Vanguard Mid-Cap Growth Fund

Frequently Asked Questions About VMGRX

What does VMGRX invest in?

This actively managed fund primarily directs its investments toward the shares of medium-sized U.S. companies. Its management team specifically seeks out businesses that they believe demonstrate stronger prospects for growth in both earnings and revenue than the typical mid-capitalization firm. This option may appeal to investors who wish to gain exposure to the American mid-cap equity market and are prepared to tolerate the inherent volatility that comes with stock investments. A transition in investment managers for the Vanguard Mid-Cap Growth Fund took place on November 17, 2025. This change could lead to capital gains distributions, which may be taxable if your shares are held in a standard (taxable) account. Vanguard provides regular monthly updates on estimated realized and unrealized gains within the "Distributions" section of the fund's official website. The expense ratio for this Mid-Cap Growth Fund is set to increase from 33 basis points to 39 basis points. However, a 5 basis point fee waiver will be applied, bringing the effective expense ratio to 34 basis points.

What is the expense ratio of VMGRX?

Vanguard Mid-Cap Growth Fund (VMGRX) charges an expense ratio of 0.33%. This is the annual fee deducted from fund assets to cover management and operations.

How big is VMGRX?

Vanguard Mid-Cap Growth Fund (VMGRX) manages $2.70B in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure. Funds below ~$50M are at higher risk of liquidation.

Is VMGRX actively managed or an index fund?

VMGRX is actively managed: the manager selects holdings rather than tracking an index. Active funds typically charge higher expense ratios than index funds (VMGRX's is 0.33%) in exchange for the discretion to over- or under-weight positions.

When was VMGRX launched?

Vanguard Mid-Cap Growth Fund (VMGRX) launched in December 1997 and is managed by Vanguard.

How has VMGRX performed?

VMGRX's total return (price change plus reinvested distributions) is charted at the top of this page. Switch the price chart to Total Return and pick a 1-year, 3-year, 5-year, or 10-year window to read the compound annual growth rate (CAGR) over each horizon.