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Vanguard Advice Select Dividend Growth Fund will seek to outperform the broader U.S. market, focusing on financially sound, large-cap companies across a diverse range of sectors that have prospects for long-term total returns, as a result of their ability to grow earnings and their willingness to increase dividends over time. A more concentrated version of the strategy used in Vanguard Dividend Growth Fund, the fund will be managed by Wellington Management Company LLP and will have an estimated expense ratio of 0.45%, compared with the average expense ratio for large-cap core funds of 0.90%.3Vanguard Advice Select Global Value Fund will provide global, all-cap, contrarian-value exposure by investing in discounted companies that are being avoided or overlooked. The fund will be managed by Wellington Management Company LLP and will have an estimated expense ratio of 0.40%, compared with the average expense ratio for global multi-cap value funds of 1.10%.4Vanguard Advice Select International Growth Fund will employ a bottom-up equity strategy—analyzing the fundamentals of specific companies instead of broad sectors or industries—focused on exceptional international growth companies. The fund will be managed by Baillie Gifford Overseas Ltd., as a more concentrated version of the strategy used in Vanguard International Growth Fund. The fund will have an estimated expense ratio of 0.42%, compared with the average expense ratio for international large-cap growth funds of 1.13%.5
The active equity offer will primarily serve as a complementary allocation ... an ideal fit for PAS clients with sufficient risk tolerance and patience for active exposure as they can materially impact portfolio performance even at a relatively small allocation.
Vanguard Dividend Growth Fund is closed to all new investors (with the exception of (1) investors who are added and invest in the Fund only through technology-driven model portfolios and (2) participants who invest in the Fund only through defined contribution plans that offer the Fund as an existing option).
New or current Vanguard PRIMECAP Fund (the Fund) shareholders may not open new accounts or contribute to existing Fund accounts, except as described in this supplement. Clients enrolled in Flagship Services™ and Vanguard Asset Management Services™ may open new Fund accounts, investing up to $25,000 per year as described ...
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