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Vanguard Inflation-Protected Securities Manager Leaving

We've placed the fund's rating under review as a result.

In a filing dated Nov. 8, 2021, Vanguard announced that John Madziyire, a London-based portfolio manager with a focus on inflation-protected securities, joined Gemma Wright-Casparius as comanager on Vanguard Inflation-Protected Securities VAIPX. Separately, the firm confirmed that Wright-Casparius, a 40-year industry veteran at Vanguard since August 2011, would retire from the firm and the industry at the end of 2021. The strategy, which held an Above Average People Pillar rating and Morningstar Analyst Ratings of Silver through Bronze, is Under Review.

Prior to joining Vanguard, Wright-Casparius was head of Barclays Capital’s U.S. rates and inflation research. She was named to this strategy the same month she joined the firm and has long led the global rates, Treasuries, and TIPS team within Vanguard’s fixed-income franchise. Vanguard’s process deemphasizes a “star manager” system, and Wright-Casparius drew from a bench of senior macro-oriented fixed-income leaders and a cadre of dedicated traders and quant analysts while shaping her market views. That said, her extensive experience with rates and inflation makes her a valued contributor on the top level and a sensible guide to her supporting team; her departure from the firm will be a loss.

Madziyire has over 20 years of investment experience, including working at AXA Investment Managers from September 2006 through December 2017. He joined Vanguard in December 2017 and focuses on global interest-rate strategies. His experience aside, there is cause for caution. Madziyire’s naming to this fund (and concurrent naming to Vanguard Short-Term Treasury VFISX, Vanguard Intermediate-Term Treasury VFITX, and Vanguard Long-Term Treasury VUSTX) will be his first portfolio manager position at Vanguard. Aside from managing AXA Sterling Index Linked Bond GB00B0T9VB55 from December 2015 through December 2017, Madziyire does not have any other experience running an open-end mutual fund.

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