VANGUARD TAX-MANAGED SMALL-CAP FUND
U.S. stock index fund · tracks S&P SmallCap 600 Index
As of its 2026 Q2 report, VANGUARD TAX-MANAGED SMALL-CAP FUND held 604 positions with $11.48B in net assets. Its ten largest holdings made up 5.8% of the fund. The VTMSX share class costs 0.05% a year. Over the 12 months to May 2026, VTMSX returned 33.5%, with dividends reinvested. In 2026 Q2 it added 34 new positions and exited 35.
Vanguard Tax-Managed Small-Cap 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 small-capitalization stocks.
The fund tracks the S&P SmallCap 600 Index using statistical sampling, holding a range of small-cap stocks that collectively approximate the index's characteristics and performance while emphasizing tax efficiency. Because the fund samples rather than holds all index constituents, its returns may diverge from the index.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
FORMFormFactor Inc | 0.70% | $80.31M | 502.2K | $159.93 |
VSATViasat Inc | 0.66% | $75.37M | 839.2K | $89.81 |
0.63% | $72.29M | 316.1K | $228.70 | |
0.59% | $68.07M | 1.4M | $47.75 | |
AGXArgan Inc | 0.58% | $66.61M | 83.4K | $798.55 |
0.57% | $65.69M | 513.1K | $128.03 | |
0.55% | $62.92M | 902.2K | $69.74 | |
0.53% | $61.01M | 164.1K | $371.67 | |
0.50% | $57.33M | 163.8K | $350.04 | |
ALKSAlkermes PLC | 0.49% | $56.36M | 1.1M | $52.40 |
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 604 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 | 99.47% |
| Cash & short-term | 0.45% |
| Derivatives | 0.01% |
Derivatives are shown at market value, not notional exposure.
By sector
- Financials
- 18.1%
- Industrials
- 17.2%
- Information Technology
- 14.0%
- Consumer Discretionary
- 13.7%
- 10 other sectors
- 37.0%
- Financials
- 18.1%
- Industrials
- 17.2%
- Information Technology
- 14.0%
- Consumer Discretionary
- 13.7%
- Health Care
- 12.1%
- Real Estate
- 6.5%
- Energy
- 4.8%
- Materials
- 4.4%
- Communication Services
- 3.6%
- Consumer Staples
- 3.2%
- Utilities
- 2.0%
- Cash
- 0.4%
- Other
- 0.1%
- International
- 0.0%
How it has done
VTMSX share class · total returns with dividends reinvested
Volatility over the last 12 months: 13.35%. 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% | +33.52% | +57.65% | +33.57% | -19.73% | |
| 0.03% | +33.55% | +57.80% | +33.76% | -19.71% |
These classes hold the same portfolio, so the 0.18pp spread over 5 years is the cost difference between them — roughly 0.04pp a year — not a difference in what they own.
Fees & fund details
VANGUARD TAX-MANAGED SMALL-CAP FUND is a U.S. equity index fund that tracks the S&P SmallCap 600 Index. 22% of VTMSX’s stock holdings are in companies whose revenue grew in the top quartile of U.S. companies over the last five fiscal years (covering 97% 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%· VTMSX 0.05%
- Portfolio turnover
- 18.00% 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.
34 new· the largest 8
35 exited· the largest 8
Understand how this fund fits with the rest.
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