Vanguardfi Total International Stock Index Fund - The Vanguard Group

Vanguard? Vanguard? Total International Stock Index Fund

Product Summary Seeks to track the performance of the FTSE Global All Cap ex US Index. Broad exposure across developed and emerging non-U.S. equity markets. Passively managed. Fund remains fully invested. Low expenses minimize net tracking error.

Note: The Investor Shares are closed to new investors.

Market capitalization

Vanguard Style View: Foreign Large Blend Diversified index portfolio of non-US stocks representing the major developed and emerging equity markets.

Market Dvlp Emrg Large

Mid

Small

Central tendency Expected range of fund holdings

Quarterly Commentary

Financial markets traced a rocky path to solid gains over the first quarter of 2023. They rose sharply early on amid signs of moderating inflation, declining energy prices, and solid labor markets despite layoffs in the U.S. tech sector. Then strong economic data and slowing progress on the inflation front raised concerns that central banks would need to significantly raise interest rates--a shift in outlook that contributed to stocks giving back some ground. The sudden shuttering of two U.S. regional banks and turmoil in the European banking sector sparked further volatility and a flight to less risky assets, including bonds, but sentiment turned more upbeat by the close of the period. Stocks finished higher, with Europe and the United States showing more strength than Asia and emerging markets. Overall, bonds in developed markets saw their yields finish lower and prices higher. The FTSE Global All Cap ex US Index, which measures developing and emerging markets outside of the United States, returned 6.42% for the first quarter ended March 31. The Russell 3000 Index, which measures the broad U.S. stock market, returned 7.18%. The top contributors were technology (+15.6%), consumer discretionary (+11.3%), and industrials (+10.0%). The only detractor was real estate (-1.3%). For the 12-month period ended March 31, 2023, the FTSE Global All Cap ex US Index returned -5.71%. Financials (-6.8%), technology (-7.5%), and basic materials (-9.9%) detracted most from performance. The top contributor was consumer staples (+0.4%).

People and Process Vanguard Total International Stock Index Fund seeks to track the investment performance of the FTSE Global All Cap ex US Index, an index designed to measure equity market performance in developed and emerging markets, excluding the United States. The fund invests substantially all of its assets in the common stocks included in its target index. The fund allocates its assets based on each region's 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 index characteristics. Vanguard's refined indexing process, combined with low management fees and efficient trading, has provided tight tracking net of expenses.

Vanguard Equity Index Group 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, 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 Total International Stock Index Fund since 2008. Investment Manager Biographies Michael Perre, Principal. Portfolio manager. Advised the fund since 2008. Worked in investment management since 1990. B.A., Saint Joseph's University. M.B.A., Villanova University. Christine D. Franquin, Principal. Portfolio manager. Advised the fund since 2017. Worked in investment management since 2000. B.A., Universitaire Faculteiten Sint Ignatius, Antwerpen Belgium. J.D., University of Liege Belgium. Master of Science in Finance, Clark University, Massachusetts.

As of March 31, 2023

Vanguard Total International Stock Index Fund

Total Returns

Total International Stock Index Fund Investor Shares (4/29/1996) Admiral Shares (11/29/2010) Institutional Shares (11/29/2010) Institutional Plus Shares (11/30/2010) Institutional Select Shares (6/24/2016)

Spliced Total International Stock Index

Expense Ratio

0.17% 0.11 0.08 0.07 0.047

--

Quarter

6.64% 6.66 6.65 6.66 6.66 6.42

Year to Date

6.64% 6.66 6.65 6.66 6.66 6.42

1 Year

3 Years

5 Years

10 Years

Since Inception

-4.64% -4.62 -4.60 -4.58 -4.56 -5.71

12.62% 12.68 12.71 12.72 12.75 12.47

2.44% 2.49 2.53 2.54 2.56 2.61

4.37% 4.43 4.46 4.47

-- 4.48

-- -- -- -- 6.81% --

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 performance. The performance of an index is not an exact representation of any particular investment, as you cannot invest directly in an index. 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 Total International Stock Index: Total International Composite Index through August 31, 2006; MSCI EAFE + Emerging Markets Index through December 15, 2010; MSCI ACWI ex USA IMI Index through June 2, 2013; and FTSE Global All Cap ex US Index thereafter. Benchmark returns are adjusted for withholding taxes. Admiral class shareholders are required to maintain specific minimum balances and meet other special criteria. Institutional class shareholders are required to maintain a minimum balance of $5 million. Institutional Plus class shareholders are required to maintain a minimum balance of $100 million.

As of March 31, 2023

Vanguard Total International Stock Index Fund

Quarterly Returns: Investor Shares

Year 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013

1st Quarter 6.64% -6.13 3.94

-24.33 10.22 -0.47

8.41 -0.18 4.03 0.77 2.85

2nd Quarter --

-12.85% 5.53

18.08 2.72 -3.16 5.83 0.22 1.29 5.02 -3.25

3rd Quarter --

-10.54% -3.01 6.46 -1.58 0.53 5.96 6.62

-11.62 -5.56 10.28

4th Quarter --

14.69% 2.09

16.87 8.99

-11.70 4.80 -1.89 2.68 -4.18 4.83

Total International

-- -16.05%

8.61 11.16 21.43 -14.44 27.40

4.65 -4.37 -4.24 15.04

Spliced Total

International Stock Index

-- -16.10%

8.84 11.24 21.80 -14.61 27.41

4.72 -4.29 -3.39 15.76

Year-End

Assets (Millions) $168,913 161,197 199,307 180,786 156,433 122,479 121,828

90,763 74,771 50,966 46,892

Quarterly Returns: Admiral Shares

Year 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013

1st Quarter 6.66% -6.08 3.94

-24.30 10.24 -0.46

8.47 -0.17 4.09 0.80 2.90

2nd Quarter --

-12.86% 5.52

18.11 2.75 -3.17 5.82 0.26 1.28 5.05 -3.24

3rd Quarter --

-10.51% -3.00 6.48 -1.60 0.53 5.95 6.65

-11.61 -5.55 10.27

4th Quarter --

14.67% 2.11

16.90 9.01

-11.68 4.88 -1.93 2.74 -4.19 4.87

Total International

-- -16.01%

8.62 11.28 21.51 -14.43 27.55

4.67 -4.26 -4.17 15.14

Spliced Total

International Stock Index

-- -16.10%

8.84 11.24 21.80 -14.61 27.41

4.72 -4.29 -3.39 15.76

Year-End

Assets (Millions) $69,141

65,209 79,365 73,365 79,870 63,239 68,469 46,083 37,357 30,693 22,472

As of March 31, 2023

Vanguard Total International Stock Index Fund

Quarterly Returns: Institutional Shares

Year 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013

1st Quarter 6.65% -6.07 3.95

-24.31 10.26 -0.45

8.46 -0.16 4.07 0.81 2.91

2nd Quarter --

-12.85% 5.53

18.12 2.75 -3.17 5.83 0.24 1.30 5.03 -3.24

3rd Quarter --

-10.52% -3.00 6.48 -1.61 0.54 5.97 6.66

-11.59 -5.51 10.28

4th Quarter --

14.72% 2.12

16.89 9.05

-11.66 4.87 -1.92 2.75 -4.19 4.87

Total International

-- -15.98%

8.68 11.28 21.56 -14.39 27.55

4.70 -4.24 -4.15 15.15

Spliced Total

International Stock Index

-- -16.10%

8.84 11.24 21.80 -14.61 27.41

4.72 -4.29 -3.39 15.76

Year-End

Assets (Millions) $37,223

35,301 42,807 38,352 35,108 27,996 31,188 19,875 16,239 13,443 11,555

Quarterly Returns: Institutional Plus Shares

Year 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013

1st Quarter 6.66% -6.07 3.96

-24.30 10.26 -0.45

8.45 -0.14 4.08 0.82 2.92

2nd Quarter --

-12.85% 5.53

18.12 2.75 -3.17 5.84 0.24 1.30 5.03 -3.24

3rd Quarter --

-10.52% -2.99 6.48 -1.61 0.54 5.97 6.67

-11.59 -5.51 10.28

4th Quarter --

14.71% 2.12

16.90 9.05

-11.66 4.87 -1.91 2.75 -4.19 4.88

Total International

-- -15.97%

8.68 11.30 21.56 -14.38 27.57

4.73 -4.21 -4.14 15.19

Spliced Total

International Stock Index

-- -16.10%

8.84 11.24 21.80 -14.61 27.41

4.72 -4.29 -3.39 15.76

Year-End

Assets (Millions) $29,186

27,285 33,680 76,419 122,468 91,733 92,233 67,169 53,745 35,932 24,804

As of March 31, 2023

Vanguard Total International Stock Index Fund

Quarterly Returns: Institutional Select Shares

Year 2023 2022 2021 2020 2019 2018 2017 2016 1

1st Quarter 6.66% -6.06 3.96

-24.30 10.26 -0.44

8.46 --

2nd Quarter --

-12.84% 5.53

18.13 2.76 -3.16 5.84 3.50

3rd Quarter --

-10.51% -2.98 6.48 -1.60 0.55 5.99 6.67

1 Since inception of the share class, 6/24/2016.

4th Quarter --

14.72% 2.12

16.91 9.05

-11.66 4.87 -1.90

Total International

-- -15.94%

8.70 11.33 21.59 -14.35 27.61

8.30

Spliced Total

International Stock Index

-- -16.10%

8.84 11.24 21.80 -14.61 27.41

8.36

Year-End

Assets (Millions)

$9,393 8,844

10,374 9,464 7,997

11,358 6,810 1,631

Fund Facts

Fund Number Ticker Newspaper Listing CUSIP Number Assets (millions)

(Total $368,334) Inception Expense Ratio

(as of 2/2023)

Investor Shares 0113 VGTSX TotIntl

921909602 $168,913

4/29/1996

0.17%

Admiral Shares

0569 VTIAX TotIntlAdmIdx 921909818 $69,141

11/29/2010

0.11%

Institutional Shares 1869 VTSNX

TotIntlInstIdx 921909784 $37,223

11/29/2010

0.08%

Institutional Plus

Shares 1870

VTPSX TotIntLInstPlusIdx

921909776 $29,186

11/30/2010

0.07%

Institutional Select Shares 1969 VTISX

VanTIntSIInsSel 921909743 $9,393

6/24/2016

0.047%

Volatility Measures

R-Squared

Beta

Spl Total International Stock Index FTSE Global All Cap ex US Index

0.98

1.02

0.98

1.02

R-squared and beta are calculated from trailing 36-month fund returns relative to the associated benchmark.

As of March 31, 2023

Vanguard Total International Stock Index Fund

Equity Characteristics

Number of stocks Median market cap Average market cap Price/earnings ratio Price/book ratio Return on equity Earnings growth rate Equity yield (dividend) Short-term reserves Turnover rate (fiscal year end)

Total International

7,976 $31.7 Billion $75.5 Billion

12.5x 1.6x

12.3% 9.8% 3.2% 0.0% 5.1%

FTSE Global All Cap ex

US Index

7,715 $31.6 Billion $75.3 Billion

12.6x 1.6x

12.3% 9.8% 3.2% -- --

Sector Diversification (% of Stocks)

Total International

FTSE Global All Cap ex US

Index

Overweight/ Underweight

Basic Materials

7.7%

7.7%

0.0

Consumer Discretionary

13.8

13.8

0.0

Consumer Staples

7.6

7.6

0.0

Energy

5.6

5.6

0.0

Financials

18.7

18.6

0.1

Health Care Industrials

9.1

9.1

0.0

15.0

15.0

0.0

Other Real Estate

0.0

0.1

-0.1

3.2

3.2

0.0

Technology

12.8

12.8

0.0

Telecommunications

3.2

3.2

0.0

Utilities

3.3

3.3

0.0

Total

100.0%

100.0%

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.

Top 10 Largest Holdings

Taiwan Semiconductor Manufacturing Co. Ltd. Nestle SA Tencent Holdings Ltd. ASML Holding NV Samsung Electronics Co. Ltd. Novo Nordisk A/S LVMH Moet Hennessy Louis Vuitton SE Roche Holding AG AstraZeneca plc Shell plc Total Reflects securities held by underlying funds.

% of Total Net Assets

1.5 % 1.2 1.1 1.0 1.0 0.9 0.8 0.7 0.7 0.7 9.6 %

As of March 31, 2023

Vanguard Total International Stock Index Fund

Market allocation (% of Stocks)

Europe United Kingdom France Switzerland Germany Netherlands Sweden Denmark Italy Spain Other Subtotal

Pacific Japan Australia Korea Hong Kong Other Subtotal

Emerging Markets China Taiwan India Brazil Saudi Arabia Other Subtotal

North America Canada

Middle East Other

Total

Total International

10.1% 7.0 5.8 5.2 2.8 2.2 1.8 1.7 1.6 2.9

41.1

15.3% 4.9 3.4 1.8 1.1

26.5

8.6% 4.6 4.1 1.4 1.1 5.0 24.8

7.2%

0.4% 100.0%

As of March 31, 2023

Vanguard Total International Stock Index Fund As of March 31, 2023

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download