
|---|---|---|
| CAPITAL GROWTH PORTFOLIO | 66% | 0.34% |
| VANGUARD PRIMECAP FUND · VPMCX, VPMAX | 66% | 0.27% |
| VANGUARD PRIMECAP CORE FUND · VPCCX | 65% | 0.37% |
Advisers
| Firm | Role |
|---|---|
| PRIMECAP Management Company | 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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