Sensible Investor

Immutable verification record

VANGUARD TAX-MANAGED CAPITAL APPRECIATION FUND

Run 363649da-fcfb-4007-87ef-de06de7710ca · portfolio period 2026-03-31 · captured 2026-07-29T14:22:09.616Z

This is the permanent record of what our July 29, 2026 data run computed for Vanguard Tax-Managed Capital Appreciation Fund, and the exact SEC documents every number came from — it exists so anyone can check us.

Current interpretation · methodology 1.5

How to read this prior-run record now

91.5% of this portfolio matches the Russell 1000 index, which costs $50 a year per $100,000 to own outright. This fund charges $30 a year.

This interpretation is computed under the current methodology and is not inserted into the immutable record below.

Cite these figures

Each snippet includes the figure’s source-event date and immutable verification URL.

Best-fit active share

Sensible Investor, “VANGUARD TAX-MANAGED CAPITAL APPRECIATION FUND — best-fit active share,” 8.5% versus the Russell 1000 index, fund portfolio as of 2026-03-31; measured against the filed holdings of iShares Russell 1000 ETF (IWB), as of 2026-03-31. https://sensible-investor.com/registry/vtcix/as-of/363649da-fcfb-4007-87ef-de06de7710ca

VTCIX filed expense ratio

Sensible Investor, “VANGUARD TAX-MANAGED CAPITAL APPRECIATION FUND — filed expense ratio,” 0.03% for VTCIX, as of 2025-12-31. https://sensible-investor.com/registry/vtcix/as-of/363649da-fcfb-4007-87ef-de06de7710ca

VTCIX fee per active unit

Sensible Investor, “VANGUARD TAX-MANAGED CAPITAL APPRECIATION FUND — fee per unit of active management,” 0.35% using the VTCIX expense ratio as of 2025-12-31 and fund portfolio as of 2026-03-31. https://sensible-investor.com/registry/vtcix/as-of/363649da-fcfb-4007-87ef-de06de7710ca

Active share by comparison index

Holdings difference for every comparison calculated in this run.
IndexActive shareHoldings evidenceIdentifier match
the Russell 1000 index8.5%measured against the filed holdings of iShares Russell 1000 ETF (IWB), as of 2026-03-31100.0%
the S&P 50011.7%measured against the filed holdings of iShares Core S&P 500 ETF (IVV), as of 2026-03-3192.6%
the total US market12.0%measured against the filed holdings of Vanguard Total Stock Market ETF (VTI), as of 2026-03-3199.6%
the Russell 1000 Growth index43.9%measured against the filed holdings of iShares Russell 1000 Growth ETF (IWF), as of 2026-03-3164.5%
the Russell 1000 Value index44.8%measured against the filed holdings of iShares Russell 1000 Value ETF (IWD), as of 2026-03-3163.9%
the S&P MidCap 40095.7%measured against the filed holdings of iShares Core S&P Mid-Cap ETF (IJH), as of 2026-03-314.3%
the S&P SmallCap 60099.6%measured against the filed holdings of iShares Core S&P Small-Cap ETF (IJR), as of 2026-03-310.4%
the Russell 2000 index100.0%measured against the filed holdings of iShares Russell 2000 ETF (IWM), as of 2026-03-310.0%

Filed expense ratios by share class

Each fee is tied to its filed SEC source and period.
Share classExpense ratioFiling periodSEC document
VTCIX (Vanguard Tax-Managed Capital Appreciation Fund)0.03%2025-12-31Open SEC expense filing
VTCLX (Vanguard Tax-Managed Capital Appreciation Fund)0.05%2025-12-31Open SEC expense filing

Match rates

How much of the fund filing could be matched to comparison holdings. A benchmark proxy is not compared with itself.
Fund identifier match100.0%
the Russell 1000 index100.0%
the S&P 50092.6%
the total US market99.6%
the Russell 1000 Growth index64.5%
the Russell 1000 Value index63.9%
the S&P MidCap 4004.3%
the S&P SmallCap 6000.4%
the Russell 2000 index0.0%

Fee-drag windows

Dollar fee drag from licensed return windows; the lowest-cost control class is omitted rather than compared with itself, and missing history remains explicit.
Share classWindowFee dragWindow dates
VTCIX10 years$6762016-07-29 to 2026-07-29
VTCIX20 years$2,9272006-07-31 to 2026-07-29
VTCIX30 yearsproxy history begins 2000 — no full 30-year windowProxy history begins 2000-05-19
VTCLX10 years$1,3512016-07-29 to 2026-07-29
VTCLX20 years$5,8442006-07-31 to 2026-07-29
VTCLX30 yearsproxy history begins 2000 — no full 30-year windowProxy history begins 2000-05-19

Check it yourself

  1. Open the fund’s linked SEC holdings filing and, for fees, the linked SEC expense filing in the table above.
  2. Find each security identifier and portfolio weight in the holdings filing, and the net annual operating expense for the relevant share class in its expense filing.
  3. Recalculate the comparison using the active-share formula and portfolio rules.
Raw record (JSON)

Download this record as JSON

{
  "runId": "363649da-fcfb-4007-87ef-de06de7710ca",
  "capturedAt": "2026-07-29T14:22:09.616Z",
  "methodologyVersion": "closet-index@2.0.0",
  "cohortVersion": "cohort-v2@2026-07-24",
  "cohortRank": 251,
  "seriesId": "S000004384",
  "cik": 923202,
  "seriesName": "VANGUARD TAX-MANAGED CAPITAL APPRECIATION FUND",
  "classes": [
    {
      "classId": "C000012136",
      "ticker": "VTCIX",
      "netExpenseRatio": 0.0003,
      "expensePeriod": "2025-12-31",
      "sourceAccession": "0000923202-26-000059",
      "sourceUrl": "https://www.sec.gov/Archives/edgar/data/923202/000092320226000059/0000923202-26-000059-index.html",
      "missingReason": null
    },
    {
      "classId": "C000012135",
      "ticker": "VTCLX",
      "netExpenseRatio": 0.0005,
      "expensePeriod": "2025-12-31",
      "sourceAccession": "0000923202-26-000059",
      "sourceUrl": "https://www.sec.gov/Archives/edgar/data/923202/000092320226000059/0000923202-26-000059-index.html",
      "missingReason": null
    }
  ],
  "fundFiling": {
    "cik": 923202,
    "seriesId": "S000004384",
    "accession": "0000923202-26-000099",
    "filingDate": "2026-05-28",
    "periodOfReport": "2026-03-31",
    "primaryDocumentUrl": "https://www.sec.gov/Archives/edgar/data/923202/000092320226000099/primary_doc.xml"
  },
  "proxyPeriods": {
    "IVV": {
      "periodOfReport": "2026-03-31",
      "accession": "0002071691-26-012459",
      "filingDate": "2026-05-28"
    },
    "IWB": {
      "periodOfReport": "2026-03-31",
      "accession": "0001004726-26-003726",
      "filingDate": "2026-05-22"
    },
    "IWF": {
      "periodOfReport": "2026-03-31",
      "accession": "0001004726-26-003755",
      "filingDate": "2026-05-22"
    },
    "IWD": {
      "periodOfReport": "2026-03-31",
      "accession": "0001004726-26-003757",
      "filingDate": "2026-05-22"
    },
    "IJH": {
      "periodOfReport": "2026-03-31",
      "accession": "0000940400-26-020794",
      "filingDate": "2026-05-26"
    },
    "IJR": {
      "periodOfReport": "2026-03-31",
      "accession": "0000940400-26-020784",
      "filingDate": "2026-05-26"
    },
    "IWM": {
      "periodOfReport": "2026-03-31",
      "accession": "0002071691-26-012507",
      "filingDate": "2026-05-28"
    },
    "VTI": {
      "periodOfReport": "2026-03-31",
      "accession": "0000036405-26-000323",
      "filingDate": "2026-05-28"
    }
  },
  "comparisons": [
    {
      "proxy": "IWB",
      "activeShare": 0.08548770204276565,
      "identifierMatchRate": 0.9999244163605722,
      "matchRateByIdentifier": {
        "cusip6": 0.9994758529693606,
        "isin": 0.00044856339121160496,
        "unmatched": 0.00007558363942783419
      },
      "topActiveBets": [
        {
          "name": "THE PROGRESSIVE CORPORATION",
          "fundWeight": 0.0037361875236734577,
          "proxyWeight": 0.0019414545284458368,
          "activeWeight": 0.0017947329952276209,
          "blbTicker": null
        },
        {
          "name": "BERKSHIRE HATHAWAY INC.",
          "fundWeight": 0.016368345383009523,
          "proxyWeight": 0.014779908294339937,
          "activeWeight": 0.0015884370886695854,
          "blbTicker": null
        },
        {
          "name": "MORGAN STANLEY",
          "fundWeight": 0.004709462031427647,
          "proxyWeight": 0.003122103856917775,
          "activeWeight": 0.0015873581745098723,
          "blbTicker": "MS"
        },
        {
          "name": "BLACKSTONE INC.",
          "fundWeight": 0,
          "proxyWeight": 0.0014242612339182108,
          "activeWeight": -0.0014242612339182108,
          "blbTicker": "BX"
        },
        {
          "name": "LAM RESEARCH CORPORATION",
          "fundWeight": 0.005825886970334075,
          "proxyWeight": 0.00448588837723414,
          "activeWeight": 0.0013399985930999348,
          "blbTicker": "LRCX"
        },
        {
          "name": "KLA CORPORATION",
          "fundWeight": 0.00452864195069723,
          "proxyWeight": 0.003240584332968146,
          "activeWeight": 0.001288057617729084,
          "blbTicker": "KLAC"
        },
        {
          "name": "Altria Group, Inc.",
          "fundWeight": 0.0006145317173500324,
          "proxyWeight": 0.001863372131070518,
          "activeWeight": -0.0012488404137204856,
          "blbTicker": "MO"
        },
        {
          "name": "PFIZER INC.",
          "fundWeight": 0.0015364607583281174,
          "proxyWeight": 0.0026689040035144163,
          "activeWeight": -0.001132443245186299,
          "blbTicker": "PFE"
        },
        {
          "name": "CRH PUBLIC LIMITED COMPANY",
          "fundWeight": 0.00010300636913437268,
          "proxyWeight": 0.0011788664897449984,
          "activeWeight": -0.0010758601206106258,
          "blbTicker": null
        },
        {
          "name": "KINDER MORGAN, INC.",
          "fundWeight": 0.000046859597247670936,
          "proxyWeight": 0.0010905620787900008,
          "activeWeight": -0.0010437024815423298,
          "blbTicker": "KMI"
        }
      ]
    },
    {
      "proxy": "IVV",
      "activeShare": 0.1172707025674144,
      "identifierMatchRate": 0.9263416090271673,
      "matchRateByIdentifier": {
        "cusip6": 0.9066775636091676,
        "isin": 0.019664045417999754,
        "unmatched": 0.07365839097283267
      },
      "topActiveBets": [
        {
          "name": "NVIDIA Corp.",
          "fundWeight": 0.06836754561607772,
          "proxyWeight": 0.07581440036297338,
          "activeWeight": -0.007446854746895659,
          "blbTicker": "NVDA"
        },
        {
          "name": "Apple, Inc.",
          "fundWeight": 0.06155749878447929,
          "proxyWeight": 0.06665491076154913,
          "activeWeight": -0.005097411977069838,
          "blbTicker": "AAPL"
        },
        {
          "name": "Amazon.com, Inc.",
          "fundWeight": 0.03297951783253328,
          "proxyWeight": 0.03639701168408969,
          "activeWeight": -0.0034174938515564093,
          "blbTicker": "AMZN"
        },
        {
          "name": "Microsoft Corp.",
          "fundWeight": 0.04587481292511424,
          "proxyWeight": 0.04917390073516307,
          "activeWeight": -0.003299087810048826,
          "blbTicker": "MSFT"
        },
        {
          "name": "Alphabet, Inc.",
          "fundWeight": 0.050925078409825845,
          "proxyWeight": 0.05395011904789741,
          "activeWeight": -0.0030250406380715675,
          "blbTicker": "GOOGL"
        },
        {
          "name": "Broadcom, Inc.",
          "fundWeight": 0.02370534785892607,
          "proxyWeight": 0.026252612903398073,
          "activeWeight": -0.0025472650444720024,
          "blbTicker": "AVGO"
        },
        {
          "name": "Cheniere Energy Inc",
          "fundWeight": 0.0019005428115570985,
          "proxyWeight": 0,
          "activeWeight": 0.0019005428115570985,
          "blbTicker": "LNG"
        },
        {
          "name": "Progressive Corp. (The)",
          "fundWeight": 0.0037361875236734577,
          "proxyWeight": 0.0020786453616867978,
          "activeWeight": 0.00165754216198666,
          "blbTicker": null
        },
        {
          "name": "Blackstone, Inc.",
          "fundWeight": 0,
          "proxyWeight": 0.0015402298424142744,
          "activeWeight": -0.0015402298424142744,
          "blbTicker": "BX"
        },
        {
          "name": "Seagate Technology Holdings plc",
          "fundWeight": 0,
          "proxyWeight": 0.0015282364451082897,
          "activeWeight": -0.0015282364451082897,
          "blbTicker": "STX"
        }
      ]
    },
    {
      "proxy": "VTI",
      "activeShare": 0.12007791568869249,
      "identifierMatchRate": 0.9957272499940367,
      "matchRateByIdentifier": {
        "cusip6": 0.9957272499940367,
        "isin": 0,
        "unmatched": 0.004272750005963277
      },
      "topActiveBets": [
        {
          "name": "NVIDIA Corp",
          "fundWeight": 0.06836754561607772,
          "proxyWeight": 0.06442311309214421,
          "activeWeight": 0.003944432523933505,
          "blbTicker": "NVDA"
        },
        {
          "name": "Alphabet Inc",
          "fundWeight": 0.050925078409825845,
          "proxyWeight": 0.0480065065993559,
          "activeWeight": 0.002918571810469943,
          "blbTicker": "GOOGL"
        },
        {
          "name": "Berkshire Hathaway Inc",
          "fundWeight": 0.016368345383009523,
          "proxyWeight": 0.014133329230630496,
          "activeWeight": 0.002235016152379027,
          "blbTicker": null
        },
        {
          "name": "Apple Inc",
          "fundWeight": 0.06155749878447929,
          "proxyWeight": 0.0596212042704501,
          "activeWeight": 0.0019362945140291923,
          "blbTicker": "AAPL"
        },
        {
          "name": "Microsoft Corp",
          "fundWeight": 0.04587481292511424,
          "proxyWeight": 0.043984352598584776,
          "activeWeight": 0.0018904603265294667,
          "blbTicker": "MSFT"
        },
        {
          "name": "Progressive Corp/The",
          "fundWeight": 0.0037361875236734577,
          "proxyWeight": 0.001859099602648205,
          "activeWeight": 0.0018770879210252527,
          "blbTicker": null
        },
        {
          "name": "JPMorgan Chase & Co",
          "fundWeight": 0.013559454728494319,
          "proxyWeight": 0.011970632673638926,
          "activeWeight": 0.001588822054855393,
          "blbTicker": "JPM"
        },
        {
          "name": "Morgan Stanley",
          "fundWeight": 0.004709462031427647,
          "proxyWeight": 0.003135971961086951,
          "activeWeight": 0.0015734900703406962,
          "blbTicker": "MS"
        },
        {
          "name": "Lam Research Corp",
          "fundWeight": 0.005825886970334075,
          "proxyWeight": 0.004269287867178601,
          "activeWeight": 0.0015565991031554743,
          "blbTicker": "LRCX"
        },
        {
          "name": "KLA Corp",
          "fundWeight": 0.00452864195069723,
          "proxyWeight": 0.003088303548227421,
          "activeWeight": 0.001440338402469809,
          "blbTicker": "KLAC"
        }
      ]
    },
    {
      "proxy": "IWF",
      "activeShare": 0.4388937283672763,
      "identifierMatchRate": 0.6451843882610395,
      "matchRateByIdentifier": {
        "cusip6": 0.644735824869828,
        "isin": 0.00044856339121160496,
        "unmatched": 0.3548156117389605
      },
      "topActiveBets": [
        {
          "name": "NVIDIA CORPORATION",
          "fundWeight": 0.06836754561607772,
          "proxyWeight": 0.12945460879335305,
          "activeWeight": -0.06108706317727533,
          "blbTicker": "NVDA"
        },
        {
          "name": "APPLE INC.",
          "fundWeight": 0.06155749878447929,
          "proxyWeight": 0.11656856171702823,
          "activeWeight": -0.05501106293254894,
          "blbTicker": "AAPL"
        },
        {
          "name": "MICROSOFT CORPORATION",
          "fundWeight": 0.04587481292511424,
          "proxyWeight": 0.08836575239353556,
          "activeWeight": -0.042490939468421314,
          "blbTicker": "MSFT"
        },
        {
          "name": "BROADCOM INC.",
          "fundWeight": 0.02370534785892607,
          "proxyWeight": 0.0479715320446599,
          "activeWeight": -0.024266184185733827,
          "blbTicker": "AVGO"
        },
        {
          "name": "TESLA, INC.",
          "fundWeight": 0.01734048496326631,
          "proxyWeight": 0.03554779995344603,
          "activeWeight": -0.018207314990179718,
          "blbTicker": "TSLA"
        },
        {
          "name": "Berkshire Hathaway Inc",
          "fundWeight": 0.016368345383009523,
          "proxyWeight": 0,
          "activeWeight": 0.016368345383009523,
          "blbTicker": null
        },
        {
          "name": "ELI LILLY AND COMPANY",
          "fundWeight": 0.01239136023393811,
          "proxyWeight": 0.026625797887620695,
          "activeWeight": -0.014234437653682585,
          "blbTicker": null
        },
        {
          "name": "AMAZON.COM, INC.",
          "fundWeight": 0.03297951783253328,
          "proxyWeight": 0.046659882463126814,
          "activeWeight": -0.013680364630593536,
          "blbTicker": "AMZN"
        },
        {
          "name": "META PLATFORMS, INC.",
          "fundWeight": 0.02100506717631274,
          "proxyWeight": 0.03462435618217455,
          "activeWeight": -0.013619289005861807,
          "blbTicker": "META"
        },
        {
          "name": "JPMorgan Chase & Co",
          "fundWeight": 0.013559454728494319,
          "proxyWeight": 0,
          "activeWeight": 0.013559454728494319,
          "blbTicker": "JPM"
        }
      ]
    },
    {
      "proxy": "IWD",
      "activeShare": 0.44768509613266483,
      "identifierMatchRate": 0.6388038303725884,
      "matchRateByIdentifier": {
        "cusip6": 0.6383552669813768,
        "isin": 0.00044856339121160496,
        "unmatched": 0.36119616962741163
      },
      "topActiveBets": [
        {
          "name": "NVIDIA Corp",
          "fundWeight": 0.06836754561607772,
          "proxyWeight": 0,
          "activeWeight": 0.06836754561607772,
          "blbTicker": "NVDA"
        },
        {
          "name": "Apple Inc",
          "fundWeight": 0.06155749878447929,
          "proxyWeight": 0,
          "activeWeight": 0.06155749878447929,
          "blbTicker": "AAPL"
        },
        {
          "name": "Microsoft Corp",
          "fundWeight": 0.04587481292511424,
          "proxyWeight": 0,
          "activeWeight": 0.04587481292511424,
          "blbTicker": "MSFT"
        },
        {
          "name": "Broadcom Inc",
          "fundWeight": 0.02370534785892607,
          "proxyWeight": 0,
          "activeWeight": 0.02370534785892607,
          "blbTicker": "AVGO"
        },
        {
          "name": "Tesla Inc",
          "fundWeight": 0.01734048496326631,
          "proxyWeight": 0,
          "activeWeight": 0.01734048496326631,
          "blbTicker": "TSLA"
        },
        {
          "name": "ALPHABET INC.",
          "fundWeight": 0.050925078409825845,
          "proxyWeight": 0.0354650771022033,
          "activeWeight": 0.015460001307622546,
          "blbTicker": "GOOGL"
        },
        {
          "name": "AMAZON.COM, INC.",
          "fundWeight": 0.03297951783253328,
          "proxyWeight": 0.01811686041169112,
          "activeWeight": 0.014862657420842158,
          "blbTicker": "AMZN"
        },
        {
          "name": "META PLATFORMS, INC.",
          "fundWeight": 0.02100506717631274,
          "proxyWeight": 0.007348498101745476,
          "activeWeight": 0.013656569074567266,
          "blbTicker": "META"
        },
        {
          "name": "JPMORGAN CHASE & CO.",
          "fundWeight": 0.013559454728494319,
          "proxyWeight": 0.026357976973082797,
          "activeWeight": -0.012798522244588478,
          "blbTicker": "JPM"
        },
        {
          "name": "BERKSHIRE HATHAWAY INC.",
          "fundWeight": 0.016368345383009523,
          "proxyWeight": 0.0291526208979656,
          "activeWeight": -0.012784275514956076,
          "blbTicker": null
        }
      ]
    },
    {
      "proxy": "IJH",
      "activeShare": 0.9571400269069076,
      "identifierMatchRate": 0.04293217075310451,
      "matchRateByIdentifier": {
        "cusip6": 0.04050565359664458,
        "isin": 0.002426517156459929,
        "unmatched": 0.9570678292468955
      },
      "topActiveBets": [
        {
          "name": "NVIDIA Corp",
          "fundWeight": 0.06836754561607772,
          "proxyWeight": 0,
          "activeWeight": 0.06836754561607772,
          "blbTicker": "NVDA"
        },
        {
          "name": "Apple Inc",
          "fundWeight": 0.06155749878447929,
          "proxyWeight": 0,
          "activeWeight": 0.06155749878447929,
          "blbTicker": "AAPL"
        },
        {
          "name": "Alphabet Inc",
          "fundWeight": 0.050925078409825845,
          "proxyWeight": 0,
          "activeWeight": 0.050925078409825845,
          "blbTicker": "GOOGL"
        },
        {
          "name": "Microsoft Corp",
          "fundWeight": 0.04587481292511424,
          "proxyWeight": 0,
          "activeWeight": 0.04587481292511424,
          "blbTicker": "MSFT"
        },
        {
          "name": "Amazon.com Inc",
          "fundWeight": 0.03297951783253328,
          "proxyWeight": 0,
          "activeWeight": 0.03297951783253328,
          "blbTicker": "AMZN"
        },
        {
          "name": "Broadcom Inc",
          "fundWeight": 0.02370534785892607,
          "proxyWeight": 0,
          "activeWeight": 0.02370534785892607,
          "blbTicker": "AVGO"
        },
        {
          "name": "Meta Platforms Inc",
          "fundWeight": 0.02100506717631274,
          "proxyWeight": 0,
          "activeWeight": 0.02100506717631274,
          "blbTicker": "META"
        },
        {
          "name": "Tesla Inc",
          "fundWeight": 0.01734048496326631,
          "proxyWeight": 0,
          "activeWeight": 0.01734048496326631,
          "blbTicker": "TSLA"
        },
        {
          "name": "Berkshire Hathaway Inc",
          "fundWeight": 0.016368345383009523,
          "proxyWeight": 0,
          "activeWeight": 0.016368345383009523,
          "blbTicker": null
        },
        {
          "name": "JPMorgan Chase & Co",
          "fundWeight": 0.013559454728494319,
          "proxyWeight": 0,
          "activeWeight": 0.013559454728494319,
          "blbTicker": "JPM"
        }
      ]
    },
    {
      "proxy": "IJR",
      "activeShare": 0.9956381825021944,
      "identifierMatchRate": 0.004361817497803796,
      "matchRateByIdentifier": {
        "cusip6": 0.0042094402709162764,
        "isin": 0.00015237722688751998,
        "unmatched": 0.9956381825021962
      },
      "topActiveBets": [
        {
          "name": "NVIDIA Corp",
          "fundWeight": 0.06836754561607772,
          "proxyWeight": 0,
          "activeWeight": 0.06836754561607772,
          "blbTicker": "NVDA"
        },
        {
          "name": "Apple Inc",
          "fundWeight": 0.06155749878447929,
          "proxyWeight": 0,
          "activeWeight": 0.06155749878447929,
          "blbTicker": "AAPL"
        },
        {
          "name": "Alphabet Inc",
          "fundWeight": 0.050925078409825845,
          "proxyWeight": 0,
          "activeWeight": 0.050925078409825845,
          "blbTicker": "GOOGL"
        },
        {
          "name": "Microsoft Corp",
          "fundWeight": 0.04587481292511424,
          "proxyWeight": 0,
          "activeWeight": 0.04587481292511424,
          "blbTicker": "MSFT"
        },
        {
          "name": "Amazon.com Inc",
          "fundWeight": 0.03297951783253328,
          "proxyWeight": 0,
          "activeWeight": 0.03297951783253328,
          "blbTicker": "AMZN"
        },
        {
          "name": "Broadcom Inc",
          "fundWeight": 0.02370534785892607,
          "proxyWeight": 0,
          "activeWeight": 0.02370534785892607,
          "blbTicker": "AVGO"
        },
        {
          "name": "Meta Platforms Inc",
          "fundWeight": 0.02100506717631274,
          "proxyWeight": 0,
          "activeWeight": 0.02100506717631274,
          "blbTicker": "META"
        },
        {
          "name": "Tesla Inc",
          "fundWeight": 0.01734048496326631,
          "proxyWeight": 0,
          "activeWeight": 0.01734048496326631,
          "blbTicker": "TSLA"
        },
        {
          "name": "Berkshire Hathaway Inc",
          "fundWeight": 0.016368345383009523,
          "proxyWeight": 0,
          "activeWeight": 0.016368345383009523,
          "blbTicker": null
        },
        {
          "name": "JPMorgan Chase & Co",
          "fundWeight": 0.013559454728494319,
          "proxyWeight": 0,
          "activeWeight": 0.013559454728494319,
          "blbTicker": "JPM"
        }
      ]
    },
    {
      "proxy": "IWM",
      "activeShare": 0.999924416360573,
      "identifierMatchRate": 0.00007558363942596309,
      "matchRateByIdentifier": {
        "cusip6": 0.00007558363942596309,
        "isin": 0,
        "unmatched": 0.999924416360574
      },
      "topActiveBets": [
        {
          "name": "NVIDIA Corp",
          "fundWeight": 0.06836754561607772,
          "proxyWeight": 0,
          "activeWeight": 0.06836754561607772,
          "blbTicker": "NVDA"
        },
        {
          "name": "Apple Inc",
          "fundWeight": 0.06155749878447929,
          "proxyWeight": 0,
          "activeWeight": 0.06155749878447929,
          "blbTicker": "AAPL"
        },
        {
          "name": "Alphabet Inc",
          "fundWeight": 0.050925078409825845,
          "proxyWeight": 0,
          "activeWeight": 0.050925078409825845,
          "blbTicker": "GOOGL"
        },
        {
          "name": "Microsoft Corp",
          "fundWeight": 0.04587481292511424,
          "proxyWeight": 0,
          "activeWeight": 0.04587481292511424,
          "blbTicker": "MSFT"
        },
        {
          "name": "Amazon.com Inc",
          "fundWeight": 0.03297951783253328,
          "proxyWeight": 0,
          "activeWeight": 0.03297951783253328,
          "blbTicker": "AMZN"
        },
        {
          "name": "Broadcom Inc",
          "fundWeight": 0.02370534785892607,
          "proxyWeight": 0,
          "activeWeight": 0.02370534785892607,
          "blbTicker": "AVGO"
        },
        {
          "name": "Meta Platforms Inc",
          "fundWeight": 0.02100506717631274,
          "proxyWeight": 0,
          "activeWeight": 0.02100506717631274,
          "blbTicker": "META"
        },
        {
          "name": "Tesla Inc",
          "fundWeight": 0.01734048496326631,
          "proxyWeight": 0,
          "activeWeight": 0.01734048496326631,
          "blbTicker": "TSLA"
        },
        {
          "name": "Berkshire Hathaway Inc",
          "fundWeight": 0.016368345383009523,
          "proxyWeight": 0,
          "activeWeight": 0.016368345383009523,
          "blbTicker": null
        },
        {
          "name": "JPMorgan Chase & Co",
          "fundWeight": 0.013559454728494319,
          "proxyWeight": 0,
          "activeWeight": 0.013559454728494319,
          "blbTicker": "JPM"
        }
      ]
    }
  ],
  "bestFitProxy": "IWB",
  "bestFitActiveShare": 0.08548770204276565,
  "declaredBenchmarkName": "Russell 1000 Index",
  "declaredBenchmarkPeriod": "2025-12-31",
  "declaredBenchmarkAccession": "0000923202-26-000059",
  "declaredBenchmarkSourceUrl": "https://www.sec.gov/Archives/edgar/data/923202/000092320226000059/0000923202-26-000059-index.html",
  "declaredProxy": "IWB",
  "declaredActiveShare": 0.08548770204276565,
  "benchmarkMismatch": "match",
  "identifierMatchRate": 0.9999244163605722,
  "reviewRequired": false,
  "reviewReason": null,
  "feePerActiveUnitByClass": [
    {
      "classId": "C000012136",
      "value": 0.0035092766892941335
    },
    {
      "classId": "C000012135",
      "value": 0.00584879448215689
    }
  ],
  "feeDragBaselineExpenseRatio": 0.0001,
  "feeDragByClass": [
    {
      "classId": "C000012136",
      "projections": [
        {
          "horizonYears": 10,
          "fundEndingValue": 162424.66212673276,
          "baselineEndingValue": 162734.39632475894,
          "feeDragVsBaseline": 309.73419802618446
        },
        {
          "horizonYears": 20,
          "fundEndingValue": 263817.708669833,
          "baselineEndingValue": 264824.8374718372,
          "feeDragVsBaseline": 1007.1288020041538
        },
        {
          "horizonYears": 30,
          "fundEndingValue": 428505.0219374645,
          "baselineEndingValue": 430961.10057781835,
          "feeDragVsBaseline": 2456.078640353866
        }
      ]
    },
    {
      "classId": "C000012135",
      "projections": [
        {
          "horizonYears": 10,
          "fundEndingValue": 162115.45859823652,
          "baselineEndingValue": 162734.39632475894,
          "feeDragVsBaseline": 618.9377265224175
        },
        {
          "horizonYears": 20,
          "fundEndingValue": 262814.21916516544,
          "baselineEndingValue": 264824.8374718372,
          "feeDragVsBaseline": 2010.618306671735
        },
        {
          "horizonYears": 30,
          "fundEndingValue": 426062.4766609825,
          "baselineEndingValue": 430961.10057781835,
          "feeDragVsBaseline": 4898.623916835873
        }
      ]
    }
  ],
  "licensedReturnMetrics": {
    "provenance": "Computed on licensed market-return history",
    "computedAt": "2026-07-29T14:22:09.616Z",
    "proxy": "IWB",
    "proxyReturnBasis": "total",
    "feeDragByClass": [
      {
        "classId": "C000012136",
        "windows": [
          {
            "horizonYears": 10,
            "windowStart": "2016-07-29",
            "windowEnd": "2026-07-29",
            "proxyHistoryStart": "2000-05-19",
            "annualizedProxyReturn": 0.1451822081597529,
            "fundEndingValue": 386847.40575252665,
            "baselineEndingValue": 387523.64398814325,
            "feeDragVsBaseline": 676.2382356165908,
            "missingReason": null
          },
          {
            "horizonYears": 20,
            "windowStart": "2006-07-31",
            "windowEnd": "2026-07-29",
            "proxyHistoryStart": "2000-05-19",
            "annualizedProxyReturn": 0.11067694219931523,
            "fundEndingValue": 811294.2194111187,
            "baselineEndingValue": 814221.0732825635,
            "feeDragVsBaseline": 2926.8538714448223,
            "missingReason": null
          },
          {
            "horizonYears": 30,
            "windowStart": null,
            "windowEnd": "2026-07-29",
            "proxyHistoryStart": "2000-05-19",
            "annualizedProxyReturn": null,
            "fundEndingValue": null,
            "baselineEndingValue": null,
            "feeDragVsBaseline": null,
            "missingReason": "proxy history begins 2000 — no full 30-year window"
          }
        ],
        "missingReason": null
      },
      {
        "classId": "C000012135",
        "windows": [
          {
            "horizonYears": 10,
            "windowStart": "2016-07-29",
            "windowEnd": "2026-07-29",
            "proxyHistoryStart": "2000-05-19",
            "annualizedProxyReturn": 0.1451822081597529,
            "fundEndingValue": 386172.2297356209,
            "baselineEndingValue": 387523.64398814325,
            "feeDragVsBaseline": 1351.4142525223433,
            "missingReason": null
          },
          {
            "horizonYears": 20,
            "windowStart": "2006-07-31",
            "windowEnd": "2026-07-29",
            "proxyHistoryStart": "2000-05-19",
            "annualizedProxyReturn": 0.11067694219931523,
            "fundEndingValue": 808377.3622167937,
            "baselineEndingValue": 814221.0732825635,
            "feeDragVsBaseline": 5843.711065769778,
            "missingReason": null
          },
          {
            "horizonYears": 30,
            "windowStart": null,
            "windowEnd": "2026-07-29",
            "proxyHistoryStart": "2000-05-19",
            "annualizedProxyReturn": null,
            "fundEndingValue": null,
            "baselineEndingValue": null,
            "feeDragVsBaseline": null,
            "missingReason": "proxy history begins 2000 — no full 30-year window"
          }
        ],
        "missingReason": null
      }
    ],
    "trackingDifferenceByClass": []
  },
  "filterStats": {
    "total": 836,
    "keptLongCommonEquity": 824,
    "droppedAssetCategory": {
      "DE": 11,
      "STIV": 1
    },
    "droppedPayoffProfile": 0,
    "droppedNonPositivePct": 0
  },
  "publishable": true
}