Vanguard Global Equity Fund - Vanguard Advisors
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Vanguard ®
Vanguard ® Global Equity Fund
Product Summary Vanguard Style View : World Stock
Seeks long-term capital appreciation. Broadly diversified portfolio of stocks from U.S. and non-U.S.
markets.
Globally diversified with low individual stock concentrations.
Market
Domestic and international equity. Dvlp Emrg
Spans growth and value stocks and all market capitalizations.
Market capitalization
Large
Multimanager structure.
Fundamental and quantitative approaches. Mid
Small
Central tendency
Expected range of fund holdings
Quarterly Commentary Among regions, selection in North America, notably the U.S., and
in emerging markets, notably China, aided performance.
The human toll of COVID-19 further mounted during the second
quarter of 2021 amid fresh outbreaks of the virus and new Note: Company returns may differ if a security was held in the
variants. The global economy nevertheless continued to rebound portfolio for less than the full period.
sharply if unevenly. Countries that have better succeeded in
containing the virus—whether through vaccinations, lockdowns, or
both—tended to fare the best. With the reopening of economies
and pent-up demand boosting corporate profits, global stocks
finished the quarter significantly higher. U.S. stocks outperformed People and Process
other developed markets as a whole as well as emerging markets.
Vanguard Global Equity Fund seeks long-term capital appreciation
Overall, non-U.S. equities (+5.67%, as measured by the FTSE by investing worldwide in growth and value stocks of all
Global All Cap ex-US Index) lagged U.S. equities (+8.24%, as capitalization sizes. The advisors’ bottom-up stock selection
measured by the Russell 3000 Index). Developed markets results in a diversified global portfolio invested across sectors and
outperformed emerging markets, with the FTSE Developed Index both developed and emerging markets.
(+7.53%) leading the FTSE Emerging Index (+5.18%).
For the quarter, Vanguard Global Equity Fund (+6.79%) Baillie Gifford Overseas Ltd.
underperformed its benchmark, the MSCI All Country World Index
(+7.39%). The firm’s investment approach is based on long-term
investments in well-researched and well-managed businesses that
Favorable security selection aided relative returns for the quarter,
enjoy sustainable competitive advantages in their marketplaces. In
particularly in health care and communication services, but was
managing its portion of the fund’s assets, the firm employs a
offset by poor selection in financials and an underweight position
fundamental “bottom up” approach to identify growth companies,
in the information technology sector. Top contributors included an
screening them for quality, then value. The main factors
underweight to Alibaba (–1%) in consumer discretionary and an
considered are sustainable earnings growth, cash-flow generation,
overweight to Moderna (+80%) in health care. Among the biggest
profitability, interest coverage, and valuation.
detractors were Prudential (–11%) in financials and Naspers
(–12%) in health care.
Firm Description
Among regions, favorable selection in North America and the
Pacific region aided results, while unfavorable selection in Europe
Baillie Gifford Overseas Ltd., Edinburgh, Scotland—a unit of Baillie
detracted.
Gifford & Co., founded in 1908—is among the largest
For the 12 months ended June 30, the fund (+43.27%) independently owned investment management firms in the United
outperformed its benchmark (+39.26%). Kingdom. The firm has advised Vanguard Global Equity Fund since
2008.
Strong selection boosted returns for the 12 months. Selection was
positive in nine of 11 sectors, with communication services, Investment Manager Biographies
consumer discretionary, and consumer staples contributing most
to the outperformance. Top contributors included Tesla (+215%) in Malcolm MacColl, Joint Senior Partner, Investment Manager,
consumer discretionary and Sea (+156%) and Zillow (+111%) in Global Alpha Strategy. Portfolio manager. Advised the fund since
communication services. Key detractors were a lack of exposure 2008. Worked in investment management since 1999. M.A., M.
to Apple (+51%) and an overweight allocation to Barrick Gold Litt., University of Saint Andrews.
(–21%).
As of June 30, 2021Vanguard Global Equity Fund
Spencer Adair, CFA, Investment Manager, Global Alpha Strategy. Firm Description
Portfolio manager. Advised the fund since 2008. Worked in
investment management since 2000. B.S., University of St. Founded in 1986, Marathon Asset Management, LLP, of London,
Andrews. England, specializes in applying nontraditional analytical techniques
to global portfolios. The firm has advised Vanguard Global Equity
Marathon Asset Management LLP Fund since the fund's inception in 1995.
Unlike many global advisors that rely on macroeconomic forecasts Investment Manager Biographies
to determine country allocations, Marathon uses a bottom-up
approach that focuses on stock selection. Traditional company Neil M. Ostrer, Director. Portfolio manager. Advised the fund since
analysis is de-emphasized in favor of assessing enterprise value, 1995. Worked in investment management since 1981. M.A.,
corporate strategy, industry competition, and prospective rate of Cambridge University.
return on new investments. Sector analysis is conducted using
William J. Arah, Director. Portfolio manager. Advised the fund
long-term capital cycle data, and country allocations tend to reflect
since 1995. Worked in investment management since 1982. M.A.,
monetary conditions and investor confidence. Individual stock
Oxford University.
concentrations are low, with the top 25 stocks comprising only
20%–30% of portfolio assets. The subportfolio’s country and
industry sector allocations may vary significantly from the
benchmark.
Investment Advisors
Fund Assets Managed
% $ Million
Baillie Gifford Overseas Ltd. 49 4,451
Marathon Asset Management LLP 48 4,307
Cash investments 3 264
Total 100 9,022
Total Returns
Expense Year
Ratio Quarter to Date 1 Year 3 Years 5 Years 10 Years
Global Equity Fund (8/14/1995) 0.45% 6.79% 12.25% 43.27% 16.85% 16.89% 11.53%
Spliced Global Equity Index — 7.39 12.30 39.26 14.57 14.61 9.90
Global Funds Average — 6.85 12.08 39.29 14.23 14.13 9.43
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. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.
Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Performance figures include the
reinvestment of all dividends and any capital gains distributions. All returns are net of expenses.
Note: Spliced Global Equity Index: MSCI All Country World Index returns gross of taxes through March 31, 2007; MSCI All Country World Index returns net of
withholding taxes thereafter. Average fund returns are derived from data provided by Lipper, a Thomson Reuters Company.
As of June 30, 2021Vanguard Global Equity Fund
Quarterly Returns
Year-End
Spliced
Global
Global Equity Assets
Year 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Equity Index (Millions)
2021 5.10% 6.79% — — — — $9,022
2020 -21.39 21.97 9.28% 16.80% 22.38% 16.25% 7,892
2019 12.92 4.45 -0.65 9.85 28.73 26.60 7,091
2018 0.38 0.32 3.46 -12.80 -9.15 -9.42 4,880
2017 7.45 6.60 5.45 5.79 27.78 23.97 5,731
2016 -0.25 0.51 6.24 0.05 6.57 7.86 4,430
2015 3.73 -0.12 -8.53 5.26 -0.24 -2.36 4,330
2014 2.05 4.34 -3.20 1.20 4.31 4.16 4,499
2013 8.30 0.64 7.81 8.62 27.65 22.80 4,693
2012 13.58 -5.20 6.30 4.43 19.52 16.13 3,983
2011 4.76 1.44 -19.70 6.76 -8.90 -7.35 3,433
Fund Facts
Volatility Measures
Fund Number 0129 R-Squared Beta
Ticker VHGEX
Spliced Global Equity Index 0.98 1.02
Newspaper Listing GlbEq
MSCI AC World Index ex US Gross 0.94 1.01
CUSIP Number 922038203
R-squared and beta are calculated from trailing 36-month fund returns
Assets (millions) $9,022 relative to the associated benchmark.
Inception 8/14/1995
Expense Ratio
(as of 1/2021) 0.45% Top 10 Largest Holdings
% of
Total Net Assets
Equity Characteristics
Alphabet Inc. 3.1%
MSCI All
Global Country Booking Holdings Inc. 1.6
Equity World Index Facebook Inc. 1.6
Number of stocks 517 2,975 Naspers Ltd. 1.4
Median market cap $52.6 Billion $87.7 Billion Taiwan Semiconductor Manufacturing Co. Ltd. 1.4
Average market cap $204.8 Billion $343.6 Billion Moody's Corp. 1.3
Price/earnings ratio 24.9x 22.4x Anthem Inc. 1.2
Price/book ratio 3.5x 3.0x Oracle Corp. 1.2
Return on equity 15.0% 15.9% Shopify Inc. 1.2
Earnings growth rate 10.8% 14.5% Sea Ltd. 1.1
Equity yield (dividend) 1.1% 1.7% Total 15.1%
Short-term reserves 4.5% — The holdings listed exclude any temporary cash investments and equity
Turnover rate (fiscal year end) 21.9% — index products.
As of June 30, 2021Vanguard Global Equity Fund
Sector Diversification (% of Stocks)
MSCI All
Global Country Overweight/
Equity World Index Underweight
Communication Services 11.7% 9.4% 2.3
Consumer Discretionary 16.8 12.7 4.1
Consumer Staples 8.6 6.9 1.7
Energy 1.5 3.4 -1.9
Financials 17.4 14.1 3.3
Health Care 11.9 11.6 0.3
Industrials 10.7 9.9 0.8
Information Technology 14.8 21.9 -7.1
Materials 5.3 4.9 0.4
Other 0.0 0.0 0.0
Real Estate 1.3 2.6 -1.3
Utilities 0.0 2.6 -2.6
Total 100.0% 100.0%
Sector categories are based on the Global Industry Classification Standard
(GICS), except for the Other category (if applicable), which includes
securities that have not been provided a GICS classification as of the effective
reporting period.
As of June 30, 2021Vanguard Global Equity Fund
Market allocation (% of Stocks)
Global
Equity
Europe
United Kingdom 6.0%
Switzerland 2.1
France 2.0
Ireland 1.7
Germany 1.7
Sweden 1.4
Other 3.2
Subtotal 18.1
Pacific
Japan 6.6%
Singapore 1.5
Hong Kong 1.3
Korea 1.2
Australia 1.0
Subtotal 11.6
Emerging Markets
China 4.0%
Taiwan 2.0
South Africa 1.9
India 1.8
Other 2.3
Subtotal 12.0
North America
United States 53.8%
Canada 3.2
Subtotal 57.0
Other 1.3
Total 100.0%
3 month attribution
Portfolio Benchmark Attribution
Avg. 3 mo. Contrib. Avg. 3 mo. Contrib. Alloc. Select Total
weight return Return weight return Return effect effect effect
Health Care 10.7 12.9 1.3 11.1 9.5 1.0 0.0 0.3 0.3
Communication Services 10.4 10.1 1.1 9.1 8.1 0.7 0.0 0.2 0.2
Utilities 0.0 -13.4 0.0 2.7 -0.3 0.0 0.2 0.0 0.2
Consumer Discretionary 15.1 3.7 0.6 15.1 3.4 0.5 0.1 0.0 0.1
Consumer Staples 8.7 7.5 0.7 6.7 5.9 0.4 0.0 0.1 0.1
Materials 5.7 5.3 0.3 5.0 6.1 0.3 0.0 0.0 0.0
Energy 1.6 8.5 0.1 3.3 9.7 0.3 -0.1 0.0 -0.1
Industrials 10.7 4.4 0.5 9.7 4.8 0.5 0.0 0.0 -0.1
Real Estate 1.6 5.7 0.1 2.6 8.5 0.2 0.0 0.0 -0.1
Cash 3.9 0.0 0.0 0.0 0.0 0.0 -0.2 0.0 -0.2
Financials 17.5 4.7 0.9 14.0 6.4 0.9 0.0 -0.3 -0.3
Information Technology 14.2 9.9 1.4 20.7 10.6 2.2 -0.2 -0.1 -0.3
Total 100.0 6.9 6.9 100.0 7.0 7.0 -0.1 0.1 0.0
As of June 30, 2021Vanguard Global Equity Fund
12 month attribution
Portfolio Benchmark Attribution
Avg. 12 mo. Contrib. Avg. 12 mo. Contrib. Alloc. Select Total
weight return Return weight return Return effect effect effect
Consumer Discretionary 16.3 47.5 8.2 17.2 31.6 6.0 0.3 2.0 2.3
Communication Services 11.4 59.9 6.5 8.9 42.4 3.7 0.2 1.7 1.9
Health Care 11.3 32.0 3.7 11.3 24.0 2.9 0.0 0.9 0.9
Consumer Staples 8.6 32.1 2.9 7.0 21.5 1.6 -0.2 0.9 0.8
Real Estate 1.3 74.2 0.8 2.5 27.8 0.7 0.2 0.5 0.7
Utilities 0.1 9.5 0.0 2.8 15.4 0.5 0.6 0.0 0.6
Information Technology 14.9 51.6 7.5 20.2 46.5 9.0 -0.3 0.6 0.3
Energy 1.5 46.5 0.6 3.1 40.9 1.1 0.1 0.1 0.2
Materials 5.3 50.0 2.5 4.7 49.6 2.2 0.1 0.1 0.2
Industrials 10.7 42.2 4.6 9.3 45.1 4.1 0.2 -0.2 0.0
Cash 1.6 0.1 0.0 0.0 0.0 0.0 -0.7 0.0 -0.7
Financials 17.0 40.0 6.7 12.9 49.8 5.9 0.5 -1.3 -0.8
Total 100.0 44.1 44.1 100.0 37.6 37.6 1.1 5.4 6.5
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.
3 month regional attribution
Portfolio Benchmark Attribution
Avg. 3 mo. Contrib. Avg. 3 mo. Contrib. Alloc. Select Total
weight return Return weight return Return effect effect effect
North America 55.3 9.8 5.4 59.4 9.0 5.3 -0.1 0.4 0.3
Pacific 11.8 3.5 0.4 10.8 1.9 0.2 -0.1 0.2 0.1
Emerging Markets 11.1 1.0 0.1 13.0 1.9 0.2 0.2 -0.1 0.0
Middle East 0.0 0.0 0.0 0.1 6.0 0.0 0.0 0.0 0.0
Other 0.0 -0.5 0.0 0.4 9.9 0.0 0.0 0.0 0.0
CASH 3.9 0.0 0.0 0.0 0.0 0.0 -0.2 0.0 -0.2
Europe 17.9 5.6 1.0 16.3 7.7 1.2 0.0 -0.4 -0.3
TOTAL 100.0 6.9 6.9 100.0 7.0 7.0 -0.1 0.1 0.0
12 month regional attribution
Portfolio Benchmark Attribution
Avg. 12 mo. Contrib. Avg. 12 mo. Contrib. Alloc. Select Total
weight return Return weight return Return effect effect effect
North America 55.5 50.7 27.3 57.5 42.7 23.9 0.0 3.8 3.8
Emerging Markets 11.7 39.9 5.0 15.2 24.5 4.4 0.3 1.6 2.0
Pacific 13.2 38.3 5.3 10.9 32.5 3.6 0.0 0.8 0.8
Europe 17.9 36.1 6.5 15.9 35.6 5.6 0.1 0.2 0.3
Middle East 0.0 0.0 0.0 0.1 27.5 0.0 0.1 0.0 0.1
Other 0.0 54.9 0.0 0.4 47.3 0.2 0.1 0.1 0.1
CASH 1.6 0.1 0.0 0.0 0.0 0.0 -0.6 0.0 -0.6
TOTAL 100.0 44.1 44.1 100.0 37.6 37.6 -0.1 6.5 6.5
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.
As of June 30, 2021Vanguard Global Equity Fund
Top contributors—3 month Top detractors—3 month
3 mo. Total Ending Bench 3 mo. Total Ending Bench
return effect weight weight return effect weight weight
Alibaba Group Holding Ltd. -1.2 0.5 0.8 0.7 NVIDIA Corporation 49.9 -0.2 0.0 0.8
Cloudflare Inc. 50.6 0.2 0.6 0.0 Prudential plc -10.7 -0.2 0.9 0.1
NovoCure Ltd. 67.8 0.2 0.5 0.0 Apple Inc. 12.3 -0.2 0.0 3.5
Shopify Inc. 32.0 0.2 1.2 0.3 Booking Holdings Inc. -6.1 -0.2 1.6 0.1
Moderna Inc. 79.4 0.2 0.7 0.1 Naspers Limited -12.2 -0.3 1.4 0.1
Top contributors—12 month Top detractors—12 month
12 mo. Total Ending Bench 12 mo. Total Ending Bench
return effect weight weight return effect weight weight
Alibaba Group Holding Ltd. 5.1 1.4 0.8 0.7 Barrick Gold Corporation -21.3 -0.3 0.3 0.1
Tesla Inc. 214.7 0.9 0.7 0.8 NVIDIA Corporation 110.8 -0.3 0.0 0.8
Sea Ltd. (Singapore) 156.1 0.7 1.2 0.0 Naspers Limited 15.6 -0.3 1.4 0.1
Cloudflare Inc. 203.9 0.4 0.6 0.0 Olympus Corp. 3.9 -0.3 0.7 0.0
Zillow Group Inc. 112.2 0.4 0.4 0.0 Apple Inc. 51.2 -0.5 0.0 3.5
As of June 30, 2021Vanguard Global Equity Fund
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