VWALX – Fund Analysis – Vanguard High-Yield Tax-Exempt Adm | Morningstar

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Will VWALX outperform in the future?

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Process Pillar

The Process Pillar is our assessment of how sensible, clearly defined, and repeatable VWALX’s performance objective and investment process is for both security selection and portfolio construction.
People Pillar

The People Pillar is our evaluation of the VWALX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.
Parent Pillar

The Parent Pillar is our rating of VWALX’s parent organization’s priorities and whether they’re in line with investors’ interests.

A topnotch approach to long-dated munis with added credit risks.

Analyst Ken Noguchi

Ken Noguchi

Analyst

Summary

Vanguard High-Yield Tax-Exempt combines experienced leadership with a disciplined approach that stands out and delivers consistently strong results versus muni national-long Morningstar Category peers.

by Ken Noguchi

Rated on Apr 27, 2026 Published on Apr 27, 2026

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