The Vanguard Growth Fund is a mutual fund that primarily invests in stocks of companies expected to grow at an above-average rate compared to their industry or the overall market. It aims to provide long-term capital appreciation by focusing on growth-oriented companies, which may not pay dividends but reinvest their earnings to expand. Managed by Vanguard, a well-known investment management company, the fund typically includes large-cap and mid-cap stocks across various sectors. Investors in the fund seek to benefit from the potential for higher returns, although they should also be aware of the associated risks, including market volatility.