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Can Vanguard Keep the Faith While Expanding Even Further?

The biggest U.S. fund firm still stands out.

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Morningstar recently issued a new Stewardship Grade for Vanguard. The firm's overall grade--which considers corporate culture, fund board quality, fund manager incentives, fees, and regulatory history--is an A. What follows is Morningstar's analysis of the firm's corporate culture. This text, as well as analytical text on the other four Stewardship Grade criteria, is available to subscribers of Morningstar's software for advisors and institutions: Morningstar Principia®, Morningstar Advisor Workstation(SM), Morningstar Office(SM), and Morningstar Direct(SM).

Vanguard's total assets under management recently passed the $2 trillion mark. In nearly every category of core-oriented mutual funds--from municipal bonds to domestic and international equities to allocation funds to exchange-traded funds--the firm is number one or number two in market share. Overall, performance is strong.

Bridget B. Hughes does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.