News release

Vanguard Fixed Income Group Added to High-Yield Corporate Fund

VALLEY FORGE, PA (August 29, 2022)—Vanguard today announced that it has added Vanguard Fixed Income Group as an advisor to Vanguard High-Yield Corporate Fund. Vanguard’s high-yield credit team will manage about one-third of the portfolio with Wellington Management Company LLP continuing to manage the remainder of the fund. Additionally, Elizabeth Shortsleeve of Wellington Management, has been added as a co-portfolio manager.

“We have invested heavily in our high-yield corporate credit team by adding deeply experienced and talented investment professionals and new capabilities,” said Sara Devereux, global head of Vanguard Fixed Income Group. “Expanding our scope to the High-Yield Corporate Fund capitalizes on the high-yield team’s positive contributions to Vanguard’s corporate credit funds.”

Vanguard High-Yield Corporate Fund was introduced in 1978 to provide fixed income investors with a low-cost, diversified portfolio of below-investment-grade corporate bonds. The investment approach and philosophy of Vanguard Fixed Income Group will complement that of Wellington Management, which has managed the fund since inception and successfully navigated four decades of credit cycles on behalf of the fund’s investors. The fund’s overall investment philosophy will remain unchanged and is further reinforced by the addition of Vanguard Fixed Income Group. Senior portfolio manager Michael Chang will lead the Vanguard high-yield team in managing the firm’s portion of the fund.

Distinctive fixed income expertise

For more than 40 years, Vanguard Fixed Income Group has distinguished itself with deep investment capabilities, disciplined security selection processes, and rigorous risk management techniques, resulting in consistent, long-term outperformance.1 Vanguard continues to develop its active bond portfolio management capabilities and provides a carefully curated and enduring lineup that has offered long-term value and met evolving investor needs. Most recently, Vanguard introduced Vanguard Core-Plus Bond Fund, a broadly diversified, single-fund, core fixed income portfolio designed for investors who are more comfortable with slightly higher risk in their fixed income allocation and the potential to outperform through active management.

Wellington Management is Vanguard’s longest-standing external advisor and manages approximately $400 billion in assets across 36 Vanguard mandates globally. The firm’s tenured high-yield team and their long-term, higher-quality approach to investing in the high-yield market have served investors well for more than four decades. Ms. Shortsleeve leads the high yield credit analyst team at Wellington Management and will join existing portfolio manager Michael Hong, who has managed the fund since 2008.  


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

1 For the five-year period ending June 30, 2022, 51 out of 51 Vanguard active bond funds outperformed their peer group averages. For the 10-year period ending June 30, 2022, 44 out of 44 Vanguard active bond funds outperformed their peer group averages. Results will vary for other time periods. Only funds with a minimum five- or 10-year history were included in the comparisons. (Source: Lipper, a Thomson Reuters Company). Note that the competitive performance data shown represent past performance, which is not a guarantee of future results, and that all investments are subject to risks. For the most recent performance, visit our website at

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 about a fund 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. Diversification does not ensure a profit or protect against a loss.

Bond funds are subject to the risk that an issuer will fail to make payments on time, and that bond prices will decline because of rising interest rates or negative perceptions of an issuer's ability to make payments. Investments in bonds are subject to interest rate, credit, and inflation risk. High-yield bonds generally have medium- and lower-range credit quality ratings and are therefore subject to a higher level of credit risk than bonds with higher credit quality ratings.

Investments in securities issued by non-U.S. companies are subject to risks including country/regional risk and currency risk. These risks are especially high in emerging markets.

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