A key manager transition at a subadvisor slightly reduces confidence in Vanguard International Growth’s prospects, leading to a downgrade of both share classes’ Morningstar Analyst Rating to Silver from Gold.
Subadvisor Baillie Gifford has produced exceptional performance behind a talented team of long-term growth investors, but the April 2022 retirement of influential manager James Anderson will be a loss. Anderson, who has served on the fund since 2003, is the architect of the sleeve’s aggressive growth philosophy, steering the strategy toward some of the best growth stocks of the last bull market. His presence will be missed, but the firm’s research effort is still in capable hands. Managers Tom Coutts and Lawrence Burns have already inherited leadership roles within the team’s decision-making body, and they’ll continue to leverage contributions from a broad team of other managers and analysts covering both public and private markets.
Vanguard has allowed Baillie Gifford’s allocation of assets to grow from its previous target of 60% to 70% even after a strong run of performance, ramping up the fund’s risk and return profile. The firm applies a venture-capital mindset, looking for the few companies that will achieve immense growth with the understanding that many ideas may fizzle out. While the risky approach has paid off, it may not always turn out so well.
Schroders’ sleeve comprises the remaining 30% of the fund and is a good complement to Baillie Gifford. Managers Simon Webber and James Gautrey pursue a more-measured approach, buying shares of companies with different growth trajectories. They anchor the portfolio in businesses believed to have underappreciated long-term growth prospects while adding in opportunistic plays found in cyclical businesses on an upswing or others primed for a turnaround. Like Baillie Gifford, the managers have also owned some of the best-performing consumer and tech stocks but have added value in other areas such as financials and industrials.
Despite the changes, the fund remains a strong choice overall.
VWIGX - Vanguard International Growth Inv
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Vanguard International Growth Fund;Investor
|Category||Intl Large-Cap Growth|
|Fund Family||VANGUARD FDS|
|Fund Inception||September 30, 1981|
The Fund seeks long-term capital appreciation by investing in equity securities of companies based outside the United States. In selecting stocks, the Fund's advisor evaluates foreign markets around the world and chooses companies with above-average growth potential.
|Max. redemption fee||0%|
|Total expense ratio||0.44%|
|Fund Return||Category1||Index (S&P 500)||% rank in category||Quintile rank|
- 1International Large-Cap Growth
- 23, 5 and 10 Year Returns are Annualized
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International growth vanguard
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Endure and smooth everything out.The BEST Vanguard International ETF for the Long Term?
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