Investment strategies and approaches
Our investment expertise
Equity Investment Group
- 58 portfolio managers and traders.
- Equity index and active quantitative strategies tracking over 60 benchmarks.
- $4.9 trillion assets under management (AUM).
Gregory Davis, CFA
Chief Investment Officer
Mr. Davis is Vanguard's chief investment officer. In this role, he oversees the assets managed by Vanguard Fixed Income, Equity Index, and Quantitative Equity Groups. The funds managed by these groups include active and index stock and bond funds, money market funds, and stable value funds. Previously, Mr. Davis was principal and global head of Vanguard Fixed Income Group, responsible for its portfolio management, strategy, credit research, trading, and planning functions. He has also served as the company's Asia-Pacific chief investment officer and a director of Vanguard Investments Australia, and is a member of the Treasury Borrowing Advisory Committee of the U.S. Department of the Treasury.
Mr. Davis has more than 20 years of investment management experience. Before joining Vanguard in 1999, he worked at Merrill Lynch as an associate in global debt markets.
Mr. Davis earned a B.S. in insurance from The Pennsylvania State University and an M.B.A. in finance from The Wharton School of the University of Pennsylvania. He is a CFA® charterholder and a member of the CFA Society of Philadelphia.
CFA® and Charted Financial Analyst® are registered trademarks owned by CFA Institute.
Portfolio Review Group
- 91 professionals (28 CFAs).
- Manager selection due diligence.
- Monitoring 24 external advisors with $717 billion AUM.
- Monitoring all internally managed index and fixed income funds.
Principal, Portfolio Review Group
Daniel is a Principal and Head of Vanguard’s Portfolio Review Department, which is responsible for overseeing Vanguard’s 400-plus mutual funds, ETFs, and their advisors. The department is also responsible for developing the optimal fund lineup for investors, as well as analyzing the health, usage, and competitive landscape of Vanguard’s funds and ETFs while supporting clients and crew by serving as specialized product experts.
Prior to his current role, Mr. Reyes led Vanguard’s team of investment management professionals in Australia as the Head of Investments for the Asia-Pacific Region. He simultaneously served as the Head of the Investment Strategy Group, Asia-Pacific. Mr. Reyes joined Vanguard in 2004 and has held several roles spanning the Investment Strategy Group, Vanguard Institutional Advisory Services®, the Fixed Income Portfolio Management Group, Human Resources, the Retail division, and Vanguard’s Education Savings business. Before joining Vanguard, he worked for Towers Perrin in their Executive Compensation consulting practice.
Mr. Reyes holds a bachelor’s degree in economics with concentrations in finance and management from the University of Pennsylvania’s Wharton School. He earned an M.B.A. from the Kellogg School of Management at Northwestern University. He is also a CFA® charterholder.
Investment Strategy Group
- 73 investment professionals (19 Ph.D.s).
- Empirical research on fiduciary and investment committee issues.
- Economic analysis and insight.
- Portfolio modeling.
Joseph H. Davis, Ph.D.
Global Chief Economist and Global Head, Investment Strategy Group
Mr. Davis is Vanguard's global chief economist and the global head of Vanguard Investment Strategy Group, whose research and client-facing team develops asset allocation strategies and conducts research on the capital markets, the global economy, and asset-allocation strategies. Mr. Davis also chairs the firm's Strategic Asset Allocation Committee for multi-asset-class investment solutions. As Vanguard's global chief economist, Mr. Davis is a member of the senior portfolio management team for Vanguard Fixed Income Group. Mr. Davis is a frequent keynote speaker, helped develop Vanguard Capital Markets Model and the firm's annual economic and capital markets outlook, has published white papers in leading academic and practitioner journals, and currently serves on the editorial board of the Journal of Portfolio Management. Mr. Davis earned his B.A. summa cum laude from Saint Joseph's University, his M.A. and Ph.D. in economics at Duke University, and is a graduate of the Advanced Management Program at the Wharton School at the University of Pennsylvania.
Fixed Income Group
- 183 investment professionals.
- Bond, money market, and stable value.
- Index and active strategies tracking over 50 benchmarks.
- $2 trillion AUM.
Principal, Global Head of Fixed Income Group Investment Management Group
Sara is a principal at The Vanguard Group, in Valley Forge, PA and global head of the Fixed Income Group, which manages over $2 trillion in assets. This group focuses on portfolio management, trading, and research for Vanguard’s internally managed fixed income funds, including actively managed bond and money market portfolios and bond index portfolios. She is also the chair of the senior investment strategy team for Vanguard’s actively managed fixed income portfolios and a member of Vanguard’s Global Investment Committee. Prior to her current responsibilities, Sara acted as global head of rates, with oversight of all active rates, money market portfolios and rates-related strategies across the active taxable fixed income franchise. She also had oversight of foreign exchange and derivatives trading activities. Prior to joining Vanguard, Sara was a Partner at Goldman Sachs, where she spent over 20 years in mortgage-backed securities and structured products trading and sales. Earlier in her career, she worked at HSBC in risk management advisory and interest rate derivatives structuring. She started her career as an actuary at AXA Equitable Life Insurance.
Sara has over 25 years of experience in the financial services industry and holds a B.S. in Mathematics from the University of North Carolina at Chapel Hill, and an MBA from the Wharton School at the University of Pennsylvania.
Risk Management Group
- 73 investment professionals.
- Independent team reporting to the CIO.
- Thorough and conservative approach to risk control.
Principal, Global Head of Investment Management & Finance Risk group
Kaitlyn is a principal and global head of Vanguard’s Investment Management & Finance Risk group, which provides independent risk oversight and advice to Vanguard’s Investment Management Group and Vanguard’s Finance division, helps minimize operational risk exposures within the investment process, and helps minimize transaction costs during the investment process.
Prior to her current role, Kaitlyn was head of Vanguard Portfolio Review Department, which is responsible for overseeing Vanguard’s 400-plus mutual funds, ETFs, and their advisors. The department is also responsible for developing the optimal fund lineup for investors, as well as analyzing the health, usage, and competitive landscape of Vanguard’s funds and ETFs and supporting clients and crew by serving as specialized product experts. Kaitlyn earned a B.A. in mathematics and mathematical economics from Pomona College and an M.B.A. from the MIT Sloan School of Management. A CFA® charterholder, she also holds the Certified Financial Planner™ designation.
Strategic Retirement Consulting
- 16 staff.
- 21 years average Vanguard tenure.
- 12 advanced degrees (4 J.D.s)
- 6 QPA, 6 QKA, 5 CPC, 3 CEBS.
- Fiduciary, plan design, and regulatory expertise for both defined contribution and defined benefit plans.
Principal and Department Head, Strategic Retirement Consulting
Mr. Stinnett is a Vanguard principal and head of Vanguard Strategic Retirement Consulting (SRC). Before leading SRC, Mr. Stinnett was head of Recordkeeping Client Administration, where he led the team responsible for 401(k) plan administration for Vanguard's recordkeeping clients. Before leading that group, he was head of Mid-Market Client Services and a manager in Vanguard Portfolio Review Department and has held various other management roles since joining Vanguard in 1996.
1Sources: Target-Date Strategy Landscape Report. Morningstar, Inc., 2023; Vanguard data as of December 31, 2022.
2DC assets are based on AUM in both Vanguard-administered plans and those administered by others. Other figures are based on AUM market share of the TDF industry. Sources: Vanguard and Morningstar, Inc., as of December 31, 2022.
3DC assets are based on AUM in both Vanguard-administered plans and those administered by others. Other figures are based on AUM market share of the TDF industry. Sources: Vanguard and Morningstar, Inc., as of December 31, 2022.
For more information about Vanguard funds, visit vanguard.com to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information about a fund are contained in the prospectus; read and consider it carefully before investing.
All investing is subject to risk, including the possible loss of money you invest. Diversification does not ensure a profit or protect against a loss.
Investments in Target Retirement Funds are subject to the risks of their underlying funds. The year in the Fund name refers to the approximate year (the target date) when an investor in the Fund would retire and leave the work force. The Fund will gradually shift its emphasis from more aggressive investments to more conservative ones based on its target date. The Income Fund/Trust has a fixed investment allocation and is designed for investors who are already retired. An investment in a Target Retirement Fund is not guaranteed at any time, including on or after the target date.