VMMSX Vanguard Emerging Markets Select Stock Fund

Management style

Active

Asset class

International/Global Stock

Category

Diversified Emerging Markets

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 5

Less

More

End of Risk Scale.

Expense ratio

0.75%

as of 02/28/2025

Investment minimum

$3,000

as of 05/22/2025

NAV price

$23.37

as of 05/22/2025

Overview

Key facts

CUSIP

921939500

Management style

Active

Asset class

International/Global Stock

Category

Diversified Emerging Markets

Inception date

06/27/2011

Fund Number

0752

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 5

Less

More

End of Risk Scale.
Price

Minimum Investment

$3,000

NAV Price

$23.37

as of 05/22/2025

NAV change

decreased-$0.04 (-0.17%)

as of 05/22/2025

Expense Ratio

0.75%

as of 02/28/2025

Performance

YTD returns

10.34%

as of 05/22/2025

Product summary

This actively managed fund provides exposure primarily to emerging markets outside of the United States at a relatively low cost. Stocks of companies in emerging markets tend to be more volatile than those in developed countries, which could imply the potential for greater long-term returns. Along with this potential, however, comes risks such as currency and political risks. Long-term, risk-tolerant investors who want to diversify their international portfolio may wish to consider this fund.

Fund management

Wellington Management Company LLP

Baillie Gifford Overseas Ltd.

Pzena Investment Management, LLC

Performance & fees

Total returns
Month-end/Quarterly Pre-Tax Toggle

as of 04/30/2025

Recent returns

Average annual

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

Since inception

06/27/2011

VMMSX2

-0.45%2.11%4.91%7.19%5.12%8.05%3.74%3.07%

Benchmark

0.86%2.24%3.06%11.42%5.09%7.67%3.67%3.05%

as of 03/31/2025

Year1st Qtr2nd Qtr3rd Qtr4th QtrYear-end

Benchmark

20255.38%
20242.32%3.93%8.78%-8.47%5.88% 12.40%
20235.19%2.42%-3.28%6.12%10.58% 8.70%
2022-7.25%-11.08%-11.07%11.61%-18.15% -17.23%
20215.36%4.41%-8.55%-1.86%-1.27% -0.19%
2020-28.65%21.77%8.02%23.39%15.80% 15.17%
201911.84%1.06%-4.19%12.10%21.39% 20.16%
20183.07%-9.67%0.14%-6.19%-12.54% -13.31%
201711.81%4.13%7.64%5.32%32.00% 32.13%
20166.31%2.60%9.58%-2.22%16.86% 13.17%
20151.58%1.78%-17.92%-0.15%-15.26% -15.49%

as of 12/31/2024

Year

Capital return by NAV

Income return by NAV

Total return by NAV

Benchmark

20242.52% 3.37%5.88%12.40%
20237.21% 3.37%10.58%8.70%
2022-21.09% 2.94%-18.15%-17.23%
2021-3.18% 1.90%-1.27%-0.19%
202014.58% 1.22%15.80%15.17%
201918.94% 2.45%21.39%20.16%
2018-14.71% 2.17%-12.54%-13.31%
201729.95% 2.05%32.00%32.13%
201615.18% 1.68%16.86%13.17%
2015-16.83% 1.57%-15.26%-15.49%
2014-7.90% 1.28%-6.62%1.24%
2013-0.35% 1.34%0.99%-3.85%
201221.14% 1.43%22.57%17.61%
2011-17.70% 0.13%-17.57%

as of 04/30/2025

1-yr3-yr5-yr10-yr

Since inception

06/27/2011

VMMSX7.19% 16.14%47.26% 44.38% 52.00%

Benchmark

11.42%16.08%44.67%43.41%

Expense ratio

VMMSX

0.75%

Average expense ratio of similar funds3

1.13%

Historical volatility measures
as of 04/30/2025
BenchmarkR-Squared4Beta4
FTSE Emerging Index10.951.07
MSCI All Country World Index ex USA Net0.770.99
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 05/22/2025

NAV

$23.37

NAV change

decreased-$0.04 (-0.17%)

52-week High

$24.83

as of 10/07/2024

52-week Low

$19.62

as of 04/08/2025

52-week Difference

$5.21 (26.56%)

Historical prices
Chart/Table Toggle
NameDateNAV
VMMSX 05/21/2025
$23.41

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 04/30/2025

FundamentalVMMSX
Benchmark
Number of stocks 235 2252
Median market cap $32.9 B $31.5 B
Earnings growth rate 15.8% 18.3%
Short-term reserves 4.7%
P/E ratio 12.1x 14.3x
P/B ratio 1.7x 2.1x
Turnover rate (Fiscal Year-end 10/31/2024) 67.8%
Return on equity 15.4% 15.3%
Foreign holdings 87.5%
Fund total net assets as of 04/30/2025 $770.4 M
Weighted exposures

as of 04/30/2025

77.00%Emerging Markets
RegionsVMMSXEmerging Markets 77.00%Europe 1.60%Pacific 12.50%North America 8.90%

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
2330 Taiwan Semiconductor Manufacturing Co. Ltd. 2,120,253 $59,712,648
700 Tencent Holdings Ltd. 613,206 $39,181,351
9988 Alibaba Group Holding Ltd. 1,743,200 $28,842,930
005930 Samsung Electronics Co. Ltd. 410,395 $16,270,299
MELI MercadoLibre Inc. 6,604 $12,883,545
3968 China Merchants Bank Co. Ltd. Class H 2,118,158 $12,558,467
RELIANCE Reliance Industries Ltd. 812,655 $12,082,000
3690 Meituan Dianping Class B 504,546 $10,152,710
BBRI Bank Rakyat Indonesia Persero Tbk PT 41,474,693 $10,025,758
HDFCBANK HDFC Bank Ltd. 456,467 $9,730,144
Name

of issuer

Title of issuer Coupon/Yield Category of investment Cusip/Other id Effective maturity date Final maturity date Principal amount Amortized cost
G87572163
Y74718100
58733R102
Y14896115
Y72596102
Y0697U112
Ticker Description Shares
2330
700
9988
005930
MELI
3968
RELIANCE
3690
BBRI
HDFCBANK
Ticker Holdings Shares Market value
2330 Taiwan Semiconductor Manufacturing Co. Ltd. 2,120,253 $59,712,648
700 Tencent Holdings Ltd. 613,206 $39,181,351
9988 Alibaba Group Holding Ltd. 1,743,200 $28,842,930
005930 Samsung Electronics Co. Ltd. 410,395 $16,270,299
MELI MercadoLibre Inc. 6,604 $12,883,545
3968 China Merchants Bank Co. Ltd. Class H 2,118,158 $12,558,467
RELIANCE Reliance Industries Ltd. 812,655 $12,082,000
3690 Meituan Dianping Class B 504,546 $10,152,710
BBRI Bank Rakyat Indonesia Persero Tbk PT 41,474,693 $10,025,758
HDFCBANK HDFC Bank Ltd. 456,467 $9,730,144
Name

of issuer

Title of issuer Coupon/Yield Category of investment Cusip/Other id Effective maturity date Final maturity date Principal amount Amortized cost
G87572163
Y74718100
58733R102
Y14896115
Y72596102
Y0697U112
Ticker Description Shares
2330
700
9988
005930
MELI
3968
RELIANCE
3690
BBRI
HDFCBANK
Ticker Holdings Shares Market value
2330 Taiwan Semiconductor Manufacturing Co. Ltd. 2,120,253 $59,712,648
700 Tencent Holdings Ltd. 613,206 $39,181,351
9988 Alibaba Group Holding Ltd. 1,743,200 $28,842,930
005930 Samsung Electronics Co. Ltd. 410,395 $16,270,299
MELI MercadoLibre Inc. 6,604 $12,883,545
3968 China Merchants Bank Co. Ltd. Class H 2,118,158 $12,558,467
RELIANCE Reliance Industries Ltd. 812,655 $12,082,000
3690 Meituan Dianping Class B 504,546 $10,152,710
BBRI Bank Rakyat Indonesia Persero Tbk PT 41,474,693 $10,025,758
HDFCBANK HDFC Bank Ltd. 456,467 $9,730,144
Name

of issuer

Title of issuer Coupon/Yield Category of investment Cusip/Other id Effective maturity date Final maturity date Principal amount Amortized cost
G87572163
Y74718100
58733R102
Y14896115
Y72596102
Y0697U112
Ticker Description Shares
2330
700
9988
005930
MELI
3968
RELIANCE
3690
BBRI
HDFCBANK

Distributions

Realized/Unrealized gains

as of 04/30/2025

Realized gain

-$2.00

% of NAV

decreased-8.98%

Unrealized gains of NAV

$2.45

% of NAV

increased11.04%

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$0.70630012/24/202412/20/202412/23/2024$21.51
Dividend$0.62940012/18/202312/14/202312/15/2023$20.05

Fund management

Vanguard Emerging Markets Select Stock Fund seeks long-term capital appreciation through broadly diversified exposure to emerging markets. The fund’s investment advisors employ fundamental research to construct portfolios of stocks from companies in emerging markets. 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.

Pzena Investment Management, LLC
Pzena uses a deep-value approach that focuses on the most undervalued companies based on five-year price-to-normalized earnings. The firm believes that this value philosophy works well in emerging markets because most investors ignore the cost side of the equation and only focus on growth. Since the companies that the advisor targets may be underperforming their historical earnings power, each one undergoes intensive research to determine whether the problems are temporary or permanent.


Founded in 1995, Pzena Investment Management, New York, New York, is a global investment management firm that employs a classic value investment approach. The firm has advised Vanguard Emerging Markets Select Stock Fund since 2011.
Caroline Cai
CFA, Principal Portfolio manager.
Advised the fund since 2011. Worked in investment management since 1998. B.A., Bryn Mawr College.
Allison Fisch
Principal, Portfolio manager.
Advised the fund since 2011. Worked in investment management since 2001. B.A., Dartmouth College.
Rakesh Bordia
Principal, Portfolio manager.
Advised the fund since 2020. Worked in investment management since 1995. B.S., The Indian Institute of Technology at Kanpur. M.B.A., The Indian Institute of Management at Ahmedabad.
Akhil Subramanian
Principal, Portfolio manager.
Advised the fund since 2023. Worked in investment management since 2008. B.S., University of Chicago. B.A., University of Chicago. M.B.A., Columbia University.
Wellington Management Company LLP
Wellington Management allocates the assets in its portion of the fund to a team of their investment professionals, who are primarily Global Industry Analysts (GIAs). The size of each analyst’s subportfolio is roughly proportional to the weight of the analyst’s coverage universe in the fund’s benchmark, the FTSE Emerging Index. Wellington Management employs a bottom-up approach that seeks to add value through in-depth fundamental research and understanding of their industries. The advisor believes that covering the same companies over a period of many years equips the GIAs with comprehensive insight that helps them make better, more timely decisions and produce superior results.


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 Emerging Markets Select Stock Fund since 2011.

Investment Manager Biography

Mary L. Pryshlak
CFA, Senior Managing Director and Head of Investment Research Portfolio manager.
Advised the fund since 2018. Worked in investment management since 1994. B.A., Rutgers College.
Baillie Gifford Overseas Ltd.
Baillie Gifford invests with a long-term perspective, and has a strong preference for high-quality growth companies with sustainable competitive advantages. The investment process is driven by rigorous, fundamental, bottom-up analysis undertaken by the dedicated emerging markets team. The investment team seeks significant upside in each stock it invests in, and considers sustainable earnings growth and free cash flow growth to be the most important determinants of a company’s prospects.


Baillie Gifford Overseas Ltd., Edinburgh, Scotland—a unit of Baillie Gifford & Co., founded in 1908—is among the largest independently owned investment management firms in the United Kingdom. The firm has advised Vanguard Emerging Markets Select Stock Fund since 2018.
Andrew Stobart
Portfolio manager.
Advised the fund since 2018. Worked in investment management since 1991. M.A., University of Cambridge.
Mike Gush
CFA, Portfolio manager.
Advised the fund since 2018. Worked in investment management since 2003. M.S.E, Durham University.

Performance & fees

1
A market-capitalization-weighted index representing large- and mid-cap stocks of companies located in emerging markets around the world.
2

The fund held a subscription period from June 14, 2011 to June 27, 2011, during which time all assets were held directly or indirectly in money market instruments. Performance measurement began June 27, 2011.

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 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.
  • 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 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.
  • 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 a large portion of its assets in securities of companies located in any one country or region, 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.
  • 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.
  • 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. Currency risk is especially high in emerging markets.
  • Investment style risk, which is 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-cap stocks each tend to go through cycles of doing better—or worse—than other segments of the stock market or the global 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.
  • 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. In addition, significant investment in the financial sector subjects the fund to proportionately higher exposure to the risks of this sector.