Vanguard Global Capital Stewards Equity Fund
SRI Style:
Sustainability Tilt
SDR Labelling:
Unlabelled - promotes sustainable characteristics (has CFD)
Product:
OEIC
Fund Region:
Global
Fund Asset Type:
Equity
Launch Date:
08/12/2021
Last Amended:
Jun 2026
Dialshifter (
):
Fund/Portfolio Size:
£105.60m
(as at: 31/03/2026)
Total Screened Themed SRI Assets:
£53189.40m
(as at: 31/03/2026)
Total Responsible Ownership Assets:
£53189.40m
(as at: 31/03/2026)
Total Assets Under Management:
£9040215.81m
(as at: 31/03/2026)
ISIN:
GB00BMV9B514, GB00BMV9B621
Contact Us:
Objectives:
The Fund seeks to provide an increase in the value of investments over the long-term (more than 5 years), through a combination of capital growth and income. The Fund aims to achieve this whilst selecting investments which meet certain sustainability criteria.
Sustainable, Responsible
&/or ESG Overview:
The Fund will seek to invest in companies whose management teams and boards display strong corporate governance (i.e., companies that balance the interests of all customers, employees, communities and suppliers) in the pursuit of profits and consider environmental, social and governance risks and opportunities in their corporate strategy.
The Fund will only invest in companies that have at least one of the following: (i) a net zero science-based target; (ii) a non- science-based target which is a public active emissions reduction target; or (iii) a combined scope 1+2 intensity (tons CO2/$M revenue) that is at least 25% below their industry average based on publicly disclosed emissions. Scope 3 emissions are not included.
The Manager considers that investments in companies with significant exposure to certain activities would not be suitable for the Fund due to the impact that such companies have on society and/or the environment. The exclusions policy can be found at https://funddocs.vanguard.com/Vanguard_Capital_Stewards_Equity_Fund_Exclusions_Policy.pdf The Fund will avoid investing in shares issued by companies involved in and/or deriving revenue (above a threshold specified by the Manager and set out in the exclusions policy) from thermal coal extraction or thermal coal-based power generation, production and generation of oil sands, production of tobacco related products, nuclear weapons and controversial weapons.
Primary fund last amended:
Jun 2026
Information directly from fund manager.
Fund Filters
Sustainability - General
Has policies that consider (environmental and social) sustainability issues. Strategies vary but are likely to consider environmental issues like climate change, carbon emissions, biodiversity loss, resource management, environmental impacts; and social issues like equal opportunities, human rights, labour standards, diversity and adherence to internationally recognised codes. See individual entry information.
Has a significant focus on sustainability issues
Aim to encourage higher sustainability standards through responsible ownership / stewardship / engagement / voting activity
Use the UN Global Compact to inform or help direct where they can or cannot invest. Will typically not invest in companies with significant breaches (low standards) - strategies vary. (The UNGC covers a wide range of issues - search 'UNGC'). See https://unglobalcompact.org/
Aim to invest (and manage assets) in ways that help to address all or some of the UN's Sustainable Development Goals (SDGs). See https://sdgs.un.org/goals).
Publicly report performance against named sustainability objectives
Environmental - General
Has policies which relate to environmental issues. These will typically set out their stance on issues such as pollution, climate change, resource management, biodiversity loss, carbon emissions, plastics and/or additional environmental impacts. Strategies vary.
Has a policy or theme that relates to managing natural resources more efficiently. Strategies vary. See individual entry information.
Climate Change & Energy
Has policies (documented strategies that explain their position) on climate change related issues such as greenhouse gas/carbon emissions, net zero, transitioning to lower carbon. Strategies vary.
Avoid investment in major coal, oil and/or gas (extraction) companies. Strategies vary.
Avoid companies involved in fracking and tar sands - which are widely regarded as controversial methods of oil and gas extraction. Strategies vary.
Avoid investing in companies / assets with coal, oil and gas reserves. See individual entry information for further details.
Encourage the transition to lower carbon activities through asset selection and / or responsible ownership activity.
Invest in renewable energy companies and / or companies where renewable energy is a significant part of their business. Strategies vary.
Has a policy which describes the avoidance or limited investment in the nuclear industry. Strategies vary.
Has a supply chain decarbonisation policy which sets out their position on the need to reduce carbon emissions.
Excludes companies and other assets with direct involvement in fossil fuel exploration (eg coal, oil and gas companies)
Excludes companies / assets with indirect involvement in fossil fuel exploration. This may relate to providers of finance and / or insurance and providers of other services.
Will only invest in companies that report greenhouse gas emissions in line with this international reporting framework. See https://www.fsb-tcfd.org/ https ://www.ifrs.org/sustainability/tcfd/
Requires all, or most of, the assets they invest in to have a ‘net zero action plan’ - describing how they will reduce their greenhouse gas emissions.
Social / Employment
All mining companies excluded
Ethical Values Led Exclusions
Companies are excluded if they are involved in any aspect of the production chain for tobacco products, including cigarettes, vaping, e-cigarettes, chewing tobacco and cigars.
Companies are excluded if they make more than 5% of their revenue from the manufacture, sale or distribution of tobacco products including cigarettes, vaping, e-cigarettes, chewing tobacco and cigars.
Excludes companies which make controversial weapons such as landmines, cluster munitions and chemical weapons.
Avoids companies that manufacture weapons intended specifically for military use. Strategies vary - may or may not include non-strategic military products.
Has a written civilian firearms exclusion policy - meaning that they will not invest in companies that make (or perhaps also sell) handguns made for non-military users.
Avoids companies that produce alcohol. Strategies vary; some may allow a small proportion of revenue to come from this area.
Avoids companies with significant involvement in the gambling industry. Some may allow a small proportion of revenues to come from this area.
Avoids companies that derive significant income from pornography and related areas. Strategies vary.
Human Rights
Has a policy which excludes assets with involvement in Modern Slavery
Governance & Management
Has policies that relate to corporate governance issues such as board structure, executive remuneration, bribery and/or corporate corruption. These funds will typically avoid companies with poor practices. Strategies vary.
Avoids investing in companies with poor governance practices.(e.g. board structure, management practices etc.) Views may however vary on what counts as 'poor' practices - and funds may not immediately divest as they may prefer to work to encourage higher standards.
Exclude companies that are subject to United Nations sanctions. See eg https://main.un.org/securitycouncil/en/content/un-sc-consolidated-list
Has policies explaining how managers will respond to assets / companies that do not comply with relevant anti-bribery and anti-corruption standards or laws. Strategies vary; options include stewardship/ engagement and divestment - or a combination.
Encourage the companies they invest in to have more diverse board structures (e.g. more women on boards)
Encourage the banks and insurance companies they invest in to publish climate change related financial information - as set out by the Task Force on Climate Related Financial Disclosures (with the aim of helping investors measure and respond to climate risk).
Aim to encourage higher ESG standards through responsible ownership / stewardship / engagement /voting activity
Product / Service Governance
Find fund / asset managers that factor in 'environmental, social and governance' issues as part of their investment decision making process. A focus on 'ESG' typically means a fund is carrying out additional research to help reduce ESG related risks. It does not necessarily mean a focus on sustainability. Strategies vary. See fund literature.
Asset Size
Invests more than half of their money into what are commonly regarded as 'large companies'. This will typically mean that the market capitalisation (or value) of the companies they hold is in excess of £5 to £10 billion.
Invests in a combination of small, medium and larger (potentially multinational) companies / assets.
Impact Methodologies
Has policies that aim to help or support the delivery of positive social or environmental impacts (or societal/real world outcomes) by investing in companies they regard as beneficial to people and / or the planet. Strategies vary.
Directs investment towards companies where a major part of their business is about solving environmental challenges. e.g. companies helping to address climate change.
Invest in companies where a major part of their business is specifically aimed at helping to address social challenges. e.g. companies helping to address poverty.
Aims to deliver positive environmental and or social impacts (real world benefits) through its engagement with investee assets
How The Fund/Portfolio Works
Focuses on finding and investing in companies with positive / beneficial attributes. This strategy can be applied in addition to exclusion criteria and engagement/stewardship activity.
Has some exclusions - typically for example excludes tobacco or companies that breach commonly adopted standards or norms such as the UN Global Compact.
Considers both the 'positive' and 'negative' aspects of company behaviour and makes balanced, considered decisions as part of their investment approach. May apply to a range of different issues and policy areas.
Focuses on the careful management of environmental, social and governance (ESG) related risks - typically by avoiding or being underweight in companies seen as posing major risks in these areas (i.e. not necessarily by using themes, exclusions etc).
Publish explanations of their ethical, social and/or environmental policies online (i.e. investment decision making strategies/ buy/sell &/or asset management strategies).
Uses specialist strategies to aid performance which involve ‘lending’ assets to others at specific points in time.
Intended Clients & Product Options
Designed to meet the needs of individual investors with an interest in sustainability issues.
Designed for clients who care about ethical and values-based issues, often alongside sustainability issues also.
Available via a tax efficient ISA product wrapper.
Fund Management Company Information
About The Business
Finds fund / asset management companies that have a published company wide stewardship, engagement and / or responsible ownership policy or strategy that covers all investments. Stewardship typically involves encouraging higher ESG standards through voting and dialogue.
Find fund / asset management companies that actively encourage higher 'environmental, social and governance' and / or 'sustainable and responsible investment' practices across investee companies - typically where the aim is to encourage positive change that is aligned with the best interests of investors. Strategies vary. See additional information and options.
Find options run by managers that apply Responsible ownership or 'Stewardship' policies to all or most of their investment assets. This means active involvement (e.g. voting, dialogue) with the companies across all or most funds, products and services.
Find fund / asset management companies that consider environmental, social and governance (ESG) issues when deciding whether or not to invest in a company for all / almost all of their funds and other assets. This is increasingly seen as part of sound risk management.
Finds organisations / fund managers that have an in-house (company wide) diversity improvement programme - meaning that they are working to ensure that within their own businesses they employ people from diverse backgrounds - often typically focused on ethnicity and/or sex.
Find fund / asset management companies that encourage the companies they invest in to have strong diversity, race, gender and other equality policies across all assets held, not simply screened or themed SRI/ESG funds. (ie Asset Management company wide).
Collaborations & Affiliations
Find fund / asset management companies that have signed up to the UN backed 'Principles of Responsible Investment'.
Fund management entity is a member of the Investment Association https://www.theia.org/
Resources
Find fund / asset management companies that employ people to steer and support fund managers in voting shares at company AGM's and EGMs in ways that are consistent with encouraging higher ESG/sustainability standards.
Find a fund / asset management company that directly employs specialist ESG/SRI/sustainability researchers or analysts. This allows asset managers to discuss environmental, social and governance risks and opportunities directly with companies.
Find fund / asset management companies that makes use of expert external research companies. This can help deliver specialist expertise and means resources are pooled with other investors.
Accreditations
Find fund / asset managers that are signatories to the FRC UK Stewardship Code, which sets out a framework for constructive investor / investee relations where managers are encouraged to behave like responsible, typically longer term 'company owners'.
Climate & Net Zero Transition
Find fund / asset management companies that are working with the companies they invest in to encourage reductions in carbon dioxide and other greenhouse gas emissions.
Finds organisations / fund managers that have a company wide carbon transition plan - meaning that they have plotted a path to how they will move away from activities that produce or use carbon based energy sources (that emit greenhouse gases) towards clean, alternative, renewable energy sources.
This fund / asset management company plans to achieve net zero greenhouse gas (CO2e) emissions with the help of a scheme that will lock away an amount of carbon that is equivalent to the company’s own emissions – so that the end result is ‘net zero’. Calculations and scope vary.
Find fund / asset management companies that are working to reduce their own (fund management company) carbon/greenhouse gas emissions.
Transparency
Find fund / asset management companies that publish a report detailing their responsible investment ownership - also known as 'Stewardship' - activity.
Find fund / asset management companies that publish information about their sustainable and responsible investment strategies on their company website.
Fund / asset management companies that publish a full record of how they vote their shares at AGMs (annual general meetings) and EGMs (extraordinary general meetings). Voting strategies have an important role to play encouraging higher environmental, social and governance standards.
Comments
Please note:
- Net Zero - have set a Net Zero target date (AFM company wide) - for business operations
- Stewardship Escalation Policy - Vanguard’s Investment Stewardship program is responsible for proxy voting and engagement on behalf of the quantitative and index equity portfolios advised by Vanguard (together, “Vanguard-advised funds”). Vanguard’s externally managed portfolios are managed by unaffiliated third-party investment advisors, and proxy voting and engagement for those portfolios are conducted by their respective advisors
- Split voting policy - From an evidentiary standpoint: on behalf of each Vanguard-advised fund, the Investment Stewardship team evaluates ballot items on a case-by-case basis in accordance with the principles articulated in the funds’ proxy voting policies approved by the board and each fund’s investment objective (which could vote differently). This includes Vanguard’s externally managed portfolios that are managed by unaffiliated third-party investment advisors, and proxy voting and engagement for those portfolios are conducted by their respective advisors.
For Vanguard U.S. equity index funds where Investor Choice is an option, an investor's proportionate ownership of a fund may be voted different based on the investor's chosen voting policy. The voting policy selected determines how an investor's proportionate fund ownership is voted at shareholder meetings. Client-selected policies may reach different voting decisions on the same matter.
Sustainable, Responsible &/or ESG Policy:
Vanguard takes a sub-advised approach to the active management of our equity funds and partners with leading fund managers from around the world. The Vanguard Global Sustainable Equity Fund is managed by Wellington, it is an active fund whereby the investment adviser uses their expertise to pick investments to achieve the fund’s objectives. The fund uses an independent sub-investment adviser (the “manager”), Wellington Management Company, which follows a distinct approach in managing the fund’s investments.
ESG philosophy - Wellington believes that:
- A portfolio that equally weights capital returns and ESG practices can beat the market over the long term.
- Leading corporate ESG practices matter for long-term success.
- Companies should consider the fair treatment of all constituents in pursuit of profits.
- Great companies integrate material ESG factors in their long-term strategic planning.
- Thoughtful capital and resource allocation along with strong governance practices can help companies sustain returns over time.
- ESG practices can be a competitive advantage by lowering the cost of capital.
- Companies with high and sustainable return on capital historically outperform.
- ESG practices become more valuable as the holding period extends.
- Engagement and proxy voting enable shareholders to hold management and boards accountable.
- Even the most highly regarded ESG companies have room to improve.
Process:
Investment approach
The fund is managed by Wellington Management Company, who employ a long-term, high-quality approach that seeks to invest in companies with leading stewardship practices and high and persistent financial returns that adhere to certain sustainability criteria. The portfolio is built from the bottom up and starts with a universe of the world’s largest and most liquid stocks. Stock selection itself starts with fundamental research, looking for the best 10-year ideas from within the investment universe and focuses on the following company attributes as reflected by their Stewardship flywheel:
(i) A proven track record of effective capital allocation.
(ii) Demonstrated corporate responsibility and stewardship.
(iii) Confidence that a wide gap between return on capital and cost of capital can be sustained.
The portfolio managers apply their own proprietary judgments when assessing the long-term fundamental appeal of each company and complement this research by engaging with them. Through their conversations with management teams and boards, the portfolio managers focus on each company’s outlook for sustaining return on capital and maintaining their position as leaders in stewardship.
Principle investment strategy
As noted above, the Vanguard Global Sustainable Equity Fund is an active fund whereby the investment adviser uses their expertise to pick investments to achieve the fund’s objectives. The fund uses an independent sub-investment adviser (the “manager”), Wellington Management Company, which follows a distinct approach in managing the fund’s investments.
The fund seeks to achieve its investment objective by investing almost exclusively (at least 90% of the fund’s assets) in equity securities issued by large and mid-size companies located throughout the world, selected in accordance with the fund’s Sustainability Policy.
The fund has a specific focus on investing in and engaging with companies which display good ‘stewardship’ and are assessed as leaders in incorporating ESG risks and opportunities into their corporate strategy, along with a sustained track record of strong returns. Engagement is key to this strategy, as the portfolio managers aim to engage with a board member and executive from every company they invest in on a yearly basis and have a “constructivist” approach to engagement, looking to build collaboration with the companies.
The fund uses an investment approach based on bottom-up fundamental research into companies that exhibit attractive and persistent returns on equity and stewardship excellence. The manager is biased to own companies already in a position of strength, with established competitive positions, identifiable business advantages, a history of continuous improvement and innovation and inspiring leadership. To help evaluate the likelihood of continuing attractive returns, the manager places an emphasis on each company’s stewardship, with the belief that proper care and nurturing of a company’s valuable assets and intangibles is critical to the business’s long-term resilience.
Resources, Affiliations & Corporate Strategies:
Vanguard does not have one centralised team responsible for ESG investment . Instead, we have various teams and groups addressing the different aspects of ESG. Please see details below on some of the teams that are responsible for various ESG considerations at Vanguard.
ESG Team, Portfolio Review Department
The regional PRD ESG teams act as centers of excellence that deploy ESG subject matter expertise and partner across the Portfolio Review Department (PRD) to drive the success of clients and the business in each region.
Each region’s ESG team and SMEs are responsible for broader ESG investing topics, such as supporting ESG regulatory implementation, ESG product oversight and ecosystem enhancements, and enterprise-wide ESG strategic initiatives.
The regional teams and SMEs stay connected on global initiatives such as ESG data and reporting, industry trends, and ESG product roadmaps. The teams closely collaborate with partners across PRD, including colleagues in Manager Search and Oversight and other product category teams. Many members of these teams commit a significant portion of time to ESG efforts as well, such as assessing the ESG competitive product landscape to inform new ESG product design and evaluating active managers on their ESG integration approaches.
In addition to ESG-dedicated roles, Vanguard continues to embed ESG considerations into existing functions to ensure ESG factors are considered alongside, not separately from, other matters important to improving the investment outcomes of our clients.
For example:
Vanguard Fixed Income Group (FIG) assesses the financial materiality of ESG risks to complement standard credit assessment. FIG’s credit research analysts also regularly meet with issuers to discuss key credit risk topics and, where applicable, raise ESG concerns.
Vanguard Investment Management & Finance Risk (IMFR) provides independent oversight and monitoring of investment risk management of sustainability risk.
Vanguard’s Investment Strategy Group conducts research on both non-ESG and ESG topics which is then shared internally for education and to inform decision-making. This research may also be published.
A list of the external organisation initiatives Vanguard currently participates in that relate to investment stewardship can be found below: (as at December 2025).
- International Financial Reporting Standards (IFRS) Sustainability Alliance [formerly the Sustainability Accounting Standards Board (SASB) Investor Alliance] (2016; Member)
- International Sustainability Standards Board (ISSB) Investor Advisory Group (IIAG) [formerly the SASB Investor Advisory Group] (2016; Member)
- The Investment Association (2016; Member)
- International Corporate Governance Network (ICGN) (2019; Member)
- Asian Corporate Governance Association (ACGA) (2021; Member)
Stewardship Codes
The UK Stewardship Code (Signatory since 2021)
SDR Labelling:
Unlabelled - promotes sustainable characteristics (has CFD)
Key Performance Indicators:
Vanguard Global Capital Stewards Equity Fund
- The funds embed climate‑related considerations and a net‑zero alignment framework within portfolio construction. Progress is evidenced through these quantitative KPIs:
- Carbon emissions and targets: As part of the Fund’s investment policy, the Manager seeks to achieve its investment objective by investing at least 90% of the Fund’s assets in shares issued by large companies worldwide which demonstrate good governance and act as good “stewards” of their capital by balancing the interests of all stakeholders (including customers, employees and communities).
- When selecting assets for the Fund (and subject to the net zero science-based targets set out below), the Manager will only invest in companies that have at least one of the following three attributes:
- a net zero science-based target;
- a non-science-based target which is a public active emissions reduction target; or
- a combined scope 1 + 2 carbon intensity (tons CO2e/US$M revenue) that is at least 25% below their industry average based on publicly disclosed emissions1.
- Science-based targets: Science-based targets are considered best practice in providing companies with a defined pathway to reduce emissions in line with the Paris Agreement goals. The pathway represents how companies within a given sector should reduce their emissions intensity and align with the global, annual emissions reduction rate that is required to meet a 1.5˚C target. The fund managers aim to invest at least 65% of the Fund’s assets in companies with net zero science-based targets by 2030, and all companies that the Fund invests in will have net zero science-based targets by 2040.
- Carbon analysis: Carbon accounting plays a key role in understanding the overall exposure of the Fund’s portfolio to climate change-related risk. The metrics that the Fund report are Carbon Footprint: total carbon emissions – Scopes 1 & 2 for a fund normalised by the market value of the fund, expressed in tons CO2e/US$M invested; and Weighted Average Carbon Intensity (WACI): Fund’s exposure to carbon-intensive companies, expressed in tons CO2e/US$M revenue. This metric is calculated as a weighted average of each company holding’s carbon intensity according to its market value in the fund.
- Number of engagements with companies: The fund manager will engage directly (meet) with a company if it is not aligned with the fund’s ESG criteria. If initial engagements do not lead to material improvements, the fund manager may then engage further through, for example, board-level engagement and proxy voting actions.
1 Methodological note: Scope 1 + 2 Carbon Intensity is calculated based on the Global Industry Classification Standard Level 3 based on publicly disclosed emissions. Scope 3 emissions are not included as part of this attribute. Some companies which have Scope 1 and 2 carbon intensity that meet the threshold set out here may have high Scope 3 emissions and may form investments of the Fund.
- Consumer Facing Disclosure
SDR Literature:
Fund Holdings
Voting Record
Disclaimer
Important Information
Confidentiality
The information contained in this document, including attachments, is confidential information and property of Vanguard Asset Management, Limited, The Vanguard Group, Inc. and their affiliates. The information may not be divulged or communicated to any third parties without the prior written consent of Vanguard Asset Management, Limited, unless it is needed for the execution of the present document or when divulgation is required by law.
Investment Risk Information
The value of investments, and the income from them, may fall or rise and investors may get back less than they invested.
Some funds invest in emerging markets which can be more volatile than more established markets. As a result the value of your investment may rise or fall.
Investments in smaller companies may be more volatile than investments in well-established blue chip companies.
Reference in this document to specific securities should not be construed as a recommendation to buy or sell these securities, but is included for the purposes of illustration only.
ETF shares can be bought or sold only through a broker. Investing in ETFs entails stockbroker commission and a bid-offer spread which should be considered fully before investing.
Funds investing in fixed interest securities carry the risk of default on repayment and erosion of the capital value of your investment and the level of income may fluctuate. Movements in interest rates are likely to affect the capital value of fixed interest securities. Corporate bonds may provide higher yields but as such may carry greater credit risk increasing the risk of default on repayment and erosion of the capital value of your investment. The level of income may fluctuate and movements in interest rates are likely to affect the capital value of bonds.
The funds may use derivatives in order to reduce risk or cost and/or generate extra income or growth. The use of derivatives could increase or reduce exposure to underlying assets and result in greater fluctuations of the funds’ net asset value. A derivative is a financial contract whose value is based on the value of a financial asset (such as a share, bond, or currency) or a market index.
Some funds invest in securities which are denominated in different currencies. Movements in currency exchange rates can affect the return of investments.
Income may fluctuate in accordance with market conditions and taxation arrangements.
For further information on risks please see the “Risk Factors” section of the prospectus on our website at https://global.vanguard.com.
Disclaimer
This document is directed at professional investors and should not be distributed to, or relied upon by retail investors.
For further information on the funds’ investment policies and risks, please refer to the prospectus of the UCITS and to the KIID before making any final investment decisions. The KIID for this fund is available, alongside the prospectus via Vanguard’s website https://global.vanguard.com.
This document is designed for use by, and is directed only at, persons resident in the UK.
The information contained in this document is not to be regarded as an offer to buy or sell or the solicitation of any offer to buy or sell securities in any jurisdiction where such an offer or solicitation is against the law, or to anyone to whom it is unlawful to make such an offer or solicitation, or if the person making the offer or solicitation is not qualified to do so. The information in this document is general in nature and does not constitute legal, tax or investment advice. Potential investors are urged to consult their professional advisers on the implications of making an investment in, holding or disposing of units/shares of, and the receipt of distribution from any investment.
Vanguard Asset Management, Limited makes no representations or warranties as to the suitability or appropriateness of third party organisations and service providers and the services they may provide, neither is it a recommendation or advice to use them. Vanguard Asset Management, Limited is not responsible for the content of any third party websites accessed from this communication.
Vanguard Investment Series plc/Vanguard Funds plc have been authorised by the Central Bank of Ireland as a UCITS and have been registered for public distribution in certain EEA countries and the UK. Prospective investors are referred to the funds' prospectus for further information. Prospective investors are also urged to consult their own professional advisers on the implications of making an investment in, and holding or disposing shares of the funds and the receipt of distributions with respect to such shares under the law of the countries in which they are liable to taxation.
The Manager of Vanguard Investment Series plc is Vanguard Group (Ireland) Limited. Vanguard Asset Management, Limited is a distributor of Vanguard Investment Series plc.
The Manager of Vanguard Funds plc is Vanguard Group (Ireland) Limited. Vanguard Asset Management, Limited is a distributor for Vanguard Funds plc.
The Indicative Net Asset Value (“iNAV”) for Vanguard’s ETFs is published on Bloomberg or Reuters. Refer to the Portfolio Holdings Policy at https://fund-docs.vanguard.com/portfolio-holdings-disclosure-policy.pdf.
The Manager of the Ireland-domiciled funds may determine to terminate any arrangements made for marketing the shares in one or more jurisdictions in accordance with the UCITS Directive, as may be amended from time-to-time.
For investors in Ireland-domiciled funds, a summary of investor rights can be obtained via https://www.ie.vanguard/content/dam/intl/europe/documents/en/vanguard-investors-rights-summary-irish-funds-jan22.pdf and is available in English, German, French, Spanish, Dutch and Italian.
Issued by Vanguard Asset Management, Limited which is authorised and regulated in the UK by the Financial Conduct Authority.
© 2026 Vanguard Asset Management, Limited. All rights reserved.
| Fund Name | SRI Style | SDR Labelling | Product | Region | Asset Type | Launch Date | Last Amended |
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|---|---|---|---|---|---|---|---|---|
Vanguard Global Capital Stewards Equity Fund |
Sustainability Tilt | Unlabelled - promotes sustainable characteristics (has CFD) | OEIC | Global | Equity | 08/12/2021 | Jun 2026 | |
ObjectivesThe Fund seeks to provide an increase in the value of investments over the long-term (more than 5 years), through a combination of capital growth and income. The Fund aims to achieve this whilst selecting investments which meet certain sustainability criteria.
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Fund/Portfolio Size: £105.60m (as at: 31/03/2026) Total Screened Themed SRI Assets: £53189.40m (as at: 31/03/2026) Total Responsible Ownership Assets: £53189.40m (as at: 31/03/2026) Total Assets Under Management: £9040215.81m (as at: 31/03/2026) ISIN: GB00BMV9B514, GB00BMV9B621 Contact Us: UK_internals@vanguard.com |
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Sustainable, Responsible &/or ESG OverviewThe Fund will seek to invest in companies whose management teams and boards display strong corporate governance (i.e., companies that balance the interests of all customers, employees, communities and suppliers) in the pursuit of profits and consider environmental, social and governance risks and opportunities in their corporate strategy. The Fund will only invest in companies that have at least one of the following: (i) a net zero science-based target; (ii) a non- science-based target which is a public active emissions reduction target; or (iii) a combined scope 1+2 intensity (tons CO2/$M revenue) that is at least 25% below their industry average based on publicly disclosed emissions. Scope 3 emissions are not included. The Manager considers that investments in companies with significant exposure to certain activities would not be suitable for the Fund due to the impact that such companies have on society and/or the environment. The exclusions policy can be found at https://funddocs.vanguard.com/Vanguard_Capital_Stewards_Equity_Fund_Exclusions_Policy.pdf The Fund will avoid investing in shares issued by companies involved in and/or deriving revenue (above a threshold specified by the Manager and set out in the exclusions policy) from thermal coal extraction or thermal coal-based power generation, production and generation of oil sands, production of tobacco related products, nuclear weapons and controversial weapons. |
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Primary fund last amended: Jun 2026 |
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Information received directly from Fund Manager |
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Please select what you would like to read:
Fund FiltersSustainability - General
Sustainability policy
Has policies that consider (environmental and social) sustainability issues. Strategies vary but are likely to consider environmental issues like climate change, carbon emissions, biodiversity loss, resource management, environmental impacts; and social issues like equal opportunities, human rights, labour standards, diversity and adherence to internationally recognised codes. See individual entry information.
Sustainability focus
Has a significant focus on sustainability issues
Encourage more sustainable practices through stewardship
Aim to encourage higher sustainability standards through responsible ownership / stewardship / engagement / voting activity
UN Global Compact linked exclusion policy
Use the UN Global Compact to inform or help direct where they can or cannot invest. Will typically not invest in companies with significant breaches (low standards) - strategies vary. (The UNGC covers a wide range of issues - search 'UNGC'). See https://unglobalcompact.org/
UN Sustainable Development Goals (SDG) focus
Aim to invest (and manage assets) in ways that help to address all or some of the UN's Sustainable Development Goals (SDGs). See https://sdgs.un.org/goals).
Report against sustainability objectives
Publicly report performance against named sustainability objectives Environmental - General
Environmental policy
Has policies which relate to environmental issues. These will typically set out their stance on issues such as pollution, climate change, resource management, biodiversity loss, carbon emissions, plastics and/or additional environmental impacts. Strategies vary.
Resource efficiency policy or theme
Has a policy or theme that relates to managing natural resources more efficiently. Strategies vary. See individual entry information. Climate Change & Energy
Climate change / greenhouse gas emissions policy
Has policies (documented strategies that explain their position) on climate change related issues such as greenhouse gas/carbon emissions, net zero, transitioning to lower carbon. Strategies vary.
Coal, oil & / or gas majors excluded
Avoid investment in major coal, oil and/or gas (extraction) companies. Strategies vary.
Fracking & tar sands excluded
Avoid companies involved in fracking and tar sands - which are widely regarded as controversial methods of oil and gas extraction. Strategies vary.
Fossil fuel reserves exclusion
Avoid investing in companies / assets with coal, oil and gas reserves. See individual entry information for further details.
Encourage transition to low carbon through stewardship activity
Encourage the transition to lower carbon activities through asset selection and / or responsible ownership activity.
Invests in clean energy / renewables
Invest in renewable energy companies and / or companies where renewable energy is a significant part of their business. Strategies vary.
Nuclear exclusion policy
Has a policy which describes the avoidance or limited investment in the nuclear industry. Strategies vary.
Supply chain decarbonisation policy
Has a supply chain decarbonisation policy which sets out their position on the need to reduce carbon emissions.
Fossil fuel exploration exclusion - direct involvement
Excludes companies and other assets with direct involvement in fossil fuel exploration (eg coal, oil and gas companies)
Fossil fuel exploration exclusion – indirect involvement
Excludes companies / assets with indirect involvement in fossil fuel exploration. This may relate to providers of finance and / or insurance and providers of other services.
TCFD / IFRS reporting requirement
Will only invest in companies that report greenhouse gas emissions in line with this international reporting framework. See https://www.fsb-tcfd.org/ https ://www.ifrs.org/sustainability/tcfd/
Require net zero action plan from all / most companies
Requires all, or most of, the assets they invest in to have a ‘net zero action plan’ - describing how they will reduce their greenhouse gas emissions. Social / Employment
Mining exclusion
All mining companies excluded Ethical Values Led Exclusions
Tobacco & related product manufacturers excluded
Companies are excluded if they are involved in any aspect of the production chain for tobacco products, including cigarettes, vaping, e-cigarettes, chewing tobacco and cigars.
Tobacco & related products - avoid where revenue > 5%
Companies are excluded if they make more than 5% of their revenue from the manufacture, sale or distribution of tobacco products including cigarettes, vaping, e-cigarettes, chewing tobacco and cigars.
Controversial weapons exclusion
Excludes companies which make controversial weapons such as landmines, cluster munitions and chemical weapons.
Armaments manufacturers avoided
Avoids companies that manufacture weapons intended specifically for military use. Strategies vary - may or may not include non-strategic military products.
Civilian firearms production exclusion
Has a written civilian firearms exclusion policy - meaning that they will not invest in companies that make (or perhaps also sell) handguns made for non-military users.
Alcohol production excluded
Avoids companies that produce alcohol. Strategies vary; some may allow a small proportion of revenue to come from this area.
Gambling avoidance policy
Avoids companies with significant involvement in the gambling industry. Some may allow a small proportion of revenues to come from this area.
Pornography avoidance policy
Avoids companies that derive significant income from pornography and related areas. Strategies vary. Human Rights
Modern slavery exclusion policy
Has a policy which excludes assets with involvement in Modern Slavery Governance & Management
Governance policy
Has policies that relate to corporate governance issues such as board structure, executive remuneration, bribery and/or corporate corruption. These funds will typically avoid companies with poor practices. Strategies vary.
Avoids companies with poor governance
Avoids investing in companies with poor governance practices.(e.g. board structure, management practices etc.) Views may however vary on what counts as 'poor' practices - and funds may not immediately divest as they may prefer to work to encourage higher standards.
UN sanctions exclusion
Exclude companies that are subject to United Nations sanctions. See eg https://main.un.org/securitycouncil/en/content/un-sc-consolidated-list
Anti-bribery & corruption policy
Has policies explaining how managers will respond to assets / companies that do not comply with relevant anti-bribery and anti-corruption standards or laws. Strategies vary; options include stewardship/ engagement and divestment - or a combination.
Encourage board diversity e.g. gender
Encourage the companies they invest in to have more diverse board structures (e.g. more women on boards)
Encourage TCFD alignment for banks & insurance companies
Encourage the banks and insurance companies they invest in to publish climate change related financial information - as set out by the Task Force on Climate Related Financial Disclosures (with the aim of helping investors measure and respond to climate risk).
Encourage higher ESG standards through stewardship activity
Aim to encourage higher ESG standards through responsible ownership / stewardship / engagement /voting activity Product / Service Governance
ESG integration strategy
Find fund / asset managers that factor in 'environmental, social and governance' issues as part of their investment decision making process. A focus on 'ESG' typically means a fund is carrying out additional research to help reduce ESG related risks. It does not necessarily mean a focus on sustainability. Strategies vary. See fund literature. Asset Size
Over 50% large cap companies
Invests more than half of their money into what are commonly regarded as 'large companies'. This will typically mean that the market capitalisation (or value) of the companies they hold is in excess of £5 to £10 billion.
Invests in small, mid & large cap companies / assets
Invests in a combination of small, medium and larger (potentially multinational) companies / assets. Impact Methodologies
Aims to generate positive impacts (or 'outcomes')
Has policies that aim to help or support the delivery of positive social or environmental impacts (or societal/real world outcomes) by investing in companies they regard as beneficial to people and / or the planet. Strategies vary.
Invests in environmental solutions companies
Directs investment towards companies where a major part of their business is about solving environmental challenges. e.g. companies helping to address climate change.
Invests in social solutions companies
Invest in companies where a major part of their business is specifically aimed at helping to address social challenges. e.g. companies helping to address poverty.
Aim to deliver positive impacts through engagement
Aims to deliver positive environmental and or social impacts (real world benefits) through its engagement with investee assets How The Fund/Portfolio Works
Positive selection bias
Focuses on finding and investing in companies with positive / beneficial attributes. This strategy can be applied in addition to exclusion criteria and engagement/stewardship activity.
Limited / few ethical exclusions
Has some exclusions - typically for example excludes tobacco or companies that breach commonly adopted standards or norms such as the UN Global Compact.
Balances company 'pros and cons' / best in sector
Considers both the 'positive' and 'negative' aspects of company behaviour and makes balanced, considered decisions as part of their investment approach. May apply to a range of different issues and policy areas.
ESG risk mitigation focus
Focuses on the careful management of environmental, social and governance (ESG) related risks - typically by avoiding or being underweight in companies seen as posing major risks in these areas (i.e. not necessarily by using themes, exclusions etc).
SRI / ESG / Ethical policies explained on website
Publish explanations of their ethical, social and/or environmental policies online (i.e. investment decision making strategies/ buy/sell &/or asset management strategies).
Use stock / securities lending
Uses specialist strategies to aid performance which involve ‘lending’ assets to others at specific points in time. Intended Clients & Product Options
Intended for clients interested in sustainability
Designed to meet the needs of individual investors with an interest in sustainability issues.
Intended for clients interested in ethical issues
Designed for clients who care about ethical and values-based issues, often alongside sustainability issues also.
Available via an ISA (OEIC only)
Available via a tax efficient ISA product wrapper. Fund Management Company InformationAbout The Business
Responsible ownership / stewardship policy or strategy (AFM companywide)
Finds fund / asset management companies that have a published company wide stewardship, engagement and / or responsible ownership policy or strategy that covers all investments. Stewardship typically involves encouraging higher ESG standards through voting and dialogue.
ESG / SRI engagement (AFM companywide)
Find fund / asset management companies that actively encourage higher 'environmental, social and governance' and / or 'sustainable and responsible investment' practices across investee companies - typically where the aim is to encourage positive change that is aligned with the best interests of investors. Strategies vary. See additional information and options.
Responsible ownership policy for non SRI / sustainable options (AFM companywide)
Find options run by managers that apply Responsible ownership or 'Stewardship' policies to all or most of their investment assets. This means active involvement (e.g. voting, dialogue) with the companies across all or most funds, products and services.
Integrates ESG factors into all / most research (AFM companywide)
Find fund / asset management companies that consider environmental, social and governance (ESG) issues when deciding whether or not to invest in a company for all / almost all of their funds and other assets. This is increasingly seen as part of sound risk management.
In-house diversity improvement programme (AFM companywide)
Finds organisations / fund managers that have an in-house (company wide) diversity improvement programme - meaning that they are working to ensure that within their own businesses they employ people from diverse backgrounds - often typically focused on ethnicity and/or sex.
Diversity, equality & inclusion engagement policy (AFM companywide)
Find fund / asset management companies that encourage the companies they invest in to have strong diversity, race, gender and other equality policies across all assets held, not simply screened or themed SRI/ESG funds. (ie Asset Management company wide). Collaborations & Affiliations
PRI signatory
Find fund / asset management companies that have signed up to the UN backed 'Principles of Responsible Investment'.
Investment Association (IA) member
Fund management entity is a member of the Investment Association https://www.theia.org/ Resources
In-house responsible ownership / voting expertise
Find fund / asset management companies that employ people to steer and support fund managers in voting shares at company AGM's and EGMs in ways that are consistent with encouraging higher ESG/sustainability standards.
Employ specialist ESG / SRI / sustainability researchers
Find a fund / asset management company that directly employs specialist ESG/SRI/sustainability researchers or analysts. This allows asset managers to discuss environmental, social and governance risks and opportunities directly with companies.
Use specialist ESG / SRI / sustainability research companies
Find fund / asset management companies that makes use of expert external research companies. This can help deliver specialist expertise and means resources are pooled with other investors. Accreditations
UK Stewardship Code signatory (AFM companywide)
Find fund / asset managers that are signatories to the FRC UK Stewardship Code, which sets out a framework for constructive investor / investee relations where managers are encouraged to behave like responsible, typically longer term 'company owners'. Climate & Net Zero Transition
Encourage carbon / greenhouse gas reduction (AFM companywide)
Find fund / asset management companies that are working with the companies they invest in to encourage reductions in carbon dioxide and other greenhouse gas emissions.
Carbon transition plan published (AFM companywide)
Finds organisations / fund managers that have a company wide carbon transition plan - meaning that they have plotted a path to how they will move away from activities that produce or use carbon based energy sources (that emit greenhouse gases) towards clean, alternative, renewable energy sources.
Carbon offsetting - offset carbon as part of net zero plan (AFM companywide)
This fund / asset management company plans to achieve net zero greenhouse gas (CO2e) emissions with the help of a scheme that will lock away an amount of carbon that is equivalent to the company’s own emissions – so that the end result is ‘net zero’. Calculations and scope vary.
In-house carbon / GHG reduction policy (AFM companywide)
Find fund / asset management companies that are working to reduce their own (fund management company) carbon/greenhouse gas emissions. Transparency
Publish responsible ownership / stewardship report (AFM companywide)
Find fund / asset management companies that publish a report detailing their responsible investment ownership - also known as 'Stewardship' - activity.
Full stewardship / responsible ownership policy information on company website
Find fund / asset management companies that publish information about their sustainable and responsible investment strategies on their company website.
Publish full voting record (AFM companywide)
Fund / asset management companies that publish a full record of how they vote their shares at AGMs (annual general meetings) and EGMs (extraordinary general meetings). Voting strategies have an important role to play encouraging higher environmental, social and governance standards. CommentsPlease note:
For Vanguard U.S. equity index funds where Investor Choice is an option, an investor's proportionate ownership of a fund may be voted different based on the investor's chosen voting policy. The voting policy selected determines how an investor's proportionate fund ownership is voted at shareholder meetings. Client-selected policies may reach different voting decisions on the same matter. Sustainable, Responsible &/or ESG Policy:Vanguard takes a sub-advised approach to the active management of our equity funds and partners with leading fund managers from around the world. The Vanguard Global Sustainable Equity Fund is managed by Wellington, it is an active fund whereby the investment adviser uses their expertise to pick investments to achieve the fund’s objectives. The fund uses an independent sub-investment adviser (the “manager”), Wellington Management Company, which follows a distinct approach in managing the fund’s investments. ESG philosophy - Wellington believes that:
Process:Investment approach The fund is managed by Wellington Management Company, who employ a long-term, high-quality approach that seeks to invest in companies with leading stewardship practices and high and persistent financial returns that adhere to certain sustainability criteria. The portfolio is built from the bottom up and starts with a universe of the world’s largest and most liquid stocks. Stock selection itself starts with fundamental research, looking for the best 10-year ideas from within the investment universe and focuses on the following company attributes as reflected by their Stewardship flywheel: (i) A proven track record of effective capital allocation. (ii) Demonstrated corporate responsibility and stewardship. (iii) Confidence that a wide gap between return on capital and cost of capital can be sustained. The portfolio managers apply their own proprietary judgments when assessing the long-term fundamental appeal of each company and complement this research by engaging with them. Through their conversations with management teams and boards, the portfolio managers focus on each company’s outlook for sustaining return on capital and maintaining their position as leaders in stewardship. Principle investment strategy As noted above, the Vanguard Global Sustainable Equity Fund is an active fund whereby the investment adviser uses their expertise to pick investments to achieve the fund’s objectives. The fund uses an independent sub-investment adviser (the “manager”), Wellington Management Company, which follows a distinct approach in managing the fund’s investments. The fund seeks to achieve its investment objective by investing almost exclusively (at least 90% of the fund’s assets) in equity securities issued by large and mid-size companies located throughout the world, selected in accordance with the fund’s Sustainability Policy. The fund has a specific focus on investing in and engaging with companies which display good ‘stewardship’ and are assessed as leaders in incorporating ESG risks and opportunities into their corporate strategy, along with a sustained track record of strong returns. Engagement is key to this strategy, as the portfolio managers aim to engage with a board member and executive from every company they invest in on a yearly basis and have a “constructivist” approach to engagement, looking to build collaboration with the companies. The fund uses an investment approach based on bottom-up fundamental research into companies that exhibit attractive and persistent returns on equity and stewardship excellence. The manager is biased to own companies already in a position of strength, with established competitive positions, identifiable business advantages, a history of continuous improvement and innovation and inspiring leadership. To help evaluate the likelihood of continuing attractive returns, the manager places an emphasis on each company’s stewardship, with the belief that proper care and nurturing of a company’s valuable assets and intangibles is critical to the business’s long-term resilience. Resources, Affiliations & Corporate Strategies:Vanguard does not have one centralised team responsible for ESG investment . Instead, we have various teams and groups addressing the different aspects of ESG. Please see details below on some of the teams that are responsible for various ESG considerations at Vanguard.
ESG Team, Portfolio Review Department The regional PRD ESG teams act as centers of excellence that deploy ESG subject matter expertise and partner across the Portfolio Review Department (PRD) to drive the success of clients and the business in each region. Each region’s ESG team and SMEs are responsible for broader ESG investing topics, such as supporting ESG regulatory implementation, ESG product oversight and ecosystem enhancements, and enterprise-wide ESG strategic initiatives. The regional teams and SMEs stay connected on global initiatives such as ESG data and reporting, industry trends, and ESG product roadmaps. The teams closely collaborate with partners across PRD, including colleagues in Manager Search and Oversight and other product category teams. Many members of these teams commit a significant portion of time to ESG efforts as well, such as assessing the ESG competitive product landscape to inform new ESG product design and evaluating active managers on their ESG integration approaches. In addition to ESG-dedicated roles, Vanguard continues to embed ESG considerations into existing functions to ensure ESG factors are considered alongside, not separately from, other matters important to improving the investment outcomes of our clients.
For example: Vanguard Fixed Income Group (FIG) assesses the financial materiality of ESG risks to complement standard credit assessment. FIG’s credit research analysts also regularly meet with issuers to discuss key credit risk topics and, where applicable, raise ESG concerns. Vanguard Investment Management & Finance Risk (IMFR) provides independent oversight and monitoring of investment risk management of sustainability risk. Vanguard’s Investment Strategy Group conducts research on both non-ESG and ESG topics which is then shared internally for education and to inform decision-making. This research may also be published. A list of the external organisation initiatives Vanguard currently participates in that relate to investment stewardship can be found below: (as at December 2025).
Stewardship Codes The UK Stewardship Code (Signatory since 2021) Dialshifter (Corporate)Our organisation is helping to support the Paris Climate Agreement and the Race to Net Zero by… Please refer to our website: SDR Labelling:Unlabelled - promotes sustainable characteristics (has CFD) Key Performance Indicators:
Vanguard Global Capital Stewards Equity Fund
1 Methodological note: Scope 1 + 2 Carbon Intensity is calculated based on the Global Industry Classification Standard Level 3 based on publicly disclosed emissions. Scope 3 emissions are not included as part of this attribute. Some companies which have Scope 1 and 2 carbon intensity that meet the threshold set out here may have high Scope 3 emissions and may form investments of the Fund.
SDR Literature:Fund HoldingsVoting RecordDisclaimerImportant Information Confidentiality The information contained in this document, including attachments, is confidential information and property of Vanguard Asset Management, Limited, The Vanguard Group, Inc. and their affiliates. The information may not be divulged or communicated to any third parties without the prior written consent of Vanguard Asset Management, Limited, unless it is needed for the execution of the present document or when divulgation is required by law. Investment Risk Information The value of investments, and the income from them, may fall or rise and investors may get back less than they invested. Some funds invest in emerging markets which can be more volatile than more established markets. As a result the value of your investment may rise or fall. Investments in smaller companies may be more volatile than investments in well-established blue chip companies. Reference in this document to specific securities should not be construed as a recommendation to buy or sell these securities, but is included for the purposes of illustration only. ETF shares can be bought or sold only through a broker. Investing in ETFs entails stockbroker commission and a bid-offer spread which should be considered fully before investing. Funds investing in fixed interest securities carry the risk of default on repayment and erosion of the capital value of your investment and the level of income may fluctuate. Movements in interest rates are likely to affect the capital value of fixed interest securities. Corporate bonds may provide higher yields but as such may carry greater credit risk increasing the risk of default on repayment and erosion of the capital value of your investment. The level of income may fluctuate and movements in interest rates are likely to affect the capital value of bonds. The funds may use derivatives in order to reduce risk or cost and/or generate extra income or growth. The use of derivatives could increase or reduce exposure to underlying assets and result in greater fluctuations of the funds’ net asset value. A derivative is a financial contract whose value is based on the value of a financial asset (such as a share, bond, or currency) or a market index. Some funds invest in securities which are denominated in different currencies. Movements in currency exchange rates can affect the return of investments. Income may fluctuate in accordance with market conditions and taxation arrangements. For further information on risks please see the “Risk Factors” section of the prospectus on our website at https://global.vanguard.com.
Disclaimer This document is directed at professional investors and should not be distributed to, or relied upon by retail investors. For further information on the funds’ investment policies and risks, please refer to the prospectus of the UCITS and to the KIID before making any final investment decisions. The KIID for this fund is available, alongside the prospectus via Vanguard’s website https://global.vanguard.com. This document is designed for use by, and is directed only at, persons resident in the UK. The information contained in this document is not to be regarded as an offer to buy or sell or the solicitation of any offer to buy or sell securities in any jurisdiction where such an offer or solicitation is against the law, or to anyone to whom it is unlawful to make such an offer or solicitation, or if the person making the offer or solicitation is not qualified to do so. The information in this document is general in nature and does not constitute legal, tax or investment advice. Potential investors are urged to consult their professional advisers on the implications of making an investment in, holding or disposing of units/shares of, and the receipt of distribution from any investment. Vanguard Asset Management, Limited makes no representations or warranties as to the suitability or appropriateness of third party organisations and service providers and the services they may provide, neither is it a recommendation or advice to use them. Vanguard Asset Management, Limited is not responsible for the content of any third party websites accessed from this communication. Vanguard Investment Series plc/Vanguard Funds plc have been authorised by the Central Bank of Ireland as a UCITS and have been registered for public distribution in certain EEA countries and the UK. Prospective investors are referred to the funds' prospectus for further information. Prospective investors are also urged to consult their own professional advisers on the implications of making an investment in, and holding or disposing shares of the funds and the receipt of distributions with respect to such shares under the law of the countries in which they are liable to taxation. The Manager of Vanguard Investment Series plc is Vanguard Group (Ireland) Limited. Vanguard Asset Management, Limited is a distributor of Vanguard Investment Series plc. The Manager of Vanguard Funds plc is Vanguard Group (Ireland) Limited. Vanguard Asset Management, Limited is a distributor for Vanguard Funds plc. The Indicative Net Asset Value (“iNAV”) for Vanguard’s ETFs is published on Bloomberg or Reuters. Refer to the Portfolio Holdings Policy at https://fund-docs.vanguard.com/portfolio-holdings-disclosure-policy.pdf. The Manager of the Ireland-domiciled funds may determine to terminate any arrangements made for marketing the shares in one or more jurisdictions in accordance with the UCITS Directive, as may be amended from time-to-time. For investors in Ireland-domiciled funds, a summary of investor rights can be obtained via https://www.ie.vanguard/content/dam/intl/europe/documents/en/vanguard-investors-rights-summary-irish-funds-jan22.pdf and is available in English, German, French, Spanish, Dutch and Italian. Issued by Vanguard Asset Management, Limited which is authorised and regulated in the UK by the Financial Conduct Authority. © 2026 Vanguard Asset Management, Limited. All rights reserved. |
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