The changes, which went into effect on November 1, 2017, reflect Vanguard Equity Index Group’s team-based, risk-controlled approach to managing investment portfolios, under which new managers are periodically added to funds and experienced managers are offered new responsibilities. This approach helps to strengthen the team’s overall investment capabilities across sectors and markets and helps to ensure a strong investment talent pipeline.

“For more than 40 years, Vanguard has been an industry leader in developing and managing index funds, employing seasoned professionals and using proprietary trading strategies to manage portfolios effectively and efficiently,” said Vanguard Chief Investment Officer Greg Davis. “With these changes, our clients across the globe can benefit from the nearly 100 years of combined investment management experience these portfolio managers bring to the funds.”

Importantly, these changes won’t affect the investment objectives, strategies, philosophies, or overall portfolio management process of any of the funds. No other changes are being made to any of the funds’ investment management teams at this time.

“These recently named portfolio managers are able to draw on their diverse perspectives and deep knowledge of Vanguard’s fund management approach to help ensure we deliver precise tracking to our benchmarks and competitive investment performance to our clients,” said Joe Brennan, global head of the Equity Index Group.

The following portfolio management assignments have been announced:

Michelle Louie, CFA, has been named co-portfolio manager of the $367.5 billion Vanguard 500 Index Fund, the industry’s first index fund introduced in 1976. Ms. Louie, who joined Vanguard in 2010, will also co-manage the following funds: Vanguard Employee Benefit Fund, Vanguard Financials Index Fund, Vanguard Health Care Index Fund, Vanguard Industrials Index Fund, Vanguard Institutional Index Fund, Vanguard Materials Index Fund, Vanguard S&P 500 Growth Index Fund, Vanguard S&P 500 Value Index Fund, and Vanguard Variable Insurance Fund Equity Index Portfolio.

Christine D. Franquin, a Vanguard principal, will be the co-portfolio manager of the $315.6 billion Vanguard Total International Stock Index Fund. Ms. Franquin has been with Vanguard’s Equity Investment Group since 2011.

Awais Khan, CFA, who joined the firm in 2010, will be the co-portfolio manager of the following funds: Vanguard Consumer Discretionary Index Fund, Vanguard Consumer Staples Index Fund, Vanguard Energy Index Fund, Vanguard S&P Mid-Cap 400 Growth Index Fund, Vanguard S&P Mid-Cap 400 Index Fund, Vanguard S&P Mid-Cap 400 Value Index Fund, Vanguard Telecommunication Services Index Fund, and Vanguard Utilities Index Fund.

William A. Coleman, CFA, a portfolio manager who joined Vanguard in 2006, will co-manage the $60.7 billion Vanguard Extended Market Index Fund.

Scott E. Geiger, CFA, who joined Vanguard in 2006, rotated to Vanguard’s international desk and will co-manage the $13.8 billion Vanguard Total World Stock Index Fund.

Michael A. Johnson, an 18-year Vanguard veteran, will be the co-portfolio manager for the $17.3 billion Vanguard Information Technology Index Fund.

Michael Perre, a Vanguard principal with 27 years of investment management experience, will be the co-portfolio manager for the $102.4 billion Vanguard Developed Markets Index Fund.


For more information about Vanguard funds, visit or call 800-997-2798 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. Please note that a preliminary prospectus is subject to change.

All investing is subject to risk, including the possible loss of the money you invest.

All asset figures are as of October 31, 2017, unless otherwise noted.

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