Global Emerging Markets Fund - GBP Acc (VAGEMGA)

About this fund

Fund objectives

The Fund seeks to provide an increase in the value of investments over the long-term (more than 5 years).
The Fund seeks to achieve its investment objective by investing primarily in shares of companies located in emerging markets around the world. Under normal circumstances, at least 80% of the Fund's assets will be invested in shares of such companies. A company is considered to be located in an emerging market country if it is organised under the laws of, or has a principal office in, an emerging country; if it has a class of securities whose principal securities market is in an emerging country; if it derives 50% or more of its total revenue from goods produced, sales made, or services provided in one or more emerging countries; or if it maintains 50% or more of its assets in one or more emerging countries.
The Fund is actively managed and uses a multi-manager structure with two investment advisers separately managing part of the Fund's assets. Each investment adviser uses their expertise to pick investments to achieve the Fund's objective.
The Investment Adviser has discretion to determine which countries are regarded as emerging markets, although those classified by the International Monetary Fund (IMF) as emerging or developing economies will typically be included, together with other countries having similar characteristics. Emerging markets are countries that are progressing toward becoming advanced, usually shown by some development in financial markets, the existence of some form of stock exchange and a regulatory body.
The Fund typically invests in a diverse range of companies representing different economic sectors and industry groups across the spectrum of large, mid and small cap value securities, chosen mainly on the basis of an investment approach that focuses on analysing individual shares rather than stock markets. The Fund's holdings will comprise a mix of investments in companies whose earnings are expected to grow faster than their peers in the market (known as 'growth stocks') and those that are considered to have been undervalued by the market (known as 'value stocks') selected from the world's emerging markets.
The Fund may also have exposure to bonds and other fixed income securities, other collective investment schemes (which themselves invest in securities which are consistent with the Fund's objective), money market instruments (i.e. investments usually issued by banks or governments that are a short term loan to the issuer by the buyer), deposits, and warrants (which provide the holder with the right, but not the obligation, to purchase a share at a fixed price or amount at a fixed time in the future).
The Fund attempts to remain fully invested and hold small amounts of cash except in extraordinary market, political or similar conditions where the Fund may temporarily depart from this investment policy to avoid losses.
The FTSE Emerging Index (the “Index”) serves as a reference benchmark for performance comparison. Whilst the Fund may hold investments that are components of the Index, the Index is not considered during portfolio construction and the investment adviser will not manage the extent to which the Fund's investments differ from the Index.

Fund facts

Share class inception

25 May 2016

Minimum initial investment

£100,000.00

Investment structure

UK OEIC

Share Class Assets'

Total Assets

Strategy

Active

Asset Class

Equity

Domicile

United Kingdom

Dividend schedule

—

Tax status

—

Currency

GBP

Legal entity

Vanguard® Investments Funds ICVC

Investment manager

Baillie Gifford Overseas Ltd.
Pzena Investment Management, LLC

Benchmark

FTSE Emerging Index

The value of investments, and the income from them, may fall or rise and investors may get back less than they invested.

Performance

Risk and Volatility

As at 31 Jan 2026

Beta

R²

1 year

3 years

5 years

Please note Beta and R-squared data will only display for funds with 3 full years of history.

The value of investments, and the income from them, may fall or rise and investors may get back less than they invested.

Portfolio data

Characteristics

Fundamentals	Fund	Benchmark	As at
Number of stocks	137	2,271	31 Jan 2026
Median market capital	24.9 B	31.3 B	31 Jan 2026
	14.8 x	16.7 x	31 Jan 2026
	1.9 x	2.5 x	31 Jan 2026
	15.7%	16.4%	31 Jan 2026
	14.7%	16.0%	31 Jan 2026
Portfolio turnover rate	31.4%	—	31 Jan 2026

Market allocation

As at 31 Jan 2026

Country	Region	Fund	Benchmark	Variance +/-
China	Emerging Markets	24.79%	32.37%	-7.58%
South Korea	Pacific	15.20%	0.00%	15.20%
Taiwan	Emerging Markets	11.64%	23.82%	-12.18%
Brazil	Emerging Markets	11.41%	4.67%	6.74%
United States of America	North America	7.71%	0.00%	7.71%
India	Emerging Markets	6.40%	17.05%	-10.65%
Hong Kong	Pacific	4.55%	0.00%	4.55%
Hungary	Emerging Markets	2.64%	0.41%	2.23%
Thailand	Emerging Markets	2.51%	1.46%	1.05%
Canada	North America	1.83%	0.00%	1.83%
Indonesia	Emerging Markets	1.46%	1.14%	0.32%
Mexico	Emerging Markets	1.44%	2.38%	-0.94%
Other	Other	1.39%	0.00%	1.39%
South Africa	Emerging Markets	1.35%	4.38%	-3.03%
Singapore	Pacific	1.06%	0.00%	1.06%

Holdings details

As at 31 Dec 2025

Holding name	% of market value	Sector	Region	Market value	Shares
Taiwan Semiconductor Manufacturing Co Ltd	6.67460%	Technology	TW	£32,514,176.56	886,528
Samsung Electronics Co Ltd	4.93937%	Telecommunications	KR	£24,061,295.66	388,836
Tencent Holdings Ltd	4.26004%	Technology	HK	£20,752,056.67	362,700
Alibaba Group Holding Ltd	2.69636%	Consumer Discretionary	HK	£13,134,847.22	962,964
SK hynix Inc	2.50572%	Technology	KR	£12,206,179.33	36,330
B3 SA - Brasil Bolsa Balcao	1.57222%	Financials	BR	£7,658,815.34	4,064,044
MercadoLibre Inc	1.57152%	Consumer Discretionary	US	£7,655,403.21	5,112
Credicorp Ltd	1.55717%	Financials	US	£7,585,482.28	35,550
Bank Rakyat Indonesia Persero Tbk PT	1.40919%	Financials	ID	£6,864,628.28	42,066,859
Baidu Inc	1.38890%	Technology	HK	£6,765,800.44	538,650

Prices and distribution

Prices

NAV Price (GBP)

£326.25

Change

+£0.760.23%

At closure 20 Feb 2026

NAV 52-week high

£326.25

At closure 21 Feb 2026

NAV 52-week low

£204.24

At closure 21 Feb 2026

NAV 52-week difference

£122.01

Change

+37.40%

At closure 21 Feb 2026

Historical Prices

Date	NAV (GBP)
20 Feb 2026	£326.2508
19 Feb 2026	£325.4936
18 Feb 2026	£322.5700
17 Feb 2026	£321.9253
16 Feb 2026	£319.0549
13 Feb 2026	£319.3289
12 Feb 2026	£321.5185
11 Feb 2026	£321.7765
10 Feb 2026	£318.5166
09 Feb 2026	£316.8354

Distribution history

All dividends are reinvested for the "Accumulation" shares.

Purchase information

Currency

Base currency: GBP

Fund codes

Bloomberg: VAGEMGA
Citi: N02B
ISIN: GB00BZ82ZY13
MEX ID: VVXAF
SEDOL: BZ82ZY1