VALLEY FORGE, PA — Vanguard has announced updates to the advisory structure of its $11.9 billion International Value Fund, introducing Altrinsic Global Advisors, LLC as a new fund advisor while retaining current advisors ARGA Investment Management, LP and Sprucegrove Investment Management Ltd. The changes follow the removal of Lazard Asset Management LLC from the fund’s advisory team.
Effective immediately, Altrinsic, ARGA, and Sprucegrove will each manage one-third of the fund’s assets. This adjustment will raise the fund’s expense ratio from 0.35% to 0.37%, though its investment objective, strategies, and policies remain unchanged.
Vanguard’s manager research team emphasized that this realignment is geared toward enhancing the fund’s overall construction and performance by leveraging diverse value-investing strategies within international equity markets. “The addition of Altrinsic will serve the best interests of current and future shareholders,” Vanguard noted, citing the firm’s expertise and disciplined investment approach.
Founded in 2000, Altrinsic Global Advisors is headquartered in Stamford, CT, and specializes in global, international, and emerging market equity strategies. The firm employs fundamental, intrinsic value investing principles, supported by a wealth of industry expertise and in-depth bottom-up analysis. Altrinsic aims to deliver long-term capital appreciation while managing risk with prudence.
Altrinsic’s portion of the fund will be co-managed by seasoned portfolio managers John Hock, Rich McCormick, and John DeVita. Hock, Altrinsic’s founder and Chief Investment Officer, brings over 30 years of industry experience. McCormick, Co-Chief Investment Officer, has been with the firm since 2009, while DeVita, Director of Research, has been part of the team since 2000.
This marks a new chapter for Vanguard’s International Value Fund, first introduced to ARGA and Sprucegrove’s advisory expertise in 2012 and 2020, respectively. With Altrinsic’s wealth management track record and complementary investment philosophy, Vanguard expects to deliver stronger outcomes for its shareholders in an evolving global market environment.
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