Vanguard Announces Advisory Changes for Vanguard Mid-Cap Growth Fund
Vanguard Mid-Cap Growth Fund (VMGRX) announced significant changes to its investment advisory arrangements. Tremblant Capital will become the sole advisor, replacing current managers Frontier Capital Management and Wellington Management Company. The fund's expense ratio will increase from 0.33% to 0.39%, though Tremblant Capital will provide a one-year fee waiver of five basis points, resulting in just a one basis point increase (0.34%) in the first year.
The fund will be managed by Tremblant's experienced team, led by Brett Barakett (Founder, Chairman, and Co-CIO) and Michael Cling (Co-CIO). The team employs a long-term, research-driven approach focusing on identifying businesses undergoing "consequential change" that could lead to better long-term free cash flow generation.
Vanguard Mid-Cap Growth Fund (VMGRX) ha annunciato importanti cambiamenti nella sua struttura di consulenza sugli investimenti. Tremblant Capital diventerà il consulente unico, sostituendo gli attuali gestori Frontier Capital Management e Wellington Management Company. Il rapporto spese del fondo passerà da 0,33% a 0,39%, ma Tremblant Capital offrirà una deroga delle commissioni per un anno pari a cinque punti base, comportando così un aumento effettivo di un solo punto base (0,34%) nel primo anno.
Il fondo sarà gestito dal team esperto di Tremblant, guidato da Brett Barakett (fondatore, presidente e co-CIO) e Michael Cling (co-CIO). Il team adotta un approccio di lungo termine basato sulla ricerca, concentrandosi sull'individuazione di aziende che stanno attraversando un "consequential change" che potrebbe tradursi in una migliore generazione di flussi di cassa liberi nel lungo periodo.
Vanguard Mid-Cap Growth Fund (VMGRX) anunció cambios significativos en su estructura de asesoramiento de inversiones. Tremblant Capital será el asesor exclusivo, reemplazando a los actuales gestores Frontier Capital Management y Wellington Management Company. El ratio de gastos del fondo aumentará de 0,33% a 0,39%, aunque Tremblant Capital ofrecerá una exención de tarifas por un año de cinco puntos básicos, por lo que el incremento efectivo será de solo un punto básico (0,34%) en el primer año.
El fondo será gestionado por el experimentado equipo de Tremblant, liderado por Brett Barakett (fundador, presidente y co-CIO) y Michael Cling (co-CIO). El equipo emplea un enfoque de largo plazo impulsado por la investigación, centrado en identificar empresas que experimentan un "consequential change" que podría mejorar la generación de flujo de caja libre a largo plazo.
Vanguard Mid-Cap Growth Fund (VMGRX)는 투자 자문 구조에 중대한 변경을 발표했습니다. Tremblant Capital이 단독 자문사가 되어 현재의 운용사인 Frontier Capital Management와 Wellington Management Company를 대체합니다. 펀드 보수율은 0.33%에서 0.39%로 인상되지만, Tremblant Capital은 1년 동안 5베이시스포인트의 수수료 면제를 제공해 첫 해 실제 인상 폭은 1베이시스포인트(0.34%)에 그칩니다.
펀드는 Brett Barakett(창립자·회장·공동 CIO)과 Michael Cling(공동 CIO)이 이끄는 Tremblant의 경험 있는 팀이 운용합니다. 이 팀은 장기적이고 리서치 중심의 접근법을 사용하며, 장기적인 잉여현금흐름 개선으로 이어질 수 있는 "consequential change"를 겪고 있는 기업을 식별하는 데 주력합니다.
Vanguard Mid-Cap Growth Fund (VMGRX) a annoncé des changements importants dans ses arrangements de conseil en investissement. Tremblant Capital deviendra le conseiller exclusif, remplaçant les gestionnaires actuels Frontier Capital Management et Wellington Management Company. Le ratio de dépenses du fonds passera de 0,33% à 0,39%, mais Tremblant Capital accordera une remise de frais d'un an de cinq points de base, ce qui se traduit par une hausse effective d'un seul point de base (0,34%) la première année.
Le fonds sera géré par l'équipe expérimentée de Tremblant, dirigée par Brett Barakett (fondateur, président et co-CIO) et Michael Cling (co-CIO). L'équipe applique une approche de long terme axée sur la recherche, visant à identifier des entreprises traversant un "consequential change" susceptible d'améliorer la génération de flux de trésorerie disponible à long terme.
Vanguard Mid-Cap Growth Fund (VMGRX) hat bedeutende Änderungen in seinen Investment-Advisor-Vereinbarungen angekündigt. Tremblant Capital wird als alleiniger Berater auftreten und die bisherigen Manager Frontier Capital Management und Wellington Management Company ersetzen. Die Kostenquote des Fonds steigt von 0,33% auf 0,39%, wobei Tremblant Capital eine einjährige Gebührenbefreiung von fünf Basispunkten gewährt, sodass es im ersten Jahr faktisch nur zu einem Anstieg um einen Basispunkt (0,34%) kommt.
Der Fonds wird von Tremblants erfahrenem Team verwaltet, das von Brett Barakett (Gründer, Vorsitzender und Co-CIO) und Michael Cling (Co-CIO) geleitet wird. Das Team verfolgt einen langfristigen, forschungsgetriebenen Ansatz mit Schwerpunkt auf der Identifizierung von Unternehmen, die einen "consequential change" durchlaufen und dadurch langfristig zu einer besseren Generierung freien Cashflows beitragen könnten.
- Fund will remain in the lowest-cost quartile among peers despite fee increase
- New advisor Tremblant Capital offers one-year fee waiver to minimize cost impact
- Experienced management team with research-driven, long-term growth approach
- Expense ratio will increase from 0.33% to 0.39% after the first year
- Complete replacement of existing management teams may lead to strategy shifts
Insights
Vanguard's Mid-Cap Growth Fund undergoes significant management change to Tremblant Capital with slight fee increase, potentially altering investment approach.
This management restructuring for Vanguard's Mid-Cap Growth Fund (VMGRX) represents a complete advisor overhaul, replacing both existing managers with Tremblant Capital as the sole advisor. The fund's expense ratio will increase from
The shift to Tremblant Capital introduces a specific investment philosophy focused on identifying businesses undergoing "consequential change" - catalytic shifts that could drive better long-term free cash flow generation than market expectations. This represents a potentially meaningful strategy adjustment that current investors should note.
Tremblant's leadership brings substantial experience - founder Brett Barakett has 29 years of investment management experience, while co-CIO Michael Cling contributes 27 years. This advisor change marks Tremblant's first partnership with Vanguard, indicating Vanguard's confidence in their approach after thorough due diligence.
While the expense ratio will remain in the lowest-cost quartile among peers, the
Vanguard expects the expense ratio to increase from
Tremblant Capital is a global equity investment firm founded in 2001 by Brett Barakett. Mr. Barakett leads an experienced investment team that employs a long-term, research-driven, growth-oriented approach. The team seeks to identify attractively valued businesses undergoing "consequential change." These are industry- or company-specific shifts that serve as catalysts for a company's growth and can lead to better long-term free cash flow generation than the market anticipates.
The portfolio management team will be led by:
Brett Barakett, Founder, Chairman, and Co-CIO of Tremblant Capital. He has worked in investment management since 1996 and founded Tremblant Capital in 2001. He holds an HBA from Western University (Ivey) and an MBA from Harvard University.
Michael Cling, Co-CIO of Tremblant Capital. He has worked in investment management since 1998 and has been with Tremblant Capital since 2005. He holds a BS from
Vanguard's manager research team conducts ongoing reviews of current and prospective investment advisors, looking beyond short-term performance to focus on the drivers of long-term success for investors. The fund's investment committee, which is comprised of a majority of independent trustees of the fund's board of trustees, believes that the addition of Tremblant will serve the best interests of current and future shareholders of the fund. Tremblant is a new advisor to Vanguard.
About Vanguard
Founded in 1975, Vanguard is one of the world's leading investment management companies. The firm offers investments, advice, and retirement services to tens of millions of individual investors around the globe—directly, through workplace plans, and through financial intermediaries. Vanguard operates under a unique, investor-owned structure where Vanguard fund shareholders own the funds, which in turn own Vanguard. As such, Vanguard adheres to a simple purpose: To take a stand for all investors, to treat them fairly, and to give them the best chance for investment success. For more information, visit vanguard.com.
For more information about Vanguard funds, visit vanguard.com to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information are contained in the prospectus; read and consider it carefully before investing.
All investing is subject to risk, including the possible loss of the money you invest.
Vanguard Marketing Corporation, Distributor.
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SOURCE Vanguard
FAQ
What changes were announced for Vanguard Mid-Cap Growth Fund (VMGRX)?
How will the VMGRX expense ratio change under the new management?
Who will manage the Vanguard Mid-Cap Growth Fund (VMGRX) after the change?
What is Tremblant Capital's investment approach for VMGRX?
Will VMGRX remain competitive in terms of costs compared to peers?
