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Participant ○

Recent differences in stock holdings of Vanguard Wellington fund

There have been comments about changes in the holdings of the Vanguard Wellington fund during the past few months. The holding as of 2020-05-30 are in a recently released fund report. The VWELX-HoldingsDiff-202005 Google spreadsheet has the market value of each stock holding as of 2019-12-31, 2020-03-31, and 2020-05-31. The holdings are sorted into groups that should make it clear what stocks have been added or deleted.

[Edit: corrected 2020-05 portfolio holdings date; also made minor corrections to the Google spreadsheet.]

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Frequent Contributor

Re: Recent differences in stock holdings of Vanguard Wellington fund

Great information. Obviously a significant move in the FAAMG direction. Hopefully not late to the party.

Is Wellesley (same managers) moving in the same direction?

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Re: Recent differences in stock holdings of Vanguard Wellington fund


@chang wrote:

Great information. Obviously a significant move in the FAAMG direction. Hopefully not late to the party.

Is Wellesley (same managers) moving in the same direction?


They don't seem to own any of the FAAMG stocks, so I would say no.

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Explorer ○

Re: Recent differences in stock holdings of Vanguard Wellington fund

Actually, they own 3... Apple, Alphabet (Google) and Facebook. Based on the Excel file provided, since 12/2019, weight in Apple rose from 2.23% to 5.36%, Alphabet rose 3.34% to 5.42%, and Facebook from 0 to 2.37%. So combined those 3 now account for about 13%, from about 5.5% in December. Looks like they lightened up on energy as well, so appears to be moving to the middle a bit more, growth/value wise. 

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Re: Recent differences in stock holdings of Vanguard Wellington fund

 

Thanks for info.

If I read the tables correctly, Wellington Fund managers cleaned house by selling a lot of Energy Funds in Q1, and on.  But they added a lot to one, BP. ..each qtr.  Seems they are betting that BP will be one of the mega-survivors of the energy patch shakeout underway.  Interesting.

R48

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Re: Recent differences in stock holdings of Vanguard Wellington fund


@bilperk wrote:

@chang wrote:

Great information. Obviously a significant move in the FAAMG direction. Hopefully not late to the party.

Is Wellesley (same managers) moving in the same direction?


They don't seem to own any of the FAAMG stocks, so I would say no.


Is there any listing more recent than 3/31?

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Re: Recent differences in stock holdings of Vanguard Wellington fund


@chang wrote:

@bilperk wrote:

@chang wrote:

Great information. Obviously a significant move in the FAAMG direction. Hopefully not late to the party.

Is Wellesley (same managers) moving in the same direction?


They don't seem to own any of the FAAMG stocks, so I would say no.


Is there any listing more recent than 3/31?


??The table of info I read in the OP link shows data to 5/30.

Does require being able to read three columns though :-)

R48

 

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Re: Recent differences in stock holdings of Vanguard Wellington fund

@retiredat48 Yes, I know ... but I asked about Wellesley, not Wellington!

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Re: Recent differences in stock holdings of Vanguard Wellington fund

Chang,

Vanguard's VWINX page lists top 10 holdings as of 60-30-20 (you are correct that list of total holdings appears not to have been updated since 3-30-20):

Month-end 10 largest holdings

(11.40% of total net assets) as of 06/30/2020 

1Johnson & Johnson
2Cisco Systems Inc.
3Pfizer Inc.
4Verizon Communications Inc.
5Comcast Corp.
6Bank of America Corp.
7JPMorgan Chase & Co.
8Intel Corp.
9Procter & Gamble Co.
10Crown Castle International Corp.

Portfolio holdings may exclude any temporary cash investments and stock index products.

 
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Frequent Contributor

Re: Recent differences in stock holdings of Vanguard Wellington fund

@ViveBene Yes, I know. I am referring to the full list of holdings. All VG funds are still showing 3/31. I believe by law they have 45 days from the end of the quarter. But many other funds are already showing 6/30 holdings (eg TRP).

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Participant ○○○

Re: Recent differences in stock holdings of Vanguard Wellington fund

This time last year Vanguard filed with the SEC their full holdings for Wellesley on quarter ending 6/2019 on 2019-08-29. I would assume they would update their website at the same time.

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Frequent Contributor

Re: Recent differences in stock holdings of Vanguard Wellington fund

Wellington's semi-annual period ended 5/31/20, so data is available as of May-end.   https://www.sec.gov/Archives/edgar/data/105563/000110465920087251/tm2024218d1_ncsrs.htm

Quarterly data for Wellington and Wellesley will be available 45 days after quarter-end.

YBB
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Participant ○○○

Re: Recent differences in stock holdings of Vanguard Wellington fund

But Wellesley reports entire portfolio holdings on each quarter ending in March, June, September and December to the SEC at the end of May, August, November, February.

Wellesley and Wellington have DIFFERENT reporting periods.

6C3CA536-03AF-4EFF-B102-5F93E4C0F565.png

 

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Re: Recent differences in stock holdings of Vanguard Wellington fund


@chang wrote:

@bilperk wrote:

@chang wrote:

Great information. Obviously a significant move in the FAAMG direction. Hopefully not late to the party.

Is Wellesley (same managers) moving in the same direction?


They don't seem to own any of the FAAMG stocks, so I would say no.


Is there any listing more recent than 3/31?


I don't believe so.  Wellesley and Wellington share some managers but not all.  The two funds have totally different objectives and benchmarks.  There is no reason to believe that Wellesley will vary from its 49 year history of deep large cap value stocks with an emphasis on dividends.  Wellington has always been more "blendy"  and uses the 500 index as its equity benchmark.  while Wellesley uses the high yield dividend index.  I can't see them picking up FAAMG stocks.

Considering that the 500 index is now dominated by FAAMG, and that Wellington has been lagging its peers of late (ie Balanced index) it is not surprising they are upping their exposure to those growth stocks if nothing more as a momentum play.

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Re: Recent differences in stock holdings of Vanguard Wellington fund


@bilperk wrote:

I can't see them picking up FAAMG stocks.

Considering that the 500 index is now dominated by FAAMG, and that Wellington has been lagging its peers of late (ie Balanced index) it is not surprising they are upping their exposure to those growth stocks if nothing more as a momentum play.


When I looked at the table posted with OP, I believe that Chang is right. The percentage of of these stocks went up - MS, APPL, and Alphabet. I saw at least three of them were there and the allocation of these went up. However, they could have gone up due to increase in the stock prices also.

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Re: Recent differences in stock holdings of Vanguard Wellington fund


@ECEPROF wrote:

@bilperk wrote:

I can't see them picking up FAAMG stocks.

Considering that the 500 index is now dominated by FAAMG, and that Wellington has been lagging its peers of late (ie Balanced index) it is not surprising they are upping their exposure to those growth stocks if nothing more as a momentum play.


When I looked at the table posted with OP, I believe that Chang is right. The percentage of of these stocks went up - MS, APPL, and Alphabet. I saw at least three of them were there and the allocation of these went up. However, they could have gone up due to increase in the stock prices also.


You do know we are discussing two different funds;  Wellington, which no one is arguing is adding to its FAAMG holdings, and Wellesley, which does not have any FAAMG holdings as of 3/30.  Chang was wondering if Wellesley had some now.  We don't have the holding after 3/30, but there is no reason to believe that Wellesley would add FAAMG stocks to its holdings since its benchmark is the high yield dividend index.

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Re: Recent differences in stock holdings of Vanguard Wellington fund

ok. sorry. I misunderstood.

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Re: Recent differences in stock holdings of Vanguard Wellington fund


@ECEPROF wrote:

@bilperk wrote:

I can't see them picking up FAAMG stocks.

Considering that the 500 index is now dominated by FAAMG, and that Wellington has been lagging its peers of late (ie Balanced index) it is not surprising they are upping their exposure to those growth stocks if nothing more as a momentum play.


When I looked at the table posted with OP, I believe that Chang is right. The percentage of of these stocks went up - MS, APPL, and Alphabet. I saw at least three of them were there and the allocation of these went up. However, they could have gone up due to increase in the stock prices also.


No. There is a manager change for the equity portion of Wellington effective 6/30/20, and the new manager is more growth oriented than the previous manager [who was more value oriented and was also stuck on energy]. 5/31/20 portfolio only provides a preview of the changes and we have wait for 6/30/20 and 9/30/20 portfolios to see more details. There is no similar change for Wellesley whose equity portion is dividend oriented [benchmarked to FTSE high dividend yield stocks/VYM]. In a way, it is good that equity portions of Wellington and Wellesley are diverging.   https://community.morningstar.com/t5/forums/forumtopicprintpage/board-id/bonds/message-id/6708/print...

YBB
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Participant ○

Re: Recent differences in stock holdings of Vanguard Wellington fund

Vanguard has posted on their web site the end of 2020-06 portfolio holdings of the Wellington and Wellesley Income funds. The WW-EquityHoldingsDiff-201912-202006 Google spreadsheet has a tab for each fund that shows the market value the fund had in each stock at the end of 2019-12, 2020-03, and 2020-06.

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Frequent Contributor

Re: Recent differences in stock holdings of Vanguard Wellington fund

This spread sheet seems to be the same as in the OP.


@PatMorgan wrote:

Vanguard has posted on their web site the end of 2020-06 portfolio holdings of the Wellington and Wellesley Income funds. The WW-EquityHoldingsDiff-201912-202006 Google spreadsheet has a tab for each fund that shows the market value the fund had in each stock at the end of 2019-12, 2020-03, and 2020-06.


 

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