FYI: Vanguard’s campus in Valley Forge, a Philadelphia suburb, is well-populated with Eagles fans. Mathew Kiselak and Paul Malloy, senior executives on the municipal bond team based there, buck a couple of the firm’s conventions. They are loyal, though quiet, fans of the Pittsburgh Steelers—and active managers in a firm best known for indexing.
The sports fandom is their biggest departure from the company line. Credit selection is important for both active and passive bond strategies at Vanguard, since no single fund can copy a bond index perfectly. And the firm’s actively managed funds benefit from the size of its passive-investing footprint, Kiselak and Malloy say. The firm’s famously low fees allow Kiselak to manage the $16 billion Vanguard High-Yield Tax-Exempt fund (ticker: VWAHX) conservatively, without needing to stretch for yield by buying riskier bonds.
Regards,
Ted
https://www.barrons.com/articles/vanguard-bond-fund-municipal-market-51573065727?refsec=fundsM* Snapshot VWAHX:
https://www.morningstar.com/funds/xnas/vwahx/quoteLipper Snapshot VWAHX:
https://www.marketwatch.com/investing/fund/vwahxVWAHX Is Ranked #1 In The (MNL) Fund Category by U.S. News & World Report:
https://money.usnews.com/funds/mutual-funds/muni-national-long/vanguard-high-yield-tax-exempt-fund/vwahx
