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Vanguard launches actively managed stock fund

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Investment management firm Vanguard is adding to its family of 30 actively managed stock funds with Vanguard Explorer Value Fund, which focuses primarily on stocks of small and medium-size US companies.

The fund is now accepting investments during a two-week subscription period that is expected to conclude on 30 March 2010.

Complementing the existing USD8.6bn growth-oriented Vanguard Explorer Fund, the new fund is Vanguard’s only actively managed value fund that covers the small- to mid-capitalisation segment of the market.

The fund is expected to hold a portfolio of fewer than 200 securities, and to maintain valuation measures and an average market capitalization comparable to its benchmark index, the Russell 2500 Value Index.

Following the subscription period, fund assets will be divided equally among three advisory firms, each of which will employ a bottom-up, fundamental approach to stock selection: Cardinal Capital Management, Sterling Capital Management and Frontier Capital Management.

Frontier Capital has served as co-advisor to Vanguard Morgan Growth Fund since 2008. With the addition of Sterling and Cardinal, Vanguard’s network of external advisory firms now includes 29 investment management organisations located around the world.

Vanguard Explorer Value Fund requires a minimum initial investment of USD10,000. The fund is expected to have an expense ratio of 0.59 per cent.

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