VSS: Lagging International Small Caps Look Too Cheap

The Vanguard FTSE All-World ex-US Small-Cap ETF offers diversified, non-tech-heavy exposure with a compelling 12.2x P/E and 3.03% yield. I maintain a buy rating on VSS despite recent underperformance, citing attractive valuation and potential tailwinds from declining oil prices. VSS's portfolio blends value and growth across sectors, with notable real estate overweight and material emerging markets exposure.