VANGUARD TAX-MANAGED CAPITAL APPRECIATION FUND
U.S. stock index fund · tracks Russell 1000 Index
As of its 2026 Q2 report, VANGUARD TAX-MANAGED CAPITAL APPRECIATION FUND held 901 positions with $29.88B in net assets. Its ten largest holdings made up 33.4% of the fund. The VTCLX share class costs 0.05% a year. Over the 12 months to May 2026, VTCLX returned 28.9%, with dividends reinvested. In 2026 Q2 it added 106 new positions and exited 41.
Vanguard Tax-Managed Capital Appreciation Fund (the Fund) seeks to provide a tax-efficient return consisting of long-term capital appreciation while tracking the performance of a benchmark index that measures the investment return of large- and mid-capitalization stocks.
The fund tracks the Russell 1000 Index using statistical sampling, holding a range of large- and mid-capitalization stocks that approximate the index's characteristics and performance while pursuing tax efficiency. Because the fund samples rather than fully replicates the index, its returns may diverge from the index.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
NVDANVIDIA Corp | 6.80% | $2.03B | 10.2M | $200.09 |
AAPLApple Inc | 6.08% | $1.82B | 6.3M | $289.36 |
MSFTMicrosoft Corp | 3.93% | $1.17B | 3.1M | $373.02 |
AMZNAmazon.com Inc | 3.31% | $989.15M | 4.2M | $238.34 |
GOOGLAlphabet Inc | 2.91% | $870.60M | 2.4M | $357.37 |
AVGOBroadcom Inc | 2.52% | $752.24M | 2.0M | $377.75 |
GOOGAlphabet Inc | 2.46% | $735.30M | 2.1M | $353.33 |
1.85% | $552.31M | 478.5K | $1,154.29 | |
1.79% | $535.77M | 951.1K | $563.29 | |
TSLATesla Inc | 1.75% | $523.95M | 1.2M | $420.60 |
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.
The 200 largest of 901 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%.
| Stocks | 99.58% |
| Cash & short-term | 0.36% |
| Derivatives | 0.00% |
Derivatives are shown at market value, not notional exposure.
By sector
- Information Technology
- 36.1%
- Financials
- 11.8%
- Industrials
- 10.1%
- Consumer Discretionary
- 9.4%
- 10 other sectors
- 32.7%
- Information Technology
- 36.1%
- Financials
- 11.8%
- Industrials
- 10.1%
- Consumer Discretionary
- 9.4%
- Communication Services
- 9.2%
- Health Care
- 9.0%
- Consumer Staples
- 4.5%
- Energy
- 3.1%
- Utilities
- 2.1%
- Materials
- 2.0%
- Real Estate
- 2.0%
- Other
- 0.4%
- Cash
- 0.4%
- International
- 0.0%
How it has done
VTCLX share class · total returns with dividends reinvested
Volatility over the last 12 months: 12.59%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 2 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.05% | +28.91% | +86.21% | +86.47% | -8.59% | |
| 0.03% | +28.94% | +86.37% | +86.74% | -8.57% |
These classes hold the same portfolio, so the 0.27pp spread over 5 years is the cost difference between them — roughly 0.05pp a year — not a difference in what they own.
Fees & fund details
VANGUARD TAX-MANAGED CAPITAL APPRECIATION FUND is a U.S. equity index fund that tracks the Russell 1000 Index. 22% of VTCLX’s stock holdings are in companies whose revenue grew in the top quartile of U.S. companies over the last five fiscal years (covering 99% of the fund’s equity).
- Asset class
- Equity
- Region
- United States
- Management
- Index (passive)
- Fund type
- Open-end fund
- Expense ratio, by class
- 0.03% – 0.05%· VTCLX 0.05%
- Portfolio turnover
- 6.00% a year · as of 2026 Q2
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.
106 new· the largest 8
41 exited· the largest 8
Understand how this fund fits with the rest.
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