Vanguard’s personnel advantage won’t be as pronounced after its manager takes on a second role in mid-2021, so its People rating has been lowered to Above Average from High, and the Morningstar Analyst Ratings of both its share classes have been downgraded to Silver from Gold as a result.
Will VGHAX outperform in future?
Get our overall rating based on a fundamental assessment of the pillars below.
The Process Pillar is our assessment of how sensible, clearly defined, and repeatable VGHAX’s performance objective and investment process is for both security selection and portfolio construction.
The People Pillar is our evaluation of the VGHAX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.
The Parent Pillar is our rating of VGHAX’s parent organization’s priorities and whether they’re in line with investors’ interests.