VNQI(VNQI)
AI Look-Through Summary
AI GeneratedThe portfolio's sector allocation is heavily skewed towards Other, accounting for approximately 94% of its holdings, with Technology and Communication Services sectors making up less than 1%. This suggests that the fund has a broad exposure to various industries, but may lack significant representation in more prominent sectors such as Healthcare or Financial Services. The weighted P/E ratio of 16.5x indicates that the portfolio's constituent companies are trading at a premium valuation multiple compared to their historical averages.
The top holdings reveal a mix of global real estate investment trusts (REITs) and companies with significant exposure to real estate, including General Motors' subsidiary GMG. The presence of Japanese stocks such as 8802 and 8830 indicates some geographic diversification, but the portfolio's overall sector and market-cap profile suggests it may be more sensitive to fluctuations in global real estate markets. A favorable macro environment for this portfolio would likely involve stable or rising property values, low interest rates, and a strong demand for commercial and residential properties. Conversely, a decline in property prices or an increase in interest rates could have a negative impact on the fund's performance.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-05-24 20:09:15.579003+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 95/100The investment theme implied by the ticker VNQI is Real Estate Investment Trusts (REITs), yet the provided top holdings list reveals a portfolio heavily weighted toward technology and telecommunications giants such as GMG, 8802, and 16. This creates a significant divergence between the fund's thematic label and its actual asset composition, suggesting that while the name promises exposure to real estate income generators, the primary economic drivers appear to be driven by high-growth tech sectors rather than property assets. The presence of these non-real-estate leaders in the top positions indicates a potential mismatch where broad market names may be stabilizing returns or serving as proxies for growth, thereby diluting the specific focus on real estate that the ticker suggests to investors seeking sector-specific exposure.
Sector coherence analysis shows an extreme lack of alignment with typical REIT characteristics, as technology and communication services dominate the top holdings despite representing negligible percentages in the provided sector breakdown due to likely classification nuances or data reporting lags in the input. The stated sector weights are fragmented across healthcare, materials, and industrials without any meaningful concentration in real estate sectors like Real Estate Investment Trusts or Property, which should theoretically constitute a substantial portion of such a fund. With top-ten concentration at 29%, the portfolio exhibits high idiosyncratic risk tied to specific large-cap issuers rather than diversified exposure to an entire industry vertical. Consequently, while the fund may offer unique diversification benefits compared to broad indices through its heavy weighting in non-traditional sectors for a real estate named vehicle, it fundamentally lacks the sector purity expected from the VNQI designation based on the disclosed holdings structure.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-23 06:21:25.548467+00
🏢 Sector Analysis
AI GeneratedThe sector allocation profile of VNQI presents a distinct departure from traditional equity benchmarks, characterized by an almost complete absence exposure to major growth drivers like Technology and Communication Services. With combined allocations hovering near zero for these sectors, the fund's investment thesis appears deliberately focused on excluding high-volatility tech equities in favor of other asset classes or geographies not represented in this specific breakdown. This structural choice suggests a strategy that prioritizes stability or specific non-US market exposures over participation in the current technology-led rally, effectively insulating the portfolio from sector-specific downturns while simultaneously forfeiting potential upside from those industries.
Concentration risk emerges as a defining feature of this vehicle, evidenced by the top ten holdings accounting for nearly 23% of total assets and individual positions exceeding four percent. Such a skewed distribution indicates that performance will be heavily influenced by the fortunes of a handful of specific entities rather than broad market movements within any single sector. This lack of diversification across both sectors and individual names implies a high degree of idiosyncratic risk, where the fund's trajectory is tightly coupled with the operational outcomes or valuation shifts of its largest constituents like GMG and 8802.
Regarding factor tilts, the data suggests an extreme tilt toward large-cap value characteristics within specific regional markets, given that top holdings often correspond to dominant state-owned enterprises rather than diversified public companies typical of broad indices. The negligible presence of consumer cyclicals and energy sectors further reinforces a specialized mandate that avoids cyclical economic swings associated with those industries. Ultimately, the fund structure reflects a niche approach where investors gain targeted exposure to specific large-cap entities while accepting significant concentration risks and minimal participation in standard growth factors found in diversified equity portfolios.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-23 18:23:50.890911+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share VNQI's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of VNQI's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| SPDWSPDW | $36B | — | 175 | 65.6% |
| VPLVPL | $12B | — | 40 | 34.6% |
| CWICWI | $2B | — | 40 | 34.3% |
| VSGXVSGX | $6B | — | 19 | 29.0% |
| VEAVanguard FTSE Developed Markets Index Fund ETF Shares | $290B | — | 14 | 25.0% |
66% of VNQI's portfolio by weight is also held by SPDW, which commands 10× more assets under management. When SPDW receives inflows, it mechanically buys these shared stocks — dragging VNQI's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofVNQI'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
Replaces $249/yr MorningstarPeer through the ETF wrapper to see exactly what you own. Every metric is computed from constituent-level data.
Weighted metrics calculated based on 4% 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 6% 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. Data that Vanguard and BlackRock don't surface.
Earnings vs. Price Decomposition
ProprietaryVNQI is up 7.1% over the last 12 months. The underlying weighted earnings growth of its constituents is -1.0%. The remaining +8.0% of performance is driven by multiple expansion (P/E inflation) — prices rose faster than earnings grew.
Earnings growth = weighted average YoY EPS growth of all constituents (capped at ±500% to limit outlier distortion). Based on 6% of fund weight with earnings data. Not investment advice.
Under the Hood — Top 15 Constituents
| # | Ticker | Company | Weight | P/E | F-Score |
|---|---|---|---|---|---|
| 1 | GMG | Goodman Group | 3.97% | — | — |
| 2 | 8802 | Mitsubishi Estate Co. Ltd. | 3.11% | — | — |
| 3 | 8801 | Mitsui Fudosan Co. Ltd. | 2.73% | — | — |
| 4 | 8830 | Sumitomo Realty & Development Co. Ltd. | 2.60% | — | — |
| 5 | 16 | Sun Hung Kai Properties Ltd. | 2.41% | — | — |
| 6 | VNA | Vonovia SE | 2.03% | — | — |
| 7 | EMAAR | Emaar Properties PJSC | 1.78% | — | — |
| 8 | 1925 | Daiwa House Industry Co. Ltd. | 1.66% | — | — |
| 9 | URW | Unibail-Rodamco-Westfield | 1.33% | — | — |
| 10 | SCG | Scentre Group | 1.26% | — | — |
| 11 | SPSN | Swiss Prime Site AG | 1.24% | — | — |
| 12 | 823 | Link REIT | 1.17% | — | — |
| 13 | SGRO | Segro plc | 1.15% | — | — |
| 14 | 1113 | CK Asset Holdings Ltd. | 1.11% | — | — |
| 15 | 1109 | China Resources Land Ltd. | 1.07% | — | — |
Historical Holdings Snapshots
Browse how VNQI’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-05-24
15 holdings · 28.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | GMG | 3.97% | 7,225,351 | $156.5M |
| 2 | 8802 | 3.11% | 4,301,245 | $122.6M |
| 3 | 8801 | 2.73% | 9,831,071 | $107.7M |
| 4 | 8830 | 2.60% | 3,307,534 | $102.5M |
| 5 | 16 | 2.41% | 5,426,941 | $95.0M |
| 6 | VNA | 2.03% | 2,970,916 | $80.0M |
| 7 | EMAAR | 1.78% | 21,861,620 | $70.4M |
| 8 | 1925 | 1.66% | 2,144,474 | $65.4M |
| 9 | URW | 1.33% | 430,680 | $52.3M |
| 10 | SCG | 1.26% | 18,434,747 | $49.5M |
| 11 | SPSN | 1.24% | 283,466 | $49.1M |
| 12 | 823 | 1.17% | 9,181,986 | $46.2M |
| 13 | SGRO | 1.15% | 4,782,813 | $45.3M |
| 14 | 1113 | 1.11% | 6,925,613 | $43.6M |
| 15 | 1109 | 1.07% | 10,078,446 | $42.3M |
2026-05-23
15 holdings · 28.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | GMG | 3.97% | 7,225,351 | $156.5M |
| 2 | 8802 | 3.11% | 4,301,245 | $122.6M |
| 3 | 8801 | 2.73% | 9,831,071 | $107.7M |
| 4 | 8830 | 2.60% | 3,307,534 | $102.5M |
| 5 | 16 | 2.41% | 5,426,941 | $95.0M |
| 6 | VNA | 2.03% | 2,970,916 | $80.0M |
| 7 | EMAAR | 1.78% | 21,861,620 | $70.4M |
| 8 | 1925 | 1.66% | 2,144,474 | $65.4M |
| 9 | URW | 1.33% | 430,680 | $52.3M |
| 10 | SCG | 1.26% | 18,434,747 | $49.5M |
| 11 | SPSN | 1.24% | 283,466 | $49.1M |
| 12 | 823 | 1.17% | 9,181,986 | $46.2M |
| 13 | SGRO | 1.15% | 4,782,813 | $45.3M |
| 14 | 1113 | 1.11% | 6,925,613 | $43.6M |
| 15 | 1109 | 1.07% | 10,078,446 | $42.3M |
2026-05-22
15 holdings · 28.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | GMG | 3.97% | 7,225,351 | $156.5M |
| 2 | 8802 | 3.11% | 4,301,245 | $122.6M |
| 3 | 8801 | 2.73% | 9,831,071 | $107.7M |
| 4 | 8830 | 2.60% | 3,307,534 | $102.5M |
| 5 | 16 | 2.41% | 5,426,941 | $95.0M |
| 6 | VNA | 2.03% | 2,970,916 | $80.0M |
| 7 | EMAAR | 1.78% | 21,861,620 | $70.4M |
| 8 | 1925 | 1.66% | 2,144,474 | $65.4M |
| 9 | URW | 1.33% | 430,680 | $52.3M |
| 10 | SCG | 1.26% | 18,434,747 | $49.5M |
| 11 | SPSN | 1.24% | 283,466 | $49.1M |
| 12 | 823 | 1.17% | 9,181,986 | $46.2M |
| 13 | SGRO | 1.15% | 4,782,813 | $45.3M |
| 14 | 1113 | 1.11% | 6,925,613 | $43.6M |
| 15 | 1109 | 1.07% | 10,078,446 | $42.3M |
2026-05-21
15 holdings · 28.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | GMG | 3.97% | 7,225,351 | $156.5M |
| 2 | 8802 | 3.11% | 4,301,245 | $122.6M |
| 3 | 8801 | 2.73% | 9,831,071 | $107.7M |
| 4 | 8830 | 2.60% | 3,307,534 | $102.5M |
| 5 | 16 | 2.41% | 5,426,941 | $95.0M |
| 6 | VNA | 2.03% | 2,970,916 | $80.0M |
| 7 | EMAAR | 1.78% | 21,861,620 | $70.4M |
| 8 | 1925 | 1.66% | 2,144,474 | $65.4M |
| 9 | URW | 1.33% | 430,680 | $52.3M |
| 10 | SCG | 1.26% | 18,434,747 | $49.5M |
| 11 | SPSN | 1.24% | 283,466 | $49.1M |
| 12 | 823 | 1.17% | 9,181,986 | $46.2M |
| 13 | SGRO | 1.15% | 4,782,813 | $45.3M |
| 14 | 1113 | 1.11% | 6,925,613 | $43.6M |
| 15 | 1109 | 1.07% | 10,078,446 | $42.3M |
2026-05-20
15 holdings · 28.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | GMG | 3.97% | 7,225,351 | $156.5M |
| 2 | 8802 | 3.11% | 4,301,245 | $122.6M |
| 3 | 8801 | 2.73% | 9,831,071 | $107.7M |
| 4 | 8830 | 2.60% | 3,307,534 | $102.5M |
| 5 | 16 | 2.41% | 5,426,941 | $95.0M |
| 6 | VNA | 2.03% | 2,970,916 | $80.0M |
| 7 | EMAAR | 1.78% | 21,861,620 | $70.4M |
| 8 | 1925 | 1.66% | 2,144,474 | $65.4M |
| 9 | URW | 1.33% | 430,680 | $52.3M |
| 10 | SCG | 1.26% | 18,434,747 | $49.5M |
| 11 | SPSN | 1.24% | 283,466 | $49.1M |
| 12 | 823 | 1.17% | 9,181,986 | $46.2M |
| 13 | SGRO | 1.15% | 4,782,813 | $45.3M |
| 14 | 1113 | 1.11% | 6,925,613 | $43.6M |
| 15 | 1109 | 1.07% | 10,078,446 | $42.3M |
2026-05-19
15 holdings · 28.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | GMG | 3.97% | 7,225,351 | $156.5M |
| 2 | 8802 | 3.11% | 4,301,245 | $122.6M |
| 3 | 8801 | 2.73% | 9,831,071 | $107.7M |
| 4 | 8830 | 2.60% | 3,307,534 | $102.5M |
| 5 | 16 | 2.41% | 5,426,941 | $95.0M |
| 6 | VNA | 2.03% | 2,970,916 | $80.0M |
| 7 | EMAAR | 1.78% | 21,861,620 | $70.4M |
| 8 | 1925 | 1.66% | 2,144,474 | $65.4M |
| 9 | URW | 1.33% | 430,680 | $52.3M |
| 10 | SCG | 1.26% | 18,434,747 | $49.5M |
| 11 | SPSN | 1.24% | 283,466 | $49.1M |
| 12 | 823 | 1.17% | 9,181,986 | $46.2M |
| 13 | SGRO | 1.15% | 4,782,813 | $45.3M |
| 14 | 1113 | 1.11% | 6,925,613 | $43.6M |
| 15 | 1109 | 1.07% | 10,078,446 | $42.3M |
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 VNQI 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 VNQI’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: 2026-06-02.
SecuritiesDB is for informational purposes only. Not investment advice.