We have initiated coverage of the Vanguard Emerging Market Stock Index with a Morningstar Analyst Rating™ of Bronze. The fund offers exposure to the MSCI Emerging Market Index by holding all of the index’s constituents. Since its inception in 2006, the fund has tracked its benchmark very closely. Over the trailing five-year period, the Vanguard Emerging Market Stock Index underperformed its benchmark by 0.41% on an annualised basis net of fees, while charging a TER of 0.40%. The fund’s performance has landed in the second quartile of its category over the trailing five-year period. Compared with other passive funds, the Vanguard Emerging Markets Stock Index has looked rather average as measured in terms of performance but fees have been reduced from 0.65% recently. We expect this to have a positive impact on the performance going forward. A positive note is the fund’s favourable split of securities lending revenue. The managers return 95% of revenues to shareholders. This is much higher than any competitor engaging in this practice. Low costs, strong tracking and benchmark-relative performance, and a solid parent all warrant our positive rating.
See the latest Morningstar OBSR fund rating news here.
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