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Fund Times

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  Vanguard Convertible Securities (VCVSX), will retire on June 30.

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.

Robert Goldsborough does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.