Vanguard Long-Term Corporate Bond
ALTAR
Score™
4.0% info Median Credit
S&P/Moody's
A-/A3
 
Yield to
Maturity
4.3% Current
Yield
4.7%
Macaulay
Duration
13.7 yrs Modified
Duration
13.4%


  • Description
  • Performance
  • Fundamentals
  • Rate Sensitivity
  • Rating
Vanguard Long-Term Corporate Bond ETF is an exchange-traded fund incorporated in the USA. The Fund seeks to track the performance of the Barclays US Long Corporate Bond Index.

FUND BASICS
Category Corporate
Fund Sponsor Vanguard Group Inc/The
Website www.vanguard.com
Inception date Nov 23, 2009
Assets (mns) $1,767
Currency USD
Expense ratio 10 bp
Distributions Monthly

FUND STRUCTURE
Regulation Open-End Investment Company
Custodian Bank of New York Mellon
Weighting Market Cap
Index replication Full

ISSUER TYPE BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents 88
No of distinct issuers 84
Inflation protected 0%
Variable/Fixed coupon 13% /87%
Non-standard maturity (callable, etc.) 44%

TOP TEN HOLDINGS
ELI LILLY AND CO 5.5% 3/15/27 1.7 %
MOODY'S CORPORATION 5.3% 7/15/44 1.6 %
XTO ENERGY INC 6.8% 8/01/37 1.5 %
MATTEL, INC. 6.2% 1/01/40 1.5 %
JOHNSON & JOHNSON 6.0% 8/15/37 1.5 %
CANADIAN NATIONAL RAI 6.2% 6/01/36 1.5 %
FLORIDA POWER CORPORA 6.4% 9/15/37 1.5 %
LOEWS CORPORATION 6.0% 2/01/35 1.4 %
DUKE ENERGY CAROLINAS 6.1% 4/15/38 1.4 %
FRANCE TELECOM SA 5.4% 1/13/42 1.4 %
   
TOTAL 15.0 %

TOP ISSUERS
VERIZON COMMUNICATIONS INC.3.9%
WELLS FARGO & COMPANY2.3%
CISCO SYSTEMS INC1.9%
ELI LILLY AND CO1.7%
MOODY'S CORPORATION1.6%

TOP COUNTRY EXPOSURE
UNITED STATES 84.1 %
CANADA 2.7 %
FRANCE 1.4 %
BRITAIN 1.1 %
GERMANY 1.0 %

 





HISTORICAL RETURNS info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru April 30)
Year-to-date 1 year 5 years 10 years Since Incep.
2.5% 3.6% 5.5% -- 7.3%

Market Correlations
versus... Beta R-squared
Barclays Agg. Bond 2.52 71%
S&P500 0.19 5%
MSCI EAFE 0.20 8%
MSCI Emg. Mkts. 0.24 19%

Technical Indicators
Recent close $90.65
Tracking Error 0.00
Avg. Premium/Discount 0.00%
Annualized volatility n/a %
Relative strength (RSI) 61
Liquidity measures
Avg. volume (thou.) 90
Avg. daily value traded (mns) $8
Turnover 0.5%
Bid/Ask (% of price) 0.12

Distributions


Yield Comparison

*Fund Category: CORPORATE

CREDIT QUALITY: MOODY'S

DISTRIBUTION YIELD (TRAILING 12 MONTHS)
Macaulay Duration info
 
VCLT 13.7 yrs Category
Avg.*
4.5 yrs
 

Modified Duration info
 
VCLT 13.4% Category
Avg.*
4.4%

RATE SENSITIVITY ANALYSIS info
Change
in YTM
New
YTM
Est. Price
Change
Est. New
Price
+300 bp 7.32% -31.3% $62.26
+200 bp 6.32% -22.9% $69.91
+150 bp 5.82% -17.9% $74.42
+100 bp 5.32% -12.4% $79.38
+75 bp 5.07% -9.5% $82.02
+50 bp 4.82% -6.5% $84.79
+25 bp 4.57% -3.3% $87.66
0 bp 4.32% 0% $90.65
-25 bp 4.07% 3.4% $93.75
-50 bp 3.82% 7.0% $96.97
-75 bp 3.57% 10.6% $100.30
-100 bp 3.32% 14.4% $103.74
-150 bp 2.82% 22.4% $110.96
-200 bp 2.32% 30.9% $118.64
-300 bp 1.32% 49.3% $135.35

*Fund Category: CORPORATE

ALTAR Score™


Calculation of ALTAR Score™
Adj. Yield to Maturity info 432 bp
Less: Annual "default factor" info 20 bp
Less: Expense ratio 10 bp
Equals: ALTAR Score 4.02 %
 

Average ALTAR Score™ by Category
Aggregate 1.6%
Corporate 1.9%
Emerging Market 3.9%
Government 1.4%
Inflation Protected 1.4%
Mortgage 2.8%
Municipals 2.4%
 
*Note: The Vanguard Long-Term Corporate Bond is classified as a Corporate fund.

 

Our estimate of the impact of potential defaults on investor returns, based on historical default and recovery rates for bonds of similar credit rating and maturities.
See RATING tab for calculations of ALTAR Score™
Estimate of fund sensitivity to interest rate changes based on modified duration and convexity adjustment applied to underlying bonds. Note: Less meaningful for inflation-indexed bonds.
Adds expected inflation to real YTM for inflation-linked bonds so that all instruments are compared on a nominal basis
Weighted-average term to maturity of the cash flows from a bond. All else being equal, bonds of longer duration are more sensitive to changes in interest rates than bonds of shorter duration.
Approximation of the change in bond prices given a 100 basis point shift in interest rates. A better estimate, particularly for larger moves in interest rates, is provided by the Rate Sensitivity Analysis below.