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Where Will Vanguard's Latest Management Change Lead?

Also some advice on how to avoid buying the distribution this year.

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 The recent subadvisor shuffle at  Vanguard Morgan Growth (VMRGX) didn't change my opinion of the fund, but it did reveal an intriguing subplot.

Just before Thanksgiving Vanguard announced it had added two new managers to Morgan Growth, booting a veteran subadvisor in the process. Frontier Capital Management and Kalmar Investment Advisors joined the effort, while Franklin Portfolio Associates, which had run a slice of the fund for more than 18 years, departed.

I don't know a lot about Frontier Capital, other than the Frontier Mid Cap separate account run by the manager who will work on Morgan Growth, Stephen Knightly, has a strong record against similar separate accounts, mid-cap indexes, and the typical open-end mid-cap growth fund over the past three years. Kalmar is a known quantity. It has managed a portion of Vanguard Explorer for three years and has a decent long-term record at  Kalmar Growth-with-Value Small Cap (KGSCX).

Dan Culloton has a position in the following securities mentioned above: VGHCX, VGPMX. Find out about Morningstar’s editorial policies.