Leadership transition

Continuity in a time of change at Vanguard Fixed Income Group

June 29, 2021


Meet the Q&A panel

John Hollyer

1 Vanguard U.S. funds' average asset-weighted expense ratio is 0.09% compared with 0.54% for the industry, excluding Vanguard. Sources: Vanguard and Morningstar, a Thomson Reuters company.

Vanguard Fixed Income Group: A deep and experienced team
A bar chart depicts the size and experience of the crew in Vanguard Fixed Income Group. As of March 31, 2021, the team had 45 portfolio managers, who had been with Vanguard for 15 years, on average, and who had an average of 19 years of investment experience. The group also had 63 securities traders, 56 credit research analysts or associate analysts, 18 other professionals, and 3 administrative staff. Of the 185 total employees, 89 held the CFA designation, 84 held master’s degrees, and four held doctor of philosophy degrees.

2 The term dry powder refers to excess risk capacity.

3 Sell-side firms are broker-dealers that originate, intermediate, and sell traded securities to institutional investors, including asset managers such as Vanguard.

4 The buy side refers to institutional investors, including asset managers, who buy and invest in securities for the purpose of money or fund management.

5 As of March 31, 2021.

6 For the one-year period ended March 31, 2021, 32 of 118 money market and bond funds managed by Vanguard Fixed Income Group outperformed their peer-group averages.

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