Vanguard Alternative Strategies Fund

Data updated: 2023-03-31

C000155622 — Vanguard Alternative Strategies Fund. Commodity · $97.37M AUM · 0.51% expense ratio. Holdings, fees, performance and SEC filings.

C000155622 Fund Overview

Vanguard Alternative Strategies Fund is a US mutual fund managed by Vanguard Trustees' Equity Fund, categorised as Commodity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

Type: US mutual fund
Manager: Vanguard Trustees' Equity Fund
Category: Commodity
Assets under management: $97.37M
1-year return: 1.5%
SEC CIK: 0000313850
SEC series ID: S000049301
Share class ID: C000155622

C000155622 Investment Objective and Strategy

Vanguard Alternative Strategies Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Vanguard Trustees' Equity Fund.

Investment objective

The Fund seeks to generate returns that have low correlation with the returns of the stock and bond markets and that are less volatile than the overall U.S. stock market.

Principal investment strategy

The Fund seeks to generate returns by utilizing several alternative strategies that, individually and collectively, are expected to have low correlation with traditional capital markets and that collectively are expected to have lower volatility than the overall U.S. stock market. The strategies are based on the advisors view regarding investable opportunities across capital markets. The Fund pursues strategies that include the following: long/short equity, event driven, fixed income relative value, currencies, commodity-linked investments, and equity index futures. The Fund will hold long and/or short positions within each strategy in an allocation that attempts to minimize market exposure, while attempting to capture attractive risk premiums identified by the advisor. The advisor expects that, over the long term, the assets underlying its long positions will outperform (appreciate more than or depreciate less than) the assets underlying its short positions.

The Fund implements these strategies by investingeither directly or indirectly through a wholly owned subsidiaryin a broad range of investments that may include, but are not limited to, the following: equities; fixed income instruments; options; foreign currency exchange forward contracts; futures, including commodity, global equity index, and U.S. and foreign Treasury futures; and swaps. The Fund seeks to generate absolute returns independent of market conditions, while managing volatility by combining strategies with different volatility patterns. The Fund is expected to utilize leverage in an attempt to match the expected risk profile of each individual strategy and the fund overall to a targeted level. A strategy will generate a positive return if stocks or other instruments held long (long positions) in the aggregate outperform stocks or other instruments sold short (short positions).

This will happen if the long positions increase in value (appreciate) while the short positions decline in value (depreciate) or if the long positions appreciate more than, or depreciate less than, the short positions. While the Fund generally expects to maintain an approximate equal weighting among the strategies, the advisor may increase or decrease a strategys weighting within the Fund to a level deemed appropriate to further the Funds investment objective. In addition, the advisor may discontinue use of any of the strategies or add one or more new strategies if deemed to be in the best interests of the Fund. The strategies employed by the Fund include: ? Long/Short Equity: The Fund may engage in strategies that seek to provide both long and short exposure to equity securities. This strategy involves simultaneously purchasing equities (e.g., U.S.

and foreign stocks) the advisor expects to increase in value (i.e., investing long) and selling equities the advisor expects to decrease in value (i.e., short selling). This strategy may maintain overweightings in a variety of industry and sector exposures when seeking to capitalize on pricing inefficiencies between related equity securities. When taking a short position, the Fund sells a stock that it does not own and then borrows the stock from a third party to meet its settlement obligations. The Fund seeks to reduce the net exposure of the overall portfolio to general market movements and to minimize volatility by simultaneously engaging in long investing and short selling. ? Event Driven: The Fund may engage in event driven strategies, which seek to profit from investing in, and in some cases shorting, the securities (e.g., U.S.

and foreign stocks) of a company on the basis that a specific event or catalyst will affect the price of the companys stock. This strategy attempts to capitalize on price discrepancies and returns generated by an impending corporate activity, such as an acquisition or merger. The advisor may also engage in this strategy using futures, forwards, or swaps. Foreign currency exchange forward contracts may be used to hedge currency risks presented by securities transactions. Swaps and futures may be used to create synthetic exposure to securities. ? Fixed Income Relative Value: The Fund may seek to profit by capitalizing on perceived mispricing of various liquid fixed income or interest rate sensitive securities. This strategy will employ a variety of quantitative and qualitative methods to identify securities it believes are mispriced or display liquidity discrepancies based on historical, fundamental, or technical factors.

The advisor may engage in this strategy primarily using U.S. Treasury futures. ? Currencies: The Fund may utilize this strategy to benefit from expected currency movements across countries through the use of long and short foreign currency exchange forward contracts. The Fund seeks to benefit from premiums associated with selling currencies of countries with poor fundamental characteristics and purchasing currencies of countries with strong fundamental characteristics. ? Commodity-Linked Investments: The Fund may engage in investments that create both long and short exposure to commodities by using exchange-traded commodity futures contracts, commodity-linked swaps, or other commodity-linked investments. Commodities include real assets such as agricultural products, livestock, precious and industrial metals, and energy products.

The Fund typically obtains exposure to commodities by investing a portion of its assets in a wholly owned subsidiary, which in turn invests in commodity-linked investments and fixed income securities. The Fund may also obtain exposure to commodities by investing directly in commodity-linked investments. Commodity-linked investments include commodity futures contracts, commodity-linked structured notes, commodity-linked swaps, exchange-traded commodity pools or funds, and other commodity-linked instruments. ? Equity Index Futures: The Fund may utilize long and short positions in global equity index futures to capture excess return opportunities. The Fund seeks to benefit from global differences in market and fundamental characteristics by buying equity index futures with strong characteristics and selling equity index futures with poor characteristics.

C000155622 Performance

Total returns for C000155622 (as of 2026-10-01), from SEC filings.

Period	Total return
1 year	1.5%
3 years (annualised)	-6.1%

C000155622 Risk Information

Risk metrics for C000155622, derived from monthly returns in SEC filings.

1-year volatility (annualised): 5.8%

C000155622 Costs and Fees

C000155622 costs about $51 per $10,000 invested per year in fund expenses.

Net expense ratio: 0.51%
Gross expense ratio: 0.51%
Portfolio turnover: 112%
Brokerage commissions: 1.22 bps of average net assets (SEC N-CEN)

C000155622 Cashflows

Over the 12 months to 2023-01, Vanguard Alternative Strategies Fund had net outflows of $29.26M, from monthly SEC N-PORT filings.

Month	Net flow
2023-01	−$890.13K
2022-12	$1.94M
2022-11	−$672.49K
2022-10	−$6.88M
2022-09	−$4.39M
2022-08	−$75.95K

C000155622 Debt Constituents

No individual debt constituents are reported in Vanguard Alternative Strategies Fund's latest SEC N-PORT filing.

C000155622 Prospectus and SEC Filings

Official Vanguard Alternative Strategies Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

Related Funds

Other Commodity funds tracked on ABC INVEST:

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.