VEXRX – Fund Analysis – Vanguard Explorer Adm | Morningstar

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Will VEXRX outperform in the future?

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Process Pillar

The Process Pillar is our assessment of how sensible, clearly defined, and repeatable VEXRX’s performance objective and investment process is for both security selection and portfolio construction.
People Pillar

The People Pillar is our evaluation of the VEXRX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.
Parent Pillar

The Parent Pillar is our rating of VEXRX’s parent organization’s priorities and whether they’re in line with investors’ interests.

Vanguard Explorer Subadvisor Swap Doesn’t Affect Its Ratings.

null Natalia Arrigoni

Natalia Arrigoni

Analyst Note

In June 2026, Vanguard announced it would replace subadvisor ArrowMark with T. Rowe Price on Vanguard Explorer. This marks the first change to the strategy's subadvisor lineup since 2017, but its Morningstar Medalist Ratings—and Above Average People rating—are unchanged.

by Natalia Arrigoni

Published on Jun 29, 2026

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