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
6,411 holdings as of 2026-04-30 · top 10 = 26.5% · TER 0.06% · P/E 18.0
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Concentration
Moderately concentratedtop 10 = 26.5%
diversifiedconcentrated
GROWTH · NAV (USD)rebased to 0%
Holdings
6,411
as of 2026-04-30
Top 10
26.5%
TER
0.06%
cheaper than 97% of peers
Net assets
US$160B
Largest
14.6%
P / E
18.0
covers 70% by weight
Sections
Holdings as of 2026-04-30.
01Overview
Fund currency
USD
Volatility 1Y
17.6%
Tracked index
FTSE Emerging Markets All Cap China A Inclusion Index
How it tracks
Index, sampling
02Valuation and performance
1M
-0.1%
3M
+1.3%
6M
+11.7%
YTD
+12.3%
1Y
+12.6%
Valuation3,145 companies covered · weighted, profitable holdings only
18.0
price / earnings
MethodologyCompany-data coverageThe rest is 3% loss-making companies, which carry no P/E by the positive-earner convention; 5% bonds, cash or other non-equity; 22% cannot be reliably linked to the financial and market data used in this analysis. We exclude uncertain matches rather than estimate them.
5.1%
MethodologyEarnings yieldP/E is price over earnings; earnings yield is the reverse, earnings over price, and reads like a bond yield. P/E covers only the profitable holdings, since a loss-making company has no meaningful P/E. Earnings yield counts the loss-makers too, so it covers more of the fund and can fall below zero when the holdings lose money overall.
covers 73% by weight
1.17
price / book
covers 67% by weight
Computed from company filings and reported position values. MethodologyPortfolio valuationComputed by us from each company's own financial statements and the position values funds report, currency-adjusted and weighted harmonically. P/E covers profitable holdings only. Book value uses the most recent reported quarter.. Not investment advice.
03Holdings
| # | Company | Identifier | Weight |
|---|---|---|---|
| 1 | Taiwan Semiconductor Manufacturing Co., Ltd. TW | 2330 | |
| 2 | Tencent Holdings Limited KY | 700 | |
| 3 | Alibaba Group Holding Limited KY | 9988 | |
| 4 | Vanguard Cmt Funds-Vanguard Market Liquidity Fund US | – | |
| 5 | DELTA ELECTRONICS, INC. TW | 2308 | |
| 6 | MediaTek Inc. TW | 2454 | |
| 7 | RELIANCE INDUSTRIES LIMITED IN | RELIANCE | |
| 8 | CHINA CONSTRUCTION BANK CORPORATION CN | 939 | |
| 9 | HDFC BANK LIMITED IN | HDFCB | |
| 10 | Petroleo Brasileiro S.A. (Petrobras) BR | PETR4 | |
| 11 | HON HAI PRECISION INDUSTRY CO., LTD. TW | 2317 | |
| 12 | PDD Holdings Inc. KY | PDD | |
| 13 | INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED CN | 1398 | |
| 14 | ICICI BANK LIMITED IN | ICICIBC | |
| 15 | XIAOMI CORPORATION KY | 1810 HK | |
| 16 | BHARTI AIRTEL LIMITED IN | BHARTI | |
| 17 | VALE S.A. BR | VALE3 | |
| 18 | MEITUAN KY | 3690 | |
| 19 | AL RAJHI BANKING AND INVESTMENT CORPORATION SJSC SA | RJHI | |
| 20 | Ping An Insurance (Group) Company of China, Ltd. CN | 2318 | |
| 21 | Itau Unibanco Holding S.A. BR | ITUB4 | |
| 22 | ASE Technology Holding Co., Ltd. TW | 3711 | |
| 23 | BYD COMPANY LIMITED CN | 1211 | |
| 24 | Anglogold Ashanti Plc GB | AU | |
| 25 | BANK OF CHINA LIMITED CN | 3988 | |
| 26 | Saudi Arabian Oil Company SA | 2222 | |
| 27 | INFOSYS LIMITED IN | INFO | |
| 28 | NETEASE, INC. KY | 9999 HK | |
| 29 | ELITE MATERIAL CO., LTD. TW | 2383 | |
| 30 | NASPERS LIMITED ZA | NPN | |
| 31 | UNIMICRON TECHNOLOGY CORP. TW | 3037 | |
| 32 | Gold Fields Limited ZA | GFI SJ | |
| 33 | Accton Technology Corp. TW | 2345 | |
| 34 | JD.COM, INC. KY | 9618 HK | |
| 35 | KUWAIT FINANCE HOUSE K.S.C.P KW | KFH | |
| 36 | BAIDU, INC. KY | 9888 HK | |
| 37 | PetroChina Company Limited CN | 857 | |
| 38 | TRIP.COM GROUP LIMITED KY | 9961 | |
| 39 | Grupo Financiero Banorte, S.A.B. de C.V. MX | GFNORTEO | |
| 40 | Grupo Mexico SAB de CV MX | GMEXICOB MF | |
| 41 | OTP Bank Nyrt. HU | OTP | |
| 42 | AXIS BANK LIMITED IN | AXISBANK | |
| 43 | Zijin Mining Group Company Limited CN | 2899 HK | |
| 44 | The Saudi National Bank SJSC SA | SNB | |
| 45 | MAHINDRA AND MAHINDRA LIMITED IN | M&M | |
| 46 | Asia Vital Components Co., Ltd. TW | 3017 | |
| 47 | UNITED MICROELECTRONICS CORP. TW | 2303 | |
| 48 | CTBC Financial Holding Co., Ltd. TW | 2891 | |
| 49 | LARSEN AND TOUBRO LIMITED IN | LT | |
| 50 | FIRSTRAND LIMITED ZA | FSR |
04Exposure
Equity 95.6%Cash 4.1%
By sector
Technology29.3%
Financial Services19.2%
Consumer Cyclical10.3%
Materials7.9%
Industrials7.2%
Communication Services6.8%
Energy4.2%
Consumer Defensive3.8%
Healthcare3.5%
Utilities2.8%
Real Estate2.0%
By country
TWTaiwan28.7%
INIndia16.3%
CNChina14.1%
KYCayman Islands13.3%
BRBrazil4.8%
USUnited States4.6%
ZASouth Africa3.3%
SASA3.2%
CurrencyTWD 28.7% USD 18.2% INR 16.3% CNY 14.1% BRL 4.8%
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