It might be hard to believe, but after Total Bond Market Index (VBMFX) posted a negative 12-month return last month, well, it looks like it will happen again this month. Why am I mentioning this, even though bonds and bond funds are mostly up this month? Because it is pretty darned rare for the bond market to show consecutive 12-month declines. Again, I know that’s hard to believe, but it’s true. In fact, since inception there have only been 20 times that the fund has shown consecutive months of negative 12-month returns. Read More
Vanguard has announced plans to launch two global balanced funds: Global Wellington and Global Wellesley Income. their first actively managed balanced funds with a global objective. If the new global funds can follow in the footsteps of their domestic siblings, it will be a win-win for investors and Vanguard. But that s a big if. Read More
This month’s issue features the continuation of Bonds 101. our popular feature on the ins and outs of the bond market, by talking about the different types of risk involved in bonds and bond funds and why rising interest rates aren t a risk in the same way the media might be trying to get you to believe. We’ll also look in on the Vanguard Partnership Plan, Vanguard s internal profit-sharing mechanism that rewards all employees (from top management to phone operators) with a piece of the profits the low-cost fund provider generates each year, and I’ll give you my best guess on just how much it pays to be a Vanguard executive. And speaking of executives, four members of Vanguard’s Investment Strategy Group came out in a recent paper against Vanguard founder Jack Bogle’s long-standing formula for predicting future market returns but I’m not impressed with their methods, either. And finally, you won’t want to miss the new active strategy Vanguard is employing in a fund I’ll tell you about in the issue. Read More
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Daniel P. Wiener is editor of The Independent Adviser for Vanguard Investors . a monthly newsletter that keeps abreast of recent developments at Vanguard, and the annual FFSA Independent Guide to the Vanguard Funds . Through his newsletter and guide book, Dan helps tens of thousands of Vanguard investors choose wisely among more than 100 Vanguard mutual funds. The Adviser is a five-time winner of the Newsletter Publishers Foundation’s Editorial Excellence Award. View More
Daniel P. Wiener
Editor, The Independent Adviser for Vanguard Investors
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