VANGUARD EMERGING MARKETS BOND FUND
VANGUARD MALVERN FUNDS · 2 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
VANGUARD EMERGING MARKETS BOND FUND is an actively managed global bond fund.
- Asset class
- Bonds
- Region
- Global
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Mixed credit
- Rate sensitivity
- Intermediate duration
- Features
- Non-diversified
Fund profile
As filed in the prospectus · 2026 Q1
Vanguard Emerging Markets Bond Fund (the Fund) seeks to provide total return while generating a moderate level of current income.
The fund actively manages a portfolio of bonds issued by or tied to emerging market countries, including sovereign debt and corporate bonds of any maturity or quality, with the ability to hold unhedged foreign currency exposure. Because the fund may invest a large percentage of assets in issuers of a single country or small number of countries, concentration risk is material. The fund uses derivatives including futures, swaps, and forwards to adjust interest rate, currency, and market exposures rather than as direct investments.
| Share class | Expense ratio |
|---|---|
| VEGBX | 0.35% |
| VEMBX | 0.50% |
Portfolio turnover 119.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 95.67% |
| Cash & short-term | 3.26% |
| Derivatives | 0.03% |
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: Turkiye Government International Bond, Republic of Kenya Government International Bond, Republic of Poland Government International Bond, Indonesia Government International Bond, Morocco Government International Bond, Philippine Government International Bond, Mexico Government International Bond, Bahrain Government International Bond
Largest exited: Saudi Government International Bond, Oman Government International Bond, Republic of Kenya Government International Bond, Kazakhstan Government International Bond, Republic of South Africa Government International Bond, Ukraine Government International Bond, Romanian Government International Bond, Brazilian Government International Bond
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +13.28% | +37.48% | +23.49% | 5.48% | -4.33% | |
| +13.17% | +36.89% | +22.61% | 5.44% | -4.39% |
These classes hold the same portfolio, so the 0.87pp spread over 5 years is the cost difference between them — roughly 0.17pp a year — not a difference in what they own.
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 87.7% |
| Floating rate | 10.9% |
| Zero-coupon or unclassified | 1.4% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 2.7% |
| 1-3y | 10.3% |
| 3-5y | 18.9% |
| 5-10y | 41.4% |
| 10y+ | 26.6% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 52% |
| Credit spreads | 48% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +2.67 yr |
| High yield | +2.57 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.06 yr | 1% |
| 1 yr | 0.45 yr | 8% |
| 5 yr | 1.92 yr | 34% |
| 10 yr | 2.09 yr | 37% |
| 30 yr | 1.16 yr | 20% |
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.44 yr | 8% |
| 5 yr | 1.79 yr | 34% |
| 10 yr | 2.00 yr | 38% |
| 30 yr | 1.00 yr | 19% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.06 | +0.01 | +0.01 | $3.0k | $5.2k |
| 1 yr | +0.45 | +0.12 | +0.32 | $69.8k | $187.1k |
| 5 yr | +1.92 | +0.87 | +0.92 | $507.1k | $538.1k |
| 10 yr | +2.09 | +1.06 | +0.94 | $619.1k | $547.5k |
| 30 yr | +1.16 | +0.62 | +0.38 | $361.9k | $223.4k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's 5.68 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | Vanguard Cmt Funds-Vanguard Market Liquidity Fund | 3.26% | $190.54M | — |
| — | United States Treasury Note/Bond1.38% · due 2031-11-15 | 3.24% | $189.54M | — |
| — | Saudi Government International Bond5.88% · due 2056-01-12 | 2.83% | $165.36M | — |
| — | Turkiye Government International Bond6.38% · due 2031-05-22 | 2.48% | $144.68M | — |
| — | Petroleos Mexicanos8.75% · due 2029-06-02 | 2.43% | $141.84M | — |
| — | Argentine Republic Government International Bond0.75% floating · due 2030-07-09 | 2.18% | $127.19M | — |
| — | Republic of Kenya Government International Bond7.88% · due 2034-02-26 | 1.87% | $109.38M | — |
| — | Indonesia Government International Bond3.75% · due 2033-10-16 | 1.85% | $108.03M | — |
| — | Ukraine Government International Bond4.00% floating · due 2032-02-01 | 1.57% | $91.61M | — |
| — | Dominican Republic International Bond7.05% · due 2031-02-03 | 1.56% | $91.01M | — |
Top 10 positions are 23.25% of net assets, top 25 41.83%, across 90 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
Sign in free