VANGUARD EQUITY INCOME FUND
VANGUARD FENWAY FUNDS · Series S000002579 · 2 share classes
data updated 2026-09-08
Fund profile
As filed in the prospectus · 2026 Q1
Vanguard Equity Income Fund (the Fund) seeks to provide an above-average level of current income and reasonable long-term capital appreciation.
The fund invests in common stocks of mid-size and large companies selected for above-average dividend yields and perceived undervaluation, with a focus on firms committed to consistent dividend payments. Multiple independent investment advisors each build and maintain their own stock portfolios for the fund. Because each advisor independently selects securities, the fund's holdings and performance may diverge from what any single strategy would produce.
| Share class | Expense ratio |
|---|---|
| VEIPX | 0.26% |
| VEIRX | 0.17% |
Portfolio turnover 51.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Stocks | 98.17% |
| Cash & short-term | 1.60% |
| Derivatives | -0.04% |
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +26.59% | +56.93% | +72.52% | 9.77% | -8.46% | |
| +26.70% | +57.39% | +73.35% | 9.78% | -8.46% |
These classes hold the same portfolio, so the 0.83pp spread over 5 years is the cost difference between them — roughly 0.17pp a year — not a difference in what they own.
May 2026 and Jun 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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| AVGO | Broadcom IncAVGO | 8.03% | $377.75 | $5.26B | 13.9M |
| MRK | Merck & Co IncMRK | 2.43% | $128.50 | $1.59B | 12.4M |
| JNJ | Johnson & JohnsonJNJ | 2.28% | $253.97 | $1.49B | 5.9M |
| BAC | Bank of America CorpBAC | 2.18% | $56.98 | $1.43B | 25.1M |
| FANG | Diamondback Energy IncFANG | 1.89% | $175.78 | $1.24B | 7.0M |
| CSCO | Cisco Systems IncCSCO | 1.46% | $117.46 | $954.65M | 8.1M |
| HBAN | Huntington Bancshares IncHBAN | 1.34% | $17.73 | $877.85M | 49.5M |
| DIS | The Walt Disney CoDIS | 1.31% | $96.25 | $858.78M | 8.9M |
| MTB | M&T Bank CorpMTB | 1.30% | $238.01 | $852.78M | 3.6M |
| — | Unilever PLC | 1.27% | $60.12 | $832.77M | 13.9M |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
Top 10 positions are 23.50% of net assets, top 25 40.03%, across 226 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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