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Vanguard Convertible Securities Manager to Retire

A deep bench, a consistent process, and low fees should keep this Gold-rated fund on track.

Last week, Vanguard announced that Larry Keele, the longtime manager of

A principal and co-founder of the $1.9 billion fund's subadvisor, Oaktree Capital Management, Keele, 57, has been at the helm of the fund since 1996, gaining insights from nine convertibles analysts. He runs the fund's domestic sleeve, and is joined on the fund by Oaktree managers Jean-Paul Nedelec and Abe Ofer, who run its international sleeve. Nedelec and Ofer will continue on the fund.

To help fill the void, longtime Oaktree analyst Stu Spangler will join the management team of the fund and will comanage the U.S. portion of its portfolio along with Keele until Keele's retirement.

Given the fund's consistent process, low fees, and deep team of analysts, we are maintaining our Gold Morningstar Analyst Rating on the fund, and we don't anticipate any change to its process with Keele's retirement.

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About the Author

Robert Goldsborough

Robert Goldsborough is an analyst covering equity strategies on Morningstar’s manager research team. He focuses on U.S.-equity sector open-end, closed-end, and exchange-traded funds, including real estate and master limited partnership funds.

Before joining Morningstar in 2010, he was a consulting equity analyst for Crystal Rock Capital Management. He spent seven years at Ariel Investments as an equity analyst and later as a vice president of research and a member of the firm’s Investment Committee. Before Ariel, he was an associate equity analyst for UBS Global Asset Management. He has also worked as a research associate for Kirk Tyson International, a freelance reporter for the Chicago Tribune, and an investigative reporting associate for WBBM-TV in Chicago.

Goldsborough holds a bachelor’s degree in modern languages from Knox College, a master’s degree in news management from Northwestern University’s Medill School of Journalism, and a master’s degree in business administration from the University of Chicago Booth School of Business.

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