International Value Fund (VTRIX)

Indexed to MSCI AC World Index ex USA Net

  Fact sheet (12/31/2013)

Summary of this fund

Vanguard International Value Fund seeks to provide long-term capital appreciation.

Investment approach

  • Large-, mid-, and small-cap international equity.
  • Seeks long-term capital appreciation.
  • Broadly diversified in international developed and emerging markets.
  • Fundamental, value-oriented investment process.
  • Diversified, multi-manager structure.

PRICE AND DISTRIBUTIONS

Price and distributions

as of 04/17/2014

NAV

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.

Change $/%
$37.34
$0.12 positive change   0.32%
Dividend yield

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.

2.53%

KEY FUND FACTS

Key fund facts

Expense ratio
0.43% as of 02/26/2014
Lipper peer average
expense ratio
1.36% as of 12/31/2013
Designation
International Large Value
Inception on
05/16/1983
Net assets for
VTRIX
 
$8.3 billion as of 03/31/2014
Holdings 
175 as of 03/31/2014
Management style
Active
Benchmark
MSCI AC World Index ex USA Net
Turnover rate 
 52.40%(Fiscal year-end  10/31/2013)

Fees and minimums

Fees and minimums

Purchase fee:

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
Redemption fee:

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:
$3,000

ETF Knowledge Center™   

STYLEBOX

Stylebox

Stock
Diversified portfolio of value stocks from non-U.S. markets.



Expected range
Central tendency

About our styleboxes  

Objective

Vanguard International Value Fund seeks to provide long-term capital appreciation.

Investment approach

  • Large-, mid-, and small-cap international equity.
  • Seeks long-term capital appreciation.
  • Broadly diversified in international developed and emerging markets.
  • Fundamental, value-oriented investment process.
  • Diversified, multi-manager structure.

Total returns

as of 03/31/2014

View as:

as of 03/31/2014

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

05/16/1983

NAV 
– 0.08% 19.48% 15.60% 7.38% 9.69%
Benchmark

Spliced International Index

*
0.51% 12.36% 14.10% 5.65%

Note: Fee adjusted for mutual funds where applicable.

* MSCI EAFE Index through May 31, 2010; MSCI All Country World Index ex USA thereafter.

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

Lazard Asset Management LLC
Edinburgh Partners Limited
ARGA Investment Management, LP

Product management

Vanguard International Value Fund seeks long-term capital appreciation through broadly diversified exposure to the major equity markets outside the United States. The fund’s investment advisors employ fundamental research to construct portfolios of undervalued stocks in developed and emerging markets. In addition, Vanguard may invest the fund’s cash flows in equity index futures and/or exchange-traded funds to manage liquidity needs while ensuring that the fund remains fully invested.

Firm and manager details  

Regional exposure as of 03/31/2014

 as of 03/31/2014
  Region  VTRIX Benchmark

MSCI All Country World Index ex USA Net

+/- Weight
Europe 52.0% 48.9% 3.1%
Pacific 31.5% 26.2% 5.3%
Emerging Markets 14.3% 17.2% – 2.9%
North America 2.0% 7.3% – 5.3%
Middle East 0.0% 0.4% – 0.4%
Other 0.2%
0%
55%
Total 100.0% 100.0%  

Top 10 countries as of 03/31/2014

 as of 03/31/2014
Country Region VTRIX Benchmark

MSCI All Country World Index ex USA Net

+/- Weight
Japan Pacific 21.1% 14.2% 6.9%
United Kingdom Europe 17.7% 15.2% 2.5%
Germany Europe 7.9% 6.8% 1.1%
France Europe 6.0% 7.5% – 1.5%
Switzerland Europe 5.5% 6.7% – 1.2%
Hong Kong Pacific 4.1% 2.0% 2.1%
Italy Europe 3.8% 1.9% 1.9%
Korea Pacific 3.7% 3.2% 0.5%
China Emerging Markets 3.4% 3.9% – 0.5%
Denmark Europe 3.3% 1.0% 2.3%
Top 10 equals 76.5% of stock

Country diversification details  

Sector weightings as of 03/31/2014

as of 03/31/2014
  Sector  VTRIX Benchmark

MSCI All Country World Index ex USA Net

+/- Weight
Financials 21.5% 26.6% – 5.1%
Consumer Discretionary 15.6% 10.8% 4.8%
Industrials 13.3% 11.2% 2.1%
Consumer Staples 9.7% 10.0% – 0.3%
Information Technology 9.3% 6.7% 2.6%
Energy 9.2% 9.1% 0.1%
Health Care 8.3% 8.2% 0.1%
Telecommunication Services 6.0% 5.2% 0.8%
Materials 5.3% 8.7% – 3.4%
Utilities 1.8% 3.5% – 1.7%
Other 0.0% 0.0% 0.0%
0%
30%
Total 100.0% 100.0%

Sector categories are based on the Global Industry Classification Standard system.

Top 10 holdings as of 03/31/2014

 as of 03/31/2014
Rank Holding
1 Novartis AG
2 Samsung Electronics Co. Ltd.
3 KDDI Corp.
4 Sumitomo Mitsui Financial Group Inc.
5 Royal Bank of Scotland Group plc
6 Japan Tobacco Inc.
7 SAP AG
8 Unilever plc
9 Novo Nordisk A/S
10 Prudential plc
Top 10 equals 15.5% of net assets

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

Holdings policy for this fund  

Fundamentals

Stockas of 03/31/2014 VTRIX Benchmark

MSCI All Country World Index ex USA Net

Number of stocks 175 1,814
Median market cap $38.9 billion $34.9 billion
P/E ratio 17.5x 16.1x
P/B ratio 1.6x 1.7x
Turnover rate 52.4% Fiscal year end 10/2013 N/A
% Emerging 14.30% 17.20%
% Developed 85.70% 82.80%

Risk and volatility as of 03/31/2014

as of 03/31/2014
  VTRIX Benchmark

Spliced International Index

R-squared N/A 0.98
Beta N/A 1.02
Alpha 0.24 N/A
Standard deviation 17.44% 16.88%
Sharpe ratio 0.41 0.24

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 stock prices and periods of falling stock prices. In addition, investments in foreign stock markets can be riskier than U.S. stock investments. The prices of foreign stocks and the prices of U.S. stocks have, at times, moved in opposite directions.
  • Currency risk: The chance that the value of a foreign investment, measured in U.S. dollars, will decrease because of unfavorable changes in currency exchange rates.
  • 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.
  • 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. As a group, non-U.S. value 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, these stocks have been more volatile in price than the large-cap stocks that dominate the overall market, and they often perform quite differently.
  • Manager risk: The chance that poor security selection or focus on securities in a particular sector, category, or group of companies will cause the fund to underperform relevant benchmarks or other funds with a similar investment objective.



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