International Growth Fund Investor Shares (VWIGX)



Options Expense ratio Minimum
Admiral 0.35% N/A
Investor 0.48% $3,000

About our options  



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.

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.



DesignationInternational Large Growth
 inception on 09/30/1981
$22.8 billion total net assets

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 03/31/2014
$9.4 billion net assets for
 as of 03/31/2014
179 holdings as of 03/31/2014
Benchmarked to the MSCI AC World Index ex USA Net
Turnover rate (Fiscal year-end  08/31/2013) 30.90%


Portfolio of non-U.S. stocks emphasizing growth stocks from developed markets.

Expected range
Central tendency

About our styleboxes  

Investment approach

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

Total returns

View as:

as of 03/31/2014

  1 year 3 year 5 year 10 year Since inception


18.37% 6.99% 18.19% 7.93% 11.03%

Spliced International Index

12.36% 4.15% 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


Baillie Gifford Overseas Ltd.
M&G Investment Management Limited
Schroder Investment Management North America Inc.

Product management

Vanguard International Growth Fund seeks long-term capital appreciation through broadly diversified exposure to the major equity markets outside the United States. The fund’s advisors employ fundamental research to construct portfolios of growth stocks in developed and emerging markets. The advisors use fundamental research to identify high-quality companies with above-average growth potential in countries around the world. The fund’s multimanager structure—three advisors managing independent subportfolios—increases diversification. 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

  Region  VWIGX Benchmark

MSCI All Country World Index ex USA Net

+/- Weight
Europe 57.8% 48.9% 8.9%
Pacific 19.1% 26.2% – 7.1%
Emerging Markets 16.9% 17.2% – 0.3%
North America 4.1% 7.3% – 3.2%
Middle East 1.1% 0.4% 0.7%
Other 1.0%
Total 100.0% 100.0%  

Top 10 countries as of 03/31/2014

Country Region VWIGX Benchmark

MSCI All Country World Index ex USA Net

+/- Weight
United Kingdom Europe 16.3% 15.2% 1.1%
Japan Pacific 10.9% 14.2% – 3.3%
France Europe 7.7% 7.5% 0.2%
Switzerland Europe 7.4% 6.7% 0.7%
China Emerging Markets 6.9% 3.9% 3.0%
Sweden Europe 6.8% 2.4% 4.4%
Germany Europe 6.1% 6.8% – 0.7%
Spain Europe 5.1% 2.6% 2.5%
Hong Kong Pacific 3.9% 2.0% 1.9%
Italy Europe 3.0% 1.9% 1.1%
Top 10 equals 74.1% of stock

Country diversification details  

Sector weightings as of 03/31/2014

  Sector  VWIGX Benchmark

MSCI All Country World Index ex USA Net

+/- Weight
Financials 25.1% 26.6% – 1.5%
Consumer Discretionary 17.1% 10.8% 6.3%
Industrials 15.2% 11.2% 4.0%
Information Technology 14.3% 6.7% 7.6%
Health Care 7.4% 8.2% – 0.8%
Materials 7.3% 8.7% – 1.4%
Consumer Staples 5.8% 10.0% – 4.2%
Telecommunication Services 3.8% 5.2% – 1.4%
Energy 3.7% 9.1% – 5.4%
Utilities 0.3% 3.5% – 3.2%
Other 0.0% 0.0% 0.0%
Total 100.0% 100.0%

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

Top 10 holdings as of 03/31/2014

Rank Holding
1 Tencent Holdings Ltd.
2 AIA Group Ltd.
3 SoftBank Corp.
4 Baidu Inc.
5 Atlas Copco AB
6 Inditex SA
7 SMC Corp.
8 UniCredit SPA
9 Banco Popular Espanol SA
10 Prudential plc
Top 10 equals 19.7% of net assets

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

Holdings policy for this fund  


Stockas of 03/31/2014 VWIGX Benchmark

MSCI All Country World Index ex USA Net

Number of stocks 179 1,814
Median market cap $34.9 billion $34.9 billion
P/E ratio 18.2x 16.1x
P/B ratio 2.1x 1.7x
Turnover rate 30.9% Fiscal year end 8/2013 N/A
% Emerging 16.90% 17.20%
% Developed 83.10% 82.80%

Risk and volatility as of 03/31/2014

  VWIGX Benchmark

Spliced International Index

R-squared N/A 0.96
Beta N/A 1.08
Alpha 0.21 N/A
Standard deviation 18.57% 16.88%
Sharpe ratio 0.37 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.
  • 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. growth 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.
  • 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.
  • 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.
  • 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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