The Vanguard Value Fund is a mutual fund that primarily invests in stocks of companies believed to be undervalued in the market. Its goal is to provide long-term capital appreciation by focusing on companies with strong fundamentals and attractive valuations. The fund typically includes large-cap stocks, which are shares of well-established companies. Managed by Vanguard Group, the fund aims to achieve a balance between risk and return. Investors in the Vanguard Value Fund benefit from diversification, as the fund holds a variety of stocks across different sectors. This approach helps reduce the impact of any single stock's performance on the overall investment.