The Fund seeks to provide long-term capital appreciation through an active management approach with volatility lower than the FTSE 
Global All Cap Index (AUD Hedged), before taking into account fees, expenses and tax. The Fund does not seek to track the Index.

The Fund invests primarily in a group of global equity common stocks that together are deemed by the portfolio manager to have the potential to generate lower volatility relative to the broad equity market. The portfolio includes a diverse mix of companies representing 
many different market sectors, countries, and industry groups.

Benefits of investing in the Vanguard Global Minimum Volatility Fund

Disciplined and systematic approach

The Fund aims to achieve long-term capital appreciation by using a quantitative model to assess the interaction between securities in the investment universe and their impact on the overall volatility of the portfolio. The Fund's investments will be selected based on the output of this model.

A focus on managing volatility

Investment decisions are made within a framework that considers risk factors relevant to volatility, including those associated with particular industries and securities. In addition, the Fund's currency-hedging reduces the potential impact of currency exchange rate volatility.

Global scale and expertise

The Fund offers access to investment expertise from Vanguard's international trading hubs and deep research expertise.

Enjoy the low costs expected from Vanguard

Investors can't control the markets, but they can control the costs of investing. Providing low cost investments isn't a pricing strategy for us. It's how we do business. Vanguard's scale also helps to keep costs low.

Benefits of investing with Vanguard

Competitive long-term performance 

Vanguard's investment approach provides investors with an efficient way to capture long-term market performance.

Diversification

The Fund invests in a diversified portfolio of securities, which means the Fund is less exposed to the performance fluctuations of individual securities.

Low cost investing 

The Fund has low ongoing fees as we strive to minimise the costs of managing and operating the Fund.

Risk level

Medium

Investor suitability

Buy and hold investors seeking long-term capital growth, global diversification, and with a lower tolerance for the risks associated with share market volatility.

While the Fund's objective is to limit the volatility of global stock investing, we caution against expecting any low or minimum volatility investment to outperform, or even match, the global equity market over the long term.

Buy and hold investors seeking long-term capital growth, global diversification, 
and with a lower tolerance for the risks associated with share market volatility. 

About the Fund

The Fund invests primarily in global equities securities, including Australian equity securities, with the objective of providing lower volatility relative to the global equity market. To reduce volatility, Vanguard constructs a portfolio considering the risk and diversification characteristics of securities in the benchmark and seeks to hedge most of the currency exposure resulting from the Fund's foreign equity holdings back to Australian dollars.

Investment objective

Vanguard Global Minimum Volatility Fund seeks to provide long-term capital appreciation with volatility lower than the FTSE Global All Cap Index (AUD Hedged), before taking into account fees, expenses and tax.

How we invest your money

The Fund invests primarily in a group of global equity common stocks that together are deemed by the portfolio manager to have the potential to generate lower volatility relative to the broad equity markets. The portfolio will include a diverse mix of companies representing many different market sectors, countries, and industry groups. Vanguard uses a quantitative model to evaluate all of the securities in an investment universe that seeks to achieve the lowest amount of expected volatility subject to a set of reasonable constraints designed to foster portfolio diversification and liquidity.

Vanguard will seek to hedge most of the Fund's currency exposure back to the Australian dollar to further reduce overall portfolio volatility. Currency hedging will typically be implemented through foreign currency exchange forward contracts.

The Fund may invest or be exposed to derivatives if the expected risks and rewards of the derivatives are consistent with the investment objective and strategy of the Fund. The Fund will not use derivatives for speculation or for the purpose of leveraging (magnifying) investment returns. In particular, derivatives may be used to:

• Hedge foreign currency

• Invest in eligible asset classes with greater efficiency and lower cost than is possible through direct investment.

Derivative investments held by the Fund may include equity futures and options contracts, warrants, convertible securities, foreign currency exchange forward contracts, and swap agreements.