International Small



International small funds invest in small-cap non-US companies around the world in both developed and emerging markets.

While international small is also included in total international, because of the way total international is weighted towards large caps some investors like to hold a bit of both to further increase their overall international diversification.


Index Funds


Source Data
  • 1970-1981: International Devloped, R*
  • 1982-1994: DFA Int’l Small Cap Index, P
  • 1995-2009: MSCI ACWI Ex USA Small NR USD, P
  • 2010+: Vanguard FTSE All-World ex-US Small Cap Index Fund (VFSVX), P

(*) Good data for International Small is not available until 1982.  Prior to that, I use International Developed as a replacement asset.  Since I-DEV is primarily influenced by large cap stocks, the fit is not great.  Only small percentages will avoid the “estimated” tag in the calculators prior to 1982.


Portfolios with International Small assets