UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT
OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-04526
Name of Registrant: | Vanguard Quantitative Funds |
Address of Registrant: | P.O. Box 2600 |
Valley Forge, PA 19482 |
Name and address of agent for service: | Anne E. Robinson, Esquire |
P.O. Box 876 | |
Valley Forge, PA 19482 |
Registrant’s telephone number, including area code: (610) 669-1000
Date of fiscal year end: September 30
Date of reporting period: October 1, 2021—September 30, 2022
Item 1: | Reports to Shareholders |
Your Fund’s Performance at a Glance | 1 |
Advisors' Report | 2 |
About Your Fund’s Expenses | 7 |
Performance Summary | 9 |
Financial Statements | 11 |
Trustees Approve Advisory Arrangements | 40 |
• | The 12 months ended September 30, 2022, were a challenging period for financial markets. Vanguard Growth and Income Fund returned −13.94% for Investor Shares and −13.85% for Admiral Shares. Its performance surpassed that of its benchmark, the Standard & Poor's 500 Index, which returned −15.47%. |
• | Early on, pent-up demand helped spur global growth and push unemployment rates down. The economic backdrop deteriorated, however, as inflation soared to multidecade highs, fueled in part by higher energy and food prices after Russia’s invasion of Ukraine. Then, price increases broadened to other categories of goods and services, adding to concerns that inflation would remain stubbornly high. That prompted aggressive tightening by the Federal Reserve to bring inflation back in check and increased fears of a recession. |
• | The fund’s positions in information technology, energy, and communication services were the greatest contributors to relative performance. The greatest sector detractors were utilities and consumer staples. |
• | For the 10 years ended September 30, 2022, the fund’s average annual return was roughly in line with its benchmark. |
Average Annual Total Returns Periods Ended September 30, 2022 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | -17.22% | 7.95% | 9.00% |
Russell 2000 Index (Small-caps) | -23.50 | 4.29 | 3.55 |
Russell 3000 Index (Broad U.S. market) | -17.63 | 7.70 | 8.62 |
FTSE All-World ex US Index (International) | -24.76 | -0.95 | -0.38 |
Bonds | |||
Bloomberg U.S. Aggregate Float Adjusted Index (Broad taxable market) | -14.61% | -3.22% | -0.23% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | -11.50 | -1.85 | 0.59 |
FTSE Three-Month U.S. Treasury Bill Index | 0.63 | 0.57 | 1.12 |
CPI | |||
Consumer Price Index | 8.20% | 4.95% | 3.76% |
Fund Assets Managed | |||
Investment Advisor | % | $ Million | Investment Strategy |
D. E. Shaw Investment Management, L.L.C. | 33 | 3,372 | Employs quantitative models that seek to capture predominantly bottom-up stock-specific return opportunities. The portfolio’s sector weights, size, and style characteristics may differ modestly from the benchmark in a risk-controlled manner. |
Vanguard Quantitative Equity Group | 33 | 3,365 | Employs a quantitative fundamental management approach, using models that assess valuation, growth prospects, management decisions, market sentiment, and earnings and balance-sheet quality of companies as compared with their peers. |
Los Angeles Capital | 32 | 3,311 | Employs a quantitative model that emphasizes stocks with characteristics investors are currently seeking and underweights stocks with characteristics investors are currently avoiding. The portfolio’s sector weights, size, and style characteristics may differ modestly from the benchmark in a risk-controlled manner. |
Cash Investments | 2 | 199 | These short-term reserves are invested by Vanguard in equity index products to simulate investment in stocks. Each advisor may also maintain a modest cash position. |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended September 30, 2022 | |||
Beginning Account Value 3/31/2022 | Ending Account Value 9/30/2022 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Growth and Income Fund | |||
Investor Shares | $1,000.00 | $804.20 | $1.49 |
Admiral™ Shares | 1,000.00 | 804.50 | 1.04 |
Based on Hypothetical 5% Yearly Return | |||
Growth and Income Fund | |||
Investor Shares | $1,000.00 | $1,023.41 | $1.67 |
Admiral Shares | 1,000.00 | 1,023.92 | 1.17 |
Average Annual Total Returns Periods Ended September 30, 2022 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Growth and Income Fund Investor Shares | -13.94% | 9.15% | 11.68% | $30,183 | |
S&P 500 Index | -15.47 | 9.24 | 11.70 | 30,244 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | -18.05 | 8.48 | 11.28 | 29,120 |
One Year | Five Years | Ten Years | Final Value of a $50,000 Investment | ||
Growth and Income Fund Admiral Shares | -13.85% | 9.26% | 11.80% | $152,516 | |
S&P 500 Index | -15.47 | 9.24 | 11.70 | 151,221 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | -18.05 | 8.48 | 11.28 | 145,598 |
Communication Services | 6.7% |
Consumer Discretionary | 11.6 |
Consumer Staples | 7.4 |
Energy | 5.9 |
Financials | 10.7 |
Health Care | 14.6 |
Industrials | 7.5 |
Information Technology | 28.1 |
Materials | 1.9 |
Real Estate | 2.9 |
Utilities | 2.4 |
Other | 0.3 |
Shares | Market Value• ($000) | ||
Common Stocks (97.8%) | |||
Communication Services (6.6%) | |||
* | Alphabet Inc. Class A | 2,097,424 | 200,619 |
* | Alphabet Inc. Class C | 2,065,059 | 198,555 |
* | Meta Platforms Inc. Class A | 353,376 | 47,946 |
AT&T Inc. | 2,570,737 | 39,435 | |
Verizon Communications Inc. | 999,469 | 37,950 | |
Comcast Corp. Class A | 1,097,929 | 32,202 | |
Interpublic Group of Cos. Inc. | 635,251 | 16,262 | |
* | Netflix Inc. | 55,200 | 12,996 |
News Corp. Class A | 698,615 | 10,556 | |
* | Charter Communications Inc. Class A | 34,031 | 10,323 |
Lumen Technologies Inc. | 1,287,370 | 9,372 | |
News Corp. Class B | 597,633 | 9,215 | |
Fox Corp. Class B | 233,763 | 6,662 | |
Omnicom Group Inc. | 83,700 | 5,281 | |
* | Twitter Inc. | 117,294 | 5,142 |
Fox Corp. Class A | 150,500 | 4,617 | |
Electronic Arts Inc. | 36,300 | 4,200 | |
Roblox Corp. Class A | 110,800 | 3,971 | |
* | Warner Bros Discovery Inc. | 325,928 | 3,748 |
* | Walt Disney Co. | 20,063 | 1,893 |
* | Yelp Inc. Class A | 52,500 | 1,780 |
* | Frontier Communications Parent Inc. | 74,000 | 1,734 |
* | Take-Two Interactive Software Inc. | 14,400 | 1,570 |
Warner Music Group Corp. Class A | 51,100 | 1,186 | |
Paramount Global Inc. Class B | 45,900 | 874 | |
* | Liberty Global plc Class A | 56,000 | 873 |
* | Iridium Communications Inc. | 19,037 | 845 |
* | DISH Network Corp. Class A | 36,800 | 509 |
* | ZipRecruiter Inc. Class A | 30,300 | 500 |
* | T-Mobile US Inc. | 3,311 | 444 |
* | Endeavor Group Holdings Inc. Class A | 20,335 | 412 |
* | Liberty Media Corp.- Liberty SiriusXM Class C | 8,900 | 336 |
* | Gogo Inc. | 26,200 | 318 |
Shares | Market Value• ($000) | ||
* | AMC Networks Inc. Class A | 15,600 | 317 |
Pinterest Inc. Class A | 11,400 | 266 | |
Snap Inc. Class A | 27,000 | 265 | |
* | Liberty Media Corp.- Liberty Formula One Class A | 4,811 | 253 |
* | QuinStreet Inc. | 20,700 | 217 |
* | Liberty Media Corp.-Liberty Formula One Class C | 3,400 | 199 |
* | Cars.com Inc. | 16,200 | 186 |
* | Liberty Global plc Class C | 10,700 | 177 |
* | Sciplay Corp. Class A | 10,700 | 126 |
Activision Blizzard Inc. | 1,580 | 117 | |
* | Cargurus Inc. | 4,600 | 65 |
* | Integral Ad Science Holding Corp. | 8,187 | 59 |
Playtika Holding Corp. | 6,200 | 58 | |
* | Vimeo Inc. | 11,900 | 48 |
Entravision Communications Corp. Class A | 8,226 | 33 | |
* | IDT Corp. Class B | 1,300 | 32 |
* | Consolidated Communications Holdings Inc. | 6,252 | 26 |
* | WideOpenWest Inc. | 1,400 | 17 |
TripAdvisor Inc. | 600 | 13 | |
* | Loyalty Ventures Inc. | 11,100 | 13 |
* | PubMatic Inc. Class A | 700 | 12 |
* | TrueCar Inc. | 7,366 | 11 |
* | Liberty Latin America Ltd. Class A | 1,700 | 11 |
* | Thryv Holdings Inc. | 500 | 11 |
* | Anterix Inc. | 99 | 4 |
New York Times Co. Class A | 98 | 3 | |
* | US Cellular Corp. | 99 | 3 |
* | DHI Group Inc. | 302 | 2 |
TEGNA Inc. | 82 | 2 | |
* | EverQuote Inc. Class A | 100 | 1 |
* | Lions Gate Entertainment Corp. Class B | 100 | 1 |
Scholastic Corp. | 40 | 1 | |
Sinclair Broadcast Group Inc. Class A | 50 | 1 | |
Spok Holdings Inc. | 190 | 1 |
Shares | Market Value• ($000) | ||
* | Urban One Inc. | 200 | 1 |
Manchester United plc Class A | 40 | 1 | |
* | Stagwell Inc. | 200 | 1 |
* | Taboola.com Ltd. | 300 | 1 |
* | Clear Channel Outdoor Holdings Inc. | 300 | — |
* | Fluent Inc. | 99 | — |
* | Liberty TripAdvisor Holdings Inc. Class A | 100 | — |
National CineMedia Inc. | 300 | — | |
* | Angi Inc. Class A | 100 | — |
* | Gannett Co. Inc. | 208 | — |
* | Magnite Inc. | 26 | — |
*,1 | Yandex NV Class A | 23,500 | — |
674,881 | |||
Consumer Discretionary (11.3%) | |||
* | Amazon.com Inc. | 2,395,115 | 270,648 |
* | Tesla Inc. | 942,772 | 250,070 |
Lowe's Cos. Inc. | 512,094 | 96,176 | |
Home Depot Inc. | 276,982 | 76,430 | |
McDonald's Corp. | 174,738 | 40,319 | |
* | AutoZone Inc. | 15,026 | 32,185 |
Marriott International Inc. Class A | 218,694 | 30,648 | |
* | O'Reilly Automotive Inc. | 38,390 | 27,002 |
Tapestry Inc. | 823,317 | 23,407 | |
Starbucks Corp. | 273,042 | 23,007 | |
* | Booking Holdings Inc. | 13,384 | 21,993 |
* | Ulta Beauty Inc. | 51,573 | 20,691 |
Ford Motor Co. | 1,818,029 | 20,362 | |
TJX Cos. Inc. | 306,806 | 19,059 | |
* | Expedia Group Inc. | 187,094 | 17,529 |
PulteGroup Inc. | 454,734 | 17,053 | |
Lennar Corp. Class A | 215,765 | 16,085 | |
General Motors Co. | 411,396 | 13,202 | |
NIKE Inc. Class B | 131,500 | 10,930 | |
Dollar General Corp. | 39,350 | 9,439 | |
Yum! Brands Inc. | 77,556 | 8,247 | |
Advance Auto Parts Inc. | 51,390 | 8,034 | |
* | Airbnb Inc. Class A | 76,000 | 7,983 |
eBay Inc. | 195,152 | 7,184 | |
* | Caesars Entertainment Inc. | 215,590 | 6,955 |
Hilton Worldwide Holdings Inc. | 51,900 | 6,260 | |
Target Corp. | 40,400 | 5,995 | |
MGM Resorts International | 186,900 | 5,555 | |
LKQ Corp. | 110,164 | 5,194 | |
Domino's Pizza Inc. | 15,800 | 4,901 | |
Harley-Davidson Inc. | 134,300 | 4,684 | |
Genuine Parts Co. | 28,711 | 4,287 | |
Bath & Body Works Inc. | 115,519 | 3,766 | |
H&R Block Inc. | 80,500 | 3,424 | |
* | Dollar Tree Inc. | 23,258 | 3,165 |
* | AutoNation Inc. | 26,900 | 2,740 |
* | Overstock.com Inc. | 110,700 | 2,696 |
Tractor Supply Co. | 14,026 | 2,607 | |
Travel + Leisure Co. | 73,500 | 2,508 | |
* | Chegg Inc. | 100,300 | 2,113 |
* | Under Armour Inc. Class C | 322,433 | 1,922 |
Penske Automotive Group Inc. | 18,800 | 1,850 | |
Garmin Ltd. | 18,400 | 1,478 | |
Churchill Downs Inc. | 7,867 | 1,449 |
Shares | Market Value• ($000) | ||
* | GoPro Inc. Class A | 281,700 | 1,389 |
Nordstrom Inc. | 75,900 | 1,270 | |
Darden Restaurants Inc. | 10,000 | 1,263 | |
Academy Sports & Outdoors Inc. | 27,260 | 1,150 | |
Signet Jewelers Ltd. | 20,000 | 1,144 | |
Bloomin' Brands Inc. | 50,300 | 922 | |
* | NVR Inc. | 228 | 909 |
* | Aptiv plc | 9,700 | 759 |
Shutterstock Inc. | 14,100 | 707 | |
* | Under Armour Inc. Class A | 94,800 | 630 |
* | Mohawk Industries Inc. | 5,300 | 483 |
Kontoor Brands Inc. | 12,736 | 428 | |
Macy's Inc. | 26,100 | 409 | |
* | Victoria's Secret & Co. | 13,300 | 387 |
Acushnet Holdings Corp. | 7,689 | 334 | |
Qurate Retail Inc. Series A | 157,500 | 317 | |
Newell Brands Inc. | 20,600 | 286 | |
* | Dave & Buster's Entertainment Inc. | 8,800 | 273 |
* | Sleep Number Corp. | 6,700 | 227 |
Gentex Corp. | 9,300 | 222 | |
Laureate Education Inc. Class A | 20,600 | 217 | |
* | Six Flags Entertainment Corp. | 11,500 | 204 |
* | Vista Outdoor Inc. | 8,400 | 204 |
Hyatt Hotels Corp. Class A | 2,300 | 186 | |
* | Bright Horizons Family Solutions Inc. | 2,600 | 150 |
* | Poshmark Inc. Class A | 9,400 | 147 |
Red Rock Resorts Inc. Class A | 3,873 | 133 | |
* | American Public Education Inc. | 13,200 | 121 |
Rent-A-Center Inc. | 5,732 | 100 | |
* | Fossil Group Inc. | 27,800 | 95 |
* | 2U Inc. | 12,200 | 76 |
* | Abercrombie & Fitch Co. Class A | 4,800 | 75 |
* | GrowGeneration Corp. | 19,600 | 69 |
Ross Stores Inc. | 800 | 67 | |
* | Coursera Inc. | 5,800 | 63 |
Magna International Inc. | 1,300 | ���62 | |
Ruth's Hospitality Group Inc. | 3,480 | 59 | |
* | Modine Manufacturing Co. | 3,900 | 50 |
Winnebago Industries Inc. | 900 | 48 | |
Brunswick Corp. | 700 | 46 | |
* | American Outdoor Brands Inc. | 4,873 | 43 |
* | Perdoceo Education Corp. | 3,834 | 40 |
* | Revolve Group Inc. | 1,700 | 37 |
* | Accel Entertainment Inc. Class A | 4,700 | 37 |
* | Universal Electronics Inc. | 1,852 | 36 |
Monro Inc. | 800 | 35 | |
Papa John's International Inc. | 500 | 35 | |
* | OneSpaWorld Holdings Ltd. | 3,941 | 33 |
Shares | Market Value• ($000) | ||
* | Canada Goose Holdings Inc. | 2,100 | 32 |
* | LL Flooring Holdings Inc. | 4,484 | 31 |
* | Farfetch Ltd. Class A | 4,200 | 31 |
* | Party City Holdco Inc. | 17,900 | 28 |
Aaron's Co. Inc. | 2,900 | 28 | |
PVH Corp. | 600 | 27 | |
* | Nerdy Inc. | 12,680 | 27 |
* | National Vision Holdings Inc. | 800 | 26 |
* | 1-800-Flowers.com Inc. Class A | 4,000 | 26 |
* | RealReal Inc. | 16,800 | 25 |
* | Duluth Holdings Inc. Class B | 3,368 | 24 |
* | Tupperware Brands Corp. | 3,500 | 23 |
* | Vera Bradley Inc. | 7,700 | 23 |
* | Playa Hotels & Resorts NV | 3,800 | 22 |
Dick's Sporting Goods Inc. | 200 | 21 | |
* | Inspired Entertainment Inc. | 2,400 | 21 |
* | Express Inc. | 17,834 | 19 |
* | Lulu's Fashion Lounge Holdings Inc. | 4,141 | 19 |
* | Golden Entertainment Inc. | 516 | 18 |
PetMed Express Inc. | 847 | 17 | |
* | Stride Inc. | 407 | 17 |
Graham Holdings Co. Class B | 28 | 15 | |
* | Vizio Holding Corp. Class A | 1,598 | 14 |
Dillard's Inc. Class A | 47 | 13 | |
Guess? Inc. | 800 | 12 | |
* | Universal Technical Institute Inc. | 2,100 | 11 |
* | WW International Inc. | 2,700 | 11 |
* | Century Casinos Inc. | 1,478 | 10 |
* | Beazer Homes USA Inc. | 900 | 9 |
* | Cavco Industries Inc. | 38 | 8 |
* | Full House Resorts Inc. | 1,400 | 8 |
* | Superior Industries International Inc. | 2,400 | 7 |
Choice Hotels International Inc. | 42 | 5 | |
Sturm Ruger & Co. Inc. | 94 | 5 | |
Johnson Outdoors Inc. Class A | 81 | 4 | |
* | Monarch Casino & Resort Inc. | 79 | 4 |
Designer Brands Inc. Class A | 196 | 3 | |
Dine Brands Global Inc. | 50 | 3 | |
Jack in the Box Inc. | 41 | 3 | |
* | Noodles & Co. Class A | 600 | 3 |
International Game Technology plc | 193 | 3 | |
* | CarParts.com Inc. | 600 | 3 |
* | ODP Corp. | 75 | 3 |
* | Biglari Holdings Inc. Class B | 20 | 2 |
Leggett & Platt Inc. | 53 | 2 | |
* | Sally Beauty Holdings Inc. | 179 | 2 |
* | Target Hospitality Corp. | 188 | 2 |
Shares | Market Value• ($000) | ||
* | Tenneco Inc. Class A | 100 | 2 |
* | Royal Caribbean Cruises Ltd. | 54 | 2 |
ADT Inc. | 200 | 2 | |
* | Neogames SA | 190 | 2 |
American Eagle Outfitters Inc. | 100 | 1 | |
* | Barnes & Noble Education Inc. | 615 | 1 |
Cato Corp. Class A | 127 | 1 | |
* | Container Store Group Inc. | 200 | 1 |
* | El Pollo Loco Holdings Inc. | 93 | 1 |
* | Everi Holdings Inc. | 59 | 1 |
Gap Inc. | 100 | 1 | |
* | Lindblad Expeditions Holdings Inc. | 199 | 1 |
* | Mattel Inc. | 44 | 1 |
* | Quotient Technology Inc. | 381 | 1 |
Tilly's Inc. Class A | 150 | 1 | |
* | Urban Outfitters Inc. | 39 | 1 |
* | Workhorse Group Inc. | 319 | 1 |
Bassett Furniture Industries Inc. | 71 | 1 | |
* | Sportsman's Warehouse Holdings Inc. | 107 | 1 |
Smith & Wesson Brands Inc. | 100 | 1 | |
Bluegreen Vacations Holding Class A | 60 | 1 | |
* | Despegar.com Corp. | 99 | 1 |
* | QuantumScape Corp. Class A | 100 | 1 |
* | Petco Health & Wellness Co. Inc. Class A | 100 | 1 |
* | Luminar Technologies Inc. Class A | 100 | 1 |
Arcos Dorados Holdings Inc. Class A | 196 | 1 | |
* | Mister Car Wash Inc. | 100 | 1 |
* | American Axle & Manufacturing Holdings Inc. | 10 | — |
Big 5 Sporting Goods Corp. | 16 | — | |
Clarus Corp. | 31 | — | |
* | Conn's Inc. | 19 | — |
Kohl's Corp. | 3 | — | |
Polaris Inc. | 4 | — | |
* | Regis Corp. | 300 | — |
* | Visteon Corp. | 4 | — |
* | Kandi Technologies Group Inc. | 34 | — |
* | Arrival SA | 300 | — |
1,157,910 | |||
Consumer Staples (7.3%) | |||
Procter & Gamble Co. | 940,319 | 118,715 | |
Costco Wholesale Corp. | 174,615 | 82,465 | |
Coca-Cola Co. | 1,269,191 | 71,100 | |
Tyson Foods Inc. Class A | 779,760 | 51,410 | |
Walmart Inc. | 392,692 | 50,932 | |
PepsiCo Inc. | 309,718 | 50,565 | |
Altria Group Inc. | 1,083,914 | 43,768 | |
Kroger Co. | 751,260 | 32,868 | |
General Mills Inc. | 385,429 | 29,528 | |
Philip Morris International Inc. | 329,428 | 27,346 |
Shares | Market Value• ($000) | ||
Hershey Co. | 119,242 | 26,289 | |
Archer-Daniels-Midland Co. | 321,534 | 25,867 | |
Colgate-Palmolive Co. | 346,908 | 24,370 | |
Sysco Corp. | 220,284 | 15,576 | |
Estee Lauder Cos. Inc. Class A | 66,880 | 14,439 | |
Constellation Brands Inc. Class A | 50,926 | 11,697 | |
Keurig Dr Pepper Inc. | 312,700 | 11,201 | |
Brown-Forman Corp. Class B | 137,170 | 9,131 | |
Campbell Soup Co. | 188,870 | 8,900 | |
Mondelez International Inc. Class A | 156,455 | 8,578 | |
J M Smucker Co. | 44,215 | 6,076 | |
Albertsons Cos. Inc. Class A | 213,300 | 5,303 | |
Molson Coors Beverage Co. Class B | 110,300 | 5,293 | |
Hormel Foods Corp. | 96,092 | 4,366 | |
Lamb Weston Holdings Inc. | 42,100 | 3,258 | |
Kraft Heinz Co. | 71,700 | 2,391 | |
Kellogg Co. | 14,200 | 989 | |
Conagra Brands Inc. | 24,174 | 789 | |
* | Pilgrim's Pride Corp. | 21,200 | 488 |
Kimberly-Clark Corp. | 4,000 | 450 | |
Vector Group Ltd. | 49,400 | 435 | |
Coca-Cola Consolidated Inc. | 915 | 377 | |
* | Hain Celestial Group Inc. | 15,400 | 260 |
Reynolds Consumer Products Inc. | 9,700 | 252 | |
Church & Dwight Co. Inc. | 3,200 | 229 | |
* | Nomad Foods Ltd. | 13,000 | 185 |
Walgreens Boots Alliance Inc. | 5,800 | 182 | |
* | USANA Health Sciences Inc. | 3,150 | 177 |
Spectrum Brands Holdings Inc. | 3,800 | 148 | |
* | United Natural Foods Inc. | 3,500 | 120 |
National Beverage Corp. | 2,242 | 86 | |
* | Rite Aid Corp. | 9,600 | 48 |
Primo Water Corp. | 1,707 | 21 | |
* | Sovos Brands Inc. | 1,182 | 17 |
* | Nature's Sunshine Products Inc. | 1,636 | 14 |
Adecoagro SA | 1,000 | 8 | |
Clorox Co. | 55 | 7 | |
* | Monster Beverage Corp. | 85 | 7 |
Calavo Growers Inc. | 93 | 3 | |
McCormick & Co. Inc. | 40 | 3 | |
* | Simply Good Foods Co. | 79 | 3 |
PriceSmart Inc. | 28 | 2 | |
* | Sprouts Farmers Market Inc. | 89 | 2 |
* | Blue Apron Holdings Inc. Class A | 200 | 1 |
Cal-Maine Foods Inc. | 9 | 1 | |
* | 22nd Century Group Inc. | 800 | 1 |
Coca-Cola Europacific Partners plc | 14 | 1 | |
* | Herbalife Nutrition Ltd. | 45 | 1 |
* | Zevia PBC Class A | 263 | 1 |
* | SunOpta Inc. | 100 | 1 |
Shares | Market Value• ($000) | ||
Lifevantage Corp. | 21 | — | |
746,741 | |||
Energy (5.7%) | |||
Exxon Mobil Corp. | 1,651,772 | 144,216 | |
Chevron Corp. | 786,135 | 112,944 | |
Marathon Petroleum Corp. | 593,324 | 58,935 | |
EOG Resources Inc. | 417,740 | 46,674 | |
ConocoPhillips | 336,298 | 34,417 | |
Phillips 66 | 358,827 | 28,965 | |
Occidental Petroleum Corp. | 416,070 | 25,568 | |
APA Corp. | 714,239 | 24,420 | |
Valero Energy Corp. | 226,825 | 24,236 | |
Kinder Morgan Inc. | 1,063,990 | 17,705 | |
Marathon Oil Corp. | 669,018 | 15,106 | |
ONEOK Inc. | 281,160 | 14,407 | |
Schlumberger NV | 225,800 | 8,106 | |
Diamondback Energy Inc. | 40,030 | 4,822 | |
Hess Corp. | 44,240 | 4,822 | |
Pioneer Natural Resources Co. | 21,700 | 4,699 | |
Halliburton Co. | 103,624 | 2,551 | |
Williams Cos. Inc. | 88,858 | 2,544 | |
* | Comstock Resources Inc. | 129,800 | 2,244 |
* | Southwestern Energy Co. | 254,200 | 1,556 |
* | Transocean Ltd. (XNYS) | 489,657 | 1,210 |
Ovintiv Inc. (XNYS) | 24,900 | 1,145 | |
Range Resources Corp. | 44,000 | 1,111 | |
Baker Hughes Co. Class A | 44,800 | 939 | |
Targa Resources Corp. | 11,500 | 694 | |
* | Denbury Inc. | 6,100 | 526 |
* | CNX Resources Corp. | 31,300 | 486 |
* | Tellurian Inc. | 198,800 | 475 |
* | Antero Resources Corp. | 14,000 | 427 |
Texas Pacific Land Corp. | 213 | 379 | |
Equitrans Midstream Corp. | 43,700 | 327 | |
* | Golar LNG Ltd. | 8,400 | 209 |
DTE Midstream LLC | 3,400 | 176 | |
* | Alto Ingredients Inc. | 26,900 | 98 |
* | Oceaneering International Inc. | 11,200 | 89 |
California Resources Corp. | 1,500 | 58 | |
SM Energy Co. | 1,500 | 56 | |
* | Teekay Corp. | 11,485 | 41 |
Continental Resources Inc. | 500 | 33 | |
* | NexTier Oilfield Solutions Inc. | 4,081 | 30 |
* | SandRidge Energy Inc. | 1,700 | 28 |
SFL Corp. Ltd. | 3,000 | 27 | |
Geopark Ltd. | 2,200 | 26 | |
* | Gevo Inc. | 11,100 | 25 |
* | Kosmos Energy Ltd. | 4,200 | 22 |
* | Clean Energy Fuels Corp. | 3,400 | 18 |
* | Green Plains Inc. | 610 | 18 |
VAALCO Energy Inc. | 3,900 | 17 | |
NOV Inc. | 500 | 8 | |
Solaris Oilfield Infrastructure Inc. Class A | 690 | 7 |
Shares | Market Value• ($000) | ||
Chesapeake Energy Corp. | 74 | 7 | |
* | Centrus Energy Corp. Class A | 72 | 3 |
Murphy Oil Corp. | 73 | 3 | |
NACCO Industries Inc. Class A | 71 | 3 | |
Brigham Minerals Inc. Class A | 95 | 2 | |
* | Par Pacific Holdings Inc. | 108 | 2 |
* | Talos Energy Inc. | 90 | 2 |
Dorian LPG Ltd. | 125 | 2 | |
* | TechnipFMC plc | 200 | 2 |
Cenovus Energy Inc. | 100 | 2 | |
* | Navigator Holdings Ltd. | 188 | 2 |
* | Amplify Energy Corp. | 200 | 1 |
Antero Midstream Corp. | 100 | 1 | |
Archrock Inc. | 100 | 1 | |
* | Energy Fuels Inc. | 195 | 1 |
Evolution Petroleum Corp. | 100 | 1 | |
* | Helix Energy Solutions Group Inc. | 146 | 1 |
* | Overseas Shipholding Group Inc. Class A | 400 | 1 |
Patterson-UTI Energy Inc. | 100 | 1 | |
* | ProPetro Holding Corp. | 100 | 1 |
RPC Inc. | 100 | 1 | |
* | Ring Energy Inc. | 200 | 1 |
* | TETRA Technologies Inc. | 300 | 1 |
Plains GP Holdings LP Class A | 100 | 1 | |
Northern Oil and Gas Inc. | 40 | 1 | |
Permian resources Corp. | 200 | 1 | |
* | Exterran Corp. | 79 | — |
* | Newpark Resources Inc. | 137 | — |
* | Uranium Energy Corp. | 119 | — |
Nordic American Tankers Ltd. | 100 | — | |
International Seaways Inc. | 8 | — | |
* | Expro Group Holdings NV | 16 | — |
587,687 | |||
Financials (10.5%) | |||
* | Berkshire Hathaway Inc. Class B | 562,744 | 150,264 |
JPMorgan Chase & Co. | 880,542 | 92,017 | |
Bank of America Corp. | 2,658,726 | 80,294 | |
Everest Re Group Ltd. | 178,686 | 46,894 | |
Chubb Ltd. | 249,474 | 45,374 | |
Wells Fargo & Co. | 1,111,560 | 44,707 | |
Charles Schwab Corp. | 587,971 | 42,257 | |
American Express Co. | 273,014 | 36,832 | |
W R Berkley Corp. | 529,595 | 34,201 | |
Synchrony Financial | 1,153,126 | 32,507 | |
Cboe Global Markets Inc. | 258,357 | 30,323 | |
Discover Financial Services | 332,071 | 30,192 | |
Goldman Sachs Group Inc. | 96,341 | 28,233 | |
Loews Corp. | 564,970 | 28,158 | |
Citigroup Inc. | 587,397 | 24,477 | |
Allstate Corp. | 196,114 | 24,422 | |
Capital One Financial Corp. | 222,546 | 20,512 |
Shares | Market Value• ($000) | ||
Hartford Financial Services Group Inc. | 325,126 | 20,138 | |
Comerica Inc. | 247,335 | 17,586 | |
Progressive Corp. | 139,480 | 16,209 | |
Truist Financial Corp. | 359,205 | 15,640 | |
Ameriprise Financial Inc. | 60,765 | 15,310 | |
PNC Financial Services Group Inc. | 99,820 | 14,915 | |
Assurant Inc. | 92,333 | 13,413 | |
Marsh & McLennan Cos. Inc. | 87,260 | 13,027 | |
CME Group Inc. | 65,556 | 11,612 | |
Intercontinental Exchange Inc. | 111,100 | 10,038 | |
Bank of New York Mellon Corp. | 255,875 | 9,856 | |
American International Group Inc. | 202,656 | 9,622 | |
Regions Financial Corp. | 446,080 | 8,953 | |
US Bancorp | 212,761 | 8,579 | |
Blackstone Inc. | 101,600 | 8,504 | |
Travelers Cos. Inc. | 53,030 | 8,124 | |
First Republic Bank | 51,630 | 6,740 | |
Moody's Corp. | 27,231 | 6,620 | |
Zions Bancorp NA | 124,782 | 6,346 | |
Morgan Stanley | 77,115 | 6,093 | |
Affiliated Managers Group Inc. | 50,110 | 5,605 | |
MetLife Inc. | 89,900 | 5,464 | |
BlackRock Inc. | 7,569 | 4,165 | |
Raymond James Financial Inc. | 31,500 | 3,113 | |
Globe Life Inc. | 28,908 | 2,882 | |
Interactive Brokers Group Inc. Class A | 38,200 | 2,441 | |
KeyCorp. | 147,900 | 2,369 | |
Invesco Ltd. | 162,700 | 2,229 | |
MarketAxess Holdings Inc. | 8,700 | 1,936 | |
Virtu Financial Inc. Class A | 90,900 | 1,888 | |
Cincinnati Financial Corp. | 19,253 | 1,724 | |
Ally Financial Inc. | 61,300 | 1,706 | |
Aon plc Class A (XNYS) | 6,174 | 1,654 | |
* | Encore Capital Group Inc. | 27,700 | 1,260 |
Willis Towers Watson plc | 6,000 | 1,206 | |
Arthur J Gallagher & Co. | 7,000 | 1,199 | |
Northern Trust Corp. | 12,500 | 1,070 | |
Blackstone Mortgage Trust Inc. Class A | 39,700 | 927 | |
LPL Financial Holdings Inc. | 3,500 | 765 | |
Franklin Resources Inc. | 35,300 | 760 | |
Principal Financial Group Inc. | 8,700 | 628 | |
Aflac Inc. | 10,378 | 583 | |
Fifth Third Bancorp | 15,200 | 486 | |
Nasdaq Inc. | 8,400 | 476 | |
Sixth Street Specialty Lending Inc. | 28,700 | 469 | |
* | Donnelley Financial Solutions Inc. | 9,000 | 333 |
Popular Inc. | 4,564 | 329 | |
Bank of NT Butterfield & Son Ltd. | 10,142 | 329 | |
BGC Partners Inc. Class A | 89,600 | 281 |
Shares | Market Value• ($000) | ||
Central Pacific Financial Corp. | 13,592 | 281 | |
Prudential Financial Inc. | 3,179 | 273 | |
First American Financial Corp. | 5,800 | 267 | |
* | Arch Capital Group Ltd. | 5,500 | 250 |
* | Blucora Inc. | 11,500 | 222 |
* | Green Dot Corp. Class A | 11,700 | 222 |
* | PRA Group Inc. | 5,800 | 191 |
Lincoln National Corp. | 4,000 | 176 | |
Valley National Bancorp | 16,228 | 175 | |
TCG BDC Inc. | 15,000 | 172 | |
Hanmi Financial Corp. | 7,200 | 170 | |
First Internet Bancorp | 4,855 | 164 | |
AFC Gamma Inc. | 10,400 | 159 | |
Signature Bank | 1,000 | 151 | |
Banner Corp. | 2,267 | 134 | |
2 | Prospect Capital Corp. | 21,469 | 133 |
OneMain Holdings Inc. | 3,800 | 112 | |
Enact Holdings Inc. | 4,362 | 97 | |
Owl Rock Capital Corp. | 8,900 | 92 | |
Mercury General Corp. | 3,200 | 91 | |
* | Enova International Inc. | 2,981 | 87 |
TPG RE Finance Trust Inc. | 11,000 | 77 | |
Kearny Financial Corp. | 6,905 | 73 | |
Citizens Financial Group Inc. | 2,100 | 72 | |
FS KKR Capital Corp. | 4,200 | 71 | |
Burford Capital Ltd. | 8,897 | 67 | |
Pathward Financial Inc. | 2,000 | 66 | |
First Financial Bancorp | 3,100 | 65 | |
* | Ocwen Financial Corp. | 2,746 | 64 |
New Mountain Finance Corp. | 5,412 | 62 | |
Flagstar Bancorp Inc. | 1,603 | 54 | |
* | SiriusPoint Ltd. | 10,900 | 54 |
Starwood Property Trust Inc. | 2,932 | 53 | |
Fidelity National Financial Inc. | 1,400 | 51 | |
BlackRock TCP Capital Corp. | 4,492 | 49 | |
PacWest Bancorp | 2,100 | 47 | |
HomeTrust Bancshares Inc. | 2,017 | 45 | |
Hope Bancorp Inc. | 3,300 | 42 | |
Capital Southwest Corp. | 2,487 | 42 | |
2 | Solar Capital Ltd. | 3,119 | 38 |
Greenhill & Co. Inc. | 6,300 | 37 | |
Janus Henderson Group plc | 1,800 | 37 | |
MGIC Investment Corp. | 2,800 | 36 | |
* | SVB Financial Group | 100 | 34 |
Tiptree Inc. | 3,172 | 34 | |
* | eHealth Inc. | 8,100 | 32 |
* | Columbia Financial Inc. | 1,400 | 30 |
First Hawaiian Inc. | 1,083 | 27 | |
Home BancShares Inc. | 1,200 | 27 | |
Heritage Commerce Corp. | 2,291 | 26 | |
Stellar Bancorp Inc. | 819 | 24 | |
* | Credit Acceptance Corp. | 53 | 23 |
Northfield Bancorp Inc. | 1,502 | 21 | |
* | Selectquote Inc. | 28,800 | 21 |
* | Genworth Financial Inc. Class A | 5,400 | 19 |
Sierra Bancorp | 959 | 19 |
Shares | Market Value• ($000) | ||
BlackRock Capital Investment Corp. | 5,100 | 17 | |
Berkshire Hills Bancorp Inc. | 600 | 16 | |
Lakeland Bancorp Inc. | 984 | 16 | |
Central Valley Community Bancorp | 839 | 15 | |
Argo Group International Holdings Ltd. | 800 | 15 | |
BankUnited Inc. | 400 | 14 | |
AG Mortgage Investment Trust Inc. | 3,100 | 13 | |
Ladder Capital Corp. Class A | 1,200 | 11 | |
Independent Bank Corp. | 500 | 10 | |
RenaissanceRe Holdings Ltd. | 71 | 10 | |
Equitable Holdings Inc. | 382 | 10 | |
Navient Corp. | 600 | 9 | |
Park National Corp. | 69 | 9 | |
* | Acacia Research Corp. | 1,983 | 8 |
* | Elevate Credit Inc. | 6,800 | 7 |
Western Alliance Bancorp | 100 | 7 | |
Brightspire Capital Inc. Class A | 1,100 | 7 | |
Tompkins Financial Corp. | 74 | 5 | |
Crescent Capital BDC Inc. | 300 | 5 | |
City Holding Co. | 45 | 4 | |
Community Trust Bancorp Inc. | 91 | 4 | |
First Financial Corp. | 91 | 4 | |
First Foundation Inc. | 200 | 4 | |
Great Southern Bancorp Inc. | 71 | 4 | |
Stifel Financial Corp. | 85 | 4 | |
Stock Yards Bancorp Inc. | 55 | 4 | |
First Interstate BancSystem Inc. Class A | 76 | 3 | |
NBT Bancorp Inc. | 82 | 3 | |
Nelnet Inc. Class A | 38 | 3 | |
Peapack-Gladstone Financial Corp. | 77 | 3 | |
* | World Acceptance Corp. | 26 | 3 |
* | PROG Holdings Inc. | 198 | 3 |
Allegiance Bancshares Inc. | 60 | 2 | |
Banc of California Inc. | 100 | 2 | |
CNO Financial Group Inc. | 100 | 2 | |
CVB Financial Corp. | 77 | 2 | |
Camden National Corp. | 46 | 2 | |
Capitol Federal Financial Inc. | 198 | 2 | |
Civista Bancshares Inc. | 86 | 2 | |
Cohen & Steers Inc. | 26 | 2 | |
ConnectOne Bancorp Inc. | 82 | 2 | |
Employers Holdings Inc. | 48 | 2 | |
* | EZCorp. Inc. Class A | 200 | 2 |
Financial Institutions Inc. | 68 | 2 | |
Fulton Financial Corp. | 100 | 2 | |
Old National Bancorp | 100 | 2 | |
PCSB Financial Corp. | 139 | 2 | |
Preferred Bank | 28 | 2 | |
ServisFirst Bancshares Inc. | 20 | 2 |
Shares | Market Value• ($000) | ||
Trustmark Corp. | 66 | 2 | |
WesBanco Inc. | 57 | 2 | |
WisdomTree Investments Inc. | 385 | 2 | |
* | Oportun Financial Corp. | 500 | 2 |
Apollo Investment Corp. | 197 | 2 | |
TriplePoint Venture Growth BDC Corp. | 165 | 2 | |
Intercorp Financial Services Inc. | 92 | 2 | |
Cadence Bank | 83 | 2 | |
* | Ambac Financial Group Inc. | 100 | 1 |
Apollo Commercial Real Estate Finance Inc. | 121 | 1 | |
Ares Commercial Real Estate Corp. | 111 | 1 | |
Bank OZK | 18 | 1 | |
Chimera Investment Corp. | 164 | 1 | |
Commerce Bancshares Inc. | 11 | 1 | |
Curo Group Holdings Corp. | 199 | 1 | |
FNB Corp. | 100 | 1 | |
First BanCorp. (XNYS) | 100 | 1 | |
Great Ajax Corp. | 188 | 1 | |
Horizon Bancorp Inc. | 49 | 1 | |
Huntington Bancshares Inc. | 50 | 1 | |
* | LendingClub Corp. | 117 | 1 |
* | LendingTree Inc. | 25 | 1 |
Luther Burbank Corp. | 108 | 1 | |
* | MBIA Inc. | 120 | 1 |
Rithm Capital Corp. | 100 | 1 | |
New York Community Bancorp Inc. | 100 | 1 | |
Northwest Bancshares Inc. | 100 | 1 | |
OFG Bancorp | 58 | 1 | |
Old Second Bancorp Inc. | 100 | 1 | |
* | Republic First Bancorp Inc. | 369 | 1 |
SEI Investments Co. | 30 | 1 | |
SLM Corp. | 100 | 1 | |
TriCo Bancshares | 31 | 1 | |
United Bankshares Inc. | 18 | 1 | |
Washington Trust Bancorp Inc. | 20 | 1 | |
Essent Group Ltd. | 24 | 1 | |
James River Group Holdings Ltd. | 33 | 1 | |
Sculptor Capital Management Inc. Class A | 99 | 1 | |
Broadmark Realty Capital Inc. | 145 | 1 | |
* | XP Inc. Class A | 38 | 1 |
Premier Financial Corp. | 23 | 1 | |
Carlyle Group Inc. | 24 | 1 | |
Rocket Cos. Inc. Class A | 100 | 1 | |
Gladstone Investment Corp. | 100 | 1 | |
Golub Capital BDC Inc. | 100 | 1 | |
Horizon Technology Finance Corp. | 100 | 1 | |
Main Street Capital Corp. | 33 | 1 |
Shares | Market Value• ($000) | ||
Oxford Square Capital Corp. | 352 | 1 | |
PennantPark Investment Corp. | 220 | 1 | |
Saratoga Investment Corp. | 64 | 1 | |
Amalgamated Financial Corp. | 24 | 1 | |
Patria Investments Ltd. Class A | 94 | 1 | |
Primis Financial Corp. | 100 | 1 | |
TrustCo Bank Corp. NY | 25 | 1 | |
Bridge Investment Group Holdings Inc. Class A | 38 | 1 | |
Franklin BSP Realty Trust Inc. REIT | 100 | 1 | |
MFA Financial Inc. REIT | 100 | 1 | |
AMERISAFE Inc. | 10 | — | |
ARMOUR Residential REIT Inc. | 100 | — | |
BancFirst Corp. | 5 | — | |
Cowen Inc. Class A | 4 | — | |
First Community Bankshares Inc. | 13 | — | |
First of Long Island Corp. | 21 | — | |
Flushing Financial Corp. | 2 | — | |
Heartland Financial USA Inc. | 2 | — | |
Jefferies Financial Group Inc. | 11 | — | |
Lakeland Financial Corp. | 1 | — | |
* | Mr Cooper Group Inc. | 10 | — |
* | NMI Holdings Inc. Class A | 15 | — |
OceanFirst Financial Corp. | 1 | — | |
Oppenheimer Holdings Inc. Class A | 13 | — | |
* | Trupanion Inc. | 1 | — |
Universal Insurance Holdings Inc. | 47 | — | |
Veritex Holdings Inc. | 11 | — | |
Barings BDC Inc. | 28 | — | |
* | Bright Health Group Inc. | 100 | — |
Annaly Capital Management, Inc. | 25 | — | |
1,072,773 | |||
Health Care (14.3%) | |||
Johnson & Johnson | 962,497 | 157,233 | |
UnitedHealth Group Inc. | 250,005 | 126,263 | |
Pfizer Inc. | 2,799,127 | 122,490 | |
Merck & Co. Inc. | 728,717 | 62,757 | |
CVS Health Corp. | 613,029 | 58,465 | |
Agilent Technologies Inc. | 455,917 | 55,417 | |
Elevance Health Inc. | 120,390 | 54,686 | |
Cigna Corp. | 183,083 | 50,800 | |
Gilead Sciences Inc. | 809,942 | 49,965 | |
Amgen Inc. | 217,490 | 49,022 | |
HCA Healthcare Inc. | 257,387 | 47,305 | |
AbbVie Inc. | 331,025 | 44,427 | |
Thermo Fisher Scientific Inc. | 71,907 | 36,470 | |
Abbott Laboratories | 375,604 | 36,343 | |
* | Biogen Inc. | 131,849 | 35,204 |
McKesson Corp. | 97,804 | 33,241 | |
Bristol-Myers Squibb Co. | 462,031 | 32,846 | |
* | IQVIA Holdings Inc. | 179,593 | 32,531 |
Shares | Market Value• ($000) | ||
Laboratory Corp. of America Holdings | 138,487 | 28,364 | |
Eli Lilly & Co. | 83,984 | 27,156 | |
Medtronic plc | 326,400 | 26,357 | |
AmerisourceBergen Corp. Class A | 179,347 | 24,271 | |
* | Waters Corp. | 88,285 | 23,795 |
* | Vertex Pharmaceuticals Inc. | 82,171 | 23,792 |
Becton Dickinson and Co. | 82,800 | 18,450 | |
* | Centene Corp. | 233,672 | 18,182 |
* | Molina Healthcare Inc. | 41,570 | 13,711 |
* | Regeneron Pharmaceuticals Inc. | 18,318 | 12,619 |
* | Mettler-Toledo International Inc. | 10,696 | 11,596 |
* | Boston Scientific Corp. | 297,400 | 11,518 |
Zoetis Inc. | 74,390 | 11,031 | |
Humana Inc. | 20,688 | 10,038 | |
* | DaVita Inc. | 118,779 | 9,831 |
* | Moderna Inc. | 78,552 | 9,289 |
* | Incyte Corp. | 128,773 | 8,581 |
* | Align Technology Inc. | 39,966 | 8,277 |
West Pharmaceutical Services Inc. | 29,644 | 7,295 | |
* | Hologic Inc. | 87,400 | 5,639 |
Organon & Co. | 233,577 | 5,466 | |
Quest Diagnostics Inc. | 44,314 | 5,437 | |
* | Avantor Inc. | 223,600 | 4,383 |
* | ACADIA Pharmaceuticals Inc. | 240,400 | 3,933 |
* | Henry Schein Inc. | 46,501 | 3,058 |
* | Edwards Lifesciences Corp. | 35,680 | 2,948 |
DENTSPLY SIRONA Inc. | 102,700 | 2,912 | |
Baxter International Inc. | 53,900 | 2,903 | |
Viatris Inc. | 299,096 | 2,548 | |
Bio-Techne Corp. | 7,850 | 2,229 | |
Cardinal Health Inc. | 28,600 | 1,907 | |
* | Sage Therapeutics Inc. | 48,500 | 1,899 |
Zimmer Biomet Holdings Inc. | 17,300 | 1,809 | |
Horizon Therapeutics plc | 26,900 | 1,665 | |
* | Bausch Health Cos. Inc. | 210,000 | 1,447 |
* | Maravai LifeSciences Holdings Inc. Class A | 53,200 | 1,358 |
* | Allscripts Healthcare Solutions Inc. | 88,700 | 1,351 |
* | BioMarin Pharmaceutical Inc. | 15,400 | 1,305 |
Seagen Inc. | 9,300 | 1,272 | |
* | Corcept Therapeutics Inc. | 49,400 | 1,267 |
Shockwave Medical Inc. | 4,500 | 1,251 | |
* | Syneos Health Inc. | 22,800 | 1,075 |
* | ABIOMED Inc. | 4,246 | 1,043 |
Embecta Corp. | 33,600 | 967 | |
Elanco Animal Health Inc. (XNYS) | 71,500 | 887 | |
* | Alnylam Pharmaceuticals Inc. | 4,000 | 801 |
Bruker Corp. | 14,900 | 791 | |
* | Myriad Genetics Inc. | 40,900 | 780 |
Danaher Corp. | 2,990 | 772 | |
* | Figs Inc. Class A | 70,000 | 577 |
* | Exelixis Inc. | 35,900 | 563 |
* | Intuitive Surgical Inc. | 3,000 | 562 |
Patterson Cos. Inc. | 22,000 | 528 |
Shares | Market Value• ($000) | ||
* | QIAGEN NV | 12,300 | 508 |
* | Lexicon Pharmaceuticals Inc. | 196,951 | 473 |
* | Envista Holdings Corp. | 12,300 | 404 |
* | Illumina Inc. | 2,000 | 382 |
* | Novavax Inc. | 18,200 | 331 |
* | AbCellera Biologics Inc. | 30,400 | 301 |
* | Karuna Therapeutics Inc. | 1,300 | 292 |
* | Amicus Therapeutics Inc. | 27,900 | 291 |
* | Natera Inc. | 6,100 | 267 |
Owens & Minor Inc. | 9,800 | 236 | |
* | Theravance Biopharma Inc. | 20,600 | 209 |
Ionis Pharmaceuticals Inc. | 4,700 | 208 | |
* | Catalyst Pharmaceuticals Inc. | 15,500 | 199 |
* | Masimo Corp. | 1,400 | 198 |
* | Iovance Biotherapeutics Inc. | 19,800 | 190 |
* | Rigel Pharmaceuticals Inc. | 161,000 | 190 |
* | BioCryst Pharmaceuticals Inc. | 14,600 | 184 |
* | OPKO Health Inc. | 96,400 | 182 |
* | Emergent BioSolutions Inc. | 8,300 | 174 |
* | DexCom Inc. | 2,103 | 169 |
* | Semler Scientific Inc. | 4,368 | 164 |
* | QuidelOrtho Corp. | 2,200 | 157 |
* | Amedisys Inc. | 1,527 | 148 |
* | Zimvie Inc. | 15,000 | 148 |
* | Change Healthcare Inc. | 5,287 | 145 |
* | Community Health Systems Inc. | 66,600 | 143 |
* | Taro Pharmaceutical Industries Ltd. | 4,733 | 142 |
* | Sharecare Inc. | 66,358 | 126 |
* | Quanterix Corp. | 11,300 | 125 |
* | Cutera Inc. | 2,700 | 123 |
* | Innoviva Inc. | 10,300 | 120 |
* | Ovid therapeutics Inc. | 56,300 | 104 |
* | Accuray Inc. | 47,898 | 100 |
* | iRhythm Technologies Inc. | 779 | 98 |
Cross Country Healthcare Inc. | 3,200 | 91 | |
* | Eagle Pharmaceuticals Inc. | 3,362 | 89 |
* | Travere Thrapeutics Inc. | 3,500 | 86 |
* | Pediatrix Medical Group Inc. | 4,400 | 73 |
* | Atara Biotherapeutics Inc. | 19,174 | 72 |
Enhabit Inc. | 5,100 | 72 | |
* | Vanda Pharmaceuticals Inc. | 7,000 | 69 |
* | Zentalis Pharmaceuticals Inc. | 3,100 | 67 |
* | Cronos Group Inc. | 22,879 | 64 |
* | ADMA Biologics Inc. | 24,700 | 60 |
* | Inhibrx Inc. | 3,200 | 57 |
* | Cytek Biosciences Inc. | 3,900 | 57 |
* | AtriCure Inc. | 1,400 | 55 |
* | Aurora Cannabis Inc. | 45,000 | 55 |
* | Tactile Systems Technology Inc. | 6,900 | 54 |
Shares | Market Value• ($000) | ||
* | Revance Therapeutics Inc. | 1,900 | 51 |
* | WaVe Life Sciences Ltd. | 13,000 | 47 |
* | Gossamer Bio Inc. | 3,600 | 43 |
* | Inari Medical Inc. | 500 | 36 |
* | Tricida Inc. | 3,298 | 35 |
* | Heron Therapeutics Inc. | 7,700 | 32 |
* | Spectrum Pharmaceuticals Inc. | 73,900 | 32 |
* | Paratek Pharmaceuticals Inc. | 11,900 | 31 |
iTeos Therapeutics Inc. | 1,400 | 27 | |
Alkermes plc | 1,115 | 25 | |
* | Avanos Medical Inc. | 1,000 | 22 |
* | Coherus Biosciences Inc. | 2,300 | 22 |
* | NeoGenomics Inc. | 2,500 | 22 |
* | Cara Therapeutics Inc. | 2,200 | 21 |
*,2 | Lannett Co. Inc. | 46,600 | 21 |
* | Sotera Health Co. | 2,800 | 19 |
* | Standard Bio Tools Inc. | 16,500 | 18 |
* | Harvard Bioscience Inc. | 6,866 | 18 |
* | Cardiovascular Systems Inc. | 1,200 | 17 |
* | MannKind Corp. | 5,600 | 17 |
* | Pacific Biosciences of California Inc. | 2,700 | 16 |
* | AnaptysBio Inc. | 600 | 15 |
LivaNova plc | 300 | 15 | |
Intercept Pharmaceuticals Inc. | 1,000 | 14 | |
* | OraSure Technologies Inc. | 3,790 | 14 |
* | Bio-Rad Laboratories Inc. Class A | 28 | 12 |
* | Cerus Corp. | 3,300 | 12 |
* | MiMedx Group Inc. | 4,100 | 12 |
* | Doximity Inc. Class A | 400 | 12 |
* | Sight Sciences Inc. | 1,913 | 12 |
* | Agiliti Inc. | 800 | 11 |
* | REVOLUTION Medicines Inc. | 500 | 10 |
* | NanoString Technologies Inc. | 700 | 9 |
* | ICON plc | 47 | 9 |
* | Innovage Holding Corp. | 1,535 | 9 |
* | Puma Biotechnology Inc. | 3,200 | 8 |
* | Repligen Corp. | 39 | 7 |
* | Invacare Corp. | 7,600 | 6 |
* | Scholar Rock Holding Corp. | 800 | 6 |
* | ViewRay Inc. | 1,700 | 6 |
* | Personalis Inc. | 1,600 | 5 |
* | IGM Biosciences Inc. | 200 | 5 |
* | CorVel Corp. | 30 | 4 |
* | Evolent Health Inc. Class A | 98 | 4 |
* | Ultragenyx Pharmaceutical Inc. | 90 | 4 |
* | Sema4 Holdings Corp. | 4,183 | 4 |
* | Arcus Biosciences Inc. | 99 | 3 |
* | NextGen Healthcare Inc. | 198 | 3 |
* | NuVasive Inc. | 67 | 3 |
* | SeaSpine Holdings Corp. | 500 | 3 |
* | Surmodics Inc. | 98 | 3 |
* | XBiotech Inc. | 734 | 3 |
* | Aclaris Therapeutics Inc. | 100 | 2 |
* | CEL–SCI Corp. | 492 | 2 |
Shares | Market Value• ($000) | ||
* | Concert Pharmaceuticals Inc. | 300 | 2 |
* | Cymabay Therapeutics Inc. | 700 | 2 |
* | CytomX Therapeutics Inc. | 1,184 | 2 |
Integra LifeSciences Holdings Corp. | 39 | 2 | |
* | Meridian Bioscience Inc. | 50 | 2 |
* | Penumbra Inc. | 13 | 2 |
* | Provention Bio Inc. | 426 | 2 |
* | Syndax Pharmaceuticals Inc. | 79 | 2 |
* | Allovir Inc. | 200 | 2 |
* | Viemed Healthcare Inc. | 306 | 2 |
* | Allakos Inc. | 100 | 1 |
* | Bluebird Bio Inc. | 100 | 1 |
* | Bridgebio Pharma Inc. | 100 | 1 |
* | Brookdale Senior Living Inc. | 311 | 1 |
* | CTI BioPharma Corp. | 200 | 1 |
* | Collegium Pharmaceutical Inc. | 83 | 1 |
* | Dynavax Technologies Corp. | 100 | 1 |
* | Eiger BioPharmaceuticals Inc. | 100 | 1 |
* | Evolus Inc. | 110 | 1 |
* | Exact Sciences Corp. | 45 | 1 |
* | Gritstone bio Inc. | 254 | 1 |
* | Harrow Health Inc. | 100 | 1 |
* | ImmunoGen Inc. | 200 | 1 |
* | Integer Holdings Corp. | 24 | 1 |
* | Ironwood Pharmaceuticals Inc. Class A | 124 | 1 |
* | Karyopharm Therapeutics Inc. | 100 | 1 |
LeMaitre Vascular Inc. | 27 | 1 | |
* | Lineage Cell Therapeutics Inc. | 900 | 1 |
* | Mersana Therapeutics Inc. | 100 | 1 |
* | Nektar Therapeutics Class A | 300 | 1 |
* | Neogen Corp. | 100 | 1 |
* | Omeros Corp. | 287 | 1 |
* | Oncocyte Corp. | 1,200 | 1 |
* | PetIQ Inc. Class A | 200 | 1 |
*,2 | Sorrento Therapeutics Inc. | 466 | 1 |
* | Tandem Diabetes Care Inc. | 13 | 1 |
* | TG Therapeutics Inc. | 100 | 1 |
* | Voyager Therapeutics Inc. | 100 | 1 |
* | NextCure Inc. | 200 | 1 |
* | InfuSystem Holdings Inc. | 176 | 1 |
* | CRISPR Therapeutics AG | 16 | 1 |
* | Organogenesis Holdings Inc. Class A | 200 | 1 |
* | VBI Vaccines Inc. | 1,100 | 1 |
* | Liquidia Corp. | 166 | 1 |
* | Gamida Cell Ltd. | 428 | 1 |
* | Immunovant Inc. | 180 | 1 |
* | Retractable Technologies Inc. | 300 | 1 |
* | Vaxart Inc. | 300 | 1 |
Shares | Market Value• ($000) | ||
* | Marinus Pharmaceuticals Inc. | 125 | 1 |
* | Athira Pharma Inc. | 300 | 1 |
* | Chinook Therapeutics Inc. | 67 | 1 |
* | Canopy Growth Corp. | 200 | 1 |
* | EyePoint Pharmaceuticals Inc. | 100 | 1 |
* | Akoya Biosciences Inc. | 47 | 1 |
* | Aveanna Healthcare Holdings Inc. | 700 | 1 |
* | Assertio Holdings Inc. | 395 | 1 |
* | LifeStance Health Group Inc. | 167 | 1 |
* | Acumen Pharmaceuticals Inc. | 100 | 1 |
* | Definitive Healthcare Corp. Class A | 95 | 1 |
* | Xeris Biopharma Holdings Inc. | 662 | 1 |
*,1 | Radius Health Inc. CVR | 17,800 | 1 |
* | Agenus Inc. | 200 | — |
* | Amneal Pharmaceuticals Inc. | 200 | — |
* | Chimerix Inc. | 100 | — |
* | Computer Programs and Systems Inc. | 5 | — |
* | Insmed Inc. | 6 | — |
* | Jounce Therapeutics Inc. | 100 | — |
* | Kura Oncology Inc. | 33 | — |
Phibro Animal Health Corp. Class A | 38 | — | |
* | Sangamo Therapeutics Inc. | 100 | — |
* | Senseonics Holdings Inc. | 200 | — |
* | Seres Therapeutics Inc. | 22 | — |
* | SmileDirectClub Inc. | 239 | — |
* | Pieris Pharmaceuticals Inc. | 300 | — |
* | Arbutus Biopharma Corp. | 100 | — |
* | Affimed NV | 100 | — |
* | Precigen Inc. | 200 | — |
* | PDS Biotechnology Corp. | 165 | — |
* | Compugen Ltd. | 193 | — |
* | Essa Pharma Inc. | 102 | — |
* | ATAI Life Sciences NV | 148 | — |
* | Agile Therapeutics Inc. | 446 | — |
1,466,093 | |||
Industrials (7.4%) | |||
United Parcel Service Inc. Class B | 371,325 | 59,984 | |
Union Pacific Corp. | 276,652 | 53,897 | |
Emerson Electric Co. | 586,339 | 42,932 | |
Lockheed Martin Corp. | 110,903 | 42,841 | |
Robert Half International Inc. | 438,189 | 33,521 | |
* | United Rentals Inc. | 117,441 | 31,723 |
Republic Services Inc. Class A | 194,469 | 26,456 | |
Trane Technologies plc | 171,808 | 24,880 | |
WW Grainger Inc. | 47,076 | 23,029 | |
Illinois Tool Works Inc. | 122,222 | 22,079 | |
Northrop Grumman Corp. | 44,400 | 20,882 | |
Otis Worldwide Corp. | 317,421 | 20,251 | |
Caterpillar Inc. | 120,929 | 19,842 | |
Waste Management Inc. | 118,383 | 18,966 | |
General Dynamics Corp. | 86,019 | 18,251 |
Shares | Market Value• ($000) | ||
Norfolk Southern Corp. | 85,512 | 17,928 | |
Honeywell International Inc. | 86,826 | 14,497 | |
Fastenal Co. | 313,655 | 14,441 | |
General Electric Co. | 218,687 | 13,539 | |
PACCAR Inc. | 160,496 | 13,432 | |
Johnson Controls International plc | 269,800 | 13,280 | |
Fortive Corp. | 215,385 | 12,557 | |
JB Hunt Transport Services Inc. | 79,226 | 12,393 | |
Dover Corp. | 97,329 | 11,347 | |
IDEX Corp. | 55,883 | 11,168 | |
CSX Corp. | 407,924 | 10,867 | |
Carrier Global Corp. | 277,600 | 9,871 | |
Textron Inc. | 167,871 | 9,780 | |
A O Smith Corp. | 194,900 | 9,468 | |
Fortune Brands Home & Security Inc. | 149,820 | 8,044 | |
* | Alaska Air Group Inc. | 192,783 | 7,547 |
Waste Connections Inc. (XTSE) | 53,600 | 7,243 | |
AMETEK Inc. | 63,595 | 7,212 | |
Raytheon Technologies Corp. | 86,300 | 7,065 | |
Expeditors International of Washington Inc. | 77,016 | 6,801 | |
Cintas Corp. | 17,040 | 6,615 | |
Snap-on Inc. | 32,400 | 6,524 | |
3M Co. | 55,345 | 6,116 | |
* | Southwest Airlines Co. | 143,422 | 4,423 |
Equifax Inc. | 24,900 | 4,269 | |
Eaton Corp. plc | 31,582 | 4,212 | |
Allegion plc | 42,243 | 3,788 | |
Copart Inc. | 32,120 | 3,418 | |
Old Dominion Freight Line Inc. | 13,571 | 3,376 | |
CH Robinson Worldwide Inc. | 27,110 | 2,611 | |
FedEx Corp. | 14,100 | 2,093 | |
* | Fluor Corp. | 84,100 | 2,093 |
Cummins Inc. | 9,474 | 1,928 | |
* | SunPower Corp. | 77,800 | 1,792 |
* | Aerojet Rocketdyne Holdings Inc. | 40,800 | 1,632 |
* | Lyft Inc. Class A | 116,900 | 1,540 |
Delta Air Lines Inc. | 49,279 | 1,383 | |
Allison Transmission Holdings Inc. | 38,900 | 1,313 | |
Nordson Corp. | 5,589 | 1,186 | |
Leidos Holdings Inc. | 12,300 | 1,076 | |
Howmet Aerospace Inc. | 34,081 | 1,054 | |
American Airlines Group Inc. | 85,000 | 1,023 | |
TransUnion | 14,900 | 886 | |
Nielsen Holdings plc | 26,400 | 732 | |
Air Lease Corp. Class A | 21,937 | 680 | |
L3Harris Technologies Inc. | 3,200 | 665 | |
Pentair plc | 16,200 | 658 | |
* | WESCO International Inc. | 5,100 | 609 |
* | Upwork Inc. | 39,800 | 542 |
* | Resideo Technologies Inc. | 27,300 | 520 |
nVent Electric plc | 15,800 | 499 | |
Maxar Technologies Inc. | 24,700 | 462 | |
* | FuelCell Energy Inc. | 114,900 | 392 |
Shares | Market Value• ($000) | ||
* | Middleby Corp. | 3,000 | 384 |
REV Group Inc. | 34,620 | 382 | |
Herc Holdings Inc. | 3,300 | 343 | |
Pitney Bowes Inc. | 135,200 | 315 | |
Vertiv Holdings Co. Class A | 30,000 | 292 | |
* | AerCap Holdings NV | 6,726 | 285 |
Acuity Brands Inc. | 1,700 | 268 | |
* | Plug Power Inc. | 12,700 | 267 |
* | SkyWest Inc. | 15,700 | 255 |
Xylem Inc. | 2,900 | 253 | |
* | United Airlines Holdings Inc. | 7,700 | 250 |
* | Great Lakes Dredge & Dock Corp. | 30,900 | 234 |
* | Beacon Roofing Supply Inc. | 4,255 | 233 |
Shyft Group Inc. | 11,400 | 233 | |
AECOM | 3,400 | 232 | |
Tetra Tech Inc. | 1,800 | 231 | |
* | Mercury Systems Inc. | 5,652 | 229 |
Masco Corp. | 4,835 | 226 | |
GrafTech International Ltd. | 49,900 | 215 | |
Hexcel Corp. | 3,900 | 202 | |
* | Avis Budget Group Inc. | 1,300 | 193 |
* | KAR Auction Services Inc. | 16,100 | 180 |
* | Parsons Corp. | 3,800 | 149 |
Heidrick & Struggles International Inc. | 5,200 | 135 | |
Quanta Services Inc. | 1,000 | 127 | |
Moog Inc. Class A | 1,600 | 113 | |
* | First Advantage Corp. | 7,848 | 101 |
* | Gibraltar Industries Inc. | 2,000 | 82 |
* | BlueLinx Holdings Inc. | 1,300 | 81 |
Owens Corning | 900 | 71 | |
* | AAR Corp. | 1,958 | 70 |
Werner Enterprises Inc. | 1,800 | 68 | |
* | Manitowoc Co. Inc. | 5,900 | 46 |
* | Quad/Graphics Inc. | 14,882 | 38 |
* | Kratos Defense & Security Solutions Inc. | 3,684 | 37 |
* | Northwest Pipe Co. | 1,247 | 35 |
* | Driven Brands Holdings Inc. | 1,200 | 34 |
Matthews International Corp. Class A | 1,400 | 31 | |
* | Triumph Group Inc. | 3,500 | 30 |
Altra Industrial Motion Corp. | 800 | 27 | |
* | JetBlue Airways Corp. | 4,000 | 27 |
* | TrueBlue Inc. | 1,192 | 23 |
Wabash National Corp. | 1,500 | 23 | |
* | Yellow Corp. | 3,900 | 20 |
Heartland Express Inc. | 1,187 | 17 | |
* | MRC Global Inc. | 2,400 | 17 |
* | CACI International Inc. Class A | 60 | 16 |
* | JELD-WEN Holding Inc. | 1,600 | 14 |
* | Mesa Air Group Inc. | 7,900 | 13 |
* | Mayville Engineering Co. Inc. | 1,901 | 12 |
MSA Safety Inc. | 99 | 11 | |
Lindsay Corp. | 71 | 10 | |
Quanex Building Products Corp. | 501 | 9 | |
* | Tutor Perini Corp. | 1,300 | 7 |
Shares | Market Value• ($000) | ||
* | Harsco Corp. | 1,500 | 6 |
Kelly Services Inc. Class A | 419 | 6 | |
Arcosa Inc. | 89 | 5 | |
* | Astronics Corp. | 576 | 5 |
Daseke Inc. | 1,000 | 5 | |
* | Matrix Service Co. | 1,106 | 5 |
* | American Superconductor Corp. | 1,000 | 4 |
* | CBIZ Inc. | 91 | 4 |
KBR Inc. | 88 | 4 | |
TransDigm Group Inc. | 7 | 4 | |
Barnes Group Inc. | 98 | 3 | |
Oshkosh Corp. | 47 | 3 | |
Primoris Services Corp. | 204 | 3 | |
Rollins Inc. | 94 | 3 | |
Rush Enterprises Inc. Class A | 58 | 3 | |
Universal Logistics Holdings Inc. | 86 | 3 | |
Aris Water Solution Inc. Class A | 200 | 3 | |
Apogee Enterprises Inc. | 51 | 2 | |
Brady Corp. Class A | 38 | 2 | |
* | CECO Environmental Corp. | 200 | 2 |
* | Evoqua Water Technologies Corp. | 63 | 2 |
* | GEO Group Inc. | 200 | 2 |
HNI Corp. | 88 | 2 | |
Kimball International Inc. Class B | 300 | 2 | |
MDU Resources Group Inc. | 57 | 2 | |
* | Radiant Logistics Inc. | 282 | 2 |
* | Titan Machinery Inc. | 66 | 2 |
Enerpac Tool Group Corp. Class A | 93 | 2 | |
* | Hayward Holdings Inc. | 175 | 2 |
AZZ Inc. | 41 | 1 | |
* | Babcock & Wilcox Enterprises Inc. | 113 | 1 |
* | BrightView Holdings Inc. | 156 | 1 |
* | CoreCivic Inc. | 99 | 1 |
* | Forrester Research Inc. | 40 | 1 |
Greenbrier Cos. Inc. | 39 | 1 | |
* | Hawaiian Holdings Inc. | 76 | 1 |
Interface Inc. Class A | 100 | 1 | |
Marten Transport Ltd. | 50 | 1 | |
MillerKnoll Inc. | 60 | 1 | |
* | NOW Inc. | 146 | 1 |
Parker-Hannifin Corp. | 4 | 1 | |
Steelcase Inc. Class A | 142 | 1 | |
* | Titan International Inc. | 100 | 1 |
* | Gates Industrial Corp. plc | 153 | 1 |
Luxfer Holdings plc | 94 | 1 | |
Caesarstone Ltd. | 62 | 1 | |
Genco Shipping & Trading Ltd. | 98 | 1 | |
ACCO Brands Corp. | 204 | 1 | |
* | Corp. America Airports SA | 200 | 1 |
Pangaea Logistics Solutions Ltd. | 200 | 1 | |
Atlas Corp. | 58 | 1 | |
* | Sun Country Airlines Holdings Inc. | 83 | 1 |
Shares | Market Value• ($000) | ||
* | Archer Aviation Inc. Class A | 400 | 1 |
* | Aurora Innovation Inc. | 600 | 1 |
* | Planet Labs PBC | 200 | 1 |
* | Masonite International Corp. | 6 | — |
* | Mistras Group Inc. | 100 | — |
Resources Connection Inc. | 12 | — | |
* | Westport Fuel Systems Inc. | 100 | — |
Eneti Inc. | 2 | — | |
Zurn Elkay Water Solutions Corp. | 3 | — | |
755,439 | |||
Information Technology (27.4%) | |||
Apple Inc. | 4,839,084 | 668,761 | |
Microsoft Corp. | 2,652,565 | 617,782 | |
QUALCOMM Inc. | 910,603 | 102,880 | |
Accenture plc Class A | 393,328 | 101,203 | |
Texas Instruments Inc. | 470,480 | 72,821 | |
Mastercard Inc. Class A | 252,591 | 71,822 | |
Broadcom Inc. | 159,506 | 70,822 | |
NVIDIA Corp. | 528,083 | 64,104 | |
Automatic Data Processing Inc. | 256,603 | 58,041 | |
Applied Materials Inc. | 590,126 | 48,349 | |
Visa Inc. Class A | 270,848 | 48,116 | |
Cognizant Technology Solutions Corp. Class A | 826,408 | 47,469 | |
Cisco Systems Inc. | 1,026,326 | 41,053 | |
* | PayPal Holdings Inc. | 475,143 | 40,896 |
Paychex Inc. | 342,298 | 38,409 | |
* | Salesforce Inc. | 261,231 | 37,576 |
Oracle Corp. | 581,068 | 35,486 | |
* | Cadence Design Systems Inc. | 216,254 | 35,342 |
* | Adobe Inc. | 124,591 | 34,287 |
* | Paycom Software Inc. | 92,917 | 30,662 |
NXP Semiconductors NV | 202,782 | 29,912 | |
* | Synopsys Inc. | 96,220 | 29,396 |
Micron Technology Inc. | 559,794 | 28,046 | |
* | ServiceNow Inc. | 73,872 | 27,895 |
KLA Corp. | 90,859 | 27,497 | |
* | Gartner Inc. | 93,145 | 25,772 |
CDW Corp. | 163,685 | 25,548 | |
Lam Research Corp. | 68,005 | 24,890 | |
Monolithic Power Systems Inc. | 59,222 | 21,521 | |
* | Fortinet Inc. | 430,496 | 21,150 |
* | VeriSign Inc. | 107,700 | 18,708 |
Microchip Technology Inc. | 284,140 | 17,341 | |
* | Enphase Energy Inc. | 61,468 | 17,056 |
HP Inc. | 683,518 | 17,033 | |
* | FleetCor Technologies Inc. | 78,462 | 13,823 |
Analog Devices Inc. | 98,252 | 13,690 | |
* | ON Semiconductor Corp. | 206,762 | 12,888 |
* | Western Digital Corp. | 393,996 | 12,825 |
* | Keysight Technologies Inc. | 79,513 | 12,512 |
Skyworks Solutions Inc. | 144,010 | 12,280 | |
Motorola Solutions Inc. | 53,535 | 11,990 | |
NortonLifeLock Inc. | 434,645 | 8,754 | |
Intel Corp. | 288,400 | 7,432 |
Shares | Market Value• ($000) | ||
NetApp Inc. | 119,900 | 7,416 | |
Vontier Corp. | 403,300 | 6,739 | |
Amdocs Ltd. | 82,000 | 6,515 | |
* | Qorvo Inc. | 72,351 | 5,745 |
Corning Inc. | 197,800 | 5,740 | |
* | Advanced Micro Devices Inc. | 85,919 | 5,444 |
Teradyne Inc. | 69,400 | 5,215 | |
* | EPAM Systems Inc. | 10,828 | 3,922 |
* | Check Point Software Technologies Ltd. | 32,066 | 3,592 |
SS&C Technologies Holdings Inc. | 65,431 | 3,124 | |
* | Fair Isaac Corp. | 7,200 | 2,967 |
International Business Machines Corp. | 24,900 | 2,958 | |
* | Rambus Inc. | 110,800 | 2,817 |
Intuit Inc. | 7,150 | 2,769 | |
* | Zebra Technologies Corp. Class A | 8,700 | 2,280 |
* | DocuSign Inc. Class A | 42,000 | 2,246 |
* | DXC Technology Co. | 88,902 | 2,176 |
* | Fiserv Inc. | 22,800 | 2,133 |
* | Box Inc. Class A | 80,600 | 1,966 |
* | Workiva Inc. Class A | 24,100 | 1,875 |
* | Akamai Technologies Inc. | 23,000 | 1,847 |
Fidelity National Information Services Inc. | 20,900 | 1,579 | |
Western Union Co. | 111,700 | 1,508 | |
1 | Citrix Systems Inc. | 13,900 | 1,446 |
InterDigital Inc. | 35,400 | 1,431 | |
* | Dropbox Inc. Class A | 61,100 | 1,266 |
Global Payments Inc. | 11,545 | 1,247 | |
* | Splunk Inc. | 15,900 | 1,196 |
* | Cloudflare Inc. Class A | 20,600 | 1,139 |
TE Connectivity Ltd. | ��� 9,800 | 1,082 | |
Concentrix Corp. | 9,600 | 1,072 | |
Semtech Corp. | 33,700 | 991 | |
* | Autodesk Inc. | 5,133 | 959 |
Crowdstrike Holdings Inc. Class A | 5,800 | 956 | |
Hewlett Packard Enterprise Co. | 68,634 | 822 | |
* | Pure Storage Inc. Class A | 28,600 | 783 |
* | Datadog Inc. Class A | 8,600 | 764 |
Amphenol Corp. Class A | 11,334 | 759 | |
* | First Solar Inc. | 5,564 | 736 |
* | Momentive Global Inc. | 121,194 | 704 |
* | Tenable Holdings Inc. | 19,200 | 668 |
* | NetScout Systems Inc. | 21,000 | 658 |
* | ACI Worldwide Inc. | 30,680 | 641 |
* | Teradata Corp. | 16,800 | 522 |
* | Canadian Solar Inc. | 12,500 | 466 |
* | Workday Inc. Class A | 3,000 | 457 |
* | Kyndryl Holdings Inc. | 51,400 | 425 |
* | Arista Networks Inc. | 3,600 | 406 |
* | Euronet Worldwide Inc. | 5,100 | 386 |
* | Conduent Inc. | 108,200 | 361 |
* | Digital Turbine Inc. | 21,800 | 314 |
Jack Henry & Associates Inc. | 1,600 | 292 | |
* | ANSYS Inc. | 1,300 | 288 |
* | LiveRamp Holdings Inc. | 14,200 | 258 |
Ebix Inc. | 13,300 | 252 | |
* | Cognyte Software Ltd. | 55,457 | 224 |
* | Infinera Corp. | 39,700 | 192 |
Shares | Market Value• ($000) | ||
* | Trimble Inc. | 3,400 | 185 |
* | Qualtrics International Inc. Class A | 17,100 | 174 |
Domo Inc. Class B | 8,600 | 155 | |
* | MACOM Technology Solutions Holdings Inc. Class H | 3,000 | 155 |
* | SolarWinds Corp. | 19,210 | 149 |
* | Everbridge Inc. | 4,500 | 139 |
* | Dynatrace Inc. | 3,600 | 125 |
* | Avid Technology Inc. | 5,200 | 121 |
* | Squarespace Inc. Class A | 5,100 | 109 |
* | Unisys Corp. | 11,800 | 89 |
Hackett Group Inc. | 4,212 | 75 | |
Universal Display Corp. | 795 | 75 | |
* | Smartsheet Inc. Class A | 2,100 | 72 |
* | Nutanix Inc. Class A | 3,100 | 65 |
* | Rimini Street Inc. | 13,200 | 62 |
* | Daktronics Inc. | 22,089 | 60 |
* | WM Technology Inc. | 36,429 | 59 |
* | Consensus Cloud Solutions Inc. | 1,231 | 58 |
* | Grid Dynamics Holdings Inc. | 3,000 | 56 |
* | Casa Systems Inc. | 17,100 | 54 |
* | Veeco Instruments Inc. | 2,892 | 53 |
* | IPG Photonics Corp. | 600 | 51 |
* | Paycor HCM Inc. | 1,680 | 50 |
* | Upland Software Inc. | 5,900 | 48 |
* | Palantir Technologies Inc. Class A | 5,900 | 48 |
* | Allegro MicroSystems Inc. | 2,200 | 48 |
* | Qualys Inc. | 300 | 42 |
* | Radware Ltd. | 1,900 | 41 |
* | TELUS International CDA Inc. | 1,420 | 37 |
* | FormFactor Inc. | 1,400 | 35 |
National Instruments Corp. | 900 | 34 | |
Ciena Corp. | 800 | 32 | |
* | Payoneer Global Inc. | 5,200 | 31 |
* | Varonis Systems Inc. Class B | 1,146 | 30 |
Zoom Video Communications Inc. Class A | 400 | 29 | |
* | 3D Systems Corp. | 3,500 | 28 |
* | Blackbaud Inc. | 600 | 26 |
Pegasystems Inc. | 800 | 26 | |
WEX Inc. | 200 | 25 | |
* | Stratasys Ltd. | 1,600 | 23 |
* | N-Able Inc. | 2,500 | 23 |
* | Kopin Corp. | 18,100 | 19 |
* | SecureWorks Corp. Class A | 2,214 | 18 |
* | DigitalOcean Holdings Inc. | 500 | 18 |
* | eGain Corp. | 1,593 | 12 |
* | ExlService Holdings Inc. | 84 | 12 |
* | PagSeguro Digital Ltd. Class A | 900 | 12 |
Marvell Technology Inc. | 284 | 12 | |
Magnachip Semiconductor Corp. | 1,000 | 10 | |
* | Turtle Beach Corp. | 1,100 | 8 |
* | Affirm Holdings Inc. | 400 | 8 |
Shares | Market Value• ($000) | ||
Broadridge Financial Solutions Inc. | 51 | 7 | |
* | Lumentum Holdings Inc. | 95 | 7 |
* | TTM Technologies Inc. | 500 | 7 |
* | Knowles Corp. | 500 | 6 |
* | Yext Inc. | 1,400 | 6 |
Badger Meter Inc. | 51 | 5 | |
* | CalAmp Corp. | 1,199 | 5 |
* | Silicon Laboratories Inc. | 41 | 5 |
* | Flywire Corp. | 200 | 5 |
* | Impinj Inc. | 50 | 4 |
Information Services Group Inc. | 936 | 4 | |
RingCentral Inc. Class A | 96 | 4 | |
* | Evo Payments Inc. Class A | 81 | 3 |
* | Model N Inc. | 94 | 3 |
Switch Inc. Class A | 74 | 3 | |
* | Blackline Inc. | 38 | 2 |
* | FARO Technologies Inc. | 84 | 2 |
* | KVH Industries Inc. | 197 | 2 |
NVE Corp. | 49 | 2 | |
TD SYNNEX Corp. | 19 | 2 | |
* | Verra Mobility Corp. Class A | 100 | 2 |
* | Flex Ltd. | 100 | 2 |
Hollysys Automation Technologies Ltd. | 100 | 2 | |
* | Velodyne Lidar Inc. | 2,400 | 2 |
* | SEMrush Holdings Inc. Class A | 200 | 2 |
* | Clear Secure Inc. Class A | 100 | 2 |
* | Remitly Global Inc. | 178 | 2 |
A10 Networks Inc. | 100 | 1 | |
* | Axcelis Technologies Inc. | 10 | 1 |
Benchmark Electronics Inc. | 55 | 1 | |
* | Benefitfocus Inc. | 100 | 1 |
* | Black Knight Inc. | 11 | 1 |
* | Brightcove Inc. | 184 | 1 |
* | Calix Inc. | 9 | 1 |
* | CommScope Holding Co. Inc. | 103 | 1 |
* | Diebold Nixdorf Inc. | 200 | 1 |
* | 8x8 Inc. | 300 | 1 |
* | ePlus Inc. | 14 | 1 |
* | Extreme Networks Inc. | 100 | 1 |
* | Iteris Inc. | 472 | 1 |
* | MicroVision Inc. | 300 | 1 |
* | Mitek Systems Inc. | 137 | 1 |
* | MoneyGram International Inc. | 110 | 1 |
* | PDF Solutions Inc. | 46 | 1 |
* | PFSweb Inc. | 100 | 1 |
* | Ribbon Communications Inc. | 470 | 1 |
* | Sanmina Corp. | 21 | 1 |
* | ViaSat Inc. | 26 | 1 |
* | Viavi Solutions Inc. | 100 | 1 |
Xerox Holdings Corp. | 100 | 1 | |
* | SMART Global Holdings Inc. | 77 | 1 |
* | Cerence Inc. | 56 | 1 |
* | Celestica Inc. | 90 | 1 |
* | Rackspace Technology Inc. | 213 | 1 |
* | Phunware Inc. | 400 | 1 |
Shares | Market Value• ($000) | ||
Sapiens International Corp. NV | 72 | 1 | |
Ituran Location and Control Ltd. | 26 | 1 | |
* | Arlo Technologies Inc. | 100 | — |
* | Ceridian HCM Holding Inc. | 8 | — |
* | Eastman Kodak Co. | 29 | — |
* | Immersion Corp. | 2 | — |
* | Inseego Corp. | 200 | — |
* | Rekor Systems Inc. | 200 | — |
Vishay Intertechnology Inc. | 1 | — | |
* | Vishay Precision Group Inc. | 2 | — |
* | Maxeon Solar Technologies Ltd. | 12 | — |
* | JFrog Ltd. | 15 | — |
* | Sierra Wireless Inc. | 15 | — |
* | Alkami Technology Inc. | 3 | — |
*,2 | Exela Technologies Inc. | 51 | — |
2,813,630 | |||
Materials (1.8%) | |||
Dow Inc. | 707,675 | 31,088 | |
LyondellBasell Industries NV Class A | 256,416 | 19,303 | |
Mosaic Co. | 390,760 | 18,885 | |
Packaging Corp. of America | 162,085 | 18,201 | |
Sealed Air Corp. | 267,341 | 11,899 | |
Westrock Co. | 383,831 | 11,857 | |
CF Industries Holdings Inc. | 117,413 | 11,301 | |
Nucor Corp. | 79,750 | 8,532 | |
Linde plc | 30,933 | 8,339 | |
Corteva Inc. | 126,000 | 7,201 | |
Freeport-McMoRan Inc. | 223,700 | 6,114 | |
Newmont Corp. | 131,800 | 5,540 | |
Avery Dennison Corp. | 33,952 | 5,524 | |
Nutrien Ltd. | 61,100 | 5,095 | |
DuPont de Nemours Inc. | 58,900 | 2,969 | |
International Paper Co. | 93,411 | 2,961 | |
Celanese Corp. Class A | 17,100 | 1,545 | |
* | ATI Inc. | 42,100 | 1,120 |
United States Steel Corp. | 52,400 | 949 | |
International Flavors & Fragrances Inc. | 9,800 | 890 | |
* | MP Materials Corp. | 32,500 | 887 |
Warrior Met Coal Inc. | 31,165 | 886 | |
Amcor plc | 78,801 | 846 | |
Ball Corp. | 16,100 | 778 | |
* | Cleveland-Cliffs Inc. | 52,200 | 703 |
* | Ingevity Corp. | 10,000 | 606 |
Vulcan Materials Co. | 3,000 | 473 | |
Huntsman Corp. | 17,100 | 420 | |
Olin Corp. | 7,300 | 313 | |
Sherwin-Williams Co. | 1,200 | 246 | |
Barrick Gold Corp. (XTSE) | 13,200 | 205 | |
Alpha Metallurgical Resources Inc. | 1,400 | 192 | |
* | Resolute Forest Products Inc. | 7,800 | 156 |
Commercial Metals Co. | 4,200 | 149 | |
* | LSB Industries Inc. | 9,500 | 135 |
Ecolab Inc. | 800 | 116 |
Shares | Market Value• ($000) | ||
Alcoa Corp. | 3,100 | 104 | |
Eastman Chemical Co. | 1,300 | 92 | |
Steel Dynamics Inc. | 1,200 | 85 | |
Chemours Co. | 3,300 | 81 | |
Glatfelter Corp. | 17,200 | 54 | |
SunCoke Energy Inc. | 9,100 | 53 | |
Graphic Packaging Holding Co. | 2,600 | 51 | |
* | Aspen Aerogels Inc. | 3,800 | 35 |
* | Summit Materials Inc. Class A | 1,100 | 26 |
* | O-I Glass Inc. | 1,669 | 22 |
* | Livent Corp. | 700 | 21 |
Valhi Inc. | 745 | 19 | |
* | Advanced Emissions Solutions Inc. | 1,291 | 4 |
Materion Corp. | 53 | 4 | |
* | Diversey Holdings Ltd. | 900 | 4 |
Haynes International Inc. | 95 | 3 | |
Innospec Inc. | 35 | 3 | |
American Vanguard Corp. | 95 | 2 | |
Hecla Mining Co. | 200 | 1 | |
Minerals Technologies Inc. | 18 | 1 | |
Myers Industries Inc. | 71 | 1 | |
Ryerson Holding Corp. | 49 | 1 | |
Tredegar Corp. | 100 | 1 | |
Tronox Holdings plc Class A | 100 | 1 | |
Osisko Gold Royalties Ltd. | 100 | 1 | |
Wheaton Precious Metals Corp. | 30 | 1 | |
Orion Engineered Carbons SA | 80 | 1 | |
Avient Corp. | 18 | 1 | |
* | IAMGOLD Corp. | 600 | 1 |
Ramaco Resources Inc. | 100 | 1 | |
* | Equinox Gold Corp. | 200 | 1 |
First Majestic Silver Corp. | 100 | 1 | |
Mercer International Inc. | 100 | 1 | |
* | Constellium SE Class A | 65 | 1 |
* | Ferroglobe plc | 275 | 1 |
Nexa Resources SA | 116 | 1 | |
ICL Group Ltd. | 118 | 1 | |
Alamos Gold Inc. Class A | 100 | 1 | |
Ecovyst Inc. | 105 | 1 | |
Yamana Gold Inc. | 100 | — | |
* | Novagold Resources Inc. | 100 | — |
187,108 | |||
Other (0.3%) | |||
2 | SPDR S&P 500 ETF Trust | 78,700 | 28,110 |
*,1 | Aduro Biotech Inc. CVR | 67 | — |
*,1 | Achillion Pharma CVR Alexion Pharmaceuticals Inc. | 400 | — |
*,1 | Contra Strongbridge CVR | 335 | — |
28,110 | |||
Real Estate (2.8%) | |||
Extra Space Storage Inc. | 222,163 | 38,370 | |
Simon Property Group Inc. | 373,836 | 33,552 | |
Camden Property Trust | 207,303 | 24,762 | |
Public Storage | 83,045 | 24,316 | |
Regency Centers Corp. | 422,424 | 22,748 |
Shares | Market Value• ($000) | ||
Host Hotels & Resorts Inc. | 1,098,438 | 17,443 | |
* | CBRE Group Inc. Class A | 234,332 | 15,820 |
SBA Communications Corp. Class A | 55,150 | 15,698 | |
Ventas Inc. | 369,676 | 14,850 | |
Equity Residential | 214,233 | 14,401 | |
Crown Castle Inc. | 97,060 | 14,030 | |
Federal Realty Investment Trust | 116,239 | 10,475 | |
Mid-America Apartment Communities Inc. | 63,409 | 9,833 | |
Apartment Income REIT Corp. | 99,300 | 3,835 | |
Invitation Homes Inc. | 99,482 | 3,360 | |
Essex Property Trust Inc. | 13,646 | 3,305 | |
AvalonBay Communities Inc. | 17,600 | 3,242 | |
American Tower Corp. | 12,700 | 2,727 | |
Digital Realty Trust Inc. | 24,400 | 2,420 | |
Welltower Inc. | 33,220 | 2,137 | |
Weyerhaeuser Co. | 63,766 | 1,821 | |
Healthpeak Properties Inc. | 69,900 | 1,602 | |
UDR Inc. | 37,100 | 1,547 | |
Boston Properties Inc. | 19,656 | 1,474 | |
Prologis Inc. | 14,100 | 1,433 | |
Innovative Industrial Properties Inc. | 13,300 | 1,177 | |
Newmark Group Inc. Class A | 90,900 | 733 | |
Duke Realty Corp. | 9,900 | 477 | |
Iron Mountain Inc. | 6,400 | 281 | |
Park Hotels & Resorts Inc. | 24,100 | 271 | |
Brixmor Property Group Inc. | 10,700 | 198 | |
Kimco Realty Corp. | 7,600 | 140 | |
Kilroy Realty Corp. | 3,200 | 135 | |
Healthcare Realty Trust Inc. Class A Blank | 4,890 | 102 | |
Douglas Emmett Inc. | 5,378 | 96 | |
Highwoods Properties Inc. | 3,500 | 94 | |
* | Anywhere Real Estate Inc. | 10,890 | 88 |
* | Cushman & Wakefield plc | 5,500 | 63 |
EPR Properties | 1,635 | 59 | |
Service Properties Trust | 9,100 | 47 | |
Essential Properties Realty Trust Inc. | 1,900 | 37 | |
Farmland Partners Inc. | 2,300 | 29 | |
City Office REIT Inc. | 2,400 | 24 | |
Diversified Healthcare Trust | 23,037 | 23 | |
Industrial Logistics Properties Trust | 3,400 | 19 | |
Macerich Co. | 1,900 | 15 | |
Tanger Factory Outlet Centers Inc. | 1,100 | 15 | |
Paramount Group Inc. | 2,100 | 13 | |
Uniti Group Inc. | 1,900 | 13 | |
Alexandria Real Estate Equities Inc. | 70 | 10 | |
Hersha Hospitality Trust Class A | 1,220 | 10 | |
PotlatchDeltic Corp. | 100 | 4 |
Shares | Market Value• ($000) | ||
VICI Properties Inc. | 98 | 3 | |
Alpine Income Property Trust Inc. | 155 | 3 | |
JBG SMITH Properties | 96 | 2 | |
Omega Healthcare Investors Inc. | 69 | 2 | |
Sabra Health Care REIT Inc. | 189 | 2 | |
Urban Edge Properties | 171 | 2 | |
Urstadt Biddle Properties Inc. Class A | 99 | 2 | |
Orion Office REIT Inc. | 190 | 2 | |
Acadia Realty Trust | 98 | 1 | |
Brandywine Realty Trust | 100 | 1 | |
Empire State Realty Trust Inc. Class A | 100 | 1 | |
Getty Realty Corp. | 56 | 1 | |
Gladstone Commercial Corp. | 70 | 1 | |
iStar Inc. | 100 | 1 | |
Kite Realty Group Trust | 62 | 1 | |
LXP Industrial Trust | 149 | 1 | |
Medical Properties Trust Inc. | 44 | 1 | |
Physicians Realty Trust | 100 | 1 | |
Plymouth Industrial REIT Inc. | 46 | 1 | |
RLJ Lodging Trust | 100 | 1 | |
RMR Group Inc. Class A | 40 | 1 | |
* | Seritage Growth Properties Class A | 100 | 1 |
SITE Centers Corp. | 100 | 1 | |
Summit Hotel Properties Inc. | 158 | 1 | |
Sunstone Hotel Investors Inc. | 100 | 1 | |
Vornado Realty Trust | 36 | 1 | |
* | Altisource Portfolio Solutions SA | 100 | 1 |
* | Ashford Hospitality Trust Inc. | 100 | 1 |
Douglas Elliman Inc. | 254 | 1 | |
SL Green Realty Corp. | 30 | 1 | |
DiamondRock Hospitality Co. | 60 | — | |
Hudson Pacific Properties Inc. | 6 | — | |
Kennedy-Wilson Holdings Inc. | 17 | — | |
* | Apartment Investment and Management Co. Class A | 18 | — |
Broadstone Net Lease Inc. | 2 | — | |
DigitalBridge Group Inc. | 14 | — | |
289,414 | |||
Utilities (2.4%) | |||
American Electric Power Co. Inc. | 366,998 | 31,727 | |
Duke Energy Corp. | 285,724 | 26,578 | |
NiSource Inc. | 1,031,329 | 25,979 | |
Constellation Energy Corp. | 300,512 | 25,000 | |
Dominion Energy Inc. | 308,900 | 21,348 | |
NRG Energy Inc. | 475,144 | 18,184 | |
PPL Corp. | 662,380 | 16,791 | |
Exelon Corp. | 313,031 | 11,726 | |
Consolidated Edison Inc. | 115,300 | 9,888 |
Shares | Market Value• ($000) | ||
Alliant Energy Corp. | 168,500 | 8,929 | |
Evergy Inc. | 149,038 | 8,853 | |
Southern Co. | 100,916 | 6,862 | |
FirstEnergy Corp. | 162,530 | 6,014 | |
Eversource Energy | 54,629 | 4,259 | |
Pinnacle West Capital Corp. | 65,254 | 4,210 | |
NextEra Energy Inc. | 43,310 | 3,396 | |
Sempra Energy (XNYS) | 19,496 | 2,923 | |
Edison International | 40,579 | 2,296 | |
AES Corp. | 97,344 | 2,200 | |
Xcel Energy Inc. | 24,100 | 1,542 | |
CenterPoint Energy Inc. | 47,299 | 1,333 | |
Public Service Enterprise Group Inc. | 20,000 | 1,125 | |
DTE Energy Co. | 6,600 | 759 | |
Atmos Energy Corp. | 6,800 | 693 | |
CMS Energy Corp. | 10,400 | 606 | |
WEC Energy Group Inc. | 1,400 | 125 | |
* | Montauk Renewables Inc. | 1,901 | 33 |
Ameren Corp. | 300 | 24 | |
Avangrid Inc. | 34 | 1 | |
Via Renewables Inc. Class A | 162 | 1 | |
243,405 | |||
Total Common Stocks (Cost $8,226,788) | 10,023,191 |
Shares | Market Value• ($000) | ||
Temporary Cash Investments (2.3%) | |||
Money Market Fund (2.3%) | |||
3,4 | Vanguard Market Liquidity Fund, 2.828% (Cost $233,226) | 2,333,611 | 233,291 |
Total Investments (100.1%) (Cost $8,460,014) | 10,256,482 | ||
Other Assets and Liabilities—Net (-0.1%) | (9,466) | ||
Net Assets (100%) | 10,247,016 | ||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Security value determined using significant unobservable inputs. |
2 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $25,214,000. |
3 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
4 | Collateral of $26,211,000 was received for securities on loan, of which $26,209,000 is held in Vanguard Market Liquidity Fund and $2,000 is held in cash. |
CVR—Contingent Value Rights. | |
REIT—Real Estate Investment Trust. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini S&P 500 Index | December 2022 | 1,133 | 204,025 | (28,397) |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $8,226,788) | 10,023,191 |
Affiliated Issuers (Cost $233,226) | 233,291 |
Total Investments in Securities | 10,256,482 |
Investment in Vanguard | 420 |
Cash | 2 |
Cash Collateral Pledged—Futures Contracts | 11,324 |
Receivables for Investment Securities Sold | 22,598 |
Receivables for Accrued Income | 8,485 |
Receivables for Capital Shares Issued | 11,245 |
Total Assets | 10,310,556 |
Liabilities | |
Due to Custodian | 464 |
Payables for Investment Securities Purchased | 22,805 |
Collateral for Securities on Loan | 26,211 |
Payables to Investment Advisor | 2,562 |
Payables for Capital Shares Redeemed | 7,781 |
Payables to Vanguard | 731 |
Variation Margin Payable—Futures Contracts | 2,986 |
Total Liabilities | 63,540 |
Net Assets | 10,247,016 |
1 Includes $25,214 of securities on loan. | |
At September 30, 2022, net assets consisted of: | |
Paid-in Capital | 7,807,512 |
Total Distributable Earnings (Loss) | 2,439,504 |
Net Assets | 10,247,016 |
Investor Shares—Net Assets | |
Applicable to 52,420,985 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 2,569,694 |
Net Asset Value Per Share—Investor Shares | $49.02 |
Admiral Shares—Net Assets | |
Applicable to 95,952,434 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 7,677,322 |
Net Asset Value Per Share—Admiral Shares | $80.01 |
Year Ended September 30, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 193,157 |
Interest2 | 2,159 |
Securities Lending—Net | 51 |
Total Income | 195,367 |
Expenses | |
Investment Advisory Fees—Note B | |
Basic Fee | 11,396 |
Performance Adjustment | (1,000) |
The Vanguard Group—Note C | |
Management and Administrative—Investor Shares | 6,895 |
Management and Administrative—Admiral Shares | 11,998 |
Marketing and Distribution—Investor Shares | 231 |
Marketing and Distribution—Admiral Shares | 344 |
Custodian Fees | 139 |
Auditing Fees | 35 |
Shareholders’ Reports—Investor Shares | 56 |
Shareholders’ Reports—Admiral Shares | 86 |
Trustees’ Fees and Expenses | 5 |
Other Expenses | 20 |
Total Expenses | 30,205 |
Net Investment Income | 165,162 |
Realized Net Gain (Loss) | |
Investment Securities Sold2 | 888,254 |
Futures Contracts | (19,124) |
Realized Net Gain (Loss) | 869,130 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | (2,628,459) |
Futures Contracts | (18,785) |
Change in Unrealized Appreciation (Depreciation) | (2,647,244) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (1,612,952) |
1 | Dividends are net of foreign withholding taxes of $112,000. |
2 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $2,079,000, ($59,000), $6,000, and ($42,000), respectively. Purchases and sales are for temporary cash investment purposes. |
Year Ended September 30, | ||
2022 ($000) | 2021 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 165,162 | 166,194 |
Realized Net Gain (Loss) | 869,130 | 1,933,766 |
Change in Unrealized Appreciation (Depreciation) | (2,647,244) | 1,198,937 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (1,612,952) | 3,298,897 |
Distributions | ||
Investor Shares | (464,158) | (191,602) |
Admiral Shares | (1,454,297) | (572,128) |
Total Distributions | (1,918,455) | (763,730) |
Capital Share Transactions | ||
Investor Shares | 244,229 | (225,705) |
Admiral Shares | 508,275 | (1,148,490) |
Net Increase (Decrease) from Capital Share Transactions | 752,504 | (1,374,195) |
Total Increase (Decrease) | (2,778,903) | 1,160,972 |
Net Assets | ||
Beginning of Period | 13,025,919 | 11,864,947 |
End of Period | 10,247,016 | 13,025,919 |
Investor Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended September 30, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $66.16 | $54.15 | $49.46 | $52.17 | $46.50 |
Investment Operations | |||||
Net Investment Income1 | .746 | .761 | .787 | .823 | .711 |
Net Realized and Unrealized Gain (Loss) on Investments | (8.155) | 14.991 | 6.024 | (.204) | 7.650 |
Total from Investment Operations | (7.409) | 15.752 | 6.811 | .619 | 8.361 |
Distributions | |||||
Dividends from Net Investment Income | (.777) | (.770) | (.815) | (.766) | (.668) |
Distributions from Realized Capital Gains | (8.954) | (2.972) | (1.306) | (2.563) | (2.023) |
Total Distributions | (9.731) | (3.742) | (2.121) | (3.329) | (2.691) |
Net Asset Value, End of Period | $49.02 | $66.16 | $54.15 | $49.46 | $52.17 |
Total Return2 | -13.94% | 30.22% | 14.07% | 2.21% | 18.56% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $2,570 | $3,205 | $2,779 | $2,860 | $2,932 |
Ratio of Total Expenses to Average Net Assets3 | 0.32% | 0.32% | 0.32% | 0.33% | 0.33% |
Ratio of Net Investment Income to Average Net Assets | 1.25% | 1.22% | 1.57% | 1.73% | 1.45% |
Portfolio Turnover Rate | 62% | 62% | 58% | 68% | 83% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | Includes performance-based investment advisory fee increases (decreases) of (0.01%), (0.00%), 0.00%, 0.01%, and 0.00%. |
Admiral Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended September 30, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $108.01 | $88.40 | $80.74 | $85.16 | $75.93 |
Investment Operations | |||||
Net Investment Income1 | 1.315 | 1.344 | 1.364 | 1.421 | 1.242 |
Net Realized and Unrealized Gain (Loss) on Investments | (13.315) | 24.466 | 9.842 | (.330) | 12.473 |
Total from Investment Operations | (12.000) | 25.810 | 11.206 | 1.091 | 13.715 |
Distributions | |||||
Dividends from Net Investment Income | (1.380) | (1.347) | (1.414) | (1.326) | (1.182) |
Distributions from Realized Capital Gains | (14.620) | (4.853) | (2.132) | (4.185) | (3.303) |
Total Distributions | (16.000) | (6.200) | (3.546) | (5.511) | (4.485) |
Net Asset Value, End of Period | $80.01 | $108.01 | $88.40 | $80.74 | $85.16 |
Total Return2 | -13.85% | 30.34% | 14.19% | 2.32% | 18.65% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $7,677 | $9,821 | $9,086 | $8,412 | $8,491 |
Ratio of Total Expenses to Average Net Assets3 | 0.22% | 0.22% | 0.22% | 0.23% | 0.23% |
Ratio of Net Investment Income to Average Net Assets | 1.34% | 1.33% | 1.66% | 1.83% | 1.55% |
Portfolio Turnover Rate | 62% | 62% | 58% | 68% | 83% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | Includes performance-based investment advisory fee increases (decreases) of (0.01%), (0.00%), 0.00%, 0.01%, and 0.00%. |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | The investment advisory firms Los Angeles Capital Management LLC and D. E. Shaw Investment Management, L.L.C., each provide investment advisory services to a portion of the fund for a fee calculated at an annual percentage rate of average net assets managed by the advisor. The basic fee of Los Angeles Capital Management LLC is subject to quarterly adjustments based on performance relative to the S&P 500 Index for the preceding five years. The basic fee of D. E. Shaw Investment Management, L.L.C., is subject to quarterly adjustments based on performance relative to the S&P 500 Index for the preceding three years. |
C. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
D. | Various inputs may be used to determine the value of the fund’s investments and derivatives. 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 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 10,021,744 | — | 1,447 | 10,023,191 |
Temporary Cash Investments | 233,291 | — | — | 233,291 |
Total | 10,255,035 | — | 1,447 | 10,256,482 |
Derivative Financial Instruments | ||||
Liabilities | ||||
Futures Contracts1 | 28,397 | — | — | 28,397 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
E. | Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for applicable passive foreign investment companies, corporate actions, and distributions in connection with fund share redemptions were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 61,551 |
Total Distributable Earnings (Loss) | (61,551) |
Amount ($000) | |
Undistributed Ordinary Income | 48,304 |
Undistributed Long-Term Gains | 809,059 |
Capital Loss Carryforwards | — |
Qualified Late-Year Losses | (96,703) |
Net Unrealized Gains (Losses) | 1,678,845 |
Year Ended September 30, | ||
2022 Amount ($000) | 2021 Amount ($000) | |
Ordinary Income* | 630,157 | 226,497 |
Long-Term Capital Gains | 1,288,298 | 537,233 |
Total | 1,918,455 | 763,730 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 8,577,637 |
Gross Unrealized Appreciation | 2,725,136 |
Gross Unrealized Depreciation | (1,046,291) |
Net Unrealized Appreciation (Depreciation) | 1,678,845 |
F. | During the year ended September 30, 2022, the fund purchased $7,501,404,000 of investment securities and sold $8,475,238,000 of investment securities, other than temporary cash investments. |
G. | Capital share transactions for each class of shares were: |
Year Ended September 30, | |||||
2022 | 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 391,145 | 6,383 | 489,207 | 7,921 | |
Issued in Lieu of Cash Distributions | 443,121 | 7,314 | 183,127 | 3,204 | |
Redeemed | (590,037) | (9,716) | (898,039) | (14,003) | |
Net Increase (Decrease)—Investor Shares | 244,229 | 3,981 | (225,705) | (2,878) | |
Admiral Shares | |||||
Issued | 954,123 | 9,627 | 1,359,728 | 13,235 | |
Issued in Lieu of Cash Distributions | 1,336,857 | 13,524 | 530,177 | 5,686 | |
Redeemed | (1,782,705) | (18,122) | (3,038,395) | (30,777) | |
Net Increase (Decrease)—Admiral Shares | 508,275 | 5,029 | (1,148,490) | (11,856) |
H. | Management has determined that no events or transactions occurred subsequent to September 30, 2022, that would require recognition or disclosure in these financial statements. |
Philadelphia, Pennsylvania
November 18, 2022
Matthew Benchener | Thomas M. Rampulla |
Joseph Brennan | Karin A. Risi |
Mortimer J. Buckley | Anne E. Robinson |
Gregory Davis | Michael Rollings |
John James | Nitin Tandon |
Chris D. Mclsaac | Lauren Valente |
All rights reserved.
Vanguard Marketing Corporation, Distributor.
Item 2: Code of Ethics.
The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. The Code of Ethics was amended during the reporting period covered by this report to make certain technical, non-material changes.
Item 3: Audit Committee Financial Expert.
All members of the Audit Committee have been determined by the Registrant’s Board of Trustees to be Audit Committee Financial Experts and to be independent: F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis.
Item 4: Principal Accountant Fees and Services.
(a) Audit Fees.
Audit Fees of the Registrant.
Fiscal Year Ended September 30, 2022: $35,000
Fiscal Year Ended September 30, 2021: $29,000
Aggregate Audit Fees of Registered Investment Companies in the Vanguard Group.
Fiscal Year Ended September 30, 2022: $10,494,508
Fiscal Year Ended September 30, 2021: $11,244,694
Includes fees billed in connection with audits of the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(b) Audit-Related Fees.
Fiscal Year Ended September 30, 2022: $2,757,764
Fiscal Year Ended September 30, 2021: $2,955,181
Includes fees billed in connection with assurance and related services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(c) Tax Fees.
Fiscal Year Ended September 30, 2022: $5,202,689
Fiscal Year Ended September 30, 2021: $2,047,574
Includes fees billed in connection with tax compliance, planning, and advice services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(d) All Other Fees.
Fiscal Year Ended September 30, 2022: $298,000
Fiscal Year Ended September 30, 2021: $280,000
Includes fees billed for services related to tax reported information provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(e) (1) Pre-Approval Policies. The policy of the Registrant’s Audit Committee is to consider, and, if appropriate, approve before the principal accountant is engaged for such services, all specific audit and non-audit services provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant. In making a determination, the Audit Committee considers whether the services are consistent with maintaining the principal accountant’s independence.
In the event of a contingency situation in which the principal accountant is needed to provide services in between scheduled Audit Committee meetings, the Chairman of the Audit Committee would be called on to consider and, if appropriate, pre-approve audit or permitted non-audit services in an amount sufficient to complete services through the next Audit Committee meeting, and to determine if such services would be consistent with maintaining the accountant’s independence. At the next scheduled Audit Committee meeting, services and fees would be presented to the Audit Committee for formal consideration, and, if appropriate, approval by the entire Audit Committee. The Audit Committee would again consider whether such services and fees are consistent with maintaining the principal accountant’s independence.
The Registrant’s Audit Committee is informed at least annually of all audit and non-audit services provided by the principal accountant to the Vanguard complex, whether such services are provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., or other entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant.
(2) No percentage of the principal accountant’s fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) For the most recent fiscal year, over 50% of the hours worked under the principal accountant’s engagement were not performed by persons other than full-time, permanent employees of the principal accountant.
(g) Aggregate Non-Audit Fees.
Fiscal Year Ended September 30, 2022: $5,500,689
Fiscal Year Ended September 30, 2021: $2,327,574
Includes fees billed for non-audit services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(h) For the most recent fiscal year, the Audit Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant’s independence.
Item 5: Audit Committee of Listed Registrants.
The Registrant is a listed issuer as defined in rule 10A-3 under the Securities Exchange Act of 1934 (“Exchange Act”). The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s audit committee members are: F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis.
Item 6: Investments.
Not applicable. The complete schedule of investments is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8: Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10: Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11: Controls and Procedures.
(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b) Internal Control Over Financial Reporting. There were no significant changes in the Registrant’s Internal Control Over Financial Reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 12: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13: Exhibits.
(a)(1) | Code of Ethics filed herewith. |
(a)(2) | Certifications filed herewith. |
(b) | Certifications field herewith. |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
VANGUARD QUANTITATIVE FUNDS |
BY: | /s/ MORTIMER J. BUCKLEY* | |
MORTIMER J. BUCKLEY | ||
CHIEF EXECUTIVE OFFICER |
Date: November 21, 2022
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
VANGUARD QUANTITATIVE FUNDS |
BY: | /s/ MORTIMER J. BUCKLEY* | |
MORTIMER J. BUCKLEY | ||
CHIEF EXECUTIVE OFFICER |
Date: November 21, 2022
VANGUARD QUANTITATIVE FUNDS |
BY: | /s/ CHRISTINE BUCHANAN* | |
CHRISTINE BUCHANAN | ||
CHIEF FINANCIAL OFFICER |
Date: November 21, 2022
* By: | /s/ Anne E. Robinson |
Anne E. Robinson, pursuant to a Power of Attorney filed on October 11, 2022 (see File Number 333-11763), Incorporated by Reference.