VT is the whole listed world in one ticker: 10,057 stocks, 48 countries, no view taken. Buy it and you have said "I do not know which country wins, so I will own all of them in proportion."
The question worth asking is what that proportion has become. The answer, from the fund's own filing: the United States is 61.97 cents of every dollar. Not because Vanguard decided so, but because that is what the world's prices did.
This is episode 3 of World through ETFs. Episode 1 read VXUS, the same world with America removed. Episode 2 read the emerging-market funds. This one reads the fund that holds both halves, and asks how the split has moved across twenty-seven quarterly filings.
Data as of 2026-04-30 (filing period) · received by the SEC 2026-06-26 · analysis written 2026-09-26. VT files monthly-period N-PORT quarterly; the next period will restate this and the page will be re-measured.
The US share, filing by filing
| Filing period | US share | Japan | UK | Taiwan | Korea | Countries filed |
|---|---|---|---|---|---|---|
| 2019-10-31 | 52.17% | 7.76% | 4.82% | 1.52% | 1.42% | 61 |
| 2020-10-31 | 59.07% | 7.34% | 4.18% | 1.55% | 1.34% | 49 |
| 2021-10-31 | 61.65% | 6.27% | 3.99% | 1.67% | 1.30% | 51 |
| 2022-10-31 | 62.22% | 5.86% | 3.91% | 1.42% | 1.25% | 48 |
| 2023-10-31 | 61.50% | 6.27% | 3.86% | 1.71% | 1.31% | 48 |
| 2024-10-31 | 63.89% | 5.58% | 3.47% | 2.04% | 1.08% | 47 |
| 2025-01-31 | 65.24% | 5.48% | 3.37% | 1.99% | 0.97% | 46 |
| 2025-10-31 | 63.59% | 5.62% | 3.24% | 2.29% | 1.46% | 47 |
| 2026-01-31 | 61.96% | 5.75% | 3.40% | 2.45% | 1.84% | 48 |
| 2026-04-30 | 61.97% | 5.73% | 3.28% | 3.02% | 2.26% | 48 |
Two movements, and the second one is the more interesting.
The long rise. From 52.17% to a peak of 65.24% in the January 2025 filing: thirteen percentage points in a little over five years. Nothing in VT's mandate changed. American share prices rose faster than everyone else's, and a market-weighted fund mechanically holds more of what has gone up.
The recent reversal. Since that peak the US share has fallen to 61.97% — down 3.3 points across five filings. The "US share only goes up" reading was true for five years and has not been true for the last year and a half. A market-cap fund records this without being asked to.
Where the ground moved
Comparing the first filing on record with the latest:
| 2019-10-31 | 2026-04-30 | Change | |
|---|---|---|---|
| United States | 52.17% | 61.97% | +9.80 pp |
| Taiwan | 1.52% | 3.02% | +1.50 pp |
| Hong Kong (as filed) | 1.00% | 2.60% | +1.60 pp |
| Korea | 1.42% | 2.26% | +0.84 pp |
| India | 1.14% | 1.66% | +0.52 pp |
| Japan | 7.76% | 5.73% | −2.03 pp |
| United Kingdom | 4.82% | 3.28% | −1.54 pp |
| Switzerland | 2.79% | 1.94% | −0.85 pp |
| France | 2.78% | 1.99% | −0.79 pp |
The developed markets that gave up ground are Japan, the UK, Switzerland and France. The ground was taken by the United States and by four Asian markets. Nothing in Europe grew.
And the most recent quarter is the sharpest of all: Taiwan went 2.45% → 3.02% and Korea 1.84% → 2.26% in a single filing period. Two countries added a point of the whole world between one quarter and the next.
The country split moved. What happened inside the fund is larger.
The map above answers where the money sits. The filings answer a second question the map cannot: how many things the money is really spread across. For a fund holding 10,057 stocks, the answer has changed more than the country split has.
| Filing period | Stocks held | Behaves like | Top ten | Largest position |
|---|---|---|---|---|
| 2019-10-31 | 8,199 | 419.2 | 10.19% | 2.07% |
| 2020-10-31 | 8,841 | 271.5 | 13.77% | 3.09% |
| 2021-10-31 | 9,310 | 262.5 | 14.34% | 3.18% |
| 2022-10-31 | 9,568 | 251.0 | 13.83% | 3.80% |
| 2023-10-31 | 9,704 | 198.6 | 16.33% | 3.84% |
| 2024-10-31 | 9,860 | 163.6 | 19.09% | 3.81% |
| 2025-10-31 | 9,963 | 131.1 | 22.66% | 4.59% |
| 2026-04-30 | 10,057 | 148.7 | 21.73% | 4.19% |
VT added 1,858 stocks over the period — and the number of equal holdings it behaves like fell from 419 to 149. The fund holds more companies than ever and is spread across fewer than at any point except last autumn. Its ten largest went from a tenth of the world to better than a fifth.
That is the same phenomenon as the US share rising, seen from inside rather than by country: the companies that grew are large, American, and few. A fund that owns everything in proportion records it twice — once as a country weight and once as a concentration figure — and the concentration figure moves harder.
The effective count is one divided by the sum of squared weights; the method and its limits. Both figures are computed after securities-lending collateral is removed, which for VT is 0.5% of net assets.
What the whole world returned, as the fund reported it
From Item B.5 of VT's own filings rather than a price feed: +130.5% over the 81 months on record, +31.9% over the last twelve. Best filed month +12.5%, worst −14.65%. The series agrees with an independently computed price series, so it is published rather than withheld.
For scale, the US-only S&P 500 fund IVV filed +183.4% over 84 months across the same era. Owning the whole world returned less than owning the part of it that was concentrating — which is what a market-weighted fund is supposed to record, and not a recommendation in either direction. How these are read.
What moved in the last filing
Between VT's two most recent filings — 31 January and 30 April 2026 — the fund went from 9,946 positions to 10,001, adding 233 companies worth 0.62% of the fund and dropping 178 worth 0.55%. A turnover proxy of 7.1%, which for a fund that holds the whole listed world is mostly the world's own churn rather than a decision.
(That 10,001 and the 10,057 quoted earlier count different things: the comparison matches positions between two filings on their identifiers and can only count lines that carry one, while the holdings figure counts every line the filing reports. The gap is 56 lines without a usable identifier, and this site keeps both numbers rather than picking the tidier one.)
The weight changes are the more readable part:
| Largest increases | From | To | Largest decreases | From | To | |
|---|---|---|---|---|---|---|
| Broadcom | 1.42% | 1.73% | Meta Platforms | 1.45% | 1.20% | |
| Taiwan Semiconductor | 1.25% | 1.52% | Microsoft | 2.97% | 2.71% | |
| Alphabet | 1.83% | 2.03% | Tesla | 1.13% | 0.97% | |
| Intel | 0.19% | 0.38% | Vanguard cash fund | 0.69% | 0.55% |
Taiwan Semiconductor rising from 1.25% to 1.52% of the entire world in one quarter is most of the Taiwan move in the country table above: one company, not a broad Taiwanese re-rating. Intel doubling from 0.19% to 0.38% is the largest proportional move in the list. Nobody at Vanguard chose any of this.
Every filing pair for VT · all funds
Two numbers in that table that are not what they look like
This is a filing, not a map, and two lines in it would mislead if read plainly.
Cayman Islands went from 2.08% to zero, and Ireland from 1.38% to 0.08%. No money left either place. These are countries of incorporation, and a company incorporated in the Cayman Islands whose business is in China can be filed under either. The change is a reclassification by the filer, not a movement of capital. Any country-of-issuer table has this problem; this one marks the affected codes rather than quietly averaging them in.
The country count fell from 61 to 48. That is the filing's own count of distinct country codes, and it dropped between the 2019 and 2020 filings. Small-country comparisons across that boundary are not reliable, which is why the table above shows only countries that are large in both periods.
What this can and cannot tell you
- It is the world by market value, not by economy. VT holds companies in proportion to what listed shares are worth, not in proportion to GDP or population. The United States is 62% of the fund and nothing like 62% of the world.
- Country means country of issuer as filed. Often the domicile, not where the business is. TSMC's revenue and Samsung's are not confined to Taiwan and Korea.
- It is one fund. A different world fund with a different index would give slightly different numbers. The pooled version, across every comparable fund, is the cross-check.
- It is not advice, and nothing here says the US share should be higher or lower.
The data
- Every quarter of VT's country split as JSON: /data/country-weights/VT.json
- The pooled map across all comparable funds: where the money sits, by country
- VT's own page, holdings and concentration: /funds/vt/
- Definition:
ex-collateral-v2— securities-lending collateral is excluded and weights renormalised, the same rule used everywhere on this site. Data dictionary. - Free to reuse under CC BY 4.0.
Next in the series: all comparable funds pooled — the world as US-registered fund money sees it.