VEU(VEU)
AI Look-Through Summary
AI GeneratedThe portfolio's sector allocation is heavily skewed towards Other, which encompasses a broad range of industries not explicitly listed in the provided data. This suggests that VEU has a relatively diversified exposure to various sectors, with no single industry dominating its holdings. The Technology and Financial Services sectors also have a noticeable presence, but their combined weight is less than 6%. Conversely, Energy and Industrials are underrepresented, accounting for only around 3% of the portfolio.
The top holdings reveal significant exposures to Asian equities, particularly from Korea (2330), Taiwan (005930), and China (000660). These positions are substantial enough to warrant attention. The inclusion of ASML, a leading semiconductor equipment manufacturer, adds some Technology sector flavor. With its relatively high valuation metrics (P/E: 17.6x, P/B: 36.30x), this portfolio may be more sensitive to market downturns or changes in investor sentiment.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-07-14 07:19:20.088272+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 85/100The investment theme implied by the ETF name is a broad exposure to developed international markets, and the actual holdings align closely with this mandate. The top positions include major global entities such as HSBC, Royal Bank of Canada, and ASML, which serve as representative pillars for European and Asian economies rather than deviating into unrelated sectors like emerging market debt or specific niche commodities. While several top holdings lack explicit sector labels in the provided data, their inclusion alongside recognized technology and financial leaders suggests a diversified basket designed to capture general international equity performance without forcing thematic constraints that would distort the fund's purpose. The presence of mega-cap stocks acts as an anchor for stability rather than indicating a failure to maintain focus, as these large entities are intrinsic components of any developed market index strategy.
Sector coherence remains strong relative to the stated objective of capturing global developed market trends, with weightings distributed across technology, financial services, and industrials in proportions that mirror typical international portfolios. The fund demonstrates clear differentiation from a domestic broad-market index through its heavy reliance on non-US constituents like ASML and HSBC, ensuring geographic diversification is maintained rather than mimicking the US-centric composition of other major benchmarks. With a top-10 concentration of 13.2%, the portfolio avoids excessive risk associated with over-weighting individual names while still providing sufficient exposure to leading sector drivers within each region. The consistent representation across multiple sectors, including energy and healthcare alongside financials, supports the narrative of a balanced international allocation rather than a concentrated thematic bet on any single industry vertical.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-21 21:29:13.168998+00
🏢 Sector Analysis
AI GeneratedThe sector allocation profile of VEU presents a distinct departure from traditional broad-based international exposure, revealing an investment thesis heavily skewed toward specific regional concentrations rather than global diversification. Despite the fund's name implying a worldwide mandate, the provided data indicates that nearly all reported sectors represent negligible weightings, with Technology and Financial Services comprising only 3.2% and 3.0% respectively. This structural anomaly suggests that the fund's performance is not driven by broad sector rotation but is instead almost entirely dependent on its top holdings, which are listed without specific country identifiers yet dominate the portfolio to a degree that renders standard sector analysis misleading. The extremely low Top-10 concentration of 13.2% appears contradictory given the dominance of these unnamed leaders, implying that while headline sectors show minimal exposure, the actual economic drivers reside in highly concentrated individual positions outside conventional categorization.
This allocation pattern highlights significant idiosyncratic risk rather than systematic sectoral risk, as traditional factor tilts toward growth or value cannot be discerned from near-zero sector weights. The presence of ASML within a technology slice that accounts for only 3.2% of the total assets further underscores how individual large-cap exposures can distort standard benchmark comparisons. Investors analyzing this vehicle must look beyond aggregate sector percentages, as they fail to capture the true nature of the portfolio's volatility drivers. Instead of evaluating exposure to cyclical swings in energy or defensive stability from consumer staples, the fund's behavior will likely mirror the specific fortunes of its few largest constituents. Consequently, the data suggests a strategy that prioritizes concentrated bets on select global giants over diversified sectoral participation, creating a risk profile that behaves more like an active large-cap manager than a passive international index tracker.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-23 01:30:49.488087+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share VEU's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of VEU's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| VXUSVXUS | $624B | — | 486 | 70.3% |
| VEAVanguard FTSE Developed Markets Index Fund ETF Shares | $290B | — | 385 | 56.1% |
| VTVT | $80B | — | 213 | 54.9% |
| CWICWI | $2B | — | 405 | 54.8% |
| VSGXVSGX | $6B | — | 356 | 53.1% |
70% of VEU's portfolio by weight is also held by VXUS, which commands 7× more assets under management. When VXUS receives inflows, it mechanically buys these shared stocks — dragging VEU's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofVEU's weight.
Overlap computed from constituent-level holdings data across 5 ETFs. Price co-movement with driver ETFs is structural, not coincidental. Not investment advice.
ETF Look-Through Dashboard
Peer through the ETF wrapper to see exactly what you own. Every metric is computed from constituent-level data.
Weighted metrics calculated based on 20% of fund assets with available data.
Herfindahl-Hirschman Concentration Index
Morningstar-Style Box
Sector & Cap Explorer
ETF Fundamental Radar
Operational health is mixed, with the bulk of weight in the mid-range (4–6) Piotroski scores.
Piotroski F-Score (Operational Health)
Score 0-9: Measures Profitability, Leverage, and Efficiency
Based on 15% of fund weight with Piotroski data.
Computed by rolling up individual stock Piotroski F-Scores, Altman Z-Scores, and Beneish M-Scores weighted by each constituent's allocation.
Dividend Safety True-Up
DeterministicThe dividend-paying companies inside VEU collectively pay out 57% of their Free Cash Flow to maintain the current yield. This is a sustainable payout level with moderate room for dividend growth. Based on 11% of fund weight in dividend-paying stocks.
FCF Payout Ratio = Dividends Paid / Free Cash Flow, weighted by constituent allocation. Not investment advice.
Earnings vs. Price Decomposition
ProprietaryVEU is up 24.3% over the last 12 months. The underlying weighted earnings growth of its constituents is +24.1%. Price performance is closely aligned with fundamental earnings growth — valuations are roughly unchanged.
Earnings growth = weighted average YoY EPS growth of all constituents (capped at ±500% to limit outlier distortion). Based on 14% of fund weight with earnings data. Not investment advice.
Passive Crowding Score
SEVEREHow much of each constituent's market cap is structurally locked in passive ETFs — a proxy for liquidity fragility during sell-offs.
VEU has a Passive Crowding Score of 85/100. On average, 25.6% of the market capitalization of VEU's underlying holdings is structurally locked in passive ETF vehicles. In the event of a broad sell-off, VEU faces elevated "gap-down" risk — as passive redemptions force simultaneous selling of constituents where a large portion of the float is not actively trading.
Passive $ = Σ(ETF AUM × holding weight) across all 6 tracked ETFs. Actual passive ownership is higher (includes mutual funds, pension funds). Not investment advice.
Under the Hood — Top 15 Constituents
| # | Ticker | Company | Weight | P/E | F-Score |
|---|---|---|---|---|---|
| 1 | 2330 | Taiwan Semiconductor Manufacturing Co. Ltd. | 4.63% | — | — |
| 2 | 005930 | Samsung Electronics Co. Ltd. | 2.48% | — | — |
| 3 | 000660 | SK hynix Inc. | 2.37% | — | — |
| 4 | ASML | ASML Holding NV Technology | 1.85% | 56.8x | 8/9 |
| 5 | 700 | Tencent Holdings Ltd. | 0.84% | — | — |
| 6 | HSBA | HSBC Holdings plc | 0.79% | — | — |
| 7 | NOVN | Novartis AG | 0.71% | — | — |
| 8 | RY | Royal Bank of Canada Financial Services | 0.70% | 20.0x | 3/9 |
| 9 | ROP | Roche Holding AG Technology | 0.70% | 22.7x | 5/9 |
| 10 | AZN | AstraZeneca plc Healthcare | 0.68% | 25.5x | 7/9 |
| 11 | NESN | Nestle SA | 0.64% | — | — |
| 12 | SIE | Siemens AG | 0.57% | — | — |
| 13 | 8306 | Mitsubishi UFJ Financial Group Inc. | 0.53% | — | — |
| 14 | SHEL | Shell plc Energy | 0.53% | 13.3x | 5/9 |
| 15 | 9988 | Alibaba Group Holding Ltd. | 0.53% | — | — |
Historical Holdings Snapshots
Browse how VEU’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-07-19
15 holdings · 18.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | 2330 | 4.63% | 56,611,338 | $4.5B |
| 2 | 005930 | 2.48% | 10,802,811 | $2.4B |
| 3 | 000660 | 2.37% | 1,297,013 | $2.3B |
| 4 | ASML | 1.85% | 903,309 | $1.8B |
| 5 | 700 | 0.84% | 14,626,704 | $807.1M |
| 6 | HSBA | 0.79% | 40,164,905 | $759.5M |
| 7 | NOVN | 0.71% | 4,366,487 | $682.4M |
| 8 | RY | 0.70% | 3,272,998 | $677.7M |
| 9 | ROP | 0.70% | 1,647,277 | $677.2M |
| 10 | AZN | 0.68% | 3,510,568 | $655.4M |
| 11 | NESN | 0.64% | 6,023,415 | $617.8M |
| 12 | SIE | 0.57% | 1,717,178 | $552.1M |
| 13 | 9988 | 0.53% | 42,795,940 | $513.1M |
| 14 | SHEL | 0.53% | 13,140,176 | $510.6M |
| 15 | 8306 | 0.53% | 25,462,454 | $507.3M |
2026-07-18
15 holdings · 18.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | 2330 | 4.63% | 56,611,338 | $4.5B |
| 2 | 005930 | 2.48% | 10,802,811 | $2.4B |
| 3 | 000660 | 2.37% | 1,297,013 | $2.3B |
| 4 | ASML | 1.85% | 903,309 | $1.8B |
| 5 | 700 | 0.84% | 14,626,704 | $807.1M |
| 6 | HSBA | 0.79% | 40,164,905 | $759.5M |
| 7 | NOVN | 0.71% | 4,366,487 | $682.4M |
| 8 | ROP | 0.70% | 1,647,277 | $677.2M |
| 9 | RY | 0.70% | 3,272,998 | $677.7M |
| 10 | AZN | 0.68% | 3,510,568 | $655.4M |
| 11 | NESN | 0.64% | 6,023,415 | $617.8M |
| 12 | SIE | 0.57% | 1,717,178 | $552.1M |
| 13 | 9988 | 0.53% | 42,795,940 | $513.1M |
| 14 | SHEL | 0.53% | 13,140,176 | $510.6M |
| 15 | 8306 | 0.53% | 25,462,454 | $507.3M |
2026-07-17
15 holdings · 18.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | 2330 | 4.63% | 56,611,338 | $4.5B |
| 2 | 005930 | 2.48% | 10,802,811 | $2.4B |
| 3 | 000660 | 2.37% | 1,297,013 | $2.3B |
| 4 | ASML | 1.85% | 903,309 | $1.8B |
| 5 | 700 | 0.84% | 14,626,704 | $807.1M |
| 6 | HSBA | 0.79% | 40,164,905 | $759.5M |
| 7 | NOVN | 0.71% | 4,366,487 | $682.4M |
| 8 | ROP | 0.70% | 1,647,277 | $677.2M |
| 9 | RY | 0.70% | 3,272,998 | $677.7M |
| 10 | AZN | 0.68% | 3,510,568 | $655.4M |
| 11 | NESN | 0.64% | 6,023,415 | $617.8M |
| 12 | SIE | 0.57% | 1,717,178 | $552.1M |
| 13 | SHEL | 0.53% | 13,140,176 | $510.6M |
| 14 | 8306 | 0.53% | 25,462,454 | $507.3M |
| 15 | 9988 | 0.53% | 42,795,940 | $513.1M |
2026-07-16
15 holdings · 18.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | 2330 | 4.63% | 56,611,338 | $4.5B |
| 2 | 005930 | 2.48% | 10,802,811 | $2.4B |
| 3 | 000660 | 2.37% | 1,297,013 | $2.3B |
| 4 | ASML | 1.85% | 903,309 | $1.8B |
| 5 | 700 | 0.84% | 14,626,704 | $807.1M |
| 6 | HSBA | 0.79% | 40,164,905 | $759.5M |
| 7 | NOVN | 0.71% | 4,366,487 | $682.4M |
| 8 | ROP | 0.70% | 1,647,277 | $677.2M |
| 9 | RY | 0.70% | 3,272,998 | $677.7M |
| 10 | AZN | 0.68% | 3,510,568 | $655.4M |
| 11 | NESN | 0.64% | 6,023,415 | $617.8M |
| 12 | SIE | 0.57% | 1,717,178 | $552.1M |
| 13 | 9988 | 0.53% | 42,795,940 | $513.1M |
| 14 | SHEL | 0.53% | 13,140,176 | $510.6M |
| 15 | 8306 | 0.53% | 25,462,454 | $507.3M |
2026-07-15
15 holdings · 17.5% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | 2330 | 4.32% | 56,275,873 | $4.2B |
| 2 | 005930 | 2.38% | 10,948,622 | $2.3B |
| 3 | 000660 | 2.03% | 1,256,792 | $2.0B |
| 4 | ASML | 1.51% | 901,093 | $1.5B |
| 5 | 700 | 0.81% | 14,380,704 | $781.3M |
| 6 | HSBA | 0.78% | 39,886,587 | $749.0M |
| 7 | ROP | 0.71% | 1,632,965 | $687.1M |
| 8 | NOVN | 0.69% | 4,458,246 | $670.6M |
| 9 | AZN | 0.67% | 3,481,875 | $646.5M |
| 10 | 9988 | 0.67% | 41,546,540 | $644.1M |
| 11 | RY | 0.65% | 3,248,482 | $623.1M |
| 12 | NESN | 0.63% | 5,977,137 | $606.5M |
| 13 | SHEL | 0.58% | 13,218,914 | $558.6M |
| 14 | SIE | 0.55% | 1,705,508 | $534.7M |
| 15 | BHP | 0.52% | 11,379,978 | $506.6M |
2026-07-14
15 holdings · 17.5% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | 2330 | 4.32% | 56,275,873 | $4.2B |
| 2 | 005930 | 2.38% | 10,948,622 | $2.3B |
| 3 | 000660 | 2.03% | 1,256,792 | $2.0B |
| 4 | ASML | 1.51% | 901,093 | $1.5B |
| 5 | 700 | 0.81% | 14,380,704 | $781.3M |
| 6 | HSBA | 0.78% | 39,886,587 | $749.0M |
| 7 | ROP | 0.71% | 1,632,965 | $687.1M |
| 8 | NOVN | 0.69% | 4,458,246 | $670.6M |
| 9 | AZN | 0.67% | 3,481,875 | $646.5M |
| 10 | 9988 | 0.67% | 41,546,540 | $644.1M |
| 11 | RY | 0.65% | 3,248,482 | $623.1M |
| 12 | NESN | 0.63% | 5,977,137 | $606.5M |
| 13 | SHEL | 0.58% | 13,218,914 | $558.6M |
| 14 | SIE | 0.55% | 1,705,508 | $534.7M |
| 15 | BHP | 0.52% | 11,379,978 | $506.6M |
Source: SEC filings and fund provider disclosures. Shows last 6 snapshot dates, top 15 holdings per date by weight.
Risk Profile
Sharpe = risk-adjusted return (higher is better). Computed from 1,200+ trading days with 5% risk-free rate.
Price Chart with Moving Averages
What Drove VEU Today?
Daily return attribution — which holdings contributed most (and least) to the fund's move.
Underwater (Drawdown from Peak)
How far below the all-time high the price has been over time. Deeper = more pain for holders.
Rolling 60-Day Beta vs S&P 500 (VOO)
How the ETF's sensitivity to market moves changes over time. β > 1 = more volatile than the market.
Yield & Income
Sector Drift Over Time
How VEU’s sector allocation has shifted across snapshots. Use the slider to travel through time.
Active Conviction Tracker
Shares bought and sold between the latest two data snapshots — reveals what the fund manager is actually doing.
Explore More
Quant metrics computed deterministically from financial statements and price data. Updated: 2026-07-17.
SecuritiesDB is for informational purposes only. Not investment advice.