Vanguard Makes Advisory Changes to Three Funds

Vanguard has announced the restructuring of the investment advisory arrangements for Vanguard Explorer Fund, Vanguard U.S. Value Fund, and Vanguard Market Neutral Fund. 

AXA Rosenberg Investment Management LLC will no longer serve as an adviser under the new arrangements.  

According to the announcement, for the $8.9 billion Explorer Fund, the assets previously managed by AXA Rosenberg – approximately 12% of the fund – have been apportioned to several of the fund’s six remaining advisers. The fund’s current advisory team includes Granahan Investment Management, Inc.; Century Capital Management, LLC; Kalmar Investment Advisers; Wellington Management Company, LLP; Chartwell Investment Partners, L.P.; and Vanguard Quantitative Equity Group. 

For the $492 million U.S. Value Fund, the portion previously managed by AXA Rosenberg (approximately 65% of the fund) has been directed to Vanguard Quantitative Equity Group, which now serves as the sole adviser. For the $84 million Market Neutral Fund, Vanguard Quantitative Equity Group will now serve as the sole adviser, assuming responsibility for approximately 45% of the fund previously managed by AXA Rosenberg. 

Following this change, 15 Vanguard equity funds continue to follow a multimanager approach, the announcement said.