Vanguard Small Cap Value Index I (VSIIX)

Vanguard Small-Cap Value Index Fund Institutional Shares is an index mutual fund designed to replicate the performance of the CRSP US Small Cap Value Index. The fund primarily invests in a broad basket of U.S. small-cap stocks that are considered undervalued relative to their peers, focusing on companies with lower price-to-book and price-to-earnings ratios. The portfolio is widely diversified, typically holding more than 800 individual stocks, with no single holding representing more than 1% of assets, and the top 10 holdings usually accounting for only around 5-6% of the total portfolio. Major sector exposures include financial services and industrials, which together make up roughly 40% of the fund's assets. With a very low expense ratio and a disciplined, market-cap-weighted approach, this fund aims to provide investors with targeted exposure to the small-cap value segment, reflecting the performance and risk profile of this distinct U.S. equity category. The fund is structured for institutional investors, requiring a sizable minimum initial investment and offering low portfolio turnover, making it a core holding for those seeking broad access to small, value-oriented U.S. companies in a single, cost-effective vehicle.