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Vanguard adds ClearBridge to active management roster


ClearBridge Investments is to join Vanguard’s roster of investment advisory firms to manage a portion of the USD11.9 billion Vanguard Explorer Fund.

As a result, Granahan Investment Management and Kalmar Investment Advisers will no longer serve as advisers to the fund.
Headquartered in New York City, ClearBridge is a global investment management firm with a legacy dating back to 1962. The firm’s seven-member small/mid-cap team functions as a highly collaborative unit, combining the best of sector specialties and broad-based investment management expertise. The team’s investment strategy focuses on identifying companies that are category leaders or have potential to become category leaders, and display capital allocation discipline aimed at fuelling long-term, sustainable growth.
Jeffrey Russell, CFA; Derek Deutsch, CFA; Brian Angerame; and Aram Green, with a collective 90 years of investment management experience, will serve as portfolio managers to the Explorer Fund. They are supported by three small/mid-cap analysts and also benefit from the firm’s broader investment resources, including a 12-member central research function.
“The investment professionals in Vanguard’s Portfolio Review Department continuously scour the globe for top-tier talent to enrich our active management capabilities,” says Vanguard CEO Bill McNabb (pictured). “The addition of ClearBridge’s experience and expertise, particularly in the small and mid-cap market segments, brings further depth to the fund and to our diverse active management roster.”
Following the transition, Explorer Fund will allocate assets among five advisers: Wellington Management Company, 34 per cent; Vanguard Quantitative Equity Group, 18 per cent; ClearBridge,15 per cent; Arrowpoint Asset Management, 15 per cent; and Stephens Investment Management Group, 14 per cent; with the remaining 4 per cent in equitized cash investments. The expense ratios for Explorer Fund’s Investor Shares and Admiral Shares are not expected to increase, and the investment objective and principal investment strategies for the fund will remain the same.

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