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Most Recent Articles
Hotline
July 28, 2016

Vanguard Closes Door on Dividend Growth

Let's start with a big piece of Vanguard news: This morning, without any prior warning, Vanguard closed Dividend Growth to all new investors. If you already own the fund, and I hope you've followed our advice to do so, you can continue to add money to it without restriction. If you don't own the fund, well, the best substitute in Vanguard's stable is Dividend Appreciation Index. The index fund is available in Investor, Admiral and ETF shares.

With just over $30 billion in assets, Dividend Growth is the fourth largest actively managed stock fund at Vanguard (behind Health Care, PRIMECAP and Windsor II), so it was probably only a matter of time before Vanguard closed the fund. Read More »

News
July 18, 2016

Vanguard's Multi-Manager Strategy Takes Another Hit

Just days after posting yet another defense of its multi-manager strategy, Vanguard again trimmed managers at funds including Capital Value and International Growth. It was just last month that Vanguard trimmed the management responsibilities at Explorer Value from three to two firms by firing Sterling Capital Management, something I dealt with in the July 2016 issue of The Independent Adviser for Vanguard Investors. Read More »

Issue
July 1, 2016

U.K. to E.U.: Pee-Yew!

Invest for tomorrow, invest for the next year, or invest for the next decade? I think a lot of investors were pondering those questions during the final week of June as stock markets first crumbled under the weight of the result of the Brexit vote on June 23 and then staged rebounds. Ultimately, as negative as the initial reporting was, by the end of June, London's FTSE 100 index was up 4.4% for the month and actually 2.6% higher than where it stood prior to the Brexit vote.

In this month's issue, Jeff talks about the foreign markets and why you should continue to invest overseas in the first of our two-part focus on Vanguard's global offerings. That said, more "diversified" isn't always better, as Vanguard may have finally realized when it fired one of three management teams on Explorer Value in early June. Even more surprising, in the current semiannual reports for Windsor and Windsor II, three of the total seven managers actually disclose their underperformance. Is Vanguard seeing the disclosure light, or was this a mistake? Whatever the case, you know that the disclosure requirements for how mutual fund board members invest in the funds they oversee are lacking. Still, I've done my best to estimate the minimum Vanguard's directors are doing, and it's not pretty. And while we're shedding some light on things, let's take a look at Vanguard's Partnership Plan, whose dividend has grown more than 54 times since inception, while the value of one share of 500 Index has only grown 24 times including reinvested dividends. Still think Vanguard is a "non-profit"? Read More »

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"America's leading expert on investing in Vanguard funds"

Daniel P. Wiener is editor of The Independent Adviser for Vanguard Investors, a monthly newsletter that keeps abreast of recent developments at Vanguard, and the annual FFSA Independent Guide to the Vanguard Funds. Through his newsletter and guide book, Dan helps tens of thousands of Vanguard investors choose wisely among more than 100 Vanguard mutual funds. The Adviser is a five-time winner of the Newsletter Publishers Foundation's Editorial Excellence Award. View More »

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Model Portfolio Performance
Models May YTD
Growth 2.0% 16.0%
Conservative Growth 1.6% 14.4%
Income 0.2% 9.1%
Growth Index 1.6% 14.4%
The average
Vanguard investor
0.1% 7.2%
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