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Morningstar

Vanguard High-Yield Tax-Exempt Adm VWALX

Morningstar Analyst Rating
Analyst rating as of
  • NAV / 1-Day Return 10.62  /  0.10 %
  • Total Assets 14.1 Bil
  • Adj. Expense Ratio
    0.090%
  • Expense Ratio 0.090%
  • Distribution Fee Level Low
  • Share Class Type Institutional
  • Category Muni National Long
  • Credit Quality / Interest Rate Sensitivity —
  • Min. Initial Investment 50,000
  • Status Open
  • TTM Yield 3.44%
  • Effective Duration 8.19 years

USD | NAV as of Feb 01, 2023 | 1-Day Return as of Feb 01, 2023, 11:27 PM GMT+00:00

Morningstar’s Analysis VWALX

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.

One of the best more-adventurous longer-dated muni offerings.

Associate Director

Summary

| by Elizabeth Foos

Vanguard High-Yield Tax-Exempt Bond is relatively conservative compared with 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-conscious investment process and benefits from ultralow fees; its Admiral share class earns a Morningstar Analyst Rating of Gold, while the Investor share class is rated Silver.

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