Vanguard Announces Changes to Global Equity Fund


VALLEY FORGE, PA Vanguard recently announced changes to the investment advisory arrangements of Vanguard Global Equity Fund. Two additional investment advisors were added to the fund: Wellington Management Company, LLP and Pzena Investment Management, LLC. They will manage the portion of the fund formerly advised by Marathon Asset Management, which will no longer serve as an advisor to the fund.

Vanguard’s portfolio oversight function conducts ongoing reviews of the firm’s investment advisors, looking beyond short-term performance to focus on the drivers of long-term success for investors. As part of this review process, Vanguard determined that changes to the advisory structure would best serve current and future shareholders of the fund.

Vanguard has long advocated for a multi-manager approach on certain investment strategies, setting advisor allocations based on long-term, strategic targets. Following the transition, the target manager allocations for the $7 billion Global Equity Fund will be as follows: Baillie Gifford, 50%; Wellington Management, 25%; and Pzena, 25%. The investment objective, philosophy, and primary investment strategy of the fund will remain the same, and the expense ratio is not expected to change because of the advisor changes.

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