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Vanguard Equity-Income Adm VEIRX

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New Comanager and Pending Retirement at Vanguard Equity-Income; Ratings Unchanged

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Analyst Note

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Matthew Hand has become a named manager on subadvisor Wellington Management’s roughly two thirds slice of Vanguard Equity-Income in anticipation of longtime manager Michael Reckmeyer's retirement in June 2022, the firm announced today. The retirement of Reckmeyer, who started in the industry in 1984, isn’t a surprise, and he has been preparing Hand to take over for more than a year now. Hand joined Wellington in 2004 and has had analytical responsibilities on Reckmeyer’s dedicated team for various industries, including consumer, REITs, agriculture and chemicals, and transportation. Although he lacks a portfolio management track record of his own, he has been a comanager with Reckmeyer on Hartford Equity Income HQIAX since August 2019. This news does not alter the Morningstar Analyst Rating of Vanguard Equity-Income.

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