VANGUARD REAL ESTATE INDEX FUND
VANGUARD SPECIALIZED FUNDS · 4 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
VANGUARD REAL ESTATE INDEX FUND is a U.S. equity index ETF that tracks the MSCI US Investable Market Real Estate 25/50 Index. 31% of VNQ’s stock holdings are in companies whose revenue grew in the top quartile of U.S. companies over the last five fiscal years (covering 85% of the fund’s equity).
- Asset class
- Equity
- Region
- United States
- Management
- Index (passive)
- Fund type
- ETF
- Features
- Non-diversified
Fund profile
As filed in the prospectus · 2026 Q2
Vanguard Real Estate Index Fund (the Fund) seeks to provide a high level of income and moderate long-term capital appreciation by tracking the performance of a benchmark index that measures the performance of publicly traded equity REITs and other real estate-related investments.
The fund tracks the MSCI US Investable Market Real Estate 25/50 Index by holding all or substantially all of its constituent stocks in the same proportions as the index, which comprises large, mid-size, and small U.S. real estate companies including equity REITs and real estate management and development firms. As a nondiversified fund, it may invest a greater percentage of its assets in particular issuers than a diversified fund would. The fund concentrates more than 25% of its assets in real estate industry securities as a matter of fundamental policy.
| Share class | Expense ratio |
|---|---|
| VGSIX | 0.27% |
| VGSLX | 0.13% |
| VGSNX | 0.11% |
| VNQ | 0.13% |
Portfolio turnover 7.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Stocks | 99.62% |
| Cash & short-term | 0.51% |
| Derivatives | 0.01% |
Look-through blends 1 underlying fund; 0.0% of NAV was not looked through and stays direct-classified.
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Real Estate | 85.0% |
| Other | 14.6% |
| Cash | 0.4% |
| International | 0.0% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Portfolio growth profile
How much of the fund’s stock holdings are in fast-growing companies · as of 2026 Q2
Share of the fund’s equity (by value) in companies whose trailing five-year revenue — or net-income — growth ranks in the top 25% of U.S. public companies. Foreign and newly-listed holdings are excluded, so the figure covers only part of the book. From SEC filings — not investment advice. How we measure this.
Latest quarter
What changed since the fund's previous filing
Exited: PCH, Alexander & Baldwin Inc, NLOP
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 |
|---|---|---|---|---|---|
| +13.02% | +29.83% | +16.73% | 13.40% | -13.63% | |
| +13.21% | +30.43% | +17.56% | 13.41% | -13.59% | |
| +13.23% | +30.53% | +17.67% | 13.46% | -13.55% | |
| +13.22% | +30.40% | +17.50% | 13.43% | -13.59% |
These classes hold the same portfolio, so the 0.95pp spread over 5 years is the cost difference between them — roughly 0.19pp a year — not a difference in what they own.
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 |
|---|---|---|---|---|---|
| — | Vanguard Real Estate II Index Fund | 14.63% | $23.18 | $10.23B | 441.4M |
| WELL | Welltower IncWELL | 7.84% | $217.34 | $5.48B | 25.2M |
| PLD | Prologis IncPLD | 7.00% | $142.02 | $4.90B | 34.5M |
| EQIX | Equinix IncEQIX | 5.64% | $1,082.83 | $3.95B | 3.6M |
| AMT | American Tower CorpAMT | 4.54% | $182.71 | $3.18B | 17.4M |
| DLR | Digital Realty Trust IncDLR | 3.66% | $200.94 | $2.56B | 12.8M |
| SPG | Simon Property Group IncSPG | 3.53% | $203.71 | $2.47B | 12.1M |
| O | Realty Income CorpO | 3.11% | $64.24 | $2.18B | 33.9M |
| PSA | Public StoragePSA | 2.54% | $302.45 | $1.77B | 5.9M |
| CBRE | CBRE Group IncCBRE | 2.25% | $142.73 | $1.58B | 11.0M |
Reported price is the fund's own reported value divided by its own reported shares at 2026-04-30 — not a live quote, and not what the fund paid.
Top 10 positions are 54.74% of net assets, top 25 74.10%, across 147 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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