Vanguard Announces Advisory Changes for Vanguard Mid-Cap Growth Fund

Vanguard

VALLEY FORGE, PA — Vanguard recently announced plans to modify the investment advisory arrangement of the $3.1 billion Vanguard Mid-Cap Growth Fund. RS Investments will no longer serve as an advisor to the fund, and the firm’s portion of the fund (approximately 20% of fund assets) will be transitioned to Frontier Capital Management Co., LLC, an existing manager on the fund. Following this change, Frontier will manage approximately 60% and Wellington Management Company LLP will continue to manage approximately 40% of the fund.

As part of its oversight responsibilities, Vanguard evaluates investment advisors on such factors as the investment team, overall firm quality, philosophy, and process, as well as long-term performance results. After careful consideration, Vanguard concluded that changes to the advisory structure would best serve the shareholders of the fund. The investment objectives, philosophies, characteristics, and primary investment strategy of the fund will remain the same, and the expense ratio is not expected to change as a result of the advisor change.

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