Investment objective & strategy
As of March 3, 2026 · prospectusObjective. Vanguard Windsor II Fund (the Fund) seeks to provide long-term capital appreciation and income.
Strategy. The Fund employs an active management approach, investing mainly in large- and mid-capitalization companies whose stocks are considered by an advisor to be undervalued. Undervalued stocks are generally those that are out of favor with investors and that the advisor believes are trading at prices that are below average in relation to measures such as earnings and book value. These stocks often 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 may invest up to 30% of its assets in foreign securities, which may include depositary receipts. Foreign securities may be traded on U.S. or foreign markets. The Fund employs an active management approach, investing mainly in large- and mid-capitalization companies whose stocks are considered by an advisor to be undervalued. Undervalued stocks are generally those that are out of favor with investors and that the advisor believes are trading at prices that are below average in relation to measures such as earnings and book value. These stocks often 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 may invest up to 30% of its assets in foreign securities, which may include depositary receipts. Foreign securities may be traded on U.S. or foreign markets.
Top holdings
As of Jan. 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| Vanguard Market Liquidity Fund | — | $2.60B | 4.02% |
| ALPHABET INC CL C | — | $1.97B | 3.04% |
| TAIWAN SEMIC-ADR | — | $1.32B | 2.04% |
| MICROSOFT CORP | — | $1.31B | 2.02% |
| SEAGATE TECHNOLO | — | $1.23B | 1.90% |
| META PLATFORMS INC CL A | — | $1.14B | 1.76% |
| SALESFORCE INC | — | $1.08B | 1.68% |
| ELEVANCE HEALTH INC | — | $1.06B | 1.64% |
| AMERICAN INTERNATIONAL GROUP | — | $1.05B | 1.63% |
| HCA HEALTHCARE INC | — | $1.05B | 1.62% |
Portfolio moves
Oct 31, 2025 → Jan 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. |
|---|---|---|
| DIVERSIFIED VALUE PORTFOLIO | 73% | 0.28% |
| Large Company Value Portfolio · DTLVX, WLCVX | 39% | 1.00% |
| American Beacon Large Cap Value Fund · AADEX, AAGPX, AVASX, ABLYX, ALVAX, ALVCX, AALRX | 38% | 0.64% |
Advisers
| Firm | Role |
|---|---|
| Sanders Capital, LLC | Adviser |
| Aristotle Capital Management, LLC | Adviser |
| Hotchkis and Wiley Capital Management, LLC | Adviser |
| Lazard Asset Management LLC | Adviser |
Footnotes
- Expense ratio as of March 3, 2026, from the fund's prospectus.
- Net assets and holdings count as of January 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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