Emerging Markets Stock Index Fund Admiral Shares (VEMAX)

OPTIONS as of
02/22/2018

Options Expense ratio Minimum
Admiral 0.14% N/A
Investor 0.32% N/A
Inst 0.11% $5.0 Million
Inst Plus 0.09% $100.0 Million
ETF 0.14%

Vanguard ETF Shares can be bought and sold only through a broker (who may charge a commission) and cannot be redeemed with the issuing fund. The market price of Vanguard ETF Shares may be more or less than net asset value.

About our options  


 

Fees

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

KEY FACTS

Product type: International Diversified Emerging Markets
VEMAX
 inception on 06/23/2006
Earliest share class inception on 05/04/1994
$75.6 billion

This represents the total net assets for all share classes of Vanguard's U.S. funds, as well as any collective trust that shares the same investment strategy, management and holdings.

 as of 12/31/2018
$11.9 billion net assets for
VEMAX
 as of 12/31/2018
4,700 holdings as of 12/31/2018
Indexed to the FTSE Emerging ACap CN A Inclus Idx (FQEACR)
Turnover rate (Fiscal year-end  10/31/2018) 10.80%
CUSIP: 922042841

STYLEBOX

Stock


Index portfolio of emerging market equities diversified across investment styles.



Central tendency
Expected range

How to read our stylebox  

Investment approach



  • Seeks to track the performance of the FTSE Emerging Markets All Cap China A Inclusion Index.
  • Passively managed, using index sampling.
  • The fund invests substantially all of its assets in the stocks included in the index.

Total returns

as of 12/31/2018

View as:

as of 12/31/2018

10%
0
-10
-20%
 
 
 
 
 
  1 year 3 year 5 year 10 year

06/23/2006

NAV 
– 14.58% 7.84% 1.32% 7.47% 4.59%

Spliced Emerging Markets Index

*
– 14.76% 7.68% 1.35% 7.68%

In order to determine the performance of the fund prior to adjustments for fair value pricing, simply subtract the Fair value impact 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%].

0.13% 0.10% – 0.05% – 0.09%

Note: Fee adjusted for mutual funds where applicable.

* Select Emerging Markets Index through August 23, 2006; MSCI Emerging Markets Index through January 9, 2013; FTSE Emerging Transition Index through June 27, 2013; FTSE Emerging Index through November 1, 2015; FTSE Emerging Markets All Cap China A Transition Index through September 18, 2016; and FTSE Emerging Markets All Cap China A Inclusion Index thereafter. Benchmark 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.


Regional exposure as of 12/31/2018

  Region  VEMAX

FTSE Emerging Markets All Cap China A Inclusion Index

+/- Weight
Europe 0.3% 0.3% 0.0%
Emerging Markets 97.9% 98.0% – 0.1%
Other 1.8% 1.7% 0.1%
0%
100%
Total 100.0% 100.0%  

Top 10 markets as of 12/31/2018

Market Region VEMAX

FTSE Emerging Markets All Cap China A Inclusion Index

+/- Weight
China Emerging Markets 33.7% 33.9% – 0.2%
Taiwan Emerging Markets 14.1% 14.1% 0.0%
India Emerging Markets 12.0% 12.0% 0.0%
Brazil Emerging Markets 8.5% 8.5% 0.0%
South Africa Emerging Markets 6.9% 6.9% 0.0%
Thailand Emerging Markets 3.9% 3.9% 0.0%
Russia Emerging Markets 3.7% 3.7% 0.0%
Malaysia Emerging Markets 3.3% 3.3% 0.0%
Mexico Emerging Markets 3.2% 3.2% 0.0%
Indonesia Emerging Markets 2.5% 2.5% 0.0%
Top 10 equals 91.8% of stock

Market allocation details  

Sector weightings as of 12/31/2018

  Sector  VEMAX

FTSE Emerging Markets All Cap China A Inclusion Index

+/- Weight
Financials 29.1% 29.2% – 0.1%
Technology 15.2% 15.2% 0.0%
Consumer Services 11.4% 11.5% – 0.1%
Industrials 9.8% 9.8% 0.0%
Consumer Goods 8.7% 8.6% 0.1%
Oil & Gas 8.0% 7.9% 0.1%
Basic Materials 7.3% 7.3% 0.0%
Telecommunications 4.4% 4.4% 0.0%
Utilities 3.1% 3.1% 0.0%
Health Care 3.0% 3.0% 0.0%
Other 0.0% 0.0% 0.0%
0%
30%
Total 100.0% 100.0%

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

Top 10 Equity Holdings as of 12/31/2018

Rank Holding
1 Tencent Holdings Ltd.
2 Taiwan Semiconductor Manufacturing Co. Ltd.
3 Alibaba Group Holding Ltd.
4 Naspers Ltd.
5 China Construction Bank Corp.
6 Industrial & Commercial Bank of China Ltd.
7 China Mobile Ltd.
8 Reliance Industries Ltd.
9 Housing Development Finance Corp. Ltd.
10 Ping An Insurance Group Co. of China Ltd.
Top 10 equals 20.0% of net assets

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

Fundamentals

Stock

as of 12/31/2018
VEMAX

FTSE Emerging Markets All Cap China A Inclusion Index

Number of stock 4,700 4,031
Avg market cap $66.3 billion $66.9 billion
Median market cap $16.8 billion $17.0 billion
P/E ratio 12.0x 12.1x
P/B ratio 1.6x 1.6x
Turnover rate 10.8% Fiscal year end 10/2018 N/A
% Emerging 97.90% 98.00%
% Developed 2.10% 2.00%

Risk and volatility as of 12/31/2018

  VEMAX

Spliced Emerging Markets Index

R-squared N/A 0.99
Beta N/A 0.99
Alpha 0.00 N/A
Standard deviation 14.48% 14.63%
Sharpe ratio 0.46 0.43

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. 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. In addition, the fund’s target index may, at times, become focused in stocks of a particular market sector, which would subject the fund to proportionately higher exposure to the risks of that sector.
  • 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. Country/regional risk is especially high in emerging markets. The index’s, and therefore the fund’s, heavy exposure to China, Brazil, and Taiwan subjects the fund to a higher degree of country risk than that of more geographically diversified international funds.
  • 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.
  • Index sampling risk: The chance that the securities selected for the fund, in the aggregate, will not provide investment performance matching that of the index.
  • China A-shares risk: The chance that the fund may not be able to access a sufficient amount of China A-shares to track its target index. China A-shares are only available to foreign investors through a quota license or the China Stock Connect program.