The matter of Perritt Capital Management Inc.’s complete divestiture of its holdings in the Vanguard International Dividend Appreciation ETF (VIGI), amounting to 116,495 shares, has come to our attention through the customary filings with the U.S. Securities and Exchange Commission, dated February 17, 2026. The cessation of this position resulted in a diminution of value, precisely $10.43 million, a figure which, while quantifiable, seems to exist in a state of detached inevitability, like a pre-ordained accounting error.
The complete absence of VIGI from Perritt’s reported assets under management (AUM) is, of course, the operative detail. It now constitutes precisely 0% of their portfolio, a rounding error in the grand, incomprehensible ledger of global finance. One pictures a dedicated clerk, tasked with updating the spreadsheets, performing the final subtraction with a weariness that transcends mere professional obligation. The remaining holdings, as of this date, are as follows: BELFB at $2.38 million (4.0% of AUM), ASM at $2.17 million (3.6%), PESI at $2.09 million (3.5%), SAMG at $1.95 million (3.3%), and EXK at $1.94 million (3.2%). These figures, while present, offer no solace, merely shifting the weight of uncertainty to other, equally precarious positions.
As of February 17, 2026, the share price of VIGI stood at $85.61, reflecting a 4.91% increase over the preceding year. This upward trajectory, however, feels less like progress and more like a temporary reprieve, a fleeting moment of stability before the inevitable descent. The position previously represented 4.9% of the fund’s AUM, a percentage now relegated to the archive, a ghost in the machine of portfolio allocation.
| Metric | Value |
|---|---|
| AUM | 9.61 billion |
| Dividend yield | 2.04% |
| Price (as of market close 3/20/26) | $85.61 |
| 1-year total return | 4.91% |
The Vanguard International Dividend Appreciation ETF, in its stated purpose, offers access to a portfolio of non-U.S. companies exhibiting consistent dividend growth. The investment strategy, meticulously documented, centers on tracking an index of high-quality international companies, excluding those within the United States, and maintaining a record of growing dividends over time. It is a system designed to replicate, to mirror, to endlessly propagate a pattern that, while logically sound, feels strangely devoid of meaning.
The fund’s approach emphasizes quality and stability, seeking to faithfully replicate its target index by holding securities in similar proportions. This disciplined methodology, coupled with its global reach, presents a compelling, if ultimately illusory, choice for investors seeking international dividend growth with an efficient cost structure. The portfolio, composed of both developed and emerging market equities, holds each constituent in proportion to its index weighting, ensuring broad diversification – a diversification that, paradoxically, seems to amplify the sense of helplessness in the face of market forces.
For the investor, VIGI presents a trade-off between a lower current yield and exposure to higher-quality companies demonstrating consistent dividend growth. It is positioned not for immediate income maximization, but for long-term earnings stability – a stability that is contingent upon factors entirely beyond the control of the individual investor. The performance of the ETF is driven by global equity returns, foreign exchange movements, and the earnings growth of its holdings. These variables, constantly shifting and interconnected, create a system of perpetual uncertainty, where even the most carefully considered investment is subject to the whims of fate.
The fund’s dividend growth screen favors companies with durable cash flows and stronger balance sheets, potentially resulting in more stable performance than broader international benchmarks. However, fluctuations in foreign exchange rates introduce an additional layer of variability, as international earnings are translated into U.S. dollars. This process, seemingly straightforward, is in reality a complex and unpredictable calculation, subject to the vagaries of global finance. The outcome, as always, is uncertain.
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2026-03-21 05:02