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Vanguard Precious Metals and Mining Fund is now Vanguard Global Capital Cycles Fund

A new advisor. A new strategy designed to lower the fund's volatility and improve its long-term performance. And a new name too.

What's changed

Vanguard Global Capital Cycles Fund (VGPMX) underwent a number of changes designed to:

  • Secure world-class investment talent with Wellington Management, a firm that has deep investment resources and long-term perspective.
  • Lower its risk and volatility by adding more diversification.
  • Improve the consistency of its long-term performance, as compared with its benchmark.



M&G Investment Management Limited


Wellington Management Company LLP

Fund name


Vanguard Precious Metals and Mining Fund


Vanguard Global Capital Cycles Fund

Investment strategy


Invest at least 80% of its assets in the stocks of U.S. and foreign companies principally engaged in the exploration, mining, development, fabrication, processing, marketing, or distribution of (or other activities related to) metals or minerals.

Invest up to 20% of its assets directly in gold, silver, or other precious metal bullion and coins.


Invest at least 25% of its assets in the precious metals and mining industry, similar to the fund's previous strategy.

Invest up to 75% of its assets in industries that:

  • Follow cyclical patterns, looking for companies that are in a period of low demand and offer stocks that are therefore available at lower prices, with the potential for growth as demand rebounds. This is expected to include commodity-oriented companies in the materials, natural resources, and other related sectors.
  • Own irreplaceable or scarce infrastructure assets, looking for companies that offer consistent, enduring value to help stabilize fund performance. This is expected to include companies in the utilities, telecommunications, and other related sectors.



S&P Global Custom Metals and Mining Index


S&P Global BMI Metals & Mining 25% Weighted Index

Expense ratio





What hasn't changed

  • Low correlation with the broader stock market. The fund retains its original purpose: to help offset market risk by offering an investment that's designed to intentionally not match the broader stock market.
  • Geographic diversity. The fund continues to have exposure to stocks in the U.S. and around the world.

The fund's ticker—VGPMX—remains the same.

The fund's new strategy might appeal to investors who have a long time horizon and the patience for active management, and who want to complement their core global stock allocation.

When the changes took place

In late July, Wellington Management assumed all advisory responsibilities for the fund.

On September 26, 2018, the name and benchmark changed, and Wellington Management began to manage the fund under the new strategy.

Impact to shareholders

Shareholders weren't required to take any action. These changes didn't affect the number of fund shares they owned or any account options they've set up, such as dividend and capital gains reinvestments.


Layer opened.

About Wellington Management

Vanguard and Wellington Management have a long and successful history—in partnership and individually.

Wellington Management has been managing Vanguard Wellington™ Fund—Vanguard's first mutual fund—since its inception in 1929. And the firm has been successfully investing in global markets since it opened its first international office in London in 1983.

Today, the company has 13 offices around the world, employs more than 650 investment professionals who average 17 years of experience, and serves clients in more than 65 countries.