Vanguard® Global Equity Fund
Schedule of Investments (unaudited)
As of December 31, 2023
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
Shares | Market Value ($000) | ||
Common Stocks (96.6%) | |||
Australia (0.9%) | |||
BHP Group Ltd. (XLON) Class DI | 1,696,037 | 57,981 | |
Woodside Energy Group Ltd. (XLON) | 437,661 | 9,267 | |
67,248 | |||
Brazil (1.2%) | |||
Ambev SA | 13,825,610 | 38,856 | |
B3 SA - Brasil Bolsa Balcao | 12,219,100 | 36,559 | |
XP Inc. Class A | 679,517 | 17,715 | |
93,130 | |||
Canada (1.2%) | |||
* | Shopify Inc. Class A (XTSE) | 1,004,501 | 78,250 |
Magna International Inc. | 194,581 | 11,496 | |
89,746 | |||
China (2.4%) | |||
Alibaba Group Holding Ltd. | 6,062,215 | 58,395 | |
* | PDD Holdings Inc. ADR | 152,458 | 22,306 |
* | Li Auto Inc. Class A | 1,184,158 | 22,186 |
Contemporary Amperex Technology Co. Ltd. Class A (XSHE) | 885,300 | 20,380 | |
ANTA Sports Products Ltd. | 1,961,600 | 19,065 | |
China Overseas Land & Investment Ltd. | 8,998,500 | 15,876 | |
Will Semiconductor Co. Ltd. Shanghai Class A | 514,600 | 7,742 | |
Glodon Co. Ltd. Class A (XSHE) | 2,795,930 | 6,755 | |
Will Semiconductor Co. Ltd. Shanghai Class A (XSSC) | 299,800 | 4,511 | |
Ping An Insurance Group Co. of China Ltd. Class H | 952,000 | 4,310 | |
181,526 | |||
Denmark (0.3%) | |||
* | Genmab A/S | 70,490 | 22,476 |
Finland (0.6%) | |||
Nokia OYJ | 10,803,758 | 36,797 | |
Nokia OYJ ADR | 2,677,936 | 9,158 | |
45,955 | |||
France (3.9%) | |||
Cie Generale des Etablissements Michelin SCA | 1,974,189 | 70,926 | |
Sanofi SA | 486,547 | 48,349 | |
Pernod Ricard SA | 245,019 | 43,300 | |
ArcelorMittal SA | 1,380,084 | 39,167 | |
1 | Amundi SA | 459,548 | 31,346 |
Accor SA | 752,584 | 28,806 | |
LVMH Moet Hennessy Louis Vuitton SE | 22,501 | 18,283 | |
Sartorius Stedim Biotech | 60,825 | 16,130 | |
296,307 |
Shares | Market Value ($000) | ||
Germany (2.4%) | |||
BASF SE | 1,137,093 | 61,229 | |
Daimler Truck Holding AG | 1,603,044 | 60,217 | |
Fresenius Medical Care AG | 951,352 | 39,775 | |
adidas AG | 113,919 | 23,149 | |
184,370 | |||
Hong Kong (1.2%) | |||
AIA Group Ltd. | 5,901,000 | 51,356 | |
Galaxy Entertainment Group Ltd. | 3,740,220 | 20,948 | |
* | Sands China Ltd. | 6,898,800 | 20,193 |
92,497 | |||
India (1.7%) | |||
1 | Reliance Industries Ltd. GDR | 1,417,570 | 88,527 |
HDFC Bank Ltd. | 2,074,788 | 42,483 | |
131,010 | |||
Ireland (1.8%) | |||
* | Ryanair Holdings plc ADR | 859,461 | 114,618 |
* | Flutter Entertainment plc (XDUB) | 136,994 | 24,316 |
138,934 | |||
Italy (0.4%) | |||
Enel SpA | 4,440,515 | 33,037 | |
* | Saipem SpA | 10,000 | 16 |
33,053 | |||
Japan (3.2%) | |||
Olympus Corp. | 2,956,100 | 42,669 | |
SMC Corp. | 61,400 | 32,845 | |
Resona Holdings Inc. | 5,529,200 | 28,029 | |
Daiichi Sankyo Co. Ltd. | 936,900 | 25,649 | |
Shiseido Co. Ltd. | 796,500 | 24,009 | |
Sysmex Corp. | 395,000 | 21,958 | |
Keyence Corp. | 46,936 | 20,622 | |
Nippon Paint Holdings Co. Ltd. | 2,206,400 | 17,798 | |
CyberAgent Inc. | 1,960,900 | 12,283 | |
Hoshizaki Corp. | 303,200 | 11,076 | |
Komatsu Ltd. | 372,600 | 9,696 | |
246,634 | |||
Netherlands (3.3%) | |||
Prosus NV | 2,594,364 | 77,219 | |
Randstad NV | 933,998 | 58,618 | |
ING Groep NV | 2,717,976 | 40,755 | |
ASML Holding NV GDR (Registered) | 47,836 | 36,208 | |
ASM International NV | 43,605 | 22,695 | |
*,1 | Adyen NV | 14,745 | 19,035 |
254,530 | |||
Norway (0.6%) | |||
Schibsted ASA Class A | 836,918 | 24,095 | |
* | Adevinta ASA | 1,474,134 | 16,286 |
Schibsted ASA Class B | 154,965 | 4,218 | |
44,599 | |||
Other (0.4%) | |||
2 | Vanguard Total World Stock ETF | 339,268 | 34,904 |
Russia (0.0%) | |||
3 | Sberbank of Russia PJSC | 3,912,108 | — |
*,3 | X5 Retail Group NV GDR (Registered) | 227,797 | — |
*,3 | VK Co. Ltd. GDR | 128,137 | — |
Shares | Market Value ($000) | ||
*,3 | Severstal PAO GDR (Registered) | 520,152 | — |
— | |||
Singapore (0.2%) | |||
* | Sea Ltd. ADR | 370,748 | 15,015 |
South Korea (1.2%) | |||
* | Coupang Inc. | 2,324,434 | 37,632 |
Shinhan Financial Group Co. Ltd. | 1,066,425 | 33,063 | |
Samsung Electronics Co. Ltd. (XKRX) | 333,471 | 20,241 | |
90,936 | |||
Sweden (1.1%) | |||
Atlas Copco AB Class B | 3,177,434 | 47,141 | |
Epiroc AB Class B | 1,504,650 | 26,388 | |
* | Spotify Technology SA | 67,169 | 12,622 |
86,151 | |||
Switzerland (1.5%) | |||
UBS Group AG (Registered) | 1,444,830 | 44,879 | |
Cie Financiere Richemont SA Class A (Registered) | 298,928 | 41,289 | |
Roche Holding AG | 110,704 | 32,181 | |
118,349 | |||
Taiwan (1.3%) | |||
Taiwan Semiconductor Manufacturing Co. Ltd. (XTAI) | 3,000,000 | 57,514 | |
Hon Hai Precision Industry Co. Ltd. | 12,006,745 | 40,850 | |
98,364 | |||
United Kingdom (5.4%) | |||
CRH plc (SGMX) | 1,531,847 | 105,420 | |
Shell plc | 2,071,925 | 68,173 | |
HSBC Holdings plc | 4,946,844 | 40,020 | |
Tesco plc | 8,971,690 | 33,238 | |
J Sainsbury plc | 8,369,240 | 32,267 | |
Barclays plc | 15,265,434 | 29,891 | |
Prudential plc (XLON) | 2,572,042 | 29,019 | |
AstraZeneca plc ADR | 377,992 | 25,458 | |
NatWest Group plc | 8,984,360 | 25,025 | |
Standard Chartered plc | 2,853,937 | 24,219 | |
412,730 | |||
United States (60.4%) | |||
Microsoft Corp. | 780,367 | 293,449 | |
* | Amazon.com Inc. | 1,631,569 | 247,901 |
Mastercard Inc. Class A | 329,877 | 140,696 | |
Martin Marietta Materials Inc. | 264,035 | 131,730 | |
* | Alphabet Inc. Class A | 926,237 | 129,386 |
Elevance Health Inc. | 259,891 | 122,554 | |
Moody's Corp. | 312,128 | 121,905 | |
* | Meta Platforms Inc. Class A | 284,844 | 100,823 |
NVIDIA Corp. | 199,795 | 98,942 | |
* | Alphabet Inc. Class C | 659,309 | 92,916 |
Service Corp. International | 1,183,173 | 80,988 | |
* | MercadoLibre Inc. | 49,967 | 78,525 |
* | Adobe Inc. | 129,487 | 77,252 |
* | Chipotle Mexican Grill Inc. | 30,929 | 70,733 |
Eli Lilly & Co. | 119,455 | 69,633 | |
Cognizant Technology Solutions Corp. Class A | 892,789 | 67,432 | |
Prologis Inc. | 483,206 | 64,411 | |
Visa Inc. Class A | 240,934 | 62,727 | |
* | Advanced Micro Devices Inc. | 401,516 | 59,187 |
Shares | Market Value ($000) | ||
Edison International | 826,266 | 59,070 | |
Capital One Financial Corp. | 447,361 | 58,658 | |
Lear Corp. | 403,624 | 56,996 | |
UnitedHealth Group Inc. | 107,131 | 56,401 | |
* | Netflix Inc. | 111,505 | 54,289 |
Dow Inc. | 970,853 | 53,242 | |
Analog Devices Inc. | 267,379 | 53,091 | |
Wells Fargo & Co. | 1,030,355 | 50,714 | |
* | DoorDash Inc. Class A | 501,392 | 49,583 |
Baxter International Inc. | 1,273,425 | 49,231 | |
Broadridge Financial Solutions Inc. | 238,803 | 49,134 | |
Citigroup Inc. | 933,692 | 48,029 | |
S&P Global Inc. | 106,927 | 47,103 | |
* | Uber Technologies Inc. | 747,653 | 46,033 |
Equitable Holdings Inc. | 1,373,829 | 45,748 | |
Wingstop Inc. | 177,496 | 45,542 | |
Arthur J Gallagher & Co. | 201,217 | 45,250 | |
SS&C Technologies Holdings Inc. | 738,060 | 45,103 | |
* | Skyline Champion Corp. | 569,729 | 42,308 |
Teradyne Inc. | 383,310 | 41,597 | |
* | Alnylam Pharmaceuticals Inc. | 217,142 | 41,563 |
* | Monster Beverage Corp. | 717,651 | 41,344 |
Royalty Pharma plc Class A | 1,460,698 | 41,031 | |
Charles Schwab Corp. | 584,548 | 40,217 | |
* | Cloudflare Inc. Class A | 481,727 | 40,109 |
* | Trade Desk Inc. Class A | 549,911 | 39,572 |
* | Block Inc. (XNYS) | 499,880 | 38,666 |
* | ICON plc | 136,588 | 38,664 |
Entegris Inc. | 320,124 | 38,357 | |
Bank of America Corp. | 1,138,234 | 38,324 | |
* | CBRE Group Inc. Class A | 409,928 | 38,160 |
Eaton Corp. plc | 155,731 | 37,503 | |
Advanced Drainage Systems Inc. | 266,120 | 37,427 | |
* | Dynatrace Inc. | 683,306 | 37,370 |
* | Charter Communications Inc. Class A | 86,942 | 33,793 |
* | Markel Group Inc. | 23,607 | 33,520 |
* | CoStar Group Inc. | 382,331 | 33,412 |
* | Tesla Inc. | 130,390 | 32,399 |
* | Aptiv plc | 359,841 | 32,285 |
MetLife Inc. | 476,240 | 31,494 | |
Westinghouse Air Brake Technologies Corp. | 238,654 | 30,285 | |
Medtronic plc | 363,510 | 29,946 | |
* | SiteOne Landscape Supply Inc. | 178,320 | 28,977 |
Thermo Fisher Scientific Inc. | 54,005 | 28,665 | |
* | MongoDB Inc. | 68,179 | 27,875 |
* | Airbnb Inc. Class A | 199,253 | 27,126 |
* | YETI Holdings Inc. | 507,715 | 26,289 |
* | Moderna Inc. | 254,972 | 25,357 |
Albemarle Corp. | 175,394 | 25,341 | |
* | Ceridian HCM Holding Inc. | 372,251 | 24,985 |
* | Datadog Inc. Class A | 204,728 | 24,850 |
* | Chewy Inc. Class A | 957,077 | 22,616 |
* | Floor & Decor Holdings Inc. Class A | 195,910 | 21,856 |
Cognex Corp. | 505,928 | 21,117 | |
* | Intuitive Surgical Inc. | 62,135 | 20,962 |
Newell Brands Inc. | 2,406,073 | 20,885 | |
* | REVOLUTION Medicines Inc. | 724,674 | 20,784 |
Comfort Systems USA Inc. | 100,513 | 20,672 |
Shares | Market Value ($000) | ||
Pool Corp. | 50,852 | 20,275 | |
* | Snowflake Inc. Class A | 101,813 | 20,261 |
* | Snap Inc. Class A | 1,189,820 | 20,144 |
* | HubSpot Inc. | 34,377 | 19,957 |
Estee Lauder Cos. Inc. Class A | 133,832 | 19,573 | |
* | First Solar Inc. | 110,412 | 19,022 |
Texas Instruments Inc. | 110,295 | 18,801 | |
* | Howard Hughes Holdings Inc. | 213,510 | 18,266 |
* | Illumina Inc. | 130,488 | 18,169 |
* | Shake Shack Inc. Class A | 240,889 | 17,855 |
*,4 | Livent Corp. | 989,665 | 17,794 |
* | Roku Inc. | 193,458 | 17,732 |
4 | Hannon Armstrong Sustainable Infrastructure Capital Inc. | 628,796 | 17,342 |
NOV Inc. | 763,196 | 15,478 | |
* | Unity Software Inc. | 372,983 | 15,251 |
* | Neogen Corp. | 720,119 | 14,482 |
* | Certara Inc. | 753,028 | 13,246 |
* | Exact Sciences Corp. | 175,814 | 13,007 |
* | Wayfair Inc. Class A | 148,992 | 9,193 |
* | STAAR Surgical Co. | 176,616 | 5,512 |
* | Novocure Ltd. | 239,370 | 3,574 |
*,3 | ABIOMED Inc. CVR | 82,912 | 85 |
4,637,129 | |||
Total Common Stocks (Cost $5,554,461) | 7,415,593 | ||
Temporary Cash Investments (2.7%) | |||
Money Market Fund (2.7%) | |||
5,6 | Vanguard Market Liquidity Fund, 5.435% (Cost $206,133) | 2,061,668 | 206,126 |
Total Investments (99.3%) (Cost $5,760,594) | 7,621,719 | ||
Other Assets and Liabilities—Net (0.7%) | 57,502 | ||
Net Assets (100%) | 7,679,221 | ||
Cost is in $000. |
* | Non-income-producing security. |
1 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2023, the aggregate value was $138,908,000, representing 1.8% of net assets. |
2 | Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group. |
3 | Security value determined using significant unobservable inputs. |
4 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $7,413,000. |
5 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
6 | Collateral of $7,819,000 was received for securities on loan. |
ADR—American Depositary Receipt. | |
CVR—Contingent Value Rights. | |
GDR—Global Depositary Receipt. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini S&P 500 Index | March 2024 | 509 | 122,669 | 2,623 |
MSCI EAFE Index | March 2024 | 434 | 48,877 | 1,291 |
MSCI Emerging Markets Index | March 2024 | 405 | 20,932 | 643 |
4,557 |
A. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees. These procedures include obtaining quotations from an independent pricing service, monitoring news to identify significant market- or security-specific events, and evaluating changes in the values of foreign market proxies (for example, ADRs, futures contracts, or exchange-traded funds), between the time the foreign markets close and the fund’s pricing time. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.
B. Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund’s pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on investment securities include the effects of changes in exchange rates since the securities were purchased, combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses) until the assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses).
C. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. Fluctuations in the value of the contracts are recorded as an asset (liability).
D. Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
The following table summarizes the market value of the fund’s investments and derivatives as of December 31, 2023, based on the inputs used to value them:
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks—North and South America | 4,744,505 | 75,415 | 85 | 4,820,005 |
Common Stocks—Other | 307,921 | 2,287,667 | — | 2,595,588 |
Temporary Cash Investments | 206,126 | — | — | 206,126 |
Total | 5,258,552 | 2,363,082 | 85 | 7,621,719 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 4,557 | — | — | 4,557 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. |
E. Transactions during the period in investments where the issuer is another member of The Vanguard Group were as follows:
Current Period Transactions | ||||||||
Sep. 30, 2023 Market Value ($000) | Purchases at Cost ($000) | Proceeds from Securities Sold ($000) | Realized Net Gain (Loss) ($000) | Change in Unrealized App. (Dep.) ($000) | Income ($000) | Capital Gain Distributions Received ($000) | Dec. 31, 2023 Market Value ($000) | |
Vanguard Market Liquidity Fund | 192,477 | NA1 | NA1 | — | (22) | 2,803 | 1 | 206,126 |
Vanguard Total World Stock ETF | 33,307 | 69,710 | 70,822 | 145 | 2,564 | 321 | — | 34,904 |
Total | 225,784 | 69,710 | 70,822 | 145 | 2,542 | 3,124 | 1 | 241,030 |
1 | Not applicable—purchases and sales are for temporary cash investment purposes. |