Vanguard High-Yield Tax-Exempt Bond is relatively conservative compared to other muni strategies sporting the high-yield label, so much so that it lands in the muni national long Morningstar Category rather than the high-yield muni category. The strategy is managed by diligent leaders through a sensible and risk-aware investment process and sports an ultra-low price tag; its Admiral share class earns a Morningstar Analyst Rating of Gold while the investor share class earns a Silver.
Vanguard High-Yield Tax-Exempt Adm VWALX
NAV / 1-Day Return
11.71
/
0.33
%
Total Assets
19.2 Bil
Adj. Expense Ratio
Adjusted Expense Ratio excludes certain variable investment-related expenses, such as interest from borrowings and dividends on borrowed securities, allowing for more consistent cost comparisons across funds.
0.090%
Expense Ratio
0.090%
Fee Level
Low
Longest Manager Tenure
11.54
years
Category
Muni National Long
Credit Quality / Interest Rate Sensitivity
Medium / ModerateMin. Initial Investment
50,000
Status
Open
TTM Yield
2.91%
Effective Duration
5.08
years
Premium
Morningstar’s Analysis
The Morningstar Analysis section contains a thorough evaluation of an investment’s merits and drawbacks and often discusses the most important or decisive factors leading to the fund’s overall rating.
The Morningstar Analysis section contains a thorough evaluation of an investment’s merits and drawbacks and often discusses the most important or decisive factors leading to the fund’s overall rating.
Will VWALX outperform in future?
Get our overall rating based on a fundamental assessment of the pillars below.
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 compelling if adventurous muni offering.
