Vanguard AUM & Trading update: Month of Jan 2017 Vanguard FTSE All-World World Vanguard FTSE All-World High Dividend Yield Vanguard FTSE Emerging Markets Europe Vanguard FTSE Europe ex UK Vanguard FTSE Japan UCITS Asia Pacific ex Japan UCITS TER Avg Spread (bps)* Avg Daily Volume ($) YTD Cash Flow ($) AUM ($) 0.25% 18 4,589,285 14,226,020 1,074,622,390 0.18% 23 535,238 5,279,105 84,421,421 0.29% 20 1,783,479 0 467,438,955 0.25% 15 7,397,790 37,414,045 1,023,674,405 0.12% 16 1,860,496 20,444,197 754,710,313 0.12% 27 1,300,859 15,329,370 302,906,507 0.19% 23 3,653,482 33,591,831 911,875,055 0.22% 27 780,118 4,549,900 180,402,672 Vanguard S&P 500 0.07% 4 91,069,696 571,151,381 17,723,642,703 Vanguard FTSE North America 0.10% 19 2,097,539 5,679,490 41,422,679 Vanguard FTSE 100 0.09% 5 20,678,310 31,908,116 3,114,297,637 Vanguard FTSE 250 0.10% 29 3,320,263 47,606,169 381,197,107 Vanguard UK Gilt Index UCITS Vanguard Global Minimum Volatility Vanguard Global Value Factors Vanguard Global Momentum Factor Vanguard Global Liquidity Factor Vanguard EUR Corporate Bond Vanguard USD Corporate Bond Vanguard EUR Eurozone Government Bond Vanguard USD Treasury Bond Vanguard USD Emerging Government Bond 0.12% 20 1,569,943 4,093,674 152,765,720 0.22% 24 233,377 0 9,028,175 0.22% 23 742,922 6,821,341 59,104,393 0.22% 23 273,002 0 18,626,440 0.22% 25 49,296 1,414,900 19,906,880 0.12% 26 143,488 0 22,092,838 0.12% 31 445,786 0 49,070,445 0.12% 15 88,370 0 5,300,522 0.12% 10 225,106 0 4,941,049 0.25% 63 5,701,809 53,658,015 178,724,768 853,167,555 26,580,173,076 *On most liquid listing. The value of investments, and the income from them, may fall or rise and investors may get back less than they invested. 1
Vanguard AUM & Trading update: Month of Jan 2017 Backdrop To kick off the first month of 2017, America swore in and digested the news of President Donald Trump, while Britain delved further into the legal process of Brexit. Against this backdrop, world markets fluctuated. Early in the month, the Federal Reserve published the minutes of its December FOMC meeting. About half of the committee members said that growth was more likely to surpass their forecasts, because of the possibility of more expansionary fiscal policy under the new President and the Republican-controlled Congress. The Federal Reserve left rates unchanged in January. France s Presidential Candidate, Marine Le Pen, confirmed that she wants to remove France from the euro. She stated that she wants a national currency with the euro as a common currency, and made continuous gestures throughout the month to publicise these intentions in her campaign. Towards the end of the month, MPs in the UK voted in favour of Theresa May triggering Article 50, which will make Britain s intention to leave the European Union official and begin the process of negotiating future trade deals. Despite all this political uncertainty, the Dow Jones hit an all-time record high of 20,100.91, with the FTSE 100 also reaching peaks of 7,337.81. Cash Flow/AUM Our funds had a great start to the year. Flows remained positive and almost doubled the December numbers, with a net inflow of $853m. There was primary market activity in 15 of our 22 s. We saw the cross-listing of the Vanguard USD Emerging Markets Government Bond in euros on the Euronext exchange. This (ticker: VDET) is priced with an OCF of 25bps. We also saw some large creations in VDET this month, adding $51.5m and bringing the fund up to a total AUM to $178.7m. Average Daily Volume (ADV) Average daily volumes were 30% higher on average in January, increasing to $148m. The most-traded in the line-up was the Vanguard S&P 500, representing 61% of total volume. The Vanguard Global Minimum Volatility saw a 343% increase in volume as investors looked to dampen their portfolios with so many volatility-inducing events occurring. The busy timetable of announcements from the Trump administration saw increased volume in the Vanguard FTSE North American (up 265%) and the Vanguard S&P 500 (up 48%). Spreads Spreads remained relatively unchanged across the board with 10 of our 22 s slightly widening. The moves were on average 8% wider, mainly due to the significant news events around the world. The most notable improvement came in the Vanguard FTSE Emerging Markets, with a spread improvement of 6bps to a monthly average of 15bps. The Vanguard S&P 500 was once again quoting the tightest spread across our range at 4bps for the month. 2
Appendix: Vanguard equity index s identifiers and listing details Vanguard FTSE All-World UCITS World Vanguard FTSE All-World High Dividend Yield Vanguard FTSE Emerging Markets Europe Vanguard FTSE Europe ex UK Vanguard FTSE Japan UCITS Asia Pacific ex Japan Vanguard S&P 500 Vanguard FTSE North America Ticker & Listing Currency ISIN Sedol VWRL LN - GBP B7NLLH2 VWRD LN - USD B6QBHM9 IE00B3RBWM25 VWRL NA - EUR B99L0B7 VWRL SW - CHF B952JYO VEVE LN - GBP BKXH1W6 VDEV LN - USD BKXH1V5 IE00BKX55T58 VEVE NA - EUR BQWJ8K2 VEVE SW - CHF BRJ9051 VHYL LN - GBP B9FH310 VHYD LN - USD B82D4M2 IE00B8GKDB10 VHYL NA - EUR B99L0L7 VHYL SW - CHF B975GH9 VFEM LN - GBP B7NLLK5 VDEM LN - USD B7NLJF6 IE00B3VVMM84 VFEM NA - EUR B99L084 VFEM SW - CHF B9F6LG8 VEUR LN - GBP B8Y8834 VEUR NA - EUR B99L0G2 IE00B945VV12 VEUR SW - CHF B975GG8 VEUD LN - USD BYXV9J9 VERX LN - GBP BKXH1S2 IE00BKX55S42 VERX NA - EUR BQWJ8J1 VJPN LN - GBP B9L8M65 VDJP LN - USD B9G7DV9 IE00B95PGT31 VJPN NA - EUR B99L0K6 VJPN SW - CHF B975GP7 VAPX LN - GBP B9MSLC3 VDPX LN - USD B94JY69 IE00B9F5YL18 VAPX NA - EUR B99L0H3 VAPX SW - CHF B975GS0 VUSA LN - GBP B7NLLS3 VUSD LN - USD B7NLJN4 IE00B3XXRP09 VUSA NA - EUR B99L0D9 VUSA SW - CHF B93QQN2 VNRT LN - GBP BKXH1R1 VDNR LN - USD BKXH1Q0 IE00BKX55R35 VNRT NA - EUR BQWJ8H9 VNRT SW - CHF BRJ9040 Benchmark (Net Total Return) FTSE All-World Index FTSE Developed Index FTSE All-World High Dividend Yield Index FTSE Emerging Index FTSE Developed Europe Index FTSE Developed Europe ex UK Index FTSE Japan Index FTSE Developed Asia Pacific ex Japan Index S&P 500 Index FTSE North America Index Benchmark Ticker (Bloomberg) TAWNT01U AWNT04 TAWHDY01 TAWALENU TAWNT06E AWNT05EU TWIJPNTU TAWNT09U SPTR500N ACNAN Vanguard FTSE 100 VUKE LN - GBP IE00B810Q511 B7HJBM7 FTSE 100 Index UKXNUK Vanguard FTSE 250 VMID LN - GBP IE00BKX55Q28 BKXH1T3 FTSE 250 Index MCX 3
Appendix: Vanguard fixed income index s identifiers and listing details Vanguard UK Gilt Index Vanguard EUR Corporate Bond Ticker & Listing Currency ISIN Sedol VGOV LN - GBP IE00B42WWV65 B7NLJQ7 VECP LN - GBP VECP NA - EUR VECP SW - CHF IE00BZ163G84 BZ163G8 BD97ZQ3 BD97ZX0 Benchmark (Net Total Return) Barclays Sterling Gilt Float Adjusted Index Barclays Euro Aggregate: Corporates Index Benchmark Ticker (Bloomberg) L24FTRGU LECPTREU Vanguard EUR Eurozone Government Bond UCITS VETY LN - GBP VETY NA - EUR VETY SW - CHF IE00BZ163H91 BYM2WB6 BD97ZR4 BD97ZY1 Barclays Euro Aggregate: Treasury Index LEATTREU Vanguard USD Corporate Bond VDCP LN - GBP VUCP LN - USD VUCP NA - EUR VUCP SW - CHF IE00BZ163K21 BYM2WX8 BYM2WC7 BD97ZS5 BD97ZZ2 Barclays Global Aggregate Corporate - United States Dollar Index BGAUTRUU Vanguard USD Treasury Bond VUTY LN - GBP VDTY LN - USD VUTY NA - EUR VUTY SW - CHF IE00BZ163M45 BYM2WY9 BYM2WD8 BD97ZT6 BD98005 Barclays Global Aggregate US Treasury Float Adjusted Index BUTFTRUU Vanguard USD Emerging Government Bond UCITS VEMT LN - GBP VDET LN - USD VDET SW - CHF VEMT SW - CHF IE00BZ163L38 BYM2WG1 BYM2X68 BD98027 BYVGKZ9 Barclays EM USD Sov Quasi- Sov Total Return Index Value Unhedged USD BESQTRUU 4
Appendix: Vanguard factor s identifiers and listing details Ticker & Listing Currency ISIN Sedol Benchmark (Net Total Return) Benchmark Ticker (Bloomberg) VVAL LN - GBP BYN7HC6 Vanguard Global Value Factor VDVA LN - USD VVAL NA - EUR IE00BYYR0B57 BYYR0J3 BYRJNX1 FTSE Developed All Cap Index ACDNUS VVAL SW - CHF BZ1DZF2 VMVL LN - GBP BYN7FN3 Vanguard Global Minimum Volatility VDMV LN - USD VMVL NA - EUR IE00BYYR0C64 BYYR0K4 BYRJNV9 FTSE Global All Cap Index Hedged GPVAN094 VMVL SW - CHF BZ1DYN3 VMOM LN - GBP BYN7FX3 Vanguard Global Momentum Factor VDMO LN - USD VMOM NA - EUR IE00BYYR0935 BYYR0H1 BYRJNY2 FTSE Developed All Cap Index ACDNUS VMOM SW - CHF BZ1DZT6 VLIQ LN - GBP BYN7F99 Vanguard Global Liquidity Factor UCITS VDLQ LN - USD VLIQ NA - EUR IE00BYYR0D71 BYYR0L5 BYRJP13 FTSE Developed All Cap Index ACDNUS VLIQ SW - CHF BZ1DZW9 5
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