VANGUARD COMMODITY STRATEGY FUND
Actively managed U.S. bond fund
As of its 2026 Q2 report, VANGUARD COMMODITY STRATEGY FUND held 50 positions with $2.61B in net assets. Its ten largest holdings made up 42.3% of the fund. The VCMDX share class costs 0.16% a year. Over the 12 months to May 2026, VCMDX returned 36.1%, with dividends reinvested. In 2026 Q3 it added 10 new positions and exited 13.
Vanguard Commodity Strategy Fund (the Fund) seeks to provide broad commodities exposure and capital appreciation.
The fund pursues broad commodities exposure through an active strategy combining commodity-linked derivatives—including total return swaps, futures, options, and structured notes—with a portfolio of inflation-indexed bonds and other fixed income securities. Commodity exposure is obtained primarily through a wholly-owned Cayman Islands subsidiary, which may represent up to 25% of fund assets. The fund's use of commodity-linked derivatives is expected to have a leveraging effect. Because particular commodity-linked investments may not conform to the composition, weighting, or contract terms of any specific commodity index, the fund's performance may diverge from its benchmark.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
Vanguard Cmt Funds-Vanguard Market Liquidity Fund | 8.34% | $218.08M | — |
United States Treasury Inflation Indexed Bonds 1.13% · due 2030-10-15 | 4.10% | $107.06M | — |
United States Treasury Inflation Indexed Bonds 1.63% · due 2030-04-15 | 4.07% | $106.33M | — |
United States Treasury Inflation Indexed Bonds 1.63% · due 2029-10-15 | 3.94% | $103.00M | — |
United States Treasury Inflation Indexed Bonds 2.13% · due 2029-04-15 | 3.80% | $99.29M | — |
United States Treasury Inflation Indexed Bonds 2.38% · due 2028-10-15 | 3.78% | $98.80M | — |
United States Treasury Inflation Indexed Bonds 1.63% · due 2027-10-15 | 3.64% | $95.25M | — |
United States Treasury Inflation Indexed Bonds 0.13% · due 2027-04-15 | 3.56% | $93.12M | — |
United States Treasury Inflation Indexed Bonds 1.25% · due 2028-04-15 | 3.56% | $92.96M | — |
United States Treasury Inflation Indexed Bonds 0.13% · due 2026-10-15 | 3.53% | $92.30M | — |
All 50 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 87.28% |
| Cash & short-term | 8.34% |
| Derivatives | 2.26% |
Derivatives are shown at market value, not notional exposure.
How it has done
VCMDX share class · total returns with dividends reinvested
Volatility over the last 12 months: 10.02%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Fees & fund details
VANGUARD COMMODITY STRATEGY FUND is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Rate sensitivity
- Short duration
- Expense ratio, by class
- 0.16%· VCMDX 0.16%
- Portfolio turnover
- 25.00% a year · as of 2026 Q1
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
10 new· the largest 2
13 exited· the largest 2
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 82.0% |
| Zero-coupon or unclassified | 18.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 34.7% |
| 1-3y | 36.8% |
| 3-5y | 28.5% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
This fund filed the credit-spread disclosure and reported no sensitivity — measured, and the answer is none.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 100% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of duration at each point, shortest first. This filer signs its rate and credit disclosures differently; the direction shown follows its interest-rate filing, and a negative reading is the least-supported figure here.
| 3 mo | 0.05 yr | 3% |
| 1 yr | 0.74 yr | 43% |
| 5 yr | 0.94 yr | 54% |
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.05 | +0.00 | +0.00 | $0 | $0 |
| 1 yr | +0.74 | +0.00 | +0.00 | $0 | $0 |
| 5 yr | +0.94 | +0.00 | +0.00 | $0 | $0 |
| 10 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 30 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
A newer credit-spread reading (2026Q3) is on file. This page holds one quarter across every figure on it, so that one appears here next quarter.
Understand how this fund fits with the rest.
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