VMNIX – Vanguard Market Neutral I Investment Strategy | Morningstar

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Strategy

The investment seeks to provide long-term capital appreciation while limiting exposure to general stock market risk. The fund employs an active management approach, following a market neutral strategy, which the managers define as a strategy designed to produce a portfolio that is neutral with respect to general stock market risk (sometimes referred to as beta neutrality). Beta is a measure of a portfolio's volatility relative to the volatility of the general stock market. The fund, as a whole, does not seek to adhere to any other definition of market neutrality.

Ticker	Name	Share Class Type	Investment Status	Morningstar Rating for Funds Overall	Medalist Rating Overall	Inception Date	Total Net Assets for Share Class	Adjusted Expense Ratio	Fee Level Distribution	Minimum Initial Investment	1-Year Net Flow
VMNFX	Vanguard Market Neutral Fund Investor Shares	No Load	Open		—	Nov 11, 1998	$510.64M	0.200%	Low	$50,000	$95.16M
VMNIX	Vanguard Market Neutral Fund Institutional Shares	Institutional	Open		—	Oct 19, 1998	$67.37M	0.140%	Low	$5M	$31.61M

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