Fund Evaluator:

Vanguard Global Capital Cycles Investor Overview

Vanguard Global Capital Cycles Investor (VGPMX) is an actively managed International Equity Global Large-Stock Value fund. Vanguard launched the fund in 1984.

The investment seeks long-term capital appreciation. The fund employs an active management approach, investing in both U.S. and foreign equity securities. It seeks to generate above average compounded returns by purchasing securities in companies and industries where capital spending is declining, and seeks to avoid companies, assets, and business models that can be easily replicated. The fund typically invests across a range of sectors, a mix of developed and emerging markets stocks, and typically holds companies across the market capitalization spectrum. It is non-diversified.

About Vanguard Global Capital Cycles Investor (VGPMX)

There are 1 members of the management team with an average tenure of 7.93 years: Keith White (2018). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: MSCI ACWI NR USD index with a weighting of 100% and S&P Global BMI Mtls&Mining 25% Wtd USD index with a weighting of 100%. Vanguard Global Capital Cycles Investor has 100 securities in its portfolio. The top 10 holdings constitute 27.9% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

Vanguard Global Capital Cycles Investor is part of the Equity global asset class and is within the International Equity fund group. Vanguard Global Capital Cycles Investor has 76.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 20.6%. There is 76.5% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Vanguard Global Capital Cycles Investor has 2.9% of the portfolio in cash.

Assets Under Management

The fund has $3 billion in total assets, which is above the $492 million average for the Global Large-Stock Value 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.

VGPMX 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 Capital Cycles Investor expense ratio is average compared to funds in the Global Large-Stock Value category. Vanguard Global Capital Cycles Investor has an expense ratio of 0.42%, which is 60% 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 Capital Cycles Investor has a portfolio turnover rate of 50%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 48% for the Global Large-Stock Value category.

Recently, in the month of June 2026, Vanguard Global Capital Cycles Investor returned -4.5%, which earned it a grade of F, as the Global Large-Stock Value category had an average return of -0.1%. 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 Capital Cycles Investor has a trailing yield of 3.46%, which is above the 1.80% category average.

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 Capital Cycles Investor Grades

Year to date, the fund has returned 12.7%, 3.0 percentage points better than the category, which translates into a grade of B. The fund has returned 49.1% over the past year (grade of A), 27.6% over the past three years (grade of A) and 20.0% per year over the past five years (grade of A) and 10.0% per year over the past 10 years (grade of C).

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