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, 2023—March 31, 2024
Item 1: Reports to Shareholders
About Your Fund’s Expenses | 1 |
Financial Statements | 4 |
Liquidity Risk Management | 23 |
• | 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 March 31, 2024 | |||
Beginning Account Value 9/30/2023 | Ending Account Value 3/31/2024 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Growth and Income Fund | |||
Investor Shares | $1,000.00 | $1,253.40 | $1.92 |
Admiral™ Shares | 1,000.00 | 1,254.10 | 1.35 |
Based on Hypothetical 5% Yearly Return | |||
Growth and Income Fund | |||
Investor Shares | $1,000.00 | $1,023.30 | $1.72 |
Admiral Shares | 1,000.00 | 1,023.80 | 1.21 |
Communication Services | 8.3% |
Consumer Discretionary | 15.2 |
Consumer Staples | 4.1 |
Energy | 3.5 |
Financials | 13.1 |
Health Care | 12.0 |
Industrials | 9.2 |
Information Technology | 29.7 |
Materials | 1.9 |
Real Estate | 1.1 |
Utilities | 1.5 |
Other | 0.4 |
Shares | Market Value• ($000) | ||
Common Stocks (97.1%) | |||
Communication Services (8.1%) | |||
* | Alphabet Inc. Class A | 2,662,157 | 401,799 |
Meta Platforms Inc. Class A | 531,597 | 258,133 | |
* | Alphabet Inc. Class C | 986,107 | 150,145 |
* | Netflix Inc. | 243,506 | 147,889 |
T-Mobile US Inc. | 459,862 | 75,059 | |
Omnicom Group Inc. | 362,383 | 35,064 | |
AT&T Inc. | 1,867,150 | 32,862 | |
* | Live Nation Entertainment Inc. | 305,252 | 32,287 |
Electronic Arts Inc. | 144,900 | 19,224 | |
Verizon Communications Inc. | 322,290 | 13,523 | |
* | Spotify Technology SA | 22,900 | 6,043 |
Iridium Communications Inc. | 139,800 | 3,657 | |
* | Yelp Inc. | 81,101 | 3,195 |
* | Trade Desk Inc. Class A | 34,100 | 2,981 |
Comcast Corp. Class A | 51,000 | 2,211 | |
* | Lumen Technologies Inc. | 941,300 | 1,468 |
* | Liberty Broadband Corp. Class C | 20,900 | 1,196 |
* | Liberty Media Corp. - Liberty SiriusXM Class C | 39,089 | 1,161 |
1 | Sirius XM Holdings Inc. | 239,800 | 930 |
* | Liberty Global Ltd. Class A | 52,200 | 883 |
* | Liberty Media Corp. - Liberty SiriusXM Class A | 29,600 | 879 |
Fox Corp. Class B | 28,500 | 816 | |
* | Eventbrite Inc. Class A | 144,100 | 790 |
* | Altice USA Inc. Class A | 265,900 | 694 |
Warner Music Group Corp. Class A | 18,447 | 609 | |
* | Globalstar Inc. | 332,600 | 489 |
* | Gannett Co. Inc. | 182,200 | 445 |
* | AMC Networks Inc. Class A | 30,300 | 368 |
New York Times Co. Class A | 7,910 | 342 | |
* | QuinStreet Inc. | 14,466 | 256 |
* | United States Cellular Corp. | 6,300 | 230 |
* | Snap Inc. Class A | 18,600 | 214 |
ATN International Inc. | 6,743 | 212 | |
Scholastic Corp. | 4,900 | 185 |
Shares | Market Value• ($000) | ||
* | Gogo Inc. | 19,300 | 170 |
* | Lions Gate Entertainment Corp. Class B | 17,336 | 161 |
* | Vimeo Inc. | 36,000 | 147 |
* | Liberty Media Corp. - Liberty Formula One Class A | 2,400 | 141 |
IDT Corp. Class B | 3,299 | 125 | |
Fox Corp. Class A | 3,800 | 119 | |
Gray Television Inc. | 14,100 | 89 | |
* | WideOpenWest Inc. | 22,734 | 82 |
Telephone and Data Systems Inc. | 4,800 | 77 | |
John Wiley & Sons Inc. Class A | 1,900 | 72 | |
* | EW Scripps Co. Class A | 15,494 | 61 |
Sinclair Inc. | 4,093 | 55 | |
* | Lions Gate Entertainment Corp. Class A | 5,338 | 53 |
* | DHI Group Inc. | 11,100 | 28 |
* | Madison Square Garden Sports Corp. | 100 | 18 |
Entravision Communications Corp. Class A | 7,000 | 12 | |
* | comScore Inc. | 594 | 9 |
*,2 | Yandex NV Class A | 23,500 | — |
1,197,658 | |||
Consumer Discretionary (14.8%) | |||
* | Amazon.com Inc. | 3,948,958 | 712,313 |
* | Chipotle Mexican Grill Inc. | 54,357 | 158,003 |
Booking Holdings Inc. | 33,877 | 122,902 | |
Ross Stores Inc. | 724,715 | 106,359 | |
Lennar Corp. Class A | 486,706 | 83,704 | |
* | AutoZone Inc. | 26,424 | 83,279 |
TJX Cos. Inc. | 787,450 | 79,863 | |
Starbucks Corp. | 865,573 | 79,105 | |
* | Tesla Inc. | 430,900 | 75,748 |
Marriott International Inc. Class A | 276,812 | 69,842 | |
Home Depot Inc. | 172,182 | 66,049 | |
McDonald's Corp. | 201,049 | 56,686 | |
* | Ulta Beauty Inc. | 89,463 | 46,778 |
DR Horton Inc. | 206,950 | 34,054 | |
PulteGroup Inc. | 272,603 | 32,881 | |
NIKE Inc. Class B | 340,304 | 31,982 | |
Ralph Lauren Corp. | 167,068 | 31,369 |
Shares | Market Value• ($000) | ||
Lowe's Cos. Inc. | 99,640 | 25,381 | |
Genuine Parts Co. | 149,100 | 23,100 | |
* | Lululemon Athletica Inc. | 55,980 | 21,869 |
* | Royal Caribbean Cruises Ltd. | 144,199 | 20,045 |
* | Expedia Group Inc. | 133,490 | 18,388 |
* | Airbnb Inc. Class A | 107,500 | 17,733 |
Yum! Brands Inc. | 113,693 | 15,764 | |
eBay Inc. | 297,521 | 15,703 | |
* | O'Reilly Automotive Inc. | 13,440 | 15,172 |
Hilton Worldwide Holdings Inc. | 67,010 | 14,294 | |
Domino's Pizza Inc. | 27,840 | 13,833 | |
Las Vegas Sands Corp. | 254,850 | 13,176 | |
Advance Auto Parts Inc. | 118,900 | 10,117 | |
Bath & Body Works Inc. | 163,470 | 8,177 | |
Darden Restaurants Inc. | 47,627 | 7,961 | |
Williams-Sonoma Inc. | 24,578 | 7,804 | |
H&R Block Inc. | 133,400 | 6,551 | |
Tapestry Inc. | 118,593 | 5,631 | |
* | Duolingo Inc. | 21,600 | 4,765 |
VF Corp. | 254,800 | 3,909 | |
General Motors Co. | 78,700 | 3,569 | |
Marriott Vacations Worldwide Corp. | 28,719 | 3,094 | |
* | NVR Inc. | 371 | 3,005 |
* | Mohawk Industries Inc. | 22,120 | 2,895 |
* | Deckers Outdoor Corp. | 2,600 | 2,447 |
Wynn Resorts Ltd. | 23,300 | 2,382 | |
* | Chegg Inc. | 308,200 | 2,333 |
Newell Brands Inc. | 240,000 | 1,927 | |
* | Skechers USA Inc. Class A | 28,265 | 1,731 |
Harley-Davidson Inc. | 37,500 | 1,640 | |
Phinia Inc. | 39,000 | 1,499 | |
* | Figs Inc. Class A | 293,391 | 1,461 |
Penske Automotive Group Inc. | 7,700 | 1,247 | |
* | Caesars Entertainment Inc. | 27,500 | 1,203 |
* | Coursera Inc. | 77,800 | 1,091 |
Leggett & Platt Inc. | 52,800 | 1,011 | |
Acushnet Holdings Corp. | 14,700 | 969 | |
* | Visteon Corp. | 7,700 | 906 |
Aaron's Co. Inc. | 107,900 | 809 | |
* | Carvana Co. | 8,300 | 730 |
* | Aptiv plc | 9,071 | 722 |
Foot Locker Inc. | 24,400 | 695 | |
* | Sleep Number Corp. | 38,917 | 624 |
* | GoPro Inc. Class A | 267,200 | 596 |
* | Adient plc | 17,100 | 563 |
* | Genesco Inc. | 18,915 | 532 |
Laureate Education Inc. | 34,900 | 508 | |
* | Qurate Retail Inc. Series A | 382,183 | 470 |
* | Playa Hotels & Resorts NV | 43,700 | 424 |
* | DraftKings Inc. Class A | 9,312 | 423 |
* | Grand Canyon Education Inc. | 2,879 | 392 |
* | YETI Holdings Inc. | 10,154 | 391 |
* | Adtalem Global Education Inc. | 7,200 | 370 |
* | CarParts.com Inc. | 197,064 | 319 |
Ermenegildo Zegna NV | 21,700 | 318 | |
Wyndham Hotels & Resorts Inc. | 4,100 | 315 | |
Yum China Holdings Inc. | 7,900 | 314 |
Shares | Market Value• ($000) | ||
* | Udemy Inc. | 27,751 | 305 |
* | ODP Corp. | 5,700 | 302 |
Hibbett Inc. | 3,600 | 276 | |
Gap Inc. | 8,600 | 237 | |
Group 1 Automotive Inc. | 800 | 234 | |
* | Victoria's Secret & Co. | 11,900 | 231 |
*,1 | Children's Place Inc. | 15,200 | 175 |
* | Zumiez Inc. | 11,100 | 169 |
* | Lovesac Co. | 5,700 | 129 |
American Eagle Outfitters Inc. | 4,100 | 106 | |
* | American Public Education Inc. | 7,460 | 106 |
Monarch Casino & Resort Inc. | 1,400 | 105 | |
* | Cooper-Standard Holdings Inc. | 6,137 | 102 |
* | JAKKS Pacific Inc. | 3,624 | 89 |
* | Universal Electronics Inc. | 8,596 | 86 |
* | Noodles & Co. | 43,239 | 83 |
* | LL Flooring Holdings Inc. | 45,082 | 82 |
* | Under Armour Inc. Class C | 10,499 | 75 |
* | iRobot Corp. | 7,962 | 70 |
* | Fossil Group Inc. | 66,700 | 68 |
Build-A-Bear Workshop Inc. | 2,264 | 68 | |
* | Mobileye Global Inc. Class A | 1,800 | 58 |
* | OneSpaWorld Holdings Ltd. | 3,600 | 48 |
* | Rush Street Interactive Inc. | 7,178 | 47 |
Cato Corp. Class A | 5,847 | 34 | |
* | Container Store Group Inc. | 19,800 | 23 |
Monro Inc. | 499 | 16 | |
* | Duluth Holdings Inc. Class B | 2,768 | 14 |
* | 2U Inc. | 28,600 | 11 |
* | American Outdoor Brands Inc. | 1,008 | 9 |
* | Barnes & Noble Education Inc. | 3,790 | 3 |
2,187,576 | |||
Consumer Staples (4.0%) | |||
Target Corp. | 542,350 | 96,110 | |
Procter & Gamble Co. | 591,283 | 95,936 | |
Walmart Inc. | 1,363,056 | 82,015 | |
Costco Wholesale Corp. | 71,191 | 52,157 | |
PepsiCo Inc. | 266,767 | 46,687 | |
Coca-Cola Co. | 576,043 | 35,242 | |
Kimberly-Clark Corp. | 185,900 | 24,046 | |
Sysco Corp. | 263,294 | 21,374 | |
Clorox Co. | 136,670 | 20,926 | |
Kroger Co. | 338,800 | 19,356 | |
* | Monster Beverage Corp. | 218,626 | 12,960 |
Colgate-Palmolive Co. | 136,847 | 12,323 | |
Archer-Daniels-Midland Co. | 174,900 | 10,986 | |
Hershey Co. | 54,200 | 10,542 | |
Molson Coors Beverage Co. Class B | 142,142 | 9,559 | |
Philip Morris International Inc. | 57,400 | 5,259 | |
Coca-Cola Europacific Partners plc | 72,900 | 5,099 | |
Altria Group Inc. | 98,400 | 4,292 |
Shares | Market Value• ($000) | ||
* | Vita Coco Co. Inc. | 167,563 | 4,094 |
General Mills Inc. | 54,000 | 3,778 | |
WK Kellogg Co. | 166,200 | 3,125 | |
* | Performance Food Group Co. | 39,800 | 2,971 |
* | United Natural Foods Inc. | 242,771 | 2,789 |
Keurig Dr Pepper Inc. | 74,700 | 2,291 | |
Coca-Cola Consolidated Inc. | 2,300 | 1,947 | |
Vector Group Ltd. | 122,000 | 1,337 | |
Tyson Foods Inc. Class A | 22,300 | 1,310 | |
McCormick & Co. Inc. | 16,500 | 1,267 | |
Albertsons Cos. Inc. Class A | 44,800 | 961 | |
Nu Skin Enterprises Inc. Class A | 61,812 | 855 | |
Conagra Brands Inc. | 19,600 | 581 | |
* | Boston Beer Co. Inc. Class A | 1,600 | 487 |
Medifast Inc. | 12,400 | 475 | |
SpartanNash Co. | 22,600 | 457 | |
Estee Lauder Cos. Inc. Class A | 2,500 | 385 | |
* | Olaplex Holdings Inc. | 141,800 | 272 |
* | Celsius Holdings Inc. | 1,500 | 124 |
Nomad Foods Ltd. | 6,100 | 119 | |
Flowers Foods Inc. | 4,100 | 97 | |
Hormel Foods Corp. | 2,500 | 87 | |
* | Hain Celestial Group Inc. | 9,600 | 76 |
* | BellRing Brands Inc. | 700 | 41 |
Kellanova | 100 | 6 | |
594,801 | |||
Energy (3.4%) | |||
Exxon Mobil Corp. | 1,834,725 | 213,268 | |
Shell plc ADR | 1,324,181 | 88,773 | |
Cheniere Energy Inc. | 187,600 | 30,256 | |
Marathon Petroleum Corp. | 126,570 | 25,504 | |
Targa Resources Corp. | 188,590 | 21,120 | |
Baker Hughes Co. | 499,210 | 16,724 | |
Valero Energy Corp. | 97,294 | 16,607 | |
Schlumberger NV | 256,369 | 14,052 | |
Devon Energy Corp. | 273,325 | 13,715 | |
ConocoPhillips | 66,300 | 8,439 | |
Pioneer Natural Resources Co. | 31,400 | 8,242 | |
Kinder Morgan Inc. | 269,915 | 4,950 | |
* | CNX Resources Corp. | 142,700 | 3,385 |
Range Resources Corp. | 96,900 | 3,336 | |
Marathon Oil Corp. | 106,930 | 3,030 | |
* | Southwestern Energy Co. | 368,458 | 2,793 |
Williams Cos. Inc. | 69,200 | 2,697 | |
Coterra Energy Inc. | 94,700 | 2,640 | |
* | Antero Resources Corp. | 87,300 | 2,532 |
* | Gulfport Energy Corp. | 15,000 | 2,402 |
Equitrans Midstream Corp. | 172,000 | 2,148 | |
Phillips 66 | 12,900 | 2,107 | |
Occidental Petroleum Corp. | 22,100 | 1,436 | |
Ovintiv Inc. (XNYS) | 23,500 | 1,220 | |
Golar LNG Ltd. | 42,700 | 1,027 | |
PBF Energy Inc. Class A | 17,400 | 1,002 | |
* | REX American Resources Corp. | 10,350 | 608 |
Delek US Holdings Inc. | 12,616 | 388 |
Shares | Market Value• ($000) | ||
* | Teekay Corp. | 53,007 | 386 |
Murphy Oil Corp. | 2,300 | 105 | |
1 | Frontline plc | 3,628 | 85 |
* | TETRA Technologies Inc. | 18,000 | 80 |
* | Green Plains Inc. | 3,400 | 79 |
CONSOL Energy Inc. | 700 | 59 | |
FutureFuel Corp. | 5,600 | 45 | |
Liberty Energy Inc. | 2,094 | 43 | |
VAALCO Energy Inc. | 2,300 | 16 | |
Geopark Ltd. | 1,400 | 13 | |
* | Gevo Inc. | 5,300 | 4 |
NOV Inc. | 200 | 4 | |
* | Oil States International Inc. | 500 | 3 |
495,323 | |||
Financials (12.7%) | |||
Visa Inc. Class A | 912,793 | 254,742 | |
Wells Fargo & Co. | 3,148,208 | 182,470 | |
American Express Co. | 674,101 | 153,486 | |
* | Berkshire Hathaway Inc. Class B | 337,707 | 142,013 |
Mastercard Inc. Class A | 203,270 | 97,889 | |
JPMorgan Chase & Co. | 438,361 | 87,804 | |
KKR & Co. Inc. | 808,296 | 81,298 | |
Ares Management Corp. Class A | 503,103 | 66,903 | |
Progressive Corp. | 320,971 | 66,383 | |
S&P Global Inc. | 132,293 | 56,284 | |
Northern Trust Corp. | 588,320 | 52,313 | |
Apollo Global Management Inc. | 266,300 | 29,945 | |
W R Berkley Corp. | 338,145 | 29,906 | |
MSCI Inc. | 51,580 | 28,908 | |
* | NU Holdings Ltd. Class A | 2,391,800 | 28,534 |
M&T Bank Corp. | 196,030 | 28,511 | |
Capital One Financial Corp. | 173,810 | 25,879 | |
Charles Schwab Corp. | 352,860 | 25,526 | |
CME Group Inc. | 118,460 | 25,503 | |
Cincinnati Financial Corp. | 200,400 | 24,884 | |
Bank of America Corp. | 587,843 | 22,291 | |
Travelers Cos. Inc. | 91,618 | 21,085 | |
MetLife Inc. | 282,150 | 20,910 | |
Fifth Third Bancorp | 547,020 | 20,355 | |
Chubb Ltd. | 77,550 | 20,096 | |
Cboe Global Markets Inc. | 99,070 | 18,202 | |
* | Fiserv Inc. | 101,640 | 16,244 |
Zions Bancorp NA | 369,900 | 16,054 | |
Moody's Corp. | 35,933 | 14,123 | |
Everest Group Ltd. | 34,519 | 13,721 | |
US Bancorp | 300,570 | 13,435 | |
Fidelity National Information Services Inc. | 178,700 | 13,256 | |
* | Arch Capital Group Ltd. | 127,629 | 11,798 |
Discover Financial Services | 87,540 | 11,476 | |
* | PayPal Holdings Inc. | 162,430 | 10,881 |
Affiliated Managers Group Inc. | 51,981 | 8,705 | |
Brown & Brown Inc. | 94,960 | 8,313 | |
Globe Life Inc. | 70,078 | 8,155 | |
* | Corpay Inc. | 25,820 | 7,967 |
Marsh & McLennan Cos. Inc. | 35,700 | 7,353 | |
Morgan Stanley | 72,700 | 6,845 | |
Assurant Inc. | 33,799 | 6,362 |
Shares | Market Value• ($000) | ||
Loews Corp. | 80,917 | 6,335 | |
American International Group Inc. | 79,600 | 6,222 | |
Virtu Financial Inc. Class A | 282,300 | 5,793 | |
Allstate Corp. | 31,740 | 5,491 | |
Franklin Resources Inc. | 192,992 | 5,425 | |
T Rowe Price Group Inc. | 40,100 | 4,889 | |
Bank of New York Mellon Corp. | 84,400 | 4,863 | |
Unum Group | 87,300 | 4,685 | |
FS KKR Capital Corp. | 219,900 | 4,193 | |
State Street Corp. | 46,100 | 3,564 | |
Nasdaq Inc. | 56,200 | 3,546 | |
Western Union Co. | 247,500 | 3,460 | |
Synchrony Financial | 79,140 | 3,413 | |
Truist Financial Corp. | 59,300 | 2,312 | |
Federated Hermes Inc. | 49,313 | 1,781 | |
* | Affirm Holdings Inc. | 47,500 | 1,770 |
OneMain Holdings Inc. | 33,300 | 1,701 | |
* | StoneCo. Ltd. Class A | 99,800 | 1,658 |
Blackstone Inc. | 11,500 | 1,511 | |
Enact Holdings Inc. | 47,700 | 1,487 | |
Aflac Inc. | 15,800 | 1,357 | |
KeyCorp. | 70,921 | 1,121 | |
Ameriprise Financial Inc. | 2,500 | 1,096 | |
First Horizon Corp. | 67,500 | 1,039 | |
* | Customers Bancorp Inc. | 17,859 | 948 |
Burford Capital Ltd. | 58,200 | 929 | |
* | Enova International Inc. | 14,216 | 893 |
Arthur J Gallagher & Co. | 3,400 | 850 | |
BOK Financial Corp. | 8,200 | 754 | |
Nelnet Inc. Class A | 7,601 | 719 | |
Citizens Financial Group Inc. | 17,900 | 650 | |
Invesco Ltd. | 37,600 | 624 | |
* | EZCorp. Inc. Class A | 54,600 | 619 |
PNC Financial Services Group Inc. | 3,500 | 566 | |
* | Brighthouse Financial Inc. | 10,900 | 562 |
PROG Holdings Inc. | 15,800 | 544 | |
Prudential Financial Inc. | 4,600 | 540 | |
Rithm Capital Corp. | 47,900 | 535 | |
* | Flywire Corp. | 20,921 | 519 |
Ladder Capital Corp. | 43,600 | 485 | |
Ally Financial Inc. | 11,900 | 483 | |
* | Encore Capital Group Inc. | 10,500 | 479 |
James River Group Holdings Ltd. | 46,500 | 432 | |
Chimera Investment Corp. | 88,604 | 408 | |
Lincoln National Corp. | 12,400 | 396 | |
Live Oak Bancshares Inc. | 9,400 | 390 | |
Kinsale Capital Group Inc. | 700 | 367 | |
Federal Agricultural Mortgage Corp. Class C | 1,834 | 361 | |
* | LendingClub Corp. | 39,100 | 344 |
* | WEX Inc. | 1,400 | 333 |
Navient Corp. | 18,900 | 329 | |
* | Paysafe Ltd. | 20,600 | 325 |
PennyMac Mortgage Investment Trust | 21,600 | 317 | |
MGIC Investment Corp. | 14,100 | 315 | |
First Foundation Inc. | 38,793 | 293 |
Shares | Market Value• ($000) | ||
KKR Real Estate Finance Trust Inc. | 28,500 | 287 | |
Berkshire Hills Bancorp Inc. | 12,200 | 280 | |
Bank OZK | 5,900 | 268 | |
* | Payoneer Global Inc. | 51,400 | 250 |
* | PRA Group Inc. | 9,495 | 248 |
First Internet Bancorp | 6,948 | 241 | |
Granite Point Mortgage Trust Inc. | 47,700 | 228 | |
Hanmi Financial Corp. | 13,681 | 218 | |
* | Green Dot Corp. Class A | 20,400 | 190 |
Jefferies Financial Group Inc. | 3,983 | 176 | |
Sandy Spring Bancorp Inc. | 6,700 | 155 | |
Huntington Bancshares Inc. | 11,000 | 153 | |
Bank of NT Butterfield & Son Ltd. | 4,600 | 147 | |
Carlyle Secured Lending Inc. | 5,400 | 88 | |
Aon plc Class A (XNYS) | 200 | 67 | |
Eagle Bancorp Inc. | 2,500 | 59 | |
* | Donnelley Financial Solutions Inc. | 699 | 43 |
Hartford Financial Services Group Inc. | 400 | 41 | |
HomeTrust Bancshares Inc. | 1,462 | 40 | |
Central Pacific Financial Corp. | 1,600 | 32 | |
* | Open Lending Corp. Class A | 4,600 | 29 |
FirstCash Holdings Inc. | 100 | 13 | |
* | MBIA Inc. | 475 | 3 |
1,885,085 | |||
Health Care (11.6%) | |||
Eli Lilly & Co. | 277,490 | 215,876 | |
Merck & Co. Inc. | 1,596,760 | 210,692 | |
UnitedHealth Group Inc. | 229,121 | 113,346 | |
AbbVie Inc. | 576,440 | 104,970 | |
* | Boston Scientific Corp. | 1,334,634 | 91,409 |
* | Vertex Pharmaceuticals Inc. | 214,708 | 89,750 |
* | Centene Corp. | 1,080,810 | 84,822 |
Humana Inc. | 203,530 | 70,568 | |
* | Edwards Lifesciences Corp. | 725,187 | 69,299 |
Laboratory Corp. of America Holdings | 315,163 | 68,851 | |
Elevance Health Inc. | 99,846 | 51,774 | |
Johnson & Johnson | 308,769 | 48,844 | |
Pfizer Inc. | 1,722,900 | 47,810 | |
Amgen Inc. | 155,516 | 44,216 | |
Stryker Corp. | 95,430 | 34,152 | |
* | Incyte Corp. | 473,780 | 26,991 |
Cigna Group | 72,430 | 26,306 | |
Cencora Inc. | 104,230 | 25,327 | |
Bristol-Myers Squibb Co. | 386,447 | 20,957 | |
Cardinal Health Inc. | 177,230 | 19,832 | |
HCA Healthcare Inc. | 57,154 | 19,063 | |
CVS Health Corp. | 202,657 | 16,164 | |
* | IQVIA Holdings Inc. | 63,070 | 15,950 |
Becton Dickinson & Co. | 59,300 | 14,674 | |
* | Molina Healthcare Inc. | 33,152 | 13,620 |
ResMed Inc. | 67,630 | 13,393 |
Shares | Market Value• ($000) | ||
* | DexCom Inc. | 94,350 | 13,086 |
Zoetis Inc. | 67,890 | 11,488 | |
* | Insulet Corp. | 65,590 | 11,242 |
Gilead Sciences Inc. | 150,500 | 11,024 | |
* | Medpace Holdings Inc. | 24,700 | 9,983 |
Medtronic plc | 103,900 | 9,055 | |
Alcon Inc. | 107,700 | 8,970 | |
Thermo Fisher Scientific Inc. | 14,200 | 8,253 | |
* | Hologic Inc. | 87,700 | 6,837 |
* | Regeneron Pharmaceuticals Inc. | 6,700 | 6,449 |
* | Intuitive Surgical Inc. | 15,800 | 6,306 |
Zimmer Biomet Holdings Inc. | 42,100 | 5,556 | |
* | Illumina Inc. | 31,620 | 4,342 |
Abbott Laboratories | 33,338 | 3,789 | |
* | ACADIA Pharmaceuticals Inc. | 198,600 | 3,672 |
Patterson Cos. Inc. | 112,600 | 3,113 | |
* | Biohaven Ltd. | 53,000 | 2,899 |
Universal Health Services Inc. Class B | 14,200 | 2,591 | |
West Pharmaceutical Services Inc. | 6,500 | 2,572 | |
* | Neurocrine Biosciences Inc. | 13,800 | 1,903 |
* | Owens & Minor Inc. | 64,300 | 1,782 |
* | Corcept Therapeutics Inc. | 67,600 | 1,703 |
* | Sarepta Therapeutics Inc. | 11,700 | 1,515 |
Embecta Corp. | 113,200 | 1,502 | |
Revvity Inc. | 13,487 | 1,416 | |
* | Nevro Corp. | 93,900 | 1,356 |
Agilent Technologies Inc. | 8,900 | 1,295 | |
Cooper Cos. Inc. | 12,390 | 1,257 | |
* | Vir Biotechnology Inc. | 69,400 | 703 |
* | Enanta Pharmaceuticals Inc. | 39,900 | 697 |
* | Alkermes plc | 24,239 | 656 |
* | Celldex Therapeutics Inc. | 15,100 | 634 |
* | Qiagen NV | 13,100 | 563 |
* | Nuvalent Inc. Class A | 7,000 | 526 |
* | Pediatrix Medical Group Inc. | 51,405 | 516 |
* | LivaNova plc | 8,900 | 498 |
* | Zimvie Inc. | 27,502 | 454 |
* | Integra LifeSciences Holdings Corp. | 10,700 | 379 |
* | Fate Therapeutics Inc. | 51,000 | 374 |
* | Akero Therapeutics Inc. | 12,400 | 313 |
* | Myriad Genetics Inc. | 14,600 | 311 |
* | Fulcrum Therapeutics Inc. | 32,400 | 306 |
* | Travere Therapeutics Inc. | 39,400 | 304 |
* | QuidelOrtho Corp. | 6,200 | 297 |
DENTSPLY SIRONA Inc. | 8,800 | 292 | |
* | Teladoc Health Inc. | 18,700 | 282 |
* | Amylyx Pharmaceuticals Inc. | 88,600 | 252 |
* | Silk Road Medical Inc. | 13,600 | 249 |
* | Ideaya Biosciences Inc. | 5,600 | 246 |
* | Maravai LifeSciences Holdings Inc. Class A | 27,500 | 238 |
* | Fortrea Holdings Inc. | 5,907 | 237 |
* | Semler Scientific Inc. | 7,305 | 213 |
* | OmniAb Inc. | 38,200 | 207 |
* | Replimune Group Inc. | 25,200 | 206 |
Shares | Market Value• ($000) | ||
* | Ironwood Pharmaceuticals Inc. | 23,000 | 200 |
* | Mettler-Toledo International Inc. | 150 | 200 |
* | Hims & Hers Health Inc. | 12,891 | 199 |
* | PTC Therapeutics Inc. | 6,800 | 198 |
* | ModivCare Inc. | 7,400 | 174 |
* | Inspire Medical Systems Inc. | 796 | 171 |
* | AngioDynamics Inc. | 28,900 | 170 |
* | Kodiak Sciences Inc. | 32,000 | 168 |
* | ICON plc | 500 | 168 |
* | Rapt Therapeutics Inc. | 14,000 | 126 |
* | OptimizeRx Corp. | 10,288 | 125 |
* | Brookdale Senior Living Inc. | 18,400 | 122 |
* | Protagonist Therapeutics Inc. | 3,978 | 115 |
* | Ventyx Biosciences Inc. | 19,000 | 105 |
* | Vanda Pharmaceuticals Inc. | 22,100 | 91 |
* | Exelixis Inc. | 3,600 | 85 |
* | Edgewise Therapeutics Inc. | 4,000 | 73 |
* | Quanterix Corp. | 3,000 | 71 |
* | Inotiv Inc. | 5,800 | 63 |
* | Stoke Therapeutics Inc. | 4,600 | 62 |
* | uniQure NV | 10,000 | 52 |
* | Joint Corp. | 3,500 | 46 |
* | Sangamo Therapeutics Inc. | 66,568 | 45 |
* | Agenus Inc. | 69,600 | 40 |
* | CorMedix Inc. | 9,457 | 40 |
* | Accuray Inc. | 13,021 | 32 |
* | Mersana Therapeutics Inc. | 6,000 | 27 |
* | Allakos Inc. | 14,676 | 18 |
* | CareDx Inc. | 1,400 | 15 |
* | Sage Therapeutics Inc. | 700 | 13 |
* | Codexis Inc. | 1,000 | 3 |
*,2 | Radius Health Inc. CVR | 17,800 | 1 |
* | Xeris Biopharma Holdings Inc. | 33 | — |
*,3 | Scilex Holding Co. (Acquired 1/6/23, Cost $681) | 65 | — |
1,716,583 | |||
Industrials (8.9%) | |||
General Dynamics Corp. | 501,267 | 141,603 | |
* | Uber Technologies Inc. | 1,380,196 | 106,261 |
Caterpillar Inc. | 201,834 | 73,958 | |
Lockheed Martin Corp. | 140,300 | 63,818 | |
Leidos Holdings Inc. | 441,518 | 57,879 | |
Fortive Corp. | 644,517 | 55,441 | |
Westinghouse Air Brake Technologies Corp. | 378,150 | 55,089 | |
* | Builders FirstSource Inc. | 235,854 | 49,187 |
Automatic Data Processing Inc. | 183,518 | 45,832 | |
General Electric Co. | 248,431 | 43,607 | |
WW Grainger Inc. | 41,388 | 42,104 | |
Fastenal Co. | 468,991 | 36,178 | |
Textron Inc. | 362,260 | 34,752 | |
PACCAR Inc. | 257,039 | 31,845 | |
Otis Worldwide Corp. | 307,886 | 30,564 | |
Cintas Corp. | 41,040 | 28,196 | |
Parker-Hannifin Corp. | 50,367 | 27,994 |
Shares | Market Value• ($000) | ||
Delta Air Lines Inc. | 557,926 | 26,708 | |
Trane Technologies plc | 82,650 | 24,812 | |
Eaton Corp. plc | 75,290 | 23,542 | |
* | Boeing Co. | 120,260 | 23,209 |
Xylem Inc. | 171,800 | 22,203 | |
Howmet Aerospace Inc. | 296,900 | 20,317 | |
Waste Management Inc. | 80,960 | 17,257 | |
Northrop Grumman Corp. | 26,700 | 12,780 | |
Johnson Controls International plc | 193,500 | 12,639 | |
A O Smith Corp. | 138,564 | 12,396 | |
Snap-on Inc. | 40,200 | 11,908 | |
FedEx Corp. | 39,300 | 11,387 | |
Republic Services Inc. | 55,200 | 10,568 | |
Paycom Software Inc. | 45,900 | 9,135 | |
3M Co. | 85,685 | 9,089 | |
Deere & Co. | 21,500 | 8,831 | |
United Parcel Service Inc. Class B (XNYS) | 52,285 | 7,771 | |
* | NEXTracker Inc. Class A | 132,900 | 7,478 |
Carrier Global Corp. | 120,572 | 7,009 | |
Paychex Inc. | 56,200 | 6,901 | |
Emerson Electric Co. | 53,800 | 6,102 | |
* | AerCap Holdings NV | 69,700 | 6,058 |
* | Axon Enterprise Inc. | 18,740 | 5,863 |
Illinois Tool Works Inc. | 20,825 | 5,588 | |
Verisk Analytics Inc. | 22,561 | 5,318 | |
TransDigm Group Inc. | 3,840 | 4,729 | |
Encore Wire Corp. | 17,600 | 4,625 | |
* | Parsons Corp. | 55,300 | 4,587 |
* | Fluor Corp. | 93,900 | 3,970 |
Ferguson plc | 17,700 | 3,866 | |
* | Masterbrand Inc. | 188,200 | 3,527 |
KBR Inc. | 52,200 | 3,323 | |
CH Robinson Worldwide Inc. | 41,380 | 3,151 | |
Wabash National Corp. | 105,025 | 3,144 | |
Ingersoll Rand Inc. (XYNS) | 33,100 | 3,143 | |
United Rentals Inc. | 3,600 | 2,596 | |
Union Pacific Corp. | 10,551 | 2,595 | |
Pentair plc | 30,058 | 2,568 | |
Quanta Services Inc. | 9,880 | 2,567 | |
RTX Corp. | 24,434 | 2,383 | |
Advanced Drainage Systems Inc. | 11,800 | 2,032 | |
L3Harris Technologies Inc. | 8,800 | 1,875 | |
Valmont Industries Inc. | 8,000 | 1,826 | |
* | Legalzoom.com Inc. | 117,600 | 1,569 |
Brady Corp. Class A | 26,000 | 1,541 | |
Shyft Group Inc. | 87,301 | 1,084 | |
Honeywell International Inc. | 5,000 | 1,026 | |
Broadridge Financial Solutions Inc. | 4,400 | 901 | |
* | Generac Holdings Inc. | 7,100 | 896 |
Griffon Corp. | 12,200 | 895 | |
* | WillScot Mobile Mini Holdings Corp. | 15,600 | 725 |
* | CACI International Inc. Class A | 1,900 | 720 |
Woodward Inc. | 4,000 | 617 | |
Enerpac Tool Group Corp. | 15,800 | 563 | |
* | Triumph Group Inc. | 36,400 | 548 |
* | Air Transport Services Group Inc. | 37,872 | 521 |
Shares | Market Value• ($000) | ||
* | Enviri Corp. | 56,200 | 514 |
Expeditors International of Washington Inc. | 4,121 | 501 | |
AMETEK Inc. | 2,700 | 494 | |
Rollins Inc. | 10,400 | 481 | |
* | Blue Bird Corp. | 11,800 | 452 |
* | TrueBlue Inc. | 34,700 | 434 |
* | Conduent Inc. | 126,100 | 426 |
Acuity Brands Inc. | 1,500 | 403 | |
REV Group Inc. | 16,800 | 371 | |
* | Copart Inc. | 5,900 | 342 |
MillerKnoll Inc. | 13,700 | 339 | |
Copa Holdings SA Class A | 2,352 | 245 | |
Tennant Co. | 2,000 | 243 | |
CSX Corp. | 6,400 | 237 | |
* | RXO Inc. | 10,400 | 227 |
* | American Superconductor Corp. | 14,100 | 191 |
* | Babcock & Wilcox Enterprises Inc. | 152,700 | 173 |
Greenbrier Cos. Inc. | 3,299 | 172 | |
Hexcel Corp. | 2,200 | 160 | |
Southwest Airlines Co. | 5,000 | 146 | |
* | Kirby Corp. | 1,500 | 143 |
TTEC Holdings Inc. | 12,576 | 130 | |
Flowserve Corp. | 2,800 | 128 | |
Maximus Inc. | 1,345 | 113 | |
Allegion plc | 800 | 108 | |
Marten Transport Ltd. | 5,573 | 103 | |
* | Titan International Inc. | 7,100 | 89 |
* | Driven Brands Holdings Inc. | 5,400 | 85 |
Argan Inc. | 1,500 | 76 | |
* | AZEK Co. Inc. | 1,300 | 65 |
* | IBEX Holdings Ltd. | 3,910 | 60 |
* | Kornit Digital Ltd. | 3,000 | 54 |
AECOM | 500 | 49 | |
* | Northwest Pipe Co. | 1,200 | 42 |
* | TELUS International CDA Inc. | 3,000 | 25 |
Quad/Graphics Inc. | 4,240 | 23 | |
Pitney Bowes Inc. | 4,800 | 21 | |
* | Hudson Technologies Inc. | 1,700 | 19 |
Covenant Logistics Group Inc. | 300 | 14 | |
* | Great Lakes Dredge & Dock Corp. | 1,500 | 13 |
* | Franklin Covey Co. | 159 | 6 |
1,315,207 | |||
Information Technology (28.8%) | |||
Microsoft Corp. | 2,370,149 | 997,169 | |
NVIDIA Corp. | 847,582 | 765,841 | |
Apple Inc. | 3,210,212 | 550,487 | |
Salesforce Inc. | 509,415 | 153,426 | |
* | Adobe Inc. | 286,446 | 144,541 |
Texas Instruments Inc. | 717,380 | 124,975 | |
Micron Technology Inc. | 976,718 | 115,145 | |
* | ServiceNow Inc. | 146,638 | 111,797 |
Broadcom Inc. | 75,246 | 99,732 | |
* | Advanced Micro Devices Inc. | 551,255 | 99,496 |
* | Arista Networks Inc. | 342,735 | 99,386 |
KLA Corp. | 141,969 | 99,175 | |
Intuit Inc. | 150,474 | 97,808 | |
* | Synopsys Inc. | 139,544 | 79,749 |
Accenture plc Class A | 194,113 | 67,282 |
Shares | Market Value• ($000) | ||
NetApp Inc. | 600,276 | 63,011 | |
Cisco Systems Inc. | 895,778 | 44,708 | |
* | Gartner Inc. | 81,572 | 38,883 |
Entegris Inc. | 254,210 | 35,727 | |
Applied Materials Inc. | 173,110 | 35,700 | |
* | Autodesk Inc. | 130,390 | 33,956 |
* | VeriSign Inc. | 166,586 | 31,570 |
Jabil Inc. | 233,302 | 31,251 | |
International Business Machines Corp. | 155,537 | 29,701 | |
NXP Semiconductors NV | 111,640 | 27,661 | |
* | MongoDB Inc. | 72,790 | 26,105 |
QUALCOMM Inc. | 145,970 | 24,713 | |
Oracle Corp. | 152,600 | 19,168 | |
* | Fortinet Inc. | 276,300 | 18,874 |
TE Connectivity Ltd. | 128,190 | 18,618 | |
* | Cadence Design Systems Inc. | 58,620 | 18,247 |
Vontier Corp. | 316,690 | 14,365 | |
* | Palantir Technologies Inc. Class A | 596,700 | 13,730 |
* | ON Semiconductor Corp. | 167,700 | 12,334 |
Gen Digital Inc. (XNGS) | 458,085 | 10,261 | |
Lam Research Corp. | 10,300 | 10,007 | |
Motorola Solutions Inc. | 26,760 | 9,499 | |
* | DocuSign Inc. | 117,610 | 7,004 |
* | Enphase Energy Inc. | 51,700 | 6,255 |
* | ANSYS Inc. | 17,240 | 5,985 |
Amdocs Ltd. | 62,900 | 5,684 | |
* | Sanmina Corp. | 78,800 | 4,900 |
Intel Corp. | 107,800 | 4,762 | |
HP Inc. | 155,383 | 4,696 | |
Seagate Technology Holdings plc | 47,540 | 4,424 | |
* | Flex Ltd. | 152,300 | 4,357 |
* | Fair Isaac Corp. | 3,000 | 3,749 |
Microchip Technology Inc. | 39,329 | 3,528 | |
Cognizant Technology Solutions Corp. Class A | 45,580 | 3,341 | |
* | Teradata Corp. | 82,400 | 3,186 |
* | Kyndryl Holdings Inc. | 119,500 | 2,600 |
* | Akamai Technologies Inc. | 22,900 | 2,491 |
* | MaxLinear Inc. | 128,300 | 2,395 |
* | Check Point Software Technologies Ltd. | 13,300 | 2,181 |
InterDigital Inc. | 18,200 | 1,938 | |
* | Western Digital Corp. | 26,400 | 1,802 |
Analog Devices Inc. | 8,900 | 1,760 | |
* | Appfolio Inc. Class A | 6,700 | 1,653 |
Amphenol Corp. Class A | 12,700 | 1,465 | |
* | Yext Inc. | 207,600 | 1,252 |
* | NetScout Systems Inc. | 45,762 | 999 |
* | Photronics Inc. | 24,696 | 699 |
*,1 | Maxeon Solar Technologies Ltd. | 192,900 | 642 |
* | Credo Technology Group Holding Ltd. | 29,471 | 625 |
* | Consensus Cloud Solutions Inc. | 39,343 | 624 |
* | Digital Turbine Inc. | 197,200 | 517 |
* | Extreme Networks Inc. | 41,900 | 484 |
Methode Electronics Inc. | 32,000 | 390 | |
* | Pure Storage Inc. Class A | 7,326 | 381 |
* | Qorvo Inc. | 3,300 | 379 |
* | Applied Optoelectronics Inc. | 26,400 | 366 |
Shares | Market Value• ($000) | ||
* | TTM Technologies Inc. | 19,500 | 305 |
Badger Meter Inc. | 1,730 | 280 | |
* | Veeco Instruments Inc. | 7,900 | 278 |
* | Daktronics Inc. | 26,300 | 262 |
*,1 | Canadian Solar Inc. | 11,685 | 231 |
* | Rimini Street Inc. | 66,634 | 217 |
* | Infinera Corp. | 35,500 | 214 |
* | Nutanix Inc. Class A | 3,400 | 210 |
1 | Logitech International SA (Registered) | 2,122 | 190 |
* | Dynatrace Inc. | 3,900 | 181 |
Pegasystems Inc. | 2,800 | 181 | |
* | Lightspeed Commerce Inc. (XTSE) | 12,800 | 180 |
* | PDF Solutions Inc. | 4,900 | 165 |
* | Unisys Corp. | 32,900 | 162 |
* | Expensify Inc. Class A | 85,000 | 156 |
* | Upland Software Inc. | 49,774 | 154 |
* | Tower Semiconductor Ltd. | 4,600 | 154 |
* | Samsara Inc. Class A | 3,500 | 132 |
* | Everspin Technologies Inc. | 15,769 | 125 |
* | Xperi Inc. | 9,647 | 116 |
AudioCodes Ltd. | 8,749 | 114 | |
* | CommScope Holding Co. Inc. | 83,000 | 109 |
* | NETGEAR Inc. | 5,161 | 81 |
* | Domo Inc. Class B | 8,925 | 80 |
* | WM Technology Inc. | 57,600 | 77 |
* | Plexus Corp. | 800 | 76 |
* | Weave Communications Inc. | 5,959 | 68 |
Hewlett Packard Enterprise Co. | 3,700 | 66 | |
* | IPG Photonics Corp. | 500 | 45 |
* | NCR Voyix Corp. | 2,800 | 35 |
* | Brightcove Inc. | 17,029 | 33 |
* | SecureWorks Corp. Class A | 4,850 | 33 |
* | Workiva Inc. | 379 | 32 |
* | ACI Worldwide Inc. | 890 | 30 |
* | 8x8 Inc. | 10,500 | 28 |
* | Kopin Corp. | 4,700 | 8 |
4,266,420 | |||
Materials (1.9%) | |||
Linde plc | 142,930 | 66,365 | |
Celanese Corp. | 356,724 | 61,307 | |
Sherwin-Williams Co. | 87,400 | 30,357 | |
FMC Corp. | 467,395 | 29,773 | |
Ecolab Inc. | 55,500 | 12,815 | |
Mosaic Co. | 312,800 | 10,153 | |
Freeport-McMoRan Inc. | 193,300 | 9,089 | |
Dow Inc. | 138,200 | 8,006 | |
PPG Industries Inc. | 55,100 | 7,984 | |
CRH plc | 90,200 | 7,781 | |
Air Products and Chemicals Inc. | 23,100 | 5,596 | |
Corteva Inc. | 88,700 | 5,115 | |
Nutrien Ltd. | 76,700 | 4,166 | |
Vulcan Materials Co. | 14,700 | 4,012 | |
Huntsman Corp. | 143,600 | 3,738 | |
Nucor Corp. | 17,500 | 3,463 | |
DuPont de Nemours Inc. | 15,200 | 1,165 | |
LyondellBasell Industries NV Class A | 9,039 | 925 | |
Westrock Co. | 12,600 | 623 |
Shares | Market Value• ($000) | ||
* | Axalta Coating Systems Ltd. | 15,400 | 530 |
* | LSB Industries Inc. | 55,600 | 488 |
* | O-I Glass Inc. | 28,800 | 478 |
American Vanguard Corp. | 33,700 | 436 | |
* | Intrepid Potash Inc. | 20,895 | 436 |
Warrior Met Coal Inc. | 7,000 | 425 | |
Packaging Corp. of America | 2,200 | 418 | |
Orion SA | 17,600 | 414 | |
RPM International Inc. | 3,131 | 372 | |
Martin Marietta Materials Inc. | 560 | 344 | |
Steel Dynamics Inc. | 1,985 | 294 | |
Sealed Air Corp. | 7,500 | 279 | |
* | Alto Ingredients Inc. | 73,582 | 160 |
* | Constellium SE | 6,400 | 141 |
Mativ Holdings Inc. | 6,300 | 118 | |
* | Ranpak Holdings Corp. | 14,300 | 113 |
SunCoke Energy Inc. | 8,100 | 91 | |
* | Clearwater Paper Corp. | 1,800 | 79 |
* | Glatfelter Corp. | 38,600 | 77 |
* | SilverCrest Metals Inc. | 11,549 | 77 |
Trinseo plc | 19,500 | 74 | |
International Paper Co. | 1,300 | 51 | |
Louisiana-Pacific Corp. | 200 | 17 | |
Valhi Inc. | 895 | 15 | |
Alamos Gold Inc. Class A | 400 | 6 | |
278,366 | |||
Other (0.4%) | |||
1 | SPDR S&P 500 ETF Trust | 111,377 | 58,258 |
*,2 | Paratek Pharmaceuticals Inc. CVR | 15,782 | 1 |
*,2 | Aduro Biotech Inc. CVR | 67 | — |
*,2 | Achillion Pharmaceuticals Inc. CVR | 400 | — |
*,2 | Strongbridge Biopharm CVR | 335 | — |
*,2 | GCI Liberty Inc. | 100 | — |
58,259 | |||
Real Estate (1.0%) | |||
Welltower Inc. | 514,638 | 48,088 | |
American Tower Corp. | 125,260 | 24,750 | |
SBA Communications Corp. | 68,770 | 14,902 | |
Digital Realty Trust Inc. | 93,200 | 13,425 | |
Host Hotels & Resorts Inc. | 600,050 | 12,409 | |
Boston Properties Inc. | 137,720 | 8,994 | |
Simon Property Group Inc. | 32,303 | 5,055 | |
Healthpeak Properties Inc. | 212,820 | 3,990 | |
Equity Residential | 62,900 | 3,970 | |
Equinix Inc. | 3,000 | 2,476 | |
First Industrial Realty Trust Inc. | 40,000 | 2,102 | |
VICI Properties Inc. | 47,800 | 1,424 | |
Vornado Realty Trust | 36,544 | 1,051 | |
Americold Realty Trust Inc. | 38,200 | 952 | |
Phillips Edison & Co. Inc. | 25,164 | 903 | |
CareTrust REIT Inc. | 34,900 | 851 | |
UDR Inc. | 20,800 | 778 | |
* | CBRE Group Inc. Class A | 7,652 | 744 |
Ventas Inc. | 16,600 | 723 | |
Iron Mountain Inc. | 7,600 | 610 |
Shares | Market Value• ($000) | ||
* | Anywhere Real Estate Inc. | 95,200 | 588 |
American Homes 4 Rent Class A | 15,969 | 587 | |
Mid-America Apartment Communities Inc. | 4,000 | 526 | |
Crown Castle Inc. | 4,411 | 467 | |
Healthcare Realty Trust Inc. | 32,000 | 453 | |
Kimco Realty Corp. | 22,600 | 443 | |
Omega Healthcare Investors Inc. | 12,700 | 402 | |
Regency Centers Corp. | 6,200 | 375 | |
Cousins Properties Inc. | 13,800 | 332 | |
Federal Realty Investment Trust | 3,000 | 306 | |
Veris Residential Inc. | 17,728 | 270 | |
* | CoStar Group Inc. | 2,700 | 261 |
Camden Property Trust | 1,957 | 193 | |
Public Storage | 600 | 174 | |
Uniti Group Inc. | 28,300 | 167 | |
Apartment Income REIT Corp. | 5,000 | 162 | |
Industrial Logistics Properties Trust | 36,712 | 157 | |
* | Douglas Elliman Inc. | 90,700 | 143 |
Hudson Pacific Properties Inc. | 21,888 | 141 | |
Prologis Inc. | 600 | 78 | |
Office Properties Income Trust | 37,500 | 77 | |
* | Forestar Group Inc. | 1,400 | 56 |
Orion Office REIT Inc. | 15,300 | 54 | |
* | Apartment Investment and Management Co. Class A | 6,500 | 53 |
Alexander & Baldwin Inc. | 2,300 | 38 | |
City Office REIT Inc. | 6,900 | 36 | |
* | Five Point Holdings LLC Class A | 500 | 2 |
154,738 | |||
Utilities (1.5%) | |||
Exelon Corp. | 3,674,335 | 138,045 | |
Consolidated Edison Inc. | 251,400 | 22,830 | |
Constellation Energy Corp. | 35,855 | 6,628 | |
Xcel Energy Inc. | 113,610 | 6,107 | |
PG&E Corp. | 330,716 | 5,543 | |
Edison International | 72,700 | 5,142 | |
NextEra Energy Inc. | 60,220 | 3,849 | |
AES Corp. | 186,300 | 3,340 | |
Atmos Energy Corp. | 27,416 | 3,259 | |
Southern Co. | 41,100 | 2,948 | |
CenterPoint Energy Inc. | 101,913 | 2,903 | |
Eversource Energy | 42,940 | 2,566 | |
NRG Energy Inc. | 31,998 | 2,166 | |
UGI Corp. | 88,000 | 2,159 | |
Entergy Corp. | 20,153 | 2,130 | |
Pinnacle West Capital Corp. | 26,700 | 1,995 | |
Sempra | 27,500 | 1,975 | |
Evergy Inc. | 26,000 | 1,388 | |
ALLETE Inc. | 14,200 | 847 | |
MGE Energy Inc. | 9,700 | 764 | |
National Fuel Gas Co. | 12,800 | 688 | |
Duke Energy Corp. | 6,500 | 629 |
Shares | Market Value• ($000) | ||
American States Water Co. | 5,700 | 412 | |
NiSource Inc. | 13,100 | 362 | |
WEC Energy Group Inc. | 2,900 | 238 | |
DTE Energy Co. | 1,400 | 157 | |
Alliant Energy Corp. | 1,200 | 60 | |
PNM Resources Inc. | 1,600 | 60 | |
* | Montauk Renewables Inc. | 12,052 | 50 |
New Jersey Resources Corp. | 300 | 13 | |
219,253 | |||
Total Common Stocks (Cost $9,396,669) | 14,369,269 | ||
Temporary Cash Investments (2.8%) | |||
Money Market Fund (2.8%) | |||
4,5 | Vanguard Market Liquidity Fund, 5.407% (Cost $417,420) | 4,175,623 | 417,479 |
Total Investments (99.9%) (Cost $9,814,089) | 14,786,748 | ||
Other Assets and Liabilities—Net (0.1%) | 10,418 | ||
Net Assets (100%) | 14,797,166 | ||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $18,667,000. |
2 | Security value determined using significant unobservable inputs. |
3 | Restricted securities totaling $0, representing 0.0% of net assets. |
4 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
5 | Collateral of $19,183,000 was received for securities on loan. |
ADR—American Depositary Receipt. | |
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 | June 2024 | 1,374 | 364,694 | 7,895 |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $9,396,669) | 14,369,269 |
Affiliated Issuers (Cost $417,420) | 417,479 |
Total Investments in Securities | 14,786,748 |
Investment in Vanguard | 434 |
Cash | 295 |
Cash Collateral Pledged—Futures Contracts | 16,222 |
Receivables for Investment Securities Sold | 46,182 |
Receivables for Accrued Income | 12,018 |
Receivables for Capital Shares Issued | 4,199 |
Variation Margin Receivable—Futures Contracts | 17 |
Total Assets | 14,866,115 |
Liabilities | |
Payables for Investment Securities Purchased | 34,753 |
Collateral for Securities on Loan | 19,183 |
Payables to Investment Advisor | 3,511 |
Payables for Capital Shares Redeemed | 10,446 |
Payables to Vanguard | 1,056 |
Total Liabilities | 68,949 |
Net Assets | 14,797,166 |
1 Includes $18,667,000 of securities on loan. | |
At March 31, 2024, net assets consisted of: | |
Paid-in Capital | 9,318,752 |
Total Distributable Earnings (Loss) | 5,478,414 |
Net Assets | 14,797,166 |
Investor Shares—Net Assets | |
Applicable to 58,772,575 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 3,652,717 |
Net Asset Value Per Share—Investor Shares | $62.15 |
Admiral Shares—Net Assets | |
Applicable to 109,865,012 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 11,144,449 |
Net Asset Value Per Share—Admiral Shares | $101.44 |
Six Months Ended March 31, 2024 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 81,626 |
Interest2 | 8,744 |
Securities Lending—Net | 21 |
Total Income | 90,391 |
Expenses | |
Investment Advisory Fees—Note B | |
Basic Fee | 8,622 |
Performance Adjustment | (1,536) |
The Vanguard Group—Note C | |
Management and Administrative—Investor Shares | 3,755 |
Management and Administrative—Admiral Shares | 6,649 |
Marketing and Distribution—Investor Shares | 85 |
Marketing and Distribution—Admiral Shares | 183 |
Custodian Fees | 84 |
Shareholders’ Reports—Investor Shares | 42 |
Shareholders’ Reports—Admiral Shares | 32 |
Trustees’ Fees and Expenses | 5 |
Other Expenses | 11 |
Total Expenses | 17,932 |
Fees Waived/Expenses Reimbursed—Note B | (632) |
Net Expenses | 17,300 |
Net Investment Income | 73,091 |
Realized Net Gain (Loss) | |
Investment Securities Sold2 | 496,841 |
Futures Contracts | 31,828 |
Realized Net Gain (Loss) | 528,669 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | 2,379,859 |
Futures Contracts | 19,193 |
Change in Unrealized Appreciation (Depreciation) | 2,399,052 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 3,000,812 |
1 | Dividends are net of foreign withholding taxes of $46,000. |
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 $8,386,000, $10,000, $2,000, and ($41,000), respectively. Purchases and sales are for temporary cash investment purposes. |
Six Months Ended March 31, 2024 | Year Ended September 30, 2023 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 73,091 | 162,966 | |
Realized Net Gain (Loss) | 528,669 | 1,038,095 | |
Change in Unrealized Appreciation (Depreciation) | 2,399,052 | 813,431 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 3,000,812 | 2,014,492 | |
Distributions | |||
Investor Shares | (242,748) | (243,419) | |
Admiral Shares | (740,860) | (740,469) | |
Total Distributions | (983,608) | (983,888) | |
Capital Share Transactions | |||
Investor Shares | 198,760 | 127,575 | |
Admiral Shares | 683,550 | 492,457 | |
Net Increase (Decrease) from Capital Share Transactions | 882,310 | 620,032 | |
Total Increase (Decrease) | 2,899,514 | 1,650,636 | |
Net Assets | |||
Beginning of Period | 11,897,652 | 10,247,016 | |
End of Period | 14,797,166 | 11,897,652 |
Investor Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended March 31, 2024 | Year Ended September 30, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $53.55 | $49.02 | $66.16 | $54.15 | $49.46 | $52.17 |
Investment Operations | ||||||
Net Investment Income1 | .295 | .701 | .746 | .761 | .787 | .823 |
Net Realized and Unrealized Gain (Loss) on Investments | 12.719 | 8.483 | (8.155) | 14.991 | 6.024 | (.204) |
Total from Investment Operations | 13.014 | 9.184 | (7.409) | 15.752 | 6.811 | .619 |
Distributions | ||||||
Dividends from Net Investment Income | (.322) | (.775) | (.777) | (.770) | (.815) | (.766) |
Distributions from Realized Capital Gains | (4.092) | (3.879) | (8.954) | (2.972) | (1.306) | (2.563) |
Total Distributions | (4.414) | (4.654) | (9.731) | (3.742) | (2.121) | (3.329) |
Net Asset Value, End of Period | $62.15 | $53.55 | $49.02 | $66.16 | $54.15 | $49.46 |
Total Return2 | 25.34% | 19.81% | -13.94% | 30.22% | 14.07% | 2.21% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $3,653 | $2,955 | $2,570 | $3,205 | $2,779 | $2,860 |
Ratio of Total Expenses to Average Net Assets3 | 0.34%4 | 0.32%4 | 0.32% | 0.32% | 0.32% | 0.33% |
Ratio of Net Investment Income to Average Net Assets | 1.00% | 1.34% | 1.25% | 1.22% | 1.57% | 1.73% |
Portfolio Turnover Rate | 37% | 94% | 62% | 62% | 58% | 68% |
The expense ratio and net investment income ratio for the current period have been annualized. |
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 (0.02%), (0.01%), (0.01%), (0.00%), 0.00%, and 0.01%. |
4 | The ratio of total expenses to average net assets before basic fees waived was 0.35% for 2024 and 0.32% for 2023. See Note B in the Notes to Financial Statements. |
Admiral Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended March 31, 2024 | Year Ended September 30, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $87.40 | $80.01 | $108.01 | $88.40 | $80.74 | $85.16 |
Investment Operations | ||||||
Net Investment Income1 | .528 | 1.230 | 1.315 | 1.344 | 1.364 | 1.421 |
Net Realized and Unrealized Gain (Loss) on Investments | 20.763 | 13.845 | (13.315) | 24.466 | 9.842 | (.330) |
Total from Investment Operations | 21.291 | 15.075 | (12.000) | 25.810 | 11.206 | 1.091 |
Distributions | ||||||
Dividends from Net Investment Income | (.570) | (1.353) | (1.380) | (1.347) | (1.414) | (1.326) |
Distributions from Realized Capital Gains | (6.681) | (6.332) | (14.620) | (4.853) | (2.132) | (4.185) |
Total Distributions | (7.251) | (7.685) | (16.000) | (6.200) | (3.546) | (5.511) |
Net Asset Value, End of Period | $101.44 | $87.40 | $80.01 | $108.01 | $88.40 | $80.74 |
Total Return2 | 25.41% | 19.93% | -13.85% | 30.34% | 14.19% | 2.32% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $11,144 | $8,942 | $7,677 | $9,821 | $9,086 | $8,412 |
Ratio of Total Expenses to Average Net Assets3 | 0.24%4 | 0.22%4 | 0.22% | 0.22% | 0.22% | 0.23% |
Ratio of Net Investment Income to Average Net Assets | 1.10% | 1.44% | 1.34% | 1.33% | 1.66% | 1.83% |
Portfolio Turnover Rate | 37% | 94% | 62% | 62% | 58% | 68% |
The expense ratio and net investment income ratio for the current period have been annualized. |
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 (0.02%), (0.01%), (0.01%), (0.00%), 0.00%, and 0.01%. |
4 | The ratio of total expenses to average net assets before basic fees waived was 0.25% for 2024 and 0.22% for 2023. See Note B in the Notes to Financial Statements. |
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 D. E. Shaw Investment Management, L.L.C., Los Angeles Capital Management LLC, and Wellington Management Company llp 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 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. 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. In accordance with the advisory contract entered into with Wellington Management Company llp, beginning October 1, 2024, the investment advisory fee will be subject to quarterly adjustment based on performance relative to the S&P 500 Index since September 30, 2023. |
C. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund corporate management, administrative, marketing, distribution and cash management 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 | 14,369,267 | — | 2 | 14,369,269 |
Temporary Cash Investments | 417,479 | — | — | 417,479 |
Total | 14,786,746 | — | 2 | 14,786,748 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 7,895 | — | — | 7,895 |
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. | As of March 31, 2024, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows: |
Amount ($000) | |
Tax Cost | 9,869,943 |
Gross Unrealized Appreciation | 5,103,506 |
Gross Unrealized Depreciation | (178,806) |
Net Unrealized Appreciation (Depreciation) | 4,924,700 |
F. | During the six months ended March 31, 2024, the fund purchased $4,793,403,000 of investment securities and sold $4,894,548,000 of investment securities, other than temporary cash investments. |
G. | Capital share transactions for each class of shares were: |
Six Months Ended March 31, 2024 | Year Ended September 30, 2023 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 233,536 | 4,092 | 263,616 | 5,018 | |
Issued in Lieu of Cash Distributions | 232,307 | 4,208 | 233,527 | 4,825 | |
Redeemed | (267,083) | (4,716) | (369,568) | (7,075) | |
Net Increase (Decrease)—Investor Shares | 198,760 | 3,584 | 127,575 | 2,768 | |
Admiral Shares | |||||
Issued | 645,350 | 6,913 | 779,730 | 9,121 | |
Issued in Lieu of Cash Distributions | 673,857 | 7,480 | 674,540 | 8,535 | |
Redeemed | (635,657) | (6,837) | (961,813) | (11,299) | |
Net Increase (Decrease)—Admiral Shares | 683,550 | 7,556 | 492,457 | 6,357 |
H. | Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance. |
I. | Management has determined that no events or transactions occurred subsequent to March 31, 2024, that would require recognition or disclosure in these financial statements. |
All rights reserved.
Vanguard Marketing Corporation, Distributor.
Item 2: Code of Ethics.
Not applicable.
Item 3: Audit Committee Financial Expert.
Not applicable.
Item 4: Principal Accountant Fees and Services.
Not applicable.
Item 5: Audit Committee of Listed Registrants.
Not applicable.
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. In February 2024, a third-party service provider began performing security pricing services for the Registrant. There were no other changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
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. |
(a)(2) | Certifications filed 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: May 20, 2024
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: May 20, 2024
VANGUARD QUANTITATIVE FUNDS | ||
BY: | /s/ CHRISTINE BUCHANAN* | |
CHRISTINE BUCHANAN | ||
CHIEF FINANCIAL OFFICER |
Date: May 20, 2024
* By: | /s/ Anne E. Robinson |
Anne E. Robinson, pursuant to a Power of Attorney filed on January 11, 2024 (see File Number 33-34494); a Power of Attorney filed on July 21, 2023 (see File Number 33-53683), Incorporated by Reference; and a Power of Attorney filed on March 29, 2023 (see File Number 2-11444), Incorporated by Reference.