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Purposeful evolution through constant evaluation
And recently, we announced changes to our portfolio management structure to enhance our daily management and oversight, clarify roles and accountability, and centralize the role of our Investment Strategy Group (ISG) in asset allocation decisions. As part of these changes, Michael Roach has been named head of Multi-Asset Portfolio Management, and Roger Aliaga-Díaz, of ISG, has been added as a co-portfolio manager on several Vanguard multi-asset portfolios. We believe the new structure will help improve our already strong TDFs by creating more efficient and effective processes, and ultimately return value to our shareholders.
These changes represent the latest in our continued efforts to evolve our TDF offer, always with the goal of improving participant outcomes. You can access our brochure for a more comprehensive overview of the portfolio management and oversight structure, as well as a timeline of recent enhancements to our TDF lineup.
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- Investments in Target Retirement Funds and Trusts are subject to the risks of their underlying funds. The year in the Fund/Trust name refers to the approximate year (the target date) when an investor in the Fund/Trust would retire and leave the workforce. The Fund/Trust will gradually shift its emphasis from more aggressive investments to more conservative ones based on its target date. The Income Fund/Trust and the Income and Growth Trust has a fixed investment allocation and is designed for investors who are already retired. An investment in a Target Retirement Fund/Trust is not guaranteed at any time, including on or after the target date.
- Vanguard Target Retirement Trusts are not mutual funds. They are collective trusts available only to tax-qualified plans and their eligible participants. Investment objectives, risks, charges, expenses, and other important information should be considered carefully before investing. The collective trust mandates are managed by Vanguard Fiduciary Trust Company, a wholly owned subsidiary of The Vanguard Group, Inc.