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.
Will VWALX outperform in future?
Get our overall rating based on a fundamental assessment of the pillars below.
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.
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.
The Parent Pillar is our rating of VWALX’s parent organization’s priorities and whether they’re in line with investors’ interests.