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Legends

John Neff

Vanguard Windsor Fund, 1964–1995 · Profile

Historical: a partial record. These are holdings named in letters, filings or reports of the time, not a full portfolio.

John Neff ran Vanguard's Windsor Fund for 31 years, buying unloved companies on low price-to-earnings ratios with good dividends, and selling when they recovered. Windsor beat the S&P 500 in 23 of those years.

Known holdings

Each line names its source. Where a size is given it’s as reported at the time.

Known holdings of Vanguard Windsor Fund
DetailSource
Chrysler Corp.Top 10 at 31 Oct 1995 (#1)5.9% of net assets ($13.0bn fund). Kiplinger/Deseret, Nov 1995, also called it the largest holding.Windsor Fund annual report, 31 Oct 1995 (SEC)
Ford Motor Co.FTop 10 at 31 Oct 1995 (#2); also 1984–c.19875.2% of net assets in Oct 1995. Earlier, from 1984, Neff built 12.3M shares at an average under $14; the stock reached ~$50 about three years later for almost $500M profit (John Train, Money Masters of Our Time).Windsor annual report 1995; 1984 position via https://hedgefundalpha.com/strategies/john-neff-a-fifty-seven-bagger/
CiticorpCc.1991; top 10 at 31 Oct 1995 (#3)4.8% of net assets in Oct 1995. Morningstar describes Neff buying it around 1991, when its debt had been cut to junk and investors were fearful. Now Citigroup.Windsor annual report 1995; c.1991 purchase via https://www.morningstar.com.au/learn/article/john-neff-buying-stocks-on-sale/163004
Georgia-Pacific Corp.Top 10 at 31 Oct 1995 (#4)4.7% of net assets.Windsor Fund annual report, 31 Oct 1995 (SEC)
Atlantic Richfield Co.Top 10 at 31 Oct 1995 (#5)3.8% of net assets. Later acquired by BP.Windsor Fund annual report, 31 Oct 1995 (SEC)
Burlington Resources, Inc.Top 10 at 31 Oct 1995 (#6)3.4% of net assets. Later acquired by ConocoPhillips.Windsor Fund annual report, 31 Oct 1995 (SEC)
USX-Marathon GroupTop 10 at 31 Oct 1995 (#7)3.3% of net assets. Later Marathon Oil, acquired by ConocoPhillips in 2024.Windsor Fund annual report, 31 Oct 1995 (SEC)
First Union Corp.Top 10 at 31 Oct 1995 (#8)2.8% of net assets. Later Wachovia, then Wells Fargo.Windsor Fund annual report, 31 Oct 1995 (SEC)
Union Camp Corp.Top 10 at 31 Oct 1995 (#9)2.5% of net assets. Later acquired by International Paper.Windsor Fund annual report, 31 Oct 1995 (SEC)
Reynolds Metals Co.Top 10 at 31 Oct 1995 (#10)2.4% of net assets; the top 10 totalled 38.8%. Later acquired by Alcoa.Windsor Fund annual report, 31 Oct 1995 (SEC)
Home DepotHD1986Named as a stock that 'worked for Windsor', with a 63% gain in 1986.Motley Fool review of John Neff on Investing, 28 Dec 2006
Washington Post Co.GHCYear not statedNamed as a stock that 'worked for Windsor', with a 45% gain in one year. Now Graham Holdings (GHC).Motley Fool review of John Neff on Investing, 28 Dec 2006