Vanguard Limited-Term Tax-Exempt Bond unites a careful investment process, well-structured team, and rock-bottom fees. Under our new ratings methodology, the strategy’s cheaper Admiral share class earns a Morningstar Analyst Rating upgrade to Gold from Silver, while its Investor shares retain a Silver.
Will VMLUX outperform in future?
Get our overall rating based on a fundamental assessment of the pillar’s below.
The Process Pillar is our assessment of how sensible, clearly defined, and repeatable VMLUX’s performance objective and investment process is for both security selection and portfolio construction.
The People Pillar is our evaluation of the VMLUX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.
The Parent Pillar is our rating of VMLUX’s parent organization’s priorities and whether they’re in line with investors’ interests.