Make our competitive advantage your advantage
Discover what makes our approach unique
Vanguard's head of fixed income on why we're one of the world's largest active fixed income fund managers.
Sara Devereux
Global Head of Fixed Income Group In industry since 2002
Process
Broad strategy development begins with our Senior Investment Committee, composed of the senior leaders of the active teams across the Fixed Income Group and key partners in the Investment Strategy Group. This step combines the top-down, longer-term macroeconomic outlooks with bottom-up sector expectations from our rates and credit strategy teams to form the taxable strategy. It also fosters an environment in which investment strategies are shared and debated before being put to work.
Next, portfolio managers, analysts, and traders tailor the broad strategy to each portfolio type. They review valuations, fundamentals, and technicals to find investment opportunities that they believe will deliver value without taking on undue risk.
Finally, lead portfolio managers collaborate with senior research analysts and risk managers to apply the portfolio strategy to the portfolio construction plan for each individual fund. Portfolio managers, traders, and analysts within each sector execute the plan.
People and performance1
While Vanguard is rightfully known as an indexing pioneer, our roots are in active management. For more than 40 years, Vanguard Fixed Income Group has distinguished itself with extensive investment capabilities, disciplined security selection processes, and rigorous risk management techniques, resulting in consistent, long-term outperformance.
Our credentialed and experienced team includes more than 110 CFA charterholders and nearly 90 graduate degree holders. Our portfolio managers and analysts have, on average, 21 and 19 years of experience, respectively. Our teams have deep sector expertise and significant experience across credit research, trading, and portfolio-management functions.
1 As of December 31, 2024.
2 For the 10-year period ended December 31, 2024, 40 of 44 Vanguard active bond funds outperformed their peer-group averages; results will vary for other time periods. Only funds with a 10-year history, respectively, were included in the comparison (source: LSEG Lipper). Note that the competitive performance data shown represent past performance, which is not a guarantee of future results, and that all investments are subject to risks. For the most recent performance, visit our website at vanguard.com/performance.
Sara Devereux
Principal, Global Head of Fixed Income Group
- Year started in investment industry: 1992
- Year started at Vanguard: 2019
- Education:
- B.S., University of North Carolina at Chapel Hill
- M.B.A., The Wharton School of the University of Pennsylvania
- Additional roles: Chair of the senior investment strategy team for Vanguard’s actively managed fixed income portfolios and a member of the firm’s Global Investment Committee
- Prior experience:
- Goldman Sachs: Mortgage-backed securities and structured products trading and sales
- HSBC: Risk management advisory and interest rate derivatives structuring
- AXA Equitable Life Insurance: Actuary
Christopher Alwine
CFA, Principal, Global Head of Credit
- Current specialty: Taxable bond market
- Year started in investment industry: 1990
- Year started at Vanguard: 1990
- Education:
- B.B.A., Temple University
- M.S., Drexel University
- Additional roles: Member of the senior investment committee at Vanguard that is responsible for developing macro strategies for the firm’s internally managed active fixed income funds
- Prior experience:
- Trading, credit research, and portfolio management in both taxable and municipal markets, as well as active and index funds
Roger Hallam
CFA, Global Head of Rates
- Current specialty: Taxable bond market
- Year started in investment industry: 2000
- Year started at Vanguard: 2022
- Education:
- B.S., University of Warwick
- Additional roles: Member of the Vanguard Senior Leadership team and the Senior Investor team
- Prior experience:
- J.P. Morgan Asset Management: Senior global fixed income portfolio manager, chief investment officer for currencies
Paul Malloy
CFA, Head of Municipals
- Current specialty: Municipal bond market
- Year startedin investment industry: 2005
- Year started at Vanguard: 2005
- Education:
- B.S., Saint Francis University
- M.B.A., Wharton School of the University of Pennsylvania
- Prior experience:
- Head of Vanguard Fixed Income Group, Europe, and other various portfolio management positions in Vanguard's offices in the U.K. and U.S.
- Managed Vanguard's U.S. fixed income ETFs and index mutual funds
Arvind Narayanan
CFA, Portfolio Manager and Head of Investment-Grade Corporates
- Current specialty: Taxable bond market
- Year started in investment industry: 2002
- Year started at Vanguard: 2019
- Education:
- B.A., Goucher College
- M.B.A., New York University's Stern School of Business
- Prior experience:
- State Street Global Advisors: Managing director, head of investment-grade credit
- GE Asset Management: Senior vice president and portfolio manager for investment-grade credit; head trader for fixed income; portfolio manager-structured products
Daniel Shaykevich
Portfolio Manager and Head of Emerging Markets
- Current specialty: Taxable bond market
- Year started in investment industry: 2001
- Year started at Vanguard: 2013
- Education:
- B.S., Carnegie Mellon University
- Prior experience:
- BlackRock: Emerging market debt in dedicated and crossover portfolios; alternative investments
Brian Quigley
CFA, Portfolio Manager and Head of MBS and Agencies
- Current specialty: Taxable bond market
- Year started in investment industry: 2003
- Year started at Vanguard: 2003
- Education:
- B.S., Lehigh University
Michael Chang
CFA, Portfolio Manager and Head of High-Yield
- Current specialty: Taxable bond market
- Year started in investment industry: 2000
- Year started at Vanguard: 2017
- Education:
- B.Com., University of British Columbia
- Prior experience:
- Goldman Sachs: Portfolio manager across several non-investment grade portfolios, senior credit analyst, head bank loan trader
- PIMCO and Deutsche Bank: Credit analyst, bank loan trader
Mauro Favini
Emerging Markets Portfolio Manager
- Current specialty: Taxable bond market
- Year started in investment industry: 2008
- Year started at Vanguard: 2017
- Education:
- B.A., Hunter College
- Prior experience:
- Marathon Asset Management: Portfolio manager focused on absolute return and long-only strategies
David Van Ommeren
Portfolio Manager and Head of Structured Products
- Current specialty: Taxable bond market
- Year started in investment industry: 1993
- Year started at Vanguard: 1991
- Education:
- B.S., Temple University
- M.S., Drexel University
- Prior experience:
- Led Vanguard's Global Operational Risk team within Investment Management, responsible for teams in the U.S., U.K., and Australia
John Madziyire
CFA, Portfolio Manager and Head of U.S. Treasuries and TIPS
- Current specialty: Taxable bond market
- Year started in investment industry: 2002
- Year started at Vanguard: 2017
- Education:
- B.Com., University of Cape Town
- Post-graduate, University of Cape Town
- Prior experience:
- AXA Investment Managers: Portfolio manager across U.K., Euro, and Global government bond portfolios
- Legal and General Investment Management: Assistant fund manager and risk analyst
Sarang Kulkarni
CFA, European Credit Portfolio Manager
- Current specialty: Taxable bond market
- Year started in investment industry: 2002
- Year started at Vanguard: 2015
- Education:
- B.S., University of Bombay
- Post-graduate diploma, Indian Institute of Management—Calcutta
- Prior experience:
- Schroders Investment Management: Co-lead manager of investment-grade, high-yield, and emerging market debt global credit funds
- Aerion Fund Management: Senior portfolio manager
- Peregrine Capital: Corporate financier
- Anderson Corporate Finance: Created innovative debt financing solutions for infrastructure, utilities, and acquisition financing sectors
Justin Schwartz
Head of Municipal Index and Money Markets and Senior Portfolio Manager
- Current specialty: Municipal bond market
- Year started in investment industry: 2004
- Year started at Vanguard: 2004
- Education:
- B.S., University of Richmond
Adam Ferguson
CFA, Municipal Portfolio Manager
- Current specialty: Municipal bond market
- Year started in investment industry: 2008
- Year started at Vanguard: 2004
- Education:
- B.S., Wilmington University
- Prior experience:
- Co-leading Vanguard’s high-yield investment team
Stephen McFee
CFA, Municipal Portfolio Manager
- Current specialty: Municipal bond market
- Year started in investment industry: 2005
- Year started at Vanguard: 2005
- Education:
- B.A., East Stroudsburg University
- M.S., Saint Joseph's University
- Prior experience:
- Municipal bond trader
Mathew Kiselak
CFA, Head of Long-Term Municipal Portfolio Management
- Current specialty: Municipal bond market
- Year started in investment industry: 1987
- Year started at Vanguard: 2010
- Education:
- B.A., Pace University
- Prior experience:
- Wells Fargo Capital Management: Senior portfolio manager
- Evergreen: Director of municipals
- Nations Fund: Senior portfolio manager
James D’Arcy
CFA, Municipal Portfolio Manager
- Current specialty: Municipal bond market
- Year started in investment industry: 1996
- Year started at Vanguard: 2011
- Education:
- B.A., University of Colorado, Boulder
- Prior experience:
- Columbia Management: Senior portfolio manager
Grace Boraas
Portfolio Manager
- Current specialty: Municipal bond market
- Year started in investment industry: 2005
- Year started at Vanguard: 2013
- Education:
- B.S., Stetson University
- Prior experience:
- Income Research and Management: Municipal bond trader, risk management and portfolio construction analyst
Our differentiated approach
A specialized, collaborative team that identifies and deploys what they believe are the best investment opportunities across our portfolios.
A focus on generating alpha across a variety of repeatable, scalable strategies rather than primarily relying on concentrated positions.
A thoughtful approach to risk-taking, enabled by our cost advantage, in which our team is not forced to take undue risk to deliver net alpha to our investors.
Bonds are back
Core Bond as foundational holding
Core-Plus for higher risk/reward
Investment strategies
Fixed income insights
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*Vanguard is owned by its funds, which are owned by Vanguard’s fund shareholder clients.
**All competitor fund data is sourced from Morningstar Direct as of November 2024. The combination of Morningstar category, investment type, and management style define Vanguard’s “category.” Lowest-decile expense ratios are calculated excluding Vanguard funds. Vanguard’s updated expense ratios (effective February 1, 2025) were compared with the lowest-decile expense ratios in each category. Summing all active fixed income funds that were less than or equal to the lowest-decile expense ratio and dividing by total active fixed income funds resulted in 100% of funds in the lowest-cost decile.
***For the 10-year period ended December 31, 2024, 40 of 44 Vanguard active bond funds outperformed their peer-group averages; results will vary for other time periods. Only funds with a 10-year history, respectively, were included in the comparison (source: LSEG Lipper). Note that the competitive performance data shown represent past performance, which is not a guarantee of future results, and that all investments are subject to risk. For the most recent performance, visit our website at vanguard.com/performance.
Disclosures
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 are contained in the prospectus; read and consider it carefully before investing.
All investing is subject to risk, including the possible loss of the money you invest. Diversification does not ensure a profit or protect against a loss.
Be aware that fluctuations in the financial markets and other factors may cause declines in the value of your account. There is no guarantee that any particular asset allocation or mix of funds will meet your investment objectives or provide you with a given level of income. Past performance is not a guarantee of future results.
International investing is subject to additional risks, including the possibility that returns will be hurt by a decline in the value of foreign currencies or by unfavorable developments in a particular country or region.
Stocks and bonds of issuers based in emerging markets are subject to national and regional political and economic risks and to the risk of currency fluctuations. These risks are especially high in emerging markets.
Bond funds are subject to the risk that an issuer will fail to make payments on time, and that bond prices will decline because of rising interest rates or negative perceptions of an issuer's ability to make payments.
U.S. government backing of Treasury or agency securities applies only to the underlying securities and does not prevent share-price fluctuations. Unlike stocks and bonds, U.S. Treasury bills are guaranteed as to the timely payment of principal and interest.
High-yield bonds generally have medium- and lower-range credit-quality ratings and are therefore subject to a higher level of credit risk than bonds with higher credit-quality ratings.