VANGUARD GLOBAL CAPITAL CYCLES FUND
Actively managed global stock fund
As of its 2026 Q2 report, VANGUARD GLOBAL CAPITAL CYCLES FUND held 89 positions with $3.86B in net assets. Its ten largest holdings made up 31.4% of the fund. The VGPMX share class costs 0.42% a year. Over the 12 months to May 2026, VGPMX returned 65.0%, with dividends reinvested. In 2026 Q3 it added 9 new positions and exited 5.
Vanguard Global Capital Cycles Fund (the Fund) seeks to provide long-term capital appreciation.
The fund employs active management to select U.S. and foreign equities across market capitalizations and developed and emerging markets, focusing on companies and industries where capital spending is declining and seeking those with differentiated offerings, low-cost advantages, or durable competitive positions that cannot be easily replicated. As a nondiversified fund, it may invest a greater percentage of assets in particular issuers than diversified funds. The fund concentrates at least 25% of net assets in precious metals and mining industry securities.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
Anglo American PLC | 4.14% | $160.10M | 3.2M | $49.48 |
Vanguard Cmt Funds-Vanguard Market Liquidity Fund | 4.08% | $157.55M | — | — |
Glencore PLC | 3.68% | $142.33M | 18.3M | $7.77 |
Anglogold Ashanti Plc | 3.26% | $126.03M | 1.3M | $93.73 |
TECKTeck Resources Ltd | 3.00% | $116.13M | 2.0M | $58.38 |
SK Telecom Co Ltd | 2.93% | $113.12M | 1.7M | $64.80 |
2.83% | $109.57M | 563.0K | $194.62 | |
SSNLFSamsung Electronics Co Ltd | 2.55% | $98.69M | 655.4K | $150.59 |
2.48% | $95.67M | 745.0K | $128.42 | |
Taiwan Semiconductor Manufacturing Co Ltd | 2.44% | $94.35M | 238.2K | $396.06 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-04-30 — not a live quote, and not what the fund paid.
All 89 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Stocks | 98.33% |
| Cash & short-term | 4.08% |
By sector
- International
- 65.4%
- Other
- 13.3%
- Health Care
- 9.6%
- Utilities
- 3.2%
- 7 other sectors
- 8.5%
- International
- 65.4%
- Other
- 13.3%
- Health Care
- 9.6%
- Utilities
- 3.2%
- Energy
- 3.1%
- Cash
- 1.6%
- Materials
- 1.3%
- Industrials
- 0.8%
- Consumer Staples
- 0.6%
- Information Technology
- 0.6%
- Financials
- 0.5%
How it has done
VGPMX share class · total returns with dividends reinvested
Volatility over the last 12 months: 17.63%. Past returns are a record, not a forecast.
Jun 2026 and Jul 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.
Fees & fund details
VANGUARD GLOBAL CAPITAL CYCLES FUND is an actively managed global equity fund.
- Asset class
- Equity
- Region
- Global
- Management
- Actively managed
- Fund type
- Open-end fund
- Features
- Non-diversified
- Expense ratio, by class
- 0.42%· VGPMX 0.42%
- Portfolio turnover
- 50.00% a year · as of 2026 Q2
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
9 new· the largest 8
5 exited
Understand how this fund fits with the rest.
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