Global Minimum Volatility Fund Admiral Shares (VMNVX)

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Indexed to FTSE Global All Cap Index Hdg.

  Fact sheet (12/31/2017)

Summary of this fund

Vanguard Global Minimum Volatility Fund seeks to provide long-term capital appreciation with lower volatility relative to the global equity market.

Investment approach

  • Seeks to provide long-term capital appreciation with lower volatility relative to the global equity market.
  • Use of quantitative models to evaluate and construct the portfolio.
  • Foreign stocks constitute close to or more than half of the fund’s assets.
  • Low cost exposure to the broad global equity market.

PRICE AND DISTRIBUTIONS

Price and distributions

as of 02/23/2018

For funds with a fluctuating price per share, the net asset value (NAV) is the market value of a mutual fund's total assets, minus liabilities, divided by the number of shares outstanding. The value of a single share is called its share value or share price.

For money market funds that seek to maintain a stable price per share, the NAV is calculated by valuing securities at amortized cost, which approximates market value.

Change $/%
$27.04
$0.33 positive change   1.24%

The annual rate of return on a share of stock, determined by dividing the annual dividend by its current share price. In a stock mutual fund, this figure represents the average dividend yield of the stocks held by the fund.

2.55%

KEY FUND FACTS

Key fund facts

Expense ratio
0.17% as of 02/22/2018
Lipper peer average
expense ratio
1.24% as of 12/31/2016
Designation
International World Stock
Inception on
12/12/2013

This represents the total net assets for all share classes of Vanguard's U.S. funds that share the same investment strategy, management and holdings, but does not include any collective trusts sharing the same investment mandate.

$2.4 billion as of 01/31/2018
Net assets for
VMNVX
 
$1.8 billion as of 01/31/2018
Holdings 
409 as of 01/31/2018
Management style
Active
Benchmark
FTSE Global All Cap Index Hdg.
Turnover rate 
 36.70%(Fiscal year-end  10/31/2017)
CUSIP
921946869

Fees and minimums

Fees and minimums

A fee charged by some mutual funds when an investor buys shares. This fee is not a sales charge or load because it is paid directly to the fund to offset the costs of trading certain securities.

None

A fee charged by some mutual funds when an investor sells shares. A redemption fee differs from a back-end load because the money is paid back into the fund. Many funds charge redemption fees only when shares are bought and then sold within a specific period of time, generally in an effort to discourage market-timing and short-term trading. Some brokers also charge their clients redemption fees for the sale of securities.

None
Minimum investment:
N/A

Large transactions may require notification

Large transaction policy  

STYLEBOX

Stylebox

Equity



Central tendency
Expected range

How to read our stylebox  

Objective

Vanguard Global Minimum Volatility Fund seeks to provide long-term capital appreciation with lower volatility relative to the global equity market.

Investment approach

  • Seeks to provide long-term capital appreciation with lower volatility relative to the global equity market.
  • Use of quantitative models to evaluate and construct the portfolio.
  • Foreign stocks constitute close to or more than half of the fund’s assets.
  • Low cost exposure to the broad global equity market.

Total returns

as of 12/31/2017

View as:

as of 12/31/2017

View as:
25%
20
15
10
5
0%
 
 
 
  YTD 1 year 5 year 10 year Since

12/12/2013

NAV 
16.07% 16.07% 11.74%

FTSE Global All Cap Index Hdg.

*
20.31% 20.31%

Note: Fee adjusted for mutual funds where applicable.

* Tracks approximately 7,000 large-, mid-, and small-capitalization stocks in countries around the world, including both developed and emerging markets. Index returns are adjusted for withholding taxes.

The performance data shown represent past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, so investors' shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited.


People and process

Firms

Vanguard Quantitative Equity Group

Product management

Vanguard Global Minimum Volatility Fund seeks to provide long-term capital appreciation with lower volatility relative to the global equity market by primarily investing in U.S. and foreign stocks that are expected to generate lower volatility relative to the global equity market. The advisor uses quantitative models to evaluate the securities in the fund’s benchmark, the FTSE Global All Cap Index (USD hedged), and construct a global equity portfolio that seeks to achieve the lowest amount of expected volatility subject to a set of reasonable constraints designed to foster portfolio diversification and liquidity. The fund will generally seek to hedge most of its currency exposure back to the U.S. dollar to further reduce overall portfolio volatility.

Firm and manager details  

Regional exposure as of 01/31/2018

 as of 01/31/2018
  Region  VMNVX

FTSE Global All Cap Index Hdg.

+/- Weight
Europe 15.0% 20.7% – 5.7%
Pacific 18.7% 14.1% 4.6%
Emerging Markets 7.3% 10.0% – 2.7%
North America 58.7% 54.9% 3.8%
Middle East 0.3% 0.2% 0.1%
Other 0.1%
0%
60%
Total 100.0% 100.0%  

Top 10 countries as of 01/31/2018

 as of 01/31/2018
Country Region VMNVX

FTSE Global All Cap Index Hdg.

+/- Weight
United States North America 52.6% 51.9% 0.7%
Japan Pacific 6.7% 8.3% – 1.6%
Canada North America 6.1% 3.0% 3.1%
United Kingdom Europe 5.7% 5.9% – 0.2%
Switzerland Europe 4.7% 2.5% 2.2%
Australia Pacific 4.5% 2.3% 2.2%
Hong Kong Pacific 3.5% 1.2% 2.3%
Korea Pacific 2.9% 1.8% 1.1%
Germany Europe 2.4% 3.1% – 0.7%
India Emerging Markets 2.2% 1.2% 1.0%
Top 10 equals 91.3% of stock

Country diversification details  

Sector weightings as of 01/31/2018

as of 01/31/2018
  Sector  VMNVX

FTSE Global All Cap Index Hdg.

+/- Weight
Financials 13.8% 18.6% – 4.8%
Health Care 12.9% 10.6% 2.3%
Information Technology 12.8% 17.5% – 4.7%
Consumer Staples 12.7% 8.0% 4.7%
Industrials 11.5% 11.8% – 0.3%
Consumer Discretionary 8.7% 12.4% – 3.7%
Telecommunication Services 7.0% 2.7% 4.3%
Utilities 6.9% 2.8% 4.1%
Real Estate 6.8% 3.7% 3.1%
Materials 5.0% 5.9% – 0.9%
Energy 1.9% 6.0% – 4.1%
Other 0.0% 0.0% 0.0%
0%
20%
Total 100.0% 100.0%

Sector categories are based on the Global Industry Classification Standard, except for the "Other" category (if applicable), which includes securities that have not been provided a Global Industry Classification Standard as of the effective reporting period.

Top 10 holdings as of 01/31/2018

 as of 01/31/2018
Rank Holding
1 Jack Henry & Associates Inc.
2 HDFC Bank Ltd.
3 Starwood Property Trust Inc.
4 Waste Management Inc.
5 Amdocs Ltd.
6 Dollarama Inc.
7 Johnson & Johnson
8 Expeditors International of Washington Inc.
9 Quest Diagnostics Inc.
10 Fidelity National Information Services Inc.
Top 10 equals 13.4% of net assets

Portfolio holdings may exclude any temporary cash investments and equity index products.

Holdings policy for this fund  

Fundamentals

Equityas of 01/31/2018 VMNVX

FTSE Global All Cap Index Hdg.

Number of equity 409 7,781
Median market cap $12.0 billion $45.9 billion
P/E ratio 21.7x 19.6x
P/B ratio 2.6x 2.3x
Turnover rate 36.7% Fiscal year end 10/2017 N/A
% Emerging 7.30% 10.00%
% Developed 92.70% 90.00%

Risk and volatility as of 01/31/2018

as of 01/31/2018
  VMNVX

FTSE Global All Cap Index Hdg.

R-squared N/A 0.67
Beta N/A 0.52
Alpha 0.30 N/A
Standard deviation 6.18% 9.74%
Sharpe ratio 1.59 1.18

Risk and volatility are based on the share class with the earliest inception date.

Risk measures are calculated from trailing 36-month fund returns relative to the associated benchmarks.

An investment in the fund could lose money over short or even long periods. You should expect the fund’s share price and total return to fluctuate within a wide range, like the fluctuations of the overall stock market. The fund’s performance could be hurt by:

Stock market risk: 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. The fund’s investments in foreign stocks can be riskier than U.S. stock investments. Foreign stocks tend to be more volatile and less liquid than U.S. stocks. The prices of foreign stocks and the prices of U.S. stocks may move in opposite directions.
Investment style risk: The chance that returns from the types of stocks in which the fund invests will trail returns from the overall stock market. The fund may emphasize defensive-oriented stocks, which typically lag the stock market during strong market rallies. As a group, non-U.S. stocks tend to go through cycles of doing better—or worse—than the stock market in general. These periods have, in the past, lasted for as long as several years. The fund also may invest in small and mid-capitalization stocks. Historically, they often perform quite differently as compared to large-cap stocks that dominate the stock market.
Country/regional risk: The chance that world events—such as political upheaval, financial troubles, or natural disasters—will adversely affect the value of securities issued by companies in foreign countries or regions. Because the fund may invest a large portion of its assets in securities of companies located in any one country or region, its performance may be hurt disproportionately by the poor performance of its investments in that area. Country/regional risk is especially high in emerging markets.
Currency risk: Even though the fund seeks to hedge away most of its currency risk, there is the chance that the value of a foreign investment, measured in U.S. dollars, will decrease because of unfavorable changes in currency exchange rates.
Manager risk: The chance that poor security selection will cause the fund to underperform relevant benchmarks or other funds with a similar investment objective.
Counterparty risk: The chance that the counterparty to a currency forward contract with the fund is unable or unwilling to meet its financial obligations. Counterparty risk is low for the fund.