Vanguard moves a third of $25.4 billion high-yield fund in-house
Vanguard Group has shifted management of one-third of the assets of its Vanguard High-Yield Corporate Fund to its internal fixed-income group from Wellington Management, which will continue to manage the remaining two-thirds.
The High-Yield Corporate Fund had $25.4 billion in total net assets as of July 31, according to Vanguard’s website. Wellington previously managed the entire fund.
Jessica Schifalacqua, a spokeswoman for Vanguard, said by email that the fixed-income group’s “long-term and disciplined approach is a natural complement to Wellington Management … and provides clients with access to two world-class high-yield investment teams and is additive to the overall investment capacity of the funds.”
Senior portfolio manager Michael Chang will lead the Vanguard high-yield team in managing its portion of the fund, the spokeswoman added.
In addition, Elizabeth Shortsleeve of Wellington Management was added as a co-portfolio manager to Wellington’s portion of the fund.
Ms. Shortsleeve, who leads the high-yield credit analyst team at Wellington, joins existing portfolio manager Michael Hong, who has managed the fund since 2008, Ms. Schifalacqua noted.
The fund’s overall investment philosophy will “remain unchanged,” Vanguard said in a news release.
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