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Discover Vanguard’s active edge

Most people associate Vanguard with passive solutions – and they’re not wrong.
After all, they more or less single-handedly led the indexing revolution. But
over nearly 40 years, they’ve also become one of the largest managers of
actively managed funds in the world. How? By sticking to the triad of top
talent, low cost and patience. Here’s what that looks like in practice.

Make your next move to Vanguard’s actively managed funds

Listen. Learn. Repeat.

We brought three advisers together to get their views on active managers in
general and Vanguard in particular. Here’s what they had to say – and how
Vanguard reacted to it.

Cut through all the noise

What do advisers want from active funds and what are they using them for? This
survey has the answers.

Ready, steady, go

Can you finish your 5km run in the time it takes to listen to this podcast? Put
your earphones in, get your running shoes on and hit play. Vanguard’s Andrew
Surrey and Josh Woodruff will be with you every step of the way.

It’s a match

We delve into the joys and woes of active manager selection, how to separate
investing skill from outcomes and the ins and outs of managing fixed income
funds.

video

poll article

podcast

webinar

Read here

Listen now

There’s more

Guidance through the wider world of active management is just a click away.
Vanguard are here to help you navigate it.

EVEN MORE

THAN THEM

Find out more

All show and no substance

We brought a group of advisers together to get their stance on active (and
passive) investing. The gist of it: active isn’t necessarily the go-to choice
for any of them, not least because it doesn’t always live up to its promises. As
one adviser put it: ‘History’s made me become a passive adviser because when
you’re in an industry where the latest sexy fund is going to burn your fingers,
you become a bit wary.’ Sexy or not, active investing has its merits – and
Vanguard's Active Distribution Lead, Andrew Surrey, knows them all. Here’s how
he reacted to the group’s views on all things active. The panel featured:

video

For some, that’s the defining feature of active funds, but Vanguard’s Active
Distribution Lead, Andrew Surrey, begs to differ.

Chris Isaac, chartered financial planner at Pareto Financial Planning Gary Lane,
managing director at David Kneale Financial Management Mark Fletcher, financial
adviser at Moneytree Wealth Management

Watch the highlights

Watch the full video

Watch in full

Highlights

poll article

Revisiting ‘active or passive’ in the age of volatility

Advisers’ survey shows how respondents are playing their cards in the face of
current market conditions

In volatile markets and with a recession looming, the balance between returns
and fund costs is put under vast scrutiny. Passive funds have always provided a
cost-effective way of accessing market beta, but the debate around active versus
passive and the attendant cost factors continues to rage within the investment
community. We asked the audience of New Model Adviser for their current take on
these vital matters. According to the poll findings, 65% of advisers’ fund flows
are currently going into actively managed funds. This reflects a possible belief
among managers that active investments have a better chance of generating alpha
in volatile markets. Selectivity is vital here, cautions Andrew Surrey, Active
Distribution Lead at Vanguard. ‘When looking at the broader active management
industry, it’s important to understand the zero-sum game arithmetic that means,
in aggregate, when you look at the entire market before costs, the alpha is
zero. ‘In other words, the broad industry doesn’t provide any return over and
above the index, particularly after costs.’ It's only by selecting exceptional
talent that an investor has a chance of finding alpha, Surrey says. ‘This is
why, although Vanguard is obviously committed to passive investing, we also run
$1.4tn in active strategies.’ [1]

When looking at the broader active management industry, it’s important to
understand the zero-sum game arithmetic that means, in aggregate, when you look
at the entire market before costs, the alpha is zero.

At the same time, Vanguard blends complementary style factors within its fund
offerings. ‘For example, within the global equity fund offered in the UK, half
the portfolio is run by a growth manager, Baillie Gifford, and half by a value
manager, Wellington Management – two world-class firms with world-class talent.
Putting the two complementary approaches together results in a higher
consistency of return, in our view.’ Another vital element is costs. The survey
showed 47% of respondents believe that great value for an active fund is less
than 50 basis points. The other 53% indicated a willingness to pay even more –
possibly indicating that this is a low threshold if returns hold up. ‘Cost is
one of the bedrock factors of Vanguard’s active offering. For example, the
global equity active fund gives access to two incredibly talented teams at just
48 basis points OCF [2]. That helps considerably with the maths of generating a
return for our investors,’ Surrey says.

‘Over the ten years to the end of September 2022, 94% of our 93 active funds
globally outperformed their peer group averages [3]. ‘A big factor there is our
cost structure as well as our ability to identify talent and our underlying
managers’ low turnover and long-term approach.’ The ability to range across
different asset classes is also vital for diversification and protecting
long-term returns. The survey shows 41% of respondents use active funds
predominantly for equity exposure, with 36% using them for alternatives and 23%
for fixed income. Vanguard ranges across equity and fixed income but uses
third-party subadvisors within equity, preferring to use in-house capability for
its active fixed income portfolios. ‘While our equity subadvisors include
Baillie Gifford, Wellington and Schroders, on the active fixed income side we
take a different approach because we think it’s the most helpful for our
investors,’ Surrey notes. ‘We hire lots of very talented people who are
disciplined and driven with a cohesive team philosophy and enable them to take
sophisticated and appropriate levels of risk. Because of our huge scale and
low-cost philosophy, they don’t have to take the same levels of risk as
higher-cost competitors. ‘We want funds that are transparent and true-to-label.
That [they] do what they say on the tin. And the best model for that in active
fixed income, we believe, is to do it in-house.’

Andrew Surrey Active Distribution Lead

What are you predominantly using active funds for?

What percentage of your flows are going into active vs passive?

What would great value for an active fund look like?

[1 ] Source: Vanguard as at 31st December 2022. [2 ] Source: Vanguard as at 31st
December 2022. The Ongoing Charges Figure (OCF) covers the fund manager’s costs
of managing the fund. It does not include dealing costs or additional costs such
as audit fees. [3 ] Source: Lipper, a Thomson Reuters company. Data refers to
Vanguard Active funds globally. Data as at September 30th, 2022. For the
ten-year period, 87 of 93 Vanguard funds outperformed their peer group averages.
Results will vary for other time periods. Only funds with a minimum ten-year
history were included in the comparison. The competitive performance data shown
represents past performance, which is not a guarantee of future results.

Ready, steady, go: Get active with Vanguard

Get into shape while finding out all about Vanguard’s active management
endeavours

podcast

Podcast embeded

We love efficiency as much as the next person – which is why we’ve made a
podcast that will get you through your 5km run in 25 minutes while also bringing
you up to speed on Vanguard’s best kept secret. The firm is well known for
driving the indexing revolution, but that’s only half the story. In addition to
bringing indexing to the masses, Vanguard has also quietly become one of the
world’s largest managers of active funds. Citywire’s Richard Lander sat down
with Active Distribution Lead Andy Surrey and Senior Investment Director Josh
Woodruff to discuss the ins and outs of active manager selection in general and
Vanguard’s approach in particular. ‘Trying to figure out what the next big thing
is can be incredibly difficult for active managers, but it can be done,’
Woodruff says. ‘We think we’ve got a knack for finding some of the best ones out
there and we’re dedicated to turning over every stone.’ To find out more, press
play and start running.

Why Vanguard are even MORE

THAN YOU

Can you finish your 5km run in the time it takes to listen to this podcast? Put
your earphones in, get your running shoes on and hit play. Vanguard’s Andy
Surrey and Josh Woodruff will be with you every step of the way

Andrew Surrey Active Distribution Lead

Choose wisely

What should you be looking for in active managers? What value does Vanguard’s
oversight and manager search team bring to the table? And how do you separate
investing skill from outcomes, considering that they don’t necessarily
correlate? Andrew Surrey, Active Distribution Lead, and Katy Righi, Senior
Investment Director, Oversight & Manager Search, offer their thoughts.

WEBINAR

VIDEO

Watch the highlights

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All show and no substance

For some, that’s the defining feature of active funds, but Vanguard’s Active
Distribution Lead, Andrew Surrey, begs to differ.

Watch in full

Chris Isaac, chartered financial planner at Pareto Financial Planning Gary Lane,
managing director at David Kneale Financial Management Mark Fletcher, financial
adviser at Moneytree Wealth Management

Investment risk information The value of investments, and the income from them,
may fall or rise and investors may get back less than they invested. Past
performance is not a reliable indicator of future results. Important information
This document is directed at professional investors and should not be
distributed to, or relied upon by retail investors. This document is designed
for use by, and is directed only at persons resident in the UK. The information
contained in this document is not to be regarded as an offer to buy or sell or
the solicitation of any offer to buy or sell securities in any jurisdiction
where such an offer or solicitation is against the law, or to anyone to whom it
is unlawful to make such an offer or solicitation, or if the person making the
offer or solicitation is not qualified to do so. The information in this
document does not constitute legal, tax, or investment advice. You must not,
therefore, rely on the content of this document when making any investment
decisions. Issued by Vanguard Asset Management Limited, which is authorised and
regulated in the UK by the Financial Conduct Authority. © 2023 Vanguard Asset
Management Limited. All rights reserved.

Privacy

Terms

EVEN MORE

THAN THEM

Discover Vanguard’s active edge

Make your next move to Vanguard’s actively managed funds

VIDEO

POLL ARTICLE

action_026-help-question-mark-tutorialCreated with Sketch.

Cut through all the noise

Listen. Learn. Repeat.

We brought three advisers together to get their views on active managers in
general and Vanguard in particular. Here’s what they had to say – and how
Vanguard reacted to it.

What do advisers want from active funds and what are they using them for? This
survey has the answers.

Read here

PODCAST

WEBINAR

It’s a match

Asset 49

Ready, steady, go

We delve into the joys and woes of active manager selection, how to separate
investing skill from outcomes and the ins and outs of managing fixed income
funds.

Listen now

There’s more

Guidance through the wider world of active management is just a click away.
Vanguard are here to help you navigate it.

Find out more

Privacy

Terms

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