Vanguard Tax-Managed Balanced's effective tax-management, sensible design, and well-resourced teams justify its Morningstar Analyst Rating of Silver for its sole Admiral shares. The rating downgrade from Gold owes to our enhanced ratings methodology, which places greater focus on benchmark-relative performance and fees.
Will VTMFX 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 VTMFX’s performance objective and investment process is for both security selection and portfolio construction.
The People Pillar is our evaluation of the VTMFX 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 VTMFX’s parent organization’s priorities and whether they’re in line with investors’ interests.