VANGUARD WINDSOR II FUND
Actively managed U.S. stock fund
As of its 2026 Q2 report, VANGUARD WINDSOR II FUND held 181 positions with $64.98B in net assets. Its ten largest holdings made up 21.9% of the fund. The VWNFX share class costs 0.33% a year. Over the 12 months to May 2026, VWNFX returned 24.1%, with dividends reinvested. In 2026 Q3 it added 8 new positions and exited 11.
Vanguard Windsor II Fund (the Fund) seeks to provide long-term capital appreciation and income.
The fund employs multiple independent advisors who actively select large- and mid-cap stocks believed to be undervalued relative to earnings and book value, often favoring those with above-average dividend yields. The fund may invest up to 30% of assets in foreign securities. Because returns depend on each advisor's security selections and their divergence from market consensus, performance will vary with the skill of those selections.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
Vanguard Cmt Funds-Vanguard Market Liquidity Fund | 3.63% | $2.36B | — | — |
GOOGAlphabet Inc | 3.41% | $2.22B | 5.8M | $381.94 |
Taiwan Semiconductor Manufacturing Co Ltd | 2.43% | $1.58B | 4.0M | $396.06 |
AMZNAmazon.com Inc | 2.21% | $1.44B | 5.4M | $265.06 |
MSFTMicrosoft Corp | 2.08% | $1.35B | 3.3M | $407.78 |
1.90% | $1.24B | 3.3M | $376.42 | |
1.67% | $1.08B | 6.1M | $176.53 | |
1.59% | $1.04B | 13.8M | $74.80 | |
1.50% | $971.63M | 1.6M | $611.91 | |
CTVACorteva Inc | 1.45% | $942.65M | 11.6M | $81.01 |
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.
All 181 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 | 96.67% |
| Cash & short-term | 3.63% |
| Derivatives | 0.05% |
Look-through blends 1 underlying fund; 0.0% of NAV was not looked through and stays direct-classified.
By sector
- Financials
- 20.3%
- Information Technology
- 16.0%
- Health Care
- 11.1%
- Industrials
- 9.8%
- 10 other sectors
- 42.9%
- Financials
- 20.3%
- Information Technology
- 16.0%
- Health Care
- 11.1%
- Industrials
- 9.8%
- Other
- 8.0%
- Communication Services
- 7.2%
- Consumer Discretionary
- 6.9%
- Consumer Staples
- 4.2%
- Materials
- 4.1%
- Energy
- 4.0%
- Cash
- 3.3%
- International
- 3.3%
- Utilities
- 1.5%
- Real Estate
- 0.5%
How it has done
VWNFX share class · total returns with dividends reinvested
Volatility over the last 12 months: 9.60%. 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.
The 2 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.33% | +24.10% | +66.69% | +64.73% | -8.06% | |
| 0.24% | +24.20% | +67.12% | +65.45% | -8.03% |
These classes hold the same portfolio, so the 0.71pp spread over 5 years is the cost difference between them — roughly 0.14pp a year — not a difference in what they own.
Fees & fund details
VANGUARD WINDSOR II FUND is an actively managed U.S. equity fund. 7% of VWNFX’s stock holdings are in companies whose revenue grew in the top quartile of U.S. companies over the last five fiscal years (covering 87% of the fund’s equity).
- Asset class
- Equity
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Expense ratio, by class
- 0.24% – 0.33%· VWNFX 0.33%
- Portfolio turnover
- 22.00% 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.
8 new· the largest 6
11 exited· the largest 8
Understand how this fund fits with the rest.
Explore shared holdings, compare funds and follow their businesses with your connected AI:
- “Where do my funds overlap — VWNFX, QQQ and the fund in my 401(k)?”
- “How do this fund’s ten biggest holdings stack up against each other?”
- “For my target-date fund, what’s the real stock-and-bond mix once you look through it?”