Vanguard MSCI International Shares (ex-Australia) ETF (VGS) $142.65

This ETF provides broad exposure to a diversified portfolio of large and mid-cap companies across developed global markets, excluding Australia. We particularly like this huge ETF’s sector mix—over 20% in semiconductors and internet names versus just ~6% in software, even for a relatively tech-heavy fund. Global equities haven’t retreated as far as they did during the Liberation Day sell-off, but they are now within ~70% of the move. Assuming the current war doesn’t send the global economy into a recession, we are seeing another pullback to buy – our preferred scenario at this stage.

• We believe it’s time to start accumulating the VGS ETF as war weighs on risk assets – MM owns the International Shares ETF (VGS) in our Core ETF Portfolio.