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Announcement

Vanguard modifies management teams of several funds

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Vanguard has made new investment advisory arrangements for the USD21 billion Vanguard International Growth Fund and USD2 billion Vanguard Variable Insurance Fund (VVIF)-International Portfolio, as well as a change in the manager structure of the nearly USD1 billion Vanguard Capital Value Fund.

VVIF will now be managed by Baillie Gifford Overseas and Schroder Investment Management North America. M&G Investment Management will no longer serve as an adviser to the funds.
 
Following the transition, the new allocation of each fund is expected to be as follows: Baillie Gifford, 60 per cent; and Schroders, 40 per cent. Previously, M&G managed approximately 11.5 per cent of International Growth and 14.3 per cent of VVIF-International.
 
Separately, David Palmer of Wellington Management Company will now serve as sole portfolio manager of the Capital Value Fund. Previously, Peter Higgins of Wellington served as co-manager of the fund.  
 
The investment objectives and primary investment strategies of each of the funds will remain the same, and the expense ratios of the funds are not expected to be affected by the changes.
 
The funds’ board of trustees determined that the adviser teams are now configured to a combination of investment approach, expertise, and resources to better serve shareholders going forward.   

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