The Explorer Value Fund is a small- and mid-capitalization value fund that has used a multimanager approach since its inception in 2010.

With Sterling’s departure, the fund will now use two advisors. Assets formerly managed by Sterling (approximately 31%) have been reallocated to Frontier Capital Management Co., LLC, and Cardinal Capital Management, L.L.C. The fund’s investment objective, strategy, philosophy, and overall portfolio management process remain the same.

Vanguard’s multimanager approach

Vanguard first adopted a multimanager approach in 1987, and today employs the structure for 18 of its actively managed U.S.-domiciled equity funds. Vanguard believes the combination of high-caliber investment management teams with differentiated but complementary strategies can reduce portfolio volatility, provide potential for long-term outperformance, and mitigate manager risk.

All asset figures as of May 31, 2016, unless otherwise noted.

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