Form 485BPOS Vanguard Montgomery Fund

May 13, 2016 8:45 AM EDT

May 13, 2016

U.S.     

Securities and Exchange Commission
100     

F Street, N.E.

Washington, DC 20549

Re:

Vanguard Montgomery Funds (the “Trust”) File No. 333-145624

 

Ladies and Gentlemen:

Enclosed is Post-Effective Amendment No. 21 to the Registration Statement on Form N-1A for Vanguard Montgomery Funds, which we are filing pursuant to Rule 485(b) under the Securities Act of 1933. The sole purpose of the Amendment is to file the risk/return summary section of the Post-Effective Amendment in eXtensible Business Reporting Language (XBRL) for each series and class of the the above mentioned Trust. This Amendment does not contain disclosures that would render it ineligible to become effective under 485(b). Pursuant to the requirements of Rule 485(b), this Amendment designates an immediate effective date of May 13, 2016.

If you have any questions or comments concerning the enclosed Amendment, please contact me at (610) 669-1538.

Sincerely,

Judith L. Gaines
Associate Counsel
The Vanguard Group, Inc.

Enclosures

cc:     

Asen Parachkevov, Esq.
 

U.S. Securities and Exchange Commission

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended (the Securities Act) and the Investment Company Act, the Registrant hereby certifies that it meets all requirements for effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the Town of Valley Forge and the Commonwealth of Pennsylvania, on the 13th day of May, 2016.

VANGUARD MONTGOMERY FUNDS

BY: /s/ F. William McNabb III*_____________

F. William McNabb III
Chairman and Chief Executive Officer

Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the date indicated:

Signature Title Date
 
/s/ F. William McNabb III* Chairman and Chief Executive May 13, 2016
  Officer  
F. William McNabb    
/s/ Emerson U. Fullwood* Trustee May 13, 2016
Emerson U. Fullwood    
/s/ Rajiv L. Gupta* Trustee May 13, 2016
Rajiv L. Gupta    
/s/ Amy Gutmann* Trustee May 13, 2016
Amy Gutmann    
/s/ JoAnn Heffernan Heisen* Trustee May 13, 2016
JoAnn Heffernan Heisen    
/s/ F. Joseph Loughrey* Trustee May 13, 2016
F. Joseph Loughrey    
/s/ Mark Loughridge* Trustee May 13, 2016
Mark Loughridge    
/s/ Scott C. Malpass* Trustee May 13, 2016
Scott C. Malpass    
/s/ André F. Perold* Trustee May 13, 2016
André F. Perold    
/s/ Peter F. Volanakis* Trustee May 13, 2016
Peter F. Volanakis    
/s/ Thomas J. Higgins* Chief Financial Officer May 13, 2016
Thomas J. Higgins    

 

*By: /s/ Heidi Stam

Heidi Stam, pursuant to a Power of Attorney filed on April 22, 2014, see File Number 2-17620, Incorporated by Reference.

C-1


INDEX TO EXHIBITS  
 
XBRL Instance Document Ex-101.INS
XBRL Taxonomy Extension Schema Document Ex-101.SCH
XBRL Taxonomy Extension Calculation Linkbase Document Ex-101.CAL
XBRL Taxonomy Extension Definition Linkbase Document. Ex-101.DEF
XBRL Taxonomy Extension Labels Linkbase Document Ex-101.LAB
XBRL Taxonomy Extension Presentation Linkbase Document Ex-101.PRE

 

v3.4.0.3
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Document Type dei_DocumentType 485BPOS
Document Period End Date dei_DocumentPeriodEndDate Dec. 31, 2015
Registrant Name dei_EntityRegistrantName Vanguard Montgomery Funds
Central Index Key dei_EntityCentralIndexKey 0001409957
Amendment Flag dei_AmendmentFlag false
Document Creation Date dei_DocumentCreationDate Apr. 28, 2016
Document Effective Date dei_DocumentEffectiveDate Apr. 28, 2016
Prospectus Date rr_ProspectusDate Apr. 28, 2016
v3.4.0.3
Retail | Vanguard Market Neutral Fund
Fund Summary
Investment Objective
The Fund seeks to provide long-term capital appreciation while limiting exposure to general stock market risk.
Fees and Expenses
The following table describes the fees and expenses you may pay if you buy and hold Investor Shares of the Fund.
Shareholder Fees

(Fees paid directly from your investment)
Shareholder Fees
Retail
Vanguard Market Neutral Fund
Investor Shares
USD ($)
Sales Charge (Load) Imposed on Purchases none
Purchase Fee none
Sales Charge (Load) Imposed on Reinvested Dividends none
Redemption Fee none
Account Service Fee (for certain fund account balances below $10,000) $ 20 [1]
[1] /year
Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Retail
Vanguard Market Neutral Fund
Investor Shares
Management Fees 0.20%
12b-1 Distribution Fee none
Dividend Expenses on Securities Sold Short 1.06% [1]
Borrowing Expenses on Securities Sold Short 0.15% [2]
Other Operating Expenses 0.05%
Total of Other Expenses 1.26%
Total Annual Fund Operating Expenses 1.46% [3]
[1] When a cash dividend is declared on a stock the Fund has sold short, the Fund is required to pay an amount equal to that dividend to the party from which the Fund borrowed the stock and to record the payment of the dividend as an expense.
[2] In connection with its short sales, the Fund may receive income or be charged a fee on borrowed stock. This income or fee is calculated on a daily basis, based upon the market value of the borrowed stock and a variable rate that is dependent upon the availability of the stock. A net amount of fees is listed as Borrowing Expenses on Securities Sold Short.
[3] Excluding borrowing and dividend expenses on securities sold short, the Total Annual Fund Operating Expenses are 0.25%.
Example
The following example is intended to help you compare the cost of investing in the Fund’s Investor Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example
1 Year
3 Years
5 Years
10 Years
Retail | Vanguard Market Neutral Fund | Investor Shares | USD ($) 149 462 797 1,746
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 68% of the average value of its portfolio.
Principal Investment Strategies
The Fund follows a market neutral strategy, which the Fund defines as a strategy designed to produce a portfolio that is neutral with respect to general stock market risk (sometimes referred to as beta neutrality). Beta is a measure of a portfolio’s volatility relative to the volatility of the general stock market. The Fund, as a whole, does not seek to adhere to any other definition of market neutrality.

To implement the strategy, the advisor buys securities that it believes offer an appropriate balance between strong growth prospects and reasonable valuations relative to their industry peers and sells short securities that it considers to be overvalued, in amounts that it believes will achieve market neutrality. By taking long and short positions in different securities, the Fund attempts to limit the effect of market movements on portfolio performance. The advisor does this by using a quantitative process and may, at any time, buy or sell short any number of publicly traded, exchange-listed equity securities and may emphasize specific industries, styles (growth/value), capitalization ranges, countries, or other factors. The overall performance of the Fund depends on the net performance of its long and short positions, and it is possible for the Fund to experience a net loss across all positions. If the Fund’s investment strategy is successful, however, the net performance of its long and short positions will produce long-term capital appreciation that reflects the quality of the advisor’s security selections, with limited exposure to general stock market risk.

The Fund’s long/short market neutral investment strategy is an absolute-return investment approach seeking performance that exceeds the returns of 3-month U.S. Treasury bills. An investment in the Fund, however, is different from an investment in 3-month U.S. Treasury bills because, among other things, U.S. Treasury bills are backed by the full faith and credit of the U.S. government, U.S. Treasury bills have a fixed rate of return, investors in U.S. Treasury bills have a very low risk of losing their investment, and an investment in the Fund is expected to be substantially more volatile than an investment in U.S. Treasury bills.

Because of the Fund’s market neutral strategy, the Fund’s overall price movements are not expected to correlate with the general stock market’s price movements. In other words, the Fund is expected to have returns that are independent of the returns and direction of the general stock market.
Principal Risks
An investment in the Fund could lose money over short or even long periods, and the entire amount invested could be lost. There can be no assurance that the Fund’s investment objective or strategies will be achieved, and results may vary substantially over time. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Strategy risk, which is the chance that the Fund’s investment strategy will not succeed. There is no guarantee that the Fund will be able to limit exposure to general stock market risk or produce returns that exceed the returns of 3-month U.S. Treasury bills. The Fund’s use of short sales in combination with its long positions in an attempt to improve performance or to reduce overall portfolio risk may not be successful and may result in greater losses or lower positive returns than if the Fund held only long positions. When the general stock market is performing strongly, the Fund is expected to underperform the market because the Fund’s short positions will likely lose money. If the Fund’s market neutral strategy is unsuccessful, the Fund may be subject to stock market risk, which is the chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices.

• Short-selling risk, which is the chance that the Fund will lose money in connection with its short sales of securities. Short selling allows an investor to profit from declines in the prices of securities. To engage in a short sale, the Fund must “borrow” securities for a fee. To close out short positions, the Fund may have to sell related long positions at disadvantageous times to produce cash to unwind a short position. There is no guarantee that the price of the borrowed securities will decline; in fact, it may rise. The Fund’s loss on a short sale is theoretically unlimited, because there is no upward limit on the price a borrowed security could attain. Short selling involves higher transaction costs than long-only investing, which could offset any gains and increase any losses.

• Manager risk, which is the chance that poor security selection or strategy execution will cause the Fund to fail to achieve its investment objective or to underperform other funds with a similar investment strategy. The advisor’s security selection process may not eliminate all stock market risk factors associated with the long and short positions it establishes for the Fund. It is possible that the stocks the Fund holds long will decline in value at the same time that the stocks it holds short increase in value, thereby increasing potential losses to the Fund. Any gain from a short position may be partially or totally offset by a decline in a long position, or vice versa.

• Investment risk, which is the chance that the Fund’s advisor will take positions in securities, intentionally or unintentionally, that increase the Fund’s sensitivity to certain investment factors. These factors may include, but are not limited to, market capitalization ranges, styles (growth/value), and industries of the underlying securities. These factors may cause the Fund to fail to achieve its investment objective of limiting exposure to general stock market risk or cause it to underperform other funds with a similar investment strategy.

• Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Annual Total Returns
The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a relevant market index and a comparative benchmark, which have investment characteristics similar to those of the Fund. Returns for the Equity Market Neutral Funds Average are derived from data provided by Lipper, a Thomson Reuters Company. Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.

The performance figures in this section for the periods prior to November 30, 2007, are those of the Fund’s predecessor fund, Laudus Rosenberg U.S. Large/Mid Capitalization Long/Short Equity Fund (Laudus Fund). The Laudus Fund was sponsored and managed by Charles Schwab Investment Management, Inc., and sub-advised by AXA Rosenberg Investment Management LLC (AXA Rosenberg). The Laudus Fund was reorganized with and into Vanguard Market Neutral Fund on November 30, 2007. The Fund continues to operate as a market neutral fund and maintains a substantially similar investment objective and substantially similar principal investment strategies to those of the Laudus Fund, except that, effective July 25, 2008, the Fund revised its investment strategies to focus on beta neutrality and to enable the Fund to invest to a greater extent in foreign securities. In addition, effective April 30, 2010, the Fund’s investment advisory team was restructured, which was also reflected in its investment strategies.
Annual Total Returns — Vanguard Market Neutral Fund Investor Shares
Bar Chart
During the periods shown in the bar chart, the highest return for a calendar quarter was 8.79% (quarter ended December 31, 2007), and the lowest return for a quarter was –6.54% (quarter ended March 31, 2009).
Average Annual Total Returns for Periods Ended December 31, 2015
Average Annual Total Returns - Retail - Vanguard Market Neutral Fund
1 Year
5 Years
10 Years
Investor Shares 5.41% 4.85% 2.06%
Investor Shares | Return After Taxes on Distributions 5.40% 4.84% 1.56%
Investor Shares | Return After Taxes on Distributions and Sale of Fund Shares 3.06% 3.78% 1.51%
Citigroup 3-Month U.S. Treasury Bill Index (reflects no deduction for fees, expenses, or taxes) [1] 0.03% 0.04% 1.16%
Equity Market Neutral Funds Average (reflects no deduction for taxes) [1] (0.30%) 0.71% 1.11%
[1] Comparative Benchmarks
Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.
v3.4.0.3
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName Vanguard Montgomery Funds
Prospectus Date rr_ProspectusDate Apr. 28, 2016
Retail | Vanguard Market Neutral Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Fund Summary
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund seeks to provide long-term capital appreciation while limiting exposure to general stock market risk.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The following table describes the fees and expenses you may pay if you buy and hold Investor Shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees

(Fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 68% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 68.00%
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The following example is intended to help you compare the cost of investing in the Fund’s Investor Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund follows a market neutral strategy, which the Fund defines as a strategy designed to produce a portfolio that is neutral with respect to general stock market risk (sometimes referred to as beta neutrality). Beta is a measure of a portfolio’s volatility relative to the volatility of the general stock market. The Fund, as a whole, does not seek to adhere to any other definition of market neutrality.

To implement the strategy, the advisor buys securities that it believes offer an appropriate balance between strong growth prospects and reasonable valuations relative to their industry peers and sells short securities that it considers to be overvalued, in amounts that it believes will achieve market neutrality. By taking long and short positions in different securities, the Fund attempts to limit the effect of market movements on portfolio performance. The advisor does this by using a quantitative process and may, at any time, buy or sell short any number of publicly traded, exchange-listed equity securities and may emphasize specific industries, styles (growth/value), capitalization ranges, countries, or other factors. The overall performance of the Fund depends on the net performance of its long and short positions, and it is possible for the Fund to experience a net loss across all positions. If the Fund’s investment strategy is successful, however, the net performance of its long and short positions will produce long-term capital appreciation that reflects the quality of the advisor’s security selections, with limited exposure to general stock market risk.

The Fund’s long/short market neutral investment strategy is an absolute-return investment approach seeking performance that exceeds the returns of 3-month U.S. Treasury bills. An investment in the Fund, however, is different from an investment in 3-month U.S. Treasury bills because, among other things, U.S. Treasury bills are backed by the full faith and credit of the U.S. government, U.S. Treasury bills have a fixed rate of return, investors in U.S. Treasury bills have a very low risk of losing their investment, and an investment in the Fund is expected to be substantially more volatile than an investment in U.S. Treasury bills.

Because of the Fund’s market neutral strategy, the Fund’s overall price movements are not expected to correlate with the general stock market’s price movements. In other words, the Fund is expected to have returns that are independent of the returns and direction of the general stock market.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock An investment in the Fund could lose money over short or even long periods, and the entire amount invested could be lost. There can be no assurance that the Fund’s investment objective or strategies will be achieved, and results may vary substantially over time. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Strategy risk, which is the chance that the Fund’s investment strategy will not succeed. There is no guarantee that the Fund will be able to limit exposure to general stock market risk or produce returns that exceed the returns of 3-month U.S. Treasury bills. The Fund’s use of short sales in combination with its long positions in an attempt to improve performance or to reduce overall portfolio risk may not be successful and may result in greater losses or lower positive returns than if the Fund held only long positions. When the general stock market is performing strongly, the Fund is expected to underperform the market because the Fund’s short positions will likely lose money. If the Fund’s market neutral strategy is unsuccessful, the Fund may be subject to stock market risk, which is the chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices.

• Short-selling risk, which is the chance that the Fund will lose money in connection with its short sales of securities. Short selling allows an investor to profit from declines in the prices of securities. To engage in a short sale, the Fund must “borrow” securities for a fee. To close out short positions, the Fund may have to sell related long positions at disadvantageous times to produce cash to unwind a short position. There is no guarantee that the price of the borrowed securities will decline; in fact, it may rise. The Fund’s loss on a short sale is theoretically unlimited, because there is no upward limit on the price a borrowed security could attain. Short selling involves higher transaction costs than long-only investing, which could offset any gains and increase any losses.

• Manager risk, which is the chance that poor security selection or strategy execution will cause the Fund to fail to achieve its investment objective or to underperform other funds with a similar investment strategy. The advisor’s security selection process may not eliminate all stock market risk factors associated with the long and short positions it establishes for the Fund. It is possible that the stocks the Fund holds long will decline in value at the same time that the stocks it holds short increase in value, thereby increasing potential losses to the Fund. Any gain from a short position may be partially or totally offset by a decline in a long position, or vice versa.

• Investment risk, which is the chance that the Fund’s advisor will take positions in securities, intentionally or unintentionally, that increase the Fund’s sensitivity to certain investment factors. These factors may include, but are not limited to, market capitalization ranges, styles (growth/value), and industries of the underlying securities. These factors may cause the Fund to fail to achieve its investment objective of limiting exposure to general stock market risk or cause it to underperform other funds with a similar investment strategy.

• Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Risk Lose Money [Text] rr_RiskLoseMoney An investment in the Fund could lose money over short or even long periods, and the entire amount invested could be lost.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Annual Total Returns
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a relevant market index and a comparative benchmark, which have investment characteristics similar to those of the Fund. Returns for the Equity Market Neutral Funds Average are derived from data provided by Lipper, a Thomson Reuters Company. Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.

The performance figures in this section for the periods prior to November 30, 2007, are those of the Fund’s predecessor fund, Laudus Rosenberg U.S. Large/Mid Capitalization Long/Short Equity Fund (Laudus Fund). The Laudus Fund was sponsored and managed by Charles Schwab Investment Management, Inc., and sub-advised by AXA Rosenberg Investment Management LLC (AXA Rosenberg). The Laudus Fund was reorganized with and into Vanguard Market Neutral Fund on November 30, 2007. The Fund continues to operate as a market neutral fund and maintains a substantially similar investment objective and substantially similar principal investment strategies to those of the Laudus Fund, except that, effective July 25, 2008, the Fund revised its investment strategies to focus on beta neutrality and to enable the Fund to invest to a greater extent in foreign securities. In addition, effective April 30, 2010, the Fund’s investment advisory team was restructured, which was also reflected in its investment strategies.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a relevant market index and a comparative benchmark, which have investment characteristics similar to those of the Fund.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-662-7447
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress vanguard.com/performance
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Annual Total Returns — Vanguard Market Neutral Fund Investor Shares
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock During the periods shown in the bar chart, the highest return for a calendar quarter was 8.79% (quarter ended December 31, 2007), and the lowest return for a quarter was –6.54% (quarter ended March 31, 2009).
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns for Periods Ended December 31, 2015
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.
Retail | Vanguard Market Neutral Fund | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
Purchase Fee rr_MaximumCumulativeSalesChargeOverOther none
Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFeeOverRedemption none
Account Service Fee (for certain fund account balances below $10,000) rr_MaximumAccountFee $ 20 [1]
Management Fees rr_ManagementFeesOverAssets 0.20%
12b-1 Distribution Fee rr_DistributionAndService12b1FeesOverAssets none
Dividend Expenses on Securities Sold Short rr_Component1OtherExpensesOverAssets 1.06% [2]
Borrowing Expenses on Securities Sold Short rr_Component2OtherExpensesOverAssets 0.15% [3]
Other Operating Expenses rr_Component3OtherExpensesOverAssets 0.05%
Total of Other Expenses rr_OtherExpensesOverAssets 1.26%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.46% [4]
1 Year rr_ExpenseExampleYear01 $ 149
3 Years rr_ExpenseExampleYear03 462
5 Years rr_ExpenseExampleYear05 797
10 Years rr_ExpenseExampleYear10 1,746
1 Year rr_ExpenseExampleNoRedemptionYear01 149
3 Years rr_ExpenseExampleNoRedemptionYear03 462
5 Years rr_ExpenseExampleNoRedemptionYear05 797
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 1,746
2006 rr_AnnualReturn2006 6.52%
2007 rr_AnnualReturn2007 12.81%
2008 rr_AnnualReturn2008 (8.24%)
2009 rr_AnnualReturn2009 (11.38%)
2010 rr_AnnualReturn2010 (1.03%)
2011 rr_AnnualReturn2011 7.80%
2012 rr_AnnualReturn2012 (1.50%)
2013 rr_AnnualReturn2013 8.59%
2014 rr_AnnualReturn2014 4.26%
2015 rr_AnnualReturn2015 5.41%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Dec. 31, 2007
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 8.79%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Mar. 31, 2009
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (6.54%)
1 Year rr_AverageAnnualReturnYear01 5.41%
5 Years rr_AverageAnnualReturnYear05 4.85%
10 Years rr_AverageAnnualReturnYear10 2.06%
Retail | Vanguard Market Neutral Fund | Return After Taxes on Distributions | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 5.40%
5 Years rr_AverageAnnualReturnYear05 4.84%
10 Years rr_AverageAnnualReturnYear10 1.56%
Retail | Vanguard Market Neutral Fund | Return After Taxes on Distributions and Sale of Fund Shares | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 3.06%
5 Years rr_AverageAnnualReturnYear05 3.78%
10 Years rr_AverageAnnualReturnYear10 1.51%
Retail | Vanguard Market Neutral Fund | Citigroup 3-Month U.S. Treasury Bill Index (reflects no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 0.03% [5]
5 Years rr_AverageAnnualReturnYear05 0.04% [5]
10 Years rr_AverageAnnualReturnYear10 1.16% [5]
Retail | Vanguard Market Neutral Fund | Equity Market Neutral Funds Average (reflects no deduction for taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (0.30%) [5]
5 Years rr_AverageAnnualReturnYear05 0.71% [5]
10 Years rr_AverageAnnualReturnYear10 1.11% [5]
[1] /year
[2] When a cash dividend is declared on a stock the Fund has sold short, the Fund is required to pay an amount equal to that dividend to the party from which the Fund borrowed the stock and to record the payment of the dividend as an expense.
[3] In connection with its short sales, the Fund may receive income or be charged a fee on borrowed stock. This income or fee is calculated on a daily basis, based upon the market value of the borrowed stock and a variable rate that is dependent upon the availability of the stock. A net amount of fees is listed as Borrowing Expenses on Securities Sold Short.
[4] Excluding borrowing and dividend expenses on securities sold short, the Total Annual Fund Operating Expenses are 0.25%.
[5] Comparative Benchmarks
v3.4.0.3
Institutional | Vanguard Market Neutral Fund
Fund Summary
Investment Objective
The Fund seeks to provide long-term capital appreciation while limiting exposure to general stock market risk.
Fees and Expenses
The following table describes the fees and expenses you may pay if you buy and hold Institutional Shares of the Fund.
Shareholder Fees

(Fees paid directly from your investment)
Shareholder Fees
Institutional
Vanguard Market Neutral Fund
Institutional Shares
USD ($)
Sales Charge (Load) Imposed on Purchases none
Purchase Fee none
Sales Charge (Load) Imposed on Reinvested Dividends none
Redemption Fee none
Account Service Fee (for certain fund account balances below $10,000) $ 20 [1]
[1] /year
Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Institutional
Vanguard Market Neutral Fund
Institutional Shares
Management Fees 0.12%
12b-1 Distribution Fee none
Dividend Expenses on Securities Sold Short 1.06% [1]
Borrowing Expenses on Securities Sold Short 0.15% [2]
Other Operating Expenses 0.03%
Total of Other Expenses 1.24%
Total Annual Fund Operating Expenses 1.36% [3]
[1] When a cash dividend is declared on a stock the Fund has sold short, the Fund is required to pay an amount equal to that dividend to the party from which the Fund borrowed the stock and to record the payment of the dividend as an expense.
[2] In connection with its short sales, the Fund may receive income or be charged a fee on borrowed stock. This income or fee is calculated on a daily basis, based upon the market value of the borrowed stock and a variable rate that is dependent upon the availability of the stock. A net amount of fees is listed as Borrowing Expenses on Securities Sold Short.
[3] Excluding borrowing and dividend expenses on securities sold short, the Total Annual Fund Operating Expenses are 0.15%.
Example
The following example is intended to help you compare the cost of investing in the Fund’s Institutional Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example
1 Year
3 Years
5 Years
10 Years
Institutional | Vanguard Market Neutral Fund | Institutional Shares | USD ($) 138 431 745 1,635
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 68% of the average value of its portfolio.
Principal Investment Strategies
The Fund follows a market neutral strategy, which the Fund defines as a strategy designed to produce a portfolio that is neutral with respect to general stock market risk (sometimes referred to as beta neutrality). Beta is a measure of a portfolio’s volatility relative to the volatility of the general stock market. The Fund, as a whole, does not seek to adhere to any other definition of market neutrality.

To implement the strategy, the advisor buys securities that it believes offer an appropriate balance between strong growth prospects and reasonable valuations relative to their industry peers and sells short securities that it considers to be overvalued, in amounts that it believes will achieve market neutrality. By taking long and short positions in different securities, the Fund attempts to limit the effect of market movements on portfolio performance. The advisor does this by using a quantitative process and may, at any time, buy or sell short any number of publicly traded, exchange-listed equity securities and may emphasize specific industries, styles (growth/value), capitalization ranges, countries, or other factors. The overall performance of the Fund depends on the net performance of its long and short positions, and it is possible for the Fund to experience a net loss across all positions. If the Fund’s investment strategy is successful, however, the net performance of its long and short positions will produce long-term capital appreciation that reflects the quality of the advisor’s security selections, with limited exposure to general stock market risk.

The Fund’s long/short market neutral investment strategy is an absolute-return investment approach seeking performance that exceeds the returns of 3-month U.S. Treasury bills. An investment in the Fund, however, is different from an investment in 3-month U.S. Treasury bills because, among other things, U.S. Treasury bills are backed by the full faith and credit of the U.S. government, U.S. Treasury bills have a fixed rate of return, investors in U.S. Treasury bills have a very low risk of losing their investment, and an investment in the Fund is expected to be substantially more volatile than an investment in U.S. Treasury bills.

Because of the Fund’s market neutral strategy, the Fund’s overall price movements are not expected to correlate with the general stock market’s price movements. In other words, the Fund is expected to have returns that are independent of the returns and direction of the general stock market.
Principal Risks
An investment in the Fund could lose money over short or even long periods, and the entire amount invested could be lost. There can be no assurance that the Fund’s investment objective or strategies will be achieved, and results may vary substantially over time. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Strategy risk, which is the chance that the Fund’s investment strategy will not succeed. There is no guarantee that the Fund will be able to limit exposure to general stock market risk or produce returns that exceed the returns of 3-month U.S. Treasury bills. The Fund’s use of short sales in combination with its long positions in an attempt to improve performance or to reduce overall portfolio risk may not be successful and may result in greater losses or lower positive returns than if the Fund held only long positions. When the general stock market is performing strongly, the Fund is expected to underperform the market because the Fund’s short positions will likely lose money. If the Fund’s market neutral strategy is unsuccessful, the Fund may be subject to stock market risk, which is the chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices.

• Short-selling risk, which is the chance that the Fund will lose money in connection with its short sales of securities. Short selling allows an investor to profit from declines in the prices of securities. To engage in a short sale, the Fund must “borrow” securities for a fee. To close out short positions, the Fund may have to sell related long positions at disadvantageous times to produce cash to unwind a short position. There is no guarantee that the price of the borrowed securities will decline; in fact, it may rise. The Fund’s loss on a short sale is theoretically unlimited, because there is no upward limit on the price a borrowed security could attain. Short selling involves higher transaction costs than long-only investing, which could offset any gains and increase any losses.

• Manager risk, which is the chance that poor security selection or strategy execution will cause the Fund to fail to achieve its investment objective or to underperform other funds with a similar investment strategy. The advisor’s security selection process may not eliminate all stock market risk factors associated with the long and short positions it establishes for the Fund. It is possible that the stocks the Fund holds long will decline in value at the same time that the stocks it holds short increase in value, thereby increasing potential losses to the Fund. Any gain from a short position may be partially or totally offset by a decline in a long position, or vice versa.

• Investment risk, which is the chance that the Fund’s advisor will take positions in securities, intentionally or unintentionally, that increase the Fund’s sensitivity to certain investment factors. These factors may include, but are not limited to, market capitalization ranges, styles (growth/value), and industries of the underlying securities. These factors may cause the Fund to fail to achieve its investment objective of limiting exposure to general stock market risk or cause it to underperform other funds with a similar investment strategy.

• Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Annual Total Returns
The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Institutional Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Institutional Shares compare with those of a relevant market index and a comparative benchmark, which have investment characteristics similar to those of the Fund. Returns for the Equity Market Neutral Funds Average are derived from data provided by Lipper, a Thomson Reuters Company. Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.

The performance figures in this section for the periods prior to November 30, 2007, are those of the Fund’s predecessor fund, Laudus Rosenberg U.S. Large/Mid Capitalization Long/Short Equity Fund (Laudus Fund). The Laudus Fund was sponsored and managed by Charles Schwab Investment Management, Inc., and sub-advised by AXA Rosenberg Investment Management LLC (AXA Rosenberg). The Laudus Fund was reorganized with and into Vanguard Market Neutral Fund on November 30, 2007. The Fund continues to operate as a market neutral fund and maintains a substantially similar investment objective and substantially similar principal investment strategies to those of the Laudus Fund, except that, effective July 25, 2008, the Fund revised its investment strategies to focus on beta neutrality and to enable the Fund to invest to a greater extent in foreign securities. In addition, effective April 30, 2010, the Fund’s investment advisory team was restructured, which was also reflected in its investment strategies.
Annual Total Returns — Vanguard Market Neutral Fund Institutional Shares
Bar Chart
During the periods shown in the bar chart, the highest return for a calendar quarter was 8.86% (quarter ended December 31, 2007), and the lowest return for a quarter was –6.53% (quarter ended March 31, 2009).
Average Annual Total Returns for Periods Ended December 31, 2015
Average Annual Total Returns - Institutional - Vanguard Market Neutral Fund
1 Year
5 Years
10 Years
Institutional Shares 5.52% 4.96% 2.18%
Institutional Shares | Return After Taxes on Distributions 5.49% 4.93% 1.65%
Institutional Shares | Return After Taxes on Distributions and Sale of Fund Shares 3.14% 3.87% 1.60%
Citigroup 3-Month U.S. Treasury Bill Index (reflects no deduction for fees, expenses, or taxes) [1] 0.03% 0.04% 1.16%
Equity Market Neutral Funds Average (reflects no deduction for taxes) [1] (0.30%) 0.71% 1.11%
[1] Comparative Benchmarks
Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.
v3.4.0.3
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName Vanguard Montgomery Funds
Prospectus Date rr_ProspectusDate Apr. 28, 2016
Institutional | Vanguard Market Neutral Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Fund Summary
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund seeks to provide long-term capital appreciation while limiting exposure to general stock market risk.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The following table describes the fees and expenses you may pay if you buy and hold Institutional Shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees

(Fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 68% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 68.00%
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The following example is intended to help you compare the cost of investing in the Fund’s Institutional Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund follows a market neutral strategy, which the Fund defines as a strategy designed to produce a portfolio that is neutral with respect to general stock market risk (sometimes referred to as beta neutrality). Beta is a measure of a portfolio’s volatility relative to the volatility of the general stock market. The Fund, as a whole, does not seek to adhere to any other definition of market neutrality.

To implement the strategy, the advisor buys securities that it believes offer an appropriate balance between strong growth prospects and reasonable valuations relative to their industry peers and sells short securities that it considers to be overvalued, in amounts that it believes will achieve market neutrality. By taking long and short positions in different securities, the Fund attempts to limit the effect of market movements on portfolio performance. The advisor does this by using a quantitative process and may, at any time, buy or sell short any number of publicly traded, exchange-listed equity securities and may emphasize specific industries, styles (growth/value), capitalization ranges, countries, or other factors. The overall performance of the Fund depends on the net performance of its long and short positions, and it is possible for the Fund to experience a net loss across all positions. If the Fund’s investment strategy is successful, however, the net performance of its long and short positions will produce long-term capital appreciation that reflects the quality of the advisor’s security selections, with limited exposure to general stock market risk.

The Fund’s long/short market neutral investment strategy is an absolute-return investment approach seeking performance that exceeds the returns of 3-month U.S. Treasury bills. An investment in the Fund, however, is different from an investment in 3-month U.S. Treasury bills because, among other things, U.S. Treasury bills are backed by the full faith and credit of the U.S. government, U.S. Treasury bills have a fixed rate of return, investors in U.S. Treasury bills have a very low risk of losing their investment, and an investment in the Fund is expected to be substantially more volatile than an investment in U.S. Treasury bills.

Because of the Fund’s market neutral strategy, the Fund’s overall price movements are not expected to correlate with the general stock market’s price movements. In other words, the Fund is expected to have returns that are independent of the returns and direction of the general stock market.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock An investment in the Fund could lose money over short or even long periods, and the entire amount invested could be lost. There can be no assurance that the Fund’s investment objective or strategies will be achieved, and results may vary substantially over time. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Strategy risk, which is the chance that the Fund’s investment strategy will not succeed. There is no guarantee that the Fund will be able to limit exposure to general stock market risk or produce returns that exceed the returns of 3-month U.S. Treasury bills. The Fund’s use of short sales in combination with its long positions in an attempt to improve performance or to reduce overall portfolio risk may not be successful and may result in greater losses or lower positive returns than if the Fund held only long positions. When the general stock market is performing strongly, the Fund is expected to underperform the market because the Fund’s short positions will likely lose money. If the Fund’s market neutral strategy is unsuccessful, the Fund may be subject to stock market risk, which is the chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices.

• Short-selling risk, which is the chance that the Fund will lose money in connection with its short sales of securities. Short selling allows an investor to profit from declines in the prices of securities. To engage in a short sale, the Fund must “borrow” securities for a fee. To close out short positions, the Fund may have to sell related long positions at disadvantageous times to produce cash to unwind a short position. There is no guarantee that the price of the borrowed securities will decline; in fact, it may rise. The Fund’s loss on a short sale is theoretically unlimited, because there is no upward limit on the price a borrowed security could attain. Short selling involves higher transaction costs than long-only investing, which could offset any gains and increase any losses.

• Manager risk, which is the chance that poor security selection or strategy execution will cause the Fund to fail to achieve its investment objective or to underperform other funds with a similar investment strategy. The advisor’s security selection process may not eliminate all stock market risk factors associated with the long and short positions it establishes for the Fund. It is possible that the stocks the Fund holds long will decline in value at the same time that the stocks it holds short increase in value, thereby increasing potential losses to the Fund. Any gain from a short position may be partially or totally offset by a decline in a long position, or vice versa.

• Investment risk, which is the chance that the Fund’s advisor will take positions in securities, intentionally or unintentionally, that increase the Fund’s sensitivity to certain investment factors. These factors may include, but are not limited to, market capitalization ranges, styles (growth/value), and industries of the underlying securities. These factors may cause the Fund to fail to achieve its investment objective of limiting exposure to general stock market risk or cause it to underperform other funds with a similar investment strategy.

• Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Risk Lose Money [Text] rr_RiskLoseMoney An investment in the Fund could lose money over short or even long periods, and the entire amount invested could be lost.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Annual Total Returns
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Institutional Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Institutional Shares compare with those of a relevant market index and a comparative benchmark, which have investment characteristics similar to those of the Fund. Returns for the Equity Market Neutral Funds Average are derived from data provided by Lipper, a Thomson Reuters Company. Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.

The performance figures in this section for the periods prior to November 30, 2007, are those of the Fund’s predecessor fund, Laudus Rosenberg U.S. Large/Mid Capitalization Long/Short Equity Fund (Laudus Fund). The Laudus Fund was sponsored and managed by Charles Schwab Investment Management, Inc., and sub-advised by AXA Rosenberg Investment Management LLC (AXA Rosenberg). The Laudus Fund was reorganized with and into Vanguard Market Neutral Fund on November 30, 2007. The Fund continues to operate as a market neutral fund and maintains a substantially similar investment objective and substantially similar principal investment strategies to those of the Laudus Fund, except that, effective July 25, 2008, the Fund revised its investment strategies to focus on beta neutrality and to enable the Fund to invest to a greater extent in foreign securities. In addition, effective April 30, 2010, the Fund’s investment advisory team was restructured, which was also reflected in its investment strategies.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Institutional Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Institutional Shares compare with those of a relevant market index and a comparative benchmark, which have investment characteristics similar to those of the Fund.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-662-7447
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress vanguard.com/performance
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Annual Total Returns — Vanguard Market Neutral Fund Institutional Shares
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock During the periods shown in the bar chart, the highest return for a calendar quarter was 8.86% (quarter ended December 31, 2007), and the lowest return for a quarter was –6.53% (quarter ended March 31, 2009).
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns for Periods Ended December 31, 2015
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.
Institutional | Vanguard Market Neutral Fund | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
Purchase Fee rr_MaximumCumulativeSalesChargeOverOther none
Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFeeOverRedemption none
Account Service Fee (for certain fund account balances below $10,000) rr_MaximumAccountFee $ 20 [1]
Management Fees rr_ManagementFeesOverAssets 0.12%
12b-1 Distribution Fee rr_DistributionAndService12b1FeesOverAssets none
Dividend Expenses on Securities Sold Short rr_Component1OtherExpensesOverAssets 1.06% [2]
Borrowing Expenses on Securities Sold Short rr_Component2OtherExpensesOverAssets 0.15% [3]
Other Operating Expenses rr_Component3OtherExpensesOverAssets 0.03%
Total of Other Expenses rr_OtherExpensesOverAssets 1.24%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.36% [4]
1 Year rr_ExpenseExampleYear01 $ 138
3 Years rr_ExpenseExampleYear03 431
5 Years rr_ExpenseExampleYear05 745
10 Years rr_ExpenseExampleYear10 1,635
1 Year rr_ExpenseExampleNoRedemptionYear01 138
3 Years rr_ExpenseExampleNoRedemptionYear03 431
5 Years rr_ExpenseExampleNoRedemptionYear05 745
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 1,635
2006 rr_AnnualReturn2006 6.75%
2007 rr_AnnualReturn2007 13.17%
2008 rr_AnnualReturn2008 (8.27%)
2009 rr_AnnualReturn2009 (11.31%)
2010 rr_AnnualReturn2010 (0.93%)
2011 rr_AnnualReturn2011 7.94%
2012 rr_AnnualReturn2012 (1.39%)
2013 rr_AnnualReturn2013 8.66%
2014 rr_AnnualReturn2014 4.38%
2015 rr_AnnualReturn2015 5.52%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Dec. 31, 2007
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 8.86%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Mar. 31, 2009
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (6.53%)
1 Year rr_AverageAnnualReturnYear01 5.52%
5 Years rr_AverageAnnualReturnYear05 4.96%
10 Years rr_AverageAnnualReturnYear10 2.18%
Institutional | Vanguard Market Neutral Fund | Return After Taxes on Distributions | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 5.49%
5 Years rr_AverageAnnualReturnYear05 4.93%
10 Years rr_AverageAnnualReturnYear10 1.65%
Institutional | Vanguard Market Neutral Fund | Return After Taxes on Distributions and Sale of Fund Shares | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 3.14%
5 Years rr_AverageAnnualReturnYear05 3.87%
10 Years rr_AverageAnnualReturnYear10 1.60%
Institutional | Vanguard Market Neutral Fund | Citigroup 3-Month U.S. Treasury Bill Index (reflects no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 0.03% [5]
5 Years rr_AverageAnnualReturnYear05 0.04% [5]
10 Years rr_AverageAnnualReturnYear10 1.16% [5]
Institutional | Vanguard Market Neutral Fund | Equity Market Neutral Funds Average (reflects no deduction for taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (0.30%) [5]
5 Years rr_AverageAnnualReturnYear05 0.71% [5]
10 Years rr_AverageAnnualReturnYear10 1.11% [5]
[1] /year
[2] When a cash dividend is declared on a stock the Fund has sold short, the Fund is required to pay an amount equal to that dividend to the party from which the Fund borrowed the stock and to record the payment of the dividend as an expense.
[3] In connection with its short sales, the Fund may receive income or be charged a fee on borrowed stock. This income or fee is calculated on a daily basis, based upon the market value of the borrowed stock and a variable rate that is dependent upon the availability of the stock. A net amount of fees is listed as Borrowing Expenses on Securities Sold Short.
[4] Excluding borrowing and dividend expenses on securities sold short, the Total Annual Fund Operating Expenses are 0.15%.
[5] Comparative Benchmarks
v3.4.0.3
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName Vanguard Montgomery Funds
Prospectus Date rr_ProspectusDate Apr. 28, 2016
Document Creation Date dei_DocumentCreationDate Apr. 28, 2016 
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