The fund, which seeks to outperform the Russell 1000 Value Index by using a quantitative approach to identify the most attractive stocks in the benchmark, increases Vanguard’s lineup of structured equity portfolios to four offerings, according to a news release.
Both Institutional and Institutional Plus shares are offered for the new fund, with investment minimums of $5 million and $200 million, respectively. Investors who have $1 billion invested at Vanguard are eligible for the Institutional Plus shares with a $100 million investment.
The expense ratio for the Institutional Shares is 0.25% of average net assets; the expense ratio for the Institutional Plus shares is 0.15% of average net assets, Vanguard said.
Vanguard Quantitative Equity Group, which oversees $478 billion in index and quantitatively managed assets, serves as the fund’s manager.
Vanguard managed $300 billion for employer-sponsored retirement plans as of year-end 2006, according to the news release.