Home Adviser Fund Update Vanguard Expands Active Lineup With International Stock Fund Published October 31, 2019 In August, we covered Vanguard’s plans to open a new actively managed international stockA financial instrument giving the holder a proportion of the ownership and earnings of a company. fund, International Core Stock. Following a two-week subscription period, the fund began trading mid-October. International Core StockA financial instrument giving the holder a proportion of the ownership and earnings of a company. is yet another partnership with Vanguard’s oldest sub-advisory partner, Wellington Management. The fund will be run by Ken Abrams and Halsey Morris, who both have Ivy League pedigrees and ample experience. In our opinion, Abrams is one of Wellington’s brightest stars. That said, during his tenure managing money for Vanguard, he’s been a small-cap stock specialist as one of the better performing spokes in the Vanguard Explorer fund’s wheel, while International Core Stock is categorized as a “large blend” fund that will likely hold stocksA financial instrument giving the holder a proportion of the ownership and earnings of a company. from companies of all sizes. (You can read more about our take on Abrams and Morris here.) The fund’s portfolio is expected to consist of between 60 and 100 non-U.S. stocks picked from what Vanguard is calling an “opportunity set” of 350 to 400 companies in emerging and developed markets identified by Wellington’s research analysts. The fund is benchmarked against the MSCI ex USA Index, the former benchmark for Vanguard’s Total International Stock Index fund. Annual expenses run 0.45% for Investor shares and 0.35% for Admiral shares, which have $3,000 and $50,000 minimum required investments, respectively. We expect the new fund to face stiff competition from Vanguard’s International Growth fund, which has produced stellar returns when measured against both its Total International Stock Index fund and the MSCI ex USA Index. (As always, remember that past returns do not guarantee future results.) If International Core Stock can keep up, outperform or provide a complementary riskThe probability that an investment will decline in value in the short term, along with the magnitude of that decline. Stocks are often considered riskier than bonds because they have a higher probability of losing money, and they tend to lose more than bonds when they do decline./return profile, Vanguard investors will have another solid option to consider for their portfolios. But it’s too soon to say. We won’t get a look inside the new fund’s portfolio until mid-November and it will also take some time for the fund to build up enough of a track record to analyze. We’ll be watching with interest. About Adviser Investments Adviser Investments is a full service wealth management firm, offering investment management, financial and tax planning, managed individual bond portfolios, and 401(k) advisory services. We’ve been helping individuals, trustsA legal document that functions as an instruction manual to how you want your money managed and spent in your later years as well as how your assets should be distributed after your death. Assets placed in a trust are generally safe from creditors and can be sold by the trustee in short order, avoiding the lengthy and costly probate process., institutions and foundations since 1994, and have more than 3,500 clients across the country and over $6 billion in assets under management. Our portfolios encompass actively managed funds, ETFsA type of security which allows investors to indirectly invest in an underlying basket of financial instruments (these may include stocks, bonds, commodities or other types of instruments). Shares in an ETF are publicly traded on an exchange, and the price of an ETF’s shares will fluctuate throughout the trading day (traditional mutual funds trade only once a day). For example, one popular ETF tracks the companies in the S&P 500, so buying a share of the ETF gets an investor exposure to all 500 companies in the index., socially responsible investments and tactical asset allocation strategies, with particular expertise in Fidelity and Vanguard mutual funds. We take pride in being The Adviser You Can Talk To. Our minimum account size is $350,000. To see a full list of our awards and recognitions, click here, and for more information, please visit www.adviserinvestments.com or call 800-492-6868. Disclaimer: This material is distributed for informational purposes only. The investment ideas and opinions contained herein should not be viewed as recommendations or personal investment advice or considered an offer to buy or sell specific securities. Our statements and opinions are subject to change at any time, without notice and should be considered only as part of a diversified portfolio. Mutual funds and exchange-traded funds mentioned herein are not necessarily held in client portfolios. Data and statistics contained in this report are obtained from what we believe to be reliable sources; however, their accuracy, completeness or reliability cannot be guaranteed. You may request a free copy of the firm’s Form ADV Part 2A, which describes, among other items, risk factors, strategies, affiliations, services offered and fees charged. Past performance is not an indication of future returns. We do not provide legal or tax advice, nor sell insurance products. Tax, legal and insurance information contained herein is general in nature, is provided for informational purposes only, and should not be construed as legal or tax advice, or as advice on whether to buy or surrender any insurance products. Always consult an attorney or tax professional, or licensed insurance professional regarding your specific legal or tax situation, or insurance needs. © 2019 Adviser Investments, LLC. All Rights Reserved.