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Will a Manager Change Derail This Vanguard Bond Fund?

With a solid long-term record and low fees, Vanguard Long-Term Investment-Grade earns a Morningstar Analyst Rating of Silver.


Beth Foos: The Vanguard Long-Term Investment-Grade Fund has been successful at what it's designed to do. Even after a change to the management team here, this fund's combination of a solid long-term record and low expenses earns it a Morningstar Analyst Rating of Silver.

In June, lead manager of this fund L.T. Hill retired from Wellington Management Company, this fund's longtime subadvisor. Comanager Scott St. John, who has worked closely with Hill for more than a decade, assumed sole responsibility of the Wellington-run portion of the fund, which makes up about 90% of its assets. Because the firm takes a team-based approach here, we don't expect the development to cause significant disruption to the team or its process.

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