The fund will offer 2 share classes with estimated expense ratios of 0.45% for Investor Shares and 0.35% for Admiral™ Shares, both well below the industry average expense ratio of 0.75% for other foreign large-blend mutual funds.*

A strategy to build an “all weather” portfolio

Wellington Management Company LLP, Vanguard’s oldest and largest external advisory partner, will manage the fund. The firm is a world-class investment organization with deep global research capabilities across geographies and a long, distinguished history of investing in non-U.S. equity markets.

The fund’s investment strategy will employ a multi-disciplinary approach that identifies attractive, high-return potential opportunities by leveraging the full breadth and depth of Wellington Management’s global resources.

The fund will be differentiated and benefit from this unique approach that doesn’t emphasize any particular style or factor. The investment team seeks to build an “all weather” portfolio that prioritizes outperformance of the fund’s benchmark and limits the portfolio’s style, factor, region, and industry risk exposure through a sophisticated and centralized risk management approach.

Why talent, discipline & client focus matter

With $1.3 trillion in actively managed fund assets**, Vanguard’s active funds have consistently outperformed peers over various time periods. In managing our active funds, we believe that a prudent approach to risk, unambiguous decision-making, and enduring yet adaptable processes are critical to achieving long-term success.

We attribute our enduring outperformance to 3 key factors: our exceptional investment talent; our proven, disciplined approach; and our unique alignment with our clients.

Our global scale and long-term focus allow us to attract world-class investment professionals—both internally and externally—to oversee a full roster of active funds without compromising our commitment to low costs.

With more than 40 years of experience in selecting and partnering with active managers, we look to build loyal and lasting relationships—confident that each relationship will be mutually beneficial to us, our active fund managers, and most importantly, our clients.

Our managers embrace our values and long-term approach, enabling them to focus solely on creating the best outcomes for our clients. At Vanguard, our mission is clear. With no outside owners, we naturally align our interests with those of our clients—and our success is inextricably tied to the success we create for them and the long-term value we deliver.

In the coming months, look for more information about Vanguard International Core Stock Fund.



*Industry average is asset-weighted and excludes Vanguard. Source: Morningstar, Inc., as of March 31, 2019.
**As of March 31, 2019. Source: Morningstar, Inc.
†Number of Vanguard actively managed funds that outperformed their Lipper peer-group averages for periods ended March 31, 2019. For the 1-year period, 96 of 127 Vanguard funds; for the 3-year period, 88 of 114 Vanguard funds; for the 5-year period, 98 of 106 Vanguard funds; for the 10-year period, 88 of 100 Vanguard funds. Results will vary for other time periods. Only funds with a minimum of 1-, 3-, 5-, or 10-year history, respectively, were included in the comparison. Source: Lipper, a Thomson Reuters Company. Note that the competitive performance data shown represent past performance, which is not a guarantee of future results, and that all investments are subject to risk. For the most recent performance, visit



A registration statement relating to Vanguard International Core Stock Fund has been filed with the Securities and Exchange Commission but has not yet become effective. Shares of Vanguard International Core Stock Fund may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, Vanguard International Core Stock Fund in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

For more information about Vanguard funds, visit to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information about a fund are contained in the prospectus; read and consider it carefully before investing. Copies of the final prospectus can be obtained from Vanguard. Please note that a preliminary prospectus is subject to change.



All investing is subject to risk, including the possible loss of the money you invest.

Investments in stocks issued by non-U.S. companies and governments are subject to risks including country/regional risk and currency risk. Diversification does not ensure a profit or protect against a loss.