Vanguard International Explorer Fund - Investment Profile
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Vanguard ®
Vanguard ® International Explorer™ Fund
Product Summary Vanguard Style View : Foreign Small/Mid Growth
Non-U.S. equity with a small-cap bias.
Seeks long-term capital appreciation. Diversified portfolio of non-U.S., smaller-capitalization stocks.
Broadly diversified, emphasizing developed countries. Market
Dvlp Emrg
Fundamental stock selection with region/country overlay.
Market capitalization
Large
Seeks undervalued, growth-oriented stocks.
Mid
Small
Central tendency
Expected range of fund holdings
Quarterly Commentary People and Process
The investment environment grew more challenging as the third Vanguard International Explorer Fund uses a multimanager
quarter of 2021 progressed. Corporate earnings were healthy approach to seek long-term capital appreciation by investing in
across much of the globe, with many economies back open, smaller, growth-oriented companies located outside the United
vaccination rates climbing, and labor markets regaining lost States. The multimanager structure diversifies risk and increases
ground. Sentiment deteriorated, though, as the COVID-19 Delta investment capacity, while providing individual managers with the
variant spread, high inflation readings in some economies opportunity to generate superior returns. The fund’s broad
(including the U.S.) began to look as if they might persist for a diversification tends to produce lower volatility. Vanguard manages
while, and worries surfaced about contagion from debt issues in a small portion of the fund’s assets in stock index futures and/or
the Chinese property sector. exchange-traded funds to facilitate cash flows to and from the
fund’s advisors.
After monthly gains in July and August, global stock returns
weakened in September.
Schroder Investment Management North America Inc.
In this environment, Vanguard International Explorer Fund
outperformed its benchmark, the S&P EPAC SmallCap Index The firm uses a fundamental approach to identify non-U.S.
(–0.31%), but underperformed its peer-group average (+0.17%) for small-cap companies that it believes offer potential for capital
the quarter. Swiss testing appliance maker Comet (+26%) and appreciation. Its research focuses primarily on company-specific
Italian digital services and consulting company Reply (+12%) drove factors, including long-term growth potential, financial condition,
strong stock selection in information technology. By region, management quality, and sensitivity to cyclical factors, as well as
favorable selection in emerging markets and Europe helped the value of the company’s securities relative to other companies
results, especially in Taiwan, led by solar power product maker and the market.
Voltronic Power (+29%), and in Switzerland, led by Comet.
For the 12 months ended September 30, the fund outperformed its Firm Description
benchmark (+28.38%) but lagged its peer average (+30.85%).
Strong selection drove results as the fund excelled at consumer Schroder Investment Management North America Inc.—a unit of
discretionary and information technology picks, including Dalata Schroders, plc, of London, England, which was founded in
Hotel Group (+64%) and ASM International (+175%). By region, 1804—specializes in global equity and fixed income management.
strong selection in emerging markets largely drove the Schroders has 38 offices in 28 countries worldwide. The firm has
outperformance, particularly in Taiwan, which benefited from advised Vanguard International Explorer Fund since the fund’s
ASPEED Technology (+115%) and MOMO.com (+213%). inception in 1996.
Note: Company returns may differ if a security was held in the
portfolio for less than the full period.
As of September 30, 2021Vanguard International Explorer™ Fund
Investment Manager Biographies
Firm Description
Luke Biermann, CFA. Portfolio manager. Advised the fund since
2020. Worked in investment management since 2006. B.Sc., Bath Headquartered in New York, New York, TimesSquare Capital
University. Management, LLC, was founded in 2000 and specializes in small-
and mid-cap growth equities. The firm has advised Vanguard
Wellington Management Company LLP International Explorer Fund since 2017.
The firm develops and leverages global and regional research to Investment Manager Biographies
identify both growth-oriented and neglected or misunderstood
companies that have a well-articulated business model, Magnus S. Larsson, Senior Vice President. Portfolio manager.
experienced management, a sustainable competitive advantage, Advised the fund since 2017. Worked in investment management
and strong financial characteristics. The firm’s philosophy is based since 1995. B.S., B.A., University of Orebro, Sweden.
on a core belief that global equity markets are largely inefficient,
and it aims to exploit these inefficiencies through active stock Baillie Gifford Overseas Ltd.
selection.
Baillie Gifford invests with a long-term perspective, and has a
strong preference for high-quality growth companies with
Firm Description sustainable competitive advantages. The investment process is
driven by rigorous, fundamental, bottom-up analysis undertaken by
Founded in 1928, Wellington Management Company LLP, Boston, the dedicated International Smaller Companies team. The
Massachusetts, is among the nation’s oldest and most respected investment team seeks significant upside in each stock it invests
institutional investment managers. The firm has advised Vanguard in, and considers sustainable earnings growth and free cash flow
International Explorer Fund since 2010. growth to be the most important determinants of a company’s
prospects.
Investment Manager Biographies
Mary L. Pryshlak, CFA, Senior Managing Director and Head of Firm Description
Investment Research. Portfolio manager. Advised the fund since
2020. Worked in investment management since 1994. B.A., Baillie Gifford Overseas Ltd., Edinburgh, Scotland—a unit of Baillie
Rutgers College. Gifford & Co., founded in 1908—is among the largest
independently owned investment management firms in the United
TimesSquare Capital Management, LLC Kingdom. The firm has advised Vanguard International Explorer
Fund since 2020.
The firm believes that strong fundamental equity growth research
skills—which place a particular emphasis on the assessment of Investment Manager Biographies
management quality, an in-depth understanding of superior
business models, and valuation discrepancies—enable the team to Brian Lum, CFA, Chair of the International Smaller Companies
build a diversified portfolio of stocks that aims to generate superior Portfolio Construction Group. Portfolio manager. Advised the fund
risk-adjusted returns. since 2020. Worked in investment management since 2006.
M.Sci. and B.A., University of Cambridge.
Stephen Vaughan, CFA. Portfolio manager. Advised the fund since
2020. Worked in investment management since 2012. M.A.,
University of Exeter, B.A., University of Oxford.
As of September 30, 2021Vanguard International Explorer™ Fund
Investment Advisors
Fund Assets Managed
% $ Million
Schroder Investment Management North 39 1,088
America Inc.
Wellington Management Company LLP 30 819
TimesSquare Capital Management, LLC 19 536
Baillie Gifford Overseas Ltd. 10 265
Cash investments 2 68
Total 100 2,776
Fund Facts
Volatility Measures
Fund Number 0126 R-Squared Beta
Ticker VINEX
S&P EPAC SmallCap Index 0.97 1.04
Newspaper Listing IntlExplr
MSCI AC World Index ex USA Net 0.92 1.20
CUSIP Number 921946208
R-squared and beta are calculated from trailing 36-month fund returns
Assets (millions) $2,776 relative to the associated benchmark.
Inception 11/4/1996
Expense Ratio
(as of 2/2021) 0.39% Top 10 Largest Holdings
% of
Total Net Assets
Equity Characteristics
Befesa SA 0.9%
S&P
EPAC Royal Unibrew A/S 0.8
International SmallCap Reply SPA 0.8
Explorer Index
BE Semiconductor Industries NV 0.8
Number of stocks 553 4,276
Rotork plc 0.7
Median market cap $3.6 Billion $2.1 Billion
Nippon Shinyaku Co. Ltd. 0.7
Average market cap $4.9 Billion $3.2 Billion
Spectris plc 0.6
Price/earnings ratio 20.9x 7.2x
Gerresheimer AG 0.6
Price/book ratio 2.6x 1.5x
Julius Baer Group Ltd. 0.6
Return on equity 12.7% 8.9%
Trigano SA 0.6
Earnings growth rate 9.4% 6.2%
Total 7.1%
Equity yield (dividend) 1.4% 1.9%
The holdings listed exclude any temporary cash investments and equity
Short-term reserves 4.0% — index products.
Turnover rate (fiscal year end) 71.0% —
As of September 30, 2021Vanguard International Explorer™ Fund
Sector Diversification (% of Stocks)
S&P
EPAC
International SmallCap Overweight/
Explorer Index Underweight
Communication Services 5.6% 5.4% 0.2
Consumer Discretionary 13.8 12.9 0.9
Consumer Staples 3.8 5.2 -1.4
Energy 0.4 1.9 -1.5
Financials 9.9 10.8 -0.9
Health Care 9.5 10.2 -0.7
Industrials 23.2 21.2 2.0
Information Technology 19.5 11.8 7.7
Materials 6.6 8.3 -1.7
Other 0.2 0.0 0.2
Real Estate 6.4 10.0 -3.6
Utilities 1.1 2.3 -1.2
Total 100.0% 100.0%
Sector categories are based on the Global Industry Classification Standard
(GICS), except for the Other category (if applicable), which includes
securities that have not been provided a GICS classification as of the effective
reporting period.
As of September 30, 2021Vanguard International Explorer™ Fund
Market allocation (% of Stocks)
International
Explorer
Europe
United Kingdom 16.7%
Sweden 5.9
Germany 5.8
Italy 5.0
France 4.0
Netherlands 3.5
Switzerland 3.3
Denmark 2.0
Spain 1.7
Norway 1.3
Belgium 1.2
Finland 1.1
Ireland 1.1
Other 0.5
Subtotal 53.1
Pacific
Japan 24.2%
Australia 3.7
Hong Kong 2.2
Korea 1.5
Other 0.6
Subtotal 32.2
Emerging Markets
Taiwan 4.0%
India 1.4
China 1.4
Other 1.6
Subtotal 8.4
North America
Other 0.9%
Middle East
Other 0.5%
Other 4.9
Total 100.0%
As of September 30, 2021Vanguard International Explorer™ Fund
3 month attribution
Portfolio Benchmark Attribution
Avg. 3 mo. Contrib. Avg. 3 mo. Contrib. Alloc. Select Total
weight return Return weight return Return effect effect effect
Information Technology 19.7 1.4 0.2 12.2 -1.8 -0.2 -0.1 0.6 0.5
Financials 9.8 4.4 0.4 10.7 1.3 0.1 0.0 0.3 0.3
Health Care 9.2 2.1 0.2 10.1 -1.0 -0.1 0.0 0.3 0.3
Real Estate 7.2 1.4 0.1 10.1 -1.9 -0.2 0.0 0.2 0.3
Cash 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Consumer Discretionary 13.6 -2.8 -0.4 13.7 -2.4 -0.3 0.0 -0.1 0.0
Consumer Staples 4.4 -3.0 -0.1 4.9 -2.4 -0.1 0.0 0.0 0.0
Industrials 22.5 1.1 0.2 21.2 1.1 0.2 0.0 0.0 0.0
Utilities 1.3 4.0 0.0 2.1 -0.1 0.0 0.0 0.0 0.0
Energy 0.3 6.6 0.0 1.5 5.2 0.1 -0.1 0.0 -0.1
Materials 6.4 0.4 0.0 8.6 1.3 0.1 0.0 -0.1 -0.1
Communication Services 5.7 -2.4 -0.1 5.0 1.8 0.1 0.0 -0.2 -0.2
Total 100.0 0.6 0.6 100.0 -0.3 -0.3 -0.2 1.1 0.9
12 month attribution
Portfolio Benchmark Attribution
Avg. 12 mo. Contrib. Avg. 12 mo. Contrib. Alloc. Select Total
weight return Return weight return Return effect effect effect
Consumer Discretionary 14.4 46.1 6.6 13.7 33.7 4.5 0.1 1.5 1.7
Information Technology 20.4 34.5 7.1 12.1 23.6 2.9 -0.3 1.9 1.6
Health Care 9.0 24.3 2.3 10.1 17.0 1.8 0.2 0.6 0.7
Consumer Staples 4.4 11.1 0.6 5.1 8.6 0.5 0.1 0.2 0.3
Utilities 1.4 28.4 0.3 2.2 15.7 0.4 0.1 0.1 0.2
Cash 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Energy 0.4 40.8 0.2 1.5 34.8 0.5 -0.1 0.0 0.0
Industrials 21.1 35.2 7.1 21.0 35.8 7.2 0.0 0.0 0.0
Materials 5.4 37.6 1.7 8.3 34.8 2.7 -0.2 0.1 0.0
Real Estate 7.1 18.5 1.4 10.0 23.6 2.5 0.2 -0.4 -0.2
Financials 10.2 34.6 3.5 10.7 38.2 4.0 0.0 -0.4 -0.4
Communication Services 6.1 11.2 0.8 5.1 28.0 1.5 0.0 -0.9 -0.9
Total 100.0 31.5 31.5 100.0 28.5 28.5 0.2 2.8 3.0
The portfolio attribution data shown above is provided by FactSet based on information provided by Vanguard about the fund's daily portfolio holdings as of
the market close. Because the fund buys and sells stocks throughout the trading day and not necessarily at the market close, the attribution data shown
above is an estimate and may not precisely reflect actual attribution information. Information noted above does not reflect fair-value adjustments to prices of
foreign securities held in the portfolio.
3 month regional attribution
Portfolio Benchmark Attribution
Avg. 3 mo. Contrib. Avg. 3 mo. Contrib. Alloc. Select Total
weight return Return weight return Return effect effect effect
Europe 58.1 0.6 0.6 58.4 -0.5 -0.1 0.0 0.7 0.7
North America 1.2 3.0 0.0 0.9 -7.8 -0.1 0.0 0.1 0.1
Pacific 31.3 0.9 0.0 39.1 0.3 -0.1 0.0 0.1 0.1
CASH 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Middle East 0.5 10.5 0.0 1.0 0.4 0.0 0.0 0.0 0.0
Other 0.0 0.0 0.0 0.3 -7.6 0.0 0.0 0.0 0.0
Emerging Markets 8.9 -1.3 -0.1 0.3 -18.3 -0.1 -1.6 1.5 -0.1
TOTAL 100.0 0.6 0.6 100.0 -0.3 -0.3 -1.6 2.5 0.9
As of September 30, 2021Vanguard International Explorer™ Fund
12 month regional attribution
Portfolio Benchmark Attribution
Avg. 12 mo. Contrib. Avg. 12 mo. Contrib. Alloc. Select Total
weight return Return weight return Return effect effect effect
Emerging Markets 9.4 52.7 4.6 0.3 14.5 0.0 -0.4 2.3 1.9
Pacific 32.7 18.0 6.7 39.9 18.7 7.5 0.7 0.2 0.9
Europe 56.4 36.2 19.8 57.7 35.2 19.9 -0.1 0.4 0.3
CASH 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Middle East 0.4 53.3 0.2 0.9 51.5 0.4 -0.1 0.1 0.0
Other 0.0 76.6 0.1 0.3 63.8 0.1 0.0 0.0 0.0
North America 1.1 17.4 0.2 0.9 49.9 0.4 0.0 -0.1 -0.1
TOTAL 100.0 31.5 31.5 100.0 28.5 28.5 0.2 2.9 3.0
The portfolio attribution data shown above is provided by FactSet based on information provided by Vanguard about the fund's daily portfolio holdings as of
the market close. Because the fund buys and sells stocks throughout the trading day and not necessarily at the market close, the attribution data shown
above is an estimate and may not precisely reflect actual attribution information. Information noted above does not reflect fair-value adjustments to prices of
foreign securities held in the portfolio.
Top contributors—3 month Top detractors—3 month
3 mo. Total Ending Bench 3 mo. Total Ending Bench
return effect weight weight return effect weight weight
COMET Holding AG 26.1 0.2 0.6 0.1 New Work SE -21.8 -0.1 0.4 0.0
Futu Holdings Ltd. -46.6 0.2 0.0 0.0 Stabilus S.A. -13.7 -0.1 0.6 0.1
China Longyuan Power Group Corp. Airtac International Group -17.6 -0.1 0.4 0.0
Ltd. 43.4 0.1 0.4 0.0
A-Living Smart City Services Co.
Dermapharm Holding SE 21.2 0.1 0.7 0.1 Ltd. -33.9 -0.1 0.0 0.0
Logitech International S.A. -22.3 0.1 0.0 0.0 Embracer Group AB -28.8 -0.2 0.3 0.0
Top contributors—12 month Top detractors—12 month
12 mo. Total Ending Bench 12 mo. Total Ending Bench
return effect weight weight return effect weight weight
ASM International N.V. 175.2 0.4 0.6 0.0 New Work SE -21.1 -0.2 0.4 0.0
Befesa SA 94.4 0.4 1.0 0.1 Nippon Shinyaku Co. Ltd. 2.8 -0.2 0.8 0.0
Arjo AB 101.1 0.3 0.7 0.1 Bengo4.com Inc. -45.7 -0.2 0.2 0.0
China Longyuan Power Group Corp. Gerresheimer AG -11.3 -0.3 0.7 0.1
Ltd. 300.4 0.3 0.4 0.0
Solutions 30 SE -71.2 -0.4 0.0 0.0
COMET Holding AG 126.4 0.3 0.6 0.1
As of September 30, 2021Vanguard International Explorer™ Fund
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