Fund Evaluator:
Vanguard Global Credit Bond Investor (VGCIX)
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Best Performing in Corporate Bond Over the Last Year
| 4.9% | Vanguard Global Credit Bond Admiral (VGCAX) |
| 4.8% | T. Rowe Price Corporate Income Z (TRZCX) |
| 4.8% | Vanguard Global Credit Bond Investor (VGCIX) |
| 4.6% | Vanguard Interm-Term Investment-Grde Adm (VFIDX) |
| 4.5% | Vanguard Interm-Term Corp Bd Idx Admiral (VICSX) |
Fund Details
Vanguard Global Credit Bond Investor Overview
Vanguard Global Credit Bond Investor (VGCIX) is an actively managed Taxable Bond Corporate Bond fund. Vanguard launched the fund in 2018.
The investment seeks to provide a moderate and sustainable level of current income. Under normal circumstances, the fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in bonds. It primarily invests in corporate and non-corporate investment-grade bonds that the fund’s advisor believes will generate a moderate and sustainable level of current income. It may invest up to 10% of its total assets in below-investment-grade bonds.
About Vanguard Global Credit Bond Investor (VGCIX)
There are 2 members of the management team with an average tenure of 7.13 years: Daniel Shaykevich (2018), Arvind Narayanan (2019). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Gbl Agg Credit TR Hdg USD index with a weighting of 100% and Bloomberg Global Agg Float Adj TR USD index with a weighting of 100%. Vanguard Global Credit Bond Investor has 1688 securities in its portfolio. The top 10 holdings constitute 9.8% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Vanguard Global Credit Bond Investor is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Vanguard Global Credit Bond Investor has 58.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 99.2% (40.9% domestic bond, 58.3% foreign bond and 0.1% convertible bond). Vanguard Global Credit Bond Investor has 0.7% of the portfolio in cash.
Assets Under Management
The fund has $57 million in total assets, which is below the $720 million average for the Corporate Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
VGCIX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Vanguard Global Credit Bond Investor expense ratio is below average compared to funds in the Corporate Bond category. Vanguard Global Credit Bond Investor has an expense ratio of 0.35%, which is 53% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Vanguard Global Credit Bond Investor has a portfolio turnover rate of 170%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 116% for the Corporate Bond category.
Recently, in the month of June 2026, Vanguard Global Credit Bond Investor returned 0.4%, which earned it a grade of A, as the Corporate Bond category had an average return of 0.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Vanguard Global Credit Bond Investor has a trailing yield of 3.75%, which is below the 4.33% category average. The fund normally distributes its income quarterly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Vanguard Global Credit Bond Investor Grades
Year to date, the fund has returned 1.5%, 0.8 percentage points better than the category, which translates into a grade of A. The fund has returned 4.8% over the past year (grade of A), 6.2% over the past three years (grade of A) and 1.3% per year over the past five years (grade of A).
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VGCIX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| VGCIX Return (NAV) | 0.4% | 2.0% | 4.8% | 6.2% | 1.3% | na |
| VGCIX Grade | A | A | A | A | A | na |
| +/- Category | 0.2% | 0.7% | 0.8% | 1.0% | 1.0% | na |
| Corporate Bond Avg | 0.2% | 1.4% | 4.0% | 5.2% | 0.3% | 2.6% |
| VGCIX Tax Cost Ratio | na | na | 1.5% | 1.7% | 1.6% | na |
VGCIX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| VGCIX Return (NAV) | 1.5% | 7.3% | 4.0% | 8.9% | -13.6% | -0.7% | 10.7% | 12.9% | na | na | na |
| VGCIX Grade | A | C | A | B | A | B | C | F | na | na | na |
| +/- Category | 0.8% | -0.2% | 1.4% | 0.7% | 2.1% | 0.3% | 0.6% | -1.0% | na | na | na |
| Corporate Bond Avg | 0.7% | 7.4% | 2.7% | 8.2% | -15.7% | -1.0% | 10.1% | 13.9% | -2.9% | 6.3% | 6.9% |
| Risk Measures | |
| Standard Deviation: | 4.9% |
| Total Risk Index: | 0.40 - Low |
| Category Risk Index: | 0.82 - Low |
| Category Risk Grade: | A (10% Rank) |
| Beta: | 0.85 |
| R-Squared: | 93% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 3.8% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | |
| Total Assets: | $994 Mil |
| Fund Total Assets: | $ 58 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 170% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 7.6 years | |||
| Average Tenure: 7.1 years | |||
| Managers (Year): Shaykevich Daniel (2018), Narayanan Arvind (2019) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 1688 |
| % in Top 10 Holdings: | 9.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 58.3% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 40.9% |
| Foreign Bond: | 58.3% |
| Convertible Bond: | 0.1% |
| Other: | 0.0% |
| Cash: | 0.7% |
Purchase Information
| Fund Family: | Vanguard |
| Phone Number: | 800-662-2739 |
| Website: | personal.vanguard.com/us/home |
| Status: | Open |
| Inception Date: | November 15, 2018 |
| Min. Initial Purchase: | $3,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.35% ( Rating : Below Avg ) |
| Category Average Expense Ratio (%): | 0.75% |
| Share Class: | Vanguard Global Credit Bond Admiral |
| Min. Subsequent Purchase: | $ 1 |
| Min. Subsequent IRA Purchase: | $ 0 |
