Mutual Funds

• Talent: Carefully select managers with a proven process and demonstrable ability
• Low costs: Don't let high fees destroy fund performance
• Patience: Accept that there will be periods of underperformance

Our approach to active fund management

We're one of the world's largest active managers, with $8.7 trillion USD in active funds under management.² Vanguard active funds are managed by a combination of in-house teams and a variety of external sub-advisors. We use this multi-advisor approach to help reduce volatility and deliver a more predictable pattern of returns. All of our fund managers—in-house and external—are held to the rigorous standards of the manager selection and oversight process that we've refined over more than 40 years.

A distinctive approach to manager selection and oversight

Unique ownership structure and global scale. Together, these attributes allow us to lower costs to help our investors earn more over time.

A focus on drivers, not outcomes. We look beyond short-term performance, aiming to assess the true, sustainable drivers of long-term outperformance.

Multi-advisor structure. Pairing advisors with different but complementary styles provides diversity of thought and helps us mitigate volatility.

Loyal relationships. When we hire sub-advisors, we seek partnerships that will last for decades. Our equity sub-advisors have an average tenure of 14 years with us.