VFWAX FTSE All-World ex-US Index Fund Admiral Shares

Also available in more share classes , including an ETF

Expense ratio

0.11%

as of 02/27/2024

MANAGEMENT STYLE

Index

Overview

Overview

Objective: FTSE All-World ex-US Index Fund seeks to track the performance of a benchmark index that measures the investment return of stocks of companies located in developed and emerging markets around the world.

Fund facts

YTD RETURNS

6.18%

as of 12/27/2024

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.

2.90%

as of 11/30/2024

HOLDINGS

3,824

as of 11/30/2024

INCEPTION DATE

09/27/2011

TOTAL NET ASSETS

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.

$58.2 B

as of 11/30/2024

NET ASSETS FOR VFWAX

$8.5 B

as of 11/30/2024

TURNOVER RATE

3.70%

October fiscal year-end

CUSIP

921937736

LIPPER PEER AVERAGE

1.221%

Expense ratio 12/31/2023

DESIGNATION

International Large Blend

Benchmark

FTSE All-World ex US Index (AWXUSRUS)

MORNINGSTAR RATING

Morningstar rating

3 out of 5 stars

Morningstar has awarded this fund 3 stars based on its risk-adjusted performance compared to the 640 within the Foreign Large Blend Morningstar category

How is it determined?

The Overall Morningstar Rating™ for a fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics, which are based on the risk-adjusted returns, as of the date stated.

3 yrs / 3 out of 5 stars
5 yrs / 3 out of 5 stars
10 yrs / 3 out of 5 stars
View complete disclosures

as of 11/30/2024
Foreign Large Blend (640 funds)

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

N/A

Investment approach

  • Seeks to track the performance of the FTSE All-World ex US Index.
  • Employs a passively managed, full-replication strategy.
  • Fund remains fully invested.
  • Broad exposure across developed and emerging non-U.S. equity markets around the world.
  • Low expenses minimize net tracking error.

Management

  • Vanguard Equity Index Group
  • 41 years of management experience

Benchmark

  • The FTSE All-World ex US Index measures the investment return of stocks of companies located in developed and emerging markets around the world, excluding the United States.
  • Includes approximately 2,200 holdings in nearly 50 countries.

Portfolio analytics

Create hypothetical client portfolios and evaluate their potential response to current market conditions. Analyze hypothetical performance and risk statistics, compare two portfolios side-by-side, and more.

Explore analytics

Strategic models

Vanguard strategic model portfolios can simplify your practice, so you have more time to coach clients through the current market downturn.

Explore models
Performance

Performance

Total returns

Expense ratio 0.11%

RECENT RETURNS AVERAGE ANNUAL
Month-end YTD 1 YEAR 3 YEAR 5 YEAR 10 YEAR Since inception 09/27/2011
VFWAX -0.29% 8.20% 13.60% 3.22% 5.80% 4.98% 6.30%
Benchmark FTSE All-World ex US Index 2 -0.84% 7.85% 13.31% 3.25% 5.83% 5.01% 6.33%
+/- Benchmark

The difference in a fund's non-fee adjusted return versus an identified benchmark or peer group.

0.55% 0.35% 0.29% -0.03% -0.03% -0.03% -0.03%
Difference due to fair value pricing

In order to determine the performance of the fund prior to adjustments for fair value pricing, simply subtract the Difference due to fair value pricing figure from the NAV performance figure. For example, by subtracting -0.09% from 18.23%, we arrive at a performance figure of 18.32% [18.23% - (-0.09%) = 18.32%]

0.54% 0.45% 0.45% 0.07% 0.08% 0.06% 0.06%

Note: Fee adjusted for mutual funds where applicable.

Price & distributions

Price & distributions

Closing price

Closing price as of 12/27/2024

NAV 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.

$35.92

NAV CHANGE

-$0.02 (-0.06%)

52-WEEK HIGH

$39.53

09/26/2024

52-WEEK LOW

$33.58

01/17/2024

52-WEEK DIFFERENCE

$5.95 (17.72%)

Historical prices

Name

VFWAX

DATE

12/27/2024

NAV

$35.92

Since inception (09/27/2011)
DATE Price
2023-06-29 $33.45
2023-06-30 $33.80
2023-07-03 $33.91
2023-07-05 $33.63
2023-07-06 $33.06
2023-07-07 $33.26
2023-07-10 $33.33
2023-07-11 $33.65
2023-07-12 $34.23
2023-07-13 $34.78
2023-07-14 $34.62
2023-07-17 $34.59
2023-07-18 $34.70
2023-07-19 $34.69
2023-07-20 $34.50
2023-07-21 $34.52
2023-07-24 $34.58
2023-07-25 $34.77
2023-07-26 $34.83
2023-07-27 $34.70
2023-07-28 $35.03
2023-07-31 $35.08
2023-08-01 $34.73
2023-08-02 $34.03
2023-08-03 $33.96
2023-08-04 $34.03
2023-08-07 $34.21
2023-08-08 $33.93
2023-08-09 $33.97
2023-08-10 $34.09
2023-08-11 $33.81
2023-08-14 $33.65
2023-08-15 $33.26
2023-08-16 $33.01
2023-08-17 $32.87
2023-08-18 $32.77
2023-08-21 $32.85
2023-08-22 $32.82
2023-08-23 $33.17
2023-08-24 $32.85
2023-08-25 $32.95
2023-08-28 $33.28
2023-08-29 $33.74
2023-08-30 $33.70
2023-08-31 $33.50
2023-09-01 $33.61
2023-09-05 $33.39
2023-09-06 $33.28
2023-09-07 $33.09
2023-09-08 $33.06
2023-09-11 $33.38
2023-09-12 $33.30
2023-09-13 $33.24
2023-09-14 $33.61
2023-09-15 $33.36
2023-09-18 $33.23
2023-09-19 $33.23
2023-09-20 $33.12
2023-09-21 $32.61
2023-09-22 $32.69
2023-09-25 $32.57
2023-09-26 $32.15
2023-09-27 $32.12
2023-09-28 $32.29
2023-09-29 $32.24
2023-10-02 $31.88
2023-10-03 $31.47
2023-10-04 $31.46
2023-10-05 $31.66
2023-10-06 $32.00
2023-10-09 $31.94
2023-10-10 $32.39
2023-10-11 $32.55
2023-10-12 $32.31
2023-10-13 $32.04
2023-10-16 $32.22
2023-10-17 $32.23
2023-10-18 $31.74
2023-10-19 $31.51
2023-10-20 $31.17
2023-10-23 $31.16
2023-10-24 $31.32
2023-10-25 $31.08
2023-10-26 $30.89
2023-10-27 $30.83
2023-10-30 $31.15
2023-10-31 $31.15
2023-11-01 $31.46
2023-11-02 $32.07
2023-11-03 $32.47
2023-11-06 $32.52
2023-11-07 $32.33
2023-11-08 $32.25
2023-11-09 $32.17
2023-11-10 $32.33
2023-11-13 $32.37
2023-11-14 $33.13
2023-11-15 $33.25
2023-11-16 $33.13
2023-11-17 $33.46
2023-11-20 $33.66
2023-11-21 $33.52
2023-11-22 $33.54
2023-11-24 $33.71
2023-11-27 $33.62
2023-11-28 $33.71
2023-11-29 $33.72
2023-11-30 $33.76
2023-12-01 $34.00
2023-12-04 $33.75
2023-12-05 $33.63
2023-12-06 $33.67
2023-12-07 $33.81
2023-12-08 $33.87
2023-12-11 $33.95
2023-12-12 $33.97
2023-12-13 $34.37
2023-12-14 $34.75
2023-12-15 $34.01
2023-12-18 $34.05
2023-12-19 $34.32
2023-12-20 $33.92
2023-12-21 $34.43
2023-12-22 $34.41
2023-12-26 $34.54
2023-12-27 $34.82
2023-12-28 $34.84
2023-12-29 $34.91
2024-01-02 $34.52
2024-01-03 $34.26
2024-01-04 $34.33
2024-01-05 $34.36
2024-01-08 $34.61
2024-01-09 $34.31
2024-01-10 $34.40
2024-01-11 $34.43
2024-01-12 $34.55
2024-01-16 $34.02
2024-01-17 $33.58
2024-01-18 $33.85
2024-01-19 $34.02
2024-01-22 $33.98
2024-01-23 $34.02
2024-01-24 $34.26
2024-01-25 $34.35
2024-01-26 $34.46
2024-01-29 $34.64
2024-01-30 $34.52
2024-01-31 $34.33
2024-02-01 $34.67
2024-02-02 $34.47
2024-02-05 $34.32
2024-02-06 $34.63
2024-02-07 $34.69
2024-02-08 $34.66
2024-02-09 $34.72
2024-02-12 $34.81
2024-02-13 $34.31
2024-02-14 $34.64
2024-02-15 $34.97
2024-02-16 $35.06
2024-02-20 $35.17
2024-02-21 $35.23
2024-02-22 $35.60
2024-02-23 $35.62
2024-02-26 $35.55
2024-02-27 $35.61
2024-02-28 $35.35
2024-02-29 $35.46
2024-03-01 $35.84
2024-03-04 $35.76
2024-03-05 $35.59
2024-03-06 $36.01
2024-03-07 $36.38
2024-03-08 $36.28
2024-03-11 $36.17
2024-03-12 $36.49
2024-03-13 $36.42
2024-03-14 $36.23
2024-03-15 $36.00
2024-03-18 $36.04
2024-03-19 $36.04
2024-03-20 $36.38
2024-03-21 $36.45
2024-03-22 $36.31
2024-03-25 $36.25
2024-03-26 $36.27
2024-03-27 $36.45
2024-03-28 $36.42
2024-04-01 $36.31
2024-04-02 $36.21
2024-04-03 $36.38
2024-04-04 $36.16
2024-04-05 $36.28
2024-04-08 $36.44
2024-04-09 $36.50
2024-04-10 $36.10
2024-04-11 $36.18
2024-04-12 $35.56
2024-04-15 $35.40
2024-04-16 $35.01
2024-04-17 $34.98
2024-04-18 $34.99
2024-04-19 $34.89
2024-04-22 $35.33
2024-04-23 $35.67
2024-04-24 $35.67
2024-04-25 $35.57
2024-04-26 $35.82
2024-04-29 $36.03
2024-04-30 $35.58
2024-05-01 $35.54
2024-05-02 $36.13
2024-05-03 $36.45
2024-05-06 $36.67
2024-05-07 $36.66
2024-05-08 $36.61
2024-05-09 $36.81
2024-05-10 $36.91
2024-05-13 $36.97
2024-05-14 $37.18
2024-05-15 $37.49
2024-05-16 $37.44
2024-05-17 $37.59
2024-05-20 $37.62
2024-05-21 $37.47
2024-05-22 $37.21
2024-05-23 $37.02
2024-05-24 $37.22
2024-05-28 $37.22
2024-05-29 $36.63
2024-05-30 $36.79
2024-05-31 $37.00
2024-06-03 $37.19
2024-06-04 $36.96
2024-06-05 $37.30
2024-06-06 $37.40
2024-06-07 $37.04
2024-06-10 $37.12
2024-06-11 $36.77
2024-06-12 $37.11
2024-06-13 $36.77
2024-06-14 $36.52
2024-06-17 $36.62
2024-06-18 $36.80
2024-06-20 $36.82
2024-06-21 $36.31
2024-06-24 $36.51
2024-06-25 $36.62
2024-06-26 $36.40
2024-06-27 $36.43
2024-06-28 $36.42
2024-07-01 $36.51
2024-07-02 $36.64
2024-07-03 $37.02
2024-07-05 $37.27
2024-07-08 $37.15
2024-07-09 $37.12
2024-07-10 $37.51
2024-07-11 $37.66
2024-07-12 $37.99
2024-07-15 $37.71
2024-07-16 $37.87
2024-07-17 $37.57
2024-07-18 $37.29
2024-07-19 $37.02
2024-07-22 $37.35
2024-07-23 $37.17
2024-07-24 $36.70
2024-07-25 $36.51
2024-07-26 $36.90
2024-07-29 $36.80
2024-07-30 $36.78
2024-07-31 $37.42
2024-08-01 $36.60
2024-08-02 $35.98
2024-08-05 $35.11
2024-08-06 $35.31
2024-08-07 $35.45
2024-08-08 $36.09
2024-08-09 $36.20
2024-08-12 $36.22
2024-08-13 $36.75
2024-08-14 $36.79
2024-08-15 $37.23
2024-08-16 $37.50
2024-08-19 $37.91
2024-08-20 $37.71
2024-08-21 $37.98
2024-08-22 $37.73
2024-08-23 $38.31
2024-08-26 $38.15
2024-08-27 $38.30
2024-08-28 $38.10
2024-08-29 $38.26
2024-08-30 $38.37
2024-09-03 $37.69
2024-09-04 $37.57
2024-09-05 $37.64
2024-09-06 $36.98
2024-09-09 $37.32
2024-09-10 $37.17
2024-09-11 $37.38
2024-09-12 $37.73
2024-09-13 $37.80
2024-09-16 $38.02
2024-09-17 $37.93
2024-09-18 $37.80
2024-09-19 $38.58
2024-09-20 $38.14
2024-09-23 $38.32
2024-09-24 $38.77
2024-09-25 $38.58
2024-09-26 $39.53
2024-09-27 $39.32
2024-09-30 $39.19
2024-10-01 $39.11
2024-10-02 $39.23
2024-10-03 $38.84
2024-10-04 $39.12
2024-10-07 $38.99
2024-10-08 $38.70
2024-10-09 $38.65
2024-10-10 $38.61
2024-10-11 $38.80
2024-10-14 $38.85
2024-10-15 $38.15
2024-10-16 $38.35
2024-10-17 $38.31
2024-10-18 $38.61
2024-10-21 $38.26
2024-10-22 $38.05
2024-10-23 $37.74
2024-10-24 $37.81
2024-10-25 $37.72
2024-10-28 $37.95
2024-10-29 $37.87
2024-10-30 $37.63
2024-10-31 $37.31
2024-11-01 $37.44
2024-11-04 $37.53
2024-11-05 $37.96
2024-11-06 $37.57
2024-11-07 $38.11
2024-11-08 $37.59
2024-11-11 $37.52
2024-11-12 $36.93
2024-11-13 $36.67
2024-11-14 $36.65
2024-11-15 $36.47
2024-11-18 $36.79
2024-11-19 $36.80
2024-11-20 $36.68
2024-11-21 $36.71
2024-11-22 $36.79
2024-11-25 $36.92
2024-11-26 $36.73
2024-11-27 $36.86
2024-11-29 $37.20
2024-12-02 $37.35
2024-12-03 $37.54
2024-12-04 $37.57
2024-12-05 $37.72
2024-12-06 $37.70
2024-12-09 $37.84
2024-12-10 $37.49
2024-12-11 $37.69
2024-12-12 $37.39
2024-12-13 $37.33
2024-12-16 $37.20
2024-12-17 $37.02
2024-12-18 $36.25
2024-12-19 $36.16
2024-12-20 $35.58
2024-12-23 $35.83
2024-12-24 $35.90
2024-12-26 $35.94
2024-12-27 $35.92

Realized/Unrealized gains

as of 11/30/2024

REALIZED GAIN

-$3.06

% of NAV

-8.22%

UNREALIZED GAINS OF NAV

$8.73

% of NAV

23.46%

DISTRIBUTION SCHEDULE

Quarterly

Distribution

Use this table to view or export up to ten years of distributions for this fund.

You can view the 2023 year-end capital gains for all funds in the Tax Center.

TYPE$/SHAREPAYABLE DATE

The date when dividends or capital gains are paid to shareholders. For Vanguard mutual funds, the payable date is usually within two to four days of the record date. The payable date also refers to the date on which a declared stock dividend or bond interest payment is scheduled to be paid.

RECORD DATE

The date established by the issuer of a security for the purpose of determining the holders who are entitled to receive that security's next distribution of dividends or capital gains.

REINVEST DATE

The date on which an investment's dividend or capital gains income is reinvested, if requested by the shareholder, to purchase additional shares.

REINVEST PRICE

The price at which an investment's dividend or capital gains distribution is reinvested, if requested by the shareholder, to purchase additional shares.

Income $0.580800 12/23/2024 12/19/2024 12/20/2024 $35.58
Income $0.149800 09/23/2024 09/19/2024 09/20/2024 $38.14
Income $0.281400 06/24/2024 06/20/2024 06/21/2024 $36.31
Income $0.130400 03/18/2024 03/14/2024 03/15/2024 $36.00
Income $0.520900 12/18/2023 12/14/2023 12/15/2023 $34.01
Income $0.183100 09/18/2023 09/14/2023 09/15/2023 $33.36
Income $0.372900 06/20/2023 06/15/2023 06/16/2023 $34.37
Income $0.068300 03/20/2023 03/16/2023 03/17/2023 $31.50
Income $0.381600 12/19/2022 12/15/2022 12/16/2022 $31.04
Income $0.159300 09/19/2022 09/15/2022 09/16/2022 $29.75

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.

Performance data for periods of less than one year do not reflect the deduction of purchase and redemption fees. Maintenance, low-balance, and service fees may be assessed by some funds. None of these fees are reflected in the performance figures. If these fees were included, the performance would be lower. All other performance data are adjusted for purchase and redemption fees, where applicable.

The performance of an index is not an exact representation of any particular investment, as you cannot invest directly in an index. Benchmark comparative indexes represent unmanaged or average returns on various financial assets, which can be compared with funds' total returns for the purpose of measuring relative performance.

Portfolio

Portfolio

Market capitalization

as of 11/30/2024

MARKET SIZE VFWAX Benchmark FTSE All-World ex US Index +/- WEIGHT
Large 75.2% 75.2% 0.0%
Medium/Large 4.5% 4.6% -0.1%
Medium 14.0% 14.0% 0.0%
Medium/Small 4.1% 4.1% 0.0%
Small 2.1% 2.1% 0.0%

Fundamentals

as of 11/30/2024

Fundamental VFWAX Benchmark FTSE All-World ex US Index
Number of stocks 3824 3694
Median market cap An indicator of the size of companies in which a fund invests the midpoint of market capitalization (market price x shares outstanding) of a funds stocks, weighted by the proportion of a fund's assets invested in each stock. Stocks representing half of the fund's assets have market capitalizations above the median and the rest are below it. $44.3 B $44.5 B
% Emerging 26.82% 26.75%
% Developed 73.18% 73.25%
Earnings growth rate 14.08% 14.10%
Short-term reserves N/A
% of ADRs (as of 11/30/2024) 0.98% N/A
P/E ratio 15.4x 15.5x
P/B ratio 1.8x 1.8x
Turnover rate (October fiscal year-end) 3.70% N/A
Return on equity 12.10% 12.11%
Foreign holdings 99.09% N/A

Holdings details

as of 11/30/2024

HOLDINGS % OF FUNDS SECTOR 3 MARKET VALUE Shares
Taiwan Semiconductor Manufacturing Co Ltd (2330) 2.59% Semiconductors $1,526,177,222.81 48,977,873
Novo Nordisk A/S (NOVOB) 1.15% Pharmaceuticals $677,976,738.62 6,326,194
Tencent Holdings Ltd (700) 1.11% Interactive Media & Services $654,991,704.45 12,683,004
ASML Holding NV (ASML) 0.93% Semiconductor Materials & Equipment $550,572,284.78 805,745
SAP SE (SAP) 0.90% Application Software $533,373,409.05 2,246,107
Nestle SA (NESN) 0.78% Packaged Foods & Meats $457,416,452.19 5,267,367
Novartis AG (NOVN) 0.75% Pharmaceuticals $443,004,447.13 4,178,523
AstraZeneca PLC (AZN) 0.70% Pharmaceuticals $415,243,677.41 3,068,049
Toyota Motor Corp (7203) 0.70% Automobile Manufacturers $415,026,082.94 24,289,735
Shell PLC (SHEL) 0.70% Integrated Oil & Gas $414,192,612.85 12,888,313

Holdings policy for this fund Percentages may not add up to 100%.

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Weighted exposures

as of 11/30/2024

Sector 3 VFWAX BENCHMARK FTSE All-World ex US Index +/- WEIGHT VFWAX BENCHMARK FTSE All-World ex US Index
Financials 22.80% 22.79% 0.01%
Industrials 15.25% 15.22% 0.03%
Technology 13.55% 13.52% 0.03%
Consumer Discretionary 12.47% 12.46% 0.01%
Health Care 8.99% 9.00% -0.01%
Consumer Staples 6.35% 6.36% -0.01%
Basic Materials 5.73% 5.74% -0.01%
Energy 5.31% 5.32% -0.01%
Telecommunications 3.85% 3.84% 0.01%
Utilities 3.36% 3.35% 0.01%
Real Estate 2.34% 2.34% 0.00%

Weighted equity exposures exclude any temporary cash investments and equity index futures. Some short-term fixed income securities are classified as cash and are excluded from the weighted bond exposures.

Risk

Risk

Risk and volatility

as of 11/30/2024

R-squared

A measure of how much of a portfolio's performance can be explained by the returns from the overall market (or a benchmark index). If a portfolio's total return precisely matched that of the overall market or benchmark, its R-squared would be 1.00. If a portfolio's return bore no relationship to the market's returns, its R-squared would be 0.

Beta

A measure of how much of a portfolio's performance can be explained by the returns from the overall market (or a benchmark index). If a portfolio's total return precisely matched that of the overall market or benchmark, its beta would be 1.00. If a portfolio's return bore no relationship to the market's returns, its beta would be 0.

Alpha

A measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the fund relative to the return of the benchmark index is a fund's alpha.

Standard deviation

A measure of the degree to which a fund's return varies from its previous returns or from the average of all similar funds. The larger the standard deviation, the greater the likelihood (and risk) that a security's performance will fluctuate from the average return.

Sharpe ratio

A measure of risk-adjusted return. To calculate a Sharpe ratio, an asset's excess returns (its return in excess of the return generated by risk-free assets such as Treasury bills) is divided by the asset's standard deviation.

Capture ratio (downside/upside) The downside/upside capture ratio shown here represents whether the given fund has outperformed—lost less or gained more than—the primary prospectus benchmark during periods of market weakness and strength, and if so, by how much.

Upside capture ratios for funds are calculated by taking the fund's monthly return during months when the benchmark had a positive return and dividing it by the benchmark return during that same month. Downside capture ratios are calculated by taking the fund's monthly return during the periods of negative benchmark performance and dividing it by the benchmark return. Morningstar.com displays the upside and downside capture ratios over 1-, 3-, 5-, 10-, and 15-year periods by calculating the geometric average for both the fund and index returns during the up and down months, respectively, over each time period.

An upside capture ratio over 100 indicates a fund has generally outperformed the benchmark during periods of positive returns for the benchmark. Meanwhile, a downside capture ratio of less than 100 indicates that a fund has lost less than its benchmark in periods when the benchmark has been in the red. However, if a fund generates positive returns while the benchmark declines, the fund's downside capture ratio will be negative (meaning it has moved in the opposite direction of the benchmark). All stock funds' upside and downside capture ratios are calculated versus the S&P 500, whereas bond and international fund ratios are calculated relative to the Barclays Capital U.S. Aggregate Bond Index and MSCI EAFE Index, respectively. For some context, we also show the category average upside/downside capture ratios for those same time periods.
VFWAX N/A N/A 0.00 16.91% -0.04 106/105
Primary benchmark FTSE All-World ex US Index 4 0.98 1.03 N/A 16.19% -0.04 N/A
Broad-based benchmark FTSE Global All Cap ex US Index 0.97 1.03 N/A 16.28% -0.06 N/A

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

Risk measures are calculated from trailing 3, 5, and 10 year fund returns relative to the associated benchmarks.

Management

Management

Vanguard FTSE All-World ex-US Index Fund seeks to track the investment performance of the FTSE All-World ex US Index, which includes approximately 2,200 stocks of companies located in 46 countries, including both developed and emerging markets. The fund attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index. The experience and stability of Vanguard’s Equity Index Group have permitted continuous refinement of techniques for reducing tracking error. The group uses proprietary software to implement trading decisions that accommodate cash flow and maintain close correlation with the index’s key characteristics. Vanguard’s refined indexing process, combined with low management fees and efficient trading, has provided tight tracking, net of expenses.

Launched in 1975, The Vanguard Group, Malvern, Pennsylvania, is among the world’s largest equity and fixed income managers. As chief investment officer, Gregory Davis, CFA, oversees Vanguard’s Equity Index, Investment Strategy, Quantitative Equity, and Fixed Income Groups. Rodney Comegys, Principal and global head of Vanguard's Equity Index Group, is responsible for all equity index funds. The Equity Index Group manages indexed equity portfolios covering U.S. and international markets. It has developed sophisticated portfolio construction methodologies and efficient trading strategies that seek to deliver returns that are highly correlated with target portfolio benchmarks. The group has advised Vanguard FTSE All-World ex-US Index Fund since 2007.

  • Christine D. Franquin Principal, Portfolio manager

    8 years on fund 24 years of experience B.A., Universitaire Faculteiten Sint Ignatius, Antwerpen Belgium. J.D., University of Liege Belgium. Master of Science in Finance, Clark University, Massachusetts.

  • Jeffrey D. Miller Portfolio manager

    2 years on fund 17 years of experience B.A., Pennsylvania State University. M.B.A., Drexel University.

Quarterly commentary

Global financial markets fared well for the three months ended September 30, 2024, amid signs that inflation was continuing to cool, economic growth was softening but still positive, and monetary policy was beginning to loosen. The Bank of England and the U.S. Federal Reserve joined the European Central Bank in cutting rates. Volatility nevertheless surged at times, notably on a surprise rate hike by the Bank of Japan and some disappointing labor-market readings in the U.S.

Global stocks posted strong gains for the quarter.

The fund's benchmark, the FTSE All-World ex US Index, returned 8.40% for the quarter ended September 30. The Russell 3000 Index, which measures the broad U.S. stock market, returned 6.23%.

All industry groups added to the benchmark's results. Of these, financials (+11.4%), industrials (+9.6%), and consumer discretionary (+9.2%) were the top contributors. These sectors accounted for 49.8% of the index's weighting at quarter-end and added about 5.0 percentage points to its result.

For the 12 months ended September 30, the index returned 25.49%. All industry groups added to the benchmark's results. Financials (+34.3%), technology (+43.5%), and industrials (+30.5%) were the top contributors.

Literature

Literature

Download fund literature or visit our subscriptions center to subscribe to automatically receive documents.
Download Fact sheet (09/30/2024)
Download Summary prospectus
Download Statutory prospectus
Download Statement of additional information
Download Investment profile (09/30/2024)
Download Semiannual report (04/30/2024)
Download Annual report (10/31/2024)

Disclosures and footnotes

Performance

1

Year-to-date performance data is not available for the benchmark.

2

Tracks approximately 2,220 large- and mid-capitalization stocks in countries around the world, including both developed and emerging markets, but excluding the United States. Index returns are adjusted for withholding taxes.

Portfolio

3

Sector categories are based on the Industry Classification Benchmark system (“ICB”), except for the “Other” category (if applicable), which includes securities that have not been provided an ICB classification as of the effective reporting period.

Risk

4

Tracks approximately 2,220 large- and mid-capitalization stocks in countries around the world, including both developed and emerging markets, but excluding the United States. Index returns are adjusted for withholding taxes.

© 2021 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
The Morningstar RatingTM for funds, or "star rating," is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a 3-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% 3-year rating for 36–59 months of total returns, 60% 5-year rating/40% 3-year rating for 60–119 months of total returns, and 50% 10-year rating/30% 5-year rating/20% 3-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent 3-year period actually has the greatest impact because it is included in all three rating periods.

The portfolio attribution data shown above is provided by FactSet based on information provided by Vanguard about the fund's daily portfolio holdings as of the market close. Because the fund buys and sells stocks throughout the trading day and not necessarily at the market close, the attribution data shown above is an estimate, and may not precisely reflect actual attribution information. Information noted above does not reflect fair value adjustments to prices of foreign securities held in the portfolio.

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. The fund’s 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. In addition, the fund’s target index may, at times, become focused in stocks of a particular sector, category, or group of companies.
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.
Emerging markets risk: The chance the stocks of companies located in emerging markets will be substantially more volatile, and substantially less liquid, than the stocks of companies located in more developed foreign markets.
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.