VANGUARD GLOBAL MINIMUM VOLATILITY FUND
Actively managed global stock fund
Vanguard Global Minimum Volatility Fund (the Fund) seeks to provide long-term capital appreciation with lower volatility relative to the global equity market.
The fund uses quantitative models to select U.S. and foreign stocks expected to generate lower volatility than the global equity market, as measured against the FTSE Global All Cap Index. To reduce portfolio volatility, the fund hedges most foreign currency exposure back to the U.S. dollar through currency forward contracts. Because the fund constructs its portfolio subject to diversification and liquidity constraints rather than holding all index constituents, its volatility may diverge from the benchmark.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
United Microelectronics Corp | 1.75% | $34.94M | 2.7M | $13.06 |
1.60% | $31.86M | 404.6K | $78.76 | |
ASE Technology Holding Co Ltd | 1.60% | $31.84M | 1.0M | $31.41 |
Orange SA | 1.55% | $30.95M | 1.5M | $20.82 |
Taiwan Semiconductor Manufacturing Co Ltd | 1.53% | $30.58M | 77.2K | $396.06 |
1.50% | $29.92M | 128.7K | $232.55 | |
Shell PLC | 1.49% | $29.79M | 655.2K | $45.47 |
AAPLApple Inc | 1.49% | $29.73M | 109.6K | $271.35 |
Swisscom AG | 1.47% | $29.26M | 34.6K | $845.83 |
1.47% | $29.25M | 66.6K | $439.03 |
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.
The 200 largest of 235 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 | 99.24% |
| Cash & short-term | 0.41% |
| Derivatives | -0.32% |
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Derivatives are shown at market value, not notional exposure.
By sector
- International
- 30.3%
- Information Technology
- 15.9%
- Other
- 9.6%
- Industrials
- 8.9%
- 10 other sectors
- 35.4%
- International
- 30.3%
- Information Technology
- 15.9%
- Other
- 9.6%
- Industrials
- 8.9%
- Financials
- 5.9%
- Consumer Staples
- 5.7%
- Health Care
- 5.5%
- Consumer Discretionary
- 4.5%
- Utilities
- 4.0%
- Energy
- 3.1%
- Communication Services
- 2.7%
- Real Estate
- 2.1%
- Materials
- 1.0%
- Cash
- 0.8%
How it has done
VMNVX share class · total returns with dividends reinvested
Volatility over the last 12 months: 8.33%. 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.
The 2 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.14% | +12.98% | +48.85% | +51.03% | -4.76% | |
| 0.21% | +12.92% | +48.57% | +50.53% | -4.70% |
These classes hold the same portfolio, so the 0.50pp spread over 5 years is the cost difference between them — roughly 0.10pp a year — not a difference in what they own.
Fees & fund details
VANGUARD GLOBAL MINIMUM VOLATILITY FUND is an actively managed global equity fund.
- Asset class
- Equity
- Region
- Global
- Management
- Actively managed
- Fund type
- Open-end fund
- Expense ratio, by class
- 0.14% – 0.21%· VMNVX 0.14%
- Portfolio turnover
- 43.00% a year · as of 2026 Q1
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.
39 new· the largest 8
41 exited· the largest 8
Understand how this fund fits with the rest.
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