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Vanguard splitting into two investment subsidiaries

msf
in Fund Discussions
Apologies to shadow if he already posted this (I caught it in VPMAX's prospectus). This sounds similar to what T. Rowe Price did not so long ago.

Supplement Dated January 12, 2026, to the Prospectus and Summary Prospectus

As approved by the board of directors of The Vanguard Group, Inc. (the “Vanguard Board”), effective today, The Vanguard Group, Inc.’s (Vanguard) portfolio management and proxy voting administration services have reorganized into separate teams within two newly established wholly owned subsidiaries, Vanguard Capital Management, LLC (VCM) and Vanguard Portfolio Management, LLC (VPM) (the “Reorganization”). The Vanguard Board has determined that the Reorganization is in the best interests of the Vanguard funds and their shareholders.

https://www.sec.gov/Archives/edgar/data/34066/000119312526009900/f43755d1.htm

See also SAI supplement listing all the funds going into each of the two subsidiaries.
https://www.sec.gov/Archives/edgar/data/34066/000119312526009903/f43758d1.htm

Comments

  • yogibearbullyogibearbull
    Looking at the lists of funds under VCM and VPM (SAI link in the OP, repeated), I couldn't figure out any underlying rationale. https://www.sec.gov/Archives/edgar/data/34066/000119312526009903/f43758d1.htm

    Most of the sector funds and specialized stuff seems under VPM (Capital). So, SP500 index is under VCM, but growth and value flavors are under VPM (Portfolio). But then, all Russell indexes are under VPM.

    It looks more like division by people:
    VCM - Rodney Comegys (equity), Sara Devereux (fixed-income)
    VPM - John Ameriks (VG quantitative guru)

    Only VG Commodity Strategy Fund is under both VCM and VPM although those unit heads don't seem to have any background in commodities.

    BTW, don't be alarmed when you don't find VG funds such Windsor, Wellington, Wellesley, etc on the list because those are externally advised/sub-advised. This division into VCM and VPM is only for funds VG advises in-house.

    https://vista.today/2025/06/vanguard-group-divides-funds/
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