NAV
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VGPMX Vanguard Global Capital Cycles Fund
Management style
Active
Asset class
International/Global Stock
Category
World Stock
Risk / reward scale
5
Less
More
Investment minimum
$3,000
as of 04/25/2025
NAV price
$14.10
as of 04/25/2025
Overview
Key facts
CUSIP | 921908208 |
|---|---|
Management style | Active |
Asset class | International/Global Stock |
Category | World Stock |
Inception date | 05/23/1984 |
Fund Number | 0053 |
Price
Minimum Investment
$3,000
NAV Price
$14.10
as of 04/25/2025
NAV change
as of 04/25/2025
Performance
YTD returns
11.70%
as of 04/25/2025
Product summary
This fund looks for opportunities arising from changing investor sentiment resulting from cycles of under- and overinvestment in capital-intensive industries. At least 25% of the fund will be invested in precious metals and mining securities. It also focuses on opportunities to invest in companies with scarce, high-quality infrastructure assets—typically in utilities and telecommunications—that are viewed as irreplaceable and therefore have enduring value. In addition to stock market risk, the fund is subject to currency risk and country risk. Long-term investors seeking global equity exposure and who are comfortable with the added volatility in international investing may wish to consider this fund.
Fund management
Wellington Management Company LLP
Performance & fees
Total returns
as of 03/31/2025
Recent returns
Average annual
| Month-end | 3-Month total | YTD | 1-yr | 3-yr | 5-yr | 10-yr | Since inception 05/23/1984 | |
|---|---|---|---|---|---|---|---|---|
VGPMX2 | 2.71% | 10.35% | 10.35% | 11.47% | 7.05% | 20.92% | 7.08% | 4.86% |
| -1.30% | 1.65% | 1.65% | 7.48% | 3.89% | 15.23% | 7.75% | 4.24% |
as of 03/31/2025
| Year | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year-end | |
|---|---|---|---|---|---|---|
| 2025 | 10.35% | — | — | — | — | — |
| 2024 | 4.73% | 1.80% | 7.59% | -7.77% | 5.79% | 10.60% |
| 2023 | 5.28% | -0.50% | -2.82% | 8.08% | 10.03% | 16.78% |
| 2022 | 12.45% | -13.77% | -7.10% | 19.20% | 7.39% | -14.24% |
| 2021 | 7.98% | 3.88% | -0.65% | 7.23% | 19.49% | 15.98% |
| 2020 | -25.28% | 23.19% | 9.28% | 16.53% | 17.21% | 18.45% |
| 2019 | 10.04% | 3.21% | -0.75% | 7.03% | 20.66% | 26.72% |
| 2018 | -9.30% | 1.15% | -14.69% | -13.46% | -32.27% | -22.74% |
| 2017 | 10.56% | -1.83% | 2.16% | 2.59% | 13.75% | 26.04% |
| 2016 | 31.57% | 34.84% | 1.45% | -16.30% | 50.64% | 62.37% |
| 2015 | -3.68% | -0.58% | -21.90% | -5.64% | -29.42% | -34.23% |
as of 12/31/2024
| Year | Capital return by NAV | Income return by NAV | Total return by NAV | |
|---|---|---|---|---|
| 2024 | 3.02% | 2.77% | 5.79% | 10.60% |
| 2023 | 6.61% | 3.42% | 10.03% | 16.78% |
| 2022 | 3.98% | 3.41% | 7.39% | -14.24% |
| 2021 | 15.69% | 3.80% | 19.49% | 15.98% |
| 2020 | 14.77% | 2.44% | 17.21% | 18.45% |
| 2019 | 17.82% | 2.84% | 20.66% | 26.72% |
| 2018 | -33.86% | 1.60% | -32.27% | -22.74% |
| 2017 | 13.72% | 0.03% | 13.75% | 26.04% |
| 2016 | 47.80% | 2.84% | 50.64% | 62.37% |
| 2015 | -30.57% | 1.15% | -29.42% | -34.23% |
| 2014 | -11.41% | 0.00% | -11.41% | -14.37% |
| 2013 | -35.17% | 0.03% | -35.13% | -31.48% |
| 2012 | -16.47% | 3.48% | -12.98% | -0.45% |
| 2011 | -22.12% | 0.42% | -21.70% | -23.76% |
| 2010 | 31.84% | 5.61% | 37.45% | 40.04% |
as of 03/31/2025
| 1-yr | 3-yr | 5-yr | 10-yr | Since inception 05/23/1984 | |
|---|---|---|---|---|---|
| VGPMX | 11.47% | 22.67% | 158.56% | 98.23% | 594.24% |
| 7.48% | 12.15% | 103.17% | 110.88% | — |
Expense ratio
VGPMX
0.44%
Average expense ratio of similar funds3
—
Fund-specific fees
Purchase fee
None
Fund family redemption fee
None
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 04/25/2025
NAV change
52-week High
$14.38
as of 03/19/2025
52-week Low
$12.27
as of 04/08/2025
52-week Difference
$2.11 (17.20%)
Historical prices
| Name | Date | NAV |
|---|---|---|
| VGPMX | 04/25/2025 | $14.10 |
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Portfolio composition
Characteristics
as of 03/31/2025
| Fundamental | VGPMX | |
|---|---|---|
| Number of stocks | 63 | 14871 |
| Median market cap | $33.6 B | $60.3 B |
| Earnings growth rate | 4.0% | 16.4% |
| Short-term reserves | 0.9% | — |
| P/E ratio | 15.5x | 18.6x |
| P/B ratio | 1.5x | 2.4x |
| Turnover rate (Fiscal Year-end 01/31/2025) | 32.4% | — |
| Return on equity | 9.2% | 14.7% |
| Foreign holdings | 77.9% | — |
| Fund total net assets as of 03/31/2025 | $1.6 B | — |
Weighted exposures
as of 03/31/2025
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 12/31/2024
| Ticker | Holdings | Shares | Market value |
|---|---|---|---|
| GOLD | Barrick Gold Corp. | 6,524,990 | $101,137,345 |
| AAL | Anglo American plc | 2,087,538 | $61,722,580 |
| MRVL | Marvell Technology Inc. | 527,229 | $58,232,443 |
| WFC | Wells Fargo & Co. | 785,427 | $55,168,392 |
| TSM | Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 244,669 | $48,319,681 |
| GLEN | Glencore plc | 10,900,454 | $48,007,537 |
| ULVR | Unilever plc | 811,595 | $46,115,331 |
| 9988 | Alibaba Group Holding Ltd. | 4,300,999 | $45,519,008 |
| 005930 | Samsung Electronics Co. Ltd. | 1,217,291 | $43,441,235 |
| RELIANCE | Reliance Industries Ltd. | 2,895,856 | $41,012,877 |
| Ticker | Holdings | Shares | Market value |
|---|---|---|---|
| GOLD | Barrick Gold Corp. | 6,524,990 | $101,137,345 |
| AAL | Anglo American plc | 2,087,538 | $61,722,580 |
| MRVL | Marvell Technology Inc. | 527,229 | $58,232,443 |
| WFC | Wells Fargo & Co. | 785,427 | $55,168,392 |
| TSM | Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 244,669 | $48,319,681 |
| GLEN | Glencore plc | 10,900,454 | $48,007,537 |
| ULVR | Unilever plc | 811,595 | $46,115,331 |
| 9988 | Alibaba Group Holding Ltd. | 4,300,999 | $45,519,008 |
| 005930 | Samsung Electronics Co. Ltd. | 1,217,291 | $43,441,235 |
| RELIANCE | Reliance Industries Ltd. | 2,895,856 | $41,012,877 |
| Ticker | Holdings | Shares | Market value |
|---|---|---|---|
| GOLD | Barrick Gold Corp. | 6,524,990 | $101,137,345 |
| AAL | Anglo American plc | 2,087,538 | $61,722,580 |
| MRVL | Marvell Technology Inc. | 527,229 | $58,232,443 |
| WFC | Wells Fargo & Co. | 785,427 | $55,168,392 |
| TSM | Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 244,669 | $48,319,681 |
| GLEN | Glencore plc | 10,900,454 | $48,007,537 |
| ULVR | Unilever plc | 811,595 | $46,115,331 |
| 9988 | Alibaba Group Holding Ltd. | 4,300,999 | $45,519,008 |
| 005930 | Samsung Electronics Co. Ltd. | 1,217,291 | $43,441,235 |
| RELIANCE | Reliance Industries Ltd. | 2,895,856 | $41,012,877 |
Distributions
Realized/Unrealized gains
as of 03/31/2025
Realized gain
-$16.23
% of NAV
Unrealized gains of NAV
$1.41
% of NAV
Fiscal year end
01/31/2025
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.
Learn about realized and unrealized gains and lossesHow 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.
Learn about realized and unrealized gains and lossesDividend income and capital gains
Fund management
Vanguard Global Capital Cycles Fund seeks long-term capital appreciation by investing in U.S. and foreign equity securities. The fund’s advisor looks for opportunities arising from changing investor sentiment resulting from cycles of under- and overinvestment in capital-intensive industries. At least 25% of the fund will be invested in precious metals and mining securities. It also focuses on opportunities to invest in companies with scarce, high-quality infrastructure assets—typically in utilities and telecommunications—that are viewed as irreplaceable and therefore have enduring value.
Wellington Management Company LLP
Founded in 1928, Wellington Management Company LLP, Boston, Massachusetts, is among the nation’s oldest and most respected institutional investment managers. The firm has advised Vanguard Global Capital Cycles Fund since 2018.
Investment Manager Biography
Keith E. White
Senior Managing Director, Portfolio manager.
Advised the fund since 2018. Worked in investment management since 2004. B.S., James Madison University. M.B.A., Tuck School of Business at Dartmouth College.
Wellington Management Company
Wellington Management Company CEO Jean Hynes describes how the firm's collaborative culture, private ownership model and global investment resources help set it apart.
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Fund literature
Performance & fees
1
S&P/Citigroup World Equity Gold Index through June 30, 2005; S&P Global Custom Metals and Mining Index through September 25, 2018; S&P Global BMI Metals & Mining 25% Weighted Index thereafter.
2
Effective September 26, 2018, the fund changed its name, performance benchmark, and investment strategy. Performance for the periods shown below is based on the investment strategy utilized by the Fund prior to September 26, 2018, under the name Vanguard Precious Metals and Mining Fund.
3
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.
4
R-squared and beta are calculated from trailing 36-month fund returns relative to the associated benchmark.
© 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 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 prices and periods of falling 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.
- Investment style risk: the chance that returns from the types of stocks in which the fund invests will trail returns from global stock markets. Small-, mid-, and large-capitalization stocks each tend to go through cycles of doing better—or worse—than other segments of the stock market or the global 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. Small and midsize companies tend to have greater stock volatility because, among other things, these companies are more sensitive to changing economic conditions.
- Manager risk: the chance that poor security selection will cause the fund to underperform relevant benchmarks or other funds with a similar investment objective.
- 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.
- 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. Currency risk is especially high in emerging markets.
- Industry concentration risk: the chance that there will be particular problems affecting an entire industry. Any fund that concentrates in a particular industry will generally be more volatile than a fund that invests more broadly. The precious metals and mining industry could be affected by sharp price volatility caused by global economic, financial, and political factors. Resource availability, government regulation, inflation expectations and economic cycles could also adversely affect that industry.
- Nondiversification risk: the chance that the fund’s performance may be hurt disproportionately by the poor performance of relatively few stocks or even a single stock. The fund is considered nondiversified, which means that it may invest a greater percentage of its assets in the securities of particular issuers as compared with diversified mutual funds.