The short version
- VOOG's Form N-PORT for the period ending 2026-05-31 (filed 2026-07-29) lists 150 stocks, all US-domiciled, net assets $27 billion. Every one of the 150 is also held by VOO; VOOG owns nothing the S&P 500 does not.
- What it owns, it owns at about twice the weight: NVIDIA 14.3% (7.5% in VOO), Microsoft 9.3% (4.3%), Alphabet 11.1% across two share classes (5.8%), Broadcom 5.9% (2.8%), Meta 3.9% (1.9%). The top ten are 60.1% of the fund. Weighted by size, VOOG behaves like 19.8 equal holdings; VOO behaves like 51.6.
- The index has narrowed. In November 2019 the same fund held 303 stocks, its top ten were 31.9%, and it behaved like 55 holdings. The stock count fell to about 240 in 2021, to 211 in early 2025, and to 142–150 since February 2026; the effective count went 55 → 20. The filing does not say why; the essay shows the path.
- What it adds to VOO: a tilt, not new companies. VOOG's overlap with VOO is 65.9% by weight, and VOO + VOOG held together behaves like 30.9 — less diversified than VOO alone. Against VUG (Vanguard's other large growth fund) the overlap is 74.9% and the pair behaves like 20.4; against IVW and SPYG, which track the same S&P 500 Growth index, 93%.
- This describes a filing on a date. It is not a view on growth investing or on whether to hold VOOG.
Data as of 2026-05-31 (filing period) · received by the SEC 2026-07-29 · written 2026-09-22. The next period (2026-08-31) is due by the end of October and will be re-measured here.
The top ten, against VOO
Source: Form N-PORT, period 2026-05-31, filed 2026-07-29; rows in the position file. Weights are shares of each fund's own investments. VOO's are from its 2026-06-30 filing, one month later.
| # | Holding | VOOG | VOO | Multiple |
|---|---|---|---|---|
| 1 | NVIDIA | 14.27% | 7.51% | 1.9× |
| 2 | Microsoft | 9.30% | 4.29% | 2.2× |
| 3 | Apple | 6.37% | 6.58% | 1.0× |
| 4 | Alphabet (A) | 6.16% | 3.25% | 1.9× |
| 5 | Broadcom | 5.89% | 2.77% | 2.1× |
| 6 | Alphabet (C) | 4.90% | 2.59% | 1.9× |
| 7 | Amazon | 3.90% | 3.61% | 1.1× |
| 8 | Meta Platforms | 3.85% | 1.92% | 2.0× |
| 9 | Micron Technology | 3.04% | 2.02% | 1.5× |
| 10 | Eli Lilly | 2.44% | 1.47% | 1.7× |
| Top ten | 60.1% | 36.4% |
The multiple is the whole story of a style index. The S&P 500 Growth index takes the 500 and scores each company on growth measures; the companies that score highest keep their full market weight, the ones that score lowest are removed, and the ones in between are split with the Value index. Apple and Amazon at roughly 1.0× are the split cases: they appear in both halves (Apple is 7.9% of VOOV, Amazon 4.3%), while NVIDIA and Microsoft, at about 2×, are absent from VOOV entirely: they sit wholly on the growth side, and with 350 companies gone from the denominator their weight doubles.
From 303 stocks to 150
| Filing period | Stocks | Behaves like | Top ten | Largest position |
|---|---|---|---|---|
| 2019-11-30 | 303 | 55.0 | 31.9% | 8.3% |
| 2020-11-30 | 287 | 32.0 | 43.0% | 10.5% |
| 2021-11-30 | 247 | 23.6 | 52.5% | 12.0% |
| 2022-11-30 | 245 | 22.7 | 49.2% | 13.9% |
| 2023-11-30 | 243 | 27.8 | 46.5% | 13.4% |
| 2024-11-30 | 238 | 18.9 | 60.1% | 12.4% |
| 2025-11-30 | 221 | 23.2 | 56.9% | 13.5% |
| 2026-02-28 | 142 | 20.1 | 59.9% | 14.2% |
| 2026-05-31 | 150 | 19.8 | 60.1% | 14.3% |
Two things happened at once. The number of companies the index admits fell by half, in steps: 303 to about 245 by 2021, 211 by early 2025, 142 after the filing of February 2026. And within whatever was admitted, the largest names grew: the largest position went from 8.3% to 14.3% and the top ten from 32% to 60%. The effective count fell from 55 to 20 — the fund is 2.7 times as concentrated as it was seven years ago, on the same mandate. Holders who bought "the S&P 500 Growth index" in 2019 and hold it today own a different kind of portfolio; the name did not change, the number describing it did.
What VOOG adds, by the arithmetic
| Pair | Overlap by weight | Shared positions | Held together behaves like | vs the better fund alone |
|---|---|---|---|---|
| VOOG + VOO | 65.9% | 145 | 30.9 | −20.4 |
| VOOG + VUG | 74.9% | 86 | 20.4 | +0.6 |
| VOOG + IVW | 93.0% | 136 | 20.9 | −1.1 |
| VOOG + SPYG | 93.1% | 136 | 20.9 | −1.1 |
| VOOG + QQQ | 53.5% | 47 | 27.8 | −6.2 |
| VOOG + VOOV | 25.2% | 80 | 50.5 | −26.6 |
Overlap counts, for each shared company, the lesser of the two weights. Three readings:
- VOOG + VOO. All of VOOG is inside VOO, so adding it is a decision to hold NVIDIA, Microsoft and Broadcom at more than their index weight. The pair behaves like 30.9 holdings, twenty fewer than VOO alone (51.3 on the same matched basis).
- VOOG + IVW or SPYG. Same index, same 136 companies at the same weights; the 7% that does not overlap is one month of price drift between filings and small share-class differences. Two of these three is one of them twice.
- VOOG + VOOV. The growth and value halves of the S&P 500 held together behave like 50.5 — close to VOO's 51.3 on the same basis, as they should, since the two indexes are the 500 split in two. The 80 shared positions are the companies that sit in both halves.
What this can and cannot tell you
- As of 2026-05-31. Style indexes reconstitute annually; the stock count and weights in this filing hold until the next reconstitution and move with prices before then.
- Concentration measures weights, not risk or return. Behaving like 20 holdings that are mostly large technology companies is a specific exposure; this measure says how concentrated, not in what.
- Overlaps pair VOOG's 2026-05-31 filing with counterparts' latest filings (VOO, VUG, IVW, SPYG, QQQ at 2026-06-30; VOOV at 2026-05-31).
- Nothing here is a view on whether growth or value is the better half.
Data: VOOG on this site · VOO · VUG · VOOG positions, every period · the filing.