In filings dated Sept. 30, 2020, Vanguard announced that bond portfolio manager Michael E. Stack will retire in June 2021 from Wellington Management Company LLP, the subadvisor for Vanguard Wellington Admiral, which has a Morningstar Analyst Rating of Gold, Gold-rated Vanguard Wellesley Income Admiral, and Silver-rated Vanguard Global Wellington Admiral. All three funds share the same bond investment team but have different equity managers. Vanguard has thoughtfully planned for recent manager retirements, including bond manager John Keogh in 2019 and Vanguard Wellington equity manager Edward Bousa in 2020. Stack’s retirement is following a similar protocol, and the announcement is not a surprise, as he is in his 60s. Historically, these Vanguard funds have had one lead equity manager and one lead bond manager. About two years prior to a manager’s planned retirement, Vanguard will add an additional manager to allow for a smooth transition. Michael Stack and Loren Moran together became named managers in 2017 ahead of Keogh’s 2019 retirement. All three funds are in good hands with Moran, who has a seasoned second-in-command in Graham Forum. They also have the support of Wellington’s well-regarded fixed-income research team. We are maintaining our Above Average People rating for all three funds, as well as their current Morningstar Analyst Ratings.
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