VWO's largest holdings are Taiwan Semiconductor Manufacturing Co., Ltd., Tencent Holdings Limited, Alibaba Group Holding Limited, Vanguard Cmt Funds-Vanguard Market Liquidity Fund, DELTA ELECTRONICS, INC.. The full top list is on this page.

How concentrated is VWO?

The top 10 holdings are 26.5% of the fund, across 6411 positions.

The total expense ratio on record is 0.06%. That is cheaper than 96% of the 2561 US-listed equity funds we track.

Which sectors dominate VWO?

By weight of its equity holdings: Technology 29.3%, Financial Services 19.2%, Consumer Cyclical 10.2%.

What is VWO's P/E ratio?

Computed from company annual reports and filed position values, VWO's weighted price-to-earnings ratio is 16.8, covering 60.0% of the fund by weight. The weighted price-to-book ratio is 0.86.

US-listed

VWO

seeks to track the performance of a benchmark index that measures the investment return of stocks issued by companies located in emerging market countries.

VANGUARD EMERGING MARKETS STOCK INDEX FUND

Vanguard

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Concentration

Moderately concentratedtop 10 = 26.5%

diversifiedconcentrated

GROWTH · NAV (USD)rebased to 0%

Holdings

6411

as of 2026-04-30

Top 10

26.5%

TER

0.06%

cheaper than 96% of peers

Net assets

US$160B

Largest

14.6%

P / E

16.8

covers 60.0% by weight

Sections

Holdings as of 2026-04-30.

01Overview

the fund's regulatory facts

Fund currency

USD

Volatility 1Y

17.4%

How it tracks

Index, sampling

02Valuation and performance

price · as of 2026-07-23

-2.1%

+0.4%

+2.9%

YTD

+8.2%

+16.4%

Valuation2768 companies covered · weighted, profitable holdings only

16.8

price / earnings

covers 60.0% by weight

5.9%

earnings yield

0.86

price / book

covers 42.0% by weight

Computed from company filings and reported position values. How this is computed. Not investment advice.

03Holdings

50 largest · as of 2026-04-30

#	Company	Identifier	Weight
1	Taiwan Semiconductor Manufacturing Co., Ltd. TW	2330	14.1
2	Tencent Holdings Limited KY	700	3.1
3	Alibaba Group Holding Limited KY	9988	2.5
4	Vanguard Cmt Funds-Vanguard Market Liquidity Fund US	–	1.4
5	DELTA ELECTRONICS, INC. TW	2308	1.1
6	MediaTek Inc. TW	2454	1.0
7	RELIANCE INDUSTRIES LIMITED IN	RELIANCE	0.9
8	CHINA CONSTRUCTION BANK CORPORATION CN	939	0.8
9	HDFC BANK LIMITED IN	HDFCB	0.8
10	Petroleo Brasileiro S.A. (Petrobras) BR	PETR4	0.7
11	HON HAI PRECISION INDUSTRY CO., LTD. TW	2317	0.7
12	PDD Holdings Inc. KY	PDD	0.6
13	INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED CN	1398	0.6
14	ICICI BANK LIMITED IN	ICICIBC	0.6
15	XIAOMI CORPORATION KY	1810 HK	0.5
16	BHARTI AIRTEL LIMITED IN	BHARTI	0.5
17	VALE S.A. BR	VALE3	0.5
18	MEITUAN KY	3690	0.5
19	AL RAJHI BANKING AND INVESTMENT CORPORATION SJSC SA	RJHI	0.5
20	Ping An Insurance (Group) Company of China, Ltd. CN	2318	0.4
21	Itau Unibanco Holding S.A. BR	ITUB4	0.4
22	ASE Technology Holding Co., Ltd. TW	3711	0.4
23	BYD COMPANY LIMITED CN	1211	0.4
24	Anglogold Ashanti Plc GB	AU	0.4
25	BANK OF CHINA LIMITED CN	3988	0.4
26	Saudi Arabian Oil Company SA	2222	0.4
27	INFOSYS LIMITED IN	INFO	0.4
28	NETEASE, INC. KY	9999 HK	0.4
29	ELITE MATERIAL CO., LTD. TW	2383	0.4
30	NASPERS LIMITED ZA	NPN	0.3
31	UNIMICRON TECHNOLOGY CORP. TW	3037	0.3
32	Gold Fields Limited ZA	GFI SJ	0.3
33	Accton Technology Corp. TW	2345	0.3
34	JD.COM, INC. KY	9618 HK	0.3
35	KUWAIT FINANCE HOUSE K.S.C.P KW	KFH	0.3
36	BAIDU, INC. KY	9888 HK	0.3
37	PetroChina Company Limited CN	857	0.3
38	TRIP.COM GROUP LIMITED KY	9961	0.3
39	Grupo Financiero Banorte, S.A.B. de C.V. MX	GFNORTEO	0.3
40	Grupo Mexico SAB de CV MX	GMEXICOB MF	0.3
41	OTP Bank Nyrt. HU	OTP	0.3
42	AXIS BANK LIMITED IN	AXISBANK	0.3
43	Zijin Mining Group Company Limited CN	2899 HK	0.3
44	The Saudi National Bank SJSC SA	SNB	0.3
45	MAHINDRA AND MAHINDRA LIMITED IN	M&M	0.3
46	Asia Vital Components Co., Ltd. TW	3017	0.2
47	UNITED MICROELECTRONICS CORP. TW	2303	0.2
48	CTBC Financial Holding Co., Ltd. TW	2891	0.2
49	LARSEN AND TOUBRO LIMITED IN	LT	0.2
50	FIRSTRAND LIMITED ZA	FSR	0.2

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04Exposure

Equity 95.6%Cash 4.1%

By sector

Technology29.3%

Financial Services19.2%

Consumer Cyclical10.2%

Materials7.8%

Industrials7.2%

Communication Services6.7%

Energy4.2%

Consumer Defensive3.7%

Healthcare3.5%

Utilities2.8%

Real Estate1.9%

By country

TWTaiwan28.7%

INIndia16.4%

CNChina14.1%

KYCayman Islands13.3%

BRBrazil4.8%

USUnited States4.6%

ZASouth Africa3.3%

SASA3.2%

CurrencyTWD 28.7% USD 18.1% INR 16.4% CNY 14.1% BRL 4.8%

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