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This Vanguard Fund Is Conservatism at Its Best

Vanguard Wellesley Income's strong leadership, effective process, and low fees support the fund's Gold rating.

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The following is our latest Fund Analyst Report for Vanguard Wellesley Income Fund (VWINX). Morningstar Premium Members have access to full analyst reports such as this for more than 1,000 of the largest and best mutual funds. Not a Premium Member? Gain full access to our analyst reports and advanced tools immediately when you try Morningstar Premium free for 14 days.

Strong leadership supports Vanguard Wellesley's Morningstar Analyst Rating of Gold. That hasn't changed since the early-2017 promotion of credit specialists Mike Stack and Loren Moran to comanagers alongside veteran lead bond manager John Keogh. Stack has 35 years of industry experience and Moran about 15. While Keogh has no imminent plans to retire, either Stack or Moran are well-equipped to take over Keogh's role of top-down risk assessment and yield-curve positioning when he steps down.

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