The Fund seeks to provide a return on your investment (through an increase in the value of, and income received from, assets held by the Fund) over the long-term (5 years or more) for investors planning to retire in or within approximately five years after 2045.
The Fund seeks to achieve its investment objective by investing at least 90% of its assets in a diversified portfolio of passive funds that seek to track the performance of an index, and which are managed or operated by the ACD or other companies in the Vanguard Group of Companies (“Associated Schemes”).
It is intended that the Fund will invest in Associated Schemes which (i) provide exposure to shares issued by companies worldwide; and (ii) provide exposure to government and corporate bonds and other similar fixed income investments issued worldwide. In the case of both shares and bonds, the UK will generally form one of the largest single country exposures.
The Fund is actively managed in that the Investment Adviser has discretion in respect of the Associated Schemes in which the Fund may invest and the allocations to them, each of which may change over time. The Investment Adviser manages the Fund through the pre-determined periodic rebalancing of its exposure to shares and bonds (and other similar fixed income investments).
Initially, the Fund’s portfolio will be comprised of approximately 80% by value of shares and 20% by value of bonds and other similar fixed income investments.
The Fund’s strategic allocation will alter gradually as the target year is approached and passed, becoming more conservative by moving from higher risk (such as shares) to mainly lower risk (such as bonds) investments, with the aim of reducing its exposure to short term changes in the value of its investments and the risk of erosion in the value of the investments of the Fund. It is anticipated that, within seven years after 2045, the Fund will have a stable investment allocation comprised of approximately 70% bonds and other similar fixed income investments and 30% shares.
The Fund may also invest up to 10% of its assets directly in shares, bonds and other similar fixed income investments, which will generally be components of the indices tracked by the Associated Schemes, money market instruments and deposits.
The Fund attempts to remain fully invested and hold small amounts of cash except in extraordinary market, political or similar conditions where the Fund may temporarily depart from this investment policy to avoid losses.
Fund facts
Share class inception
17 Dec 2015
Minimum initial investment
£100,000.00
Investment structure
UK OEIC
Share Class Assets'
Total Assets
Strategy
Index
Asset Class
Multi-Asset
Domicile
United Kingdom
Dividend schedule
—
Currency
GBP
Investment manager
Global Equity Index Management (GE)
Benchmark
Vanguard Target Retirement 2045 Composite Index
The value of investments, and the income from them, may fall or rise and investors may get back less than they invested.
Performance
Risk and Volatility
As at 28 Feb 2026
Beta
—
R²
—
Annualized Tracking Error
1 year
—
3 years
—
5 years
—
Please note Beta and R-squared data will only display for funds with 3 full years of history.
The value of investments, and the income from them, may fall or rise and investors may get back less than they invested.
Portfolio data
Characteristics
Balanced
Fund
As at
Portfolio turnover rate
4.3%
31 Dec 2025
Cash Investment
0.1%
28 Feb 2026
Stocks
Fund
As at
Number of stocks
9
28 Feb 2026
Median market capital
77.1 B
28 Feb 2026
21.1 x
28 Feb 2026
2.8 x
28 Feb 2026
14.8%
28 Feb 2026
16.9%
28 Feb 2026
Bonds
Fund
As at
Number of bonds
3
28 Feb 2026
YTM (Yield to Maturity) effective
—
—
Average Duration
—
—
Average maturity
—
—
Medium coupon
—
—
Market allocation
-
Temporarily unavailable
Distribution by credit quality (% of funds)
-
Temporarily unavailable
Distribution by credit issuer (% of funds)
-
Temporarily unavailable
Distribution by credit maturity (% of funds)
-
Temporarily unavailable
Holdings details
As at 28 Feb 2026
Holding name
% of market value
Sector
Region
Market value
Shares
Vanguard FTSE Developed World ex UK Equity Index Fund
19.04612%
GB
£96,689,949.31
115,652.342
Vanguard Investment Series PLC - Global Bond Index Fund
17.75817%
IE
£90,151,501.72
555,733.65
Vanguard US Equity Index Fund
16.80805%
GB
£85,328,134.04
74,327.235
Vanguard FTSE UK All Share Index Unit Trust
14.65522%
GB
£74,398,992.96
198,043.266
Vanguard Emerging Markets Stock Index Fund/Ireland
6.29901%
IE
£31,977,705.54
83,596.49
Vanguard FTSE North America UCITS ETF
5.64044%
GB
£28,634,389.20
222,908
Vanguard Investment Series PLC - UK Government Bond Index Fund
5.40916%
IE
£27,460,249.47
195,568.55
Vanguard FTSE 100 UCITS ETF
4.54160%
GB
£23,055,988.57
401,617
Vanguard FTSE Developed Europe ex UK Equity Index Fund
4.23653%
GB
£21,507,278.99
41,638.465
Vanguard Investment Series PLC - Japan Stock Index Fund
2.32557%
IE
£11,806,018.32
27,536.59
Asset allocation
As at 28 Feb 2026
Percentage
Bond
25.35%
Short-term reserves
0.14%
Stock
74.51%
Prices and distribution
Prices
NAV Price (GBP)
£245.87
Change
+£2.831.16%
At closure 31 Mar 2026
NAV 52-week high
£258.85
At closure 01 Apr 2026
NAV 52-week low
£200.23
At closure 01 Apr 2026
NAV 52-week difference
£58.62
Change
+22.65%
At closure 01 Apr 2026
Historical Prices
-
Inception date
17 Dec 2015
Date
NAV (GBP)
31 Mar 2026
£245.8680
30 Mar 2026
£243.0389
27 Mar 2026
£242.0150
26 Mar 2026
£243.4896
25 Mar 2026
£246.3834
24 Mar 2026
£243.9798
23 Mar 2026
£243.5553
20 Mar 2026
£243.9106
19 Mar 2026
£246.3116
18 Mar 2026
£249.2294
Distribution history
Distribution frequency
—
Historical performance 28 Feb 2026
1.71%
All dividends are reinvested for the "Accumulation" shares.
Purchase information
Currency
Base currency: GBP
Fund codes
Bloomberg: VAR45GA
ISIN: GB00BZ6VK898
MEX ID: VVXXG
SEDOL: BZ6VK89
The sum of investment management fees (the fees paid to the portfolio manager to invest your money and manage the fund) and administrative and other expenses (which cover all costs and expenses connected with the operation of the fund, which includes administrative fees, shareholder's registration and transfer agency fees, custody fees and all other operating expenses).
As at 28 Feb 2026
The share price of a stock divided by its per-share earnings over the past year. For a portfolio, the weighted average P/E ratio of the stocks in the portfolio. P/E is a good indicator of market expectations about a company's prospects; the higher the P/E, the greater the expectations for a company's future growth in earnings.
The price per share of a stock divided by its book value (i.e., net worth) per share. For a portfolio, the ratio is the weighted average price/book ratio of the stocks it holds.
An amount, expressed as a percentage, earned on a company's common stock investment for a specific time frame. This figure tells shareholders how effectively their money is being utilised.
The average annual rate of growth in earnings over the past five years for the stocks in a portfolio.