News release

Vanguard Announces Advisory Changes for Vanguard Global Equity Fund

VALLEY FORGE, PA (August 8, 2022)—Vanguard today announced changes to the investment advisory arrangements of Vanguard Global Equity Fund. Two additional investment advisors were added to the fund: Wellington Management Company, LLP and Pzena Investment Management, LLC. They will manage the portion of the fund formerly advised by Marathon Asset Management, which will no longer serve as an advisor to the fund.

Vanguard’s portfolio oversight function conducts ongoing reviews of the firm’s investment advisors, looking beyond short-term performance to focus on the drivers of long-term success for investors. As part of this review process, Vanguard determined that changes to the advisory structure would best serve current and future shareholders of the fund.

Vanguard has long advocated for a multi-manager approach on certain investment strategies, setting advisor allocations based on long-term, strategic targets. Following the transition, the target manager allocations for the $7 billion Global Equity Fund will be as follows: Baillie Gifford, 50%; Wellington Management, 25%; and Pzena, 25%. The investment objective, philosophy, and primary investment strategy of the fund will remain the same, and the expense ratio is not expected to change because of the advisor changes.


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 individual investors, institutions, and financial professionals. 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

All figures as of June 30, 2022, unless stated otherwise.

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