VALLEY FORGE, PA — Vanguard has taken sole control of the roughly $10 billion Vanguard Long-Term Investment Grade Fund, ending Wellington Management’s advisory role and cutting the fund’s expense ratio by one basis point.
Effective immediately, Vanguard Fixed Income Group will manage 100% of the fund’s assets. The in-house team has served as an advisor to the portfolio since 2013 and had been overseeing a growing share of the fund over time.
The shift consolidates management of the long-duration investment-grade credit strategy under Vanguard’s own fixed-income platform rather than dividing responsibility with an outside advisor.
Vanguard Fixed Income Group’s investment-grade credit team includes Blanton Keh, a portfolio manager focused on long credit; Arvind Narayanan, co-head of Investment Grade Credit; and Ivor Schucking, head of Investment Grade Credit Research.
The advisory change will lower the fund’s expense ratio by 0.01 percentage point. Vanguard expects tax consequences for shareholders to be minimal.
The fund’s investment objective, principal strategies and policies will remain unchanged. It will continue to focus on high-quality, long-duration credit investments.
Vanguard said the fund’s Board of Trustees approved the change after reviewing the investment teams, processes, philosophies and long-term performance associated with the advisory structure.
The move reflects a broader transfer of responsibility to Vanguard’s internal fixed-income operation without altering the portfolio’s stated mandate.
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