News release

Vanguard Announces Advisory Changes for Two Growth Funds

VALLEY FORGE, PA (March 1, 2021)—Vanguard today announced plans to modify the investment advisory arrangements of the $45.5 billion Vanguard U.S. Growth Fund and $1.2 billion Vanguard Variable Insurance Funds—Growth Portfolio. Jackson Square Partners, LLC will no longer serve as an advisor to the funds. The portion of the U.S. Growth portfolio formerly managed by the firm (approximately 13% of fund assets) has been equally apportioned to existing managers Jennison Associates LLC, Wellington Management Company LLP, and Baillie Gifford Overseas Ltd. Wellington Management will serve as the sole advisor to the VVIF—Growth Portfolio.

“We employ a rigorous evaluation process in overseeing our funds and advisors to ensure we provide sound, enduring offerings that meet the long-term needs of our clients,” said Dan Newhall, head of global oversight and manager search for Vanguard Portfolio Review Department. “After careful review, we have concluded that the new advisory arrangements have the best prospects of delivering valuable outcomes to the funds’ shareholders.”

Following the transition, the target manager allocations for U.S. Growth will be as follows: Jennison Associates, 28%, Wellington Management, 28%, Baillie Gifford, 28%, and Vanguard Quantitative Equity Group, 15%, with the remainder equitized in cash. The investment objectives, philosophies, and primary investment strategies of each of the funds will remain the same, and the expense ratios are not expected to change as a result of the advisor changes.

Vanguard is the industry’s third-largest active manager1, stewarding $1.7 trillion in active assets across fundamental fixed income strategies, quantitative equity strategies, and external and multi-managed equity mandates. The firm’s approach to active management is rooted in identifying and engaging with top-tier investment talent and taking a long-term, disciplined approach to investing.


About Vanguard
Vanguard is one of the world’s largest investment management companies. As of January 31, 2021, Vanguard managed $7.2 trillion in global assets. The firm, headquartered in Valley Forge, Pennsylvania, offers more than 440 funds to its more than 30 million investors worldwide. For more information, visit

Asset figures as of January 31, 2021 unless otherwise noted.

For more information about Vanguard funds, visit to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information are contained in the prospectus; read and consider it carefully before investing.

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Vanguard Marketing Corporation, Distributor.

1 Source: Morningstar, as of December 31, 2020.