VONG(VONG)
AI Look-Through Summary
AI GeneratedThe portfolio's sector allocation is heavily skewed towards Technology, with a significant presence in Communication Services as well. This is not surprising given the dominance of tech giants like NVDA and AAPL, which together account for over 24% of the fund's holdings. The weighted P/E ratio of 33.5x suggests that the portfolio has a relatively high valuation posture compared to the broader market.
The concentration risk in this portfolio is elevated due to the presence of just two stocks (NVDA and AAPL) combining for over 24% of the fund's assets. While this may provide some diversification benefits, it also increases the potential for significant losses if either stock experiences a downturn. In a macro environment characterized by rising interest rates or slowing economic growth, the portfolio's high valuation posture and tech-heavy sector mix could make it vulnerable to performance declines. Conversely, a prolonged period of technological innovation and growth could be beneficial for this portfolio.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-06-12 07:47:32.976279+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 65/100The fund's name implies a focus on the global consumer, yet its actual composition is heavily skewed toward technology and mega-cap equities. While significant exposure exists in communication services and consumer cyclicals, the top ten holdings are dominated by seven companies within the technology sector alone, accounting for over half of the portfolio's weight. This heavy reliance on massive tech giants like NVIDIA, Apple, and Microsoft suggests that the fund may be utilizing broad market names to anchor returns rather than maintaining a strict thematic focus solely on consumer spending trends. The inclusion of financial services and healthcare leaders further dilutes any singular narrative regarding direct consumer engagement found in the name.
Sector coherence presents mixed signals, as technology comprises more than half of the asset allocation while consumer-related sectors make up roughly twenty-five percent combined. Although the fund holds a diverse number of names across various industries, the concentration within the top ten holdings exceeds sixty percent, indicating that performance will be disproportionately driven by a handful of large-cap stocks rather than broad sector trends. The presence of industrials and financials in non-negligible weights creates a divergence from a pure consumer theme, suggesting the fund functions more as a tilt toward growth-oriented mega-caps with some consumer exposure rather than a dedicated vehicle for tracking global consumption patterns exclusively.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-23 18:05:03.117805+00
⚠️ Systemic Risk Synthesis
AI GeneratedThe newly disclosed risk factors from the top holdings of VONG highlight three emerging systemic themes that could impact multiple large-cap technology firms. Most notably, there is a clear convergence around regulatory pressures related to artificial intelligence and climate change compliance. NVIDIA's specific disclosures regarding responsible AI usage and environmental regulations suggest that these macro-level policy shifts are becoming material concerns for industry leaders with significant computational footprints. Additionally, the persistent emphasis on cybersecurity and data privacy requirements indicates an ongoing operational challenge where increasing compliance costs may erode margins across the sector simultaneously.
The concentration of exposure to these shared risks is substantial given the fund's heavy weighting in companies like NVIDIA (13.2%), Apple (11.1%), Microsoft (8.7%), and Broadcom (5.8%). When such a significant portion of an ETF's assets flags identical categories—specifically AI regulation, environmental mandates, and cybersecurity—as potential material adverse events, it signals high correlation among the portfolio's largest components. This concentration means that macroeconomic headwinds or new regulatory frameworks targeting these specific areas could trigger correlated downside movements across multiple top holdings rather than isolated incidents affecting a single stock.
While NVIDIA carries the highest individual weight at 13.2%, making its specific disclosures particularly relevant, other major constituents like Amazon and Meta also operate within similar regulatory scrutiny environments regarding data privacy and emerging technologies. Although the provided text only explicitly details NVIDIA's unique combination of AI, climate, and cybersecurity risks, the sheer size of these positions implies that any broad policy tightening in these areas would disproportionately affect the fund's overall performance relative to a more diversified portfolio with lower exposure to mega-cap tech stocks.
Synthesized from constituent 10-K risk factor disclosures. Not investment advice. Updated: 2026-05-23 20:09:30.140168+00
🏢 Sector Analysis
AI GeneratedThe sector allocation of VONG reveals a distinct investment thesis centered on aggressive exposure to the technology and communication services sectors, which collectively account for over 63% of total assets. This heavy weighting suggests the fund is positioned to capitalize on growth drivers within digital infrastructure, software platforms, and internet-based media companies. The top five holdings are entirely concentrated in these two sectors, with NVIDIA, Apple, Microsoft, Broadcom, and Amazon comprising more than half of the entire portfolio value. Such a structure indicates that the fund's performance will be disproportionately influenced by the valuation trajectories and earnings reports of mega-cap technology giants rather than broader market diversification across traditional industries like finance or healthcare.
This concentration creates significant idiosyncratic risk tied specifically to the volatility of the semiconductor, cloud computing, and consumer electronics sub-sectors. With over 60% of assets held in just ten positions, a downturn affecting even one of these top-tier names would materially impact the fund's net asset value more severely than a broadly diversified index. The minimal exposure to defensive sectors like utilities or real estate further underscores that this vehicle is not designed for capital preservation during economic contractions but rather seeks maximum participation in current secular growth trends. Additionally, the high number of holdings within technology relative to other sectors implies an attempt to mitigate single-stock risk while maintaining a very narrow thematic focus on innovation and digital transformation.
The data reflects a pure-play approach to capturing momentum factors often associated with large-cap tech equities, prioritizing growth potential over sector balance. Investors observing this allocation should note that the fund's beta will likely mirror or exceed that of its primary sector benchmarks during periods of technological optimism but may experience amplified drawdowns when sentiment shifts toward value or defensive strategies. The lack of meaningful exposure to energy, materials, and industrials suggests an intentional avoidance of cyclical industrial cycles in favor of a concentrated bet on the digital economy's continued expansion.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-23 04:01:36.298065+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share VONG's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of VONG's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| VONEVONE | $10B | — | 222 | 97.9% |
| QUSQUS | $1B | — | 220 | 97.4% |
| VTIVanguard Total Stock Market Index Fund ETF Shares | $2.1T | 0.03% | 211 | 97.2% |
| SPTMSPTM | $12B | — | 301 | 96.7% |
| SPYState Street SPDR S&P 500 ETF Trust | $640B | 0.09% | 191 | 95.4% |
98% of VONG's portfolio by weight is also held by VONE. When VONE receives inflows, it mechanically buys these shared stocks — dragging VONG's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofVONG'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 97% 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
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 VONG collectively pay out 27% of their Free Cash Flow to maintain the current yield. This leaves a substantial cash buffer, making dividend cuts unlikely even in a downturn. Based on 74% 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
ProprietaryVONG is up 21.9% over the last 12 months. The underlying weighted earnings growth of its constituents is +48.2%. Despite earnings growth, valuations have contracted by 26.3% — the market is paying less per dollar of earnings than a year ago.
Earnings growth = weighted average YoY EPS growth of all constituents (capped at ±500% to limit outlier distortion). Based on 96% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of VONG's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of VONG's analyzed weight, 81% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 19% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 94% of fund weight with available data. Not investment advice.
Concentration Risk Monitor
HIGHNVDA at 13.1% contributes an estimated 32% of portfolio variance.VONG holds 50 stocks but behaves like an 19-stock portfolio due to weight concentration in the top holdings.
Effective # of Stocks = 1 / HHI (Herfindahl-Hirschman Index). Variance share approximated as w² / Σw². Not investment advice.
Passive Crowding Score
MODERATEHow much of each constituent's market cap is structurally locked in passive ETFs — a proxy for liquidity fragility during sell-offs.
VONG has a Passive Crowding Score of 38/100. On average, 11.4% of the market capitalization of VONG's underlying holdings is structurally locked in passive ETF vehicles. This indicates moderate passive ownership density. Index rebalances and ETF creation/redemption activity can amplify short-term volatility in the underlying holdings.
Passive $ = Σ(ETF AUM × holding weight) across all 51 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 | NVDA | NVIDIA Corp. Technology | 13.06% | 31.4x | 4/9 |
| 2 | AAPL | Apple Inc. Technology | 11.95% | 35.2x | 8/9 |
| 3 | MSFT | Microsoft Corp. Technology | 8.96% | 23.3x | 5/9 |
| 4 | AVGO | Broadcom Inc. Technology | 5.77% | 63.7x | 8/9 |
| 5 | AMZN | Amazon.com Inc. Consumer Cyclical | 5.05% | 31.6x | 6/9 |
| 6 | GOOGL | Alphabet Inc. Class A Communication Services | 3.90% | 27.5x | 6/9 |
| 7 | TSLA | Tesla Inc. Consumer Cyclical | 3.47% | 369.5x | 5/9 |
| 8 | META | Facebook Inc. Class A Communication Services | 3.19% | 20.6x | 5/9 |
| 9 | GOOG | Alphabet Inc. Class C Communication Services | 3.15% | 27.3x | 6/9 |
| 10 | LLY | Eli Lilly & Co. Healthcare | 2.67% | 40.3x | 7/9 |
| 11 | V | Visa Inc. Class A Financial Services | 1.57% | 28.1x | 6/9 |
| 12 | AMD | Advanced Micro Devices Inc. Technology | 1.46% | 169.4x | 7/9 |
| 13 | COST | Costco Wholesale Corp. Consumer Defensive | 1.28% | 49.5x | 6/9 |
| 14 | MA | Mastercard Inc. Class A Financial Services | 1.20% | 28.3x | 8/9 |
| 15 | LRCX | Lam Research Corp. Technology | 1.20% | 69.5x | 7/9 |
Historical Holdings Snapshots
Browse how VONG’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-06-18
15 holdings · 67.9% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 13.06% | 33,926,992 | $7.2B |
| 2 | AAPL | 11.95% | 20,993,352 | $6.6B |
| 3 | MSFT | 8.96% | 10,910,802 | $4.9B |
| 4 | AVGO | 5.77% | 7,084,081 | $3.2B |
| 5 | AMZN | 5.05% | 10,239,775 | $2.8B |
| 6 | GOOGL | 3.90% | 5,628,332 | $2.1B |
| 7 | TSLA | 3.47% | 4,370,557 | $1.9B |
| 8 | META | 3.19% | 2,766,077 | $1.7B |
| 9 | GOOG | 3.15% | 4,582,841 | $1.7B |
| 10 | LLY | 2.67% | 1,323,129 | $1.5B |
| 11 | V | 1.57% | 2,635,159 | $860.0M |
| 12 | AMD | 1.46% | 1,555,811 | $803.0M |
| 13 | COST | 1.28% | 733,060 | $701.0M |
| 14 | LRCX | 1.20% | 2,073,665 | $659.8M |
| 15 | MA | 1.20% | 1,328,623 | $656.3M |
2026-06-17
15 holdings · 67.9% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 13.06% | 33,926,992 | $7.2B |
| 2 | AAPL | 11.95% | 20,993,352 | $6.6B |
| 3 | MSFT | 8.96% | 10,910,802 | $4.9B |
| 4 | AVGO | 5.77% | 7,084,081 | $3.2B |
| 5 | AMZN | 5.05% | 10,239,775 | $2.8B |
| 6 | GOOGL | 3.90% | 5,628,332 | $2.1B |
| 7 | TSLA | 3.47% | 4,370,557 | $1.9B |
| 8 | META | 3.19% | 2,766,077 | $1.7B |
| 9 | GOOG | 3.15% | 4,582,841 | $1.7B |
| 10 | LLY | 2.67% | 1,323,129 | $1.5B |
| 11 | V | 1.57% | 2,635,159 | $860.0M |
| 12 | AMD | 1.46% | 1,555,811 | $803.0M |
| 13 | COST | 1.28% | 733,060 | $701.0M |
| 14 | LRCX | 1.20% | 2,073,665 | $659.8M |
| 15 | MA | 1.20% | 1,328,623 | $656.3M |
2026-06-16
15 holdings · 67.9% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 13.06% | 33,926,992 | $7.2B |
| 2 | AAPL | 11.95% | 20,993,352 | $6.6B |
| 3 | MSFT | 8.96% | 10,910,802 | $4.9B |
| 4 | AVGO | 5.77% | 7,084,081 | $3.2B |
| 5 | AMZN | 5.05% | 10,239,775 | $2.8B |
| 6 | GOOGL | 3.90% | 5,628,332 | $2.1B |
| 7 | TSLA | 3.47% | 4,370,557 | $1.9B |
| 8 | META | 3.19% | 2,766,077 | $1.7B |
| 9 | GOOG | 3.15% | 4,582,841 | $1.7B |
| 10 | LLY | 2.67% | 1,323,129 | $1.5B |
| 11 | V | 1.57% | 2,635,159 | $860.0M |
| 12 | AMD | 1.46% | 1,555,811 | $803.0M |
| 13 | COST | 1.28% | 733,060 | $701.0M |
| 14 | MA | 1.20% | 1,328,623 | $656.3M |
| 15 | LRCX | 1.20% | 2,073,665 | $659.8M |
2026-06-15
15 holdings · 67.9% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 13.06% | 33,926,992 | $7.2B |
| 2 | AAPL | 11.95% | 20,993,352 | $6.6B |
| 3 | MSFT | 8.96% | 10,910,802 | $4.9B |
| 4 | AVGO | 5.77% | 7,084,081 | $3.2B |
| 5 | AMZN | 5.05% | 10,239,775 | $2.8B |
| 6 | GOOGL | 3.90% | 5,628,332 | $2.1B |
| 7 | TSLA | 3.47% | 4,370,557 | $1.9B |
| 8 | META | 3.19% | 2,766,077 | $1.7B |
| 9 | GOOG | 3.15% | 4,582,841 | $1.7B |
| 10 | LLY | 2.67% | 1,323,129 | $1.5B |
| 11 | V | 1.57% | 2,635,159 | $860.0M |
| 12 | AMD | 1.46% | 1,555,811 | $803.0M |
| 13 | COST | 1.28% | 733,060 | $701.0M |
| 14 | MA | 1.20% | 1,328,623 | $656.3M |
| 15 | LRCX | 1.20% | 2,073,665 | $659.8M |
2026-06-14
15 holdings · 67.7% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 13.22% | 33,583,722 | $6.7B |
| 2 | AAPL | 11.13% | 20,780,964 | $5.6B |
| 3 | MSFT | 8.69% | 10,800,423 | $4.4B |
| 4 | AVGO | 5.78% | 7,012,395 | $2.9B |
| 5 | AMZN | 5.30% | 10,136,197 | $2.7B |
| 6 | GOOGL | 4.23% | 5,571,541 | $2.1B |
| 7 | GOOG | 3.42% | 4,536,321 | $1.7B |
| 8 | META | 3.31% | 2,738,090 | $1.7B |
| 9 | TSLA | 3.26% | 4,326,321 | $1.7B |
| 10 | LLY | 2.42% | 1,309,723 | $1.2B |
| 11 | V | 1.70% | 2,607,028 | $859.9M |
| 12 | COST | 1.45% | 725,644 | $736.2M |
| 13 | MA | 1.31% | 1,315,186 | $661.4M |
| 14 | NFLX | 1.28% | 6,928,649 | $648.6M |
| 15 | ABBV | 1.21% | 2,896,290 | $612.0M |
2026-06-13
15 holdings · 67.7% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 13.22% | 33,583,722 | $6.7B |
| 2 | AAPL | 11.13% | 20,780,964 | $5.6B |
| 3 | MSFT | 8.69% | 10,800,423 | $4.4B |
| 4 | AVGO | 5.78% | 7,012,395 | $2.9B |
| 5 | AMZN | 5.30% | 10,136,197 | $2.7B |
| 6 | GOOGL | 4.23% | 5,571,541 | $2.1B |
| 7 | GOOG | 3.42% | 4,536,321 | $1.7B |
| 8 | META | 3.31% | 2,738,090 | $1.7B |
| 9 | TSLA | 3.26% | 4,326,321 | $1.7B |
| 10 | LLY | 2.42% | 1,309,723 | $1.2B |
| 11 | V | 1.70% | 2,607,028 | $859.9M |
| 12 | COST | 1.45% | 725,644 | $736.2M |
| 13 | MA | 1.31% | 1,315,186 | $661.4M |
| 14 | NFLX | 1.28% | 6,928,649 | $648.6M |
| 15 | ABBV | 1.21% | 2,896,290 | $612.0M |
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 VONG 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 VONG’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: 2026-06-18.
SecuritiesDB is for informational purposes only. Not investment advice.