Vanguard FTSE Developed Europe ex-UK Equity Index A

Cheap European equity fund tracking the FTSE Developed Europe ex UK Index.

  • 24858.45p
    Price (Inc)

    These are the shares in the fund that pay out an income to clients. The income is made up of the total dividends – the money a company can pay out to its investors – from the companies in the fund.

  • 33244.93p
    Price (Acc)

    These are the shares in the fund that don’t pay out an income to clients. Any dividends – the money a company can pay out to its investors – are reinvested into companies in the fund. Despite no income, the shares should be worth more over time. Good incentive, eh?

  • 0.00%

    Initial charge

    Some funds charge you when you first invest, which is aptly known as the initial charge. They’re usually between 3-5% but at Bestinvest, we usually don’t charge you a penny!

  • 0.12%
    Annual management charge

    This is how much the fund management company charges to run the fund. It’s like paying a babysitter, dog sitter or house sitter (that makes well-informed, heavily researched changes to improve your baby/dog/house when needed).

  • 0.12%
    Ongoing charges

    This stands for Ongoing Charges Figure. It’s the cost of running a fund and includes admin fees, manager fees, administration costs, etc.

  • 2.20%
    Yield

    How much the fund is currently paying out in income to investors. It’s NOT to be confused with the overall growth of a fund – a very different thing indeed. It’s also NOT a guarantee of future pay-outs, just a snapshot. This is more what it’s not than what it is…

Prices as at 14 June 2021, fund data last updated 25 January 2017

This is a tracker fund, aiming to replicate the performance of the FTSE Developed Europe ex-UK Index. This index comprises around 400 large and mid-cap stocks based in 14 developed continental European countries. In order to track it the index the fund will pursue a physical replication method, buying all of the index’s constituents in the same proportion as the index. The fund has a very limited securities lending programme whereby a maximum of 3% of the portfolio’s securities can be lent out.

Fund summary

Sector Europe Excluding UK
Structure OEIC
Launched June, 2009
Size £2,962m
Yield 2.20%
Charging basis Income
Dividends paid 31 Dec

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.12%
Ongoing charges figure 0.12%

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Investment process

The fund aims to match the performance of the FTSE Developed Europe ex-UK Index. This index comprises around 400 large and mid-cap stocks based in 14 developed European countries, though over half of the index by size is made up of companies based in France, Germany and Switzerland. To follow the index the fund pursues a strategy known as physical replication (buying the shares in the index directly rather than using derivatives). It also fully replicates the index – buying each constituent stock in the same proportion to its weighting in the index. Though primarily an equity fund, the manager will also use futures, a type of derivative that provides liquid exposure to the whole of the index. These are used to manage cash balances in the fund - by buying and selling futures the manager can maintain 100% market exposure without the costs involved in trading all of the shares in the portfolio whenever there is a cash inflow or outflow. The fund engages in limited securities lending, where a maximum of 3% of the underlying securities may be lent out in order to raise revenue for fund holders.

Manager research

Average monthly relative returns

  • 16/17 -0.06%
  • 17/18 0.00%
  • 18/19 -0.15%
  • 19/20 -0.15%
  • 20/21 -0.05%

Bestinvest MRI

  • 3 years -0.12%
  • 5 years -0.08%
  • Career -0.08%
  • 3 years 0.20%
  • 5 years 0.40%
  • Career 0.40%

Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Vanguard Group

The Group launched an initial line up of index funds in the UK in June 2009 and has a range of other more diverse investment products. Chief Investment Officer (CIO) Tim Buckley oversees all investment activity at Vanguard. Vanguard Equity Investment Group oversees all passive and active equity portfolios, and alternatives strategies, managed by Vanguard. The group’s headquarters is at Vanguard’s campus in Malvern, Pennsylvania, United States.

Track record

Vanguard Group has 9.9 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.08%. During the worst period of relative performance (from July 2011 - October 2020) there was a decline of 10% relative to the index. The worst absolute loss has been 16%.

Periods of worst performance

Absolute -16.00% (December 2019 - March 2020)
Relative -10.00% (July 2011 - October 2020)

About the MRI

Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.

Allocation

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Top 10 holdings

Data accurate as at 31 July 2020

5.0952% Nestle Sa
3.7359% Roche Hldg Ag
2.6534% Novartis Ag
2.6407% Sap Se
2.1039% Asml Holding Nv
1.6965% Sanofi
1.6069% Lvmh Moet Hennessy Vuitton Se
1.5907% Novo-Nordisk As
1.4571% Siemens Ag
1.308% Total Se
Source: Trustnet

Sector breakdown

Consumer Goods 19.00%
Health Care 17.00%
Financials 17.00%
Industrials 16.00%
Technology 9.00%
Basic Materials 5.00%
Utilities 5.00%
Consumer Services 4.00%
Oil & Gas 4.00%
Telecommunications 3.00%

Portfolio

Around 400 stocks - all of those in the index. May also buy overseas listings of index stocks for liquidity.

Constraints

Max 3% securities lending.

Key Investor Information - Income

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Key Investor Information - Accumulation

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