VEOIX Vanguard Global Environmental Opportunities Stock Fund Investor Shares

Also available at a lower cost as an Admiral™ Shares mutual fund.

Management style

Active

Asset class

International/Global Stock

Category

World Stock

Risk / reward scale

Start of Risk Scale. On a scale of 1 to 5, 1 is less risk less reward, 5 is more risk more reward
The fund risk level is a 4

Less

More

End of Risk Scale.

Expense ratio

0.73%

as of 02/28/2025

Investment minimum

$3,000

as of 07/03/2025

NAV price

$22.43

as of 07/03/2025

Overview

Key facts

CUSIP

921939807

Management style

Active

Asset class

International/Global Stock

Category

World Stock

Inception date

11/16/2022

Fund Number

V012

Ratings

Risk / reward scale

Start of Risk Scale. On a scale of 1 to 5, 1 is less risk less reward, 5 is more risk more reward
The fund risk level is a 4

Less

More

End of Risk Scale.
Price

Minimum Investment

$3,000

NAV Price

$22.43

as of 07/03/2025

NAV change

increased$0.22 (0.99%)

as of 07/03/2025

Expense Ratio

0.73%

as of 02/28/2025

Performance

YTD returns

12.60%

as of 07/03/2025

Product summary

This actively managed fund is designed for investors with a high tolerance for risk who are seeking the potential to outperform the market over the long term, including those who may be environmentally conscious. The fund is intended to be used as a satellite position to augment a broadly diversified portfolio. The fund will seek to invest in companies which derive at least 50% of their revenue from activities deemed by the fund's advisor to contribute positively to environmental change and that are involved in the process of decarbonization. The fund's advisor is a leader in environmentally-oriented investing who employs a structured, research-driven process to identify companies exhibiting (i) structural growth opportunities, (ii) sustainable or persistent returns, and (iii) competitive advantages relative to their peers.

ESG funds are subject to ESG investment risk, which is the chance that the stocks or bonds screened by the index provider or advisor, as applicable, for ESG criteria generally will underperform the market as a whole or, in the aggregate, will trail returns of other funds screened for ESG criteria. The index provider or advisor’s assessment of a company, based on the company’s level of involvement in a particular industry or their own ESG criteria, may differ from that of other funds or an investor’s assessment of such company. As a result, the companies deemed eligible by the index provider or advisor may not reflect the beliefs and values of any particular investor and may not exhibit positive or favorable ESG characteristics. The evaluation of companies for ESG screening or integration is dependent on the timely and accurate reporting of ESG data by the companies. Successful application of the screens will depend on the index provider or advisor's proper identification and analysis of ESG data. The advisor may not be successful in assessing and identifying companies that have or will have a positive impact or support a given position. In some circumstances, companies could ultimately have a negative or no impact or support of a given position.

Fund management

Ninety One North America, Inc.

Performance & fees

Total returns
Month-end/Quarterly Pre-Tax Toggle

as of 06/30/2025

Recent returns

Average annual

Month-end3-Month totalYTD1-yr3-yr5-yr10-yr

Since inception

11/16/2022

VEOIX1

5.25%11.47%9.74%10.71%4.42%

Benchmark

4.49%11.53%10.05%16.17%17.35%13.65%9.99%18.34%

as of 06/30/2025

Year1st Qtr2nd Qtr3rd Qtr4th QtrYear-end

Benchmark

2025-1.56%11.47%
20243.25%-3.68%11.24%-9.31%0.33% 17.49%
202310.27%1.23%-14.29%10.80%6.01% 22.20%
2022-4.05% -18.36%

as of 12/31/2024

Year

Capital return by NAV

Income return by NAV

Total return by NAV

Benchmark

2024-0.55% 0.88%0.33%17.49%
20235.15% 0.86%6.01%22.20%
2022-4.05% 0.00%-4.05%

as of 06/30/2025

1-yr3-yr5-yr10-yr

Since inception

11/16/2022

VEOIX10.71% 12.00%

Benchmark

16.17%61.60%89.60%159.23%

Expense ratio

VEOIX

0.73%

Average expense ratio of similar funds2

Historical volatility measures

This fund does not have long enough history to provide historical volatility measures data.

Fund-specific fees

Purchase fee

None

Fund family redemption fee

None

The performance data shown represent past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate so that 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 do not reflect the deduction of the $25 annual account service fee that may be applied to certain accounts. If this fee was included, performance would be lower.

Price

Closing price

Closing price as of 07/03/2025

NAV

$22.43

NAV change

increased$0.22 (0.99%)

52-week High

$22.43

as of 07/03/2025

52-week Low

$17.63

as of 04/08/2025

52-week Difference

$4.80 (27.23%)

Historical prices
Chart/Table Toggle
NameDateNAV
VEOIX 07/03/2025
$22.43

This chart can’t be displayed on mobile devices. For the best viewing experience, visit this page from your desktop or laptop.

Portfolio composition

Characteristics

as of 05/31/2025

FundamentalVEOIX
Benchmark
Number of stocks 27 2527
Median market cap $47.6 B $136.4 B
Earnings growth rate 11.8% 18.8%
Short-term reserves 3.6%
P/E ratio 27.5x 21.3x
P/B ratio 3.3x 3.2x
Turnover rate (Fiscal Year-end 10/31/2024) 37.8%
Return on equity 17.3% 19.2%
Foreign holdings 68.2%
Fund total net assets as of 05/31/2025 $78.4 M
Share class total net assets $22.3 M
Weighted exposures

as of 05/31/2025

24.90%Emerging Markets
RegionsVEOIXEmerging Markets 24.90%Europe 39.20%Pacific 2.40%North America 33.50%

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.

Holding details

as of 03/31/2025

Ticker Holdings Shares Market value
NEE NextEra Energy Inc. 67,981 $4,819,173
IBE Iberdrola SA 286,409 $4,624,954
ADSK Autodesk Inc. 14,929 $3,908,412
300750 Contemporary Amperex Technology Co. Ltd. Class A 105,622 $3,689,874
WM Waste Management Inc. 15,852 $3,669,897
NSIS B Novonesis (Novozymes) B 62,778 $3,655,341
1585 Yadea Group Holdings Ltd. 1,836,000 $3,576,544
POWERGRID Power Grid Corp. of India Ltd. 1,032,042 $3,492,594
IFX Infineon Technologies AG 102,844 $3,428,292
SU Schneider Electric SE 14,565 $3,362,261
Name

of issuer

Title of issuer Coupon/Yield Category of investment Cusip/Other id Effective maturity date Final maturity date Principal amount Amortized cost
65339F101
052769106
94106L109
K7317J133
Ticker Description Shares
NEE
IBE
ADSK
300750
WM
NSIS B
1585
POWERGRID
IFX
SU
Ticker Holdings Shares Market value
NEE NextEra Energy Inc. 67,981 $4,819,173
IBE Iberdrola SA 286,409 $4,624,954
ADSK Autodesk Inc. 14,929 $3,908,412
300750 Contemporary Amperex Technology Co. Ltd. Class A 105,622 $3,689,874
WM Waste Management Inc. 15,852 $3,669,897
NSIS B Novonesis (Novozymes) B 62,778 $3,655,341
1585 Yadea Group Holdings Ltd. 1,836,000 $3,576,544
POWERGRID Power Grid Corp. of India Ltd. 1,032,042 $3,492,594
IFX Infineon Technologies AG 102,844 $3,428,292
SU Schneider Electric SE 14,565 $3,362,261
Name

of issuer

Title of issuer Coupon/Yield Category of investment Cusip/Other id Effective maturity date Final maturity date Principal amount Amortized cost
65339F101
052769106
94106L109
K7317J133
Ticker Description Shares
NEE
IBE
ADSK
300750
WM
NSIS B
1585
POWERGRID
IFX
SU
Ticker Holdings Shares Market value
NEE NextEra Energy Inc. 67,981 $4,819,173
IBE Iberdrola SA 286,409 $4,624,954
ADSK Autodesk Inc. 14,929 $3,908,412
300750 Contemporary Amperex Technology Co. Ltd. Class A 105,622 $3,689,874
WM Waste Management Inc. 15,852 $3,669,897
NSIS B Novonesis (Novozymes) B 62,778 $3,655,341
1585 Yadea Group Holdings Ltd. 1,836,000 $3,576,544
POWERGRID Power Grid Corp. of India Ltd. 1,032,042 $3,492,594
IFX Infineon Technologies AG 102,844 $3,428,292
SU Schneider Electric SE 14,565 $3,362,261
Name

of issuer

Title of issuer Coupon/Yield Category of investment Cusip/Other id Effective maturity date Final maturity date Principal amount Amortized cost
65339F101
052769106
94106L109
K7317J133
Ticker Description Shares
NEE
IBE
ADSK
300750
WM
NSIS B
1585
POWERGRID
IFX
SU

Distributions

Realized/Unrealized gains

as of 05/31/2025

Realized gain

-$0.23

% of NAV

decreased-1.12%

Unrealized gains of NAV

$0.77

% of NAV

increased3.72%

Fiscal year end

10/31/2025

Distribution schedule

Annually

How your fund can affect your taxes

A fund's capital gains and losses can reveal the tax implications of holding a particular fund in a taxable account. This is true of both realized and unrealized capital gains and losses.

These tax implications don't apply to investors holding a fund in a tax-deferred account, such as an IRA or employer-sponsored retirement plan.

Learn about realized and unrealized gains and losses

How your fund can affect your taxes

A fund's capital gains and losses can reveal the tax implications of holding a particular fund in a taxable account. This is true of both realized and unrealized capital gains and losses.

These tax implications don't apply to investors holding a fund in a tax-deferred account, such as an IRA or employer-sponsored retirement plan.

Learn about realized and unrealized gains and losses
Dividend income and capital gains
Type$/Share Payable date Record date Reinvest date Reinvest price
Dividend$0.17740012/19/202412/17/202412/18/2024$19.98

Fund management

Vanguard Global Environmental Opportunities Stock Fund seeks to invest in a portfolio of approximately 25 companies with the potential to outperform the fund’s benchmark over the long term. The advisor, Ninety One, employs an integrated investment approach, which selects investments pursuant to (1) an initial proprietary screening process (2) followed by a fundamental research process (3) an assessment of the overall portfolio and (4) the ongoing monitoring of the positions.

 

Ninety One North America, Inc.
Ninety One, Cape Town, South Africa, founded in 1991—is an active, global investment manager.  The firm has advised Vanguard Global Environmental Opportunities Stock Fund since 2022.
Deirdre Cooper
Head of Sustainable Equity, Portfolio manager.
Advised the fund since 2022. Worked in investment management since 1997. B.A., University College Dublin. M.B.A., Harvard Business School.
Graeme Baker
CFA, Portfolio manager.
Advised the fund since 2022. Worked in investment management since 2006. B.S., University of Bristol.

Performance & fees

1

The Fund held a subscription period from November 2, 2022 through November 15, 2022, during which time the Fund held its assets in cash rather than seeking to achieve its investment objective. Performance measurement began on November 16, 2022.

2

Most recent data available. © 2023 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; (3) does not constitute investment advice offered by Morningstar; and (4) 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.

© 2023 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.

Vanguard average mutual fund expense ratio: 0.09%. Industry average mutual fund expense ratio: 0.50%. All averages are asset-weighted. Industry average excludes Vanguard. Sources: Vanguard and Morningstar, Inc., as of December 31, 2023.

Total returns: Short-term total return information is provided only as a service. Historical performance—particularly short-term performance—is no guarantee of future returns. Price, yield, and return on an actual investment will fluctuate, and you may have a gain or loss when you sell. Average annual returns include changes in price and reinvestments of dividends and capital gains. Since-inception returns for less than 1 year and year-to-date returns aren't annualized. Index performance is provided as a benchmark but isn't illustrative of any particular investment. You can't invest in an index.

Standardized returns: To see quarterly fee-adjusted returns, refer to the Price & Performance details.

Expense ratios: Expense ratios are displayed on Overview. For investments that are less than 1 fiscal year old, expense ratios are estimated.

Risk: All investing is subject to risk, including the possible loss of the money you invest. Funds that concentrate on a relatively narrow market sector face the risk of higher share-price volatility. Investments in stocks or bonds issued by non-U.S. companies are subject to risks including country/regional risk and currency risk.

An investment in the fund could lose money over short or long periods of time. You should expect the fund's share price and total return to fluctuate within a wide range. The fund is subject to the following risks, which could affect the fund's performance:

  • Stock market risk, which is the chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. The fund's investments in foreign stocks can be riskier than U.S. stock investments. Foreign stocks may 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.
  • ESG investing risks: The fund is subject to ESG investing risks. The fund’s advisor selects securities for the fund based on the ESG criteria disclosed in the fund’s principal investment strategies. Using ESG criteria could result in the fund investing in securities that trail the returns of other funds that use ESG criteria or in the fund underperforming the market as a whole. Interpretations of what it means for a company or issuer to exhibit ESG characteristics can – and do – vary significantly across individuals, index providers, advisors, and other funds that use ESG criteria. As a result, the fund’s disclosed ESG criteria, or the advisor’s assessment of whether or not a company or issuer meets the fund’s disclosed ESG criteria, may not align with your personal view of what it means for a company or issuer to exhibit ESG characteristics. Further, individual securities held by the fund may not reflect your personal preferences, beliefs, expectations, and/or values. In order to assess a company or issuer against the fund’s disclosed ESG criteria, the advisor depends on the availability of data obtained through voluntary or third-party reporting. There can be no assurance that this data will be accurate, complete, or current, which could result in an inaccurate assessment of a company or issuer.
  • Environmental-focused investing risk, which is the risk that the fund's focus on environmental companies limits the types and number of investment opportunities available to the fund and, as a result, the fund may underperform other funds that do not have such a focus. The fund's environmental-focused investment strategy may result in the fund investing in securities or industry sectors that underperform the market as a whole or forgoing opportunities to invest in securities that might otherwise be advantageous to buy. Additionally, if a particular security held by the fund no longer meets the environmental criteria subsequent to the time of investment, the fund may sell such investments at an inopportune time or at a time when those investments may be difficult to sell. In addition, the fund may incur expenses in an effort to dispose of such investments. The fund's focus on securities of environmental companies means the fund will be more susceptible to events or factors affecting these companies, and the market prices of its portfolio securities may be more volatile than those of funds that are more diversified. Some environmental companies may have more limited operating histories and smaller market capitalizations on average than companies in other sectors. In addition, the fund is particularly susceptible to changes in global and regional climates, environmental protection regulatory actions, changes in government standards and subsidy levels, changes in taxation and other domestic and international and political, regulatory and economic developments.
  • Investment style risk, which is the chance that returns from the types of growth stocks in which the fund invests will trail returns from the overall stock market. Small-, mid-, and large-cap growth stocks each tend to go through cycles of doing better—or worse—than other segments of the stock market or the stock market in general. These periods have, in the past, lasted for as long as several years. Historically, small- and mid-cap stocks have been more volatile in price than large-cap stocks. The stock prices of small and mid-size companies tend to experience greater volatility because, among other things, these companies tend to be more sensitive to changing economic conditions. The long-term investment approach of the fund may cause the fund to lose money or underperform compared to its benchmark index or other mutual funds over extended periods of time, and the fund may not perform as expected in the long term. An investment in the fund may be more suitable for long-term investors who can bear the risk of short- or medium-term fluctuations in the value of the fund's portfolio.
  • Country/regional risk, which is 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 its assets in securities of companies located in emerging markets, the fund's 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, which is the chance that 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 because, among other factors, emerging and frontier markets can have greater custodial and operational risks; less developed legal, tax, regulatory, financial reporting, accounting, and recordkeeping systems; and greater political, social, and economic instability than developed markets.
  • Special risks of investing in China: The fund’s investments in companies or issuers economically tied to China are subject to the country/regional, emerging markets, and currency risks described above, in addition to unique risks. Investments economically tied to China are associated with considerable degrees of social and humanitarian, legal, regulatory, political, and economic uncertainty. Risks described above may be more pronounced for the fund. All of these factors, among others, could have negative impacts on the fund. For example, the fund may not be able to access its desired amount of shares of companies incorporated in China that trade on the Shanghai and Shenzhen Stock Exchanges (A-shares) and/or the Hong Kong Stock Exchange (H-shares), which may cause the fund to miss out on investment opportunities. Investments economically tied to China may be (or become in the future) restricted or sanctioned by the U.S. government or another government, which could cause these securities to decline in value or become less liquid. If the fund’s holdings become impacted by restrictions or sanctions, the fund may incur losses. Additionally, the fund may gain exposure to certain companies in China through legal structures known as variable interest entities (VIEs), which provide exposure to Chinese companies through contractual arrangements instead of equity ownership. Investing through a VIE does not offer the same level of investor protection as direct ownership and is subject to risks including breach of the contractual arrangements, difficulty in enforcing the contractual arrangements outside of the U.S., and intervention by the U.S. government. These risks could significantly affect a VIE’s market value, which in turn could impact the fund’s performance.
  • Nondiversification risk, which is the chance that the fund's performance may be hurt disproportionately by the poor performance of relatively few investments. The fund is considered nondiversified, which means that it may invest a greater percentage of its assets in the instruments of particular issuers as compared with diversified mutual funds.
  • Asset concentration risk, which is the chance that, because the fund tends to invest a high percentage of assets in its ten largest holdings, the fund's performance may be hurt disproportionately by the poor performance of relatively few stocks.
  • Sector risk, which is the chance that significant problems will affect a particular sector, or that returns from that sector will trail returns from the overall stock market. Daily flucuations in specific market sectors are often more extreme or volatile than flucations in the overall market. Because a significant portion of the fund's assets are invested in the industrials, information technology, and utilities sectors, the fund's performance is impacted by the general condition of those sectors.
  • Currency risk, which is 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, which is the chance that poor security selection will cause the fund to underperform relevant benchmarks or other funds with a similar investment objective.