361 / 772
23
Morningstar FundInvestor
August 2015
Morningstar Analyst Rating
07-15-15
´
Morningstar Pillars
Process
Performance
People
Parent
Price
¶
Positive
Neutral
Positive
Positive
Positive
Morningstar Analyst Rating
Morningstar evaluates mutual funds based on five key pillars, which
its analysts believe lead to funds that are more likely to outperform
over the long term on a risk-adjusted basis.
Analyst Rating Spectrum
Π㠫
•
•
¨
Pillar Spectrum
Positive
§
Negative
¶
Neutral
NAV
11.90
11.03
10.30
. . . . . . . . .
Total Return %
7.89
13.74
. . . . . . . . . .
+/-MSCI WexUS
4.14
17.61
. . . . . . . . . .
+/-MSCI Ac Wrld ND
4.34
9.58
. . . . . . . . . .
Income Return %
0.00
2.72
. . . . . . . . . .
Capital Return %
7.89
11.02
. . . . . . . . . .
Total Rtn % Rank Cat
16
4
. . . . . . . . . .
Income $
0.00
0.28
0.02
. . . . . . . . .
Capital Gains $
0.00
0.40
0.00
. . . . . . . . .
Expense Ratio %
.
0.30
. . . . . . . . . .
Income Ratio %
.
3.18
. . . . . . . . . .
Turnover Rate %
.
49
. . . . . . . . . .
Net Assets $mil
485
381
300
. . . . . . . . .
Performance
07-31-15
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Total
2011
2012
2013
2014
2015
. . . . .
. . . . .
. . . . .
2.52 3.98
0.46 6.21 13.74
5.26 -0.43
. . .
*
Trailing
Total +/- MSCI
+/- MSCI
%Rank Growth of
Return% WexUS Ac Wrld ND
Cat
$10,000
3 Mo
6 Mo
1 Yr
3 Yr Avg
5 Yr Avg
10 Yr Avg
15 Yr Avg
2.85 7.42
4.48
11 10,285
6.34 2.44
1.14
43 10,634
16.70 21.27 13.87
1 11,670
. . . . .
. . . . .
. . . . .
. . . . .
Tax Analysis
Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat
3 Yr (estimated)
5 Yr (estimated)
10 Yr (estimated)
. . . .
. . . .
. . . .
Potential Capital Gain Exposure: 10% of assets
Rating and Risk
Time Load-Adj
Morningstar
Morningstar
Morningstar
Period Return % Rtn vs Cat
Risk vs Cat
Risk-Adj Rating
1 Yr
16.70
3 Yr
. . . .
5 Yr
. . . .
10 Yr
. . . .
Incept
15.60
Other Measures
Standard Index
Best Fit Index
MSCI WexUS
Alpha
.
.
Beta
.
.
R-Squared
.
.
Standard Deviation
.
Mean
.
Sharpe Ratio
.
Morningstar’s Take
by Alex Bryan 07-15-15
Vanguard Global Minimum Volatility is a compelling
fund for risk-averse investors. Its low fee and
well-constructed defensive portfolio earn it a
Morningstar Analyst Rating of Bronze.
This fund attempts to offer investors a smoother
ride than the FTSE Global All Cap Index, which includes
both U.S. and foreign stocks. To do this, the managers
select stocks from this index with an optimization
algorithm. This algorithm takes into account each
correlations between stocks. But the fund limits sector
and country tilts relative to the FTSE Global All Cap Index.
In order to further mitigate risk, the fund hedges its
currency exposure. From January 2014 through June 2015,
the fund has exhibited about two thirds the volatility of
its parent index.
This is a rules-driven approach that does not rely on
qualitative security selection. But because the fund
does not track an index, the managers have some
discretion over implementation, which may help
reduce costs. For instance, they can spread turnover
throughout the year rather than concentrating trades
on an index rebalancing date. They can also adjust the
model as needed to balance the cost and benefits of
trading. Turnover can be high, which can reduce tax
efficiency. The fund is competitive with its indexed
peers on fees.
Like other low-volatility strategies, this fund will
likely lag during strong bull markets. Investors should
not expect it to generate market-beating returns over
the long run. But there is a good chance that it might
offer a more-favorable trade-off between risk and
reward than most global-stock funds. Low-volatility
stocks may offer lower expected returns than the
market, which can make them unattractive to
benchmark-sensitive investors. This can depress their
prices relative to their risk and set up strong
risk-adjusted returns. These stocks also tend to be
more profitable than average and enjoy relatively
help it weather market downturns better than its peers.
‘
Address:
Vanguard Whitehall Funds
Valley Forge, PA 19482
800-662-6273
Web Address:
www.vanguard.comInception:
12-12-13
Advisor:
Vanguard Group, Inc.
Subadvisor:
None
NTF Plans:
N/A
Minimum Purchase:
$3000
Add:
.
IRA: $3000
Min Auto Inv Plan:
$3000
Add:
.
Sales Fees:
No-load
Management Fee:
0.20%
Actual Fees:
Mgt:0.25% Dist:
.
Expense Projections:
3Yr:$97
5Yr:$169 10Yr:$381
Income Distribution:
Annually
Data through July 31, 2015
Vanguard Global Minimum Volatility Inv
Ticker
Status Yield Total Assets
Mstar Category
VMVFX Open
2.3% $987 mil
World Stock
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 07-15
Historical Profile
Return
Risk
Rating
Not Rated
Investment Style
Equity
Stock %
Manager Change
Partial Manager Change
Growth of $10,000
Investment Values of
Fund
Investment Values of
MSCI WexUS
Performance Quartile
(within Category)
History
10.0
9.0
10.7
11.4
12.1
Portfolio Analysis
03-31-15
Share change since 12-14 Total Stocks:371 Sector
Country
% Assets
Galenica AG
Hlth care Switzerland
1.41
Church & Dwight Company,
Cnsmr Def
United States
1.41
Kaiser Aluminum Corp
Basic Mat
United States
1.39
Mengniu Dairy
. .
1.36
CLP Holdings Limited
Utilities
Hong Kong
1.36
Jack Henry & Associates,
Industrl
United States
1.30
Clorox Co
Cnsmr Def
United States
1.28
Takeda Pharmaceutical Co
Hlth care Japan
1.19
BCE Inc
Comm Svs Canada
1.17
Next PLC
Cnsmr Cyc U.K.
1.17
Dr Reddy Laboratories Lt
Hlth care India
1.15
Beneficial Bancorp Inc
Finan Svs United States
1.12
New York Community Banco
Finan Svs United States
1.12
Fortis Inc
Utilities
Canada
1.12
People’s United Financia
Finan Svs United States
1.11
CACI International Inc C
Technology United States
1.08
Henry Schein Inc
Hlth care United States
1.05
Want Want China Holdings
Cnsmr Def
China
1.01
Dollarama Inc
Cnsmr Def
Canada
1.00
Maximus Inc
Industrl
United States
1.00
Current Investment Style
Market Cap %
Giant
17.7
Large
26.2
Mid
38.7
Small
13.9
Micro
3.5
Avg $mil:
8,179
Value Blnd Growth
Large Mid Small
Country Exposure
% Stock
United States 48
U.K.
9
Canada
7
Australia
5
Japan
5
Regional Exposure
% Stock
UK/W. Europe 19
Japan
5
Asia X Japan 18
N. America 55
Latn America 3
Other
0
Sector
Weightings
% of
Stocks
Rel MSCI
WexUS High
3 Year
Low
Cyclical 32.28
.
BasicMat 3.02
. . .
CnsmrCyc12.52
. . .
FinanSvs 8.45
. . .
Real Est 8.29
. . .
Sensitive 30.29
.
CommSrvs 8.09
. . .
Energy 2.72
. . .
Industrl 12.24
. . .
Technlgy 7.24
. . .
Defensive37.42
.
CnsmrDef13.35
. . .
Hlthcare 16.73
. . .
Utilities 7.34
. . .
h
r
t
y
u
j
i
o
p
a
k
s
d
f
Composition - Net
(% of Stock)
Cash
1.5
Stocks
97.4
Bonds
0.0
Other
1.1
Foreign
52.7
Growth Measures
% Rel Category
Long-Term Erngs
Book Value
Sales
Cash Flow
Historical Erngs
9.33
2.06
4.60
3.43
2.94
0.83
1.00
17.69
4.40
0.06
Value Measures
Rel Category
Price/Earnings
Price/Book
Price/Sales
Price/Cash Flow
Dividend Yield %
19.97
2.30
1.35
5.79
2.74
1.35
1.19
1.04
0.81
1.12
©
2015Morningstar, Inc.All rights reserved. The information herein isnot representedorwarranted tobeaccurate, correct, completeor
timely. Pastperformance isnoguarantee of future results.Access updated reports at
Toorder reprints, call 312-696-6100.
mfb.morningstar.com.
Mutual Funds
ß
®
EQ