Inside the VTV Portfolio: The Worlds Largest U.S. Value Investor ETF and Its Investments

The value investment (VI) approach has consistently attracted global investors, especially amid the volatility of the U.S. stock market. Investors increasingly focus on stability, strong cash flow, and stocks priced below their intrinsic value.

One of the most popular ETFs reflecting the VI investment philosophy is the Vanguard Morningstar Value ETF, or VTV, managed by Vanguard, a leading global investment firm.

With assets under management (AUM) exceeding $254 billion USD—equivalent to over 6 trillion baht—VTV ranks among the world's largest value stock funds.

What is the Vanguard Morningstar Value ETF?

Vanguard Morningstar Value ETF is an ETF aiming to closely track the Morningstar US Large Cap Value Index, which includes large U.S. companies characterized as value stocks. These companies have strong business fundamentals, attractive price-to-earnings ratios (P/E), and often pay consistent dividends.

VTV's highlights include a very low management fee with an expense ratio of only 0.03% per year, and a passive investment strategy that spreads investments across hundreds of leading value stocks spanning major sectors like finance, healthcare, industrials, and technology to mitigate short-term volatility risks.

According to the latest portfolio data, the fund allocates investments across top global value stocks. The top 10 holdings include:

• MU - Micron Technology Inc. (4.87%), a leading global manufacturer of memory and semiconductor chips, playing a key role in technology infrastructure.
• JPM - JPMorgan Chase & Co. (3.06%), the largest commercial bank and financial institution in the U.S., with strong financial standing and a global network.
• BRK.B - Berkshire Hathaway Inc. Class B (2.95%), the legendary holding company of Warren Buffett, the master VI investor, comprising a diverse range of top-tier businesses.
• JNJ - Johnson & Johnson (2.29%), a global healthcare and pharmaceutical giant known for its stability and long history of dividend payments.
• XOM - ExxonMobil Holdings Corp (2.12%), a global energy and oil giant generating substantial cash flow and critical to energy security.
• WMT - Walmart Inc. (1.86%), the world's largest retailer with an extensive network and a robust business model resilient in all economic conditions.
• CAT - Caterpillar Inc. (1.84%), a leading manufacturer of heavy machinery for construction and mining, serving as an economic activity indicator.
• ABBV - AbbVie Inc. (1.66%), a leading global biopharmaceutical company with a portfolio of high-revenue specialty drugs.
• CSCO - Cisco Systems Inc. (1.56%), a global leader in networking technology and telecommunications equipment with a stable business foundation.
• UNH - UnitedHealth Group Inc. (1.41%), the largest U.S. health services and insurance group, with consistent revenue and growth rates.

Note: Data as of 30 June 2026 GMT+7

The Vanguard Morningstar Value ETF (VTV) portfolio holds a total of 308 companies. The top 10 holdings account for approximately 23.62% of the portfolio, reflecting good diversification without excessive concentration in any single stock.

In terms of valuation, VTV's overall portfolio has a price-to-earnings (P/E) ratio of about 21.4 times and a price-to-book (P/B) ratio of 3.2 times.

Moreover, the companies chosen by VTV maintain strong profitability and steady growth, with a return on equity (ROE) of 15.8% and an average earnings growth rate of 9.2%, underscoring the portfolio's collection of "quality value stocks" that offer both stability and long-term growth potential.

For investors interested in VI strategies within the U.S. stock market, VTV represents an attractive portfolio to study and build upon. Investors can use the list of stocks, their weightings, and the fund's selection criteria as a "starting idea" for further research before making investment decisions aligned with their goals, risk tolerance, and investment horizon.

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