VWICX Vanguard International Core 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

Foreign Large Blend

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

0.48%

as of 01/31/2025

Investment minimum

$3,000

as of 05/02/2025

NAV price

$14.29

as of 05/02/2025

Overview

Key facts

CUSIP

922038807

Management style

Active

Asset class

International/Global Stock

Category

Foreign Large Blend

Inception date

10/16/2019

Fund Number

2404

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

$14.29

as of 05/02/2025

NAV change

increased$0.25 (1.78%)

as of 05/02/2025

Expense Ratio

0.48%

as of 01/31/2025

Performance

YTD returns

11.99%

as of 05/02/2025

Product summary

This actively managed fund offers exposure to developed and emerging non-U.S. markets and will be diversified across a range of sectors. The fund’s advisors look to construct a portfolio that blends growth and value styles to serve as a core holding in a globally balanced portfolio. Because it invests in non-U.S stocks, the fund can be more volatile than a U.S. stock fund. Investors seeking a broad actively managed single-fund solution to non-U.S. developed and emerging markets may wish to consider investing in this fund.

Fund management

Wellington Management Company LLP

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

10/16/2019

VWICX1

2.70%6.34%10.42%13.96%10.30%12.99%8.88%

Benchmark

3.61%4.81%9.03%11.93%8.03%10.09%4.83%6.68%

as of 03/31/2025

Year1st Qtr2nd Qtr3rd Qtr4th QtrYear-end

Benchmark

20257.52%
20246.64%1.79%6.73%-6.26%8.60% 5.53%
20235.20%2.21%-3.11%9.69%14.28% 15.62%
2022-3.01%-12.31%-8.50%14.68%-10.75% -16.00%
20216.09%4.02%-1.50%2.80%11.73% 7.82%
2020-24.14%15.36%5.54%18.16%9.13% 10.65%
20197.42% 21.51%

as of 12/31/2024

Year

Capital return by NAV

Income return by NAV

Total return by NAV

Benchmark

20246.47% 2.13%8.60%5.53%
202311.88% 2.39%14.28%15.62%
2022-12.51% 1.76%-10.75%-16.00%
20218.74% 3.00%11.73%7.82%
20207.18% 1.96%9.13%10.65%
20197.30% 0.12%7.42%

as of 04/30/2025

1-yr3-yr5-yr10-yr

Since inception

10/16/2019

VWICX13.96% 34.19%84.15% 60.20%

Benchmark

11.93%26.09%61.70%60.31%

Expense ratio

VWICX

0.48%

Average expense ratio of similar funds2

0.85%

Historical volatility measures
as of 03/31/2025
BenchmarkR-Squared3Beta3
MSCI All Country World Index ex USA Net0.960.96
MSCI All Country World Index ex USA Net0.960.96
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 05/02/2025

NAV

$14.29

NAV change

increased$0.25 (1.78%)

52-week High

$14.29

as of 05/02/2025

52-week Low

$12.28

as of 04/08/2025

52-week Difference

$2.01 (16.37%)

Historical prices
Chart/Table Toggle
NameDateNAV
VWICX 05/02/2025
$14.29

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 03/31/2025

FundamentalVWICX
Benchmark
Number of stocks 91 1981
Median market cap $47.3 B $54.4 B
Earnings growth rate 15.1% 14.1%
Short-term reserves 0.5%
P/E ratio 15.4x 15.6x
P/B ratio 1.9x 1.9x
Turnover rate (Fiscal Year-end 09/30/2024) 74.1%
Return on equity 12.1% 12.7%
Foreign holdings 93.9%
Fund total net assets as of 03/31/2025 $2.5 B
Share class total net assets $212.4 M
Weighted exposures

as of 03/31/2025

24.20%Emerging Markets
RegionsVWICXEmerging Markets 24.20%Europe 44.70%Pacific 24.90%North America 6.20%

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. 3,111,045 $87,616,331
NOVN Novartis AG 468,909 $52,081,629
6758 Sony Group Corp. 2,050,330 $51,879,513
SHEL Shell plc 1,425,225 $51,878,658
700 Tencent Holdings Ltd. 791,947 $50,602,209
VEA Vanguard FTSE Developed Markets ETF 830,159 $42,196,982
SAP SAP SE 155,938 $41,783,537
GLE Societe Generale SA 880,804 $39,736,517
8306 Mitsubishi UFJ Financial Group Inc. 2,886,500 $39,354,017
NOVO B Novo Nordisk A/S Class B 561,379 $38,386,163
Name

of issuer

Title of issuer Coupon/Yield Category of investment Cusip/Other id Effective maturity date Final maturity date Principal amount Amortized cost
H5820Q150
G87572163
921943858
D66992104
Ticker Description Shares
2330
NOVN
6758
SHEL
700
VEA
SAP
GLE
8306
NOVO B
Ticker Holdings Shares Market value
2330 Taiwan Semiconductor Manufacturing Co. Ltd. 3,111,045 $87,616,331
NOVN Novartis AG 468,909 $52,081,629
6758 Sony Group Corp. 2,050,330 $51,879,513
SHEL Shell plc 1,425,225 $51,878,658
700 Tencent Holdings Ltd. 791,947 $50,602,209
VEA Vanguard FTSE Developed Markets ETF 830,159 $42,196,982
SAP SAP SE 155,938 $41,783,537
GLE Societe Generale SA 880,804 $39,736,517
8306 Mitsubishi UFJ Financial Group Inc. 2,886,500 $39,354,017
NOVO B Novo Nordisk A/S Class B 561,379 $38,386,163
Name

of issuer

Title of issuer Coupon/Yield Category of investment Cusip/Other id Effective maturity date Final maturity date Principal amount Amortized cost
H5820Q150
G87572163
921943858
D66992104
Ticker Description Shares
2330
NOVN
6758
SHEL
700
VEA
SAP
GLE
8306
NOVO B
Ticker Holdings Shares Market value
2330 Taiwan Semiconductor Manufacturing Co. Ltd. 3,111,045 $87,616,331
NOVN Novartis AG 468,909 $52,081,629
6758 Sony Group Corp. 2,050,330 $51,879,513
SHEL Shell plc 1,425,225 $51,878,658
700 Tencent Holdings Ltd. 791,947 $50,602,209
VEA Vanguard FTSE Developed Markets ETF 830,159 $42,196,982
SAP SAP SE 155,938 $41,783,537
GLE Societe Generale SA 880,804 $39,736,517
8306 Mitsubishi UFJ Financial Group Inc. 2,886,500 $39,354,017
NOVO B Novo Nordisk A/S Class B 561,379 $38,386,163
Name

of issuer

Title of issuer Coupon/Yield Category of investment Cusip/Other id Effective maturity date Final maturity date Principal amount Amortized cost
H5820Q150
G87572163
921943858
D66992104
Ticker Description Shares
2330
NOVN
6758
SHEL
700
VEA
SAP
GLE
8306
NOVO B

Distributions

Realized/Unrealized gains

as of 03/31/2025

Realized gain

$0.23

% of NAV

increased1.67%

Unrealized gains of NAV

$1.50

% of NAV

increased10.96%

Fiscal year end

09/30/2025

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$0.25890012/24/202412/20/202412/23/2024$12.86
ST Cap Gain$0.06969812/24/202412/20/202412/23/2024$12.86
Dividend$0.25360012/20/202312/18/202312/19/2023$11.87

Fund management

Vanguard International Core Stock Fund seeks to provide long-term capital appreciation. The advisor uses a multidisciplinary investment approach that utilizes the breadth and depth of Wellington Management’s global research platform. This multi-disciplinary approach yields an opportunity set of 350 to 400 companies, of which the advisor will make selections based on its assessment of each company’s management teams, capital allocation, and competitive advantages. The advisor then seeks to create a portfolio that prioritizes stock specific exposure, limiting the portfolio’s style, factor, region, and industry risk exposure.

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 International Core Stock Fund since 2019.
F. Halsey Morris
CFA, Senior Managing Director, Partner Portfolio manager.
Advised the fund since 2019. Worked in investment management since 2001. B.A., Dartmouth College. M.B.A., The Wharton School of the University of Pennsylvania.
Anna Lunden
CFA, Senior Managing Director Portfolio manager.
Advised the fund since 2023. Worked in investment management since 2000. M.S.B.A., Jönköping University.

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.
Portrait of Jean Hynes
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Performance & fees

1

The fund held a subscription period from October 1, 2019 through October 15, 2019, during which time all assets were held directly or indirectly in money market instruments. Performance measurement began October 16, 2019.

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.

3

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: 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.
  • 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, including 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.
  • 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.
  • Investment style risk: The chance that returns from non-U.S. mid-capitalization stocks will trail returns from global stock markets. Historically, non-U.S. mid-cap stocks have been more volatile in price than the large-cap stocks that dominate the global markets, and they often perform quite differently.
  • Emerging markets risk: 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, and accounting 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.
  • Manager risk: The chance that poor security selection will cause the fund to underperform relevant benchmarks or other funds with a similar investment objective.