Fund announcement : February 17, 2023

Portfolio manager changes to several Vanguard funds

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Vanguard today announced portfolio manager changes to a number of funds. Michael Roach has been named the head of Multi-Asset Portfolio Management and has been added as a co-portfolio manager on several Vanguard funds. Mr. Roach will oversee portfolio management functions for Vanguard’s multiasset products. The creation of this new head of Multi-Asset Portfolio Management role illustrates Vanguard’s commitment to offering a world-class lineup of all-in-one portfolio solutions for investors.

In addition, Roger Aliaga-Díaz, of Vanguard’s Investment Strategy Group (ISG), has been added as a co-portfolio manager on several Vanguard multiasset portfolios. The addition of Mr. Aliaga-Díaz is a reflection of his team’s central role in researching, recommending, and maintaining the asset allocations for many of Vanguard’s multiasset portfolios.

Michael Roach, CFA, joined Vanguard in 1998. He has served as Vanguard’s head of U.S. Equity Operational Risk and was the Australia regional head of the Quantitative Equity Group. In addition to his 10 years of direct portfolio management experience, he has held a variety of strategic investment roles in the investments division, fund manager search and oversight, and corporate strategy. Mr. Roach is a member of the CFA institute and earned an M.S. in finance from Drexel University and a B.S. in business administration with a concentration in finance from Bloomsburg University of Pennsylvania.

Roger Aliaga-Díaz, Ph.D., is chief economist, Americas, and a principal in ISG. His areas of expertise are monetary policy, international macroeconomics, and finance. Before joining Vanguard in 2007, he was a visiting professor of macroeconomics at Drexel University’s LeBow College of Business. Mr. Aliaga-Díaz earned a B.A. in economics from Universidad Nacional de Córdoba, Argentina, and a Ph.D. in economics from North Carolina State University.

The additions of Mr. Roach and Mr. Aliaga-Díaz as co-portfolio managers are part of Vanguard’s commitment to the evolution of our multiasset products. Vanguard continually invests in resources and capabilities to provide multiasset products which enable investors to meet their most important financial goals, today and in the future.

William Coleman, who has managed multiple Vanguard funds for nearly a decade, has taken on a new leadership role as head of U.S. ETF Capital Markets and will no longer serve as a portfolio manager on Vanguard funds. Vanguard is committed to developing a talented, passionate, and intellectually diverse team of investment professionals. Vanguard’s long-standing practice of rotating leaders throughout the organization is an important source of talent development.

Vanguard’s approach to multiasset portfolios

Vanguard takes seriously the strategic decisions that affect our investors. That is why we take a senior leadership-directed, cross-functional approach to the design, management, and governance of our multiasset portfolios.

Vanguard’s Strategic Asset Allocation Committee (SAAC), in partnership with ISG, the Portfolio Review Department (PRD), and other investment functions, is responsible for creating, monitoring, and updating the asset allocation of Vanguard’s multiasset products. PRD is also responsible for manager oversight, product management, and strategy of multiasset funds.

The Equity Index Group (EIG) and Fixed Income Group (FIG) draw upon decades of investment expertise to manage each portfolio in a manner that both maximizes investors’ returns and safeguards their investments.

The Multi-Asset Risk Team works to deliver best-in-class governance, risk oversight, and portfolio rebalancing strategies for Vanguard’s multiasset portfolios. The team also conducts regular stress tests and scenario analyses to help the portfolio managers make informed decisions on asset allocation and rebalancing. The Global Investment Committee, composed of senior divisional and investment leaders, evaluates fund performance and approves portfolio construction recommendations. Finally, Vanguard’s Board of Directors has final authority over review and approval of key decisions on all Vanguard products, including multiasset portfolios.

Additional portfolio manager changes for Vanguard funds

As part of the organization’s strategic, continuous focus on talent and leadership development, Vanguard looks to strengthen its investment teams with talented, passionate, and intellectually diverse investment professionals focused on producing superior results and creating long-term value for investors. Consistent with our collaborative, team-oriented approach to portfolio management, Vanguard has announced changes to the portfolio management teams of several equity index and multiasset portfolios. Michelle Louie, Walter Nejman, Kenny Narzikul, Nicholas Birkett, and Aurélie Denis have been added as co-portfolio managers on the portfolios detailed here .

Michelle Louie, CFA, is a senior portfolio manager in EIG. Ms. Louie currently co-manages several funds, including Vanguard 500 Index Fund. Ms. Louie joined Vanguard in 2010. She holds a B.S. from American University and an M.B.A. from the Georgia Institute of Technology.

Walter Nejman is a senior portfolio manager and trader in EIG. He joined Vanguard in 2005 and has been on the trading desk since 2008. He earned a B.A. from Arcadia University and an M.B.A. from Villanova University in 2008.

Kenny Narzikul, CFA, is a portfolio manager and trader in EIG, specializing in U.S.-domiciled equity index funds and multiasset products. Mr. Narzikul joined Vanguard in 2012 and has been on the trading desk since 2016. He holds a B.B.A. in finance from James Madison University, is a CFA charterholder, and is a member of the CFA Society of Philadelphia.

Nicholas Birkett is a portfolio manager in EIG. Mr. Birkett joined the U.K. trading desk in February 2017 and relocated to Scottsdale, Arizona in March 2020. He worked for more than 11 years at JP Morgan and was European head of Program Trading Risk. Mr. Birkett graduated from the University of Bath, where he earned a B.S. in international management with German, with upper-second-class honors.

Aurélie Denis, CFA, is a portfolio manager and trader in EIG, specializing in U.S.-domiciled equity index funds and multiasset products. Ms. Denis joined Vanguard in 2016, rotating through several areas of investment management, including FIG, before joining the trading desk in 2017. She holds a B.S. in finance from Pennsylvania State University, is a CFA charterholder, and is a member of the CFA Society of Philadelphia.


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