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Vanguard makes advisory changes for active equity fund


Vanguard has announced modifications to the investment advisory arrangements of the USD317 million Explorer Value Fund (VEVFX), with Sterling Capital Management no longer serving as an advisor to the fund. 

The portion of the portfolio formerly managed by Sterling (approximately 31 per cent of fund assets) has been equally apportioned to existing managers Frontier Capital Management Co, and Cardinal Capital Management. 

Vanguard Explorer Value Fund is a small- and mid-capitalisation value fund, and the investment objective and principal investment strategies of the fund will remain the same. The expense ratio of the fund is not expected to increase as a result of the advisory change. 

The fund has employed a multi-manager structure since its inception in 2010. Its current managers, Cardinal, headquartered in Greenwich, CT, and Frontier, headquartered in Boston, MA, specialise in small- and mid- cap investing. 

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