News release

Vanguard Announces Advisory Changes for Vanguard Explorer Value Fund

VALLEY FORGE, PA (June 3, 2024)—Vanguard today announced changes to the investment advisory arrangements of Vanguard Explorer Value Fund. Wellington Management Company LLP joins the fund as advisor, alongside existing advisors Frontier Capital Management LLC and Ariel Investments, LLC. Ariel and Wellington Management will manage the portion of the fund formerly advised by Cardinal Capital Management, L.L.C., which will no longer serve as an advisor to the fund.

Vanguard’s manager research team conducts ongoing reviews of current and prospective investment advisors, looking beyond short-term performance to focus on the drivers of long-term success for investors. As part of this review process, Vanguard determined that changes to the advisory structure would best serve current and future shareholders of the fund.

Following the transition, the advisor allocations for the $978 million Explorer Value Fund will be as follows: Frontier, 45%; Wellington Management, 27.5%; and Ariel, 27.5%. An expense ratio increase from .49% to .53% is expected as a result of the changes to the advisory arrangements. The fund will continue to be in the lowest-cost quartile of its peer group.

Wellington Management is Vanguard’s largest and longest-serving external advisor. The Small Cap Value Opportunities team has extensive small cap investing experience, a differentiated investment process, competitive long-term results, and its portfolio effectively complements the fund’s current advisors.

The investment objective, principal investment strategies and policies of the fund will remain the same.


About Vanguard

Founded in 1975, Vanguard is one of the world's leading investment management companies. The firm offers investments, advice, and retirement services to tens of millions of individual investors around the globe—directly, through workplace plans, and through financial intermediaries. Vanguard operates under a unique, investor-owned structure where Vanguard fund shareholders own the funds, which in turn own Vanguard. As such, Vanguard adheres to a simple purpose: To take a stand for all investors, to treat them fairly, and to give them the best chance for investment success. For more information, visit

All figures as of April 30, 2024, unless stated otherwise.

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.

All investing is subject to risk, including the possible loss of the money you invest. 

Vanguard Marketing Corporation, Distributor.

Vanguard Information and Insights

Get Vanguard news, insights, and timely analysis on the market, delivered straight to your inbox.

Read our privacy policy to learn about how we keep personal information private.

* Indicates a required field

Vanguard Information and Insights

Thank you for subscribing to News releases.

You'll be notified when new content is published, but will only ever receive one email a day from Vanguard Insights.