Vanguard® Market Neutral Fund
Schedule of Investments (unaudited)
As of September 30, 2022
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
Shares | Market Value ($000) | ||
Common Stocks—Long Positions (96.3%) | |||
Communication Services (3.1%) | |||
*,1 | Yelp Inc. Class A | 129,475 | 4,390 |
1 | News Corp. Class A | 266,606 | 4,028 |
* | Charter Communications Inc. Class A | 6,618 | 2,008 |
*,1 | Altice USA Inc. Class A | 319,211 | 1,861 |
*,1 | Clear Channel Outdoor Holdings Inc. | 1,221,427 | 1,673 |
* | Iridium Communications Inc. | 37,086 | 1,646 |
* | ZipRecruiter Inc. Class A | 78,870 | 1,301 |
*,1 | WideOpenWest Inc. | 98,658 | 1,211 |
* | Spotify Technology SA | 7,294 | 629 |
Comcast Corp. Class A | 20,725 | 608 | |
19,355 | |||
Consumer Discretionary (7.8%) | |||
1 | Buckle Inc. | 133,584 | 4,229 |
*,1 | Everi Holdings Inc. | 241,079 | 3,910 |
1 | Boyd Gaming Corp. | 70,978 | 3,382 |
*,1 | Tri Pointe Homes Inc. | 214,069 | 3,235 |
Marriott International Inc. Class A | 20,933 | 2,934 | |
* | NVR Inc. | 637 | 2,540 |
* | Ulta Beauty Inc. | 5,928 | 2,378 |
1 | Steven Madden Ltd. | 58,903 | 1,571 |
* | Hyatt Hotels Corp. Class A | 19,072 | 1,544 |
Oxford Industries Inc. | 16,751 | 1,504 | |
*,1 | Dave & Buster's Entertainment Inc. | 47,111 | 1,462 |
1 | Signet Jewelers Ltd. | 25,395 | 1,452 |
Texas Roadhouse Inc. Class A | 16,585 | 1,447 | |
Home Depot Inc. | 5,128 | 1,415 | |
* | Expedia Group Inc. | 14,877 | 1,394 |
* | AutoNation Inc. | 13,285 | 1,353 |
*,1 | Six Flags Entertainment Corp. | 74,469 | 1,318 |
* | Skyline Champion Corp. | 24,854 | 1,314 |
Patrick Industries Inc. | 26,927 | 1,181 | |
*,1 | Perdoceo Education Corp. | 110,878 | 1,142 |
* | RH | 4,441 | 1,093 |
* | Capri Holdings Ltd. | 26,765 | 1,029 |
*,1 | Under Armour Inc. Class C | 143,988 | 858 |
*,1 | Stride Inc. | 18,733 | 787 |
Travel + Leisure Co. | 22,343 | 762 | |
* | Visteon Corp. | 6,493 | 689 |
1 | Macy's Inc. | 36,857 | 578 |
* | Golden Entertainment Inc. | 14,796 | 516 |
* | MarineMax Inc. | 14,905 | 444 |
* | Chico's FAS Inc. | 85,314 | 413 |
Shares | Market Value ($000) | ||
Carriage Services Inc. Class A | 10,658 | 343 | |
48,217 | |||
Consumer Staples (4.4%) | |||
1 | Archer-Daniels-Midland Co. | 59,132 | 4,757 |
1 | Cal-Maine Foods Inc. | 79,474 | 4,418 |
1 | Primo Water Corp. | 330,148 | 4,143 |
*,1 | Pilgrim's Pride Corp. | 162,830 | 3,748 |
1 | Kroger Co. | 74,000 | 3,238 |
*,1 | Herbalife Nutrition Ltd. | 87,791 | 1,746 |
1 | Coca-Cola Consolidated Inc. | 3,860 | 1,589 |
Costco Wholesale Corp. | 2,826 | 1,335 | |
1 | Ingles Markets Inc. Class A | 14,302 | 1,133 |
John B Sanfilippo & Son Inc. | 8,895 | 674 | |
* | elf Beauty Inc. | 15,187 | 571 |
27,352 | |||
Energy (5.1%) | |||
Marathon Petroleum Corp. | 46,169 | 4,586 | |
*,1 | Liberty Energy Inc. Class A | 361,505 | 4,584 |
Valero Energy Corp. | 42,161 | 4,505 | |
*,1 | US Silica Holdings Inc. | 333,761 | 3,655 |
1 | Delek US Holdings Inc. | 119,351 | 3,239 |
Phillips 66 | 33,974 | 2,742 | |
*,1 | Talos Energy Inc. | 153,913 | 2,563 |
* | W&T Offshore Inc. | 351,933 | 2,062 |
*,1 | ProPetro Holding Corp. | 239,976 | 1,932 |
1 | SM Energy Co. | 22,136 | 832 |
CVR Energy Inc. | 27,809 | 806 | |
31,506 | |||
Financials (17.6%) | |||
1 | W R Berkley Corp. | 73,413 | 4,741 |
1 | International Bancshares Corp. | 111,346 | 4,732 |
1 | Eagle Bancorp Inc. | 96,576 | 4,329 |
Charles Schwab Corp. | 59,581 | 4,282 | |
1 | American Financial Group Inc. | 34,733 | 4,270 |
1 | MGIC Investment Corp. | 332,663 | 4,265 |
1 | CNO Financial Group Inc. | 234,566 | 4,215 |
1 | Unum Group | 108,512 | 4,210 |
UMB Financial Corp. | 49,718 | 4,191 | |
1 | SLM Corp. | 297,337 | 4,160 |
Discover Financial Services | 45,616 | 4,147 | |
1 | OFG Bancorp | 164,344 | 4,130 |
1 | Radian Group Inc. | 213,240 | 4,113 |
1 | Capital One Financial Corp. | 44,154 | 4,070 |
1 | Essent Group Ltd. | 115,725 | 4,035 |
*,1 | LendingClub Corp. | 362,417 | 4,005 |
1 | Stewart Information Services Corp. | 85,346 | 3,725 |
American International Group Inc. | 74,567 | 3,540 | |
1 | Loews Corp. | 66,873 | 3,333 |
1 | First Bancorp (XNGS) | 87,196 | 3,190 |
1 | Citigroup Inc. | 70,315 | 2,930 |
1 | Hancock Whitney Corp. | 53,641 | 2,457 |
*,1 | Genworth Financial Inc. Class A | 568,371 | 1,989 |
1 | Navient Corp. | 120,298 | 1,767 |
1 | FNB Corp. | 148,423 | 1,722 |
1 | Evercore Inc. Class A | 19,526 | 1,606 |
1 | Central Pacific Financial Corp. | 64,969 | 1,344 |
JPMorgan Chase & Co. | 10,918 | 1,141 |
Shares | Market Value ($000) | ||
1 | Carlyle Group Inc. | 41,765 | 1,079 |
1 | Hope Bancorp Inc. | 81,492 | 1,030 |
1 | Virtu Financial Inc. Class A | 41,684 | 866 |
Westamerica BanCorp. | 15,398 | 805 | |
Banner Corp. | 13,463 | 795 | |
1 | NBT Bancorp Inc. | 20,290 | 770 |
Nelnet Inc. Class A | 9,488 | 751 | |
1 | ProAssurance Corp. | 37,798 | 737 |
1 | Axis Capital Holdings Ltd. | 14,704 | 723 |
1 | Brightsphere Investment Group Inc. | 48,346 | 721 |
Synchrony Financial | 24,442 | 689 | |
Chubb Ltd. | 3,632 | 661 | |
1 | Southside Bancshares Inc. | 17,316 | 612 |
Marsh & McLennan Cos. Inc. | 3,637 | 543 | |
* | Enstar Group Ltd. | 3,151 | 534 |
Tradeweb Markets Inc. Class A | 8,364 | 472 | |
First Foundation Inc. | 17,953 | 326 | |
* | Ambac Financial Group Inc. | 18,084 | 231 |
108,984 | |||
Health Care (10.5%) | |||
*,1 | Deciphera Pharmaceuticals Inc. | 270,876 | 5,011 |
*,1 | FibroGen Inc. | 351,482 | 4,573 |
Agilent Technologies Inc. | 34,114 | 4,147 | |
*,1 | Veeva Systems Inc. Class A | 22,164 | 3,654 |
*,1 | STAAR Surgical Co. | 50,178 | 3,540 |
*,1 | Medpace Holdings Inc. | 20,243 | 3,182 |
*,1 | Alkermes plc | 137,367 | 3,067 |
*,1 | AMN Healthcare Services Inc. | 27,132 | 2,875 |
* | Lantheus Holdings Inc. | 37,927 | 2,667 |
* | Shockwave Medical Inc. | 8,975 | 2,496 |
* | Glaukos Corp. | 46,824 | 2,493 |
* | PTC Therapeutics Inc. | 42,597 | 2,138 |
* | ImmunoGen Inc. | 404,797 | 1,935 |
* | ABIOMED Inc. | 7,720 | 1,897 |
* | Evolent Health Inc. Class A | 51,444 | 1,848 |
Merck & Co. Inc. | 19,675 | 1,694 | |
*,1 | Cross Country Healthcare Inc. | 55,343 | 1,570 |
West Pharmaceutical Services Inc. | 5,861 | 1,442 | |
*,1 | Health Catalyst Inc. | 147,502 | 1,431 |
*,1 | Agenus Inc. | 636,105 | 1,304 |
*,1 | Allscripts Healthcare Solutions Inc. | 85,520 | 1,303 |
* | Sangamo Therapeutics Inc. | 257,157 | 1,260 |
* | NuVasive Inc. | 26,675 | 1,169 |
* | Nektar Therapeutics Class A | 331,503 | 1,061 |
Pfizer Inc. | 23,926 | 1,047 | |
* | Nevro Corp. | 21,267 | 991 |
* | Seres Therapeutics Inc. | 151,837 | 975 |
1 | Patterson Cos. Inc. | 39,184 | 941 |
*,1 | NextGen Healthcare Inc. | 35,866 | 635 |
* | Arrowhead Pharmaceuticals Inc. | 18,620 | 615 |
* | Cerus Corp. | 145,470 | 524 |
* | Pediatrix Medical Group Inc. | 29,993 | 495 |
* | REGENXBIO Inc. | 18,285 | 483 |
*,1 | Codexis Inc. | 54,904 | 333 |
* | Amneal Pharmaceuticals Inc. | 93,850 | 190 |
*,1 | Personalis Inc. | 29,719 | 88 |
65,074 |
Shares | Market Value ($000) | ||
Industrials (15.9%) | |||
*,1 | NOW Inc. | 481,830 | 4,842 |
1 | Kforce Inc. | 77,614 | 4,552 |
*,1 | Atkore Inc. | 55,929 | 4,352 |
*,1 | Univar Solutions Inc. | 185,900 | 4,227 |
Watts Water Technologies Inc. Class A | 33,594 | 4,224 | |
IDEX Corp. | 21,032 | 4,203 | |
Ryder System Inc. | 55,307 | 4,175 | |
1 | Emerson Electric Co. | 56,467 | 4,135 |
1 | Allison Transmission Holdings Inc. | 122,132 | 4,123 |
*,1 | United Rentals Inc. | 15,088 | 4,076 |
1 | ManpowerGroup Inc. | 60,588 | 3,919 |
1 | Korn Ferry | 76,826 | 3,607 |
1 | Owens Corning | 42,065 | 3,307 |
1 | UFP Industries Inc. | 45,789 | 3,304 |
Applied Industrial Technologies Inc. | 30,718 | 3,157 | |
1 | GrafTech International Ltd. | 689,274 | 2,971 |
Tetra Tech Inc. | 23,108 | 2,970 | |
1 | Robert Half International Inc. | 33,334 | 2,550 |
1 | Boise Cascade Co. | 41,026 | 2,439 |
Advanced Drainage Systems Inc. | 16,005 | 1,991 | |
*,1 | GMS Inc. | 47,105 | 1,885 |
* | ASGN Inc. | 20,613 | 1,863 |
1 | Rush Enterprises Inc. Class A | 41,626 | 1,826 |
Cintas Corp. | 4,659 | 1,809 | |
Waste Management Inc. | 11,251 | 1,803 | |
*,1 | MRC Global Inc. | 244,143 | 1,755 |
*,1 | Titan International Inc. | 138,486 | 1,681 |
1 | Terex Corp. | 48,503 | 1,442 |
1 | Esab Corp. | 42,555 | 1,420 |
* | CoStar Group Inc. | 20,034 | 1,395 |
1 | Acuity Brands Inc. | 8,043 | 1,267 |
*,1 | Veritiv Corp. | 12,738 | 1,245 |
AMETEK Inc. | 10,801 | 1,225 | |
1 | Spirit AeroSystems Holdings Inc. Class A | 54,026 | 1,184 |
* | SkyWest Inc. | 51,255 | 833 |
* | Avis Budget Group Inc. | 5,476 | 813 |
* | Hub Group Inc. Class A | 10,047 | 693 |
* | Dycom Industries Inc. | 6,351 | 607 |
Heidrick & Struggles International Inc. | 10,156 | 264 | |
98,134 | |||
Information Technology (14.1%) | |||
* | Wix.com Ltd. | 58,101 | 4,545 |
*,1 | Extreme Networks Inc. | 344,049 | 4,497 |
*,1 | Cadence Design Systems Inc. | 26,578 | 4,344 |
*,1 | Manhattan Associates Inc. | 32,571 | 4,333 |
*,1 | Everbridge Inc. | 138,745 | 4,284 |
*,1 | Fortinet Inc. | 86,894 | 4,269 |
*,1 | Super Micro Computer Inc. | 77,430 | 4,264 |
*,1 | Axcelis Technologies Inc. | 68,382 | 4,141 |
*,1 | Splunk Inc. | 52,106 | 3,918 |
*,1 | RingCentral Inc. Class A | 96,930 | 3,873 |
1 | Accenture plc Class A | 14,566 | 3,748 |
*,1 | Arrow Electronics Inc. | 37,543 | 3,461 |
*,1 | Nutanix Inc. Class A | 155,483 | 3,239 |
*,1 | CommScope Holding Co. Inc. | 322,257 | 2,968 |
*,1 | Cirrus Logic Inc. | 38,264 | 2,632 |
*,1 | Domo Inc. Class B | 143,557 | 2,583 |
Shares | Market Value ($000) | ||
*,1 | KnowBe4 Inc. Class A | 123,732 | 2,575 |
1 | Jabil Inc. | 43,024 | 2,483 |
*,1 | 8x8 Inc. | 674,754 | 2,328 |
*,1 | Dropbox Inc. Class A | 107,027 | 2,218 |
*,1 | Lattice Semiconductor Corp. | 40,746 | 2,005 |
*,1 | ACI Worldwide Inc. | 81,659 | 1,707 |
*,1 | TTM Technologies Inc. | 122,343 | 1,612 |
*,1 | EngageSmart Inc. | 68,390 | 1,415 |
* | Squarespace Inc. Class A | 63,070 | 1,347 |
CDW Corp. | 8,250 | 1,288 | |
Vishay Intertechnology Inc. | 59,186 | 1,053 | |
* | Yext Inc. | 219,436 | 979 |
1 | A10 Networks Inc. | 48,984 | 650 |
* | Datadog Inc. Class A | 7,256 | 644 |
* | Toast Inc. Class A | 37,988 | 635 |
* | Fair Isaac Corp. | 1,339 | 552 |
*,1 | Conduent Inc. | 154,895 | 517 |
1 | TTEC Holdings Inc. | 11,596 | 514 |
* | EPAM Systems Inc. | 1,411 | 511 |
*,1 | Kyndryl Holdings Inc. | 56,443 | 467 |
* | Synopsys Inc. | 1,255 | 383 |
86,982 | |||
Materials (4.2%) | |||
1 | Reliance Steel & Aluminum Co. | 23,679 | 4,130 |
1 | AdvanSix Inc. | 125,512 | 4,029 |
1 | Chemours Co. | 159,230 | 3,925 |
1 | Warrior Met Coal Inc. | 89,995 | 2,559 |
*,1 | Arconic Corp. | 106,531 | 1,815 |
*,1 | Constellium SE Class A | 150,217 | 1,523 |
Albemarle Corp. | 4,868 | 1,287 | |
1 | Tronox Holdings plc Class A | 89,444 | 1,096 |
Sensient Technologies Corp. | 15,544 | 1,078 | |
1 | CF Industries Holdings Inc. | 10,779 | 1,038 |
1 | Schnitzer Steel Industries Inc. Class A | 27,902 | 794 |
Eagle Materials Inc. | 7,272 | 779 | |
Orion Engineered Carbons SA | 43,588 | 582 | |
1 | Packaging Corp. of America | 5,001 | 562 |
Westrock Co. | 16,696 | 516 | |
* | TimkenSteel Corp. | 27,888 | 418 |
1 | Koppers Holdings Inc. | 6,444 | 134 |
26,265 | |||
Real Estate (10.8%) | |||
1 | American Assets Trust Inc. | 168,505 | 4,334 |
1 | Host Hotels & Resorts Inc. | 262,104 | 4,162 |
Camden Property Trust | 34,669 | 4,141 | |
Essex Property Trust Inc. | 17,095 | 4,141 | |
1 | First Industrial Realty Trust Inc. | 91,224 | 4,088 |
1 | Getty Realty Corp. | 146,032 | 3,927 |
1 | DiamondRock Hospitality Co. | 514,025 | 3,860 |
1 | Outfront Media Inc. | 252,202 | 3,831 |
1 | Essential Properties Realty Trust Inc. | 193,475 | 3,763 |
1 | Highwoods Properties Inc. | 138,207 | 3,726 |
1 | Paramount Group Inc. | 575,363 | 3,585 |
1 | Rayonier Inc. | 109,364 | 3,278 |
1 | Extra Space Storage Inc. | 18,569 | 3,207 |
1 | Brandywine Realty Trust | 403,818 | 2,726 |
UDR Inc. | 64,360 | 2,684 |
Shares | Market Value ($000) | ||
National Retail Properties Inc. | 55,590 | 2,216 | |
1 | Park Hotels & Resorts Inc. | 167,702 | 1,888 |
1 | Piedmont Office Realty Trust Inc. Class A | 160,359 | 1,693 |
1 | Office Properties Income Trust | 105,727 | 1,485 |
1 | Xenia Hotels & Resorts Inc. | 63,131 | 871 |
Equity Commonwealth | 32,857 | 800 | |
Federal Realty Investment Trust | 6,683 | 602 | |
1 | RLJ Lodging Trust | 56,031 | 567 |
1 | Necessity Retail REIT Inc. | 76,983 | 453 |
1 | Summit Hotel Properties Inc. | 67,223 | 452 |
EPR Properties | 12,321 | 442 | |
66,922 | |||
Utilities (2.8%) | |||
1 | Otter Tail Corp. | 66,162 | 4,070 |
1 | Constellation Energy Corp. | 39,696 | 3,302 |
1 | Alliant Energy Corp. | 62,225 | 3,297 |
Portland General Electric Co. | 42,797 | 1,860 | |
Chesapeake Utilities Corp. | 14,582 | 1,683 | |
1 | National Fuel Gas Co. | 23,714 | 1,460 |
1 | Brookfield Infrastructure Corp. Class A (XTSE) | 27,264 | 1,110 |
1 | NiSource Inc. | 23,655 | 596 |
17,378 | |||
Total Common Stocks—Long Positions (Cost $654,152) | 596,169 | ||
Temporary Cash Investments (2.0%) | |||
Money Market Fund (2.0%) | |||
2 | Vanguard Market Liquidity Fund, 2.828% (Cost $12,693) | 126,967 | 12,693 |
Common Stocks Sold Short (-94.9%) | |||
Communication Services (-3.3%) | |||
* | Ziff Davis Inc. | (60,649) | (4,153) |
* | Madison Square Garden Entertainment Corp. | (89,346) | (3,939) |
Paramount Global Inc. Class B | (131,669) | (2,507) | |
* | Warner Bros Discovery Inc. | (187,324) | (2,154) |
* | Lions Gate Entertainment Corp. Class A | (248,054) | (1,843) |
* | Liberty Broadband Corp. Class C | (18,231) | (1,345) |
* | IAC/InterActiveCorp. | (17,494) | (969) |
* | Roblox Corp. Class A | (26,804) | (961) |
* | T-Mobile US Inc. | (5,929) | (795) |
* | Liberty Media Corp.- Liberty Formula One Class A | (11,228) | (590) |
* | Globalstar Inc. | (348,773) | (555) |
Lumen Technologies Inc. | (55,192) | (402) | |
(20,213) | |||
Consumer Discretionary (-7.4%) | |||
Strategic Education Inc. | (68,182) | (4,187) | |
Whirlpool Corp. | (30,274) | (4,081) | |
Polaris Inc. | (41,797) | (3,998) | |
* | Bally's Corp. | (172,985) | (3,418) |
* | CarMax Inc. | (49,124) | (3,243) |
* | Las Vegas Sands Corp. | (65,967) | (2,475) |
* | Petco Health & Wellness Co. Inc. Class A | (197,804) | (2,208) |
* | Caesars Entertainment Inc. | (59,685) | (1,925) |
Jack in the Box Inc. | (25,703) | (1,904) | |
* | Helen of Troy Ltd. | (18,832) | (1,816) |
* | Leslie's Inc. | (116,061) | (1,707) |
* | Adient plc | (60,770) | (1,686) |
* | Ollie's Bargain Outlet Holdings Inc. | (28,687) | (1,480) |
Shares | Market Value ($000) | ||
Target Corp. | (9,477) | (1,406) | |
Krispy Kreme Inc. | (120,240) | (1,386) | |
* | National Vision Holdings Inc. | (40,633) | (1,327) |
* | Hilton Grand Vacations Inc. | (34,740) | (1,143) |
Monro Inc. | (20,292) | (882) | |
* | Crocs Inc. | (12,240) | (840) |
* | Xponential Fitness Inc. Class A | (45,875) | (838) |
Hanesbrands Inc. | (112,787) | (785) | |
* | LGI Homes Inc. | (9,126) | (743) |
Laureate Education Inc. Class A | (69,530) | (734) | |
* | Mister Car Wash Inc. | (65,573) | (563) |
Clarus Corp. | (32,049) | (432) | |
International Game Technology plc | (27,267) | (431) | |
Yum China Holdings Inc. | (7,462) | (353) | |
(45,991) | |||
Consumer Staples (-4.3%) | |||
Walgreens Boots Alliance Inc. | (136,606) | (4,289) | |
McCormick & Co. Inc. | (55,366) | (3,946) | |
* | Freshpet Inc. | (58,724) | (2,942) |
* | Boston Beer Co. Inc. Class A | (7,780) | (2,518) |
Utz Brands Inc. | (146,435) | (2,211) | |
Reynolds Consumer Products Inc. | (82,539) | (2,147) | |
Lancaster Colony Corp. | (13,987) | (2,102) | |
J & J Snack Foods Corp. | (15,182) | (1,966) | |
MGP Ingredients Inc. | (14,618) | (1,552) | |
* | TreeHouse Foods Inc. | (19,924) | (845) |
* | Performance Food Group Co. | (19,363) | (832) |
* | Monster Beverage Corp. | (8,858) | (770) |
* | Beauty Health Co. | (53,471) | (630) |
(26,750) | |||
Energy (-5.0%) | |||
Chesapeake Energy Corp. | (46,368) | (4,368) | |
Baker Hughes Co. Class A | (206,536) | (4,329) | |
Kinetik Holdings Inc. Class A | (131,655) | (4,289) | |
Enviva Inc. | (68,208) | (4,097) | |
Equitrans Midstream Corp. | (421,618) | (3,154) | |
* | Peabody Energy Corp. | (99,641) | (2,473) |
* | CNX Resources Corp. | (141,611) | (2,199) |
* | Clean Energy Fuels Corp. | (335,741) | (1,793) |
Coterra Energy Inc. | (54,180) | (1,415) | |
* | Green Plains Inc. | (41,251) | (1,199) |
* | Archaea Energy Inc. Class A | (64,232) | (1,157) |
* | Dril-Quip Inc. | (24,615) | (481) |
* | DMC Global Inc. | (11,285) | (180) |
(31,134) | |||
Financials (-17.8%) | |||
* | Ryan Specialty Holdings Inc. | (107,929) | (4,384) |
Hilltop Holdings Inc. | (172,555) | (4,288) | |
First Interstate BancSystem Inc. Class A | (103,968) | (4,195) | |
Cincinnati Financial Corp. | (46,795) | (4,191) | |
Prudential Financial Inc. | (48,359) | (4,148) | |
CVB Financial Corp. | (163,071) | (4,129) | |
Kemper Corp. | (99,650) | (4,112) | |
B Riley Financial Inc. | (91,805) | (4,087) | |
* | Mr Cooper Group Inc. | (100,781) | (4,082) |
T Rowe Price Group Inc. | (38,744) | (4,069) | |
United Bankshares Inc. | (111,858) | (3,999) |
Shares | Market Value ($000) | ||
New York Community Bancorp Inc. | (467,552) | (3,988) | |
Apollo Global Management Inc. | (85,125) | (3,958) | |
* | Cannae Holdings Inc. | (185,405) | (3,831) |
Moody's Corp. | (15,271) | (3,713) | |
BancFirst Corp. | (40,139) | (3,591) | |
Mercury General Corp. | (123,593) | (3,513) | |
* | BRP Group Inc. Class A | (124,807) | (3,289) |
BankUnited Inc. | (94,907) | (3,243) | |
Artisan Partners Asset Management Inc. Class A | (112,581) | (3,032) | |
S&P Global Inc. | (9,530) | (2,910) | |
Lakeland Financial Corp. | (37,721) | (2,747) | |
Erie Indemnity Co. Class A | (11,517) | (2,560) | |
M&T Bank Corp. | (14,054) | (2,478) | |
Allstate Corp. | (19,449) | (2,422) | |
Franklin Resources Inc. | (112,237) | (2,415) | |
United Community Banks Inc. | (70,777) | (2,343) | |
Horace Mann Educators Corp. | (64,671) | (2,282) | |
Northwest Bancshares Inc. | (166,911) | (2,255) | |
Independent Bank Group Inc. | (30,419) | (1,867) | |
Huntington Bancshares Inc. | (113,524) | (1,496) | |
PennyMac Financial Services Inc. | (21,767) | (934) | |
Trustmark Corp. | (28,540) | (874) | |
First Financial Bankshares Inc. | (17,673) | (739) | |
White Mountains Insurance Group Ltd. | (554) | (722) | |
Invesco Ltd. | (52,255) | (716) | |
ServisFirst Bancshares Inc. | (8,489) | (679) | |
James River Group Holdings Ltd. | (26,252) | (599) | |
* | Axos Financial Inc. | (17,008) | (582) |
FB Financial Corp. | (13,350) | (510) | |
HCI Group Inc. | (2,456) | (96) | |
(110,068) | |||
Health Care (-10.1%) | |||
* | Arvinas Inc. | (98,354) | (4,376) |
* | ICU Medical Inc. | (28,452) | (4,285) |
* | Halozyme Therapeutics Inc. | (107,963) | (4,269) |
* | Innoviva Inc. | (357,495) | (4,150) |
* | Progyny Inc. | (104,342) | (3,867) |
* | Illumina Inc. | (19,982) | (3,812) |
* | AdaptHealth Corp. Class A | (174,283) | (3,273) |
* | OPKO Health Inc. | (1,703,960) | (3,220) |
Azenta Inc. | (73,584) | (3,154) | |
* | Oak Street Health Inc. | (108,850) | (2,669) |
* | Cerevel Therapeutics Holdings Inc. | (71,920) | (2,032) |
* | Inari Medical Inc. | (26,357) | (1,915) |
* | Cutera Inc. | (40,885) | (1,864) |
STERIS plc | (10,880) | (1,809) | |
* | Krystal Biotech Inc. | (25,566) | (1,782) |
Baxter International Inc. | (30,432) | (1,639) | |
Mesa Laboratories Inc. | (11,422) | (1,609) | |
* | Teladoc Health Inc. | (60,515) | (1,534) |
* | Ironwood Pharmaceuticals Inc. Class A | (136,661) | (1,416) |
* | Harmony Biosciences Holdings Inc. | (24,443) | (1,083) |
* | Pacira BioSciences Inc. | (19,074) | (1,014) |
* | Avid Bioservices Inc. | (46,604) | (891) |
* | Alphatec Holdings Inc. | (97,086) | (848) |
* | Pacific Biosciences of California Inc. | (137,076) | (796) |
* | Enovis Corp. | (17,159) | (790) |
* | Novavax Inc. | (43,052) | (784) |
Shares | Market Value ($000) | ||
* | SpringWorks Therapeutics Inc. | (24,000) | (685) |
* | AbCellera Biologics Inc. | (59,115) | (585) |
* | PMV Pharmaceuticals Inc. | (47,777) | (569) |
Universal Health Services Inc. | (5,993) | (528) | |
* | Intra-Cellular Therapies Inc. | (11,104) | (517) |
* | Vericel Corp. | (20,516) | (476) |
* | Instil Bio Inc. | (38,891) | (188) |
(62,429) | |||
Industrials (-14.7%) | |||
Quanta Services Inc. | (35,384) | (4,508) | |
* | FTI Consulting Inc. | (27,053) | (4,483) |
* | Construction Partners Inc. Class A | (166,765) | (4,374) |
* | RBC Bearings Inc. | (20,275) | (4,213) |
AAON Inc. | (78,087) | (4,207) | |
* | Sun Country Airlines Holdings Inc. | (301,475) | (4,103) |
Stanley Black & Decker Inc. | (53,242) | (4,004) | |
* | Stericycle Inc. | (93,696) | (3,946) |
Greenbrier Cos. Inc. | (154,656) | (3,754) | |
* | MasTec Inc. | (58,858) | (3,737) |
Woodward Inc. | (44,904) | (3,604) | |
* | KAR Auction Services Inc. | (320,428) | (3,579) |
Flowserve Corp. | (146,949) | (3,571) | |
* | Chart Industries Inc. | (19,046) | (3,511) |
TransUnion | (57,923) | (3,446) | |
Rockwell Automation Inc. | (14,962) | (3,218) | |
* | Mercury Systems Inc. | (66,581) | (2,703) |
MillerKnoll Inc. | (154,022) | (2,403) | |
* | Hayward Holdings Inc. | (267,074) | (2,369) |
Enerpac Tool Group Corp. Class A | (126,782) | (2,261) | |
* | AeroVironment Inc. | (24,658) | (2,056) |
* | Driven Brands Holdings Inc. | (69,017) | (1,931) |
Granite Construction Inc. | (69,891) | (1,775) | |
Ingersoll Rand Inc. | (37,944) | (1,641) | |
United Parcel Service Inc. Class B | (8,931) | (1,443) | |
CH Robinson Worldwide Inc. | (14,547) | (1,401) | |
* | Clarivate plc | (139,118) | (1,306) |
Federal Signal Corp. | (32,691) | (1,220) | |
* | Array Technologies Inc. | (72,588) | (1,204) |
Oshkosh Corp. | (13,563) | (953) | |
Lockheed Martin Corp. | (2,294) | (886) | |
* | Bloom Energy Corp. Class A | (35,603) | (712) |
Steelcase Inc. Class A | (94,305) | (615) | |
Equifax Inc. | (3,523) | (604) | |
Rollins Inc. | (16,354) | (567) | |
* | Legalzoomcom Inc. | (54,072) | (463) |
(90,771) | |||
Information Technology (-14.9%) | |||
* | nCino Inc. | (142,491) | (4,860) |
* | Palantir Technologies Inc. Class A | (551,890) | (4,487) |
* | 3D Systems Corp. | (534,642) | (4,266) |
* | Jamf Holding Corp. | (187,290) | (4,150) |
* | Lumentum Holdings Inc. | (57,882) | (3,969) |
Global Payments Inc. | (36,702) | (3,966) | |
* | Paycor HCM Inc. | (132,320) | (3,911) |
* | SunPower Corp. | (167,938) | (3,869) |
* | Akamai Technologies Inc. | (46,539) | (3,738) |
* | Coherent Corp. | (104,113) | (3,628) |
Shares | Market Value ($000) | ||
NortonLifeLock Inc. | (179,469) | (3,615) | |
* | Aspen Technology Inc. | (14,313) | (3,409) |
* | Affirm Holdings Inc. | (160,594) | (3,013) |
* | ViaSat Inc. | (95,145) | (2,876) |
* | StoneCo. Ltd. Class A | (269,243) | (2,566) |
Teradyne Inc. | (33,939) | (2,551) | |
Visa Inc. Class A | (13,653) | (2,425) | |
* | DigitalOcean Holdings Inc. | (65,225) | (2,359) |
* | Guidewire Software Inc. | (37,573) | (2,314) |
* | AppLovin Corp. Class A | (116,159) | (2,264) |
Methode Electronics Inc. | (55,859) | (2,075) | |
* | Rambus Inc. | (79,018) | (2,009) |
Dolby Laboratories Inc. Class A | (28,442) | (1,853) | |
* | Appfolio Inc. Class A | (16,948) | (1,775) |
* | Envestnet Inc. | (37,811) | (1,679) |
* | Blackbaud Inc. | (29,146) | (1,284) |
TD SYNNEX Corp. | (15,475) | (1,256) | |
* | I3 Verticals Inc. Class A | (53,561) | (1,073) |
* | Ceridian HCM Holding Inc. | (18,225) | (1,018) |
* | First Solar Inc. | (7,085) | (937) |
* | Repay Holdings Corp. Class A | (129,679) | (916) |
* | Infinera Corp. | (173,896) | (842) |
* | SentinelOne Inc. Class A | (26,959) | (689) |
* | ACM Research Inc. Class A | (52,929) | (660) |
* | Block Inc. (XNYS) | (11,733) | (645) |
International Business Machines Corp. | (5,177) | (615) | |
* | Qorvo Inc. | (7,731) | (614) |
* | MeridianLink Inc. | (37,267) | (607) |
* | Plexus Corp. | (6,692) | (586) |
* | PAR Technology Corp. | (19,641) | (580) |
Kulicke & Soffa Industries Inc. | (14,837) | (572) | |
Universal Display Corp. | (5,938) | (560) | |
* | indie Semiconductor Inc. Class A | (76,261) | (558) |
* | Ambarella Inc. | (9,454) | (531) |
Intel Corp. | (17,254) | (445) | |
(92,615) | |||
Materials (-3.9%) | |||
Scotts Miracle-Gro Co. | (97,687) | (4,176) | |
Quaker Chemical Corp. | (25,775) | (3,721) | |
Worthington Industries Inc. | (92,413) | (3,525) | |
Amcor plc | (325,908) | (3,497) | |
Compass Minerals International Inc. | (79,215) | (3,052) | |
Kaiser Aluminum Corp. | (30,004) | (1,841) | |
RPM International Inc. | (21,426) | (1,785) | |
International Flavors & Fragrances Inc. | (10,537) | (957) | |
* | Novagold Resources Inc. | (170,475) | (800) |
* | Cleveland-Cliffs Inc. | (44,538) | (600) |
(23,954) | |||
Real Estate (-10.8%) | |||
National Health Investors Inc. | (79,192) | (4,477) | |
Rexford Industrial Realty Inc. | (80,994) | (4,212) | |
LXP Industrial Trust | (454,432) | (4,163) | |
Iron Mountain Inc. | (94,564) | (4,158) | |
SL Green Realty Corp. | (102,351) | (4,110) | |
Welltower Inc. | (63,292) | (4,071) | |
JBG SMITH Properties | (214,433) | (3,984) | |
Omega Healthcare Investors Inc. | (132,463) | (3,906) |
Shares | Market Value ($000) | ||
Vornado Realty Trust | (168,252) | (3,897) | |
NETSTREIT Corp. | (213,952) | (3,810) | |
WP Carey Inc. | (53,806) | (3,756) | |
* | Veris Residential Inc. | (330,271) | (3,755) |
Washington REIT | (212,220) | (3,727) | |
Cousins Properties Inc. | (151,696) | (3,542) | |
Digitalbridge Group Inc. | (269,302) | (3,369) | |
Broadstone Net Lease Inc. | (127,556) | (1,981) | |
VICI Properties Inc. | (40,707) | (1,215) | |
Macerich Co. | (131,932) | (1,048) | |
Agree Realty Corp. | (14,429) | (975) | |
Newmark Group Inc. Class A | (93,563) | (754) | |
LTC Properties Inc. | (15,943) | (597) | |
eXp World Holdings Inc. | (52,587) | (589) | |
Kimco Realty Corp. | (28,978) | (533) | |
(66,629) | |||
Utilities (-2.7%) | |||
Atmos Energy Corp. | (42,471) | (4,325) | |
* | Southwest Gas Holdings Inc. | (56,391) | (3,933) |
Ormat Technologies Inc. (XNYS) | (44,954) | (3,875) | |
ONE Gas Inc. | (46,380) | (3,265) | |
* | Sunnova Energy International Inc. | (43,967) | (971) |
UGI Corp. | (19,910) | (644) | |
(17,013) | |||
Total Common Stocks Sold Short (Proceeds $681,256) | (587,567) | ||
Other Assets and Other Liabilities—Net (96.6%) | 598,004 | ||
Net Assets (100%) | 619,299 | ||
Cost is in $000. |
* | Non-income-producing security. |
1 | Long security positions with a value of $333,395,000 are held in a segregated account at the fund's custodian bank and pledged to a broker-dealer as collateral for the fund's obligation to return borrowed securities. For so long as such obligations continue, the fund’s access to these assets is subject to authorization from the broker-dealer. |
2 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
REIT—Real Estate Investment Trust. |
A. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been materially affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees.
Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.
B. Short Sales: Short sales are the sales of securities that the fund does not own. The fund sells a security it does not own in anticipation of a decline in the value of that security. In order to deliver the security to the purchaser, the fund borrows the security from a broker-dealer. The fund must segregate, as collateral for its obligation to return the borrowed security, an amount of cash and long security positions at least equal to the market value of the security sold short. In the absence of a default, the collateral segregated by the fund cannot be repledged, resold or rehypothecated.
This results in the fund holding a significant portion of its assets in cash. The fund later closes out the position by returning the security to the lender, typically by purchasing the security in the open market. Long security positions segregated as collateral are shown in the Schedule of Investments.
C. Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments valued with significant unobservable inputs are noted on the Schedule of Investments.
At September 30, 2022, 100% of the market value of the fund’s investments was determined based on Level 1 inputs.