News release

Vanguard Announces Changes for Vanguard International Explorer Fund

VALLEY FORGE, PA (October 11, 2022)—Vanguard today announced changes to the investment advisory arrangements and benchmark of the $1.68 billion Vanguard International Explorer Fund. Following a transition period, current investment advisors Wellington Management Company LLP; Schroder Investment Management North America Inc.; and Baillie Gifford Overseas Ltd., will now manage 40%, 40%, and 20% of the fund’s assets, respectively. TimesSquare Capital Management, LLC will no longer serve as an advisor to the fund.

Vanguard maintains a dedicated team of investment experts focused on the rigorous evaluation and oversight of Vanguard’s investment managers. As part of the team’s ongoing, multifaceted review process that emphasizes qualitative and quantitative attributes leading to long-term results, Vanguard determined that changes to the fund’s advisory structure would best serve current and future shareholders. Vanguard has long employed multiple managers on certain investment strategies, as the combination of high-caliber investment management teams with differentiated but complementary strategies can reduce portfolio volatility and provide the potential for long-term outperformance.

Benchmark change

The fund’s benchmark will change from the S&P EPAC SmallCap Index to the MSCI EAFE Small Cap Index. Vanguard believes the new benchmark will improve investors’ ability to assess performance relative to peer funds. Vanguard adheres to a thorough process to evaluate and select fund benchmarks. The suitability of each fund’s benchmark is based on index construction methodology, market coverage, classification criteria, rebalancing schedule, cost, and other standards. The investment objective, philosophy, principal investment strategy, and overall portfolio management process of the fund will remain the same, and the expense ratio is not expected to change because of the benchmark or advisor changes.


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 individual investors, institutions, and financial professionals. 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 August 31, 2022, 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. 

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