Vanguard Equity-Income begins a new era in July 2022 with a manager change on anchor subadvisor Wellington Management’s team. While its approach will remain intact, the need for soon-to-be lead Matthew Hand to prove himself drops the Morningstar Analyst Rating of the fund’s Investor share class to Bronze from Silver; the cheaper Admiral share class retains its Silver rating.
Will VEIRX outperform in future?
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The Process Pillar is our assessment of how sensible, clearly defined, and repeatable VEIRX’s performance objective and investment process is for both security selection and portfolio construction.
The People Pillar is our evaluation of the VEIRX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.
The Parent Pillar is our rating of VEIRX’s parent organization’s priorities and whether they’re in line with investors’ interests.