Investment objective & strategy
As of Dec. 19, 2025 · prospectusObjective. Vanguard U.S. Growth Fund (the Fund) seeks to provide long-term capital appreciation.
Strategy. The Fund employs an active management approach, investing mainly in large-capitalization stocks of U.S. companies considered to have above-average earnings growth potential and reasonable stock prices in comparison with expected earnings. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities issued by U.S. companies. The Fund has multiple investment advisors, each of which independently selects and maintains a portfolio of common stocks for the Fund. The Fund is considered nondiversified, as defined under the Investment Company Act of 1940, which means that it may invest a greater percentage of its assets in the securities of particular issuers as compared with diversified funds. The Fund employs an active management approach, investing mainly in large-capitalization stocks of U.S. companies considered to have above-average earnings growth potential and reasonable stock prices in comparison with expected earnings. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities issued by U.S. companies. The Fund has multiple investment advisors, each of which independently selects and maintains a portfolio of common stocks for the Fund. The Fund is considered nondiversified, as defined under the Investment Company Act of 1940, which means that it may invest a greater percentage of its assets in the securities of particular issuers as compared with diversified funds.
Top holdings
As of Feb. 28, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| NVIDIA CORP | — | $4.98B | 11.40% |
| APPLE INC | — | $2.96B | 6.78% |
| MICROSOFT CORP | — | $2.95B | 6.75% |
| AMAZON.COM INC | — | $2.88B | 6.58% |
| ALPHABET INC CL C | — | $2.20B | 5.03% |
| META PLATFORMS INC CL A | — | $2.00B | 4.57% |
| BROADCOM INC | — | $1.83B | 4.18% |
| LILLY ELI and CO | — | $1.55B | 3.55% |
| TESLA INC | — | $1.23B | 2.82% |
| NETFLIX INC | — | $1.13B | 2.59% |
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. |
|---|---|---|
| GROWTH PORTFOLIO | 75% | 0.34% |
| NYLI VP Wellington Growth Portfolio | 73% | 0.72% |
| NYLI WMC Growth Fund · KLGAX, KLGCX, KLGIX, KLGNX, KLGDX | 71% | 0.72% |
Advisers
| Firm | Role |
|---|---|
| Jennison Associates LLC | Adviser |
| Wellington Management Company LLP | Adviser |
| Baillie Gifford Overseas Ltd | 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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